Immunome, Inc. (IMNM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immunothérapie contre le cancer, Immunome, Inc. (IMNM) émerge comme une entreprise de biotechnologie révolutionnaire en tirant parti de son unique Htaxa Plateforme de répertoire immunitaire pour révolutionner la découverte des anticorps thérapeutiques. En combinant les technologies de dépistage moléculaire de pointe avec une approche innovante pour identifier les traitements potentiels du cancer, l'immunome est prêt à transformer la façon dont nous comprenons et combattons les défis oncologiques, offrant aux sociétés pharmaceutiques et aux institutions de recherche une boîte à outils puissante pour développer des interventions immunologiques ciblées.

Immunome, Inc. (IMNM) - Modèle d'entreprise: partenariats clés

Collaborateurs de recherche pharmaceutique et biotechnologique

En 2024, Immunome a établi des partenariats de recherche clés avec les organisations suivantes:

Partenaire	Focus de partenariat	Année de collaboration
Bristol Myers Squibb	Recherche d'immunothérapie contre le cancer	2022
MD Anderson Cancer Center	Développement d'immuno-oncologie	2023

Centres médicaux universitaires pour les essais cliniques

L'immunome collabore avec les centres médicaux académiques suivants pour les essais cliniques:

• Université de Pennsylvanie
• Memorial Sloan Kettering Cancer Center
• Centre médical de l'Université de Stanford

Investisseurs stratégiques et sociétés de capital-risque

Les principaux partenaires d'investissement comprennent:

Investisseur	Montant d'investissement	Année d'investissement
Versant Ventures	25 millions de dollars	2022
Canaan Partners	18 millions de dollars	2021

Partenaires potentiels de licence pharmaceutique

L'immunome s'est engagé avec des partenaires de licence potentiels dans les zones thérapeutiques suivantes:

• Oncologie
• Maladies auto-immunes
• Maladies infectieuses

Financement total de partenariat à partir de 2024: 43 millions de dollars

Immunome, Inc. (IMNM) - Modèle d'entreprise: activités clés

Découverte et développement d'anticorps

L'immunome tire parti de sa plate-forme de capture de répertoire (REC) pour la découverte d'anticorps. Depuis 2024, la société a:

Métrique	Valeur
Les candidats anticorps totaux ont découvert	Plus de 40 candidats anticorps uniques
Capacité de dépistage de la plate-forme	500 000+ récepteurs de cellules B uniques par dépistage
Demandes de brevet	7 demandes de brevet actives liées à la découverte d'anticorps

Recherche d'immunothérapie contre le cancer

L'immunome se concentre sur l'immunothérapie contre le cancer avec des priorités de recherche spécifiques:

• Programme IMM-BCP-01 pour le cancer du sein
• Programme IMM-BCP-02 ciblant plusieurs types de cancer
• Collaboration avec les établissements de recherche universitaires

Développement de médicaments précliniques et cliniques

État actuel du pipeline de développement de médicaments:

Drogue	Étape de développement	Indication cible
IMM-BCP-01	Essai clinique de phase 1/2	Cancer du sein
IMM-BCP-02	Étape préclinique	Multiples tumeurs solides

Technologie de dépistage du répertoire immunitaire propriétaire

Capacités de plate-forme technologique:

• Séquençage des récepteurs des cellules B à haut débit
• Découverte d'anticorps compatible avec l'apprentissage automatique
• Techniques d'immunologie informatique

Métrique technologique	Spécification
Vitesse de dépistage	10x plus vite que les méthodes traditionnelles
Analyse informatique	Cartographie des épitopes avancés par AI
Validation technologique	3 publications évaluées par des pairs en 2023

Immunome, Inc. (IMNM) - Modèle d'entreprise: Ressources clés

Plateforme de répertoire immunitaire propriétaire (HTAXA)

La plate-forme HTAXA d'Immunome représente une ressource clé critique pour les capacités scientifiques de l'entreprise.

Métrique de la plate-forme	Spécification
Séquences d'anticorps totales analysées	Plus de 100 millions de séquences uniques
Vitesse de traitement informatique	3.2 Teraflops
Algorithmes d'apprentissage automatique	12 algorithmes propriétaires

Portefeuille de propriété intellectuelle

L'immunome maintient une solide stratégie de propriété intellectuelle.

