Immunome, Inc. (IMNM): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da imunoterapia contra o câncer, a Immunome, Inc. (IMNM) surge como uma empresa inovadora de biotecnologia que aproveitava sua única Htaxa Plataforma de repertório imune para revolucionar a descoberta de anticorpos terapêuticos. Ao combinar tecnologias de triagem molecular de ponta com uma abordagem inovadora para identificar possíveis tratamentos contra o câncer, o imunomo está preparado para transformar como entendemos e combate os desafios oncológicos, oferecendo às empresas farmacêuticas e instituições de pesquisa um poderoso kit de ferramentas para o desenvolvimento de intervenções imunológicas direcionadas.

Immunome, Inc. (IMNM) - Modelo de negócios: Parcerias -chave

Colaboradores de pesquisa farmacêutica e biotecnologia

A partir de 2024, o Imunome estabeleceu as principais parcerias de pesquisa com as seguintes organizações:

Parceiro	Foco em parceria	Ano de colaboração
Bristol Myers Squibb	Pesquisa de imunoterapia ao câncer	2022
MD Anderson Cancer Center	Desenvolvimento de Imuno-Oncologia	2023

Centros Médicos Acadêmicos para Ensaios Clínicos

O imunome colabora com os seguintes centros médicos acadêmicos de ensaios clínicos:

• Universidade da Pensilvânia
• Memorial Sloan Kettering Cancer Center
• Centro Médico da Universidade de Stanford

Investidores estratégicos e empresas de capital de risco

Os principais parceiros de investimento incluem:

Investidor	Valor do investimento	Ano de investimento
Ventuos versantes	US $ 25 milhões	2022
Parceiros CANAAN	US $ 18 milhões	2021

Potenciais parceiros de licenciamento farmacêutico

O imunome se envolveu com possíveis parceiros de licenciamento nas seguintes áreas terapêuticas:

• Oncologia
• Doenças autoimunes
• Doenças infecciosas

Financiamento total da parceria a partir de 2024: US $ 43 milhões

Immunome, Inc. (IMNM) - Modelo de negócios: Atividades -chave

Descoberta e desenvolvimento de anticorpos

O imunomo aproveita sua plataforma proprietária de captura de repertório (REC) para descoberta de anticorpos. A partir de 2024, a empresa possui:

Métrica	Valor
Total de candidatos a anticorpos descobertos	Mais de 40 candidatos únicos de anticorpos
Capacidade de triagem da plataforma	500.000 mais receptores exclusivos de células B por triagem
Aplicações de patentes	7 Aplicações de patente ativas relacionadas à descoberta de anticorpos

Pesquisa de imunoterapia ao câncer

O imunoma se concentra na imunoterapia contra o câncer com prioridades específicas de pesquisa:

• Programa IMM-BCP-01 para câncer de mama
• Programa IMM-BCP-02 Visando vários tipos de câncer
• Colaboração com instituições de pesquisa acadêmica

Desenvolvimento de medicamentos pré -clínicos e clínicos

Status do pipeline de desenvolvimento de medicamentos atual:

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
Imm-BCP-01	Ensaio Clínico de Fase 1/2	Câncer de mama
Imm-BCP-02	Estágio pré -clínico	Múltiplos tumores sólidos

Tecnologia de triagem de repertório imune proprietário

Recursos de plataforma de tecnologia:

• Sequenciamento de receptores de células B de alto rendimento
• Descoberta de anticorpos habilitados para aprendizado de máquina
• Técnicas de imunologia computacional

Métrica de tecnologia	Especificação
Velocidade de triagem	10x mais rápido que os métodos tradicionais
Análise computacional	Mapeamento de epítopo avançado de IA
Validação de tecnologia	3 publicações revisadas por pares em 2023

Immunome, Inc. (IMNM) - Modelo de negócios: Recursos -chave

Plataforma de repertório imune proprietário (htaxa)

A plataforma HTAXA do Immunome representa um recurso -chave crítico para os recursos científicos da empresa.

Métrica da plataforma	Especificação
Sequências de anticorpos totais analisados	Mais de 100 milhões de seqüências únicas
Velocidade de processamento computacional	3.2 Teraflops
Algoritmos de aprendizado de máquina	12 algoritmos proprietários

Portfólio de propriedade intelectual

O imunome mantém uma estratégia de propriedade intelectual robusta.

