Immunome 2025 Q2 Earnings Wider Net Loss Despite Revenue Surge

Immunome (NASDAQ:IMNM) reported second-quarter 2025 earnings on August 7, 2025, showcasing a significant jump in revenue but widening net losses. The company’s shares have seen mixed price action in the short term, with a strong month-to-date rebound but recent daily declines.

Immunome reported total revenue of $4.01 million for the quarter, a 69.8% year-over-year increase from $2.36 million in 2024 Q2. This growth was entirely driven by collaboration revenue, which stood at $4.01 million, representing all of the company’s revenue for the period.

The company’s net loss expanded to $43.4 million in 2025 Q2, or $0.50 per share, from a $36.12 million loss, or $0.60 per share, in the same period a year prior. While the per-share loss improved by 16.7%, the absolute loss increased by 20.1%, underscoring continued financial challenges as Immunome advances its clinical pipeline.

Immunome's stock price declined 7.84% on the latest trading day and 6.18% over the past week, though it saw a 15.44% gain month-to-date, indicating some short-term optimism.

A post-earnings trading strategy of buying and holding Immunome for 30 days resulted in a -17.98% return, far underperforming the market's 40.68% benchmark return. The strategy was marked by high volatility (103.86%), a negative Sharpe ratio of -0.05, and no maximum drawdown reported. These metrics suggest a risky, underperforming investment approach immediately following the earnings report.

CEO Clay B. Siegall highlighted significant progress in Q2 2025, particularly in advancing key clinical programs toward critical milestones. He noted the anticipated topline data for the RINGSIDE trial of varegacestat by year-end and the potential for a new drug application submission. Siegall also emphasized progress in the dose escalation study of IM-1021 and preparations for IND submissions for three additional ADCs, expressing optimism about the pipeline and positioning the company for continued clinical and regulatory advancements.

Immunome expects to report topline data for the Phase 3 RINGSIDE Part B trial of varegacestat before the end of 2025 and anticipates submitting a new drug application as appropriate. The company also expects to initiate a Phase 1 clinical trial for IM-3050 before year-end and is progressing toward IND submissions for three additional ADCs. Cash, cash equivalents, and marketable securities are expected to fund operations into 2027.

Additional News

Immunome made key developments in its clinical pipeline during the quarter, including continued advancement of its ADC and radioligand programs. The company received Orphan Drug Designation for varegacestat in July 2025 from the European Medicines Agency, following a similar designation from the U.S. Food and Drug Administration in November 2023. Varegacestat is currently in a Phase 3 trial for desmoid tumors.

The Phase 1 trial of IM-1021, a ROR1-targeted ADC, is ongoing, with the third cohort of patients recently dosed. The proprietary HC74 payload in IM-1021 has shown promising characteristics, and Immunome is preparing IND submissions for three additional ADCs leveraging this technology.

IM-3050, a FAP-targeted radioligand, received IND clearance in April 2025, and the company plans to initiate a Phase 1 clinical trial before year-end. Three preclinical ADCs—IM-1617, IM-1340, and IM-1335—each incorporating HC74, are undergoing IND-enabling work, with additional undisclosed ADCs in discovery and lead optimization.

As of June 30, 2025, Immunome held $268.0 million in cash, cash equivalents, and marketable securities, supporting its operational runway into 2027. The company remains focused on advancing its pipeline and positioning itself for key regulatory and clinical milestones.