Immunome Reports Fourth Quarter and Full Year 2020 Financial Results, Provides Corporate Update
Immunome, Inc. (NASDAQ: IMNM) reported its financial results for Q4 and the full year ending December 31, 2020. The company raised $44.9 million through its IPO, enhancing its financial position with cash and equivalents of $39.8 million as of year-end. For Q4, R&D expenses were $1.8 million, while total annual R&D expenses reached $7.5 million. General and administrative expenses for Q4 were $2.2 million, totaling $4.8 million for the year. The net loss for Q4 was $4.1 million ($0.40 per share), and $17.8 million ($5.26 per share) for the full year.
- Raised $44.9 million through IPO.
- Cash and cash equivalents totaled $39.8 million.
- Advancement of IMM-BCP-01 and IMM-ONC-01 into IND-enabling studies expected in 2021.
- Net loss of $4.1 million in Q4 and $17.8 million for the full year.
- R&D expenses for the year were $7.5 million, indicating ongoing investment without immediate returns.
Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory B cell discovery engine platform to discover and develop first-in-class antibody therapeutics, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update.
“The fourth quarter of 2020 was a transformational period for Immunome thanks to our successful initial public offering on the NASDAQ exchange, which raised
Dr. Sarma continued: “Looking ahead, we expect to provide development program updates in the second quarter of 2021 and to file INDs for both IMM-BCP-01 and IMM-ONC-01 in 2021. We remain excited about the prospects for both of our current development programs and reiterate the confidence we have in our discovery engine to move one to two new candidates into IND-enabling studies per year. I very much look forward to updating you on our progress in the months ahead.”
Financial Highlights
-
Cash and cash equivalents: As of December 31, 2020, cash and cash equivalents totaled
$39.8 million .
-
Research and development (R&D) expenses: R&D expenses for the three months ended December 31, 2020 were
$1.8 million . R&D expenses for the year ended December 31, 2020 were$7.5 million .
-
General and administrative (G&A) expenses: G&A expenses for the three months ended December 31, 2020 were
$2.2 million . G&A expenses were$4.8 million for the year ended December 31, 2020.
-
Net loss: Net loss attributable to common stockholders was
$4.1 million , or$0.40 per share, for the three months ended December 31, 2020. Net loss attributable to common stockholders was$17.8 million , or$5.26 per share, for the year ended December 31, 2020.
- As of December 31, 2020, Immunome had 10,634,245 shares of common stock outstanding.
About Immunome
Immunome is a biopharmaceutical company that utilizes its proprietary human memory B cell platform to discover and develop first-in-class antibody therapeutics that are designed to change the way diseases are treated. The company’s initial focus is on developing therapeutics to treat oncology and infectious diseases, including COVID-19. Immunome’s proprietary discovery engine identifies novel therapeutic antibodies and their targets by leveraging the highly educated components of the immune system, memory B cells, from patients whose bodies have learned to fight off their disease. For more information, please visit www.immunome.com.
Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements” intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding Immunome’s beliefs and expectations regarding the advancement of its oncology and COVID-19 therapeutic antibody programs, execution of its clinical and strategic plans, anticipated upcoming milestones for IMM-BCP-01 and IMM‐ONC‐01, including expectations regarding therapeutic potential and benefits thereof, and IND filings. Forward-looking statements may be identified by the words “anticipate,” believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “may,” “will,” “could,” “should,” “seek,” “potential” and similar expressions. Forward-looking statements are based on Immunome’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with: the impact of the COVID-19 pandemic on Immunome’s business, operations, strategy, goals and anticipated milestones; Immunome’s ability to execute on its strategy including with respect to the timing of its R&D efforts, IND filings, initiation of clinical studies and other anticipated milestones; the timing and effectiveness of any antibody therapeutics which may be developed by Immunome; Immunome’s ability to fund operations; and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Immunome’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (SEC) on March 25, 2021, and elsewhere in Immunome’s filings and reports with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Immunome undertakes no duty to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
IMMUNOME, INC. |
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Statements of operations |
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(in thousands, except share and per share amounts) |
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Three Months Ended December 31, |
|
Year ended December 31, |
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|
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2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Operating expenses: |
|
|
|
|
||||||||||||
Research and development |
$ |
1,835 |
|
$ |
2,432 |
|
$ |
7,486 |
|
$ |
8,823 |
|
||||
General and administrative |
|
2,238 |
|
|
456 |
|
|
4,775 |
|
|
1,525 |
|
||||
Total operating expenses |
|
4,073 |
|
|
2,888 |
|
|
12,261 |
|
|
10,348 |
|
||||
Loss from operations |
|
(4,073 |
) |
|
(2,888 |
) |
|
(12,261 |
) |
|
(10,348 |
) |
||||
Other expenses: |
||||||||||||||||
Change in fair value of warrant liability |
|
11 |
|
|
— |
|
|
(5,538 |
) |
|
— |
|
||||
Interest expense, net |
|
(11 |
) |
|
(34 |
) |
|
(38 |
) |
|
(96 |
) |
||||
Total other expenses |
|
- |
|
|
(34 |
) |
|
(5,576 |
) |
|
(96 |
) |
||||
Net loss |
$ |
(4,073 |
) |
$ |
(2,922 |
) |
$ |
(17,837 |
) |
$ |
(10,444 |
) |
||||
Per share information: |
|
|
|
|
||||||||||||
Net loss per share of common stock, basic and diluted |
$ |
(0.40 |
) |
$ |
(2.66 |
) |
$ |
(5.26 |
) |
$ |
(9.55 |
) |
||||
Weighted-average common shares outstanding, basic and diluted |
|
10,190,607 |
|
|
1,097,907 |
|
|
3,389,592 |
|
|
1,093,959 |
|
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IMMUNOME, INC. |
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Balance sheets |
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(in thousands, except share and per share amounts) |
||||||
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|
|
|
|
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|
|
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December 31, |
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|
|
2020 |
|
2019 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
39,766 |
|
$ |
2,543 |
Prepaid expenses and other current assets |
|
|
3,128 |
|
|
579 |
Total current assets |
|
|
42,894 |
|
|
3,122 |
Property and equipment, net |
|
|
1,531 |
|
|
1,700 |
Restricted cash |
|
|
100 |
|
|
100 |
Other assets |
|
|
— |
|
|
138 |
Total assets |
|
$ |
44,525 |
|
$ |
5,060 |
Liabilities, convertible preferred stock, and stockholders’ equity (deficit) |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current portion of capital lease obligations |
|
$ |
— |
|
$ |
239 |
Current portion of long-term debt |
|
|
366 |
|
|
— |
Current portion of equipment loan payable |
|
|
113 |
|
|
212 |
Accounts payable |
|
|
1,187 |
|
|
548 |
Accrued expenses and other current liabilities |
|
|
1,372 |
|
|
666 |
Total current liabilities |
|
|
3,038 |
|
|
1,665 |
Equipment loan payable, net of current portion |
|
|
— |
|
|
113 |
Long-term debt, net of current portion |
|
|
134 |
|
|
— |
Deferred rent |
|
|
8 |
|
|
18 |
Total liabilities |
|
|
3,180 |
|
|
1,796 |
|
|
|
|
|
|
|
Series A convertible preferred stock |
|
|
— |
|
|
38,894 |
Stockholders’ equity (deficit): |
|
|
|
|
|
|
Common stock |
|
|
1 |
|
|
— |
Additional paid-in capital |
|
|
95,738 |
|
|
927 |
Accumulated deficit |
|
|
(54,394) |
|
|
(36,557) |
Total stockholders’ equity (deficit) |
|
|
41,345 |
|
|
(35,630) |
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) |
|
$ |
44,525 |
|
$ |
5,060 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005954/en/
FAQ
What were Immunome's financial results for Q4 2020?
What was the cash position of Immunome as of December 31, 2020?
What is the significance of Immunome's IPO?
What are the development plans for IMM-BCP-01 and IMM-ONC-01?
What were the total R&D expenses for Immunome in 2020?
