IMNM · Immunome, Inc.

Immunome, Inc. (IMNM) reported widening Q1 FY2026 losses consistent with its strategy of devoting substantially all resources to research and development programs and general and administrative costs supporting operations, capital raising, management team building, intellectual property portfolio expansion, and strategic collaborations. Revenue fell to $0 from $2.9 million in Q1 FY2025, a 100% YoY decline, as the AbbVie collaboration concluded, redirecting efforts entirely to the internal oncology pipeline including varegacestat and other candidates.

Operating income deteriorated 32.9% to -$59.3 million from -$44.6 million, driven by escalating expenses tied to clinical advancement. Product candidates in later stages of development incur higher costs due to the larger scale and expense of later-stage trials compared to early activities, as noted in management discussion. General and administrative expenses encompass legal fees for intellectual property and corporate matters, professional fees for accounting, auditing, tax and consulting, insurance, travel, facility costs, and other operations. Net income followed suit, widening 29.3% to -$53.8 million from -$41.6 million, though diluted EPS showed resilience at -$0.48, a 7.7% improvement from -$0.52, reflecting per-share dynamics amid ongoing investments.