Immunome FY Conference Summary Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Date of Conference**: December 03, 2025 Key Accomplishments in 2025 - Immunome focused on executing its clinical trials and IND-enabling work for ADCs, particularly AL102 and IM1021, with top-line data expected by the end of 2025 [3][4] - The company filed an IND for IM1021 at the end of 2024 and is preparing for a potential NDA submission and commercial launch [4] Product Differentiation and Clinical Data - **AL102**: Expected to show a higher objective response rate compared to Ogsiveo (41% response rate) with a phase 2 data showing a 64% response rate [5][6] - Tumor volume reduction for AL102 was reported at a median of 88%, significantly higher than Ogsiveo's 59% [6][7] - The company emphasizes the importance of secondary endpoints like tumor volume reduction and T2-weighted imaging, which may not be as well-known but are crucial for understanding treatment benefits [8][9] Market Opportunity - The desmoid tumor market is still developing, with approximately 1,600 new diagnoses annually, but patients often live with the disease for many years, indicating a larger prevalence pool [14] - Ogsiveo has treated around 1,000 patients, suggesting significant room for growth and market displacement, particularly for patients currently under active surveillance [15] ADC Platform and Innovation - Immunome's ADC platform utilizes a topo I inhibitor (HC-74) with a broader therapeutic index compared to competitors [16][17] - The platform aims to overcome resistance seen in other ADCs, particularly in patients with high expression of efflux transporters [17][18] - The lead ADC, IM-1021, targets ROR1 and is differentiated from Merck's ROR1 asset by a better safety profile, allowing for higher dosing [19][20] Future Developments - Multiple additional INDs are expected throughout 2026, including IM-1617, IM-1340, and IM-1335, all targeting solid tumors [21][22] - A successful outcome for IM1021 could validate the platform's capabilities, influencing the perception of other assets [22] Conclusion - Immunome is positioned for significant advancements in the desmoid tumor market and ADC development, with a focus on clinical efficacy and safety. The upcoming data releases and IND filings will be critical for the company's growth trajectory and market positioning.

Summary of Immunome FY Conference Call (November 11, 2025) Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Focus**: Standalone pure-play cancer company specializing in targeted therapies, including antibody-based therapies, radioligands, and small molecules [1][1] Key Points on Varegacestat - **Asset**: Varegacestat, a gamma-secretase inhibitor, is nearing completion of phase three clinical trials for desmoid tumors [2][2] - **Market Opportunity**: The commercial opportunity in desmoid tumors is substantial, with approximately 1,650 new cases per year in the US and a prevalence of about 30,000 [9][15] - **Differentiation**: Varegacestat is expected to differentiate itself from Ogsivo (nirogacestat) due to better efficacy and dosing convenience (once daily vs. twice daily) [10][10][22][22] - **Phase 2 Data**: Phase 2 data indicated a significant improvement over nirogacestat, with a median tumor volume reduction that was 20-25% better [10][10] - **Regulatory Readiness**: The company is well-prepared for regulatory submission and product launch, with a strong team in place [14][14] Clinical Trial Insights - **Enrollment**: Enrollment for the phase 3 trial was completed in February 2024, with data expected to be released soon [11][11] - **Data Monitoring**: A Data Safety Monitoring Board (DSMB) has been overseeing the trial, ensuring safety and compliance [24][24] - **Comparison with Competitors**: The trial design and patient enrollment criteria are nearly identical to those used in SpringWorks' trial for nirogacestat, which is considered the gold standard [17][18] ADC Development - **ROR1 ADC**: Immunome is developing an antibody-drug conjugate (ADC) targeting ROR1, utilizing a proprietary payload (HC74) [27][27] - **Technology Differentiation**: The ADC aims to improve upon existing technologies by addressing common resistance pathways and enhancing permeability for better therapeutic activity [32][32][33][33] - **Future Pipeline**: The company plans to introduce additional ADCs in 2026 and 2027, with a focus on high internalization antibodies [34][34] Market Potential - **Revenue Potential**: A drug targeting 3,000 patients could generate over a billion dollars in revenue, with a significant number of treatable patients available in the US and Europe [15][15] - **Patient Compliance**: The once-daily dosing of Varegacestat is expected to improve patient compliance compared to competitors [10][10] Conclusion - Immunome is positioned to capitalize on the growing market for targeted cancer therapies, with a strong focus on developing innovative treatments that offer significant advantages over existing options. The upcoming data release for Varegacestat is highly anticipated and could be a pivotal moment for the company.

