Short answer
Immunome Inc. (IMNM) filed its fiscal 2025 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $7M (−23.2% year over year) and net income of −$212M.
- Top risk flagged: Cybersecurity risk with potential regulatory fines, litigation, operational disruption, and reputational harm from IT system compromises
FY2025 key financial metrics · XBRL
- Revenue
- $7M
- −23.2% YoY
- Net income
- −$212M
- +27.5% YoY
- Operating margin
- -3228.8%
- +153.5 pp YoY
- EPS (diluted)
- −$2.43
- +51.4% YoY
- ROE
- -33.5%
- +128.2 pp YoY
- Operating cash flow
- −$191M
- −72.3% YoY
Source: XBRL data from the Immunome Inc. (IMNM) FY2025 10-K on SEC EDGAR. USD.
Immunome Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and commercialization of first- and best-in-class targeted oncology therapies with focus on antibody-drug conjugates (ADCs) and radioligand therapies (RLTs)
- New emphasis on varegacestat for desmoid tumors with positive Phase 3 results and planned NDA submission Q2 2026
- Strategic shift to advancing innovative pipeline including IM-1021 (ROR1 ADC in Phase 1) and IM-3050 (FAP-targeted RLT with IND clearance in April 2025)
- Pipeline breadth: 3 clinical and 3 preclinical assets; positive Phase 3 topline for varegacestat showing 84% PFS risk reduction (HR=0.16, p<0.0001)
- Noteworthy: Acquisition of varegacestat from Ayala Pharmaceuticals in March 2024 and fastest pivotal study hazard ratio reported in desmoid tumor population
Management Discussion & Analysis
- Collaboration revenue $6.9M, down $2.1M YoY from $9.0M, ceasing after July 2025 termination
- Operating margin improvement: operating loss $224.1M vs $305.8M, R&D expenses up to $177.3M vs $129.5M, G&A $43.8M vs $33.0M
- Best segment: Varegacestat R&D $52.4M, up $24.4M YoY; Worst segment: IM-1021 R&D $11.0M, down $13.1M YoY
- Cash flow 2025: Operating cash use $190.9M vs $110.8M; Financing inflows $640.4M (public offerings and ATM); Capex $9.7M and IPR&D purchase $6.2M
- Outlook: NDA submission for varegacestat Q2 2026; Increased R&D and G&A expected for clinical advancement and commercialization; Additional financing likely needed beyond 12 months
Risk Factors
- Cybersecurity risk with potential regulatory fines, litigation, operational disruption, and reputational harm from IT system compromises
- Key-person dependency on three senior IT officers managing cybersecurity, including Head of IT and Senior Director with 30+ years biotech experience
- Board audit committee oversight of cybersecurity risk management and incident reporting, with escalation protocols for material cyber threats
Generated from the filing text; verify against the original. How to read a 10-K
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