On May 14, 2024 Immunome, Inc. (Nasdaq: IMNM), a biotechnology company focused on developing first-in-class and best-in-class targeted cancer therapies, reported financial results for the first quarter ended March 31, 2024, and provided a business update (Press release, Immunome, MAY 14, 2024, View Source [SID1234643225]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"Immunome continues to build momentum. We have completed the integration of AL102 and are executing activities necessary for regulatory submissions," said Clay B. Siegall, Ph.D., President and Chief Executive Officer. "We have also completed the integration of IM-1021 and are advancing that program and IM-3050 towards clinical trials."

Dr. Siegall continued, "In addition, we are working internally to design and develop additional next-generation ADC technology. Those efforts are complemented by our ongoing business development efforts, which seek to identify and procure high-quality technologies and clinical programs. Both our internal and external efforts are focused on expanding Immunome’s pipeline with additional programs that have first-in-class or best-in-class potential and can improve the lives of cancer patients."

Pipeline Highlights

The purchase of AL101 and AL102 from Ayala Pharmaceuticals closed on March 25, 2024. Full enrollment for the Phase 3 RINGSIDE Part B study of AL102 for the treatment of desmoid tumors was completed in February 2024. Immunome expects to report topline data for RINGSIDE Part B in the second half of 2025. In parallel, Immunome continues to perform additional manufacturing and pharmacology work required to support a new drug application filing for AL102.

Immunome anticipates submitting INDs for two preclinical candidates in the first quarter of 2025: IM-1021, a ROR1 ADC, and IM-3050, a FAP-targeted RLT.

First Quarter 2024 Financial Results

· As of March 31, 2024, cash, cash equivalents and marketable securities totaled $309.7 million. Immunome’s current cash runway is expected to extend into 2026.

· Research and development expenses for the quarter ended March 31, 2024 were $15.4 million, including stock-based compensation costs of $0.4 million.

· In-process research and development expenses for the quarter ended March 31, 2024 were $112.0 million. These expenses were related to Immunome’s acquisition of AL101 and AL102 from Ayala Pharmaceuticals, Inc. and the exclusive license of IM-1021 and related ADC platform technology from Zentalis Pharmaceuticals, Inc., both of which closed in the quarter ended March 31, 2024.

· General and administrative expenses for the quarter ended March 31, 2024 were $6.0 million, including stock-based compensation expense of $1.8 million.

· Immunome reported a net loss of $129.5 million, or basic and diluted net loss per share attributable to common stockholders of $2.51, for the quarter ended March 31, 2024.