Core Insights - The rare disease drug market in China is rapidly growing, with 55 rare disease drugs approved for market entry and over 210 clinical trials in progress, indicating a significant shift from being a niche market to a major industry segment [1][3][4] - The market is driven by unmet clinical needs, favorable regulatory policies, and an improving medication security system, attracting both domestic and international pharmaceutical companies [1][4][6] Group 1: Market Dynamics - The global rare disease market is projected to reach $300 billion by 2028, accounting for 20% of the global prescription drug market, while China's rare disease drug market is expected to grow from $1.3 billion in 2020 to $25.9 billion by 2030, with a compound annual growth rate (CAGR) of 34.5% [4][6] - As of November 2022, 89 drugs for 45 rare diseases were approved in China, with a notable acceleration in approvals in 2023, including 45 drugs approved and 55 expected in 2024 [3][4] Group 2: Policy Support - The Chinese government has implemented reforms to expedite the approval process for rare disease drugs, including reducing clinical trial requirements and allowing for faster market access [5][6] - Over 90 rare disease drugs have been included in the National Medical Insurance Drug List, enhancing drug accessibility and affordability for patients [6][8] Group 3: Industry Participation - Major international pharmaceutical companies like Pfizer, Roche, Merck, and Novartis are actively entering the Chinese rare disease market, employing strategies that combine in-house development with external partnerships [4][7] - The presence of over 210 clinical trial pipelines for rare disease drugs in China indicates a robust interest from various companies, with nearly 38% in phase III trials [6][8] Group 4: Challenges and Considerations - Despite the promising market, the development of rare disease drugs remains challenging due to high research costs and limited patient pools, making commercial success highly dependent on expanding indications and market access [8][9] - The need for greater public awareness and clinical data on rare diseases poses additional hurdles for drug development and patient management [9][10]

Summary of Immunome (IMNM) FY Conference Call - May 27, 2025 Company Overview - **Company**: Immunome (IMNM) - **Focus**: Development of innovative therapies, particularly in oncology, with a strong emphasis on antibody-drug conjugates (ADCs) Key Points Discussed Advanced Asset: Varagastat - Varagastat, previously known as AL-102, is being developed for the treatment of desmoid tumors - The acquisition of Varagastat was driven by its superior potency compared to competitors like OXIVIO and SpringWorks [4][5] - Phase two data showed an objective response rate (ORR) of 64% for Varagastat, compared to 41% for SpringWorks [6] - The broader phase two cohort showed a 54% ORR, even with a significant portion receiving suboptimal dosing [6] - Emphasis on the quality of life impact of desmoid tumors, which are not typically fatal but severely affect daily living [7][8] - The primary endpoint for the ongoing trial is progression-free survival, but other measures like tumor volume reduction are also critical [8][11] Upcoming Data and Expectations - Top-line data from the phase three Ringside trial is expected in the second half of 2025 [12][13] - Confidence in the timing of data readout is based on event accrual rates and overall data maturity [13] - The company aims to provide a comprehensive data package, including secondary endpoints, at a major medical meeting [14] Market Opportunity - The desmoid tumor market is viewed as having significant potential, with SpringWorks previously achieving $70 million in sales in its first year [22] - Varagastat is positioned to compete effectively against OXIVIO, which has a high enterprise value despite challenges [19][22] ADC Development Strategy - Immunome has assembled a strong team for ADC development, focusing on operational excellence and innovative target exploration [26][28] - The company is pursuing novel targets and underexplored areas rather than established ones, aiming for differentiated ADCs [30][31] - HC74, a proprietary ADC, is highlighted for its unique characteristics that enhance efficacy and overcome resistance [35] Other ADC Programs - The company is advancing multiple ADC candidates, with ongoing IND-enabling studies for several novel solid tumor ADCs [42][44] - Plans to initiate a phase one trial for a lutetium payload radioligand therapy targeting fibroblasts in solid tumors [46][47] Financial Position and Future Plans - Immunome's cash position is strong, with runway extending into 2027 [48] - The company is open to business development opportunities, particularly for assets that can enhance its portfolio without diluting equity [49] Additional Insights - Pain management and patient-reported outcomes are critical secondary endpoints that could differentiate Varagastat in the market [21] - The company is committed to transparency regarding data sharing and aims to present findings in a meaningful context [14][40] This summary encapsulates the key discussions and insights from the Immunome FY Conference Call, highlighting the company's strategic direction, product pipeline, and market positioning.

