Immunome Q3 net loss widens on higher expenses

Overview

• Oncology drug developer reported Q3 net loss widened year-over-year on higher operating expenses

• Company ended Q3 with $461.6 mln in cash and expects runway into 2028

• Lead drug varegacestat has FDA PDUFA date set for April 2027 and EMA MAA validated

Outlook

• Company expects current cash position to fund operations into 2028

• Varegacestat PDUFA target action date set for April 28, 2027

• Company plans to initiate IM-1340 Phase 1 trial by year-end 2026

Result Drivers

• R&D SPENDING - Higher research and development expenses contributed to increased net loss in Q3

• ADMINISTRATIVE COSTS - Increased general and administrative expenses added to overall operating costs

• SHARE-BASED COMPENSATION - Higher non-cash share-based compensation expenses increased operating costs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Immunome, Inc. is $35.50, about 89.7% above its November 6 closing price of $18.71

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)