Group 1 - Immunome, Inc. (IMNM) shares have increased by 1.1% over the past four weeks, closing at $8.49, with a mean price target of $24.50 indicating a potential upside of 188.6% [1] - The mean estimate consists of eight short-term price targets with a standard deviation of $5.76, where the lowest estimate of $20 suggests a 135.6% increase, and the highest estimate predicts a surge of 347.6% to $38 [2] - Analysts show a consensus that IMNM will report better earnings than previously estimated, which strengthens the outlook for the stock [4][11] Group 2 - Over the last 30 days, five earnings estimates for IMNM have been revised upward, resulting in a Zacks Consensus Estimate increase of 17.9% [12] - IMNM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13] - The correlation between earnings estimate revisions and near-term stock price movements suggests that the positive trend in earnings estimates could lead to stock price increases [11]

Core Viewpoint - Immunome, Inc. (IMNM) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings picture, which is a strong predictor of near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Recent Performance and Outlook - For the fiscal year ending December 2025, Immunome is expected to report earnings of -$2.69 per share, reflecting a 12.1% decrease from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Immunome has increased by 16.6%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Immunome to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Immunome, Inc. reported a quarterly loss of $0.52 per share, which was better than the Zacks Consensus Estimate of a loss of $0.66, indicating a positive earnings surprise of 21.21% [1] Financial Performance - The company posted revenues of $2.93 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 28.33%, compared to revenues of $1.03 million in the same quarter last year [2] - Over the last four quarters, Immunome has only surpassed consensus EPS estimates once [2] Stock Performance - Immunome shares have declined approximately 29.8% since the beginning of the year, while the S&P 500 has only declined by 3.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.66 on revenues of $2.28 million, and for the current fiscal year, it is -$2.69 on revenues of $9.13 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Immunome belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

