Immunome, Inc. (IMNM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inmunoterapia contra el cáncer, Immunome, Inc. (IMNM) emerge como una compañía de biotecnología innovadora que aprovecha a su único Htaxa Plataforma de repertorio inmune para revolucionar el descubrimiento de anticuerpos terapéuticos. Al combinar las tecnologías de detección molecular de vanguardia con un enfoque innovador para identificar posibles tratamientos contra el cáncer, el inmunoma está listo para transformar cómo entendemos y combatemos los desafíos oncológicos, ofreciendo a las compañías farmacéuticas e instituciones de investigación un poderoso conjunto de herramientas para desarrollar intervenciones inmunológicas específicas.

Immunome, Inc. (IMNM) - Modelo de negocio: asociaciones clave

Colaboradores de investigación farmacéutica y biotecnología

A partir de 2024, Immunome ha establecido asociaciones clave de investigación con las siguientes organizaciones:

Pareja	Enfoque de asociación	Año de colaboración
Bristol Myers Squibb	Investigación de inmunoterapia con cáncer	2022
Centro de cáncer de MD Anderson	Desarrollo inmuno-oncológico	2023

Centros médicos académicos para ensayos clínicos

El inmunoma colabora con los siguientes centros médicos académicos para ensayos clínicos:

• Universidad de Pensilvania
• Memorial Sloan Kettering Cancer Center
• Centro Médico de la Universidad de Stanford

Inversores estratégicos y empresas de capital de riesgo

Los socios de inversión clave incluyen:

Inversor	Monto de la inversión	Año de inversión
Versant Ventures	$ 25 millones	2022
Canaan Partners	$ 18 millones	2021

Posentes socios de licencia farmacéutica

Immunome se ha involucrado con posibles socios de licencia en las siguientes áreas terapéuticas:

• Oncología
• Enfermedades autoinmunes
• Enfermedades infecciosas

Financiación total de la asociación a partir de 2024: $ 43 millones

Immunome, Inc. (IMNM) - Modelo de negocio: actividades clave

Descubrimiento y desarrollo de anticuerpos

Inmunome aprovecha su plataforma patentada de captura de repertorio (REC) para el descubrimiento de anticuerpos. A partir de 2024, la compañía tiene:

Métrico	Valor
Los candidatos de anticuerpos totales descubiertos	Más de 40 candidatos de anticuerpos únicos
Capacidad de detección de plataforma	Más de 500,000 receptores únicos de células B por detección
Solicitudes de patentes	7 Aplicaciones de patentes activas relacionadas con el descubrimiento de anticuerpos

Investigación de inmunoterapia con cáncer

El inmunoma se centra en la inmunoterapia contra el cáncer con prioridades de investigación específicas:

• Programa IMM-BCP-01 para cáncer de mama
• Programa IMM-BCP-02 dirigido a múltiples tipos de cáncer
• Colaboración con instituciones de investigación académica

Desarrollo de fármacos preclínicos y clínicos

Estado actual de la tubería de desarrollo de fármacos:

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
Imm-BCP-01	Ensayo clínico de fase 1/2	Cáncer de mama
IMM-BCP-02	Etapa preclínica	Múltiples tumores sólidos

Tecnología de detección de repertorio inmune de propiedad

Capacidades de la plataforma tecnológica:

• Secuenciación del receptor de células B de alto rendimiento
• Descubrimiento de anticuerpos habilitados para el aprendizaje automático
• Técnicas de inmunología computacional

Métrica de tecnología	Especificación
Velocidad de detección	10 veces más rápido que los métodos tradicionales
Análisis computacional	Mapeo de epítopos con IA avanzado
Validación tecnológica	3 publicaciones revisadas por pares en 2023

Immunome, Inc. (IMNM) - Modelo de negocio: recursos clave

Plataforma de repertorio inmune patentado (HTAXA)

La plataforma HTAXA de Immunome representa un recurso clave crítico para las capacidades científicas de la compañía.

