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• Content META

  Title	Immunome Reports Third Quarter 2024 Financial Results and Provides Business Update
  ID	4121789
  External ID	7299537252
  Author	Unknown
  Published Date	Nov. 13, 2024, 3:10 p.m.
  Summary	BOTHELL, Wash.--( BUSINESS WIRE Immunome, Inc. (Nasdaq: IMNM), a biotechnology company focused on the development of first-in-class and best-in-class targeted oncology therapies, today announced finan
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  URL	https://www.businesswire.com/news/home/20241113523555/en
  Sentiment	Negative: 0.01530    Neutral: 0.74792    Positive: 0.23677
  Relevance	0.02347

• Content Details

  Content ID	2399269
  Key	f2bd6355-ab72-40e6-9db3-a4c05fd63b3a
  Content	BOTHELL, Wash.--( BUSINESS WIRE Immunome, Inc. (Nasdaq: IMNM), a biotechnology company focused on the development of first-in-class and best-in-class targeted oncology therapies, today announced financial results for the third quarter ended September 30, 2024, and provided a business update. “Topline data for the RINGSIDE Part B trial of AL102 is expected in the second half of 2025, and IND submissions for IM-1021 and IM-3050 are on track.” Post this “Immunome continues to advance its pipeline,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer. “Topline data for the RINGSIDE Part B trial of AL102 is expected in the second half of 2025, and IND submissions for IM-1021 and IM-3050 are on track.” “Our discovery team is focused on discovering ADCs that effectively pursue the novel targets we believe will define the next generation of transformative cancer therapies. In particular, the differentiated profile of HC74, our proprietary TOP1 payload, offers exciting opportunities for portfolio expansion when combined with our large repertoire of antibodies.” Pipeline Highlights Full enrollment for the Phase 3 RINGSIDE Part B study of AL102 for the treatment of desmoid tumors was completed in February 2024, and Immunome expects to report topline data for RINGSIDE Part B in the second half of 2025. In parallel, Immunome is performing additional manufacturing and pharmacology work required to support a new drug application filing for AL102. Immunome also anticipates submitting INDs for IM-1021 and IM-3050 in the first quarter of 2025, as previously disclosed. Third Quarter 2024 Financial Results As of September 30, 2024, cash, cash equivalents and marketable securities totaled $240.1 million. Immunome's current cash runway is expected to extend into 2026. Research and development expenses for the quarter ended September 30, 2024 were $37.2 million, including stock-based compensation costs of $1.8 million. In-process research and development expenses for the quarter ended September 30, 2024 were $6.7 million. These expenses were related to Immunome's business development activity. General and administrative expenses for the quarter ended September 30, 2024 were $9.5 million, including stock-based compensation expense of $3.1 million. Immunome reported a net loss of $47.1 million for the quarter ended September 30, 2024. About Immunome, Inc. Immunome is a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. We are advancing an innovative portfolio of therapeutics, drawing on leadership that previously played key roles in the design, development and commercialization of cutting-edge targeted cancer therapies, including antibody-drug conjugates (ADCs). In addition to a portfolio of discovery-stage ADCs, our pipeline includes AL102, a gamma secretase inhibitor currently in a Phase 3 trial for treatment of desmoid tumors, as well as IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted radioligand, both of which are the subject of INDs expected to be submitted in the first quarter of 2025. For more information, visit www.immunome.com Cautionary Statement Regarding Forward-Looking Statements Statements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We use words such as “expects,” “believe,” “opportunities,” “anticipates” and similar expressions to identify these forward-looking statements. These forward-looking statements include Immunome's expected timing for providing topline data for the Phase 3 RINGSIDE Part B trial; Immunome's expected timing for filing an IND for IM-1021 and IM-3050; Immunome's expectation that it will commence clinical development of IM-1021 and IM-3050 in early 2025; the potential of Immunome's ADC targets to provide first-in-class or best-in-class potential; and other statements regarding management's intentions, plans, beliefs, expectations or forecasts for the future. These forward-looking statements are based on Immunome's current expectations and involve assumptions that may never materialize or may prove to be incorrect; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including the risk that Immunome will not be able to realize the benefits of its strategic transactions; the risk that regulatory approvals for Immunome's programs and product candidates are not obtained, are delayed or are subject to unanticipated conditions; the risk that pre-clinical data may not be predictive of clinical data; the risk that Immunome's product candidates and development candidates fail to achieve their intended endpoints; uncertainties related to Immunome's capital requirements and Immunome's expected cash runway; Immunome's ability to grow and successfully execute on its business plan; and other risks and uncertainties indicated from time to time described in Immunome's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 12, 2024, in Immunome's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, being filed with the SEC today, and in Immunome's other filings with the SEC. Except as required by law, Immunome assumes no obligation and does not intend to update any forward-looking statements included in this press release. Immunome, Inc. Consolidated Balance Sheets (Unaudited; In thousands) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 155,568 $ 98,679 Marketable securities 84,562 39,463 Prepaid expenses and other current assets 3,910 6,561 Total current assets 244,040 144,703 Property and equipment, net 7,172 2,073 Operating right-of-use assets 2,388 1,564 Restricted cash 100 100 Other long-term assets 3,198 100 Total assets $ 256,898 $ 148,540 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,518 $ 3,311 Accrued expenses and other current liabilities 26,331 8,025 Deferred revenue, current 9,679 10,493 Total current liabilities 39,528 21,829 Deferred revenue, non-current — 5,489 Operating lease liabilities, net of current portion 2,464 1,340 Total liabilities 41,992 28,658 Stockholders' equity: Preferred stock — — Common stock 6 4 Additional paid-in capital 650,351 342,663 Accumulated other comprehensive income 70 22 Accumulated deficit (435,521 ) (222,807 ) Total stockholders' equity 214,906 119,882 Total liabilities and stockholders' equity $ 256,898 $ 148,540 Immunome, Inc. Consolidated Statements of Operations (Unaudited; In thousands, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Collaboration revenue $ 2,910 $ 3,565 $ 6,303 $ 10,192 Operating expenses: In-process research and development 6,706 — 124,972 — Research and development(1) 37,200 3,823 81,652 13,452 General and administrative(1) 9,526 4,375 22,509 11,617 Total operating expenses 53,432 8,198 229,133 25,069 Loss from operations (50,522 ) (4,633 ) (222,830 ) (14,877 ) Interest income 3,422 288 10,116 705 Net loss $ (47,100 ) $ (4,345 ) $ (212,714 ) $ (14,172 ) Net loss per share, basic and diluted $ (0.78 ) $ (0.36 ) $ (3.72 ) $ (1.16 ) Weighted-average shares outstanding, basic and diluted 60,205,327 12,202,335 57,239,668 12,194,277 Comprehensive loss Net loss $ (47,100 ) $ (4,345 ) $ (212,714 ) $ (14,172 ) Unrealized loss on marketable securities 68 — 48 — Comprehensive loss $ (47,032 ) $ (4,345 ) $ (212,666 ) $ (14,172 ) (1) Amounts include non-cash stock based compensation as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 1,820 $ 466 $ 3,244 $ 1,323 General and administrative 3,072 617 7,034 2,017 Total share-based compensation expense $ 4,892 $ 1,083 $ 10,278 $ 3,340
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  Publisher Name	Business Wire
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  Citation Flow Score	52

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  Data Source Name	Quantexa News
  Data Source Type	news
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