Executive Summary

Q4 2024 was a transition quarter focused on pipeline execution and balance-sheet strengthening; full-year collaboration revenue was $9.04M and net loss was $293.0M as R&D and in‑process R&D ramped with asset acquisitions and clinical starts .
Cash, cash equivalents and marketable securities were $217.3M at year-end (excluding $172.5M raised in Jan-2025), extending cash runway into 2027; this is an improvement vs Q3’s 2026 runway .
Management highlighted key 2025 milestones: Phase 3 RINGSIDE topline (H2 2025), first patient dosed in IM‑1021 Phase 1 (Feb-2025), and IND submission for IM‑3050 (Mar-2025) .
No Q4 earnings call transcript or SPGI consensus estimates were available at time of analysis; estimates comparisons and call Q&A are therefore not provided (SPGI request-limit error; will update when available) .

What Went Well and What Went Wrong

What Went Well

Cash runway extended into 2027, supported by $172.5M gross proceeds from an upsized public offering in Jan-2025 and $217.3M year-end liquidity; sets up multiple clinical milestones in 2025–2026 .
Clinical execution: first patient dosed in IM‑1021 Phase 1 (ROR1 ADC) in Feb-2025; IND submitted for IM‑3050 (FAP radioligand therapy) in Mar-2025, advancing portfolio breadth .
CEO tone confident on 2025 catalysts: “foundation for a productive 2025… look forward to topline data [RINGSIDE] in the second half of 2025” .

What Went Wrong

Collaboration revenue for FY 2024 ($9.04M) was below the nine-month figure reported at Q3 ($10.19M), implying a negative Q4 adjustment; reflects revenue timing/adjustments as audited year-end figures superseded unaudited Q3 .
Operating expenses remained elevated: FY in‑process R&D $152.3M related to business development activity; R&D $129.5M and G&A $33.0M drove FY net loss of $293.0M .
No earnings call transcript available for Q4; lack of call detail/clarifications limits visibility into quarterly puts/takes and revenue adjustment drivers .

Financial Results

Quarterly comparison (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Collaboration Revenue ($USD Millions)	$2.36	$2.91	-$1.15 (derived from FY $9.04 minus 9M $10.19)
In-Process R&D ($USD Millions)	$6.31	$6.71	$27.37 (derived from FY $152.34 minus 9M $124.97)
Research & Development ($USD Millions)	$29.08	$37.20	$47.89 (derived from FY $129.54 minus 9M $81.65)
General & Administrative ($USD Millions)	$6.98	$9.53	$10.45 (derived from FY $32.96 minus 9M $22.51)
Total Operating Expenses ($USD Millions)	$42.37	$53.43	$85.71 (derived from FY $314.84 minus 9M $229.13)
Loss from Operations ($USD Millions)	-$40.01	-$50.52	-$82.97 (derived from FY -$305.80 minus 9M -$222.83)
Interest Income ($USD Millions)	$3.89	$3.42	$2.72 (derived from FY $12.84 minus 9M $10.12)
Net Loss ($USD Millions)	-$36.12	-$47.10	-$80.25 (derived from FY -$292.96 minus 9M -$212.71)
Net Loss per Share (basic & diluted, $USD)	-$0.60	-$0.78	N/A (company provided FY EPS; not disclosed quarterly)

Notes: Q4 values are derived from audited FY 2024 figures and unaudited nine‑month figures reported with Q3; year-end adjustments led to FY collaboration revenue below 9M. This implies a Q4 revenue reversal/adjustment .

Liquidity

Metric	Q2 2024	Q3 2024	Q4 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$278.4	$240.1	$217.3 (excludes Jan-2025 offering)

Full-year YoY

Metric	FY 2023	FY 2024
Collaboration Revenue ($USD Millions)	$14.02	$9.04
Research & Development ($USD Millions)	$23.09	$129.54
In-Process R&D ($USD Millions)	$80.80	$152.34
General & Administrative ($USD Millions)	$19.66	$32.96
Interest Income ($USD Millions)	$2.72	$12.84
Net Loss ($USD Millions)	-$106.81	-$292.96
Net Loss per Share (basic & diluted, $USD)	-$5.38	-$5.00

Segment breakdown: Not applicable (collaboration revenue; no product sales segments) .

