Immunome (IMNM) AI Stock Analysis

• Market Cap: $2.30B
• Dividend Yield: N/A
• Average Volume (3M): 1.10M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.67
• Revenue Growth: -4.44%
• EPS Growth: 63.58%
• Country: US
• Employees: 131
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.76
• Shares Outstanding: 113,133,200
• 10 Day Avg. Volume: 1,230,905
• 30 Day Avg. Volume: 1,095,868
• PEG Ratio: 0.17
• Price to Book (P/B): 2.96
• Price to Sales (P/S): 270.32
• P/FCF Ratio: -9.35
• Enterprise Value/Market Cap: 0.49
• Enterprise Value/Revenue: 164.13
• Enterprise Value/Gross Profit: -26.04
• Enterprise Value/Ebitda: -5.46
• 1Y Price Target: $35.36
• Price Target Upside: 73.67% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): -2.4
• Revenue Forecast (FY): $9.83M

• Rating: 50 Neutral
• Price Target: $21.50 ▲(5.60% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by persistent losses, declining revenue, and significant cash burn despite a strong low-debt balance sheet. Technicals are currently weak versus short-term averages with negative MACD, and valuation signals remain constrained by negative earnings. Offsetting these risks, corporate developments are a notable positive, led by strong Phase 3 results and improved funding capacity from the follow-on offering.

Positive Factors

Strong cash runway and low leverage

The sizable cash balance from the December financing and stated runway into 2028 materially reduces near-term refinancing risk. This liquidity supports NDA, regulatory, manufacturing and commercial readiness activities and gives time to advance pipeline assets without immediate pressure to raise capital.

Positive Phase 3 RINGSIDE results and NDA plan

Robust Phase 3 topline outcomes and a planned NDA submission represent a structural shift from discovery to potential commercialization. Approval would create a long-term revenue stream and validate development capabilities, materially altering the company's business model and reducing binary clinical risk.

Broader ADC pipeline with planned INDs

Advancing multiple ADC programs diversifies clinical risk beyond a single asset and leverages proprietary discovery capabilities. A multi-program IND cadence can create sustained value creation opportunities and long-term product optionality even if individual programs fail.

Negative Factors

High and persistent cash burn

Consistent, worsening negative operating and free cash flow indicates the business is not currently self-sustaining and requires ongoing capital to fund R&D and commercialization. Continued high burn raises the risk of future dilution if timelines or costs extend beyond current runway.

Declining revenues and sustained losses

Consecutive revenue declines and large net losses show limited near-term revenue generation and negative margins. Until commercial sales commence, profitability metrics and returns will likely remain poor, constraining reinvestment capacity and prolonging reliance on external funding.

Reliance on equity financing (dilution risk)

The company funds operations primarily via equity offerings and collaborations rather than product cash flow. Frequent or large equity raises dilute existing shareholders and create execution risk if capital markets tighten, potentially limiting strategic flexibility long term.

Immunome Business Overview & Revenue Model

Company Description

Immunome, Inc., a biopharmaceutical company, discovers and develops antibody therapeutics for oncology and infectious disease. The company's lead oncology program includes IMM-ONC-01, which targets IL-38 tumor-derived immune checkpoint capable of promoting evasion of the immune system. It also develops IMM-BCP-01, an antibody cocktail product candidate for the treatment of SARS-CoV-2 infections and COVID-19. The company was incorporated in 2006 and is headquartered in Exton, Pennsylvania.

How the Company Makes Money

Immunome generates revenue primarily through the development and commercialization of its therapeutic candidates, which are designed to address specific disease indications. The company may earn income through various streams, including milestone payments from partnerships with pharmaceutical companies, royalties from product sales once therapies are commercialized, and funding from grants or government contracts aimed at supporting research and development efforts. Significant collaborations with larger pharmaceutical companies can also provide upfront payments and additional funding tied to the achievement of development milestones, significantly contributing to the company's financial stability and growth.

Immunome Financial Statement Overview

Summary

Overall financial profile is mixed: a strong, low-leverage balance sheet (very low debt-to-equity and rising equity/assets) is offset by weak operating results and heavy cash burn. Revenue has declined in recent years and net losses remain sizable, while operating and free cash flow are deeply negative, implying ongoing funding needs until commercialization scales.

