What caused IMNM's Q1 earnings to fall short of forecasts?

Immunome's Q1 earnings fell short of forecasts due to several key factors:

1. **Revenue Miss**: The company's quarterly revenue was reported to be $2.74 million, which fell below the consensus estimate of $3.07 million. This revenue shortfall indicates that the company's actual performance did not meet the expectations set by analysts.
2. **Earnings Per Share (EPS) Miss**: Immunome reported an EPS of -$0.84 for the quarter, which was worse than the consensus estimate of -$0.68. This suggests that the company's losses were higher than anticipated, contributing to the overall earnings shortfall.
3. **Operating Expenses**: The company's operating expenses, including research and development (R&D) and general and administrative (G&A) costs, were likely higher than expected. Immunome reported R&D expenses of $129.5 million and in-process R&D expenses of $152.3 million for the year 2024. These expenses are a significant burden on the company's financial performance and can impact short-term profitability.
4. **Cash Flow Constraints**: While the company has a history of significant R&D investments, the pace of these investments can sometimes strain the company's cash flow. Immunome's cash runway extends into 2027, but the company's financial statements show a net loss of $293 million for 2024. This loss, coupled with ongoing R&D expenditures, can put pressure on the company's financials and impact its ability to meet earnings expectations.

In summary, Immunome's Q1 earnings fell short of forecasts due to a combination of revenue and EPS misses, likely exacerbated by higher-than-expected operating expenses and potential cash flow constraints.