Immunome Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Immunome Inc. filed its 2023 10-K, detailing financial performance and significant corporate events including collaborations and public offerings.</b>

AI Summary

Immunome Inc. (IMNM) filed a Annual Report (10-K) with the SEC on March 28, 2024. Immunome Inc. reported its 2023 fiscal year-end results on March 28, 2024. The company's business address is 18702 N. Creek Parkway, Suite 100, Bothell, WA 98011. Key events in 2023 included a collaboration agreement with AbbVie on January 31, 2023. Subsequent events include a follow-on public offering on February 16, 2024, and a purchase agreement with Ayala on February 5, 2024. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Immunome Inc., this filing contains several important signals. This filing provides a comprehensive overview of Immunome's financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's trajectory. The report highlights key strategic partnerships and financing activities, such as the AbbVie collaboration and subsequent public offerings, which are vital indicators of future growth potential and funding.

Risk Assessment

Risk Level: medium — Immunome Inc. shows moderate risk based on this filing. The company is in the pharmaceutical preparations industry, which is highly competitive and subject to significant regulatory oversight and lengthy development cycles, posing inherent risks to revenue generation and profitability.

Analyst Insight

Investors should monitor Immunome's progress on its collaboration with AbbVie and the impact of its recent follow-on public offering on its cash position and future research and development initiatives.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end date)
• 2024-03-28 — Filing Date (Date the 10-K was filed)
• 2024-02-16 — Follow-On Public Offering (Subsequent event date)
• 2024-02-05 — Ayala Purchase Agreement (Subsequent event date)
• 2023-01-31 — AbbVie Collaboration (Date of collaboration agreement)

Key Players & Entities

• Immunome Inc. (company) — Filer name
• 2023 (date) — Fiscal year
• March 28, 2024 (date) — Filing date
• Bothell, WA (location) — Business address city, state
• AbbVie (company) — Collaboration partner
• January 31, 2023 (date) — Collaboration agreement date
• February 16, 2024 (date) — Follow-on public offering date
• Ayala (company) — Purchase agreement partner

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by government authorities, which can impact product development, approval, manufacturing, and marketing.
• Market Competition [high — market]: The company faces intense competition from other biotechnology and pharmaceutical companies, which could affect its ability to gain market share.
• Need for Additional Funding [medium — financial]: The company's operations require substantial capital, and it may need to raise additional funds through equity or debt offerings, which may not be available on favorable terms.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-28: 10-K Filing Date — Date Immunome Inc. submitted its annual report.

Key Financial Figures

• $0.0001 — ) On Which Registered Common Stock, $0.0001 Par Value IMNM The Nasdaq Capital M
• $30 million — with AbbVie under which AbbVie paid us $30 million upfront for access to up to 10 targets

Filing Documents

• tmb-20231231x10k.htm (10-K) — 2086KB
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Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 47

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 100

Cybersecurity

Item 1C. Cybersecurity 101

Properties

Item 2. Properties 102

Legal Proceedings

Item 3. Legal Proceedings 102

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 102 PART II 103

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 103

[Reserved]

Item 6. [Reserved] 103

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 104

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 115

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 115

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 115

Controls and Procedures

Item 9A. Controls and Procedures 115

Other Information

Item 9B. Other Information 116

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 116 PART III 116

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 116

Executive Compensation

Item 11. Executive Compensation 116

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 117

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 117 PART IV 117

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 148 89 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Business

Item 1. Business General We are a biopharmaceutical company focused on the development of targeted oncology therapies. We believe that the pursuit of novel or underexplored targets will be central to the next generation of transformative therapies. For that reason, we pursue therapeutics that we believe have best-in-class or first-in-class potential. Our goal is to establish a broad pipeline of preclinical and clinical assets which we can efficiently develop through successive value inflection points. To support that goal, we pair business development activity with significant investment in our internal discovery programs. Our named pipeline comprises one clinical and three preclinical assets. Our clinical asset is AL102, an investigational gamma secretase inhibitor, or GSI, currently under evaluation in a Phase 3 trial for the treatment of desmoid tumors. We acquired AL102 and related assets pursuant to an Asset Purchase Agreement, or the Ayala Purchase Agreement, with Ayala Pharmaceuticals, Inc., or Ayala, that we entered into on February 5, 2024, and the 5 Table of Contents transaction closed on March 25, 2024. Based on our evaluation of Phase 2 data, we believe that AL102 has the potential, if approved, to establish a new standard of care for patients with desmoid tumors. Our preclinical pipeline is centered on IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, or ADC; IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT, candidate; and IM-4320, an anti-IL-38 immunotherapy candidate. We anticipate submitting investigational new drug applications, or INDs, for IM-3050 and IM-1021 in the first quarter of 2025 and for IM-4320 at a later date. We believe that each of these drugs has the potential to improve outcomes for patients across multiple indications. Our business model is built upon our expertise in discovering and developing targeted therapies as well as our ability to eva

View Full Filing

View this 10-K filing on SEC EDGAR