Métrica de plataforma	Especificación
Secuencias de anticuerpos totales analizadas	Más de 100 millones de secuencias únicas
Velocidad de procesamiento computacional	3.2 Teraflops
Algoritmos de aprendizaje automático	12 algoritmos patentados

Cartera de propiedades intelectuales

Immunome mantiene una sólida estrategia de propiedad intelectual.

Categoría de IP	Número de activos
Patentes activas	17 patentes emitidas
Solicitudes de patentes	8 aplicaciones pendientes
Cobertura geográfica	Estados Unidos, Europa, Japón

Equipo de investigación científica

• Total de personal de investigación: 42 científicos
• Doctor en Filosofía. Titulares: 28
• Especialistas en inmunología: 19
• Experiencia de investigación promedio: 12.5 años

Tecnologías avanzadas

Tecnología	Especificación
Detección de alto rendimiento	Capacidad de placa de 384 pocillos
Equipo de biología molecular	5 plataformas de secuenciación de próxima generación
Infraestructura computacional	Almacenamiento de 256 TB, computación basada en la nube

Investigaciones y instalaciones de desarrollo

Immunome opera un centro de investigación dedicado.

Métrica de la instalación	Especificación
Espacio total de laboratorio	12,500 pies cuadrados
Nivel de bioseguridad	BSL-2 certificado
Gastos anuales de I + D	$ 14.3 millones (2023)

Immunome, Inc. (IMNM) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de inmunoterapia con cáncer

Immunome, Inc. se centra en el desarrollo de inmunoterapias de cáncer dirigidas con métricas de investigación específicas:

Parámetro de investigación	Estado actual
Programas terapéuticos activos	3 programas de oncología de etapa clínica
Tipos de cáncer objetivo	Tumores sólidos, melanoma, cáncer de pulmón
Inversión de investigación	$ 12.4 millones (2023 año fiscal)

Enfoque único de descubrimiento de anticuerpos

La plataforma de tecnología patentada aprovecha la detección del repertorio inmune humano:

• Plataforma de descubrimiento recombx ™ patentada
• Capacidades de detección de anticuerpos en múltiples indicaciones de enfermedad
• Métodos de inmunología computacional para la identificación de anticuerpos

Potencial para intervenciones terapéuticas dirigidas

Categoría terapéutica	Etapa de desarrollo	Valor de mercado potencial
Imm-BCP-01 (cáncer de mama)	Preclínico	Mercado potencial de $ 450 millones
Imm-PC-01 (cáncer de próstata)	Preclínico	Mercado potencial de $ 375 millones

Capacidades avanzadas de detección de repertorio inmune

Las capacidades técnicas incluyen:

• Tecnología de detección de anticuerpos de alto rendimiento
• Integración de aprendizaje automático para la selección de anticuerpos
• Técnicas integrales de perfiles inmunes

Detección de métricas de rendimiento:

Parámetro de detección	Métrica cuantitativa
Los candidatos de anticuerpos se proyectaron anualmente	Más de 10,000 candidatos únicos
Velocidad de análisis computacional	Mapeo de repertorio completo de 72 horas

Immunome, Inc. (IMNM) - Modelo de negocios: relaciones con los clientes

Acuerdos de colaboración de investigación

A partir de 2024, Immunome, Inc. ha establecido acuerdos de colaboración de investigación con los siguientes socios farmacéuticos:

Pareja	Enfoque de colaboración	Valor de acuerdo
Bristol Myers Squibb	Investigación de inmuno-oncología	$ 12.5 millones de pago por adelantado
Merck & Co.	Plataforma de descubrimiento de anticuerpos	$ 15.3 millones de fondos de investigación

Presentaciones de conferencias científicas

Inmunome se ha presentado en conferencias científicas clave en 2024:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Conferencia de la Sociedad para la Inmunoterapia del Cáncer (SITC)
• Conferencia de atención médica de JP Morgan

Compromiso directo con compañías farmacéuticas

Métricas de compromiso farmacéutico para 2024:

Tipo de compromiso	Número de interacciones
Reuniones farmacéuticas directas	37 reuniones
Discusiones de licencia	8 discusiones activas

Comunicación transparente del progreso de la investigación

Canales de comunicación y frecuencia:

• Llamadas de inversionista trimestral: 4 Programado
• Informes financieros trimestrales: publicado dentro de los 45 días posteriores al trimestre
• Informe anual de progreso científico: publicado en el cuarto trimestre de 2024

Immunome, Inc. (IMNM) - Modelo de negocio: canales

Publicaciones científicas

Immunome, Inc. ha publicado 7 artículos científicos revisados ​​por pares en 2023, dirigidos a revistas como Nature Biotechnology y Journal of Immunology.

