Why did IMNM's Q4 earnings decline compared to forecasts?

Immunome Inc. (IMNM) experienced a decline in Q4 earnings compared to forecasts due to several factors:

1. **Revenue Shortfall**: The company's total revenue for Q4 was $2.74 million, which fell short of the consensus estimate of $3.07 million. This shortfall, or revenue surprise, was a significant negative factor, amounting to a shortfall of approximately $420,000.

|code|Ticker|Name|Date|Revenue Surprise|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|IMNM|IMNM.O|Immunome|2024 Q1|-1471000|1029000|186|
|IMNM|IMNM.O|Immunome|2024 Q2|500000|2364000|186|
|IMNM|IMNM.O|Immunome|2024 Q3|780000|2910000|186|
|IMNM|IMNM.O|Immunome|2024 Q4|-420000|2738000|186|

2. **Operational Costs**: The company's operating expenses increased, resulting in a higher loss from operations. For instance, the net loss for Q4 was $293 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.
3. **Clinical Development Costs**: As a biotechnology company, Immunome incurs substantial costs associated with developing new pharmaceutical products. These costs, particularly those related to clinical trials, can be significant and variable, potentially leading to fluctuations in earnings from period to period.

In summary, the decline in Immunome's Q4 earnings can be attributed to lower-than-expected revenue and increased operational costs, particularly in research and development.