Immunome Widens Loss as Pipeline Expands to Four Clinical Programs
Immunome reported a net loss of $73.1 million for the second quarter, up 36% from the prior quarter, as spending accelerated across a broadening clinical pipeline.
Immunome (IMNM) reported a net loss of $73.1 million for the second quarter of 2026, widening from $53.8 million in the first quarter and $43.4 million a year earlier, a 68% increase from the year-ago period. The biotechnology company's per-share loss deepened to $0.65 from $0.50 a year ago, a 30% deterioration even as a larger share base would typically dilute the burden.
The wider loss tracked an expanding pipeline. Immunome moved from two clinical-stage programs to four during the first half of 2026, dosing first patients in IM-1617 in June and IM-3050 in July, alongside its existing varegacestat and IM-1021 programs. Total operating expenses rose 55% year-over-year to $78.1 million, split between research and development spending of $59.9 million, up 29% sequentially and 48% from a year earlier, and general and administrative costs of $18.3 million, up 41% sequentially and 82% year-over-year. Collaboration revenue that contributed $4.0 million a year ago fell to zero in the latest quarter.
Varegacestat, the company's lead candidate, crossed a series of regulatory milestones through the period. Immunome guided to an NDA submission for the second quarter of 2026 in its full-year 2025 release, confirmed the filing in April in its first-quarter release, and disclosed that the FDA accepted the application with a PDUFA target action date of April 28, 2027.
Cash, cash equivalents and marketable securities fell to $520.0 million as of June 30, down $62.7 million, or 11%, from $582.7 million at the end of the first quarter, and down $133.5 million, or 20%, from $653.5 million at the end of 2025. The company shifted a portion of its holdings into marketable securities during the first half of the year, a line item that stood at $302.3 million as of June 30 versus zero at year-end 2025. The accumulated deficit grew to $855.1 million from $728.2 million over the same two quarters, an increase of $126.9 million, or 17%, consistent with the accelerating pace of losses.
Despite the declining cash balance, Immunome has kept its runway guidance unchanged at "into 2028" across its full-year 2025, first-quarter and second-quarter releases, even as quarterly burn increased. The company has not raised additional financing since a $460.5 million underwritten offering in December 2025, which lifted weighted-average diluted shares outstanding to 113.3 million in the latest quarter from 87.0 million a year earlier, a 30% increase.
Accrued expenses and other current liabilities declined to $29.7 million at June 30 from $41.7 million at the end of 2025, a decrease of $11.9 million, or 29%.