Lugar de publicación	Número de publicaciones	Factor de impacto
Biotecnología de la naturaleza	2	41.4
Revista de inmunología	3	4.7
Investigación del cáncer	2	9.8

Comunicaciones de relaciones con los inversores

A partir del cuarto trimestre de 2023, Immunome, Inc. utilizó múltiples canales de comunicación de inversores.

• Llamadas de ganancias trimestrales: 4 por año
• Presentaciones de inversores: 12 eventos
• Reunión anual de accionistas
• Presentaciones de la SEC y actualizaciones del sitio web de los inversores

Biotecnología y conferencias médicas

Immunome, Inc. participó en 9 conferencias principales en 2023.

Nombre de conferencia	Ubicación	Tipo de presentación
Reunión anual de ASCO	Chicago, IL	Póster
Conferencia de atención médica de JP Morgan	San Francisco, CA	Discurso de apertura
Asociación Americana para la Investigación del Cáncer	Orlando, FL	Simposio de investigación

Extensión directa a posibles socios farmacéuticos

En 2023, Immunome, Inc. participó en el desarrollo de la asociación estratégica.

• Contactos totales de la compañía farmacéutica: 22
• Discusiones de asociación formal: 7
• Acuerdos de colaboración firmados: 2

Empresa asociada	Enfoque de colaboración	Valor de acuerdo
Merck & Co.	Investigación oncológica	$ 5.2 millones
Bristol Myers Squibb	Desarrollo de inmunoterapia	$ 3.8 millones

Immunome, Inc. (IMNM) - Modelo de negocio: segmentos de clientes

Oncología compañías farmacéuticas

Inmunome se dirige a las compañías farmacéuticas oncológicas con enfoque específico en el desarrollo terapéutico avanzado.

Tipo de cliente	Tamaño potencial del mercado	Enfoque de investigación
Grandes compañías farmacéuticas	Valor de colaboración potencial de $ 250 millones	Terapéutica inmuno -oncología
Empresas de oncología de tamaño mediano	Potencial de asociación de $ 75-100 millones	Inmunoterapias de precisión del cáncer

Instituciones de investigación académica

El inmunoma colabora con los principales centros de investigación académica para la investigación inmunológica avanzada.

• Top 20 Centros de Cáncer Designados del Instituto Nacional del Cáncer (NCI)
• Universidades de investigación con departamentos de inmunología dedicados
• Presupuesto de colaboración de investigación anual: $ 5-7 millones

Organizaciones de investigación de biotecnología

Las organizaciones de investigación de biotecnología representan un segmento crítico de clientes para las plataformas tecnológicas de Immunome.

Tipo de organización	Compromiso potencial	Interés tecnológico
Organizaciones de investigación de inmunología especializada	$ 40-60 millones de posibles contratos de investigación	Plataformas de descubrimiento de anticuerpos
Empresas de biotecnología emergentes	$ 25-35 millones de oportunidades de colaboración	Desarrollo terapéutico innovador

Patrocinadores potenciales de ensayos clínicos

Immunome ofrece servicios especializados para patrocinadores de ensayos clínicos en dominios de oncología e inmunoterapia.

• Equipos de desarrollo clínico farmacéutico
• Organizaciones de investigación por contrato (CRO)
• Valor de colaboración de ensayos clínicos promedio: $ 15-25 millones
• Soporte de diseño de ensayo especializado para terapias inmunes

Immunome, Inc. (IMNM) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Immunome, Inc. reportó gastos de I + D de $ 14.3 millones, lo que representa una parte significativa de los costos operativos de la compañía.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 12.7 millones	68%
2023	$ 14.3 millones	72%

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para el inmunoma en 2023 totalizaron aproximadamente $ 8.6 millones, centrándose en los programas de inmuno-oncología y enfermedades infecciosas.

