8-K
Immunome Inc. (IMNM)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):May 5, 2023
Immunome, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-39580 | 77-0694340 |
|---|---|---|
| (state or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 665 Stockton Drive, Suite 300 Exton, Pennsylvania | 19341 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code: (610) 321-3700
Not applicable
(Formername or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange<br> on which registered |
|---|---|---|
| Common Stock, $0.0001 par value per share | IMNM | The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On May 5, 2023, Immunome, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits.
| ExhibitNo. | Description |
|---|---|
| 99.1 | Press Release<br> dated May 5, 2023 (furnished herewith) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IMMUNOME, INC. | |
|---|---|
| By: | /s/ Purnanand D. Sarma |
| Purnanand D. Sarma, Ph.D. | |
| President and Chief Executive Officer |
Dated: May 5, 2023
Exhibit 99.1
Immunome Reports First Quarter 2023 Financial Results
Exton, PA – May 5, 2023 – Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics to improve patient care, today reported financial results for the first quarter ended March 31, 2023 and provided a corporate update.
“The external validation of our Discovery Engine through our collaboration with AbbVie underlines the need for disruptive technologies that can shape the progress of cancer research. To that end, we are proud to further highlight the formation of Immunome’s Antibody-Drug Conjugate and T Cell Redirection Advisory Board that will help us prioritize selection of novel targets for ADCs and TCRs,” stated Purnanand Sarma, Ph.D., President and CEO of Immunome. “The validation we have received so far makes us truly excited about the potential of our Discovery Engine, and we continue to leverage this within our existing oncology pipeline and in existing and potential future strategic collaborations.”
Highlights
| · | AbbVie and Immunome Announced Strategic Collaboration to Discover Multiple Novel Oncology Targets.<br>In January 2023, Immunome entered into a strategic collaboration and option agreement with AbbVie for the discovery of up to 10 novel<br>antibody-target pairs arising from three specified tumor types derived from Immunome’s Discovery Engine. Payment structure includes<br>$30 million upfront, $70 million in platform milestones with low single digit millions per targets in potential options payments. In addition,<br>Immunome is eligible to receive $120 million per target in development and first commercial sale milestone, $150 million per target in<br>sales-based milestones and tiered royalties on global sales. |
|---|---|
| · | Immunome Announced Formation of Antibody-Drug Conjugate and T Cell Redirection Advisory Board. In<br>February, 2023, Immunome established an advisory board, comprised of Dr. John Lambert and Dr. Anthony Tolcher, to prioritize selection<br>of novel targets for antibody drug conjugates (ADCs) and T cell redirection (TCR) modalities. |
| --- | --- |
| · | Immunome Presented at the 13th Annual World ADC London Conference. In March 2023, Immunome participated<br> in World ADC London, Europe’s longest standing and definitive antibody-drug<br> conjugate (ADC) event dedicated to maximizing the therapeutic window of ADCs. Matthew Robinson,<br> Ph.D., Chief Technology Officer of Immunome discussed how Immunome’s Discovery Engine<br> can highlight novel target classes which have relevance for multiple therapeutic modalities,<br> including ADCs. |
| --- | --- |
FinancialHighlights
| · | CollaborationRevenue: Collaboration Revenue from the Collaboration Agreement with AbbVie for the three months ended March 31, 2023 was $2.4 million. |
|---|---|
| · | Researchand development (R&D) expenses: R&D expenses for the three months ended March 31, 2023 were $3.9 million. |
| --- | --- |
| · | Generaland administrative (G&A) expenses: G&A expenses, net of interest income, for the three months ended March 31, 2023 were<br>$2.8 million. |
| --- | --- |
| · | Netloss: Net loss for the three months ended March 31, 2023 was $4.3 million. |
| --- | --- |
| · | Cashand cash equivalents: As of March 31, 2023, cash and cash equivalents totaled $44.4 million. |
| --- | --- |
About Immunome
Immunome is a biopharmaceutical company that utilizes its proprietary human memory B cell platform to discover and develop antibody therapeutics to improve patient care. The company’s focus is on discovering and developing therapeutics in oncology internally and in collaboration with our partners. For more information, please visit www.immunome.com or follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, express or implied statements that are not historical fact regarding matters such as: Immunome’s and its collaborators’ ability to achieve anticipated discovery, development and commercial milestones; the timing and results of preclinical studies and clinical trials; regulatory submissions and actions; translation of preclinical data into clinical safety and efficacy; and therapeutic potential and benefits of, and possible need and demand for, Immunome’s programs and development candidates. Forward-looking statements may be identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “suggest,” “can,” “may,” “will,” “could,” “should,” “seek,” “potential” and similar words, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Immunome’s current expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to Immunome’s ability to execute on its strategy, R&D efforts and collaborations with third parties, Immunome’s ability to fund operations and raise capital; Immunome’s reliance on vendors; the competitive landscape and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Immunome’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (SEC) on March 16, 2023, and elsewhere in Immunome’s other filings and reports with the SEC. Forward-looking statements contained in this announcement are made as of this date, and Immunome undertakes no duty to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. In this press release, we may discuss our current and potential future product candidates that have not yet completed clinical trials or been approved for marketing by the U.S. Food and Drug Administration or other governmental authority, including expectations about their therapeutic potential and benefits thereof. No representation is made as to the safety or effectiveness of these current or potential future product candidates for the use for which such product candidates are being studied.
