Immunome Q1 2024 Financial Results and Business Update

Immunome, Inc., a biotechnology company listed on Nasdaq under the symbol IMNM, has announced its financial results for the first quarter ending March 31, 2024, along with a business update. The company is focused on developing innovative and targeted cancer therapies that are considered first-in-class and best-in-class.

Clay B. Siegall, Ph.D., President and CEO, stated that Immunome has made significant progress by completing the integration of AL102 and IM-1021. The company is now focusing on necessary activities for regulatory submissions and advancing these programs towards clinical trials. They are also working on the development of next-generation Antibody-Drug Conjugate (ADC) technology and are actively pursuing business development opportunities to further expand their pipeline. The goal is to develop therapies that can significantly improve the lives of cancer patients.

The company completed the acquisition of AL101 and AL102 from Ayala Pharmaceuticals on March 25, 2024. The Phase 3 RINGSIDE Part B study of AL102, aimed at treating desmoid tumors, finished full enrollment in February 2024. Immunome anticipates releasing topline data for this study in the latter half of 2025. Concurrently, the company is conducting additional manufacturing and pharmacology work to support a new drug application for AL102.

Immunome also plans to submit Investigational New Drug (IND) applications for two preclinical candidates in the first quarter of 2025: IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted Radioligand Therapy (RLT).

Financially, Immunome had cash, cash equivalents, and marketable securities totaling $309.7 million as of March 31, 2024. This financial reserve is expected to sustain the company’s operations into 2026. For the quarter ending March 31, 2024, research and development expenses were reported at $15.4 million, which included $0.4 million in stock-based compensation costs. Expenses related to in-process research and development stood at $112.0 million, largely due to the acquisition of AL101 and AL102 and the exclusive license of IM-1021 and related ADC platform technology from Zentalis Pharmaceuticals.

General and administrative expenses for the same period were $6.0 million, including $1.8 million in stock-based compensation. Overall, Immunome reported a net loss of $129.5 million, equating to a basic and diluted net loss per share of $2.51.

Immunome’s business strategy revolves around developing targeted cancer treatments using a variety of modalities, including small molecules, ADCs, and RLTs. The company’s proprietary memory B cell hybridoma technology enables rapid screening and functional characterization of novel antibodies and targets, which is fundamental to its mission of discovering transformative therapies.

In summary, Immunome is making robust advancements in both its pipeline and business development efforts, with significant progress in integrating new assets and advancing regulatory submissions. The company is financially positioned to continue its operations into 2026 and is on track to potentially deliver new cancer therapies that could offer significant benefits to patients.