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Immunome Reports Fourth Quarter and Full Year 2020 Financial Results, Provides Corporate Update

03/25/2021

- IMM-BCP-01: Isolated antibodies capable of neutralizing SARS-CoV-2 variants, including the South African variant (B.1.351), in pseudovirus testing -

- IMM-ONC-01: Advanced proprietary antibody against IL-38 into IND-enabling studies -

- Raised $44.9 million in gross proceeds in NASDAQ IPO -

- Program updates expected in 2Q 2021 -

EXTON, Pa.--(BUSINESS WIRE)-- Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory B cell discovery engine platform to discover and develop first-in-class antibody therapeutics, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update.

“The fourth quarter of 2020 was a transformational period for Immunome thanks to our successful initial public offering on the NASDAQ exchange, which raised $44.9 million in gross proceeds,” said Purnanand Sarma, Ph.D., President and CEO of Immunome. “That positive momentum continued into 2021, with our recent announcements covering the isolation of antibodies capable of neutralizing SARS-CoV-2 variants in pseudovirus testing as part of our IMM-BCP-01 program, and the advancement of IMM-ONC-01, our proprietary antibody against IL-38 for the potential treatment of solid tumors including malignancies of high unmet need such as cancers of the head and neck and the lung, into IND-enabling studies.”

Dr. Sarma continued: “Looking ahead, we expect to provide development program updates in the second quarter of 2021 and to file INDs for both IMM-BCP-01 and IMM-ONC-01 in 2021. We remain excited about the prospects for both of our current development programs and reiterate the confidence we have in our discovery engine to move one to two new candidates into IND-enabling studies per year. I very much look forward to updating you on our progress in the months ahead.”

Financial Highlights

  • Cash and cash equivalents: As of December 31, 2020, cash and cash equivalents totaled $39.8 million.
  • Research and development (R&D) expenses: R&D expenses for the three months ended December 31, 2020 were $1.8 million. R&D expenses for the year ended December 31, 2020 were $7.5 million.
  • General and administrative (G&A) expenses: G&A expenses for the three months ended December 31, 2020 were $2.2 million. G&A expenses were $4.8 million for the year ended December 31, 2020.
  • Net loss: Net loss attributable to common stockholders was $4.1 million, or $0.40 per share, for the three months ended December 31, 2020. Net loss attributable to common stockholders was $17.8 million, or $5.26 per share, for the year ended December 31, 2020.
  • As of December 31, 2020, Immunome had 10,634,245 shares of common stock outstanding.

About Immunome

Immunome is a biopharmaceutical company that utilizes its proprietary human memory B cell platform to discover and develop first-in-class antibody therapeutics that are designed to change the way diseases are treated. The company’s initial focus is on developing therapeutics to treat oncology and infectious diseases, including COVID-19. Immunome’s proprietary discovery engine identifies novel therapeutic antibodies and their targets by leveraging the highly educated components of the immune system, memory B cells, from patients whose bodies have learned to fight off their disease. For more information, please visit www.immunome.com.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements” intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding Immunome’s beliefs and expectations regarding the advancement of its oncology and COVID-19 therapeutic antibody programs, execution of its clinical and strategic plans, anticipated upcoming milestones for IMM-BCP-01 and IMM‐ONC‐01, including expectations regarding therapeutic potential and benefits thereof, and IND filings. Forward-looking statements may be identified by the words “anticipate,” believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “may,” “will,” “could,” “should,” “seek,” “potential” and similar expressions. Forward-looking statements are based on Immunome’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with: the impact of the COVID-19 pandemic on Immunome’s business, operations, strategy, goals and anticipated milestones; Immunome’s ability to execute on its strategy including with respect to the timing of its R&D efforts, IND filings, initiation of clinical studies and other anticipated milestones; the timing and effectiveness of any antibody therapeutics which may be developed by Immunome; Immunome’s ability to fund operations; and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Immunome’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (SEC) on March 25, 2021, and elsewhere in Immunome’s filings and reports with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Immunome undertakes no duty to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

 

IMMUNOME, INC.

Statements of operations

(in thousands, except share and per share amounts)

 

Three Months Ended December 31,

 

Year ended December 31,

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Operating expenses:

 

 

 

 

Research and development

$

1,835

 

$

2,432

 

$

7,486

 

$

8,823

 

General and administrative

 

2,238

 

 

456

 

 

4,775

 

 

1,525

 

Total operating expenses

 

4,073

 

 

2,888

 

 

12,261

 

 

10,348

 

Loss from operations

 

(4,073

)

 

(2,888

)

 

(12,261

)

 

(10,348

)

Other expenses:

Change in fair value of warrant liability

 

11

 

 

 

 

(5,538

)

 

 

Interest expense, net

 

(11

)

 

(34

)

 

(38

)

 

(96

)

Total other expenses

 

-

 

 

(34

)

 

(5,576

)

 

(96

)

Net loss

$

(4,073

)

$

(2,922

)

$

(17,837

)

$

(10,444

)

Per share information:

 

 

 

 

Net loss per share of common stock, basic and diluted

$

(0.40

)

$

(2.66

)

$

(5.26

)

$

(9.55

)

Weighted-average common shares outstanding, basic and diluted

 

10,190,607

 

 

1,097,907

 

 

3,389,592

 

 

1,093,959

 

IMMUNOME, INC.

Balance sheets

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

39,766

 

$

2,543

Prepaid expenses and other current assets

 

 

3,128

 

 

579

Total current assets

 

 

42,894

 

 

3,122

Property and equipment, net

 

 

1,531

 

 

1,700

Restricted cash

 

 

100

 

 

100

Other assets

 

 

 

 

138

Total assets

 

$

44,525

 

$

5,060

Liabilities, convertible preferred stock, and stockholders’ equity (deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of capital lease obligations

 

$

 

$

239

Current portion of long-term debt

 

 

366

 

 

Current portion of equipment loan payable

 

 

113

 

 

212

Accounts payable

 

 

1,187

 

 

548

Accrued expenses and other current liabilities

 

 

1,372

 

 

666

Total current liabilities

 

 

3,038

 

 

1,665

Equipment loan payable, net of current portion

 

 

 

 

113

Long-term debt, net of current portion

 

 

134

 

 

Deferred rent

 

 

8

 

 

18

Total liabilities

 

 

3,180

 

 

1,796

 

 

 

 

 

 

 

Series A convertible preferred stock

 

 

 

 

38,894

Stockholders’ equity (deficit):

 

 

 

 

 

 

Common stock

 

 

1

 

 

Additional paid-in capital

 

 

95,738

 

 

927

Accumulated deficit

 

 

(54,394)

 

 

(36,557)

Total stockholders’ equity (deficit)

 

 

41,345

 

 

(35,630)

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)

 

$

44,525

 

$

5,060

 

Immunome Contact
Purnanand Sarma, PhD
Chief Executive Officer
Immunome, Inc.
investors@immunome.com

Investor Contact
Laurence Watts
Managing Director
Gilmartin, LLC
laurence@gilmartinir.com

Immunome Media Contact
Megan McGrath or Nick Chang
MacDougall
781-235-3060
mmcgrath@macbiocom.com or nchang@macbiocom.com

Source: Immunome

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