Immunome, Inc. (IMNM): Business Model Canvas [Dec-2025 Updated]

You're analyzing Immunome, Inc. right now, and the key takeaway is their critical transition from a pure R&D outfit to a clinical-stage player with a near-term commercial asset in varegacestat, their oral therapy for desmoid tumors. Honestly, the balance sheet looks solid for this next phase, showing they banked $272.6 million in cash and equivalents as of September 30, 2025, which is funding both the crucial Phase 3 RINGSIDE trial and the advancement of their next-gen ADC pipeline. To really map out the risks and opportunities in this pivot-from their proprietary payload technology to their reliance on equity financing-you need to see the full strategic layout; check out the detailed Business Model Canvas below for the complete picture.

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

You're looking at Immunome, Inc.'s network of external relationships, which is critical for advancing their targeted oncology pipeline, especially given their clinical stage. These partnerships are how they scale R&D and clinical execution beyond their internal capacity. Honestly, for a company like Immunome, Inc., these external dependencies define the speed of their milestones.

Strategic collaboration with Infinimmune for novel antibody discovery

Immunome, Inc. entered into a research collaboration with Infinimmune in September 2025, focused on the discovery and optimization of novel antibodies. Under this agreement, Immunome, Inc. secured target exclusivity for the targets covered by the collaboration. Infinimmune is responsible for the antibody discovery and optimization work, leveraging its GLIMPSE™ and Anthrobody® platforms. Immunome, Inc. retains responsibility for the development and commercialization of any resulting therapeutic candidates. The specific financial terms of the deal were not disclosed.

Here's a quick look at the division of labor:

• Infinimmune Role: Antibody discovery and optimization.
• Immunome, Inc. Role: Development and commercialization.
• Key Benefit: Target exclusivity secured by Immunome, Inc.

Clinical Research Organizations (CROs) for Phase 1/3 trial execution

Executing trials like the Phase 3 RINGSIDE study for varegacestat and the ongoing Phase 1 for IM-1021 requires robust external support from Clinical Research Organizations (CROs). While Immunome, Inc. hasn't publicly named the specific CROs managing these trials as of late 2025, their reliance on this sector is clear, especially as they anticipate topline data for varegacestat before the end of 2025 and plan to present initial data for IM-1021 in 2026. The IND clearance for IM-3050 in April 2025 also points to future CRO engagement for its planned early 2026 Phase 1 initiation.

To give you context on the environment Immunome, Inc. is operating in, the global CRO industry is projected to reach $90 billion by the end of 2025. You can see how the major players stack up:

If onboarding takes 14+ days, churn risk rises, which is why selecting the right CRO partner is defintely critical for Immunome, Inc.

Academic medical centers and Key Opinion Leaders (KOLs) for clinical studies

Advancing targeted cancer therapies necessitates strong ties with leading academic medical centers and Key Opinion Leaders (KOLs) for trial site execution, patient recruitment, and scientific guidance. These relationships are foundational for validating clinical hypotheses and establishing treatment standards. Specific financial arrangements or named centers involved in the varegacestat Phase 3 or IM-1021 Phase 1 trials have not been detailed in recent public disclosures from Immunome, Inc.

Third-party manufacturers for drug substance and radiotracer supply

The development of complex modalities like Antibody-Drug Conjugates (ADCs) and radioligand therapies, such as IM-3050, creates a hard dependency on specialized third-party manufacturers. Immunome, Inc. is explicitly waiting on the delivery of third-party diagnostic radiotracer supply before initiating the Phase 1 study for IM-3050 in early 2026. This highlights a key operational risk tied to external manufacturing timelines for critical components.

Institutional investors from the January 2025 financing round

Immunome, Inc. significantly bolstered its balance sheet in January 2025, which provides capital expected to fund operations into 2027. This was an upsized underwritten public offering that closed on January 31, 2025. The underwriters included J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities as joint book-running managers, with Wedbush PacGrow acting as lead manager.

The key financial metrics from this capital raise are:

• Gross Proceeds: $172.5 million (after full exercise of the underwriters' option).
• Share Price: $7.75 per share.
• Shares Sold: 22,258,064 shares of common stock.
• Cash Position (as of September 30, 2025): $272.6 million in cash and cash equivalents, including net proceeds of $44.9 million from two at-the-market equity offering transactions separate from the January raise.

Finance: draft 13-week cash view by Friday.

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

The Key Activities for Immunome, Inc. center on advancing its clinical pipeline, particularly varegacestat, and leveraging its proprietary discovery platform to build out its Antibody-Drug Conjugate (ADC) portfolio. These activities are capital-intensive, as evidenced by the Q3 2025 Research and development expenses reaching $49.2 million.

