Immunome: AL102 And Other Established Protein Targets Could Drive Value

Core Insights - Immunome, Inc. is advancing its lead asset AL102 for the treatment of desmoid tumors in the ongoing phase 3 RINGSIDE study, with data expected in the second half of 2025 [6][10] - The global desmoid tumor market is projected to reach $5.49 billion by 2032, presenting a significant opportunity for Immunome if AL102 is successful [7][13] - The company is also developing two other promising candidates: IM-1021, an antibody-drug conjugate targeting ROR1, and IM-3050, a radioligand therapy targeting FAP expressing solid tumors, both expected to enter phase 1 studies in Q1 2025 [8][10] Company Pipeline - AL102 is being evaluated in the phase 3 RINGSIDE study, with a total of 156 patients expected to be recruited, randomized to receive either AL102 or placebo over a two-year period [7][10] - IM-1021 is designed to target both hematological malignancies and solid tumors, with an IND filing anticipated in Q1 2025 [8] - IM-3050 aims to improve upon existing radioligand therapies by enhancing drug uptake and specificity, also expected to file for IND in Q1 2025 [8] Financial Position - As of March 31, 2024, Immunome had cash, cash equivalents, and marketable securities totaling $309.7 million, following a public offering that raised $230 million [11] - The company has a cash burn rate of $21.4 million per quarter, with sufficient funds to support operations into 2026 [11] Competitive Landscape - Immunome faces competition from OGSIVEO, a Gamma Secretase Inhibitor approved in November 2023 for desmoid tumors, which may impact AL102's market positioning [7][10] - The success of AL102 in clinical trials could position it as the new standard of care, especially given its superior objective response rate compared to OGSIVEO [7][10] Strategic Collaborations - Immunome has established a collaboration with AbbVie to utilize its Immunome Discovery Engine for identifying novel target-antibody pairs, which could enhance its pipeline [6][12]