KPIs:

Cash runway: into 2027 (vs 2026 at Q3) .
Clinical milestones: IM‑1021 first patient dosed (Feb-2025); IM‑3050 IND submitted (Mar-2025); RINGSIDE Part B topline H2 2025 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Into 2026 (as of Q3 2024)	Into 2027 (as of FY/Q4 update)	Raised runway
Varegacestat (RINGSIDE) Topline	H2 2025	H2 2025	H2 2025 reaffirmed	Maintained
IM‑1021 (ROR1 ADC)	1H 2025	IND submission expected Q1 2025	First patient dosed Feb 2025; Phase 1 ongoing	Advanced to dosing
IM‑3050 (FAP RLT)	2025	IND submission expected Q1 2025	IND submitted Mar 2025; Phase 1 initiation H2 2025 expected	Advanced to IND

No financial guidance (revenue/EPS/margins/tax rate/dividends) provided .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript available; themes below reflect press releases across quarters.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4/FY 2024)	Trend
Cash Runway	Into 2026	Into 2026	Into 2027 (excl. Jan-2025 raise)	Improving
Financing	—	—	$172.5M upsized offering (Jan-2025)	Positive
Varegacestat (RINGSIDE)	H2 2025 topline expected; manufacturing/pharmacology prep	H2 2025 topline expected; NDA prep	H2 2025 topline reaffirmed; NDA-support work ongoing	Steady progress
IM‑1021 (ROR1 ADC)	IND expected Q1 2025	IND expected Q1 2025	First patient dosed Feb-2025; Phase 1 ongoing	Advanced to clinic
IM‑3050 (FAP RLT)	IND expected Q1 2025	IND expected Q1 2025	IND submitted Mar-2025; Phase 1 start H2 2025 expected	Advanced to IND
ADC Payload (HC74)	Building ADC toolbox via BD (Atreca/Nectin/Bluefin/OncoResponse)	Differentiated HC74 profile highlighted	Continued emphasis on HC74 potency/ADME vs DXd	Strengthening
R&D spend trajectory	R&D $29.1M in Q2	R&D $37.2M in Q3	FY R&D $129.5M; IPR&D $152.3M	Elevated with assets/clinical

Management Commentary

“Immunome’s efficient execution in 2024 laid the foundation for a productive 2025… we particularly look forward to topline data in the second half of 2025 for the RINGSIDE trial of varegacestat” — Clay B. Siegall, Ph.D., President & CEO .
“Our highly capable team is achieving our vision of a broad, differentiated portfolio of ADCs… first patient dosed in the Phase 1 clinical trial of IM‑1021… IND for IM‑3050… initiate Phase 1 later this year” .
“Immunome continues to advance its pipeline… topline data for the RINGSIDE Part B trial… IND submissions for IM‑1021 and IM‑3050 are on track” .

Q&A Highlights

No Q4 2024 earnings call transcript was available; Q&A themes and clarifications cannot be assessed .

Estimates Context

Wall Street consensus (SPGI/Capital IQ) for Q4 2024 EPS and revenue was unavailable due to a temporary request-limit error; estimates comparisons and beat/miss designations cannot be provided at this time. Values will be updated when accessible (S&P Global) .

Key Takeaways for Investors

Liquidity and runway: Year-end liquidity of $217.3M plus Jan-2025 proceeds extends runway into 2027, de‑risking execution on 2025–2026 milestones .
2025 catalyst path: RINGSIDE topline H2 2025; IM‑1021 Phase 1 dosing underway; IM‑3050 IND filed — multiple shots on goal across modalities (GSI, ADC, RLT) .
Expense profile: Elevated FY R&D/IPR&D reflects portfolio build and integration; expect continued investment intensity through Phase 3 readout and Phase 1 ramps .
Revenue optics: Year-end collaboration revenue lower than nine-month total implies Q4 adjustment; watch for 10‑K/MD&A clarifications and future disclosures on collaboration accounting .
Portfolio breadth: Proprietary HC74 payload and IND‑enabling ADCs (IM‑1617/IM‑1340/IM‑1335) support medium‑term optionality beyond near‑term assets .
Near-term trading implications: Stock likely to trade on clinical flow (IM‑1021 Phase 1 safety/PK signals, IM‑3050 trial initiation timing) and RINGSIDE timelines rather than quarterly P&L prints .
Estimate linkage: With consensus unavailable and no product revenue, focus on cash runway sufficiency and milestone delivery to drive sentiment; update models after SPGI access is restored (S&P Global) .

Citations:

FY/Q4 press release and 8-K exhibit:
Q3 2024 press release and 8-K exhibit:
Q2 2024 press release:
Additional Q4 pipeline press release:
10-K FY 2024 (business/pipeline context):

Immunome Inc. (IMNM)·Q4 2024 Earnings Summary