Executive Summary

Q1 2025 delivered large beats versus consensus: collaboration revenue was $2.93M versus $0.46M consensus, and EPS was -$0.52 versus -$0.66 consensus; the magnitude reflects lumpy collaboration revenue and disciplined OpEx management. Bold: Revenue and EPS beat (consensus from S&P Global).
Cash, cash equivalents and marketable securities increased to $317.3M, aided by January’s $172.5M gross offering; management guides cash runway into 2027 .
Pipeline catalysts strengthened: IND clearance for IM-3050 (April), first patient dosed for IM-1021 (February), and RINGSIDE Phase 3 topline timing reiterated for 2H 2025; NDA-enabling work is underway for varegacestat .
Near-term stock reaction catalysts: RINGSIDE topline in 2H25, IM-3050 Phase 1 initiation in 2H25, and updates from IM-1021 dose escalation; financing reduces execution risk and supports multiple milestones .

What Went Well and What Went Wrong

Significant top-line surprise: collaboration revenue of $2.93M versus Street $0.46M; company reiterated pipeline progress and near-term milestones, underpinning confidence. Bold: Revenue beat (consensus from S&P Global).
Pipeline execution: IM-3050 IND clearance (April), IM-1021 first patient dosed (February), with IND-enabling manufacturing ongoing across three ADCs (IM-1617/1335/1340) .
Management confidence in varegacestat: “We remain on track to share topline data for the RINGSIDE trial… and we are optimistic that varegacestat will demonstrate differentiated efficacy across multiple endpoints.” — Clay B. Siegall, Ph.D., CEO .

Continued net loss of $41.64M (GAAP), reflecting R&D investment and limited revenue base typical of clinical-stage biotechs .
Elevated R&D ($36.87M) and G&A ($10.69M), including $5.70M in stock-based compensation; while strategic, OpEx growth remains a watch item as programs advance .
Cash outflows impacted by approximately $11M in non-recurring milestone and bonus payments within the quarter, partially offset by financing proceeds .

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$2.91	$2.74*	$2.93
Net Income (Loss) ($USD Millions)	$(47.10)	$(80.25)*	$(41.64)
Diluted EPS ($USD)	$(0.78)	$(1.28)*	$(0.52)

Values marked with * retrieved from S&P Global.

Metric	Q3 2024	Q4 2024	Q1 2025
R&D Expense ($USD Millions)	$37.20	N/A	$36.87
G&A Expense ($USD Millions)	$9.53	N/A	$10.69
Cash & Equivalents ($USD Millions)	N/A	$143.35 (as of 12/31/24)	$257.61 (as of 3/31/25)
Marketable Securities ($USD Millions)	N/A	$73.95 (as of 12/31/24)	$59.71 (as of 3/31/25)
Total Cash & Securities ($USD Millions)	$240.10 (as of 9/30/24)	$217.30 (as of 12/31/24)	$317.30 (as of 3/31/25)

Metric	Consensus (Q1 2025)	Actual (Q1 2025)	Outcome
Revenue ($USD Millions)	$0.46	$2.93	Beat
EPS ($USD)	$(0.66)	$(0.52)	Beat
EPS - # of Estimates	9	—	—
Revenue - # of Estimates	7	—	—

Consensus values retrieved from S&P Global.

Revenue type: Collaboration revenue (no segment breakdown provided) .
Share-based compensation: $5.70M in Q1 2025 ($2.43M R&D; $3.27M G&A) .
Non-recurring cash items: ~ $11M related to IM-1021 milestones and 2024 bonuses in Q1 .

