What factors contributed to IMNM's Q3 earnings exceeding expectations?

Immunome's Q3 earnings did not exceed expectations, as evidenced by the company's reported financial results. Here are the key points from the company's SEC 10-K report and other relevant information:

1. **Revenue Shortfall**: Immunome's quarterly revenue was reported to be $2.74 million, which fell short of the consensus estimate of $3.07 million. This shortfall contributed to the earnings falling below expectations.
2. **Higher Operating Expenses**: The company's loss from operations was $(305.8) million, an increase of $196.3 million compared to the previous year, reflecting higher operating expenses. This increase in operating expenses negatively impacted the net profit, leading to earnings that missed expectations.
3. **In-Process R&D Expenses**: Immunome reported in-process R&D expenses of $152.3 million for 2024. These expenses are recognized upon the acquisition of technology or intangible assets and are charged to expense immediately. The higher the in-process R&D expenses, the lower the net profit.
4. **Net Loss Increase**: The company reported a net loss of $293.0 million, an increase of $186.2 million from the previous year, driven by increased research and development expenses and in-process research and development expenses. This significant increase in net loss reflected a wider financial shortfall than anticipated.
5. **Cash Flow Impact**: The company's cash position was $217.3 million as of December 31, 2024, with an additional $172.5 million from January 2025 financing. While the cash flow was sufficient to fund operations, the cash runway extended into 2027, which could indicate that the company was operating at a loss that was partially covered by financing activities.

In summary, Immunome's Q3 earnings did not exceed expectations due to a combination of lower-than-expected revenue, higher operating expenses, and increased in-process R&D expenses. These factors, coupled with a significant net loss and cash flow dynamics, contributed to the company's financial results falling short of expectations.