Immunome, Inc.

What they do

Immunome is a biotechnology company focused on first-in-class and best-in-class targeted oncology therapies, with expertise in antibody-drug conjugates (ADCs) and other oncology therapeutics. Its pipeline includes clinical assets varegacestat, IM-1021, IM-1617, and IM-3050, plus preclinical ADCs. The company has not generated any product revenue and funds operations through equity capital.

Revenue drivers

• Varegacestat (desmoid tumors) — Lead investigational oral gamma secretase inhibitor; NDA submitted April 2026 and accepted by FDA with a PDUFA target action date of April 28, 2027; no product revenue to date.
• IM-1021 (ROR1 ADC) — Phase 1 asset in B-cell lymphoma; objective responses observed at multiple dose levels; initial lymphoma data expected in 2026; no revenue.
• IM-1617 and IM-3050 — Phase 1 solid tumor ADC and FAP-targeted radioligand therapy, respectively; first patients dosed in June and July 2026; no revenue.
• Preclinical ADC pipeline — IM-1340 and IM-1335 INDs expected mid- and late 2026, with additional undisclosed ADCs for 2027 and beyond; no revenue.

Recent performance

Immunome reported no revenue for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025. Annual revenue declined from $14.0 million in 2023 to $9.0 million in 2024 and $6.9 million in 2025. Net loss was $212.4 million in 2025 versus $293.0 million in 2024. Operating cash flow was negative $190.9 million in 2025. As of June 30, 2026, cash and equivalents were $217.7 million and total stockholders' equity was $525.1 million.

Strategy

Immunome is prioritizing regulatory, clinical, and operational activities for a potential commercial launch of varegacestat in desmoid tumors, including staged commercial build-out, patient identification, market access, and supply readiness. The company plans an MAA submission to the European Medicines Agency by end of 2026. It intends to advance its ADC pipeline, with INDs for IM-1340 and IM-1335 expected in 2026. Management may pursue selective business development, in-licensing, or acquisitions to expand the pipeline or improve financial flexibility.

Risks

• History of losses — Immunome had an accumulated deficit of $728.2 million as of December 31, 2025, and expects continued significant operating losses.
• No product revenue — The company has not generated any revenue from product sales and cannot do so unless varegacestat or another candidate receives regulatory approval.
• Regulatory and clinical uncertainty — Varegacestat's NDA is under FDA review with a PDUFA date of April 28, 2027; approval is not guaranteed and timelines may slip.
• Early-stage pipeline — IM-1021, IM-1617, IM-3050, IM-1340, and IM-1335 are in Phase 1 or preclinical stages, with substantial risk of failure.

Outlook

Management expects a milestone-rich second half of 2026, including initial IM-1021 lymphoma data and IND submissions for IM-1340 and IM-1335. The FDA PDUFA target action date for varegacestat is April 28, 2027. Immunome expects its current cash position to fund operations into 2028. The company plans to submit an MAA for varegacestat to the EMA by the end of 2026.