Metric	Period	Previous Guidance	Current Guidance	Change
RINGSIDE (varegacestat) topline	2H 2025	2H 2025 (Q4/FY reiterated)	2H 2025	Maintained
Varegacestat NDA-enabling work	2025	Ongoing manufacturing/pharmacology	Ongoing to support NDA filing	Maintained
IM-3050 (FAP radiotherapy) IND	Q1 2025	IND expected by end of Q1 2025	IND cleared in April 2025	Achieved (raised clarity)
IM-3050 trial start	2H 2025	Initiate later in 2025	Initiate Phase 1 in 2H 2025	Clarified timing
IM-1021 (ROR1 ADC)	2025	IND cleared; trial to begin	Phase 1 dose escalation ongoing; first patient dosed Feb 2025	Progressed to clinical dosing
Cash runway	Through 2027	Into 2027	Into 2027	Maintained

Note: An earnings call transcript for Q1 2025 was not available in the catalog; themes below reflect press releases (Q2/Q3 2024 vs Q1 2025).

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q1 2025)	Trend
Varegacestat RINGSIDE timing	Topline expected 2H 2025; NDA-enabling work ongoing	Topline confirmed 2H 2025; NDA-enabling work ongoing	Stable, execution-focused
IM-1021 (ROR1 ADC)	IND expected Q1 2025	Phase 1 ongoing; first patient dosed (Feb)	Advancing to clinic
IM-3050 (FAP radiotherapy)	IND expected Q1 2025	IND cleared (Apr); trial start 2H 2025	Milestone achieved; next milestone set
ADC payload HC74 and preclinical ADCs	Differentiated TOP1 payload; IND-enabling for IM-1617/1335/1340	IND-enabling manufacturing progressing; additional undisclosed ADCs	Continued expansion
Capital position	Cash runway into 2026	Runway into 2027; $172.5M gross offering closed	Extended runway

“Immunome continued to build momentum in the first quarter of 2025… we remain on track to share topline data for the RINGSIDE trial of varegacestat in the second half of 2025, and we are optimistic that varegacestat will demonstrate differentiated efficacy across multiple endpoints.” — Clay B. Siegall, Ph.D., President & CEO .
“The dose escalation portion of the Phase 1 clinical trial of IM-1021, our ROR1 ADC, is ongoing… we expect to start a clinical trial for [IM-3050] in the second half of this year.” .
“As of March 31, 2025, cash, cash equivalents and marketable securities totaled $317.3M… Immunome expects its current cash position to fund operations into 2027.” .

No Q1 2025 earnings call transcript was available in the document catalog; thus, Q&A specifics and any guidance clarifications from the call cannot be provided. Management’s prepared remarks from press releases emphasize RINGSIDE timing, clinical starts, and cash runway .

EPS: Actual $(0.52) vs consensus $(0.66) — beat (9 estimates).
Revenue: Actual $2.93M vs consensus $0.46M — beat (7 estimates).
Implications: Street models likely need to reflect higher collaboration revenue cadence and reduced loss per share for Q1, though forward periods should remain conservative given revenue lumpiness and clinical-stage profile. Consensus values retrieved from S&P Global.

Execution on pipeline milestones (IM-3050 IND clearance; IM-1021 first dosing) reduces clinical risk and sets up multiple 2H25 readouts and initiations; cash runway into 2027 supports sustained execution .
Varegacestat RINGSIDE topline in 2H25 is the principal near-term stock catalyst; NDA-enabling work progressing suggests potential regulatory path if data are supportive .
Q1 beats on both revenue and EPS highlight collaboration-driven upside variability and disciplined OpEx; monitor future quarters for cadence normalization .
Financing completed in January 2025 materially de-risks capital needs and may compress equity risk premiums ahead of clinical events .
Watch OpEx trajectory as multiple programs advance; stock-based compensation and non-recurring items (e.g., milestones) can affect quarterly cash flows .
Near-term trading: positioning into RINGSIDE topline and IM-3050 Phase 1 start; medium-term thesis hinges on clinical differentiation across targeted oncology portfolio and clarity on regulatory timelines .

Notes:
- Where values are marked with *, they are retrieved from S&P Global.
- Consensus estimates are from S&P Global.