Immunome Announces Closing of Upsized Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Immunome (NASDAQ: IMNM) has successfully closed its upsized public offering, selling 22,258,064 shares of common stock at $7.75 per share, including the full exercise of underwriters' option to purchase an additional 2,903,225 shares. The offering generated gross proceeds of $172.5 million before deducting underwriting discounts, commissions, and expenses.

The offering was managed by multiple financial institutions, with J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities acting as joint book-running managers, while Wedbush PacGrow served as lead manager. The offering was conducted under a shelf registration statement on Form S-3 filed with the SEC on February 13, 2024.

Positive

• Successful raise of $172.5 million in gross proceeds
• Full exercise of underwriters' option indicates strong demand
• Multiple tier-1 investment banks involved as underwriters

Negative

• Significant shareholder dilution due to 22.26M new shares issued

Insights

Investment Banking Analyst

This successful upsized public offering represents a significant financial milestone for Immunome, securing $172.5 million in gross proceeds through a well-executed transaction. Several key aspects make this offering particularly noteworthy:

The full exercise of the overallotment option (2.9M additional shares) signals strong institutional demand and confidence in Immunome's cancer therapy pipeline. The participation of elite underwriters - J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities - adds substantial credibility to the offering and suggests thorough due diligence of the company's prospects.

The pricing at $7.75 per share, while representing a discount to current trading levels, achieved a balance between attracting institutional investors and minimizing dilution. The substantial capital raise, representing approximately 27% of the company's current market cap, provides Immunome with a robust financial runway to advance their first-in-class and best-in-class targeted cancer therapies.

This successful offering enhances Immunome's strategic position by:

• Strengthening their negotiating position for potential partnerships or licensing deals
• Providing flexibility to accelerate clinical development programs
• Creating a more attractive profile for institutional investors
• Establishing a stronger foundation for future capital market activities

BOTHELL, Wash.--(BUSINESS WIRE)-- Immunome, Inc. (“Immunome”) (Nasdaq: IMNM), a biotechnology company focused on developing first-in-class and best-in-class targeted cancer therapies, today announced the closing of its underwritten public offering of 22,258,064 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 2,903,225 shares, at a price to the public of $7.75 per share. The gross proceeds to Immunome from the offering, before deducting underwriting discounts and commissions and offering expenses, were $172.5 million. All of the shares in the offering were sold by Immunome.

J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.

The offering was made pursuant to a shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2024 and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com; or Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 conjugate therapies (ADCs). Our most advanced pipeline programs are varegacestat (formerly AL102), a gamma secretase inhibitor which is currently in a Phase 3 trial for treatment of desmoid tumors, IM-1021, a ROR1 ADC with an active IND, and IM-3050, a FAP-targeted radioligand, which is the subject of an IND expected to be submitted in the first quarter of 2025. Our pipeline also includes IM-1617, IM-1335, and IM-1340, all of which are preclinical ADCs pursuing undisclosed targets with expression in multiple solid tumors.

Forward-Looking Statements

Statements contained in this press release regarding Immunome’s expectations regarding its expected timing to file an IND for IM-3050 are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those anticipated in such forward-looking statement as a result of various risks and uncertainties, which include, without limitation, the risks and uncertainties inherent in Immunome’s business. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Immunome's most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Immunome's other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the offering filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Immunome undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250131863394/en/

Investor Contact:

Max Rosett

Chief Financial Officer

mrosett@immunome.com

Source: Immunome, Inc.

FAQ

How much did Immunome (IMNM) raise in its February 2024 public offering?

Immunome raised $172.5 million in gross proceeds through the public offering of 22,258,064 shares at $7.75 per share.

What was the price per share for Immunome's (IMNM) February 2024 public offering?

The public offering price was $7.75 per share.

Did underwriters exercise their option in Immunome's (IMNM) February 2024 offering?

Yes, the underwriters fully exercised their option to purchase an additional 2,903,225 shares.

Who were the book-running managers for Immunome's (IMNM) February 2024 offering?

J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities acted as joint book-running managers for the offering.