Immunome (IMNM) TD Cowen 46th Annual Health Care Conference summary

Key product updates and clinical data

• Varegacestat, an oral gamma secretase inhibitor for desmoid tumors, showed an 84% reduction in risk of progression, 56% objective response rate, and 83% median tumor volume reduction in phase III, with NDA submission planned for Q2 2026.

• The drug demonstrated a favorable safety profile and once-daily dosing, differentiating it from the only other approved therapy, nirogacestat, which requires twice-daily dosing.

• Market expansion is targeted, with only 10% of 10,000–11,000 U.S. patients currently on gamma secretase inhibitors; improved adherence and long-term benefit are expected due to the dosing profile.

• Manufacturing issues have been resolved, ensuring ample commercial supply for global launch.

• Launch plans are cost-effective, with a sales force size similar to competitors and a $50 million upfront acquisition cost.

Pipeline and technology advancements

• Three new ADCs using proprietary HC74 payload are set for IND filings in 2026, all targeting solid tumors with undisclosed but highly validated targets.

• IM-1021, a ROR1-targeted ADC, is in dose escalation for lymphoma, with a companion diagnostic in development for solid tumors; data expected later this year.

• IM-1617 is highlighted as the most promising upcoming solid tumor ADC, showing strong preclinical efficacy across diverse models.

• The HC74 payload is designed to overcome resistance via efflux transporters and offers enhanced bystander activity, aiming for a broader therapeutic window and superior efficacy.

• Additional ADC programs are in preclinical stages, with plans for multiple INDs annually beyond 2026.

Radiotherapy and future outlook

• IM-3050, a FAP-targeted radiotherapy, is advancing with an active IND and first patient dosing expected soon; FAP is expressed in 75% of solid tumors, representing a large opportunity.

• The company is committed to building a broad oncology portfolio, with varegacestat as the first clinical success and optimism for future breakthroughs.

• The ADC portfolio is seen as undervalued, with significant potential for future investor recognition.