Financial Performance - As of March 31, 2025, Immunome reported cash, cash equivalents, and marketable securities totaling $317.3 million, including net proceeds of $161.7 million from a financing round in January 2025[9]. - Immunome reported a net loss of $41.6 million for Q1 2025, compared to a net loss of $129.5 million in Q1 2024[9][13]. - Collaboration revenue for Q1 2025 was $2.9 million, up from $1.0 million in Q1 2024[13]. - The total operating expenses for Q1 2025 were $47.6 million, significantly lower than $133.3 million in Q1 2024[13]. - Research and development expenses for Q1 2025 were $36.9 million, with stock-based compensation costs of $2.4 million[9]. - General and administrative expenses for Q1 2025 were $10.7 million, including stock-based compensation expense of $3.3 million[9]. - The weighted-average shares outstanding for Q1 2025 were 79,410,354, compared to 51,544,383 in Q1 2024[13]. Clinical Development - The Phase 3 RINGSIDE Part B study of varegacestat for desmoid tumors completed full enrollment in February 2024, with topline data expected in the second half of 2025[3]. - The Phase 1 clinical trial of IM-1021 began dosing its first patient in February 2025, targeting advanced B-cell lymphomas and solid tumors[4]. - Immunome received IND clearance for IM-3050 in April 2025 and plans to initiate a Phase 1 clinical trial in the second half of 2025[4].

Shares of Immunome, Inc. (IMNM) have gained 19.7% over the past four weeks to close the last trading session at $7.43, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $26 indicates a potential upside of 249.9%.The mean estimate comprises eight short-term price targets with a standard deviation of $6.26. While the lowest estimate of $20 indicates a 169.2% increase from the curren ...

Group 1 - Immunome (NASDAQ: IMNM) is recognized for its unique approach to antibody discovery and strategic pipeline expansion, particularly in oncology [1] - The company is positioned in a high-growth sector, with a focus on disruptive technologies and innovation, which are expected to yield substantial returns [1] Group 2 - The analysis emphasizes a combination of fundamental analysis and future trend prediction as key components of investment strategy [1]

Company Performance - Immunome, Inc. reported a quarterly loss of $0.84 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.68, and compared to a loss of $0.54 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $2.74 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 10.81%, and down from $3.83 million in the same quarter last year [2] - Over the last four quarters, Immunome has only surpassed consensus EPS estimates once and has consistently missed revenue estimates [2] Stock Performance - Immunome shares have declined approximately 21.3% since the beginning of the year, contrasting with the S&P 500's decline of 4.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.75 on revenues of $2.33 million, and for the current fiscal year, it is -$3.13 on revenues of $9.33 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Immunome belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Immunome's stock performance [5]

