Immunome (IMNM) AI Stock Analysis

• Market Cap: $2.26B
• Dividend Yield: N/A
• Average Volume (3M): 1.16M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• 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: 1,467,534
• 30 Day Avg. Volume: 1,163,528
• 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: 159.70
• Enterprise Value/Gross Profit: -25.34
• Enterprise Value/Ebitda: -5.31
• 1Y Price Target: $35.36
• Price Target Upside: 76.71% 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: $20.00 ▼(-0.05% Downside)
• 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

Low leverage / strong balance sheet

Immunome's extremely low debt-to-equity provides durable financial flexibility and reduces refinancing risk over the next 2-6 months. This balance-sheet strength supports sustained R&D spending and regulatory filings without immediate liquidity pressure, enabling program execution.

Positive Phase 3 topline and NDA plan

A successful Phase 3 and a planned NDA submission materially de-risk the lead program on a structural basis. This changes the company's strategic posture toward regulatory review, potential partnerships and commercialization planning, shaping tangible value drivers over months.

Materially improved liquidity from follow-on offering

The sizable follow-on funding provides a durable runway to advance clinical programs and prepare regulatory submissions without immediate fundraising. That financing supports operational continuity and strategic optionality for partnerships or commercialization activities in the medium term.

Negative Factors

Persistent negative operating cash flow

Consistent and widening negative operating and free cash flow indicates structural cash burn from R&D and operations. Even with recent financing, this persistent deficit implies continued dependence on external funding and constrains reinvestment or strategic flexibility over the coming 2-6 months.

Declining revenue and sustained net losses

Two-year revenue decline and multi-year sizable net losses show the business has not yet generated commercial revenue. Persistent negative margins reduce the company's ability to self-fund growth, raise the threshold for profitability, and remain a structural headwind into the near term.

Reliance on equity financing (dilution risk)

A business model dependent on equity raises creates recurring dilution risk for shareholders and may be required again given ongoing cash burn. This reliance can limit long-term shareholder returns and influence strategic choices, remaining relevant while the company lacks product revenue.

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 primarily makes money through funding and external collaborations rather than product sales, as it is a clinical-stage company with no marketed therapeutics. Key revenue sources include: (1) Collaboration and license revenue: payments received under licensing or collaboration arrangements (e.g., upfront payments, research funding reimbursements, and potential development/regulatory/commercial milestone payments and royalties if partnered programs succeed); specific counterparties and terms are not consistently public across all periods, so detailed partner economics are null. (2) Other operating revenue (if reported): may include contract-related income or service-related receipts tied to collaboration activities; if not separately disclosed in filings for a given period, this is null. (3) Financing activities (not revenue, but core cash source): the company funds operations largely through issuing equity (public offerings/ATM programs) and, if applicable, debt or other instruments; these proceeds support R&D until product commercialization. Longer term, if Immunome successfully commercializes a therapy, it would expect to generate revenue from product sales and potentially royalties from out-licensed assets, but current product-sales revenue is null.

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: 20.01
• 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 20.01 is below the 20-day moving average (MA) of 21.33, below the 50-day MA of 22.70, and above the 200-day MA of 15.69, indicating a neutral trend. The MACD of -0.63 indicates Positive momentum. The RSI at 37.86 is Neutral, neither overbought nor oversold. The STOCH value of 28.92 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	$935.20M	―	-34.23%	―	522.13%	62.68%
TNGX	55 Neutral	$2.77B	-10.13	-50.30%	―	53.28%	21.77%
TSHA	53 Neutral	$1.26B	-16.13	-56.64%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMTX	51 Neutral	$1.26B	-5.79	-39.69%	―	-27.61%	-69.49%
IMNM	50 Neutral	$2.26B	-8.83	-57.61%	―	-4.44%	63.58%
SANA	46 Neutral	$829.96M	-4.22	-141.99%	―	―	31.16%