Immunome Reports Fourth Quarter and Full Year 2022 Financial Results
Immunome, Inc. (Nasdaq: IMNM) reported its financial results for Q4 2022, revealing a net loss of $7.8 million, or $0.64 per share, against a total net loss of $36.9 million, or $3.09 per share, for the year. As of December 31, 2022, the company held $20.3 million in cash and equivalents. A noteworthy highlight includes a strategic collaboration with AbbVie, initiating the discovery of up to 10 novel antibody-target pairs, valued at up to $120 million per target. Additionally, preclinical data for its anti-EPN1 antibody showed promising results, indicating a significant tumor volume reduction when combined with existing treatments.
- Entered strategic collaboration with AbbVie, valued at up to $120 million per target.
- Promising preclinical data for anti-EPN1 antibody showed over 50% tumor volume reduction in combination therapy.
- Reported a net loss of $36.9 million for the year 2022.
- Net loss of $7.8 million for Q4 2022, indicating ongoing financial challenges.
- R&D expenses for 2022 totaled $23.3 million, indicating high investment without immediate returns.
“Looking back on the past year, the transformative strategic collaboration with AbbVie highlighted the disruptive nature of our discovery platform in finding novel antibody-target pairs based on human memory B-cell response,” stated
Highlights
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AbbVie and
Immunome Announced Strategic Collaboration to Discover Multiple Novel Oncology Targets. InJanuary 2023 ,Immunome entered into a strategic collaboration and option agreement with AbbVie for the discovery of up to 10 novel antibody-target pairs arising from three specified tumor types derived from Immunome’s Discovery Engine. Key financial terms of the collaboration and option agreement include:
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$30 million -
$70 million - Low single digit millions options payments per target
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$120 million -
$150 million -
Tiered royalties on global sales
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Preclinical Data on Novel Anti-EPN1 Antibody IMM20059 at the
Society for Immunotherapy of Cancer’s 37th Annual Meeting. InNovember 2022 ,Immunome presented a poster presentation of IMM20059, Immunome’s novel anti-EPN1 antibody, at the SITC Annual Meeting. IMM20059 in combination with anti-PD-L1 atezolizumab demonstrated significant tumor regression compared to IMM20059 or atezolizumab treatment alone, suggesting a potential combinatorial effect, or a greater than50% reduction in tumor volume (p<0.05), between the two anti-tumoral pathways. -
Immunome published a paper highlighting the importance of tumor and lymph node-derived B cells for the discovery of antibodies directed at potentially novel targets. -
IMM-BCP-01 Update (COVID-19 Antibody Cocktail):
Immunome has decided to seek a partner in order to continue the trial and for any further development activities.Immunome has successfully completed dosing of the first cohort of patients in a Phase 1b with no significant treatment-related adverse events.
Financial Highlights
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Cash and cash equivalents: As of
December 31, 2022 cash and cash equivalents totaled$20.3 million -
Research and development (R&D) expenses: R&D expenses for the three months ended
December 31, 2022 , were$4.3 million December 31, 2022 were$23.3 million -
General and administrative (G&A) expenses: G&A expenses for the three months ended
December 31, 2022 , were$3.5 million December 31, 2022 were$13.6 million -
Net loss: Net loss attributable to common stockholders was
$7.8 million $0.64 December 31, 2022 . Net loss attributable to common stockholders was$36.9 million $3.09 December 31, 2022 . -
As of
December 31, 2022 ,Immunome has 12,128,843 shares of common stock outstanding.
About
About Immunome’s Discovery Engine
Immunome’s proprietary Discovery Engine identifies novel therapeutic antibodies and their targets through an unbiased interrogation of human memory B cells, highly educated components of the immune system, isolated from patients. Memory B cells are key elements in the human immune system response to disease as they produce specific, high-affinity antibodies that bind to cancer antigens or pathogens. Immunome’s Discovery Engine incorporates high-throughput screening to enable efficient, unbiased, broad, and deep functional evaluation of patient memory B cell repertoires to identify antibodies directed at novel targets. The functional data we generate differentiates our approach from those that use deep sequencing of B cells to identify dominant clones that are common within and across patients and assumes genomic dominance is a hallmark of therapeutic utility.
