Full Press Release Details
Reports First Quarter 2024 Financial Results and Provides Business Update
Wash. - Immunome, Inc. (Nasdaq: IMNM), a biotechnology
company focused on developing first-in-class and best-in-class targeted cancer therapies, today
announced financial results for the first quarter ended March 31, 2024, and provided a business update.
"Immunome continues to build momentum.
We have completed the integration of AL102 and are executing activities necessary for regulatory submissions," said Clay B. Siegall,
Ph.D., President and Chief Executive Officer. "We have also completed the integration of IM-1021 and are advancing that program
and IM-3050 towards clinical trials."
Dr. Siegall continued, "In
addition, we are working internally to design and develop additional next-generation ADC technology. Those efforts are complemented by
our ongoing business development efforts, which seek to identify and procure high-quality technologies and clinical programs. Both our
internal and external efforts are focused on expanding Immunome's pipeline with additional programs that have first-in-class or
best-in-class potential and can improve the lives of cancer patients."
The purchase of AL101 and AL102 from
Ayala Pharmaceuticals closed on March 25, 2024. Full enrollment for the Phase 3 RINGSIDE Part B study of AL102 for the treatment
of desmoid tumors was completed in February 2024. Immunome expects to report topline data for RINGSIDE Part B in the second
half of 2025. In parallel, Immunome continues to perform additional manufacturing and pharmacology work required to support a new
drug application filing for AL102.
Immunome anticipates submitting INDs
for two preclinical candidates in the first quarter of 2025: IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted RLT.
Quarter 2024 Financial Results
About Immunome, Inc.
Immunome is a biotechnology company
dedicated to developing first-in-class and best-in-class targeted cancer therapies. Our portfolio pursues each target with a modality
appropriate to its biology, including small molecules, ADCs, and RLTs. We believe that pursuing underexplored targets with appropriate
drug modalities leads to transformative therapies. Our proprietary memory B cell hybridoma technology allows for the rapid screening
and functional characterization of novel antibodies and targets.
For more information, visit www.immunome.com
Cautionary Statement Regarding Forward-Looking
Certain statements contained in this
communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E
of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (the "PSLRA").
We use words such as "may," "could," "potential," "will," "plan," "believe,"
"expect," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor
provisions of the PSLRA. These forward-looking statements include, but are not limited to, Immunome's expectation to report
topline data for the ongoing Phase 3 RINGSIDE Part B trial of AL102 in the second half of 2025; Immunome's expected timeline
for submitting INDs for IM-3050 and IM-1021 in the first quarter of 2025; Immunome's expected cash runway; Immunome's ability
to expand its pipeline through both internal and external efforts; and other statements regarding management's intentions, plans,
beliefs, expectations or forecasts for the future. No forward-looking statement can be guaranteed, and actual results may differ materially
from those projected. Such forward-looking statements are based on Immunome's expectations and involve risks and uncertainties;
consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including,
but not limited to, the risk that Immunome will not be able to realize the benefits of its strategic transactions; Immunome's ability
to grow and successfully execute on its business plan, including the development and commercialization of its pipeline and integration
of newly acquired assets; changes in the applicable laws or regulations; the possibility that Immunome may be adversely affected by other
economic, business, and/or competitive factors; 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 interim results of a clinical trial do not necessarily predict final results; potential delays in the commencement,
enrollment and completion of clinical trials and the reporting of data therefrom; the risk that Immunome's product and development
candidates fail to achieve their intended endpoints; the complexity of numerous regulatory and legal requirements that Immunome needs
to comply with to operate its business; the reliance on Immunome's management; the prior experience and successes of the Immunome's
management team not being indicative of any future success; uncertainties related to Immunome's capital requirements and Immunome's
expected cash runway; the failure to obtain, adequately protect, maintain or enforce Immunome's intellectual property rights; and
other risks and uncertainties indicated from time to time described in in Immunome's Annual Report on Form 10-K for the year
ended December 31, 2023, filed with the SEC on March 26, 2024, in ARS Pharma's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2024, being filed with the SEC today, and in Immunome's other filings with the SEC. Immunome cautions
that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements which speak only
as of the date made. Moreover, Immunome operates in a very competitive and rapidly changing environment. New risks emerge from time
to time. Except as required by law, Immunome does not undertake any obligation to update publicly any forward-looking statements
for any reason after the date of this press release to conform these statements to actual results or to changes in their expectations.
Chief Financial Officer
Consolidated Balance
(in thousands, except
share and per share amounts)
| March 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 269,723 | $ | 98,679 | ||||
| Marketable securities | 39,983 | 39,463 | ||||||
| Prepaid expenses and other current assets | 3,620 | 6,561 | ||||||
| Total current assets | 313,326 | 144,703 | ||||||
| Property and equipment, net | 4,302 | 2,073 | ||||||
| Operating right-of-use assets | 1,458 | 1,564 | ||||||
| Restricted cash | 100 | 100 | ||||||
| Other long-term assets | 568 | 100 | ||||||
| Total assets | $ | 319,754 | $ | 148,540 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,179 | $ | 3,311 | ||||
| Accrued expenses and other current liabilities | 10,844 | 8,025 | ||||||
| Deferred revenue, current | 12,745 | 10,493 | ||||||
| Total current liabilities | 30,768 | 21,829 | ||||||
| Deferred revenue, non-current | 2,208 | 5,489 | ||||||
| Other long-term liabilities | 1,206 | 1,340 | ||||||
| Total liabilities | 34,182 | 28,658 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 6 | 4 | ||||||
| Additional paid-in capital | 637,861 | 342,663 | ||||||
| Accumulated other comprehensive income | 4 | 22 | ||||||
| Accumulated deficit | (352,299 | ) | (222,807 | ) | ||||
| Total stockholders' equity | 285,572 | 119,882 | ||||||
| Total liabilities and stockholders' equity | $ | 319,754 | $ | 148,540 |
Consolidated Statements
(in thousands, except
share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Collaboration revenue | $ | 1,029 | $ | 2,364 | ||||
| Operating expenses: | ||||||||
| In-process research and development | 111,954 | - | ||||||
| Research and development | 15,369 | 3,913 | ||||||
| General and administrative | 6,005 | 2,922 | ||||||
| Total operating expenses | 133,328 | 6,835 | ||||||
| Loss from operations | (132,299 | ) | (4,471 | ) | ||||
| Other income: | ||||||||
| Interest income | 2,807 | 201 | ||||||
| Total other income | 2,807 | 201 | ||||||
| Net loss | $ | (129,492 | ) | $ | (4,270 | ) | ||
| Per share information: | ||||||||
| Net loss per share, basic and diluted | $ | (2.51 | ) | $ | (0.35 | ) | ||
| Weighted-average shares outstanding, basic and diluted | 51,544,383 | 12,182,478 | ||||||
| Comprehensive loss | ||||||||
| Net loss | $ | (129,492 | ) | $ | (4,270 | ) | ||
| Unrealized loss on marketable securities | (18 | ) | - | |||||
| Comprehensive loss | $ | (129,510 | ) | $ | (4,270 | ) |