PART I [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Immunome, Inc.'s unaudited condensed consolidated financial statements, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows increased total assets and stockholders' equity, driven by cash growth and a public stock offering Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $257,613 | $143,351 | | Total current assets | $323,130 | $221,339 | | **Total assets** | **$342,693** | **$240,241** | | **Liabilities & Equity** | | | | Total current liabilities | $30,797 | $54,307 | | **Total liabilities** | **$35,567** | **$59,076** | | **Total stockholders' equity** | **$307,126** | **$181,165** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2025, the company reported a net loss of $41.6 million, significantly reduced from Q1 2024, primarily due to no IPR&D expenses Statement of Operations Summary (in thousands) | Line Item | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $2,926 | $1,029 | | In-process research and development | $0 | $111,954 | | Research and development | $36,872 | $15,369 | | General and administrative | $10,690 | $6,005 | | Loss from operations | ($44,636) | ($132,299) | | **Net loss** | **($41,640)** | **($129,492)** | | **Net loss per share** | **($0.52)** | **($2.51)** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity significantly increased to $307.1 million by March 31, 2025, primarily from $161.7 million net proceeds of a public stock offering - The company raised **$161.7 million** in net proceeds from a public offering of 22,258,064 shares of common stock during the first quarter of 2025[18](index=18&type=chunk) - The increase in equity was offset by a net loss of **$41.6 million** and share-based compensation expense of **$5.7 million** for the quarter[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $114.3 million in Q1 2025, driven by financing activities, partially offset by cash used in operations Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($53,055) | ($11,170) | | Net cash provided by (used in) investing activities | $5,089 | ($37,231) | | Net cash provided by financing activities | $162,228 | $219,445 | | **Net increase in cash** | **$114,262** | **$171,044** | - Financing activities in Q1 2025 included **$172.5 million** in proceeds from a public offering, offset by **$10.5 million** in offering costs[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information supporting the financial statements, covering liquidity, accounting policies, collaborations, strategic transactions, and compensation - The company believes its existing cash, cash equivalents, and marketable securities of **$317.3 million** (as of March 31, 2025) are sufficient to fund operations for at least 12 months from the filing date[25](index=25&type=chunk)[26](index=26&type=chunk) - Collaboration revenue of **$2.9 million** was recognized in Q1 2025 from the AbbVie agreement, with remaining deferred revenue of **$4.0 million** expected to be recognized over approximately 0.25 years[47](index=47&type=chunk)[48](index=48&type=chunk) - In March 2024, the company acquired assets from Ayala Pharmaceuticals for upfront consideration of approximately **$20.0 million** in cash and **$50.6 million** in common stock, with associated IPR&D of **$73.4 million** expensed in Q1 2024[51](index=51&type=chunk)[53](index=53&type=chunk) - In January 2024, the company entered a license agreement with Zentalis Pharmaceuticals, paying **$15.0 million** in cash and issuing **$23.4 million** in common stock, with associated IPR&D expensed in Q1 2024[55](index=55&type=chunk)[56](index=56&type=chunk) Direct R&D Expenses by Program (in thousands) | Program | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Varegacestat | $14,387 | $250 | | IM-1021 | $3,067 | $2,724 | | IM-3050 | $1,033 | $1,972 | | Other product candidates | $6,843 | $6,295 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial condition and results of operations, including business overview, performance analysis, liquidity, and capital resources [Overview](index=30&type=section&id=Overview) Immunome is a clinical-stage oncology company developing targeted therapies, including ADCs, with a pipeline of clinical and preclinical assets - The company is advancing a pipeline of **three clinical** and **three preclinical** assets[95](index=95&type=chunk) Key Pipeline Assets and Status | Asset | Type | Status | | :--- | :--- | :--- | | Varegacestat | GSI | Phase 3 trial for desmoid tumors; topline data expected H2 2025 | | IM-1021 | ROR1 ADC | Phase 1 trial ongoing; first patient dosed Feb 2025 | | IM-3050 | FAP RLT | IND cleared April 2025; Phase 1 trial expected to start H2 2025 | | IM-1617, IM-1340, IM-1335 | Solid Tumor ADCs | IND-enabling activities initiated Q4 2024 | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2025 saw increased collaboration revenue and a significantly reduced net loss due to no IPR&D expenses, despite rising R&D and G&A costs Comparison of Operations (in thousands) | Item | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $2,926 | $1,029 | $1,897 | | In-process research and development | $0 | $111,954 | ($111,954) | | Research and development | $36,872 | $15,369 | $21,503 | | General and administrative | $10,690 | $6,005 | $4,685 | | **Net loss** | **($41,640)** | **($129,492)** | **$87,852** | - The increase in R&D expenses was primarily due to a **$14.1 million** increase in costs for the varegacestat program, which was acquired in March 2024[116](index=116&type=chunk) - The increase in G&A expenses was mainly due to a **$3.3 million** rise in personnel-related costs from increased headcount, including a **$1.5 million** increase in share-based compensation[117](index=117&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $317.3 million in cash and equivalents, funded by equity sales, sufficient for at least 12 months - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities of **$317.3 million** and an accumulated deficit of **$557.4 million**[120](index=120&type=chunk) - In January 2025, the company completed a public offering (the "2025 Financing") with net proceeds of **$161.7 million**[121](index=121&type=chunk) - The company has an "at the market" (ATM) agreement from May 2024, with approximately **$180.0 million** remaining available for future offerings as of March 31, 2025[122](index=122&type=chunk) - The company expects its existing cash to be sufficient to fund operations for at least 12 months from the filing date of this report[131](index=131&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) The company, as a smaller reporting company, is not required to provide the information requested under this item - As a smaller reporting company, Immunome is not required to provide quantitative and qualitative disclosures about market risk[140](index=140&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[141](index=141&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2025[142](index=142&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings.) The company reports that it is not currently a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[144](index=144&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors.) This section outlines significant risks including financial losses, drug development, competition, third-party reliance, and intellectual property - **Financial Risk:** The company has a history of significant losses (**$557.4 million** accumulated deficit as of March 31, 2025) and expects to incur losses for the foreseeable future[149](index=149&type=chunk) - **Development & Regulatory Risk:** The company may be unable to advance its product candidates through clinical development, obtain regulatory approvals, or successfully commercialize them[145](index=145&type=chunk)[165](index=165&type=chunk) - **Competition Risk:** The company faces substantial competition from large pharmaceutical companies and others with greater resources, which may result in others developing or commercializing products more quickly or effectively[191](index=191&type=chunk) - **Reliance on Third Parties:** The company relies on third parties for manufacturing, supply, and conducting clinical trials, making it vulnerable to interruptions, quality issues, or performance failures by these vendors[284](index=284&type=chunk)[286](index=286&type=chunk) - **Intellectual Property Risk:** Protecting proprietary technology is difficult and costly, and the company may not be able to ensure the protection of its patents and trade secrets[313](index=313&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=150&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This section details the company's purchases of its own equity securities, including shares repurchased in March 2025 for employee stock option exercises Issuer Purchases of Equity Securities | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | March 1-31, 2025 | 19,093 | $9.22 | - The shares were repurchased via a deemed surrender to cover the exercise price of employee stock options[420](index=420&type=chunk) [Defaults Upon Senior Securities](index=150&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reports no defaults upon senior securities - None[421](index=421&type=chunk) [Mine and Safety Disclosures](index=150&type=section&id=Item%204.%20Mine%20and%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[422](index=422&type=chunk) [Other Information](index=150&type=section&id=Item%205.%20Other%20Information.) The company reports no other information for this period - None[423](index=423&type=chunk) [Exhibits](index=151&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Form 10-Q, including articles of incorporation, officer certifications, and the Interactive Data File (XBRL) - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[425](index=425&type=chunk) - The filing includes an Interactive Data File (XBRL) for the financial statements[425](index=425&type=chunk)

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].