Full Press Release Details
Immunome Reports First Quarter 2021 Financial
- IMM-BCP-01: Selected antibody cocktail demonstrating
neutralization of CDC SARS-CoV-2 "variants of concern" in preclinical testing, progressing towards IND filing -
- IMM-ONC-01: Advanced proprietary antibody
against IL-38, a novel innate immune checkpoint, into IND-enabling studies -
- Dennis Giesing, Ph.D. appointed as Chief Development
Officer and Corleen Roche appointed as Chief Financial Officer -
- Raised $27 million in gross proceeds in a
Pa., May 12, 2021 - Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory
B cell discovery engine platform to discover and develop first-in-class antibody therapeutics, today reported financial results for the
first quarter ended March 31, 2021 and provided a corporate update.
First Quarter and Subsequent Highlights
"I am thrilled with the significant progress
that Immunome has made in the development of our product pipeline," said Purnanand Sarma, Ph.D., President and CEO of Immunome.
"We are excited to welcome Dr. Giesing and Ms. Roche to the Immunome team as we move towards becoming a clinical stage
biopharmaceutical company."
Financial Highlights
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 on 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 oncology and COVID-19 therapeutic antibody programs, execution
of its clinical and strategic plans, anticipated upcoming milestones for IMM-BCP-01 and IMM-ONC-01, including expectations regarding therapeutic
potential and benefits thereof, and IND filings. Forward-looking statements may be identified by the words "anticipate," believe,"
"estimate," "expect," "intend," "plan," "project," "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; Immunome's
ability to execute on its strategy including with respect to the timing of its R&D efforts, IND filings, initiation of clinical
studies and other anticipated milestones; the timing and effectiveness of any antibody therapeutics which may be developed by Immunome;
Immunome's ability to fund operations as anticipated; and the additional risks and uncertainties set forth more fully under the
caption "Risk Factors" in Immunome's Form 10-K filed with the United States Securities and Exchange Commission
(SEC) on March 25, 2021, and elsewhere in Immunome's 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.
Chief Financial Officer
Immunome Media Contact
Megan McGrath or Nick Chang
Condensed Statements of Operations
(Unaudited; In thousands, except share and per
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 1,979 | $ | 2,115 | ||||
| General and administrative | 1,918 | 540 | ||||||
| Total operating expenses | 3,897 | 2,655 | ||||||
| Loss from operations | (3,897 | ) | (2,655 | ) | ||||
| Interest expense, net | (1 | ) | (22 | ) | ||||
| Net loss | $ | (3,898 | ) | $ | (2,677 | ) | ||
| Per share information: | ||||||||
| Net loss per share of common stock, basic and diluted | $ | (0.37 | ) | $ | (2.44 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 10,640,870 | 1,099,270 |
Condensed Balance Sheets
(Unaudited; In thousands, except share data)
| March 31, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 36,276 | $ | 39,766 | ||||
| Prepaid expenses and other current assets | 4,831 | 3,128 | ||||||
| Total current assets | 41,107 | 42,894 | ||||||
| Property and equipment, net | 1,386 | 1,531 | ||||||
| Restricted cash | 100 | 100 | ||||||
| Total assets | $ | 42,593 | $ | 44,525 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 366 | $ | 366 | ||||
| Equipment loan payable | 78 | 113 | ||||||
| Accounts payable | 2,958 | 1,187 | ||||||
| Accrued expenses and other current liabilities | 1,169 | 1,372 | ||||||
| Total current liabilities | 4,571 | 3,038 | ||||||
| Long-term debt, net of current portion | 134 | 134 | ||||||
| Deferred rent | 5 | 8 | ||||||
| Total liabilities | 4,710 | 3,180 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 1 | 1 | ||||||
| Additional paid-in capital | 96,174 | 95,738 | ||||||
| Accumulated deficit | (58,292 | ) | (54,394 | ) | ||||
| Total stockholders' equity | 37,883 | 41,345 | ||||||
| Total liabilities and stockholders' equity | $ | 42,593 | $ | 44,525 |