Executing the Phase 3 RINGSIDE trial for varegacestat

Immunome, Inc. is focused on completing the pivotal Phase 3 RINGSIDE Part B study for varegacestat, which is being investigated for the treatment of desmoid tumors. Full enrollment for this part of the study was completed back in February 2024. The company has set a clear near-term milestone: reporting topline data for RINGSIDE Part B before the end of 2025. Also, two additional analyses from the Phase 2 portion of the RINGSIDE trial were presented at the 2025 ASCO Annual Meeting in June 2025. To support the potential commercial path, the European Medicines Agency granted Orphan Drug Designation to varegacestat in July 2025, following the U.S. Food and Drug Administration's designation in November 2023.

Advancing IM-1021 (ROR1 ADC) through Phase 1 dose escalation

The Phase 1 clinical trial for IM-1021, the ROR1-targeted ADC, is a core activity. The first patient was dosed in February 2025, marking the start of the open-label, multicenter dose-escalation and expansion study. As of the third quarter of 2025 updates, Immunome, Inc. reported observing objective responses in B-cell lymphoma patients across multiple dose levels. IM-1021 incorporates the proprietary camptothecin derivative payload, HC74, and is designed to support a drug-antibody ratio of 8. The company plans to present initial data for this program in 2026.

Preclinical development of three solid tumor ADCs (IM-1617, IM-1340, IM-1335)

A significant activity involves pushing the next wave of ADCs through preclinical stages. These three candidates-IM-1617, IM-1340, and IM-1335-all utilize the HC74 payload and are targeting undisclosed targets expressed in multiple solid tumors. The company initiated IND-enabling work for these programs in late 2024. The current activity is focused on advancing these programs towards expected Investigational New Drug (IND) submissions scheduled for 2026.

Here's a quick look at the pipeline advancement status as of late 2025:

Preparing for a New Drug Application (NDA) submission for varegacestat

In parallel with the Phase 3 readout expectation, Immunome, Inc. is actively engaged in the necessary manufacturing and pharmacology work to support a New Drug Application filing for varegacestat, should the topline data warrant submission. The expectation is to move to the NDA submission process if the data supports it following the expected readout before the close of 2025. The company's current cash position, totaling $272.6 million as of September 30, 2025, is projected to fund operations into 2027, which supports these near-term regulatory preparation activities.

Utilizing the human immune memory-based discovery engine

The core engine activity is the continuous generation of novel therapeutic candidates. This platform interrogates patient memory B cell responses to identify new target/antibody pairs. This engine is directly responsible for the creation of the ADC pipeline, including the three preclinical candidates mentioned above. Furthermore, the company is engaged in strategic collaborations, such as the one with Infinimmune, aimed at antibody discovery and optimization, which helps secure potential exclusivity benefits for Immunome, Inc.

• Interrogates patient memory B cell responses at industrial scale.
• Generates novel oncology target/antibody pairs.
• Supports multiple modalities, including ADC and TCE (T-cell engager).
• Aids in securing strategic collaboration benefits.

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

You're looking at the core assets that power Immunome, Inc.'s operations as of late 2025. These aren't just line items; they represent the company's current scientific and financial runway.

Financially, the balance sheet is solid for the near term. As of September 30, 2025, Immunome, Inc. reported $272.6 million in cash and cash equivalents. That figure includes $44.9 million in net proceeds generated from two transactions under its at-the-market equity offering program. Honestly, management expects this current cash position to fund operations well into 2027. Still, you have to watch the burn rate; Research and development expenses for the quarter ended September 30, 2025, hit $49.2 million.

The scientific engine is clearly centered on proprietary technology. The Proprietary HC74 TOP1 inhibitor ADC payload technology is a major asset, designed to overcome resistance mechanisms that plague older Antibody-Drug Conjugate (ADC) payloads. This technology is the foundation for several pipeline assets.

Here's a quick look at how the key assets stack up:

The Proprietary HC74 TOP1 inhibitor ADC payload technology is being actively validated. Preclinical data presented in October 2025 showed that ADCs incorporating HC74 demonstrated meaningful efficacy in models refractory to trastuzumab-DXd and irinotecan. The payload is used in IM-1021, a ROR1-targeted ADC currently in a Phase 1 trial, with initial clinical data anticipated in 2026.

The Core Intellectual Property (IP) portfolio is actively being expanded to cover this technology. Immunome, Inc. intends to continue expanding this portfolio, which covers the ADC candidates utilizing HC74 and the Radioligand Therapy (RLT) candidate, IM-3050. The RLT candidate, IM-3050, received IND clearance in April 2025, though the Phase 1 study start was shifted to early 2026 due to third-party radiotracer supply timing.

The human capital supporting this is the Specialized oncology drug development and regulatory team. This team is built on leadership that previously played key roles in the design, development, and commercialization of targeted cancer therapies. Their execution is reflected in the pipeline progress:

• Advancing three preclinical ADCs (IM-1617, IM-1340, IM-1335) incorporating HC74 towards 2026 IND submissions.
• Observing objective responses at multiple dose levels in B-cell lymphoma patients treated with IM-1021.
• Completing manufacturing and pharmacology work for varegacestat to support a New Drug Application (NDA) filing if the topline data warrants it.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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.

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.