Full Press Release Details
Fourth Quarter and Full Year 2022 Financial Results
Pa. - March 16, 2023 - Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that
utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics to improve patient care, today
reported financial results for the fourth quarter ended December 31, 2022 and provided a corporate update.
"Looking back on the past year,
the transformative strategic collaboration with AbbVie highlighted the disruptive nature of our discovery platform in finding novel antibody-target
pairs based on human memory B-cell response ," stated Purnanand Sarma, Ph.D., President and CEO of Immunome. "We look
forward to continuing to execute on our momentum throughout the upcoming year as we advance our pipeline, including an IND submission
for our lead oncology program, IMM-ONC-01 (anti-IL-38 antibody), and working closely with Abbvie on our collaboration to ultimately make
a difference in cancer patients' lives."
Financial Highlights
is a biopharmaceutical company that utilizes its proprietary human memory B cell platform to discover and develop antibody therapeutics
to improve patient care. The company's focus is on discovering and developing therapeutics in oncology internally and in collaboration
with our partners. For more information, please visit www.immunome.com or
Immunome's Discovery Engine
proprietary Discovery Engine identifies novel therapeutic antibodies and their targets through an unbiased interrogation of human memory
B cells, highly educated components of the immune system, isolated from patients. Memory B cells are key elements in the human immune
system response to disease as they produce specific, high-affinity antibodies that bind to cancer antigens or pathogens. Immunome's
Discovery Engine incorporates high-throughput screening to enable efficient, unbiased, broad, and deep functional evaluation of patient
memory B cell repertoires to identify antibodies directed at novel targets. The functional data we generate differentiates our approach
from those that use deep sequencing of B cells to identify dominant clones that are common within and across patients and assumes genomic
dominance is a hallmark of therapeutic utility.
For more information, please visit www.immunome.com.
Forward-Looking Statements
This press release contains "forward-looking
statements" intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation
Reform Act of 1995, as amended. These forward-looking statements include, without limitation, express or implied statements that
are not historical fact regarding matters such as: Immunome's and its collaborators' ability to achieve anticipated discovery,
development and commercial milestones; the timing and results of preclinical studies and clinical trials; regulatory submissions and
actions; translation of preclinical data into clinical safety and efficacy; and therapeutic potential and benefits of, and possible need
and demand for, Immunome's programs and development candidates. Forward-looking statements may be identified by the words
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"project," "suggest," "can," "may," "will," "could," "should,"
"seek," "potential" and similar words, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on Immunome's current 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 Immunome's ability to execute on its strategy, R&D efforts and collaborations with third parties, Immunome's
ability to fund operations and raise capital; Immunome's reliance on vendors; the competitive landscape 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 16, 2023, and elsewhere in Immunome's other 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. In this press release, we may discuss our current and potential future product candidates
that have not yet completed clinical trials or been approved for marketing by the U.S. Food and Drug Administration or other governmental
authority, including expectations about their therapeutic potential and benefits thereof. No representation is made as to the safety
or effectiveness of these current or potential future product candidates for the use for which such product candidates are being studied.
(In thousands, except
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 20,323 | $ | 49,229 | ||||
| Prepaid expenses and other current assets | 2,326 | 7,409 | ||||||
| Total current assets | 22,649 | 56,638 | ||||||
| Property and equipment, net | 681 | 855 | ||||||
| Operating right-of-use asset, net | 284 | - | ||||||
| Restricted cash | 100 | 100 | ||||||
| Deferred offering costs | 332 | 332 | ||||||
| Total assets | $ | 24,046 | $ | 57,925 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,400 | $ | 3,077 | ||||
| Accrued expenses and other current liabilities | 4,931 | 6,651 | ||||||
| Total current liabilities | 7,331 | 9,728 | ||||||
| Other long-term liabilities | 62 | 12 | ||||||
| Total liabilities | 7,393 | 9,740 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at December 31, 2022 and December 31, 2021 | - | - | ||||||
| Common stock, $0.0001 par value; 200,000,000 shares authorized; 12,128,843 shares issued and outstanding at December 31, 2022 and 12,110,373 shares issued and outstanding at December 31, 2021 | 1 | 1 | ||||||
| Additional paid-in capital | 132,653 | 127,289 | ||||||
| Accumulated deficit | (116,001 | ) | (79,105 | ) | ||||
| Total stockholders' equity | 16,653 | 48,185 | ||||||
| Total liabilities and stockholders' equity | $ | 24,046 | $ | 57,925 |
Condensed Statements
(In thousands, except
share and per share data)
| Year ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 23,272 | $ | 14,110 | ||||
| General and administrative | 13,629 | 11,094 | ||||||
| Total operating expenses | 36,901 | 25,204 | ||||||
| Loss from operations | (36,901 | ) | (25,204 | ) | ||||
| Other income (expense): | ||||||||
| Other income | - | 503 | ||||||
| Interest income (expense), net | 5 | (10 | ) | |||||
| Total other income | 5 | 493 | ||||||
| Net loss | $ | (36,896 | ) | $ | (24,711 | ) | ||
| Deemed dividend arising from warrant modification | (622 | ) | - | |||||
| Net loss attributable to common stockholders | $ | (37,518 | ) | $ | (24,711 | ) | ||
| Per share information: | ||||||||
| Net loss per common share, basic and diluted | $ | (3.09 | ) | $ | (2.14 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 12,126,573 | 11,538,668 |
Chief Financial Officer
LifeSci Communications