Stock Analysis & Valuation Immunome, Inc. (IMNM)

• Previous Close: $24.62
• Sector Valuation Confidence Level: High

Valuation method	Value, $	Upside, %
Artificial intelligence (AI)	51.16	108
Intrinsic value (DCF)	4.73	-81
Graham-Dodd Method		n/a
Graham Formula	129.51	426

Strategic Investment Analysis

Company Overview

Immunome, Inc. (NASDAQ: IMNM) is a clinical-stage biopharmaceutical company pioneering the discovery and development of novel antibody therapeutics targeting oncology and infectious diseases. Headquartered in Exton, Pennsylvania, the company leverages its proprietary discovery engine to identify high-potential antibody candidates. Its lead oncology asset, IMM-ONC-01, targets IL-38, a tumor-derived immune checkpoint that enables cancer cells to evade immune detection. Additionally, Immunome is advancing IMM-BCP-01, an antibody cocktail designed to treat SARS-CoV-2 infections and COVID-19. Operating in the high-growth biotechnology sector, Immunome focuses on addressing unmet medical needs through innovative immunotherapies. With a market cap of approximately $739 million, the company combines cutting-edge science with strategic partnerships to accelerate therapeutic development. Immunome’s pipeline positions it at the forefront of immuno-oncology and infectious disease research, making it a compelling player in the biotech industry.

Investment Summary

Immunome presents a high-risk, high-reward investment opportunity given its clinical-stage pipeline and focus on oncology and infectious diseases. The company’s lead candidate, IMM-ONC-01, targets a novel immune checkpoint (IL-38), potentially offering a differentiated mechanism in immuno-oncology. However, with a net income of -$293 million in the latest fiscal year and significant cash burn (-$110.8 million operating cash flow), the company relies heavily on funding to sustain R&D. Its $143.4 million cash position provides near-term runway, but dilution risk remains if additional capital is raised. The high beta (2.012) reflects volatility typical of early-stage biotech firms. Success in clinical trials or partnerships could drive upside, but investors should weigh the speculative nature of its pipeline against broader sector risks.

Competitive Analysis

Immunome competes in the crowded but high-potential immuno-oncology and infectious disease antibody markets. Its competitive edge lies in its proprietary discovery platform, which identifies novel antibody targets like IL-38—a less-explored immune checkpoint compared to PD-1/PD-L1 or CTLA-4. This differentiation could reduce direct competition if clinical data validates IL-38’s role in immune evasion. However, the company faces intense rivalry from established players with deeper pipelines and resources (e.g., Regeneron, Merck). In infectious diseases, IMM-BCP-01 enters a post-pandemic market with uncertain demand for COVID-19 therapies, competing against giants like AstraZeneca and Eli Lilly. Immunome’s small size allows agility in targeting niche mechanisms, but its lack of commercial infrastructure necessitates partnerships for late-stage development and commercialization. The company’s success hinges on clinical validation, strategic collaborations, and its ability to navigate a capital-intensive biotech landscape.

Major Competitors

• Regeneron Pharmaceuticals (REGN): Regeneron dominates the antibody therapeutics space with blockbusters like Dupixent and a robust oncology pipeline. Its VelociSuite platform accelerates antibody discovery, giving it scale and efficiency advantages over Immunome. However, Regeneron’s focus on validated targets (e.g., PD-1) may leave room for Immunome’s niche IL-38 approach.
• Merck & Co. (MRK): Merck’s Keytruda (anti-PD-1) is the leading immuno-oncology therapy, giving it immense market power. Its R&D budget dwarfs Immunome’s, but Merck’s reliance on Keytruda could incentivize partnerships with smaller firms like Immunome for next-gen checkpoint inhibitors.
• AstraZeneca (AZN): AstraZeneca’s COVID-19 antibody portfolio (e.g., Evusheld) competes directly with IMM-BCP-01. Its global commercial reach is a key strength, though Immunome’s cocktail may target emerging variants more nimbly.
• Eli Lilly (LLY): Lilly’s bamlanivimab and bebtelovimab set a high bar for COVID-19 antibodies. Its established manufacturing and distribution networks pose challenges for Immunome’s infectious disease ambitions.
• BioCryst Pharmaceuticals (BCRX): BioCryst focuses on rare diseases but overlaps with Immunome in leveraging small-molecule and biologic platforms. Its commercial-stage products (e.g., Orladeyo) provide revenue stability, unlike Immunome’s pre-revenue status.