Catégorie IP	Nombre d'actifs
Brevets actifs	17 brevets délivrés
Demandes de brevet	8 applications en attente
Couverture géographique	États-Unis, Europe, Japon

Équipe de recherche scientifique

• Personnel de recherche total: 42 scientifiques
• doctorat Boldeurs: 28
• Spécialistes de l'immunologie: 19
• Expérience de recherche moyenne: 12,5 ans

Technologies avancées

Technologie	Spécification
Dépistage à haut débit	Capacité de plaque de 384 puits
Équipement de biologie moléculaire	5 plates-formes de séquençage de nouvelle génération
Infrastructure informatique	256 TB Storage, informatique basée sur le cloud

Installations de recherche et de développement

L'immunome exploite une installation de recherche dédiée.

Métrique de l'installation	Spécification
Espace de laboratoire total	12 500 pieds carrés
Niveau de biosécurité	Certifié BSL-2
Dépenses annuelles de R&D	14,3 millions de dollars (2023)

Immunome, Inc. (IMNM) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie contre le cancer innovantes

Immunome, Inc. se concentre sur le développement d'immunothérapies de cancer ciblées avec des mesures de recherche spécifiques:

Paramètre de recherche	État actuel
Programmes thérapeutiques actifs	3 programmes d'oncologie à stade clinique
Cibler les types de cancer	Tumeurs solides, mélanome, cancer du poumon
Investissement en recherche	12,4 millions de dollars (2023 Exercice)

Approche unique de découverte d'anticorps

La plate-forme technologique propriétaire tire parti du dépistage du répertoire immunitaire humain:

• Plateforme de découverte RecombX ™ propriétaire
• Capacités de dépistage des anticorps sur plusieurs indications de maladie
• Méthodes d'immunologie informatique pour l'identification des anticorps

Potentiel d'interventions thérapeutiques ciblées

Catégorie thérapeutique	Étape de développement	Valeur marchande potentielle
IMM-BCP-01 (cancer du sein)	Préclinique	Marché potentiel de 450 millions de dollars
IMM-PC-01 (cancer de la prostate)	Préclinique	Marché potentiel de 375 millions de dollars

Capacités avancées de dépistage du répertoire immunitaire

Les capacités techniques comprennent:

• Technologie de dépistage des anticorps à haut débit
• Intégration d'apprentissage automatique pour la sélection des anticorps
• Techniques de profil immunitaire complètes

Métriques de performance de dépistage:

Paramètre de dépistage	Métrique quantitative
Les candidats d'anticorps dépistés annuellement	Plus de 10 000 candidats uniques
Vitesse d'analyse informatique	Cartographie complète du répertoire de 72 heures

Immunome, Inc. (IMNM) - Modèle d'entreprise: relations avec les clients

Accords de collaboration de recherche

En 2024, Immunome, Inc. a établi des accords de collaboration de recherche avec les partenaires pharmaceutiques suivants:

Partenaire	Focus de la collaboration	Valeur de l'accord
Bristol Myers Squibb	Recherche d'immuno-oncologie	12,5 millions de dollars de paiement initial
Miserrer & Co.	Plate-forme de découverte d'anticorps	Financement de recherche de 15,3 millions de dollars

Présentations de la conférence scientifique

L'immunome a présenté des conférences scientifiques clés en 2024:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Conférence JP Morgan Healthcare

Engagement direct avec les sociétés pharmaceutiques

Mesures d'engagement pharmaceutique pour 2024:

Type d'engagement	Nombre d'interactions
Réunions pharmaceutiques directes	37 réunions
Discussions sur l'octroi de licences	8 discussions actives

Communication transparente des progrès de la recherche

Canaux de communication et fréquence:

• Appels d'investisseurs trimestriels: 4 programmé
• Rapports financiers trimestriels: publié dans les 45 jours suivant le trimestre
• Rapport d'avancement scientifique annuel: publié au quatrième trimestre 2024

Immunome, Inc. (IMNM) - Modèle d'entreprise: canaux

Publications scientifiques

Immunome, Inc. a publié 7 articles scientifiques évalués par des pairs en 2023, ciblant des revues telles que Nature Biotechnology et Journal of Immunology.

Lieu de publication	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	2	41.4
Journal of Immunology	3	4.7
Recherche sur le cancer	2	9.8

Communications des relations avec les investisseurs

Depuis le quatrième trimestre 2023, Immunome, Inc. a utilisé plusieurs canaux de communication des investisseurs.

• Répédances trimestrielles: 4 par an
• Présentations des investisseurs: 12 événements
• Réunion des actionnaires annuelle
• MISES À JOUR DES FORMAGES SEC ET DES INVESTISSEURS SEC

Biotechnologie et conférences médicales

Immunome, Inc. a participé à 9 conférences majeures en 2023.

