Immunome Inc. (NASDAQ: IMNM), a biotechnology company focused on developing targeted oncology therapies, reported a net loss of $212.4 million for the year ended December 31, 2025, compared to a net loss of $293.0 million for the previous year. The company's collaboration revenue decreased to $6.9 million in 2025 from $9.0 million in 2024, primarily due to the termination of its collaboration agreement with AbbVie in July 2025. Research and development expenses increased to $177.3 million in 2025 from $129.5 million in 2024, driven by clinical trial activities and manufacturing for its product candidates. General and administrative expenses also rose to $43.8 million in 2025 from $33.0 million in 2024, reflecting increased personnel costs and professional service fees.
A significant portion of the company's operating expenses was attributed to in-process research and development (IPR&D). In 2025, IPR&D expenses totaled $10.0 million, related to the achievement of a development milestone for varegacestat. In 2024, IPR&D expenses were significantly higher at $152.3 million, primarily due to the write-off of acquired IPR&D assets from Ayala, Bristol-Myers Squibb, and Zentalis, which were determined to have no alternative future use. Interest income decreased slightly from $12.8 million in 2024 to $11.7 million in 2025, due to lower interest rates.
Operationally, Immunome highlighted the positive topline results from its Phase 3 RINGSIDE trial of varegacestat for desmoid tumors, with plans to submit a New Drug Application (NDA) in the second quarter of 2026. The company is also advancing IM-1021, a ROR1 antibody-drug conjugate, currently in Phase 1 trials, and IM-3050, a FAP-targeted radioligand therapy, with plans to initiate a Phase 1 trial in early 2026. Additionally, Immunome is progressing three preclinical assets, IM-1617, IM-1340, and IM-1335, with anticipated IND submissions in 2026.
As of December 31, 2025, Immunome's cash and cash equivalents totaled $653.5 million. The company believes these funds will be sufficient to support its planned operating expenses and capital expenditures for at least the next 12 months. The company's strategy includes advancing varegacestat towards potential commercialization, leveraging its antibody-drug conjugate (ADC) capabilities to progress additional pipeline assets, and pursuing selective business development opportunities. The company had 177 full-time employees as of December 31, 2025, with 133 engaged in research and development activities.
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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