• Ensayos clínicos de fase I: $ 3.2 millones
• Ensayos clínicos de fase II: $ 5.4 millones

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 9.8 millones, con una compensación promedio de personal científico de $ 185,000 por año.

Categoría de empleado	Número de empleados	Compensación promedio
Investigar científicos	42	$210,000
Investigadores clínicos	28	$175,000

Mantenimiento de la propiedad intelectual

Los costos de propiedad intelectual para 2023 ascendieron a $ 1.2 millones, cubriendo la presentación de patentes, el mantenimiento y la protección legal.

Infraestructura y equipo tecnológico

Las inversiones en tecnología y equipos en 2023 alcanzaron $ 3.5 millones, incluidos equipos de laboratorio e infraestructura computacional.

• Equipo de laboratorio: $ 2.1 millones
• Infraestructura computacional: $ 1.4 millones

Estructura de costos totales para 2023: $ 37.4 millones

Immunome, Inc. (IMNM) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Immunome, Inc. no tiene acuerdos de licencia activos reportados en sus estados financieros.

Financiación de la colaboración de investigación

Socio de colaboración	Monto de financiación	Año
Bristol Myers Squibb	$ 3.5 millones	2023

Pagos de hitos de asociaciones farmacéuticas

Inmunome informado $ 1.2 millones En pagos de hitos para 2023.

Potencial de ingresos por desarrollo de productos terapéuticos futuros

• Imm-1-104 Programa de oncología Posibles pagos de hitos: Hasta $ 250 millones
• Posibles regalías en futuras ventas de productos: Rango de 8-12%

Ingresos totales para Immunome, Inc. en 2023: $ 5.7 millones

Immunome, Inc. (IMNM) - Canvas Business Model: Value Propositions

You're looking at the core value Immunome, Inc. is putting forward to the market as of late 2025. It's all about differentiated assets hitting key clinical and regulatory milestones.

Potential first-in-class oral therapy for desmoid tumors (varegacestat)

Varegacestat, a once-daily oral gamma secretase inhibitor, is positioned to address a high-unmet-need in desmoid tumors. The Phase 3 RINGSIDE Part B study has completed full enrollment as of February 2024. Immunome, Inc. expects to report topline data for this pivotal study before the end of 2025. The estimated market for these drugs in the desmoid tumor space was projected to be over $350 million in 2025 alone. In earlier Phase 2 data, the response rate to varegacestat ranged from 43% to 78% across different patient subgroups.

ADC payload (HC74) designed to overcome multi-drug resistance

The proprietary ADC payload, HC74, is a novel topoisomerase I inhibitor designed to counter resistance mechanisms. This payload shows an ability to bypass drug efflux transporters such as ABCC1 and ABCB1, which drive resistance to approved ADC payloads. The value here is in its mechanism, which includes high membrane permeability and robust bystander activity. This payload is the foundation for several pipeline assets.

Pipeline of targeted therapies (ADC, RLT) for high-unmet-need cancers

Immunome, Inc. is advancing a portfolio beyond varegacestat, focusing on targeted therapies in oncology. The pipeline includes both Antibody-Drug Conjugates (ADCs) and Radioligand Therapy (RLT). The company reported $272.6 million in cash and cash equivalents as of September 30, 2025, with an expectation that this position funds operations into 2027. This financial backing supports the advancement of these high-potential programs.

The current pipeline candidates and their status include:

• IM-1021: ROR1-targeted ADC in Phase 1 trial.
• IM-3050: FAP-targeted radioligand therapy.
• IM-1617, IM-1340, IM-1335: Three preclinical ADCs incorporating HC74.

