Immunome, Inc. (IMNM): BCG Matrix [Dec-2025 Updated]

You're assessing a classic clinical-stage biotech, Immunome, Inc. (IMNM), where the story is all about pipeline potential versus the burn rate. Honestly, they're spending fast-a $57.5 million net loss in Q3 2025-but they've got the war chest, with $272.6 million in cash giving them runway well into 2027. This portfolio is a mix of exciting early-stage assets and one massive, binary-event decision looming before year-end. It's a high-wire act, funded well into the future. Let's map out exactly where Immunome, Inc. stands across the four quadrants to see where the real value-and the real risk-is hiding.

Background of Immunome, Inc. (IMNM)

You're looking at Immunome, Inc. (IMNM), which is a biotech firm squarely focused on developing targeted cancer therapies that aim to be first-in-class or best-in-class. Honestly, their whole approach hinges on leveraging their unique human immune memory-based discovery engine, which helps them zero in on novel targets, especially with their work in antibody-drug conjugate therapies (ADCs). They're not selling products yet; this is all about pipeline progression right now.

The most advanced asset you need to know about is varegacestat, a gamma secretase inhibitor. It's currently in the Phase 3 RINGSIDE trial for desmoid tumors, and Immunome, Inc. expects to release the topline data for that study before the end of 2025. To be fair, this drug has already secured Orphan Drug Designation from both the U.S. Food and Drug Administration and the European Medicines Agency, the latter happening in July 2025.

Next up is IM-1021, which is a ROR1-targeted ADC currently in a Phase 1 trial. What's interesting here is that they've observed objective responses in B-cell lymphoma patients, and this program utilizes their proprietary payload, HC74, a TOP1 inhibitor. While initial data from this trial is anticipated in 2026, the clinical activity is a major near-term focus.

The pipeline is expanding with other key candidates. IM-3050, their FAP-targeted radioligand therapy, got its Investigational New Drug (IND) clearance in April 2025, and the plan is to start a Phase 1 study in early 2026. Beyond these, Immunome, Inc. has three other ADCs-IM-1617, IM-1340, and IM-1335-all incorporating that promising HC74 payload, which are advancing through preclinical stages toward 2026 IND submissions.

Financially, you see the typical profile of a clinical-stage company burning cash for development. For the quarter ending September 30, 2025, Immunome, Inc. reported a net loss of $57.5 million, with Research and Development expenses hitting $49.2 million for that period. Still, as of that same date, they held $272.6 million in cash and equivalents, which management projected was enough to fund operations into 2027. The twelve-month revenue ending September 30, 2025, was $9.68M, but the company carries significantly negative profitability margins, like an EBIT margin of -1784.1%, showing the high cost of advancing this pipeline.

Immunome, Inc. (IMNM) - BCG Matrix: Stars

You're looking at Immunome, Inc. (IMNM)'s most promising assets, the ones positioned to capture significant future value in rapidly expanding therapeutic areas. These are the Stars of the portfolio, characterized by leading potential in high-growth markets, though they currently demand substantial investment to maintain that trajectory.

The ROR1 directed antibody-drug conjugate, IM-1021, is the prime example here. It's currently in a Phase 1 first-in-human, open-label, multicenter dose escalation and expansion study (NCT06823167) to establish safety and preliminary anti-tumor activity in patients with advanced B-cell lymphomas and advanced solid tumors. This positions it squarely in the high-growth Antibody-Drug Conjugate (ADC) market, which was projected to grow from USD 13.57 billion in 2024 to USD 16.53 billion in 2025, representing a Compound Annual Growth Rate (CAGR) of 21.8% for that single year.

The differentiation that suggests high future market share comes from the underlying technology. IM-1021 incorporates HC74, Immunome, Inc.'s proprietary TOP1 inhibitor payload, which is designed to overcome multi-drug resistance mechanisms that plague older ADCs. This platform is what gives IM-1021 its potential leadership position. For instance, in preclinical assessments, HC74 demonstrated an enhanced potency with an IC50 of 5nM compared to deruxtecan's IC50 of 20nM across a panel of 89 cancer cell lines.

The clinical signals, though early, are encouraging for this Star candidate. Immunome, Inc. has reported observing objective responses at multiple dose levels in B-cell lymphoma patients being treated with IM-1021. This early clinical validation, combined with the strong preclinical data showing superior efficacy in models like MDA-MB-468 where 5 out of 8 subjects achieved complete responses after three doses of 5 mg/kg, signals strong clinical potential.

