aibioImmunome pays Bristol-Myers Squibb $20.0 million and 4,425,487 shares to end royalties
Tickers IMNM
Immunome paid Bristol-Myers Squibb $20.0 million and 4,425,487 shares under Amendment No. 4, which ends its milestone and royalty obligations. The 8-K names no underwriter or placement agent; at June 30, 2026 the company held $217.7 million in cash and equivalents plus $302.3 million in short-term investments.
Key facts
- Company
- Immunome, Inc. (NASDAQ: IMNM)
- News type
- Financings
- Primary source
- Immunome, Inc. 8-K (2026-10-05)
Immunome, Inc. (Nasdaq: IMNM) entered into Amendment No. 4 to its license agreement with Bristol-Myers Squibb Company (BMS) on October 2, 2026, and disclosed it in an 8-K filed October 5, 2026. The original license is dated November 29, 2017, and Immunome holds it as assignee of Ayala Pharmaceuticals, Inc. The amendment removes Immunome's obligation to make any milestone or royalty payments under the license. It also assigns to Immunome the patent rights for varegacestat, formerly AL102, and AL101 that BMS had licensed to it.
The price paid
As consideration, Immunome paid BMS $20.0 million in cash and issued 4,425,487 shares of common stock. The company says that after this payment it owes BMS no milestone, royalty or other payment under the license or the amendment. The 8-K names no underwriter, placement agent or financial advisor for the share issuance. The shares went directly to BMS under a stock issuance agreement signed the same day, and they are unregistered. They were issued under Section 4(a)(2) of the Securities Act of 1933.
The 8-K cites Amendment No. 2, dated August 7, 2024, and Amendment No. 3, dated March 27, 2026. This is the fourth amendment to the license.
Resale registration and indemnity
Immunome agreed to use commercially reasonable efforts to file a resale registration statement for the shares by November 16, 2026. It also agreed to have that statement declared effective within 60 calendar days after filing, or within 5 business days after the SEC says it will not review the filing. A registration would allow the shares to be offered for resale publicly. Immunome also agreed to indemnify BMS and pay the expenses tied to the stock issuance agreement, other than BMS's legal fees and any underwriting discounts and selling commissions.
Cash and losses
Immunome's 10-K for 2025 reports a net loss of $212.4 million, down from $293.0 million in 2024. Revenue was $6.9 million, against $9.0 million a year earlier. Cash used in operations rose to $190.9 million from $110.8 million, and research and development expense rose to $177.3 million from $129.5 million.
Cash and cash equivalents were $653.5 million at the end of 2025, compared with $143.4 million at the end of 2024. Short-term investments were $0 at the end of 2025, after $74.0 million a year earlier. By June 30, 2026, cash and cash equivalents had fallen to $217.7 million, and short-term investments were $302.3 million. The 8-K does not say how the company will fund the $20.0 million payment.
The drug behind the royalty
Varegacestat is an oral, once-daily gamma secretase inhibitor for desmoid tumors. The 10-K says the Phase 3 RINGSIDE trial met its primary endpoint of progression-free survival, with an 84% reduction in the risk of progression or death versus placebo, a hazard ratio of 0.16. The company describes the topline results as positive and says the study met all primary and key secondary endpoints. Those are the company's figures, and the 8-K does not add to them.
The 10-K, filed in March 2026, expected a new drug application in the second quarter of 2026. The 8-K does not say whether that filing has been made. The 10-K also says a launch would depend on regulatory approval, and it describes the company's launch preparations as staged.
IM-1021, a ROR1-targeted antibody-drug conjugate in Phase 1, showed observed objective responses at several dose levels in B-cell lymphoma patients, according to the company's November 2025 report. Those responses are early evidence from a dose-escalation study, and the company plans to share initial data in 2026. The 10-K said IM-3050 would start its Phase 1 trial in early 2026, and three preclinical ADCs were expected to file INDs in 2026.
What comes next
The next dated steps are the resale registration by November 16, 2026, the varegacestat application that the 10-K expected in the second quarter of 2026, and initial IM-1021 data in 2026. The 8-K does not describe any financing that would cover the $20.0 million cash payment. Cash and cash equivalents at June 30, 2026 were well below their year-end 2025 level, although short-term investments were $302.3 million at that date.