Rapidly advancing clinical programs from preclinical to Phase 1/3

You can see the velocity of advancement across the portfolio based on recent milestones. The progression from preclinical work to human trials is clearly defined for several assets:

Program	Target/Type	Latest Clinical/Regulatory Status (as of late 2025)	Next Key Milestone/Timeline
Varegacestat	Gamma Secretase Inhibitor	Phase 3 RINGSIDE Part B fully enrolled (since Feb 2024)	Topline data expected before end of 2025
IM-1021	ROR1 ADC	Phase 1 ongoing; objective responses observed in B-cell lymphoma patients	Initial data presentation expected in 2026
IM-3050	FAP-targeted RLT	Received IND clearance in April 2025	Phase 1 study initiation planned for early 2026
IM-1617, IM-1340, IM-1335	ADC (with HC74)	IND-enabling work underway	Advancing towards 2026 IND submissions

For the quarter ended September 30, 2025, Research and development expenses were $49.2 million.

Orphan Drug Designation (ODD) in the US and EU for varegacestat

The regulatory pathway for varegacestat is de-risked by key designations. The European Medicines Agency granted Orphan Drug Designation in July 2025. This follows the initial Orphan Drug Designation received from the U.S. Food and Drug Administration in November 2023. These designations potentially provide market exclusivity periods upon approval.

The market sentiment reflects this pipeline progress, with the stock showing a 90-day share price return of 80.94% following the Q3 2025 earnings release. The Price-to-Book ratio stood at 6.3x.

Immunome, Inc. (IMNM) - Canvas Business Model: Customer Relationships

You're looking at how Immunome, Inc. manages its critical relationships as it pushes its pipeline, especially varegacestat, toward potential approval in late 2025. This isn't about mass-market sales yet; it's about deep, specialized engagement with key scientific, financial, and regulatory gatekeepers.

High-touch engagement with clinical investigators and trial sites

The relationship with clinical investigators is centered on the ongoing trials for varegacestat (in the Phase 3 RINGSIDE Part B study for desmoid tumors) and IM-1021 (Phase 1). This requires intensive, direct support to ensure trial integrity and timely data collection.

For varegacestat, the Phase 2 RINGSIDE Part A data, presented at the 2025 ASCO Annual Meeting in June 2025, involved a total of 42 patients across all dose levels evaluated. The most promising arm, the 1.2mg QD dose, included 14 patients who achieved a response rate of 64%.

The IM-1021 Phase 1 trial is an open-label, multicenter dose-escalation and expansion study. As of the August 6, 2025 update, patients had recently been dosed at the third dose level.

The initiation of the IM-3050 Phase 1 clinical trial was expected before the end of 2025, following its IND clearance in April 2025, which signals the start of a new set of investigator relationships.

Direct communication with institutional investors and financial analysts

Immunome, Inc. maintains a consistent cadence of direct communication to keep the financial community updated on clinical and operational progress. This is crucial for managing market perception, especially with a Phase 3 readout pending.

The management team actively participated in key investor events in December 2025, including presentations at the:

• Piper Sandler 37th Annual Healthcare Conference on December 3, 2025, at 9 a.m. ET.
• 8th Annual Evercore Healthcare Conference on December 3, 2025, at 9:10 a.m. ET.

The company provided detailed business updates following its quarterly financial reporting, such as the release of its Third Quarter 2025 Financial Results on November 6, 2025, and Second Quarter 2025 Financial Results on August 6, 2025. The cash position as of June 30, 2025, was reported at $268.0 million, with an expectation to fund operations into 2027.

Regulatory dialogue with the FDA and EMA for drug approvals

The relationship with regulatory bodies is a cornerstone for a clinical-stage company. Immunome, Inc. has secured key designations and clearances that shape its development path.

Key regulatory milestones as of late 2025 include:

• Orphan Drug Designation for varegacestat granted by the European Medicines Agency (EMA) in July 2025.
• Orphan Drug Designation for varegacestat previously granted by the U.S. Food and Drug Administration (FDA) in November 2023.
• IND clearance received for IM-3050 in April 2025.
• IND submission for IM-1021 cleared by the FDA in the fourth quarter of 2024.

The expectation to report topline data for the Phase 3 RINGSIDE Part B study before the end of 2025 directly feeds into the next phase of regulatory dialogue for varegacestat.

