Immunome Inc. (IMNM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$0

Net income, last twelve months

-$254.3M

Earnings per share

-$2.54

Free cash flow

-$219.1M

Return on equity

-48.4%

Market value

$2.1B

Cash

$217.7M

Debt

$0

Debt to equity

0.00

Shares outstanding

113.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 11 August 2026.

• Net loss widened to $73.1 million. The company reported a net loss of $73.1 million, against $43.4 million a year earlier and $53.8 million in the first quarter of 2026. Net loss per share was $0.65, against $0.50.
• Collaboration revenue was nil. Collaboration revenue was nil in the quarter, against $4.0 million in the prior-year quarter. Interest income was $5.0 million, against $3.1 million a year earlier.
• Weighted share count rose. Weighted-average basic and diluted shares were 113.3 million, against 87.0 million in the prior-year quarter.
• FDA accepted varegacestat NDA. The FDA accepted the NDA for varegacestat in adults with desmoid tumors and set a PDUFA target action date of April 28, 2027.
• RINGSIDE met primary endpoint. Phase 3 RINGSIDE data showed an 84% reduction in the risk of progression or death versus placebo, with a hazard ratio of 0.16 (p<0.0001). Progression-free survival benefit was consistent across prespecified subgroups.
• Response rate 56% versus 9%. All key secondary endpoints were met. Confirmed objective response rate was 56% with varegacestat versus 9% with placebo, assessed by blinded independent central review.
• Pain improvement seen early. Varegacestat improved worst pain intensity at week 12 in a statistically significant way. A clinically significant difference was seen as early as week 4.
• European filing planned by year-end. The company plans to submit a Marketing Authorization Application to the European Medicines Agency for varegacestat by the end of 2026.
• IM-1617 first patient dosed. The first patient was dosed in June 2026 in a Phase 1 trial of IM-1617, a solid tumor ADC with the HC74 TOP1 inhibitor payload. Cancers in the trial include colorectal, lung and breast.
• IM-3050 first patient dosed. The first patient was dosed in July 2026 in a Phase 1 trial of IM-3050, a FAP-targeted radioligand therapy delivering lutetium-177. The first trial site was initiated in March 2026.
• IM-1021 lymphoma responses reported. The IM-1021 Phase 1 study is ongoing, with objective responses in B-cell lymphoma at multiple dose levels. Initial lymphoma data are expected in 2026.
• Preclinical ADC INDs planned. INDs are planned for IM-1340 and IM-1335 in mid- and late 2026, both directed at undisclosed solid tumor targets and incorporating HC74.
• R&D rose to $59.9 million. Research and development expense was $59.9 million, including $4.2 million of stock-based compensation. This compares with $40.5 million a year earlier and $46.4 million in the first quarter.
• G&A rose to $18.3 million. General and administrative expense was $18.3 million, including $4.6 million of stock-based compensation, against $10.0 million a year earlier.

Company events

The newest 8-K filings of 82 held.

Every filing

The newest filings with the SEC of 193 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

230 funds held it at 30 Jun 2026: 105 added and 60 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Immunome is a biotechnology company that develops targeted oncology therapies, with a focus on antibody-drug conjugates, or ADCs. Its pipeline has three clinical assets and three preclinical assets. The company has not generated any revenue from product sales. As of 31 December 2025 it had 177 full-time employees, and its principal executive offices are in Bothell, Washington.

What is in the pipeline

The lead clinical asset is varegacestat, an investigational, oral, once-daily gamma secretase inhibitor for desmoid tumors. The company acquired it from Ayala Pharmaceuticals in March 2024. In December 2025 the company reported that the trial met its primary endpoint of progression-free survival, with a hazard ratio of 0.16, and that the confirmed objective response rate was 56% with varegacestat against 9% with placebo. The company says it expects to submit a new drug application in the second quarter of 2026.

IM-1021 is a ROR1-targeted ADC in a Phase 1 trial that began dosing in February 2025. The company reports objective responses in patients with B-cell lymphomas at multiple dose levels. IM-3050 is a radioligand therapy that delivers lutetium-177 to cells expressing fibroblast activation protein, or FAP. It received IND clearance in April 2025, and the company says it plans to start a Phase 1 trial in early 2026. Three preclinical solid tumor ADCs, IM-1617, IM-1340 and IM-1335, are in IND-enabling work, with IND submissions anticipated during 2026.

How it designs ADCs

The company aims its ADCs at novel or underexplored targets. It notes that 10 targets account for 50% of active clinical ADC programs. It says it has screened more than 1,000 targets, evaluated more than 40 in vitro and more than 15 in vivo.

Its proprietary payload is HC74, a topoisomerase 1 inhibitor derived from camptothecin. The company reports that HC74 showed superior cytotoxic activity compared with DXd across 89 tumor cell lines. IM-1021 uses HC74 with a drug-antibody ratio of 8. The filing says the management team previously worked on the first ADCs commercialized for Hodgkin and T-cell lymphoma, urothelial cancer and cervical cancer.

How it makes and plans to sell products

The company has no manufacturing facilities. It holds global commercial rights to varegacestat and is building a commercial organization ahead of a possible approval. Outside the United States it may build its own team in key markets, including Europe, or work through collaborations or distribution partners.

Its only revenue to date came from a Collaboration and Option Agreement with AbbVie Global Enterprises Ltd., which terminated in accordance with its terms in July 2025. The company has funded its operations mainly by selling equity securities.

Licences and acquisitions

Varegacestat is licensed from Bristol-Myers Squibb, or BMS, under an agreement the company assumed in the Ayala transaction. The licence is worldwide and exclusive, and the company bears the cost of development and commercialization. It owes BMS tiered royalties ranging from a high single-digit to a low teen percentage of worldwide net sales.

The ROR1 antibodies and ADC platform technology came from Zentalis Pharmaceuticals, first by licence in January 2024 and then by purchase in October 2024. A subsidiary, Morphimmune, holds a licence from Purdue Research Foundation covering drugs that target FAP, with a low single-digit percentage royalty on sales of licensed products.

Who it competes with

For desmoid tumors, the filing names SpringWorks Therapeutics, whose oral gamma secretase inhibitor OGSIVEO (nirogacestat) received FDA approval in November 2023. Other desmoid treatments include surgery, hormonal therapy, targeted therapy and chemotherapy. In ROR1, Merck has zilovertamab vedotin in a Phase 3 trial for diffuse large B-cell lymphoma, and CStone Pharmaceuticals has a ROR1 ADC in clinical development. In FAP radioligands, the filing lists Novartis, Ratio Therapeutics, Perspective Therapeutics and Sinotau Pharmaceutical Group. The company says many competitors have greater financial resources and experience than it does.

Patents, regulation and people

As of 31 December 2025 the company owned or exclusively in-licensed 170 issued or granted patents and 155 pending applications worldwide. The US composition of matter patent covering varegacestat expires in 2038, including 5 years of expected patent term extension. The FDA regulates its product candidates, and the filing notes that orphan drug designation can bring seven years of exclusivity on first approval.

Of the 177 full-time employees, 133 work in research and development. None are represented by labor unions or covered by collective bargaining agreements.

*From Immunome's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1472012/000119312526088172/imnm-20251231.htm)*

From the company's 10-K.