Immunome(US:IMNM)2025-08-06 20:12PART I Item 1. Financial Statements (Unaudited) Immunome's H1 2025 unaudited financials report total assets of $296.3 million and a net loss of $85.0 million Condensed Consolidated Balance Sheets Total assets increased to $296.3 million by June 30, 2025, driven by cash and marketable securities, while liabilities decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $143,876 | $143,351 | | Marketable securities | $124,160 | $73,952 | | Total current assets | $277,432 | $221,339 | | Total assets | $296,290 | $240,241 | | Liabilities & Equity | | | | Total current liabilities | $22,878 | $54,307 | | Total liabilities | $27,020 | $59,076 | | Total stockholders' equity | $269,270 | $181,165 | Condensed Consolidated Statements of Operations and Comprehensive Loss The company reported a net loss of $85.0 million for the six months ended June 30, 2025, a significant improvement from the prior year due to the absence of IPR&D expenses Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Collaboration revenue | $4,015 | $2,364 | $6,941 | $3,393 | | In-process R&D | $0 | $6,312 | $0 | $118,266 | | Research and development | $40,451 | $29,083 | $77,323 | $44,452 | | General and administrative | $10,042 | $6,978 | $20,732 | $12,983 | | Loss from operations | $(46,478) | $(40,009) | $(91,114) | $(172,308) | | Net loss | $(43,397) | $(36,122) | $(85,037) | $(165,614) | | Net loss per share | $(0.50) | $(0.60) | $(1.02) | $(2.97) | Condensed Consolidated Statements of Cash Flows Net cash used in operating activities increased to $102.5 million for H1 2025, with financing activities providing $162.2 million, resulting in $144.1 million cash at period-end Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(102,456) | $(34,567) | | Net cash used in investing activities | $(59,082) | $(118,919) | | Net cash provided by financing activities | $162,173 | $220,139 | | Net increase in cash | $635 | $66,653 | | Cash at end of period | $144,086 | $165,432 | - The primary source of financing in the first six months of 2025 was a public offering that generated $172.5 million in proceeds, offset by $10.8 million in offering costs23140 Notes to Condensed Consolidated Financial Statements The notes detail the company's oncology business, liquidity, accounting policies, and significant events like the AbbVie collaboration conclusion and 2024 asset acquisitions - The company is a clinical-stage targeted oncology company and expects to continue incurring significant operating losses, with an accumulated deficit of $600.8 million as of June 30, 20252829 - Existing cash, cash equivalents, and marketable securities are expected to be sufficient to fund operations for at least 12 months from the filing date of this report30 - The collaboration agreement with AbbVie terminated in July 2025, with all remaining revenue of $6.9 million recognized in the first six months of 2025 and no deferred revenue remaining4748 - In 2024, the company completed asset acquisitions from Ayala Pharmaceuticals for $71.3 million and Zentalis Pharmaceuticals for $38.6 million (initial consideration), which were expensed as IPR&D5357 - Share-based compensation expense for the six months ended June 30, 2025, was $11.05 million, a significant increase from $5.39 million in the same period of 202486 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses Immunome's clinical-stage oncology pipeline, reduced net loss due to non-recurring IPR&D, increased R&D expenses, and strong liquidity post-public offering Overview and Pipeline Immunome is a clinical-stage oncology company advancing three clinical and three preclinical targeted therapies, including Varegacestat, IM-1021, and IM-3050 - The company is advancing a pipeline of three clinical and three preclinical assets96 - Key clinical programs include: - Varegacestat: A GSI in a Phase 3 trial for desmoid tumors, with topline data expected in H2 20259699 - IM-1021: A ROR1 ADC that entered a Phase 1 trial in February 2025100 - IM-3050: A FAP-targeted radioligand therapy with IND clearance, expecting to start a Phase 1 trial in H2 2025101 - Internal discovery efforts are centered on designing ADCs against novel or underexplored targets, supported by its proprietary HC74 TOP1i payload97 Results of Operations For H1 2025, collaboration revenue increased to $6.9 million, total operating expenses decreased to $98.1 million due to no IPR&D, and net loss improved to $85.0 million Comparison of Results for the Six Months Ended June 30 (in thousands) | Account | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration revenue | $6,941 | $3,393 | $3,548 | | In-process R&D | $0 | $118,266 | $(118,266) | | Research and development | $77,323 | $44,452 | $32,871 | | General and administrative | $20,732 | $12,983 | $7,749 | | Net loss | $(85,037) | $(165,614) | $80,577 | - The increase in R&D expenses for the six months ended June 30, 2025, was primarily due to a $22.3 million increase in costs for the varegacestat program and a $15.7 million increase in indirect R&D costs related to personnel127132 - The significant decrease in net loss for the first half of 2025 compared to 2024 was mainly driven by the $118.3 million IPR&D expense recognized in 2024 related to acquisitions, which did not recur in 2025124 Liquidity and Capital Resources As of June 30, 2025, the company held $268.0 million in cash and marketable securities, with a January 2025 public offering raising $161.7 million, providing sufficient capital for at least 12 months - As of June 30, 2025, the company had cash, cash equivalents, and marketable securities of $268.0 million and an accumulated deficit of $600.8 million131 - In January 2025, the company raised net proceeds of $161.7 million from a public offering of common stock133 - The company has an "at the market" (ATM) sales agreement with approximately $180.0 million remaining available for future offerings as of June 30, 2025134 - Management expects that existing cash, cash equivalents, and marketable securities will be sufficient to fund operations for at least 12 months from the filing date of the report143 Item 3. Quantitative and Qualitative Disclosures about Market Risk This information is not required as the company qualifies as a smaller reporting company - Disclosure under this item is not required as the company qualifies as a smaller reporting company153 Item 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025154 - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025155 PART II Item 1. Legal Proceedings The company is not currently involved in any material legal proceedings - The company is not currently a party to any material legal proceedings158 Item 1A. Risk Factors This section details significant risks including historical losses, future funding needs, clinical trial uncertainties, competition, reliance on third parties, intellectual property challenges, and public company compliance - The company has a history of significant losses ($600.8 million accumulated deficit as of June 30, 2025) and expects to continue incurring losses for the foreseeable future161 - The company will need to raise substantial additional funds to advance its product candidates, and such funding may not be available on acceptable terms, if at all170 - The company faces substantial competition, particularly for its lead asset varegacestat, which competes with the FDA-approved OGSIVEO® from SpringWorks Therapeutics201203 - The company relies on third parties for manufacturing and conducting clinical trials, making it vulnerable to supply disruptions, quality issues, and performance failures by these partners285287 - Protecting intellectual property is difficult and costly, and the company may not be able to ensure its protection, facing risks from patent challenges, litigation, and changes in patent law311 - The company will cease to be an "emerging growth company" effective December 31, 2025, which will subject it to increased disclosure and compliance requirements, including an auditor attestation of internal controls387 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities during the period - None410 Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities - None411 Item 4. Mine and Safety Disclosures This item is not applicable to the company - Not applicable412 Item 5. Other Information The company reported no other information for this item - None413 Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including amendments to the 2024 Inducement Plan, lease amendments, and CEO/CFO certifications - Exhibits filed include the amended 2024 Inducement Plan, two lease amendments, and required CEO/CFO certifications415