Immunome, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $57.5 million, compared to a net loss of $47.1 million for the same period in 2024. The company's total operating expenses increased to $60.1 million from $53.4 million year-over-year, primarily driven by higher research and development costs, which rose by $12.0 million to $49.2 million. The increase in R&D expenses was attributed to intensified clinical trial activities and manufacturing efforts related to its lead asset, varegacestat, which is currently in a Phase 3 trial for desmoid tumors.
In terms of revenue, Immunome did not report any collaboration revenue for the third quarter of 2025, a decline from $2.9 million in the same quarter of the previous year. This decrease was due to the termination of a collaboration agreement with AbbVie, which had previously contributed to the company's revenue stream. For the nine months ended September 30, 2025, collaboration revenue totaled $6.9 million, slightly up from $6.3 million in the prior year. The company has not generated any product revenue to date and does not anticipate doing so until it successfully completes development and obtains regulatory approval for its product candidates.
Immunome's financial position showed significant improvement, with cash and cash equivalents increasing to $272.6 million as of September 30, 2025, up from $143.4 million at the end of 2024. The company raised $161.7 million through a public offering in January 2025 and an additional $44.9 million from an at-the-market sales agreement during the third quarter. The total liabilities decreased to $35.5 million from $59.1 million at the end of 2024, reflecting a reduction in accounts payable and accrued expenses.
Strategically, Immunome has been active in expanding its pipeline and capabilities. The company is advancing three clinical assets, including varegacestat, IM-1021, and IM-3050, with plans to initiate a Phase 1 trial for IM-3050 in early 2026. Additionally, Immunome has made significant investments in research and development, with a focus on developing antibody-drug conjugates (ADCs) targeting novel cancer therapies. The company has also entered into various asset purchase agreements, including those with Ayala Pharmaceuticals and Zentalis Pharmaceuticals, to enhance its portfolio of oncology treatments.
Looking ahead, Immunome expects to continue incurring losses as it invests in the development of its therapeutic candidates. The company anticipates that its existing cash reserves will be sufficient to fund operations for at least the next 12 months. However, it may need to seek additional capital through equity offerings, collaborations, or other financing arrangements to support its long-term business objectives. The company remains committed to advancing its innovative pipeline and achieving regulatory milestones for its product candidates.
About Immunome Inc.
Immunome, Inc. is a biopharmaceutical company focused on developing targeted cancer therapies, including antibody-drug conjugates (ADCs), radioligand therapies, and small molecules. Its pipeline features clinical and preclinical assets targeting solid tumors, hematologic malignancies, and novel cancer markers like ROR1 and FAP. The company leverages proprietary payloads, innovative targets, and strategic collaborations to address unmet medical needs in oncology.
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