Immunome Reports Third Quarter 2024 Financial Results and Provides Business Update
Immunome (Nasdaq: IMNM) announced its Q3 2024 financial results and provided a business update. The company reported a net loss of $47.1 million for the quarter ended September 30, 2024, with cash, cash equivalents, and marketable securities totaling $240.1 million, providing a cash runway into 2026. R&D expenses were $37.2 million, and G&A expenses were $9.5 million. Key pipeline updates include the completion of full enrollment for the Phase 3 RINGSIDE Part B study of AL102 for desmoid tumors, with topline data expected in H2 2025. IND submissions for IM-1021 and IM-3050 are anticipated in Q1 2025. The discovery team is focused on discovering ADCs targeting novel cancer therapy targets, highlighting the potential of HC74, a proprietary TOP1 payload.
Immunome (Nasdaq: IMNM) ha annunciato i risultati finanziari per il terzo trimestre del 2024 e fornito un aggiornamento aziendale. L'azienda ha riportato una perdita netta di 47,1 milioni di dollari per il trimestre concluso il 30 settembre 2024, con disponibilità liquide, equivalenti di cassa e titoli negoziabili che ammontano a 240,1 milioni di dollari, garantendo una liquidità fino al 2026. Le spese per R&S sono state di 37,2 milioni di dollari e le spese generali e amministrative di 9,5 milioni di dollari. Gli aggiornamenti chiave del pipeline includono il completamento dell'iscrizione totale per lo studio RINGSIDE Fase 3 Parte B di AL102 per i tumori desmoidi, con i dati principali attesi nel secondo semestre del 2025. Le domande IND per IM-1021 e IM-3050 sono previste per il primo trimestre del 2025. Il team di scoperta è concentrato sulla scoperta di ADC mirati a nuovi bersagli di terapia oncologica, evidenziando il potenziale di HC74, un payload TOP1 proprietario.
Immunome (Nasdaq: IMNM) anunció sus resultados financieros del tercer trimestre de 2024 y proporcionó una actualización empresarial. La compañía reportó una pérdida neta de 47,1 millones de dólares para el trimestre que finalizó el 30 de septiembre de 2024, con efectivo, equivalentes de efectivo y valores negociables que suman 240,1 millones de dólares, lo que proporciona un margen de efectivo hasta 2026. Los gastos de I+D fueron de 37,2 millones de dólares, y los gastos generales y administrativos fueron de 9,5 millones de dólares. Las actualizaciones clave de la cartera incluyen la finalización de la inscripción total para el estudio RINGSIDE Fase 3 Parte B de AL102 para tumores desmoides, con datos preliminares esperados en la segunda mitad de 2025. Se anticipan presentaciones IND para IM-1021 e IM-3050 en el primer trimestre de 2025. El equipo de descubrimiento se está enfocando en encontrar ADCs que apunten a nuevos objetivos de terapia contra el cáncer, destacando el potencial de HC74, un payload TOP1 propietario.
Immunome (Nasdaq: IMNM)는 2024년 3분기 재무 결과를 발표하고 사업 업데이트를 제공했습니다. 이 회사는 2024년 9월 30일로 종료된 분기에 대해 4,710만 달러의 순손실을 보고했으며, 현금, 현금성 자산 및 유가증권의 총액은 2억 4,010만 달러에 달하여 2026년까지 운영자금을 확보하고 있습니다. 연구 개발(R&D) 비용은 3,720만 달러였고, 일반 관리(G&A) 비용은 950만 달러였습니다. 주요 파이프라인 업데이트에는 AL102의 RINGSIDE 3단계 B 파트 연구에 대한 전체 등록 완료가 포함되며, 주요 데이터는 2025년 하반기에 예상되고 있습니다. IM-1021 및 IM-3050에 대한 IND 제출이 2025년 1분기에 예정되어 있습니다. 발견 팀은 새로운 암 치료 표적을 겨냥한 ADC 발견에 집중하고 있으며, 독점적 TOP1 전달체 HC74의 잠재력을 강조하고 있습니다.
