Immunome's SpringWorks Buyout Highlights Upside Potential

Immunome, a biotech company, has seen a rally based on catalysts unrelated to clinical data. The recent acquisition of SpringWorks by Bristol Myers Squibb has informed potential upside for Immunome, suggesting that the company's technology could be valuable in the future. However, the durability of the rally remains uncertain.

Immunome, Inc. (NASDAQ:IMNM), a clinical-stage biotechnology company focused on developing targeted therapies for cancer, has seen a rally in its stock price based on catalysts unrelated to clinical data. The recent acquisition of SpringWorks Therapeutics by Bristol Myers Squibb has informed potential upside for Immunome, suggesting that the company's technology could be valuable in the future. However, the durability of the rally remains uncertain.

In the second quarter of 2025, Immunome reported GAAP revenue of $4.0 million, which was 69.2% higher than the previous year and significantly exceeded analyst expectations [1]. The company also reported a GAAP net loss of $(43.4 million), an improvement from the previous year's $(36.1 million) but still a substantial loss [1]. Research and development expenses expanded by 39% year over year to $40.5 million [1].

The company's main clinical program in focus is varegacestat, a small molecule being studied in desmoid tumors. Immunome expects to announce topline data from this study before the end of 2025. Varegacestat has Orphan Drug Designations in both the United States and the European Union, which can assist with regulatory exclusivity if approved [1].

Immunome also presented results from additional subgroup analyses at the 2025 American Society of Clinical Oncology (ASCO) conference, adding further clinical insight into the program. The company has also made progress in its ADC programs, including IM-1021 and IM-3050 [1].

The acquisition of SpringWorks by Bristol Myers Squibb has highlighted the potential value of Immunome's technology. SpringWorks' technology was acquired for its potential to treat cancer, and Immunome's pipeline includes similar technologies. This acquisition suggests that there is a market for these kinds of therapies, potentially informing Immunome's future prospects.

However, the durability of Immunome's rally remains uncertain. The company's success depends on advancing clinical programs, especially pivotal Phase 3 studies and early-stage ADC investigations. Investors should watch for major clinical news in the next several quarters. The company remains dependent on successful outcomes from late-stage studies and further validation of its early ADC and radioligand therapies [1].

References:
[1] https://www.mitrade.com/insights/news/live-news/article-8-1017880-20250807
[2] https://seekingalpha.com/article/4812416-immunome-stock-springworks-buyout-informs-potential-upside-here