Immunome announces $125 million stock offering

BOTHELL, Wash. - Immunome, Inc. (NASDAQ:IMNM), a biotechnology firm engaged in the development of targeted cancer therapies, revealed plans for a public offering of $125 million in common stock. The announcement comes as the stock trades near its 52-week low of $8.97, having declined over 52% in the past year. The company stated that all shares in the offering are to be sold by Immunome itself. The announcement also mentioned a 30-day option for underwriters to buy up to an additional 15% of shares. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available for subscribers.

The offering is subject to market conditions and other factors, and there is no certainty regarding the completion or specifics of the offering. Investment banks J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities are serving as joint book-running managers, with Wedbush PacGrow as the lead manager.

This offering is in line with a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on February 13, 2024, which was effective upon filing. Details of the offering will be available on the SEC’s website and through the managing banks. The company maintains a strong liquidity position with a current ratio of 6.17, holding more cash than debt on its balance sheet.

Immunome’s portfolio includes several pipeline programs. While InvestingPro data shows the company is quickly burning through cash with an EBITDA of -$110.44 million in the last twelve months, its development pipeline continues to advance. Varegacestat is in a Phase 3 trial for desmoid tumors, IM-1021, a ROR1 antibody-drug conjugate (ADC), and IM-3050, a FAP-targeted radioligand, with an investigational new drug (IND) submission expected in the first quarter of 2025.

The company’s press release includes forward-looking statements regarding the offering, which are subject to risks and uncertainties. These include market conditions, the offering’s completion and size, and other factors detailed in Immunome’s SEC filings.

This news article is based on a press release statement from Immunome, Inc. and does not include any endorsements of claims or promotional content.

In other recent news, Immunome Inc . disclosed preliminary financial data, expecting to report approximately $217.3 million in cash, cash equivalents, and marketable securities as of December 31, 2024. The company also announced a merger and the promotion of Max Rosett to Chief Financial Officer, accompanied by a significant relocation package, including $400,000 in bonuses. Piper Sandler maintained an Overweight rating on Immunome, reflecting optimism for the potential of its drug AL102.

Immunome’s pipeline includes a variety of assets, with its lead clinical candidate, varegacestat, in a Phase 3 trial for desmoid tumors. The company also anticipates beginning a Phase 1 trial for IM-1021, an antibody-drug conjugate targeting ROR1, in the first quarter of 2025. Additional updates were provided on its preclinical assets, including IM-3050, a radioligand therapy targeting fibroblast activation protein for solid tumors, and three other solid tumor antibody-drug conjugate candidates: IM-1617, IM-1340, and IM-1335.

The company also secured an exclusive global license agreement with Nectin Therapeutics to develop, manufacture, and commercialize products derived from a series of monoclonal antibodies. These are all recent developments that investors should consider.

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