Immunome Reports Second Quarter 2022 Financial Results

Rhea-AI Summary

Immunome, a biopharmaceutical firm, reported its Q2 2022 results, marking its transition into a clinical stage company. The company continues to dose patients in its Phase 1b study of the COVID-19 antibody cocktail, IMM-BCP-01, which retains neutralizing activity against prevalent Omicron subvariants. Immunome also provided updates on its oncology candidate, IMM-ONC-01, emphasizing its potential in multiple cancers. Financially, R&D expenses were $5.7 million, with a net loss of $8.9 million. Cash reserves stood at $34.6 million as of June 30, 2022.

Positive

• Transition to clinical stage with ongoing Phase 1b study of IMM-BCP-01.
• IMM-BCP-01 retains neutralizing activity against BA.4/.5 and BA.2.12.1 subvariants.
• Initiated Phase 1b clinical trial for COVID-19 treatment.
• Lead oncology candidate IMM-ONC-01 shows promise in high unmet need cancers.

Negative

• Net loss of $8.9 million for Q2 2022.
• R&D expenses are significant at $5.7 million.

EXTON, Pa.--(BUSINESS WIRE)-- Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics, today reported financial results for the second quarter ended June 30, 2022 and provided a corporate update.

“The second quarter marked our transition into a clinical stage company, as we continue to dose patients in our Phase 1b study of our COVID-19 antibody cocktail, IMM-BCP-01,” stated Purnanand Sarma, Ph.D., President and CEO of Immunome. “We also presented data in the second quarter that demonstrated the retention of neutralizing activity against the BA.4/.5, and BA.2.12.1 subvariants of SARS CoV-2. We look forward to reporting topline results from our Phase 1b study of IMM-BCP-01 in the second half of this year.”

Dr. Sarma continued, “Additionally, we continue to make strides with our lead oncology candidate, IMM-ONC-01. Through an extensive profiling assessment of IL-38 mRNA using a database¹ of over 60 cancer subtypes, we concluded that IL-38 is overexpressed in multiple cancers of high clinical unmet need. We are excited to continue advancing IMM-ONC-01 towards IND submission, as we believe IL-38 represents a promising target in multiple tumor types."

Highlights

• IMM-BCP-01 Retains Neutralizing Activity Against Prevalent Omicron Subvariants, BA.4/.5 and BA.2.12.1. In July 2022, Immunome announced that its antibody cocktail retained activity against the BA.4/.5 and BA.2.12.1 subvariants in pseudovirus testing. Data recently published in the peer-reviewed journal Science Immunology provides a mechanistic basis for how IMM20253 binding, which is conserved across all variants to date including Omicron and its sub-lineages, neutralized SARS-CoV-2.
• Initiation of Phase 1b Study of IMM-BCP-01 for the Treatment of COVID-19. In June 2022, Immunome announced the first patient had been enrolled in a clinical trial of IMM-BCP-01, a three-antibody cocktail for the treatment of SARS-CoV-2. Immunome currently expects to announce topline data in the second half of this year.
• Research & Development Update on Lead Oncology Candidate Targeting IL-38. In May of 2022, Immunome announced updates to the ongoing development of its lead oncology program, IMM-ONC-01, specifically on mRNA expression profiling and collaboration with Fox Chase Cancer Center.

Financial Highlights

• Research and development (R&D) expenses: R&D expenses for the three months ended June 30, 2022 were $5.7 million.
• General and administrative (G&A) expenses: G&A expenses for the three months ended June 30, 2022 were $3.2 million.
• Net loss: Net loss for the three months ended 2022 was $8.9 million.
• Cash and cash equivalents: As of June 30, 2022, cash and cash equivalents totaled $34.6 million.

The investigational work related to IMM-BCP-01 was funded by the U.S. Department of Defense’s (DOD) Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) in collaboration with the Defense Health Agency (DHA) (Contract number: W911QY-20-9-0019).