As a Star, this asset consumes significant cash to reach the next milestone. For the quarter ended September 30, 2025, Research and development expenses were USD 49.2 million. The company's cash position as of that date was USD 272.6 million, which is being deployed to advance this high-potential pipeline.

Here's a quick look at the key metrics supporting the Star classification for the HC74 platform and its lead asset:

The strategy here is clearly to invest heavily to maintain leadership until the market growth slows, which is when these assets transition into Cash Cows. The HC74 platform is the engine driving this next wave of potential value creation across multiple candidates.

The pipeline expansion beyond IM-1021 reinforces the platform's role as a Star driver:

• HC74 is the payload for three additional preclinical ADCs.
• These three preclinical ADCs are IM-1617, IM-1340, and IM-1335.
• Immunome, Inc. is targeting 2026 IND submissions for these three assets.
• The HC74 payload showed enhanced efficacy in chemo-resistant cell lines.

If Immunome, Inc. keeps this momentum, you'll see these assets mature into the next generation of revenue drivers. Finance: draft 13-week cash view by Friday.

Immunome, Inc. (IMNM) - BCG Matrix: Cash Cows

You're looking at Immunome, Inc. (IMNM) through the lens of the Boston Consulting Group Matrix, and for a clinical-stage company, the 'Cash Cow' quadrant is less about market share in a mature product and more about the funding engine supporting the pipeline. Here's what the numbers show for this critical function as of late 2025.

The company has no commercial revenue-generating products, operating at a net loss. For the third quarter ended September 30, 2025, Immunome, Inc. reported collaboration revenue of $0. This lack of product sales means the entire operation is sustained by capital reserves.

That reserve is substantial. Cash and equivalents totaled $272.6 million as of September 30, 2025, acting as the sole funding source for ongoing research and development (R&D) and general operations. This strong liquidity position provides a projected cash runway that extends into 2027.

The substantial capital raised in the January 2025 financing is the primary resource funding all R&D. This offering generated gross proceeds of $172.5 million. That capital infusion directly underpins the ability to advance the pipeline through key clinical stages.

Here's a quick look at the key financial metrics that define this funding position:

The cash burn rate, while significant, is being managed against the capital base. For the quarter ending September 30, 2025, the operating expenses were:

• Research and development expenses: $49.2 million
• General and administrative expenses: $10.9 million

The net loss for that same period was $57.5 million. This is the cost of keeping the pipeline moving forward, funded by the capital raised earlier in the year. You need to track the R&D spend closely, as it's the main consumption of these 'Cash Cow' funds.

The primary use of this cash is supporting the clinical programs, which are the company's 'Stars' and 'Question Marks.' Specifically, this capital is supporting:

• Advancement of varegacestat (Phase 3 RINGSIDE data expected before year-end 2025).
• Progression of IM-1021 Phase 1 clinical trial.
• Initiation of the IM-3050 Phase 1 study, planned for early 2026.
• Advancement of three preclinical Antibody-Drug Conjugate (ADC) candidates (IM-1617, IM-1340, IM-1335).

Finance: draft 13-week cash view by Friday.

Immunome, Inc. (IMNM) - BCG Matrix: Dogs

You're looking at the segment of Immunome, Inc. (IMNM) that isn't generating cash or showing immediate market traction, which is the classic definition of a Dog in the BCG framework. These are the areas where capital is tied up without a clear, near-term return, demanding a hard look at resource allocation.

The financial reality for Immunome, Inc. in the third quarter of 2025 clearly illustrates this position. The reported net loss for the quarter ended September 30, 2025, was $57.5 million. This loss is a direct reflection of a high cash burn rate, especially given the complete absence of product sales, as evidenced by collaboration revenue hitting $0 for the quarter. When you have zero revenue, every dollar spent is a direct drain on the cash reserves.

The elimination of a prior, significant revenue stream further solidifies this quadrant's profile. While the initial AbbVie collaboration was announced in January 2023, providing an upfront payment of $30 million and potential future milestones, the Q3 2025 results show $0 in collaboration revenue, down from $4.015 million in Q2 2025. This suggests that the revenue-generating component of that partnership has ceased or is no longer being recognized, effectively removing a prior source of offsetting cash flow, as you noted with the July 2025 termination premise.