Policy Developments - The National Medical Products Administration (NMPA) released the "Quality Management Specifications for Online Sales of Medical Devices," effective from October 1, 2025, which emphasizes qualification review, information transparency, and risk prevention for online medical device sales [1] Drug and Device Approvals - Insilico Medicine's INS018_055 tablet is expected to receive breakthrough therapy designation for treating idiopathic pulmonary fibrosis [2] - Yuyuan Pharmaceutical's injectable Ganciclovir has passed the consistency evaluation for generic drugs, which will enhance the company's market share and competitiveness [3] - Warner Pharmaceuticals' Bismuth Potassium Citrate Granules have also passed the consistency evaluation for generic drugs, benefiting future market sales [4] - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, received approval for clinical trials of Fuxin Qibai monoclonal antibody injection, aimed at treating endometriosis [5] Financial Reports - Yunnan Baiyao reported a Q1 2025 net profit of 1.935 billion yuan, a 13.67% increase year-on-year, with total revenue of 10.841 billion yuan, up 0.62% [6] - WuXi AppTec's Q1 2025 net profit surged by 89.06% to 3.672 billion yuan, driven by revenue growth and operational efficiency improvements [7][8] - Kefu Medical's 2024 annual report showed a net profit increase of 22.6% to 312 million yuan, with revenue of 2.983 billion yuan, up 4.53% [9] - Hongbo Pharmaceutical's Q1 2025 net profit increased by 226.47% to 11.974 million yuan, with revenue of 16.9 million yuan, up 29.61% [10] Capital Market Activities - Jiangsu Hengrui Medicine has received approval from the China Securities Regulatory Commission for its Hong Kong IPO, planning to issue up to 815.1 million shares [11] - Merck announced its acquisition of SpringWorks for approximately $3.9 billion in equity value [12] - China Merchants Bio intends to increase its stake in Renfu Pharmaceutical by 0.5%-1% within six months, reflecting confidence in the company's future [13] Industry Developments - Xiangyu Medical expects to obtain registration certificates for seven robotic products by 2025, focusing on rehabilitation and other medical applications [14] - Soundon Medical has formed a strategic partnership with MED-EL's BHM to advance global bone conduction hearing solutions [16] - Hanyu Pharmaceutical signed a comprehensive cooperation agreement with Huawei Cloud to focus on "AI Smart Drugs" in drug development [17] Public Sentiment Alerts - Innovative Medical announced that shareholder Shanghai Guanghuan Technology reduced its stake by 3.41 million shares, representing 0.8191% of the total circulating shares [18]

Group 1 - WuXi AppTec reported a 20.96% year-on-year increase in revenue for Q1 2025, reaching 9.655 billion yuan, and a net profit of 3.672 billion yuan, reflecting an 89.06% growth [1] - The strong growth momentum highlights WuXi AppTec's competitive strength and leading position in the pharmaceutical research and development service sector [1] Group 2 - Paig Bio has passed the hearing for its upcoming IPO on the Hong Kong Stock Exchange, with a valuation of 4 billion yuan after 8 rounds of financing [2] - The company focuses on innovative therapies for chronic diseases, and despite a net loss of 283 million yuan in 2024, it has significant potential for its core products [2] Group 3 - Merck KGaA announced its acquisition of SpringWorks for approximately 3.9 billion USD, which is a strategic move to enhance its oncology portfolio [3] - SpringWorks specializes in developing drugs for cancer and rare tumors, with products like Ogsiveo and Gomekli, which will strengthen Merck's position in cancer treatment [3] Group 4 - The European Union has approved a Phase III clinical trial for HLX22, a novel anti-HER2 monoclonal antibody, in combination with trastuzumab and chemotherapy for HER2-positive gastric cancer [4] - This approval offers new hope for patients with HER2-positive gastric cancer, as there are currently no similar dual-target therapies approved globally [4] Group 5 - Likang Life Sciences has successfully administered the first dose of its AI-driven personalized mRNA tumor vaccine, marking a significant breakthrough in China's tumor immunotherapy field [5] - This development is expected to usher in a new era of personalized cancer treatment, providing new hope for patients with advanced solid tumors [5]

Group 1: Mergers and Acquisitions - Merck announced a $3.9 billion acquisition of American biotechnology company SpringWorks [2] - Toyota plans to invest 6 trillion yen for acquisitions, leading to a trading halt after the announcement [2] - Spirit AeroSystems reached a final agreement with Airbus regarding the acquisition of certain assets [2] Group 2: Company Financials and Projections - Intel lowered its total capital expenditure target for 2025 to $18 billion [2] - Bank of America reduced Apple's target price to $240 and lowered revenue and profit forecasts for the fiscal year 2026 [2] Group 3: Product Developments and Innovations - Apple is reportedly planning to launch a special edition iPhone to celebrate its 20th anniversary [2] - Pony.ai, in collaboration with Toyota, BAIC, and GAC, unveiled the seventh-generation Robotaxi platform at the Shanghai Auto Show, with hardware BOM costs decreasing by approximately 70% and plans for mass production in the second half of 2025 [2] - Faraday Future announced plans to initiate acquisitions of high-value, cost-effective AI technology companies and related technologies [2] Group 4: Market Performance and Outlook - NIO's CEO Li Bin stated that this year is a significant year for NIO's products and technology, expressing confidence in achieving profitability in the fourth quarter [2] - MicroStrategy increased its Bitcoin holdings by approximately $1.42 billion, acquiring 15,355 bitcoins last week [3]