Immunome Reports Fourth Quarter and Full Year 2022 Financial Results

Immunome

EXTON, PA — Immunome, Inc. (Nasdaq: IMNM) reported financial results for the fourth quarter that ended December 31, 2022, and provided a corporate update.

Looking back on the past year, the transformative strategic collaboration with AbbVie highlighted the disruptive nature of our discovery platform in finding novel antibody-target pairs based on human memory B-cell response,” stated Purnanand Sarma, Ph.D., President and CEO of Immunome. “We look forward to continuing to execute on our momentum throughout the upcoming year as we advance our pipeline, including an IND submission for our lead oncology program, IMM-ONC-01 (anti-IL-38 antibody), and working closely with AbbVie on our collaboration to ultimately make a difference in cancer patients’ lives.”

Highlights

  • AbbVie and Immunome Announced Strategic Collaboration to Discover Multiple Novel Oncology Targets. In January 2023, Immunome entered into a strategic collaboration and option agreement with AbbVie for the discovery of up to 10 novel antibody-target pairs arising from three specified tumor types derived from Immunome’s Discovery Engine. Key financial terms of the collaboration and option agreement include:
    • $30 million upfront
    • $70 million in platform milestones
    • Low single digit millions options payments per target
    • $120 million per target in development and first commercial sale milestone
    • $150 million per target in sales based milestones
    • Tiered royalties on global sales
  • Preclinical Data on Novel Anti-EPN1 Antibody IMM20059 at the Society for Immunotherapy of Cancer’s 37th Annual Meeting. In November 2022, Immunome presented a poster presentation of IMM20059, Immunome’s novel anti-EPN1 antibody, at the SITC Annual Meeting. IMM20059 in combination with anti-PD-L1 atezolizumab demonstrated significant tumor regression compared to IMM20059 or atezolizumab treatment alone, suggesting a potential combinatorial effect, or a greater than 50% reduction in tumor volume (p<0.05), between the two anti-tumoral pathways.
  • Immunome published a paper highlighting the importance of tumor and lymph node-derived B cells for the discovery of antibodies directed at potentially novel targets.
  • IMM-BCP-01 Update (COVID-19 Antibody Cocktail): Immunome has decided to seek a partner in order to continue the trial and for any further development activities. Immunome has successfully completed dosing of the first cohort of patients in a Phase 1b with no significant treatment-related adverse events.
READ:  Neuronetics to Present at the William Blair 43rd Annual Growth Stock Conference

Financial Highlights

  • Cash and cash equivalents: As of December 31, 2022 cash and cash equivalents totaled $20.3 million.
  • Research and development (R&D) expenses: R&D expenses for the three months ended December 31, 2022, were $4.3 million. R&D expenses for the year ended December 31, 2022 were $23.3 million.
  • General and administrative (G&A) expenses: G&A expenses for the three months ended December 31, 2022, were $3.5 million. G&A expenses for the year ended December 31, 2022 were $13.6 million.
  • Net loss: Net loss attributable to common stockholders was $7.8 million, or $0.64 per share, for the three months ended December 31, 2022. Net loss attributable to common stockholders was $36.9 million, or $3.09 per share, for the year ended December 31, 2022.
  • As of December 31, 2022, Immunome has 12,128,843 shares of common stock outstanding.

For more information, please visit www.immunome.com.

For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News.