Immunome (Nasdaq: IMNM) a annoncé ses résultats financiers du troisième trimestre 2024 et a fourni une mise à jour de l'entreprise. La société a signalé une perte nette de 47,1 millions de dollars pour le trimestre se terminant le 30 septembre 2024, avec un total de 240,1 millions de dollars en espèces, équivalents de trésorerie et titres négociables, offrant une marge de liquidités jusqu'en 2026. Les dépenses en R&D s'élevaient à 37,2 millions de dollars, et les dépenses générales et administratives à 9,5 millions de dollars. Les mises à jour clés du pipeline incluent l'achèvement de l'inscription complète pour l'étude RINGSIDE Phase 3 Partie B d'AL102 pour les tumeurs desmoïdes, avec des données de premier niveau prévues pour le second semestre 2025. Les soumissions IND pour IM-1021 et IM-3050 sont attendues au premier trimestre 2025. L'équipe de recherche est concentrée sur la découverte d'ADCs ciblant de nouvelles cibles de thérapie contre le cancer, mettant en lumière le potentiel de HC74, un payload TOP1 propriétaire.
Immunome (Nasdaq: IMNM) gab seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt und lieferte ein Geschäft-Update. Das Unternehmen meldete einen Nettverlust von 47,1 Millionen US-Dollar für das zum 30. September 2024 abgeschlossene Quartal, mit liquiden Mitteln, liquiden Mittelnäquivalenten und handelbaren Wertpapieren in Höhe von 240,1 Millionen US-Dollar, die einen finanziellen Spielraum bis 2026 bieten. Die F&E-Ausgaben betrugen 37,2 Millionen US-Dollar, während die allgemeinen und administrativen Ausgaben 9,5 Millionen US-Dollar betrugen. Zu den wichtigsten Pipeline-Updates gehört der vollständige Abschluss der Rekrutierung für die Phase-3-Studie RINGSIDE Teil B von AL102 für desmoide Tumoren, wobei die topline Daten in der zweiten Hälfte von 2025 erwartet werden. IND-Anträge für IM-1021 und IM-3050 werden im ersten Quartal 2025 erwartet. Das Entdeckungsteam konzentriert sich auf die Entdeckung von ADCs, die auf neuartige Ziele der Krebstherapie abzielen, und hebt das Potenzial von HC74, einem proprietären TOP1-Payload, hervor.
- Cash runway extends into 2026.
- Full enrollment for Phase 3 RINGSIDE Part B study of AL102 completed.
- Topline data for AL102 expected in H2 2025.
- IND submissions for IM-1021 and IM-3050 on track for Q1 2025.
- Net loss of $47.1 million for Q3 2024.
- High R&D expenses totaling $37.2 million.
- G&A expenses amounting to $9.5 million.
Insights
The Q3 financial results reveal significant R&D investment with
The quarterly net loss of
The completion of RINGSIDE Part B enrollment and planned IND submissions for IM-1021 and IM-3050 in Q1 2025 represent key near-term catalysts. The company's focus on ADC development with proprietary TOP1 payload technology could create significant value opportunities in the expanding oncology market.
“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 -
Research and development expenses for the quarter ended September 30, 2024 were
$37.2 million $1.8 million -
In-process research and development expenses for the quarter ended September 30, 2024 were
$6.7 million -
General and administrative expenses for the quarter ended September 30, 2024 were
$9.5 million $3.1 million -
Immunome reported a net loss of
$47.1 million
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 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113523555/en/
Investor Contact:
Max Rosett
Chief Financial Officer
investors@immunome.com
Source: Immunome, Inc.
FAQ
What were Immunome's financial results for Q3 2024?
What is Immunome's cash position as of September 30, 2024?
When will topline data for the Phase 3 RINGSIDE Part B study of AL102 be available?
When does Immunome plan to submit INDs for IM-1021 and IM-3050?
What are Immunome's research and development expenses for Q3 2024?
