aibioImmunome reports $317.3 million in cash and expects runway into 2027
Tickers IMNM
Immunome's cash total includes $161.7 million from a January 2025 financing, and the quarter ended with a $41.6 million net loss. Its lead drug's Phase 3 data are not due until the second half of 2025.
Key facts
- Company
- Immunome, Inc. (NASDAQ: IMNM)
- News type
- Listings
- Primary source
- Immunome, Inc. 8-K (2025-05-12)
Immunome, Inc. (Nasdaq: IMNM) reported results for the quarter ended March 31, 2025 on May 12, 2025, and paired them with a business update. Cash, cash equivalents and marketable securities totaled $317.3 million at quarter end. That total includes net proceeds of $161.7 million from a financing in January 2025, and it also reflects about $11 million paid during the quarter for non-recurring IM-1021 milestones and 2024 annual performance bonuses. The release does not give the terms of the January financing.
Cash and losses
The balance sheet shows where the cash sits. Cash and cash equivalents were $257,613 thousand at March 31, 2025, up from $143,351 thousand at December 31, 2024. Marketable securities fell to $59,710 thousand from $73,952 thousand over the same period. Total stockholders' equity was $307,126 thousand.
The company reported a net loss of $41.6 million for the quarter, against $129,492 thousand a year earlier. The year-earlier quarter carried $111,954 thousand of in-process research and development expense, and the company's 10-K says Immunome acquired varegacestat from Ayala Pharmaceuticals in March 2024. This quarter, research and development expenses were $36.9 million, including $2.4 million of stock-based compensation. General and administrative expenses were $10.7 million, including $3.3 million of stock-based compensation. Collaboration revenue was $2,926 thousand, compared with $1,029 thousand a year earlier. The accumulated deficit rose to $557,410 thousand from $515,770 thousand at the end of 2024.
The pipeline and the Phase 3 readout
Varegacestat, an oral gamma secretase inhibitor, is the company's most advanced asset. It is in the Phase 3 RINGSIDE Part B trial for desmoid tumors, a rare, locally aggressive soft tissue tumor. Full enrollment was completed in February 2024, and Immunome expects topline data in the second half of 2025.
The efficacy figures the company cites come from the earlier Phase 2 study, not from the Phase 3 trial. In that study the objective response rate was 75% of evaluable patients and 64% in the intent-to-treat population, with a median reduction in tumor volume of 88%. The Phase 3 result is still ahead. The company says the Phase 2 safety profile is consistent with other gamma secretase inhibitors. That is the company's own description, and the release does not report safety data.
The competition is already on the market. Nirogacestat, sold as OGSIVEO, was approved by the FDA in November 2023 for progressing desmoid tumors that need systemic treatment. The 10-K points to OGSIVEO's uptake in the United States as evidence of the potential for this class. Immunome also says it is doing the manufacturing and pharmacology work needed to support a new drug application for varegacestat. The release describes that work as ongoing, so it reports no filing.
IM-1021, a ROR1-targeted antibody-drug conjugate, is in a Phase 1 dose-escalation study in advanced B-cell lymphomas and advanced solid tumors. The first patient was dosed in February 2025. The release gives no clinical results for it. IM-3050, a FAP-targeted radioligand therapy, received IND clearance in April 2025, and Immunome expects to start its Phase 1 trial in the second half of 2025. The three preclinical ADCs, IM-1617, IM-1340 and IM-1335, are in IND-enabling work. Each uses HC74, a topoisomerase 1 inhibitor payload that the company exclusively licensed from Zentalis Pharmaceuticals in January 2024 and bought from Zentalis in October 2024.
What comes next
Immunome expects topline RINGSIDE Part B data in the second half of 2025, the first clinical trial start for IM-3050 in the same half, and cash to fund operations into 2027. Chief Executive Clay Siegall said the company is "optimistic that varegacestat will demonstrate differentiated efficacy across multiple endpoints." The company has not yet shown that result. It expects its cash to fund operations into 2027, a claim that is the company's own.