Immunome, Inc. - IMNM STOCK NEWS

Immunome (Nasdaq: IMNM) reported Q2 2024 financial results and provided a business update. Key highlights include:

- Pipeline Progress: Full enrollment completed for Phase 3 RINGSIDE Part B study of AL102 for desmoid tumors, with topline data expected in H2 2025. INDs for IM-1021 and IM-3050 anticipated in Q1 2025.

- Financial Position: Cash, cash equivalents, and marketable securities totaled $278.4 million as of June 30, 2024, with runway expected into 2026.

- Q2 2024 Results: R&D expenses were $29.1 million, in-process R&D expenses were $6.3 million, and G&A expenses were $7.0 million. Net loss reported at $36.1 million.

The company is focusing on developing a broad pipeline of oncology therapies, including ADCs and small molecules, supported by business development efforts and focused research.

Immunome (Nasdaq: IMNM) has announced recent business development activities aimed at expanding its antibody-drug conjugate (ADC) capabilities. The company has acquired exclusive rights to antibody panels from Nectin Therapeutics, Bluefin Biomedicine, and OncoResponse, targeting undisclosed solid tumor targets. This follows earlier acquisitions from Atreca and Zentalis, including the IM-1021 ADC platform technology.

CEO Clay Siegall emphasized Immunome's vision of developing a broad pipeline of targeted therapies, particularly ADCs against novel targets. CSO Jack Higgins highlighted the importance of matching appropriate antibodies, linkers, and payloads to each target's unique biology. The company believes these acquisitions will complement its internal discovery efforts and advance its product pipeline, potentially bringing significant benefits to cancer patients.

Nectin Therapeutics has entered into a global, exclusive license agreement with Immunome Inc. (Nasdaq: IMNM) for antibodies targeting an undisclosed target. The deal allows Immunome exclusive rights to a panel of antibodies, with Nectin receiving an upfront payment and eligibility for milestones and royalties. This agreement enables Nectin to focus on its first-in-class anti-PVR program (NTX1088) and advance novel antibody drug conjugates (ADCs) into clinical development.

Immunome will be responsible for the research, development, manufacturing, and commercialization of products incorporating these antibodies. The company believes that the next generation of transformative ADCs will address novel targets by pairing high-quality antibodies with innovative linker-payload technology.

Immunome has appointed Phil Tsai, PhD, as Chief Technical Officer. Tsai brings nearly 30 years of experience in product development and process optimization, notably in antibody-drug conjugates (ADCs). This strategic move comes as Immunome's pipeline progresses, including a fully enrolled Phase 3 trial of AL102 for desmoid tumors, two IND filings planned for Q1 2025, and additional ADCs in preclinical stages. Tsai's previous roles at Seagen and Pfizer underscore his proficiency in biologics and drug manufacturing. His leadership is expected to fortify Immunome's mission to develop cutting-edge cancer therapies.

Immunome (Nasdaq: IMNM) has completed the acquisition of antibodies and related assets from Atreca for $5.5 million upfront and up to $7 million in clinical development milestones. The purchase includes rights to 28 antibodies and various materials, enhancing Immunome's ADC (antibody-drug conjugates) portfolio. Immunome's Chief Scientific Officer, Jack Higgins, emphasizes that the newly acquired antibodies align with their strategy targeting novel and unexplored cancer therapy targets. CEO Clay Siegall mentioned that this acquisition aims to expand Immunome's ADC portfolio cost-effectively and accelerate the development of innovative cancer treatments.

Immunome (Nasdaq: IMNM) has announced the promotion of Max Rosett to Chief Financial Officer, effective May 9. Rosett, previously Executive Vice President of Operations and Interim CFO since January 2024, has played a key role in Immunome's recent strategic moves including the merger with Morphimmune and financial transactions worth over $350 million. CEO Clay Siegall emphasized Rosett's strategic insight and financial expertise as vital for advancing the company's pipeline, including the Phase 3 RINGSIDE trial of AL102 and preparing IM-1021 and IM-3050 for IND submission. Rosett's background includes senior roles at Morphimmune and experience at Research Bridge Partners, Google, and Boston Consulting Group.

Immunome (Nasdaq: IMNM), a biotech company focused on targeted cancer therapies, reported its Q1 2024 financial results and provided a business update. The company has integrated AL102 and IM-1021 and is progressing towards regulatory submissions. Topline data for the Phase 3 RINGSIDE trial of AL102 is expected in H2 2025. IND submissions for IM-1021 and IM-3050 are anticipated in Q1 2025. Financially, Immunome has $309.7 million in cash and equivalents, with a runway extending into 2026. Q1 2024 expenses included $15.4 million in R&D, $112 million in in-process R&D from recent acquisitions, and $6 million in administrative costs. The company posted a net loss of $129.5 million, or $2.51 per share.

Immunome, Inc. (IMNM) will be presenting at the 2024 Bank of America Healthcare Conference. The President and CEO, Clay Siegall, will present on May 15, 2024. Interested parties can access the live webcast on the company's website.

Immunome, Inc. (Nasdaq: IMNM) has appointed Kinney Horn as Chief Business Officer, bringing extensive experience in life sciences corporate and business development to the company. With the recent acquisition of AL102, Immunome is now a clinical stage company, aiming to enhance its development capabilities and expand its portfolio of targeted cancer therapies. Mr. Horn's successful track record in strategic partnerships will play a important role in Immunome's growth.