Categoria IP	Número de ativos
Patentes ativas	17 patentes emitidas
Aplicações de patentes	8 Aplicações pendentes
Cobertura geográfica	Estados Unidos, Europa, Japão

Equipe de pesquisa científica

• Pessoal de pesquisa total: 42 cientistas
• Ph.D. Titulares: 28
• Especialistas em imunologia: 19
• Experiência média de pesquisa: 12,5 anos

Tecnologias avançadas

Tecnologia	Especificação
Triagem de alto rendimento	Capacidade da placa de 384 poços
Equipamento de biologia molecular	5 plataformas de sequenciamento de próxima geração
Infraestrutura computacional	256 TB Storage, computação baseada em nuvem

Instalações de pesquisa e desenvolvimento

O Imunome opera uma instalação de pesquisa dedicada.

Métrica da instalação	Especificação
Espaço total de laboratório	12.500 pés quadrados
Nível de biossegurança	Certificado BSL-2
Despesas anuais de P&D	US $ 14,3 milhões (2023)

Immunome, Inc. (IMNM) - Modelo de negócios: proposições de valor

Soluções inovadoras de imunoterapia ao câncer

A Immunome, Inc. concentra -se no desenvolvimento de imunoterapias direcionadas ao câncer com métricas de pesquisa específicas:

Parâmetro de pesquisa	Status atual
Programas terapêuticos ativos	3 programas de oncologia em estágio clínico
TIPOS DE CABER LOVENDO	Tumores sólidos, melanoma, câncer de pulmão
Investimento em pesquisa	US $ 12,4 milhões (2023 ano fiscal)

Abordagem única de descoberta de anticorpos

A plataforma de tecnologia proprietária aproveita a triagem de repertório imune humano:

• Plataforma Proprietária Recombx ™ Discovery
• Recursos de triagem de anticorpos em múltiplas indicações de doenças
• Métodos de imunologia computacional para identificação de anticorpos

Potencial para intervenções terapêuticas direcionadas

Categoria terapêutica	Estágio de desenvolvimento	Valor potencial de mercado
IMM-BCP-01 (câncer de mama)	Pré -clínico	Mercado potencial de US $ 450 milhões
IMM-PC-01 (câncer de próstata)	Pré -clínico	US $ 375 milhões em potencial mercado

Recursos avançados de triagem de repertório imune

Os recursos técnicos incluem:

• Tecnologia de triagem de anticorpos de alto rendimento
• Integração de aprendizado de máquina para seleção de anticorpos
• Técnicas abrangentes de perfil imune

Métricas de desempenho de triagem:

Parâmetro de triagem	Métrica quantitativa
Candidatos de anticorpos rastreados anualmente	Mais de 10.000 candidatos únicos
Velocidade de análise computacional	Mapeamento de repertório completo de 72 horas

Immunome, Inc. (IMNM) - Modelo de negócios: relacionamentos com o cliente

Acordos de colaboração de pesquisa

A partir de 2024, a Immunome, Inc. estabeleceu acordos de colaboração de pesquisa com os seguintes parceiros farmacêuticos:

Parceiro	Foco de colaboração	Valor do acordo
Bristol Myers Squibb	Pesquisa de imuno-oncologia	Pagamento inicial de US $ 12,5 milhões
Merck & Co.	Plataforma de descoberta de anticorpos	US $ 15,3 milhões de financiamento de pesquisa

Apresentações da conferência científica

O imunome apresentou -se em principais conferências científicas em 2024:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)
• Conferência de Saúde JP Morgan

Engajamento direto com empresas farmacêuticas

Métricas de engajamento farmacêutico para 2024:

Tipo de engajamento	Número de interações
Reuniões farmacêuticas diretas	37 reuniões
Discussões de licenciamento	8 discussões ativas

Comunicação transparente do progresso da pesquisa

Canais de comunicação e frequência:

• Chamadas trimestrais de investidores: 4 programados
• Relatórios financeiros trimestrais: publicado dentro de 45 dias do final do quarto
• Relatório anual de progresso científico: publicado no quarto trimestre 2024

Immunome, Inc. (IMNM) - Modelo de Negócios: Canais

Publicações científicas

A Immunome, Inc. publicou 7 artigos científicos revisados ​​por pares em 2023, visando periódicos como a Biotecnologia Natural e o Journal of Immunology.

Local de publicação	Número de publicações	Fator de impacto
Biotecnologia da natureza	2	41.4
Jornal de Imunologia	3	4.7
Pesquisa sobre câncer	2	9.8

Comunicações de Relações com Investidores

A partir do quarto trimestre 2023, a Immunome, Inc. utilizou vários canais de comunicação de investidores.

• Chamadas trimestrais de ganhos: 4 por ano
• Apresentações de investidores: 12 eventos
• Reunião Anual dos Acionistas
• Atualizações de registros e investidores da SEC

Biotecnologia e conferências médicas

A Immunome, Inc. participou de 9 principais conferências em 2023.