The primary driver of this cash consumption is the ongoing investment in research and development, which is necessary for a clinical-stage company but represents a major cash drain when product sales are absent. Here's a quick look at the operating expense breakdown for the quarter:

The R&D spend for the quarter was $49.2 million. This is a significant step-up from the $37.2 million spent in the third quarter of 2024, showing increased pipeline execution costs pushing total operating expenses to $60.138 million.

Within the pipeline, certain assets fit the Dog profile due to their early stage and lack of immediate commercial path. IM-4320, the anti-IL-38 immunotherapy candidate, is one such asset. While it was once targeted for an Investigational New Drug (IND) filing in the second half of 2022, the most recent updates classify it as a preclinical asset, with the timing for its IND submission to be shared at a later date.

The status of IM-4320 as a Dog candidate is characterized by:

• It is an anti-IL-38 immunotherapy candidate.
• It remains in preclinical development as of early 2025.
• The timeline for an IND filing is currently uncertain.
• It is considered a non-core asset relative to the clinical-stage programs like varegacestat and IM-1021.

Honestly, for a Dog, you want to see a clear path to divestiture or a sharp reduction in spending, because expensive turn-around plans rarely work in this space. Immunome, Inc. ended the quarter with $272.6 million in cash and cash equivalents, which management expects will fund operations into 2027. That runway buys time, but it doesn't change the fundamental cash-consuming nature of these low-market-share, low-growth assets.

Immunome, Inc. (IMNM) - BCG Matrix: Question Marks

You're looking at the assets here that represent the future potential, but right now, they are burning cash to get there. These are the Question Marks in Immunome, Inc.'s portfolio: high-growth prospects where market share is currently zero because they haven't launched yet, or the clinical risk is too high to call them Stars. They demand significant investment to move them forward, so you need to watch the cash burn against the potential payoff very closely.

Varegacestat (Phase 3 for desmoid tumors) is the most advanced of these. This is the product where the binary outcome is imminent. Immunome, Inc. expects to report topline data from the Phase 3 RINGSIDE Part B study before the end of 2025. Remember the Phase 2 data, which showed an Objective Response Rate (ORR) of 75% in evaluable patients and a median reduction in tumor volume of 88%. That early success is why this is a high-growth prospect; if the Phase 3 confirms it, an NDA submission follows, and it moves toward Star status. Failure here, however, is a defintely major setback, as it means the significant investment into this Phase 3 trial yields no commercial return.

Then you have IM-3050 (FAP-targeted RLT), which is squarely in the high-risk, high-reward radioligand therapy space. Immunome, Inc. received IND clearance for this candidate, and the plan is to initiate a Phase 1 study in early 2026. The FAP target is promising because it is highly expressed in the tumor microenvironment of many cancers, suggesting broad applicability if successful. Still, you have to note that trials with first-generation FAP-RLTs have produced only modest clinical responses. This unproven clinical success means IM-3050 requires heavy, ongoing investment to gain any market share, fitting the Question Mark profile perfectly.

Here is a quick look at the status and key metrics for these two pipeline assets that are consuming capital today for tomorrow's potential revenue:

These Question Marks are being funded by the company's current resources, which, as of September 30, 2025, included cash and cash equivalents totaling $272.6 million. The cost of advancing these, alongside other pipeline work, is reflected in the operating expenses. For the third quarter ended September 30, 2025, Research and development expenses were $49.2 million, contributing to a reported net loss of $57.5 million for that quarter. The strategy here is clear: invest heavily in the most promising candidates, like Varegacestat awaiting its readout, or risk them becoming Dogs.

You need to watch the cash burn rate against the remaining runway. As of Q2 2025, the company expected its cash position to fund operations into 2027. The market is pricing this potential heavily, as evidenced by the Price-to-Book ratio of 6.3x as of November 2025, which is above the US Biotech peers' average of 5.5x.

The path forward for these Question Marks involves critical decision points:

• Varegacestat: Invest heavily for NDA submission upon positive topline data.
• IM-3050: Invest heavily to prove clinical efficacy in Phase 1/2 trials.
• If either fails to gain traction or data is negative, divestment or reduced investment becomes the likely action.

Finance: draft 13-week cash view by Friday.