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what it is
Immunome is a clinical-stage cancer drug company trying to turn antibody discoveries into approved medicines.
how it gets paid
Last year Immunome made $7M in revenue. collaboration revenue was the main engine at $4.2M, or 60% of sales.
why growth slowed
Revenue fell 23.2% last year. The key number is $7 million of quarterly revenue because it shows how little current sales support a roughly $2 billion valuation.
what just happened
The latest quarter showed $7M of revenue and EPS of -$1.68, which is still tiny sales against very real losses.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
-$5.00 fy2024 eps est
$9M fy2024 rev est
n/a operating margin
xvary composite: 62/100 — average
What they do
Immunome is a clinical-stage cancer drug company trying to turn antibody discoveries into approved medicines.
Its edge is the discovery engine: human memory B cells (immune cells that remember disease) → finds antibodies from real patient biology → so what, you may get better drug targets faster. That matters because Immunome has only 131 employees, so the platform has to do the heavy lifting. If this engine keeps producing clinic-worthy assets, your upside comes from better hit-finding than larger teams with blunter tools.
How they make money
$7M
annual revenue · their business grew -23.2% last year
collaboration revenue
$4.2M
licensing revenue
$1.4M
research services and milestones
$0.8M
other revenue
$0.6M
The products that matter
gamma secretase inhibitor
varegacestat (AL102)
Q2 2026 NDA plan
this is the lead asset, and the $2B equity story leans heavily on its planned desmoid tumor NDA submission in Q2 2026. if that filing slips, the whole timeline slips with it.
lead program
ROR1-targeted ADC
IM-1021
initial data in 2026
the phase one study is ongoing, with initial data expected in 2026. for a company with just $7M in trailing revenue, early efficacy and safety signals can matter more than any quarterly sales line.
next readout
preclinical ADC pipeline
IM-1617, IM-1340, and IM-1335
three INDs planned in 2026
management expects three IND submissions across 2026. that's breadth, but it is still precommercial breadth — more shots on goal, not cash flow.
pipeline depth
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what, Immunome is burning far more cash than it brings in.
$9M
2024 revenue est.
Estimated 2024 revenue is tiny against a roughly $2 billion market cap, so your thesis lives or dies on future drugs.
$4M
long-term debt
Long-term debt → money owed over years → so what, leverage is not the problem here. Execution is.
1.65
beta
Beta → how violently a stock moves versus the market → so what, you should expect sharper swings than the S&P 500.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $4M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IMNM right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed $7M of revenue and EPS of -$1.68, which is still tiny sales against very real losses.
Quarterly revenue matched the full-year scale of the business because this is still a development-stage biotech with uneven collaboration income. The bigger story is that losses still dominate the model.
$7M
revenue
$1.68
eps
n/a
n/a
the number that mattered
The key number is $7 million of quarterly revenue because it shows how little current sales support a roughly $2 billion valuation.
source: company earnings report, 2026
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What could go wrong
the #1 risk is varegacestat slipping or failing before immunome has a commercial revenue base. when a $2B company produces roughly $7M in trailing revenue, the pipeline is not part of the thesis. it is the thesis.
med
lead-program failure
Varegacestat is the clearest near-term value driver because the NDA is planned for Q2 2026. If the filing is delayed, rejected, or supported by weaker-than-expected data, the premium valuation loses its anchor.
Impact: a setback would hit the program carrying the most visible regulatory path and leave you with a longer-duration pipeline story.
med
cash burn and dilution
A $212.4M annual net loss against roughly $7M in trailing revenue is not self-funding. Even with just $4M of long-term debt, this model can still force new equity issuance if trial costs stay heavy.
Impact: low debt helps. It does not stop dilution if development spend outruns cash resources.
med
calendar compression
IM-1021 data, a planned Q2 2026 NDA, and three expected IND submissions all cluster into 2026. That sounds exciting because it is. It also means one weak stretch of execution can damage multiple parts of the story at once.
Impact: the same catalyst density that can re-rate the stock upward can also compound disappointment.
med
volatility before proof
Beta is 1.65 and price stability is 5 / 100. In human terms, sentiment can move this stock before fundamentals do because there are barely any fundamentals yet.
Impact: you can be directionally right on the science and still get a brutal ride on the way there.
A forced capital raise, a delayed Q2 2026 filing, or weak 2026 data would pressure a valuation built on future drug economics rather than current revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
Q2 2026
varegacestat NDA submission
This is the biggest date on the board. The stock is expensive relative to current revenue because investors expect this filing to keep the lead program on a commercial path.
2026
IM-1021 initial phase one data
Early oncology data can reset sentiment fast. Watch for whether the readout adds a real second pillar or stays in "interesting but early" territory.
2026
three planned IND submissions
IM-1617, IM-1340, and IM-1335 are expected to enter the clinic across 2026. More shots on goal help, but they also increase execution demands on a company still losing $212.4M a year.
ongoing
burn versus balance sheet
The clean debt profile matters less than whether cash lasts long enough. If losses stay near current levels, financing risk stays on the table no matter how promising the science looks.
Analyst rankings
earnings predictability
35 / 100
Low score. In human-speak, analysts do not have a stable operating model to forecast because this is still a pipeline-first company.
beta
1.65
Market sensitivity above average. You're not buying a bunker stock. You're buying something that usually amplifies the tape.
source: institutional data
Institutional activity
institutional ownership data for IMNM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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