Immunome Inc. (IMNM)·Q3 2025 Earnings Summary

Executive Summary

• Immunome reported Q3 2025 net loss of $57.5M and EPS of $(0.65); revenue was $0 versus Wall Street consensus of $0.727M, resulting in a clear revenue miss and a modest EPS miss against the S&P Global consensus EPS of $(0.576). The company ended the quarter with $272.6M in cash and cash equivalents and reiterated a runway into 2027 .
• Management reaffirmed a near-term catalyst: topline Phase 3 RINGSIDE data for varegacestat before year-end 2025, with an NDA submission “if warranted,” keeping the regulatory pathway front-and-center .
• IM-1021 showed objective responses at multiple dose levels in B‑cell lymphoma, adding clinical validation to the HC74 ADC payload; initial program data are planned for 2026 .
• IM-3050 start of Phase 1 shifted to early 2026 due to third-party radiotracer supply timing, a delay versus prior guidance to initiate in 2H/YE 2025 .

What Went Well and What Went Wrong

What Went Well

• Management highlighted observed objective responses at multiple dose levels in B‑cell lymphoma patients treated with IM‑1021, underscoring HC74’s potential: “The clinical activity and safety we’ve seen underscore the potential of HC74, our proprietary TOP1 inhibitor ADC payload” .
• Near‑term pivotal catalyst intact: “We anticipate the release of topline data for the RINGSIDE trial of varegacestat before the end of this year, to be followed by an NDA submission if warranted” .
• Balance sheet strengthened: Cash and cash equivalents were $272.6M, with ATM proceeds contributing $44.9M; runway reiterated into 2027 .

What Went Wrong

• Collaboration revenue was $0 versus $2.910M in Q3 2024 and $4.015M in Q2 2025, driving a revenue miss versus Wall Street consensus ($0.727M)* and contributing to the EPS miss (actual $(0.65) vs $(0.576)) .
• R&D expenses rose Q/Q to $49.2M (from $40.5M) as pipeline execution scaled, pushing total operating expenses to $60.1M and net loss to $57.5M .
• IM‑3050 Phase 1 timing slipped to early 2026 (previously guided for 2H/YE 2025), introducing timeline risk in the radioligand program .

Financial Results

• Estimate values marked with an asterisk are retrieved from S&P Global.*

Balance Sheet and KPIs

Narrative on results versus estimates

• Collaboration revenue: $0 vs $0.727M consensus → bold miss, reflecting no recognized collaboration revenue in the quarter. R&D step‑up contributed to higher operating expenses and wider loss Q/Q .*
• EPS: $(0.65) vs $(0.576) consensus → bold miss, driven by lack of revenue and elevated R&D/G&A to advance clinical and preclinical programs .*

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We anticipate the release of topline data for the RINGSIDE trial of varegacestat before the end of this year, to be followed by an NDA submission if warranted.” — Clay B. Siegall, Ph.D., President and CEO .
• “We have observed objective responses at multiple dose levels in B‑cell lymphoma patients treated with IM‑1021… underscore the potential of HC74… We plan to present initial data for that program in 2026.” — Clay B. Siegall, Ph.D. .
• Prior quarters reinforced the trajectory: “We look forward to sharing topline data for the RINGSIDE trial… and we are well‑positioned to support a new drug application submission” (Q2) ; “We remain on track to share topline data… and we are optimistic…” (Q1) .

Q&A Highlights

• No public earnings call transcript or Q&A content was available via the company’s investor relations site or major transcript repositories as of Nov 20, 2025; Immunome’s IR news page lists the press release but no transcript for Q3 2025 .

Estimates Context

• Q3 2025 EPS: Actual $(0.65) vs S&P Global consensus $(0.576)* → bold miss of $0.074 per share .*
• Q3 2025 Revenue: Actual $0.000M vs S&P Global consensus $0.727M* → bold miss of $0.727M .*
• Number of covering estimates: EPS (11), Revenue (11)* — indicates a reasonably followed micro‑cap biotech cohort.*

Estimates detail

• Estimate values marked with an asterisk are retrieved from S&P Global.*

Key Takeaways for Investors

• Near‑term binary catalyst: RINGSIDE Phase 3 topline data for varegacestat before year‑end remains the primary stock driver; an NDA “if warranted” frames significant upside if efficacy and safety profiles align with expectations .
• Clinical validation emerging in the ADC platform: objective responses in IM‑1021 bolster the HC74 payload thesis, with initial data targeted for 2026 — supports medium‑term platform value .
• Liquidity provides runway through pivotal milestones: $272.6M cash and runway into 2027 reduce financing overhang near‑term, though non‑dilutive options may still be pursued to optimize capital structure .
• Watch for IM‑3050 timeline risk: Phase 1 initiation moved to early 2026, introducing execution dependence on radiotracer supply — monitor vendor progress and trial start signals .
• Expect estimate recalibration: Analysts likely to trim near‑term revenue assumptions (collaboration revenue variability) and adjust EPS models for higher R&D cadence tied to program advancement .*
• Trading setup: Into the RINGSIDE readout, stock likely to trade on trial‑outcome probabilities and regulatory path clarity; position sizing should reflect binary risk and optionality tied to ADC updates .
• Medium‑term thesis: If RINGSIDE is positive and IM‑1021 data strengthen in 2026, Immunome’s pipeline breadth (HC74‑based ADCs, radioligand) could crystallize a multi‑asset oncology platform with differentiated mechanisms .

Additional sources: Company Q3 2025 press release on IR site and Business Wire republication .