Clinical Development - Varegacestat demonstrated an objective response rate (ORR) of 75% in evaluable patients and 64% in the intent-to-treat population during the Phase 2 RINGSIDE study, with a median reduction in tumor volume of 88%[515]. - The Phase 3 registrational trial for Varegacestat was completed in February 2024, with topline data expected in the second half of 2025[516]. - IM-1021, a ROR1 antibody-drug conjugate, received FDA clearance in December 2024, with the Phase 1 trial ongoing and the first patient dosed in February 2025[512]. - IM-3050, a fibroblast activation protein-targeted radioligand therapy, is designed to treat solid tumors and has an IND submitted to the FDA in March 2025, with a Phase 1 trial expected to start in the second half of 2025[518]. - The company is advancing a pipeline comprising two clinical assets and four preclinical assets, focusing on targeted therapies for cancer patients[511]. - The company has six additional antibody-drug conjugates currently undergoing lead optimization for future development decisions[513]. Financial Performance - Net loss for 2024 was $293.0 million, compared to a net loss of $106.8 million in 2023, reflecting significant operating losses[551]. - Collaboration revenue decreased by $5.0 million, from $14.0 million in 2023 to $9.0 million in 2024, primarily due to reduced research and development activities allocated to AbbVie[541]. - In-process research and development expenses increased by $71.5 million, from $80.8 million in 2023 to $152.3 million in 2024, mainly related to the write-off of acquired IPR&D assets[540]. - Research and development expenses surged by $106.5 million, from $23.1 million in 2023 to $129.5 million in 2024, driven by increased activities for multiple product candidates[543]. - General and administrative expenses rose by $13.3 million, from $19.7 million in 2023 to $33.0 million in 2024, largely due to increased personnel-related costs[546]. - The company has not generated any revenue from product sales and does not expect to do so in the foreseeable future[530]. - The company incurred significant operating losses since inception and expects to continue incurring losses for the foreseeable future[655]. Cash Flow and Financing - Net cash used in operating activities for the year ended December 31, 2024 was $110.8 million, primarily due to a net loss of $293.0 million, offset by noncash charges of $167.3 million[556]. - Net cash provided by financing activities for 2024 was $240.5 million, including $230.0 million from the 2024 Financing and $20.0 million from the issuance of common stock[559]. - The company raised $230,002,000 from a public offering in 2024[647]. - Existing cash and marketable securities, along with proceeds from the 2025 Financing, are expected to fund operations for at least 12 months from the filing date of the Annual Report[562]. - The company plans to finance cash needs through equity offerings, debt financings, and collaborations, amid potential market volatility[566]. Governance and Compliance - The board of directors' audit committee oversees cybersecurity risk management processes, ensuring integration into overall risk management[496]. - The company has adopted a Code of Business Conduct and Ethics applicable to all officers, directors, and employees, ensuring compliance with SEC rules[606]. - Management assessed the effectiveness of internal control over financial reporting and concluded it was effective as of December 31, 2024[593]. - The company has established a robust governance framework, including an insider trading policy, to safeguard shareholder interests and maintain market integrity[19.1]. Stockholder Information - As of March 14, 2025, there were approximately 63 record holders of the company's common stock, with a significantly greater number of beneficial owners[505]. - The company has not declared or paid any dividends since inception and does not expect to do so in the foreseeable future[506]. - The company reported a weighted-average shares outstanding of 58,639,441 in 2024, significantly higher than 19,843,651 in 2023, an increase of 195.5%[643]. Asset Management - Total assets increased to $240,241,000 in 2024 from $148,540,000 in 2023, representing a growth of 61.6%[641]. - Cash and cash equivalents at the end of 2024 were $143,351,000, up from $98,679,000 at the end of 2023, an increase of 45.1%[647]. - The company has made significant amendments to its equity incentive plans, which may impact future employee compensation and retention strategies[10.2]. Research and Development - Research and development expenses include costs for salaries, clinical trials, and contracted services, which are expensed as incurred[678]. - The company has not experienced any material differences between accrued costs and actual costs incurred for research and development activities[680]. - Immunome's share-based compensation program allows for grants of stock options and restricted stock awards, with expenses recognized over the vesting period[681].

Financial Performance - Immunome reported a net loss of $292.96 million for the year ended December 31, 2024, compared to a net loss of $106.81 million in 2023[11]. - The accumulated deficit increased to $515.77 million as of December 31, 2024, from $222.81 million in 2023[11]. - Immunome's total operating expenses for 2024 were $314.84 million, up from $123.55 million in 2023[11]. Research and Development - Research and development expenses for 2024 were $129.54 million, significantly up from $23.09 million in 2023[11]. - The Phase 3 RINGSIDE trial for varegacestat is fully enrolled, with topline data expected in the second half of 2025[4]. - The first patient was dosed in the Phase 1 clinical trial of IM-1021 in February 2025, targeting advanced B-cell lymphomas and solid tumors[5]. - The company has three additional novel ADCs (IM-1617, IM-1335, IM-1340) in IND-enabling manufacturing[7]. Funding and Financial Position - The company completed an upsized public offering in January 2025, raising gross proceeds of $172.5 million to support clinical milestones[11]. - Cash, cash equivalents, and marketable securities totaled $217.3 million as of December 31, 2024, excluding the January 2025 financing[11]. - The projected cash runway extends into 2027, providing a solid foundation for future clinical developments[6].

Group 1 - Many biotechs in the antibody-drug conjugate (ADC) space experienced a pullback throughout much of 2024, which offset a rally that occurred in late 2023 and early 2024 [1] - Immunome (NASDAQ: IMNM) was one of the companies affected by this downturn, despite a buy rating issued in April 2024 [1]

Core Insights - Hummingbird Bioscience has granted Immunome, Inc. an exclusive worldwide license for monoclonal antibodies targeting a single undisclosed target, highlighting the strategic partnership in developing targeted cancer therapies [1][2][3] Group 1: License Agreement Details - Under the license agreement, Immunome will handle the research, development, manufacturing, and commercialization of products using the licensed antibodies, while Hummingbird will receive an upfront payment along with future milestone payments and royalties [2] - The agreement emphasizes the value of Hummingbird's epitope-focused antibody discovery capabilities, with Immunome recognized for its experience in developing and commercializing novel antibody-drug conjugate (ADC) therapies [3] Group 2: Hummingbird Bioscience Overview - Hummingbird Bioscience is focused on discovering and developing transformative biologics for hard-to-treat diseases, building a pipeline of next-generation ADCs using proprietary antibody discovery and linker/payload platforms [4] - The company has several ADCs in preclinical development and is advancing monoclonal antibodies HMBD-001 (anti-HER3 mAb) and HMBD-002 (anti-VISTA mAb) in Phase I, with an out-licensed ADC (HMBD-501) set to enter clinical trials in 2025 [4] - Hummingbird employs a Rational Antibody Discovery (RAD) platform that integrates AI-enabled algorithms and immunization strategies to enhance the discovery of high-affinity antibodies, with multiple RAD-derived therapeutics currently in clinical development or partnered [3][4]

