Immunome (IMNM) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in 2025, highlighted by positive Phase 3 RINGSIDE results for varegacestat in desmoid tumors, supporting a planned NDA submission in 2Q 2026.

• Advanced antibody-drug conjugate (ADC) pipeline, with ongoing Phase 1 for IM-1021 and three IND submissions for solid tumor ADCs planned in 2026.

• Raised $460.5 million in a December 2025 public offering, extending cash runway into 2028.

Financial highlights

• Cash and cash equivalents totaled $653.5 million as of December 31, 2025, including $432.4 million net proceeds from the December 2025 financing.

• Research and development expenses were $177.3 million, with $11.2 million in stock-based compensation.

• General and administrative expenses reached $43.8 million, including $14.5 million in stock-based compensation.

• Net loss for the year was $212.4 million.

Outlook and guidance

• NDA submission for varegacestat in desmoid tumors planned for 2Q 2026.

• Initial data from IM-1021 Phase 1 expected in 2026.

• Three IND submissions for solid tumor ADCs (IM-1617, IM-1340, IM-1335) planned throughout 2026.

• Cash position expected to fund operations into 2028.