Income Statement

Revenue has declined for two consecutive years (down ~0.4% in 2024 and down ~28.3% in 2025), and profitability remains very weak with sizable net losses each year (net income of -$106.8M in 2023 worsening to -$293.0M in 2024 and -$212.4M in 2025). Margins are deeply negative, indicating the business is still in a heavy investment/burn phase; while losses improved in 2025 versus 2024, the earnings profile remains far from sustainable.

Balance Sheet

The balance sheet is a relative strength: leverage is extremely low (debt-to-equity ~0.6% in 2025; ~2.7% in 2024), providing flexibility and reducing refinancing risk. Equity and assets increased materially in 2025 (equity ~$634.3M vs. ~$181.2M in 2024; assets ~$683.2M vs. ~$240.2M), but returns remain sharply negative given ongoing losses (return on equity -33.5% in 2025 and -161.7% in 2024), highlighting that capital is not yet generating positive earnings.

Cash Flow

Cash generation is pressured by consistent cash burn: operating cash flow was negative across all years shown and deteriorated in 2024 and 2025 (from -$7.6M in 2023 to -$110.8M in 2024 and -$190.9M in 2025). Free cash flow is also deeply negative (-$164.3M in 2024; -$200.6M in 2025), with only a modest improvement in 2025 growth versus 2024; overall, the trend points to elevated funding needs until revenues scale materially.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.94M	9.04M	14.02M	0.00	0.00
Gross Profit	3.99M	9.04M	14.02M	0.00	0.00
EBITDA	-211.16M	-151.35M	-28.00M	-36.27M	-24.45M
Net Income	-212.39M	-292.96M	-106.81M	-36.90M	-24.71M
Balance Sheet
Total Assets	683.19M	240.24M	148.54M	24.05M	57.92M
Cash, Cash Equivalents and Short-Term Investments	653.48M	217.30M	138.14M	20.32M	49.23M
Total Debt	3.85M	4.83M	1.65M	291.00K	317.00K
Total Liabilities	48.84M	59.08M	28.66M	7.39M	9.74M
Stockholders Equity	634.34M	181.16M	119.88M	16.65M	48.19M
Cash Flow
Free Cash Flow	-200.60M	-164.30M	-8.40M	-28.94M	-18.30M
Operating Cash Flow	-190.92M	-110.79M	-7.57M	-28.69M	-18.23M
Investing Cash Flow	60.80M	-85.06M	-30.48M	-248.00K	-79.00K
Financing Cash Flow	640.36M	240.53M	116.41M	32.00K	27.77M

Immunome Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMNM, the sentiment is Negative. The current price of 20.36 is below the 20-day moving average (MA) of 21.72, below the 50-day MA of 22.68, and above the 200-day MA of 15.41, indicating a neutral trend. The MACD of -0.56 indicates Positive momentum. The RSI at 38.67 is Neutral, neither overbought nor oversold. The STOCH value of 36.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMNM.

Immunome Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GERN	57 Neutral	$1.06B	-10.26	-34.23%	―	522.13%	62.68%
TNGX	55 Neutral	$2.55B	-10.13	-50.30%	―	53.28%	21.77%
TSHA	53 Neutral	$1.24B	-8.82	-67.26%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMTX	51 Neutral	$1.32B	-5.79	-39.69%	―	-27.61%	-69.49%
IMNM	50 Neutral	$2.30B	-8.83	-57.61%	―	-4.44%	63.58%
SANA	46 Neutral	$872.65M	-4.22	-141.99%	―	―	31.16%

Immunome Corporate Events

Immunome Announces Follow-On Public Offering Pricing

On December 16, 2025, Immunome announced the pricing of a follow-on public offering of 18,625,000 shares of common stock at $21.50 per share, expected to generate approximately $400 million in gross proceeds. The offering, closing on December 18, 2025, supports Immunome’s market activities and reinforces its strategic push in advancing its oncology-focused initiatives, including its innovative therapy pipeline.

The most recent analyst rating on (IMNM) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Immunome stock, see the IMNM Stock Forecast page.

Immunome Announces Positive Phase 3 Trial Results

On December 15, 2025, Immunome announced positive topline results from its Phase 3 RINGSIDE trial of varegacestat in patients with progressing desmoid tumors. The trial demonstrated significant improvements in progression-free survival and objective response rate compared to placebo, with varegacestat showing an 84% reduction in the risk of disease progression or death. The company plans to submit a New Drug Application to the FDA in Q2 2026, positioning varegacestat as a potential new standard of care for desmoid tumors.

The most recent analyst rating on (IMNM) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Immunome stock, see the IMNM Stock Forecast page.