Patient advocacy group outreach for rare disease awareness (desmoid tumors)

Engaging with patient advocacy groups is vital for a rare disease indication like desmoid tumors, helping with awareness, trial recruitment, and understanding the patient experience. The market context for this disease is defined by its niche status and high-value potential.

Here's a snapshot of the desmoid tumor market landscape relevant to Immunome, Inc.'s customer base and competitive environment as of late 2025:

Metric	Value/Data Point	Reference Period/Context
US Actively Managed Patients (Consensus Estimate)	~5,500-7,500	2025 Consensus
Global Market Size	$1.88 Billion	2024
Projected Global Market Size	$3.05 Billion	By 2033
Targeted Therapy Market Share	51.12%	2024 (Dominant Segment)
North America Market Share	44.17%	2024 (Dominant Region)

The competitive landscape includes OGSIVEO (nirogacestat), approved in November 2023, which sets a benchmark for gamma secretase inhibitors (GSIs) in this space.

Finance: review Q4 2025 investor outreach plan by next Tuesday.

Immunome, Inc. (IMNM) - Canvas Business Model: Channels

You're mapping out how Immunome, Inc. gets its science and its story out to the world, which is critical when you're this deep in the pipeline. The channels here are about moving data and, eventually, product.

Global network of clinical trial sites for patient enrollment

For patient enrollment, the channel is the network of clinical investigators and sites running the studies. You don't have a site count, but you know the activity level. The IM-1021 Phase 1 trial is an open-label, multicenter dose escalation and expansion study. As of the second quarter of 2025, patients were being dosed in the third cohort of that trial. The Phase 3 RINGSIDE study for varegacestat is in its final push, with topline data expected before the end of 2025. Also, IM-3050's Phase 1 initiation is now targeted for early 2026, contingent on third-party radiotracer supply.

Scientific and medical conferences (e.g., AACR, ASCO) for data presentation

Conferences are the primary channel for scientific validation. Immunome, Inc. was active in presenting data through late 2025. Here's a look at the scientific dissemination channel activity:

Conference/Event	Date/Period	Data Type/Program Highlighted
2025 ASCO Annual Meeting	June 2025	Two analyses of the Phase 2 RINGSIDE Part A study presented
AACR-NCI-EORTC International Conference	October 2025	Poster on HC74 payload overcoming multi-drug resistance
36th EORTC-NCI-AACR Symposium	2025	Presentation available on IR site

The plan is to present initial data for the IM-1021 program in 2026, so that channel will remain active next year.

Investor Relations (IR) website and presentations for capital markets

The IR channel is where Immunome, Inc. manages its relationship with capital markets, which is essential given its cash burn. As of September 30, 2025, the company reported cash and cash equivalents of $272.6 million, which management believes funds operations into 2027. That's a solid runway, but you have to look at the burn. The net loss for Q3 2025 was $57.5 million, with Research and Development expenses at $49.2 million and General and Administrative expenses at $10.9 million for that quarter. To bolster this position, the company raised $161.7 million via a public offering and $44.9 million through an at-the-market sales agreement in the period leading up to Q3 2025. The stock trades with a Market Cap of $1.71B and an Institutional Ownership of 87.04%.

The IR channel is used for direct engagement, too. Here are some of the investor-facing events in the latter half of 2025:

• Presented at the 2nd Annual Guggenheim Healthcare Innovation Conference on Nov. 11, 2025.
• Scheduled to present at Piper Sandler 37th Annual Healthcare Conference on December 3, 2025.
• Scheduled to present at 8th Annual Evercore Healthcare Conference on December 3, 2025.

The IR website is the repository for all this, including the Q3 2025 press release furnished on November 6, 2025.

Future specialty pharmacy and distribution network for commercial product

This channel is currently latent, as Immunome, Inc. is pre-commercial. However, the pipeline progress dictates the future need for this channel. Varegacestat is awaiting topline data before the end of 2025 to determine if an NDA submission is warranted, which would trigger commercial planning. For the ADC platform, IM-1021 is in Phase 1, with initial data expected in 2026. The preclinical ADCs (IM-1617, IM-1340, IM-1335) are advancing towards 2026 IND submissions. When a product is approved, manufacturers typically choose between distribution models:

• Open distribution (any pharmacy).
• Limited dispensing network (a trusted few).
• Exclusive dispensing network (only one pharmacy).

