Full Press Release Details
Immunome Reports Fourth Quarter and Full Year
2020 Financial Results, Provides Corporate Update
- IMM-BCP-01: Isolated antibodies capable of
neutralizing SARS-CoV-2 variants, including the South African variant (B.1.351), in pseudovirus testing -
- IMM-ONC-01: Advanced proprietary antibody
against IL-38 into IND-enabling studies -
- Raised $44.9 million in gross proceeds in
- Program updates expected in 2Q 2021 -
Exton, Pa., March 25, 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 fourth quarter and full year ended December 31, 2020 and
provided a corporate update.
"The fourth quarter of 2020 was a transformational
period for Immunome thanks to our successful initial public offering on the NASDAQ exchange, which raised $44.9 million in gross proceeds,"
said Purnanand Sarma, Ph.D., President and CEO of Immunome. "That positive momentum continued into 2021, with our recent announcements
covering the isolation of antibodies capable of neutralizing SARs-CoV-2 variants in pseudovirus testing as part of our IMM-BCP-01 program,
and the advancement of IMM-ONC-01, our proprietary antibody against IL-38 for the potential treatment of solid tumors including malignancies
of high unmet need such as cancers of the head and neck and the lung, into IND-enabling studies."
Dr. Sarma continued: "Looking ahead,
we expect to provide development program updates in the second quarter of 2021, and to file INDs for both IMM-BCP-01 and IMM-ONC-01
in 2021. We remain excited about the prospects for both of our current development programs and reiterate the confidence we have in
our discovery engine to move one to two new candidates into IND-enabling studies per year. I very much look forward to updating you
on our progress in the months ahead."
Financial Highlights
Immunome 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; and the additional risks and uncertainties set forth more
fully under the caption "Risk Factors" in Immunome's Annual Report on 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.
Purnanand Sarma, PhD
Chief Executive Officer
Immunome Media Contact
Megan McGrath or Nick Chang
Statements of operations
(in thousands, except share and per share amounts)
| Three Months Ended December 31, | Year ended December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 1,835 | $ | 2,432 | $ | 7,486 | $ | 8,823 | ||||||||
| General and administrative | 2,238 | 456 | 4,775 | 1,525 | ||||||||||||
| Total operating expenses | 4,073 | 2,888 | 12,261 | 10,348 | ||||||||||||
| Loss from operations | (4,073 | ) | (2,888 | ) | (12,261 | ) | (10,348 | ) | ||||||||
| Other expenses: | ||||||||||||||||
| Change in fair value of warrant liability | 11 | - | (5,538 | ) | - | |||||||||||
| Interest expense, net | (11 | ) | (34 | ) | (38 | ) | (96 | ) | ||||||||
| Total other expenses | - | (34 | ) | (5,576 | ) | (96 | ) | |||||||||
| Net loss | $ | (4,073 | ) | $ | (2,922 | ) | $ | (17,837 | ) | $ | (10,444 | ) | ||||
| Per share information: | ||||||||||||||||
| Net loss per share of common stock, basic and diluted | $ | (0.40 | ) | $ | (2.66 | ) | $ | (5.26 | ) | $ | (9.55 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 10,190,607 | 1,097,907 | 3,389,592 | 1,093,959 |
(in thousands, except share and per share amounts)
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 39,766 | $ | 2,543 | ||||
| Prepaid expenses and other current assets | 3,128 | 579 | ||||||
| Total current assets | 42,894 | 3,122 | ||||||
| Property and equipment, net | 1,531 | 1,700 | ||||||
| Restricted cash | 100 | 100 | ||||||
| Other assets | - | 138 | ||||||
| Total assets | $ | 44,525 | $ | 5,060 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Current portion of capital lease obligations | $ | - | $ | 239 | ||||
| Current portion of long-term debt | 366 | - | ||||||
| Current portion of equipment loan payable | 113 | 212 | ||||||
| Accounts payable | 1,187 | 548 | ||||||
| Accrued expenses and other current liabilities | 1,372 | 666 | ||||||
| Total current liabilities | 3,038 | 1,665 | ||||||
| Equipment loan payable, net of current portion | - | 113 | ||||||
| Long-term debt, net of current portion | 134 | - | ||||||
| Deferred rent | 8 | 18 | ||||||
| Total liabilities | 3,180 | 1,796 | ||||||
| Series A convertible preferred stock | - | 38,894 | ||||||
| Stockholders' equity (deficit): | ||||||||
| Common stock | 1 | - | ||||||
| Additional paid-in capital | 95,738 | 927 | ||||||
| Accumulated deficit | (54,394 | ) | (36,557 | ) | ||||
| Total stockholders' equity (deficit) | 41,345 | (35,630 | ) | |||||
| Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ | 44,525 | $ | 5,060 |