Immunome Reports Third Quarter 2020 Financial Results; Completed $44.9M IPO in October

Immunome

EXTON, PA — Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company utilizing a proprietary human memory B cell platform to discover and develop first-in-class antibody therapeutics, with a focus on oncology and infectious diseases including COVID-19, recently announced third quarter 2020 financial results and recent highlights.

“The completion of our recent IPO marks a significant milestone for Immunome and positions us to further accelerate the output of new discoveries from our platform, and to rapidly advance our lead oncology and COVID-19 therapeutic antibody programs into the clinic,” said Purnanand Sarma, PhD, President and CEO of Immunome. “We are on track to execute on our near-term clinical and strategic plans, including filing IND applications for two of our programs in 2021.”

Dr. Sarma further stated, “I am proud of the tremendous progress our team has made this year, particularly with regard to the notable effort and dedication supporting our accelerated development of antibody-based treatment targeting multiple viral antigens to treat the COVID-19 virus. As previously announced, Immunome was awarded a $13.3 million contract from the US Department of Defense to develop an antibody cocktail discovered by the interrogation of memory B cells from ‘super-responders’ to the SARS-CoV-2 virus (DoD Press Release).”

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Recent Highlights

  • In October 2020, Immunome completed an IPO, including the full exercise of the underwriters’ option to purchase additional shares, resulting in gross proceeds of $44.9 million, before deducting underwriting commissions and offering expenses.
  • IMM-BCP-01: Unlike approaches solely directed at neutralizing the Spike protein by other companies, Immunome aims to develop an antibody cocktail directed at multiple SARS-CoV-2 antigens. Unbiased interrogation of SARS-CoV-2 “super-responder” memory B cells using Immunome’s discovery engine has resulted in the following advances:
    • Immunome discovered that more than 50% of the antibodies isolated from super-responders are directed at non-Spike antigens, suggesting non-Spike related antibodies may play a significant role in the effective immunological clearance of this virus.
    • The Company also identified multiple neutralizing antibodies with picomolar affinity directed at SARS-CoV-2 Spike protein.
    • Immunome discovered that, in addition to affinity matured IgG antibodies, COVID-19 “super-responders” appear to mount robust affinity-matured IgA responses. IgA antibodies are naturally found at the surface of respiratory track and function to prevent initial viral infection.
  • IMM-ONC-01: The Company’s further pre-clinical testing continues to demonstrate that IL-38 appears to be a novel immune checkpoint. In animal models, their inhibitory antibody demonstrates antitumor effects in IL-38 expressing tumors.
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Third Quarter 2020 Financial Results:

  • Cash and cash equivalents: Cash and cash equivalents were $6.7 million as of September 30, 2020 compared to $2.5 million as of December 31, 2019.
  • IPO and net proceeds: On October 2, 2020 the Company’s common stock began trading on the Nasdaq Capital Market under the ticker (IMNM) and on October 6, 2020 the IPO closed with the Company receiving net proceeds of $41.7 million, after deducting underwriting discounts but before deducting other offering expenses. After deducting other offering costs of approximately $2.8 million, aggregate net IPO proceeds to the Company were $38.9 million.
  • Research and development (R&D) expenses: R&D expenses were $1.6 million for the quarter ended September 30, 2020 compared to $2.2 million for the quarter ended September 30, 2019 and $5.7 million for the nine month period ended September 30, 2020 compared to $6.4 million for the nine month period ended September 30, 2019.
  • General and administrative (G&A) expenses: G&A expenses were $1.2 million for the quarter ended September 30, 2020 compared to $0.5 million for the quarter ended September 30, 2019 and $2.5 million for the nine month period ended September 30, 2020 compared to $1.1 million for the nine month period ended September 30, 2019.
  • Net loss: Net loss attributable to common stockholders was $8.4 million or $7.52 per share for the quarter ended September 30, 2020 compared to $2.7 million or $2.50 per share for the quarter ended September 30, 2019 and $13.8 million or $12.44 per share for the nine month period ended September 30, 2020 compared to $7.5 million or $6.88 per share for the nine month period ended September 30, 2019.
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Immunome is a biopharmaceutical company utilizing their proprietary human memory B cell platform to discover and develop first-in-class antibody therapeutics designed to change the way diseases are currently being treated.

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