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Immunome Inc. (IMNM)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered a modest EPS and revenue beat versus S&P Global consensus: EPS of $-0.50 vs. $-0.53 and collaboration revenue of $4.02M vs. $1.03M; year-over-year, operating expenses rose and net loss widened to $43.4M, driven by higher R&D and G&A to advance clinical programs . Estimates: EPS and revenue consensus from S&P Global; see Estimates Context section for details.*
  • Management reiterated key 2025 pipeline milestones: topline Phase 3 RINGSIDE data for varegacestat expected before year-end 2025 and Phase 1 initiation for IM-3050 in 2025, underscoring execution on clinical timelines .
  • EMA granted Orphan Drug Designation to varegacestat in July 2025, strengthening regulatory positioning alongside prior FDA ODD (Nov 2023) .
  • AbbVie collaboration revenue fully recognized and the agreement terminated in July 2025, implying minimal collaboration revenue going forward and increased reliance on equity financing and internal pipeline milestones for catalysts .
  • Liquidity remains solid with $268.0M in cash, cash equivalents and marketable securities at 6/30/25; runway guided into 2027, supporting upcoming readouts and clinical starts .

What Went Well and What Went Wrong

What Went Well

  • Varegacestat program momentum and regulatory tailwinds: “We look forward to sharing topline data for the RINGSIDE trial of varegacestat before the end of this year, and we are well-positioned to support a new drug application submission for that program as appropriate.” — Clay B. Siegall, Ph.D., CEO . EMA granted Orphan Drug Designation in July 2025 .
  • Execution in IM-1021 dose escalation (ROR1 ADC): “We recently dosed the third cohort of patients in the dose escalation study of IM-1021… making progress towards IND submission for three additional ADCs utilizing [HC74] technology.” .
  • Balance sheet resilience: $268.0M cash, cash equivalents and marketable securities; runway into 2027, enabling funded execution across RINGSIDE topline and IM-3050 Phase 1 initiation .

What Went Wrong

  • Higher operating expenses and widening net loss: Total OpEx increased to $50.5M (vs. $42.4M YoY); net loss widened to $43.4M (vs. $36.1M YoY), reflecting increased R&D for varegacestat manufacturing/clinical activities and higher personnel-related costs .
  • Collaboration revenue visibility set to zero: The AbbVie agreement terminated in July 2025 with all remaining revenue recognized by Q2, reducing near-term revenue sources .
  • Sequential decline in combined liquidity from Q1 levels due to operating cash outflows and investment activity, though overall runway remains intact (Q1 combined cash+marketable securities $317.3M vs. Q2 $268.0M) .

Financial Results

Summary P&L and Liquidity (YoY and Sequential)

MetricQ2 2024Q1 2025Q2 2025
Collaboration Revenue ($USD)$2.364M $2.926M $4.015M
Total Operating Expenses ($USD)$42.373M $47.562M $50.493M
Net Loss ($USD)$(36.122)M $(41.640)M $(43.397)M
Diluted EPS ($USD)$(0.60) $(0.52) $(0.50)
R&D Expense ($USD)$29.083M $36.872M $40.451M
G&A Expense ($USD)$6.978M $10.690M $10.042M
Cash, Cash Equivalents + Marketable Securities ($USD)N/A$317.3M $268.0M
Weighted-Average Shares (Basic & Diluted)59,936,703 79,410,354 87,010,742

Notes: Collaboration revenue is the sole revenue line item; cash totals reflect company disclosures in press releases and filings.

R&D Program Breakdown

R&D Component ($USD)Q2 2024Q2 2025
Varegacestat (GSI)$4.526M $12.733M
IM-1021 (ROR1 ADC)$7.685M $1.728M
IM-3050 (FAP RLT)$3.182M $1.012M
Other Product Candidates$8.206M $11.206M
Indirect R&D$5.484M $13.772M
Total R&D$29.083M $40.451M

Drivers: Varegacestat spend increased (manufacturing and clinical activities post-Ayala acquisition), while IM-1021 and IM-3050 declined YoY due to timing of outsourced work; indirect R&D rose with higher personnel costs .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Varegacestat Phase 3 (RINGSIDE Part B) Topline2H 2025“Second half of 2025” “Before end of 2025” Clarified/Narrowed timing
IM-3050 Phase 1 Initiation2025“Second half of 2025” “Before end of 2025” Maintained
Cash RunwayThrough 2027“Runway into 2027” “Fund operations into 2027” Maintained
AbbVie Collaboration RevenuePost-Q2 2025Deferred revenue recognized; agreement active All revenue recognized; agreement terminated July 2025 Lowered to zero going forward

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript identified; themes compiled from 8-K press release and 10-Q .