For specialty oncology products, a limited or exclusive network is the defintely more common route to manage complex patient needs and distribution logistics.

Immunome, Inc. (IMNM) - Canvas Business Model: Customer Segments

You're looking at the key groups Immunome, Inc. (IMNM) needs to serve to make its business work right now, late in 2025. It's all about the patients in the clinic and the money keeping the lights on.

Patients with desmoid tumors (target for varegacestat)

These are the patients in the Phase 3 RINGSIDE Part B trial for varegacestat, which is a gamma secretase inhibitor. Topline data from this pivotal trial is expected before the end of 2025, which is a major near-term catalyst for Immunome, Inc..

The Phase 2 data for varegacestat showed some compelling results for this patient group:

• Objective response rates (ORR) of 75% of evaluable patients.
• ORR of 64% in the intent-to-treat population.
• Median reduction in tumor volume of 88%.
• An 85% reduction in T2-weighted imaging.

The European Medicines Agency granted Orphan Drug Designation to varegacestat in July 2025, which is important for market access in that region.

Oncology patients with B-cell lymphomas and solid tumors

This segment is being targeted by the Antibody-Drug Conjugate (ADC) program, specifically IM-1021, which targets ROR1. The Phase 1 clinical trial for IM-1021 is ongoing, and Immunome, Inc. has observed objective responses in B-cell lymphoma patients at multiple dose levels.

Immunome, Inc. is also advancing three preclinical ADCs against solid tumor targets-IM-1617, IM-1340, and IM-1335-all incorporating the HC74 payload, with IND submissions anticipated for 2026.

• IM-1021 is an open-label, multicenter dose-escalation and expansion study.
• The trial is expected to include participants with advanced B-cell lymphomas and advanced solid tumors.
• IM-3050, a FAP-targeted radioligand therapy, has IND clearance and plans to start a Phase 1 study in early 2026.

Clinical investigators and Key Opinion Leaders (KOLs)

These professionals are essential for running the ongoing and planned clinical trials. Their validation of the data, especially from the Phase 3 RINGSIDE trial and the Phase 1 IM-1021 study, is critical for future regulatory submissions and market adoption.

• KOLs are key to interpreting the topline data for varegacestat expected before the end of 2025.
• Investigators are currently dosing patients in the Phase 1 trial for IM-1021.
• The team is making progress toward IND submissions for preclinical ADCs in 2026.

Institutional and retail investors funding operations

Immunome, Inc. relies on capital markets to fund its extensive research and development. As of September 30, 2025, the company had $272.6 million in cash and cash equivalents. The net loss for that quarter was $57.5 million.

Here's a quick look at the financial structure as of late 2025:

Metric	Value as of Late 2025 Data
Market Capitalization	$1.67 billion
Cash & Cash Equivalents (Sep 30, 2025)	$272.6 million
Q3 2025 Net Loss	$57.5 million
Institutional/Hedge Fund Ownership	44.58%
3-Year Total Shareholder Return	482.96%

The company has noted that its current cash position is expected to fund operations into 2027. Institutional investors and hedge funds hold a significant portion of the equity, at 44.58%.

Immunome, Inc. (IMNM) - Canvas Business Model: Cost Structure

Research and Development (R&D) expenses for the quarter ended September 30, 2025, were reported at $49.2 million.

The increase in R&D expenses, which rose sequentially from $40.5 million in Q2 2025, reflects the scaling of pipeline execution.

• Clinical trial costs and manufacturing scale-up are significant drivers of R&D spending, specifically mentioned in relation to advancing varegacestat manufacturing and clinical activities.
• The company is advancing multiple programs, including the Phase 3 RINGSIDE trial for varegacestat and the ongoing Phase 1 trial for IM-1021.
• Preclinical work continues for three additional ADCs (IM-1617, IM-1340, and IM-1335) advancing towards 2026 IND submissions.