| IMMUNOME, INC. | |||||
|---|---|---|---|---|---|
| Condensed Balance Sheets | |||||
| (In thousands, except share data) | |||||
| (unaudited) | |||||
| December 31, 2022 | |||||
| --- | --- | --- | --- | --- | --- |
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 44,424 | $ | 20,323 | ||
| Prepaid expenses and other current assets | 2,112 | 2,326 | |||
| Total current assets | 46,536 | 22,649 | |||
| Property and equipment, net | 916 | 681 | |||
| Operating right-of-use asset, net | 230 | 284 | |||
| Restricted cash | 100 | 100 | |||
| Deferred offering costs | 332 | 332 | |||
| Total assets | 48,114 | $ | 24,046 | ||
| Liabilities and stockholders’ equity | |||||
| Current liabilities: | |||||
| Accounts payable | 3,310 | $ | 2,400 | ||
| Accrued expenses and other current liabilities | 3,306 | 4,931 | |||
| Deferred revenue, current | 18,215 | — | |||
| Total current liabilities | 24,831 | 7,331 | |||
| Deferred revenue, non-current | 9,421 | — | |||
| Other long-term liabilities | — | 62 | |||
| Total liabilities | 34,252 | 7,393 | |||
| Commitments and contingencies (Note 7) | |||||
| Stockholders’ equity: | |||||
| Preferred stock, 0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2023 and December 31, 2022, respectively | — | — | |||
| Common stock, 0.0001 par value; 200,000,000 shares authorized; 12,194,184 and 12,128,843 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 1 | 1 | |||
| Additional paid-in capital | 134,132 | 132,653 | |||
| Accumulated deficit | (120,271 | ) | (116,001 | ) | |
| Total stockholders’ equity | 13,862 | 16,653 | |||
| Total liabilities and stockholders’ equity | 48,114 | $ | 24,046 |
All values are in US Dollars.
IMMUNOME, INC.
Condensed Statementsof Operations
(In thousands, except share and per share data)
(unaudited)
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Collaboration revenue | $ | 2,364 | $ | — | ||
| Operating expenses: | ||||||
| Research and development | 3,913 | 8,078 | ||||
| General and administrative | 2,922 | 3,576 | ||||
| Total operating expenses | 6,835 | 11,654 | ||||
| Loss from operations | (4,471 | ) | (11,654 | ) | ||
| Interest income | 201 | 1 | ||||
| Net loss | $ | (4,270 | ) | $ | (11,653 | ) |
| Per share information: | ||||||
| Net loss per share of common stock, basic and diluted | $ | (0.35 | ) | $ | (0.96 | ) |
| Weighted-average common shares outstanding, basic and diluted | 12,182,478 | 12,122,903 |
Immunome Contact
Corleen Roche
Chief Financial Officer
Immunome, Inc.
investors@immunome.com
Investor ContactLaurence Watts
Managing Director
Gilmartin, LLC
laurence@gilmartinir.com
Media Contact
Andrew Mielach
Vice President, Account Management
LifeSci Communications
amielach@lifescicomms.com