Core Viewpoint - Immunome, Inc. reported a quarterly loss of $0.78 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.60, marking a 30% earnings surprise [1][2] Financial Performance - The company posted revenues of $2.91 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 19.05%, and down from $3.57 million year-over-year [2] - Over the last four quarters, Immunome has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.63 on revenues of $5.11 million, and for the current fiscal year, it is -$4.18 on revenues of $7.65 million [7] Stock Performance - Immunome shares have increased by approximately 16.7% since the beginning of the year, compared to a 25.5% gain in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Industry Outlook - The Medical - Biomedical and Genetics industry is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Collaboration revenue decreased by $0.7 million, from $3.6 million for the three months ended September 30, 2023 to $2.9 million for the three months ended September 30, 2024[121] - The net loss for the three months ended September 30, 2024 was $47.1 million, compared to a net loss of $4.3 million for the same period in 2023, representing an increase of $42.8 million[119] - Total operating expenses for the nine months ended September 30, 2024 were $229.1 million, an increase of $204.1 million compared to $25.1 million for the same period in 2023[132] - Net loss for the nine months ended September 30, 2024 was $212.7 million, compared to a net loss of $14.2 million for the same period in 2023[143] - Collaboration revenue decreased by $3.9 million, from $10.2 million for the nine months ended September 30, 2023 to $6.3 million for the same period in 2024[134] Expenses - Research and development expenses increased significantly to $37.2 million for the three months ended September 30, 2024, compared to $3.8 million for the same period in 2023, reflecting an increase of $33.4 million[119] - General and administrative expenses rose to $9.5 million for the three months ended September 30, 2024, up by $5.2 million from $4.4 million in the same period in 2023[119] - The total operating expenses for the three months ended September 30, 2024 were $53.4 million, an increase of $45.2 million compared to $8.2 million for the same period in 2023[119] - General and administrative expenses increased by $10.9 million, from $11.6 million for the nine months ended September 30, 2023 to $22.5 million for the same period in 2024[140] - In-process research and development expense for the nine months ended September 30, 2024 was primarily related to the write-off of acquired IPR&D assets[134] Cash Flow and Financing - Cash used in operating activities for the nine months ended September 30, 2024 was $68.7 million, primarily due to a net loss of $212.7 million[147] - Cash provided by financing activities for the nine months ended September 30, 2024 was $220.4 million, consisting of gross proceeds of $230.0 million from a public offering[151] - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities of $240.1 million[143] - As of September 30, 2024, the company anticipates that existing cash and marketable securities will fund operations for at least 12 months, but additional financing will be necessary for ongoing research and development[154] - The company plans to finance cash needs through equity offerings, debt financings, collaborations, and licensing arrangements, amid global financial market volatility[156] Research and Development - AL102, the clinical asset, demonstrated an overall objective response rate (ORR) of 61% in evaluable patients during the RINGSIDE Part A trial, with a 75% ORR in the 1.2 mg daily dosing cohort[102] - The Phase 3 trial RINGSIDE Part B enrolled 156 patients with histologically confirmed desmoid tumors, with the primary endpoint being progression-free survival[104] - IM-1021, a preclinical stage ADC targeting ROR1, showed sustained tumor regression in a mouse model of triple-negative breast cancer, outperforming a competitor's ADC[107] - IM-3050, a FAP-targeted radioligand therapy, is designed to deliver radioactive Lu-177 to FAP-expressing cells, which are present in approximately 75% of solid tumors[109] - The company expects to submit IND applications for both IM-1021 and IM-3050 to the FDA in the first quarter of 2025[108][110] Future Outlook - The company expects substantial increases in expenses related to clinical development of AL102 and other product candidates, as well as business development strategies[153] - Future funding requirements will depend on various factors, including the acquisition of products and technologies, costs of clinical trials, and regulatory review outcomes[155] - There are no material non-cancelable purchase commitments, and expected cash requirements do not include potential contingent payments related to asset acquisitions[157] Accounting and Compliance - The company qualifies as an "emerging growth company," allowing it to take advantage of reduced disclosure requirements until certain revenue or market value thresholds are met[165] - The company has elected not to "opt out" of the extended transition period for complying with new accounting standards, which may affect comparability with other public companies[166]