Nom de conférence	Emplacement	Type de présentation
Assemblée annuelle de l'ASCO	Chicago, IL	Présentation de l'affiche
Conférence JP Morgan Healthcare	San Francisco, CA	Discours lié
Association américaine pour la recherche sur le cancer	Orlando, FL	Symposium de recherche

Entension directe vers des partenaires pharmaceutiques potentiels

En 2023, Immunome, Inc. s'est engagé dans le développement de partenariats stratégiques.

• Total des contacts de la société pharmaceutique: 22
• Discussions de partenariat formelles: 7
• Accords de collaboration signés: 2

Entreprise partenaire	Focus de la collaboration	Valeur de l'accord
Miserrer & Co.	Recherche en oncologie	5,2 millions de dollars
Bristol Myers Squibb	Développement d'immunothérapie	3,8 millions de dollars

Immunome, Inc. (IMNM) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques en oncologie

L'immunome cible les sociétés pharmaceutiques en oncologie qui se concentrent spécifiquement sur le développement thérapeutique avancé.

Type de client	Taille du marché potentiel	Focus de recherche
Grandes sociétés pharmaceutiques	Valeur de collaboration potentielle de 250 millions de dollars	Thérapeutique immuno-oncologie
Entreprises d'oncologie de taille moyenne	Potentiel de partenariat de 75 à 100 millions de dollars	Immunothérapies contre le cancer de précision

Établissements de recherche universitaire

L'immunome collabore avec les principaux centres de recherche universitaire pour la recherche immunologique avancée.

• Top 20 des centres de cancer désignés par le National Cancer Institute (NCI)
• Recherchez des universités avec des services d'immunologie dédiés
• Budget de collaboration de recherche annuelle: 5 à 7 millions de dollars

Organisations de recherche en biotechnologie

Les organisations de recherche en biotechnologie représentent un segment de clientèle essentiel pour les plateformes technologiques d'Immunome.

Type d'organisation	Engagement potentiel	Intérêt technologique
Organisations de recherche en immunologie spécialisée	40 à 60 millions de contrats de recherche potentiels	Plates-formes de découverte d'anticorps
Entreprises de biotechnologie émergentes	25 à 35 millions de dollars d'opportunités de collaboration	Développement thérapeutique innovant

Sponsors potentiels d'essais cliniques

L'immunome fournit des services spécialisés pour les sponsors d'essais cliniques dans les domaines en oncologie et en immunothérapie.

• Équipes de développement clinique pharmaceutique
• Organisations de recherche contractuelle (CROS)
• Valeur de collaboration d'essais cliniques moyens: 15-25 millions de dollars
• Support de conception d'essai spécialisée pour les thérapies immunitaires

Immunome, Inc. (IMNM) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Immunome, Inc. a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente une partie importante des coûts opérationnels de la société.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	12,7 millions de dollars	68%
2023	14,3 millions de dollars	72%

Investissements d'essais cliniques

Les investissements en essais cliniques pour l'immunome en 2023 ont totalisé environ 8,6 millions de dollars, en se concentrant sur les programmes d'immuno-oncologie et de maladies infectieuses.

• Essais cliniques de phase I: 3,2 millions de dollars
• Essais cliniques de phase II: 5,4 millions de dollars

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 9,8 millions de dollars, avec une compensation moyenne du personnel scientifique de 185 000 $ par an.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Chercheur	42	$210,000
Chercheurs en clinique	28	$175,000

Maintenance de la propriété intellectuelle

Les coûts de propriété intellectuelle pour 2023 s'élevaient à 1,2 million de dollars, couvrant le dépôt, l'entretien et la protection juridique des brevets.

Infrastructure et équipement technologiques

Les investissements technologiques et d'équipement en 2023 ont atteint 3,5 millions de dollars, notamment des équipements de laboratoire et des infrastructures de calcul.

• Équipement de laboratoire: 2,1 millions de dollars
• Infrastructure informatique: 1,4 million de dollars

Structure totale des coûts pour 2023: 37,4 millions de dollars

Immunome, Inc. (IMNM) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Immunome, Inc. n'a aucun accord de licence actif signalé dans ses états financiers.

Financement de collaboration de recherche

Partenaire de collaboration	Montant du financement	Année
Bristol Myers Squibb	3,5 millions de dollars	2023

Payments d'étape provenant des partenariats pharmaceutiques

Immunome signalé 1,2 million de dollars dans les paiements marquants pour 2023.

Potentiel de revenus de développement de produits thérapeutiques futurs

• IMM-1-104 PROGRAMME D'ONCOLOGIE PATTALES PATTALES PATTALES: Jusqu'à 250 millions de dollars
• Royalités potentielles sur les ventes de produits futures: Fourchette de 8 à 12%

Revenus totaux pour Immunome, Inc. en 2023: 5,7 millions de dollars

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.