For more information, please visit www.immunome.com.
Forward-Looking Statements
This press release contains “forward-looking statements” intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, express or implied statements that are not historical fact regarding matters such as: Immunome’s and its collaborators’ ability to achieve anticipated discovery, development and commercial milestones; the timing and results of preclinical studies and clinical trials; regulatory submissions and actions; translation of preclinical data into clinical safety and efficacy; and therapeutic potential and benefits of, and possible need and demand for, Immunome’s programs and development candidates. Forward-looking statements may be identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “suggest,” “can,” “may,” “will,” “could,” “should,” “seek,” “potential” and similar words, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Immunome’s current expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to Immunome’s ability to execute on its strategy, R&D efforts and collaborations with third parties, Immunome’s ability to fund operations and raise capital; Immunome’s reliance on vendors; the competitive landscape 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
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Condensed Balance Sheets |
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(In thousands, except share data) |
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2022 |
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2021 |
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| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 20,323 |
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$ | 49,229 |
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| Prepaid expenses and other current assets | 2,326 |
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7,409 |
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| Total current assets | 22,649 |
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56,638 |
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| Property and equipment, net | 681 |
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855 |
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| Operating right-of-use asset, net | 284 |
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— |
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| Restricted cash | 100 |
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100 |
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| Deferred offering costs | 332 |
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332 |
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| Total assets | $ | 24,046 |
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$ | 57,925 |
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| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,400 |
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$ | 3,077 |
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| Accrued expenses and other current liabilities | 4,931 |
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6,651 |
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| Total current liabilities | 7,331 |
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9,728 |
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| Other long-term liabilities | 62 |
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12 |
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| Total liabilities | 7,393 |
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9,740 |
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| Commitments and contingencies (Note 8) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, |
— |
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— |
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| Common stock, |
1 |
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1 |
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| Additional paid-in capital | 132,653 |
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127,289 |
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| Accumulated deficit | (116,001 |
) |
(79,105 |
) |
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| Total stockholders’ equity | 16,653 |
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48,185 |
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| Total liabilities and stockholders’ equity | $ | 24,046 |
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$ | 57,925 |
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Condensed Statements of Operations |
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(In thousands, except share and per share data) |
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Year ended |
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2022 |
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2021 |
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| Operating expenses: | ||||||||
| Research and development | $ | 23,272 |
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$ | 14,110 |
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| General and administrative | 13,629 |
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11,094 |
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| Total operating expenses | 36,901 |
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25,204 |
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| Loss from operations | (36,901 |
) |
(25,204 |
) |
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| Other income (expense): | ||||||||
| Other income | — |
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503 |
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| Interest income (expense), net | 5 |
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(10 |
) |
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| Total other income | 5 |
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493 |
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| Net loss | $ | (36,896 |
) |
$ | (24,711 |
) |
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| Deemed dividend arising from warrant modification | (622 |
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— |
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| Net loss attributable to common stockholders | $ | (37,518 |
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$ | (24,711 |
) |
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| Per share information: | ||||||||
| Net loss per common share, basic and diluted | $ | (3.09 |
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$ | (2.14 |
) |
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| Weighted-average common shares outstanding, basic and diluted | 12,126,573 |
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11,538,668 |
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Immunome Contact
Chief Financial Officer
investors@immunome.com
Investor Contact
Managing Director
laurence@gilmartinir.com
Media Contact
Account Supervisor
gschanker@lifescicomms.com
Source:
FAQ
What were Immunome's financial results for Q4 2022?
What strategic partnership did Immunome enter in January 2023?
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What are the highlights of Immunome's anti-EPN1 antibody data?
What were Immunome's overall losses for the year 2022?
