UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39580

Immunome, Inc.

(Exact name of registrant as specified in its charter)

Delaware	77-0694340
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

665 Stockton Drive, Suite 300 Exton, PA	19341
(Address of principal executive offices)	(Zip Code)

(610) 321-3700

(Registrant’s telephone number, including area code)

Not applicable.

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value		IMNM		The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 12,128,843 shares of the registrant’s common stock outstanding as of November 10, 2022.

Table of Contents

IMMUNOME, INC.

Quarterly Report on Form 10-Q for the Quarterly Period ended September 30, 2022

Table of Contents


		Page

	PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
	- Condensed Balance Sheets as of September 30, 2022 and December 31, 2021	3
	- Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021	4
	- Condensed Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021	5
	- Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021	6
	- Notes to Condensed Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	30
Item 4.	Controls and Procedures.	30

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	31
Item 1A.	Risk Factors.	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	31
Item 3.	Defaults Upon Senior Securities.	31
Item 4.	Mine Safety Disclosures.	31
Item 5.	Other Information.	31
Item 6.	Exhibits.	32

	SIGNATURES

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

IMMUNOME, INC.

Condensed Balance Sheets

(In thousands, except share data)

(unaudited)


	September 30, 2022		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	27,078	$	49,229
Prepaid expenses and other current assets		2,161		7,409
Total current assets		29,239		56,638
Property and equipment, net		704		855
Operating right-of-use asset, net		171		—
Restricted cash		100		100
Deferred offering costs		332		332
Total assets	$	30,546	$	57,925
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,139	$	3,077
Accrued expenses and other current liabilities		4,230		6,651
Total current liabilities		7,369		9,728
Other long-term liabilities		93		12
Total liabilities		7,462		9,740
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at September 30, 2022 and December 31, 2021, respectively		—		—
Common stock, $0.0001 par value; 200,000,000 shares authorized; 12,127,594 and 12,110,373 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		1		1
Additional paid-in capital		131,298		127,289
Accumulated deficit		(108,215)		(79,105)
Total stockholders’ equity		23,084		48,185
Total liabilities and stockholders’ equity	$	30,546	$	57,925

The accompanying notes are an integral part of these unaudited condensed financial statements.

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IMMUNOME, INC.

Condensed Statements of Operations

(In thousands, except share and per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating expenses:
Research and development	$	5,225	$	4,513	$	19,020	$	9,725
General and administrative		3,309		3,210		10,094		7,635
Total operating expenses		8,534		7,723		29,114		17,360
Loss from operations		(8,534)		(7,723)		(29,114)		(17,360)
Other income		—		6		—		506
Interest income (expense), net		1		(3)		4		(5)
Net loss	$	(8,533)	$	(7,720)	$	(29,110)	$	(16,859)
Deemed dividend arising from warrant modification		(622)		—		(622)		—
Net loss attributable to common stockholders	$	(9,155)	$	(7,720)	$	(29,732)	$	(16,859)
Per share information:
Net loss per share of common stock, basic and diluted	$	(0.75)	$	(0.65)	$	(2.45)	$	(1.49)
Weighted-average common shares outstanding, basic and diluted		12,127,501		11,934,491		12,125,947		11,348,856

The accompanying notes are an integral part of these unaudited condensed financial statements.

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IMMUNOME, INC.

Condensed Statements of Changes in Stockholders’ Equity

(In thousands, except share data)

(unaudited)


	Stockholders’ equity
	Common stock			Additional
				paid-in		Accumulated
	Shares	Amount		capital		deficit		Total
Balance at June 30, 2022	12,127,385	$	1	$	129,958	$	(99,682)	$	30,277
Share-based compensation expense	—		—		1,340		—		1,340
Exercise of stock options	209		—		—		—		—
Net loss	—		—		—		(8,533)		(8,533)
Balance at September 30, 2022	12,127,594	$	1	$	131,298	$	(108,215)	$	23,084

	Stockholders’ equity
	Common stock			Additional
				paid-in		Accumulated
	Shares	Amount		capital		deficit		Total
Balance at January 1, 2022	12,110,373	$	1	$	127,289	$	(79,105)	$	48,185
Share-based compensation expense	—		—		3,977		—		3,977
Exercise of stock options	17,221		—		32		—		32
Net loss	—		—		—		(29,110)		(29,110)
Balance at September 30, 2022	12,127,594	$	1	$	131,298	$	(108,215)	$	23,084

	Stockholders’ equity
	Common stock			Additional
				paid-in		Accumulated
	Shares	Amount		capital		deficit		Total
Balance at June 30, 2021	11,812,792	$	1	$	124,149	$	(63,533)	$	60,617
Sale of common stock	14,115		—		262		—		262
Share-based compensation expense	—		—		1,155		—		1,155
Exercise of common stock warrants	47,958		—		432		—		432
Exercise of stock options and settlement of RSUs	218,468		—		47		—		47
Net loss	—		—		—		(7,720)		(7,720)
Balance at September 30, 2021	12,093,333	$	1	$	126,045	$	(71,253)	$	54,793

	Stockholders’ equity
	Common stock			Additional
				paid-in		Accumulated
	Shares	Amount		capital		deficit		Total
Balance at January 1, 2021	10,634,245	$	1	$	95,738	$	(54,394)	$	41,345
Sale of common stock and common stock warrants, net of $559 in offering costs	1,014,115		—		26,666		—		26,666
Share-based compensation expense	—		—		2,229		—		2,229
Exercise of common stock warrants	193,975		—		1,338		—		1,338
Exercise of stock options and settlement of RSUs	250,998		—		74		—		74
Net loss	—		—		—		(16,859)		(16,859)
Balance at September 30, 2021	12,093,333	$	1	$	126,045	$	(71,253)	$	54,793

The accompanying notes are an integral part of these unaudited condensed financial statements.

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IMMUNOME, INC.

Condensed Statements of Cash Flows

(In thousands)

(unaudited)


	Nine Months ended September 30,
	2022		2021
Cash flows from operating activities:
Net loss	$	(29,110)	$	(16,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		327		637
Amortization of right-of-use asset		44		—
Share-based compensation		3,977