Immunome (IMNM) AI Stock Analysis

• Market Cap: $2.44B
• Dividend Yield: N/A
• Average Volume (3M): 1.47M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: -4.44%
• EPS Growth: 63.58%
• Country: US
• Employees: 131
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.65
• Shares Outstanding: 110,335,270
• 10 Day Avg. Volume: 888,200
• 30 Day Avg. Volume: 1,474,279
• PEG Ratio: 0.30
• Price to Book (P/B): 3.44
• Price to Sales (P/S): 68.88
• P/FCF Ratio: -3.79
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 182.01
• Enterprise Value/Gross Profit: -43.79
• Enterprise Value/Ebitda: -8.74
• 1Y Price Target: $34.90
• Price Target Upside: 57.78% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: $28.00 ▲(26.58% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is driven by strong technical momentum and meaningful positive clinical and funding events, partially offset by weak financial performance (large losses and heavy cash burn) and limited valuation support given the negative P/E and no dividend.

Positive Factors

Low Leverage / Strong Balance Sheet

Very low debt (debt-to-equity ~0.02) materially reduces solvency risk for a cash-burning biotech. Over a multi-month horizon this structural conservatism increases the company's ability to sustain R&D and clinical programs without debt-driven liquidity shocks, supporting execution of clinical milestones.

Positive Phase 3 Results / NDA Pathway

Positive RINGSIDE Phase 3 topline results and a planned Q2 2026 NDA submission represent a structural shift from exploratory to regulatory-stage execution. Successful filing advances the company toward potential approval, commercial pathways, and partnering or royalty opportunities that could materially change long-term revenue prospects.

Material Follow-On Financing

A roughly $400M follow-on offering materially strengthens cash resources, extending runway to complete late-stage trials and regulatory work. This durable funding reduces near-term financing risk and enables milestone-driven development, though it does increase dilution; it meaningfully raises the chance of executing planned regulatory milestones.

Negative Factors

High Cash Burn

Persistently large negative operating and free cash flow (~-$185M to -$192M TTM) is a structural weakness for a clinical-stage biotech. Sustained burn necessitates repeated external financing, which can dilute shareholders, constrain strategic flexibility, and expose the company to funding availability risk if capital markets tighten.

Small and Declining Revenue Base

Revenue of ~$9.7M TTM, declining ~23% year-over-year, indicates the company lacks meaningful operating income to offset R&D and G&A costs. Over a 2-6 month horizon this structural revenue weakness limits internal funding capacity and makes the business highly dependent on financing or partnerships to sustain development.

Large Net Losses & Negative Returns

A deep TTM net loss (~-$223M) and sharply negative ROE signal persistent unprofitability. If losses continue, equity dilution or asset impairments can erode balance sheet strength. Over several months this creates pressure to secure capital or cut programs, raising execution risk for clinical and commercialization plans.

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

Balance sheet strength (very low leverage with debt-to-equity ~0.02) is a key positive, but operating performance is weak: revenue is modest ($9.7M TTM) and down ~23% YoY, with a deep net loss (~-$223M) and very high cash burn (OCF ~-$185M; FCF ~-$192M), increasing reliance on external funding over time.

Income Statement

TTM (Trailing-Twelve-Months) revenue is modest ($9.7M) and down materially versus the prior year (about -23%), showing a weakening top-line trajectory. Profitability is very pressured: the company is deeply loss-making (TTM net loss about -$223M) with highly negative operating and EBITDA margins, indicating an expense base far above the current revenue scale. A positive is that revenue has been established versus the earlier years with no revenue, but the current trend and magnitude of losses keep overall income statement quality weak.

Balance Sheet

The balance sheet looks relatively conservatively levered, with very low debt versus equity (TTM debt-to-equity ~0.02), which reduces financial risk despite operating losses. Equity has also increased versus 2023, supporting the asset base. The key weakness is that returns on equity are sharply negative (driven by large net losses), which can erode balance sheet strength over time if losses persist.

Cash Flow

Cash generation is a clear headwind: TTM (Trailing-Twelve-Months) operating cash flow is deeply negative (about -$185M) and free cash flow is also significantly negative (about -$192M), implying substantial ongoing cash burn. While free cash flow is roughly in line with net losses (not meaningfully worse than earnings), the absolute burn level is high and appears worse than 2023, increasing dependence on external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.68M	9.04M	14.02M	0.00	0.00	0.00
Gross Profit	-40.23M	9.04M	14.02M	0.00	0.00	-755.00K
EBITDA	-201.54M	-151.35M	-28.00M	-36.27M	-24.45M	-17.04M
Net Income	-222.74M	-292.96M	-106.81M	-36.90M	-24.71M	-17.84M
Balance Sheet
Total Assets	299.38M	240.24M	148.54M	24.05M	57.92M	44.52M
Cash, Cash Equivalents and Short-Term Investments	272.64M	217.30M	138.14M	20.32M	49.23M	39.77M
Total Debt	4.01M	4.83M	1.65M	291.00K	317.00K	613.00K
Total Liabilities	35.46M	59.08M	28.66M	7.39M	9.74M	3.18M
Stockholders Equity	263.92M	181.16M	119.88M	16.65M	48.19M	41.34M
Cash Flow
Free Cash Flow	-192.09M	-164.30M	-8.40M	-28.94M	-18.30M	-12.72M
Operating Cash Flow	-185.03M	-110.79M	-7.57M	-28.69M	-18.23M	-12.13M
Investing Cash Flow	74.56M	-85.06M	-30.48M	-248.00K	-79.00K	-586.00K
Financing Cash Flow	227.65M	240.53M	116.41M	32.00K	27.77M	49.94M

Immunome Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 22.12
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMNM, the sentiment is Positive. The current price of 22.12 is below the 20-day moving average (MA) of 23.91, below the 50-day MA of 22.62, and above the 200-day MA of 14.53, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 44.85 is Neutral, neither overbought nor oversold. The STOCH value of 13.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMNM.

Immunome Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMNM	60 Neutral	$2.44B	-7.48	-93.04%	―	-4.44%	63.58%
IMTX	56 Neutral	$1.37B	-9.36	-29.00%	―	-27.61%	-69.49%
GERN	54 Neutral	$1.24B	-16.22	-29.57%	―	522.13%	62.68%
TNGX	53 Neutral	$1.73B	-14.05	-51.65%	―	53.28%	21.77%
TSHA	53 Neutral	$1.34B	-13.79	-64.93%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SANA	51 Neutral	$1.13B	-4.36	-96.11%	―	―	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.