[1] Tempus RealWorld Data

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 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 platform and programs, execution of its regulatory, research, clinical and strategic plans and anticipated upcoming milestones for its platform and programs, including expectations regarding, among other things, the timing and results of its preclinical studies and clinical trials, clinical plans, general regulatory actions, the translation of preclinical data into clinical safety and efficacy, the therapeutic potential and benefits of our product candidates, the possible need and demand for its product candidates and other statements that are not historical fact. Forward-looking statements may be identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “suggest,” “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; the fact that research and development data are subject to differing interpretations and assessments; Immunome’s ability to execute on its strategy, including with respect to its R&D efforts, IND submissions and other regulatory filings, timing of these filings and the timing and nature of governmental authority feedback regarding the same, initiation and completion of any clinical studies, confirmatory testing and other anticipated milestones as and when anticipated; the effectiveness of Immunome’s product candidates, including the possibility that further preclinical data and any clinical trial data may be inconsistent with the data used for advancing the product candidates and that further variants of concern could emerge; 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 United States Securities and Exchange Commission (SEC) on March 28, 2022, and elsewhere in Immunome’s other 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. In this press release, we may discuss our current and potential future product candidates that have not yet undergone clinical trials or been approved for marketing by the U.S. Food and Drug Administration or other governmental authority, including expectations about their therapeutic potential and benefits thereof. No representation is made as to the safety or effectiveness of these current or potential future product candidates for the use for which such product candidates are being studied.

IMMUNOME, INC.
Condensed Balance Sheets (In thousands, except share data)
(unaudited)
	June 30, 2022				December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	34,649			$	49,229
Prepaid expenses and other current assets		2,949				7,409
Total current assets		37,598				56,638
Property and equipment, net		807				855
Operating right-of-use asset, net		182				—
Restricted cash		100				100
Deferred offering costs		332				332
Total assets	$	39,019			$	57,925
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,259			$	3,077
Accrued expenses and other current liabilities		3,359				6,651
Total current liabilities		8,618				9,728
Other long-term liabilities		124				12
Total liabilities		8,742				9,740
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2022 and December 31, 2021, respectively		—				—
Common stock, $0.0001 par value; 200,000,000 shares authorized; 12,127,385 and 12,110,373 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		1				1
Additional paid-in capital		129,958				127,289
Accumulated deficit		(99,682	)			(79,105	)
Total stockholders’ equity		30,277				48,185
Total liabilities and stockholders’ equity	$	39,019			$	57,925

IMMUNOME, INC.
Condensed Statements of Operations (In thousands, except share and per share data)
(unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
Operating expenses:
Research and development	$	5,717			$	3,233			$	13,795			$	5,212
General and administrative		3,209				2,507				6,785				4,425
Total operating expenses		8,926				5,740				20,580				9,637
Loss from operations		(8,926	)			(5,740	)			(20,580	)			(9,637	)
Other income		—				500				—				500
Interest income (expense), net		2				(1	)			3				(2	)
Net loss	$	(8,924	)		$	(5,241	)		$	(20,577	)		$	(9,139	)
Per share information:
Net loss per share of common stock, basic and diluted	$	(0.74	)		$	(0.46	)		$	(1.70	)		$	(0.83	)
Weighted-average common shares outstanding, basic and diluted		12,127,385				11,456,991				12,125,156				11,051,185

 

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Immunome Contact

Corleen Roche

Chief Financial Officer

Immunome, Inc.

investors@immunome.com

Investor Contact

Laurence Watts

Managing Director

Gilmartin, LLC

laurence@gilmartinir.com

Source: Immunome, Inc.

FAQ

What were Immunome's financial results for the second quarter 2022?

Immunome reported a net loss of $8.9 million with R&D expenses of $5.7 million for Q2 2022.

What is the status of Immunome's COVID-19 treatment candidate, IMM-BCP-01?

IMM-BCP-01 is currently in Phase 1b clinical trials, with topline data expected in the second half of 2022.

How does IMM-BCP-01 perform against Omicron variants?

IMM-BCP-01 has shown to retain neutralizing activity against the Omicron BA.4/.5 and BA.2.12.1 subvariants.

What are the prospects of Immunome's oncology candidate IMM-ONC-01?

IMM-ONC-01 targets IL-38, which is overexpressed in multiple high unmet need cancers and is advancing towards IND submission.

What is Immunome's cash position as of June 30, 2022?

As of June 30, 2022, Immunome reported cash and cash equivalents totaling $34.6 million.