Immunome Q2 2024 Financial Results and Business Update

Immunome, Inc., a biotechnology company specializing in innovative oncology treatments, has announced its financial results for the second quarter ending June 30, 2024, along with a business update. The company, listed on Nasdaq under the ticker IMNM, is dedicated to creating both first-in-class and best-in-class targeted cancer therapies.

Dr. Clay B. Siegall, the President and CEO of Immunome, highlighted that the company is actively developing a diverse pipeline of unique oncology therapies. Among these, AL102 is being prepared for regulatory submissions, and Investigational New Drug (IND) applications for two other therapies, IM-1021 and IM-3050, are expected to be submitted in the first quarter of 2025. Dr. Siegall emphasized that the company has a growing team of experienced drug developers, many of whom have previously worked on the successful development and commercialization of antibody-drug conjugates (ADCs) and small molecules.

In addition to its clinical pipeline, Immunome has identified multiple promising ADC targets that are expected to be groundbreaking. The company believes that a combination of cost-effective business strategies and focused research efforts can accelerate the growth of its pipeline. These strategies are built on rigorous scientific research, which is seen as the cornerstone for transformative cancer therapies.

One of the key highlights of Immunome's pipeline is the completion of full enrollment for the Phase 3 RINGSIDE Part B study of AL102 for the treatment of desmoid tumors, achieved in February 2024. The company expects to report topline data from this study in the second half of 2025. Additionally, Immunome is conducting necessary manufacturing and pharmacology work to support a new drug application for AL102.

The company is also on track to submit IND applications for IM-1021 and IM-3050 early next year. These efforts are supported by extensive discovery activities focused on next-generation ADCs and active business development endeavors. Recent collaborations with Atreca, Nectin Therapeutics, Bluefin Biomedicine, and OncoResponse aim to expand Immunome's ADC capabilities.

Financially, as of June 30, 2024, Immunome reported having $278.4 million in cash, cash equivalents, and marketable securities, providing a cash runway expected to extend into 2026. Research and development expenses for the second quarter were $29.1 million, which included $1.0 million in stock-based compensation costs. In-process research and development expenses related to business development activities amounted to $6.3 million. General and administrative expenses for the same period were $7.0 million, with $2.2 million attributed to stock-based compensation. The company reported a net loss of $36.1 million for the quarter.

Immunome, Inc. is a clinical-stage company focused on targeted oncology therapies. The company aims to improve cancer patient outcomes with its innovative therapeutic portfolio, which includes both discovery-stage ADCs and advanced clinical candidates like AL102, IM-1021, and IM-3050. The leadership team at Immunome has significant experience in the development and commercialization of advanced cancer therapies, making them well-equipped to drive forward the company's ambitious pipeline.