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Regulatory/LegalFDA Orphan Drug Designation (Nov 2023) referenced; INDs progressing EMA Orphan Drug Designation for varegacestat (Jul 2025) Strengthening regulatory profile
R&D ExecutionIM-1021 first patient dosed (Feb 2025) Third cohort dosed in IM-1021; progressing ADC pipeline Advancing dose escalation
Radioligand Therapy (IM-3050)IND submitted Mar 2025; initiation expected 2H 2025 IND cleared; initiation before end of 2025 On track to start
Collaboration RevenueDeferred revenue present/recognition ongoing Agreement terminated; all revenue recognized Ending external revenue stream
Facilities/OperationsN/AAdded 13,000 sq ft; tenant improvements up to $9.3M Capacity expansion
Macro/TariffsGeneral macro risks disclosed Expanded macro/tariff risk disclosures Persistent risk backdrop

Management Commentary

  • “Immunome made substantial progress in the second quarter of 2025, underscored by the continued advancement of our clinical programs towards key milestones.” — Clay B. Siegall, Ph.D., President & CEO .
  • “We look forward to sharing topline data for the RINGSIDE trial of varegacestat before the end of this year, and we are well-positioned to support a new drug application submission for that program as appropriate.” — Clay B. Siegall, Ph.D. .
  • “We recently dosed the third cohort of patients in the dose escalation study of IM-1021… and are making progress towards IND submission for three additional ADCs utilizing [HC74] technology.” — Company statement .
  • Liquidity positioning: Company expects current cash to fund operations into 2027 .

Q&A Highlights

No Q2 2025 earnings call transcript found in the document set; therefore, no Q&A disclosures available for this quarter (search returned zero earnings-call-transcript documents for 2025) [ListDocuments result].

Estimates Context

Results vs. S&P Global consensus:

MetricQ1 2025Q2 2025Q3 2025
EPS (Consensus Mean)$(0.656)*$(0.529)*$(0.576)*
EPS (Actual)$(0.52) $(0.50) $(0.65)
Revenue (Consensus Mean)$0.457M*$1.025M*$0.727M*
Revenue (Actual)$2.926M $4.015M N/A
  • Q2: EPS beat by ~$0.03; revenue beat by ~$$2.99M, driven by increased R&D activities allocated to AbbVie before termination and higher program execution pace .
  • Q1 also exceeded consensus on both EPS and revenue.
  • Counts: EPS estimates (Q2: 9; Q1: 9; Q3: 11); Revenue estimates (Q2: 8; Q1: 7; Q3: 11).*

Values marked with an asterisk (*) are retrieved from S&P Global and do not carry document citations.

Key Takeaways for Investors

  • Event-driven setup: Expect heightened volatility into varegacestat Phase 3 topline by year-end; EMA/FDA ODD support regulatory narrative .
  • Near-term revenue normalization: With the AbbVie collaboration terminated and all revenue recognized, expect minimal collaboration revenue going forward; focus shifts to clinical catalysts and potential financing optionality .
  • Expense trajectory: R&D will remain elevated as programs advance; YoY increases reflect manufacturing and trial costs for varegacestat and personnel investment; monitor OpEx discipline against runway guidance .
  • Liquidity: $268.0M combined liquid assets and runway into 2027 reduce financing urgency pre-topline; nonetheless, equity market conditions remain a risk factor .
  • ADC platform breadth: Multiple ADCs in IND-enabling stages with proprietary HC74 payload create multi-asset optionality beyond varegacestat .
  • Facility scale-up: Expanded Bothell footprint supports pipeline execution and internalizing capabilities .
  • Regulatory momentum: Orphan designations and potential fast-track pathways (already granted Fast Track for varegacestat) can expedite review cycles, though not guaranteed .

Additional Data Sources and Cross-References:

  • Q2 2025 press release and financial statements within the 8-K: .
  • Separate Business Wire press release mirroring Q2 details: .
  • Q2 2025 10-Q for detailed program, revenue recognition, and expense components: .
  • Q1 2025 press release and 8-K: .
  • FY 2024 8-K and press release (for prior-period context): .

Estimates Disclaimer: All consensus estimates marked with an asterisk (*) are sourced from S&P Global.