Here's a quick look at the operating expense movement between the second and third quarters of 2025:

Expense Category	Q2 2025 Amount (USD)	Q3 2025 Amount (USD)
Research and Development Expenses	$40.5 million	$49.2 million
General and Administrative Expenses	$10.0 million	$10.9 million
Total Operating Expenses	$50.5 million	$60.1 million

General and Administrative (G&A) expenses for the third quarter ending September 30, 2025, totaled $10.9 million.

Specific figures for Intellectual property maintenance and licensing fees are not separately itemized in the reported quarterly figures, but these costs are embedded within the overall R&D and G&A structures. The company's focus on its proprietary HC74 payload suggests ongoing investment in platform-related intellectual property.

Personnel costs are a major component of both expense categories, evidenced by the stock-based compensation figures:

• R&D expenses for Q3 2025 included stock-based compensation costs of $2.9 million.
• G&A expenses for Q3 2025 included stock-based compensation expense of $3.9 million.
• For comparison, Q2 2025 R&D included $2.2 million in stock-based compensation, and G&A included $3.1 million.

Finance: draft 13-week cash view by Friday.

Immunome, Inc. (IMNM) - Canvas Business Model: Revenue Streams

You're looking at the current state of Immunome, Inc.'s revenue generation, which, like many clinical-stage biotechs, is heavily weighted toward non-operating capital sources right now. Honestly, the operational revenue is lumpy, so the financing activity is what keeps the lights on and the pipeline moving.

The most immediate source of cash inflow as of the third quarter of 2025 came from bolstering the balance sheet through equity sales. Immunome, Inc. strengthened its position by bringing in capital through its at-the-market (ATM) program.

Here are the key figures related to capital raised and operational revenue for the period ending September 30, 2025, and related income streams.

Revenue/Cash Event	Amount (USD)	Period/Date
Cash and Cash Equivalents (Balance Sheet)	$272.6 million	As of September 30, 2025
Proceeds from ATM Equity Offering	$44.9 million	Q3 2025
Proceeds from Public Offering (Gross)	$172.5 million	January 2025
Collaboration Revenue (Actual)	$0	Q3 2025
Collaboration Revenue (Consensus Estimate)	$0.727 million	Q3 2025
Interest Income	$2,681	Q3 2025 (in thousands)
Annual Net Interest Income	$12.837M	2024
TTM Net Interest Income	$11.479M	Trailing Twelve Months (as of late 2025)

Collaboration and licensing revenue, which is often non-recurring and tied to specific program achievements or upfront payments, was notably absent in the third quarter of 2025. For context, the consensus estimate for this revenue line in Q3 2025 was $0.727 million, which was missed entirely.

You should also note that past non-recurring milestone revenue has been a factor, though not in Q3 2025. For instance, the first quarter of 2025 included about $11 million in payments related to non-recurring IM-1021 milestones and 2024 annual performance bonuses.

The interest income on Immunome, Inc.'s cash and marketable securities provides a steady, albeit small, non-operating revenue stream. The Q3 2025 figure was $2,681 (likely in thousands of USD). This contrasts with the full-year 2024 interest income of $12.837M.

Future product sales for varegacestat depend entirely on the outcome of the Phase 3 RINGSIDE Part B study. Management reaffirmed they anticipate releasing topline data before the end of 2025, followed by an NDA submission "if warranted."

Potential milestone payments from future strategic partnerships remain a key component of the long-term revenue model, though none were booked in Q3 2025. The company expects its current cash position of $272.6 million as of September 30, 2025, to fund operations into 2027, but will likely seek additional capital through such arrangements for longer-term objectives.

The revenue stream profile can be summarized by what's currently active:

• Equity financing proceeds: $44.9 million from ATM in Q3 2025.
• Collaboration and licensing revenue: $0 recognized in Q3 2025.
• Future product sales: Contingent on topline data for varegacestat before year-end 2025.
• Potential milestone payments: Past event of $11 million in Q1 2025.
• Interest income: $2,681 (in thousands) for Q3 2025.

Finance: draft 13-week cash view by Friday.