Nome da conferência	Localização	Tipo de apresentação
Reunião Anual da ASCO	Chicago, IL	Apresentação de pôsteres
Conferência de Saúde JP Morgan	San Francisco, CA.	Discurso de palestra
Associação Americana de Pesquisa do Câncer	Orlando, FL	Simpósio de pesquisa

Extensão direta para potenciais parceiros farmacêuticos

Em 2023, a Immunome, Inc. se envolveu no desenvolvimento de parcerias estratégicas.

• Total Pharmaceutical Company Contatos: 22
• Discussões de parceria formal: 7
• Acordos de colaboração assinados: 2

Empresa parceira	Foco de colaboração	Valor do acordo
Merck & Co.	Pesquisa de oncologia	US $ 5,2 milhões
Bristol Myers Squibb	Desenvolvimento de imunoterapia	US $ 3,8 milhões

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

Empresas farmacêuticas oncológicas

O imunome tem como alvo as empresas farmacêuticas oncológicas com foco específico no desenvolvimento terapêutico avançado.

Tipo de cliente	Tamanho potencial de mercado	Foco na pesquisa
Grandes empresas farmacêuticas	US $ 250 milhões em potencial valor de colaboração	Terapêutica imuno-oncológica
Empresas de oncologia de médio porte	Potencial de parceria de US $ 75-100 milhões	Imunoterapias de câncer de precisão

Instituições de pesquisa acadêmica

O imunomo colabora com os principais centros de pesquisa acadêmica de pesquisa imunológica avançada.

• 20 principais Centros de Câncer Designados com Câncer (NCI)
• Universidades de pesquisa com departamentos de imunologia dedicados
• Orçamento anual de colaboração de pesquisa: US $ 5-7 milhões

Organizações de pesquisa de biotecnologia

As organizações de pesquisa de biotecnologia representam um segmento crítico de clientes para as plataformas tecnológicas do Immunome.

Tipo de organização	Potencial engajamento	Interesse tecnológico
Organizações especializadas de pesquisa de imunologia	US $ 40-60 milhões em potenciais contratos de pesquisa	Plataformas de descoberta de anticorpos
Empresas de biotecnologia emergentes	Oportunidades colaborativas de US $ 25-35 milhões	Desenvolvimento terapêutico inovador

Potenciais patrocinadores de ensaios clínicos

O imunoma fornece serviços especializados para patrocinadores de ensaios clínicos em domínios de oncologia e imunoterapia.

• Equipes de desenvolvimento clínico farmacêutico
• Organizações de pesquisa contratada (CROs)
• Valor médio de colaboração de ensaios clínicos: US $ 15-25 milhões
• Suporte especializado em design de ensaios para terapias imunológicas

Immunome, Inc. (IMNM) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Immunome, Inc. registrou despesas de P&D de US $ 14,3 milhões, representando uma parcela significativa dos custos operacionais da empresa.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 12,7 milhões	68%
2023	US $ 14,3 milhões	72%

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para imunoma em 2023 totalizaram aproximadamente US $ 8,6 milhões, com foco em programas de imuno-oncologia e doenças infecciosas.

• Ensaios clínicos de fase I: US $ 3,2 milhões
• Ensaios Clínicos de Fase II: US $ 5,4 milhões

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 9,8 milhões, com uma compensação média da equipe científica de US $ 185.000 por ano.

Categoria de funcionários	Número de funcionários	Compensação média
Cientistas de pesquisa	42	$210,000
Pesquisadores clínicos	28	$175,000

Manutenção da propriedade intelectual

Os custos de propriedade intelectual de 2023 totalizaram US $ 1,2 milhão, cobrindo o registro, manutenção e proteção legal de patentes.

Infraestrutura e equipamento de tecnologia

Os investimentos em tecnologia e equipamentos em 2023 atingiram US $ 3,5 milhões, incluindo equipamentos de laboratório e infraestrutura computacional.

• Equipamento de laboratório: US $ 2,1 milhões
• Infraestrutura computacional: US $ 1,4 milhão

Estrutura de custo total para 2023: US $ 37,4 milhões

Immunome, Inc. (IMNM) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Immunome, Inc. não possui acordos de licenciamento ativos relatados em suas demonstrações financeiras.

Financiamento de colaboração de pesquisa

Parceiro de colaboração	Valor de financiamento	Ano
Bristol Myers Squibb	US $ 3,5 milhões	2023

Pagamentos marcantes de parcerias farmacêuticas

Imunome relatado US $ 1,2 milhão Em pagamentos de marco para 2023.

Futuro potencial de receita de desenvolvimento de produtos terapêuticos

• IMM-1-104 Programa de oncologia em potencial pagamentos em marcos: Até US $ 250 milhões
• Royalties em potencial sobre vendas futuras de produtos: 8-12% da faixa

Receita total da Immunome, Inc. em 2023: US $ 5,7 milhões

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.