Recent News
May 30, 2026 — Immunome presented detailed Phase 3 RINGSIDE data for varegacestat at the 2026 ASCO Annual Meeting showing the registrational trial met its primary endpoint. May 12, 2026 — the company released first-quarter 2026 financial results and a business update noting initiation of the first clinical site for IM-3050 in March 2026 and IND clearance events in April 2026. April 1, 2026 — the company granted inducement stock option awards to new employees under its inducement plan. March–April 2026 filings and releases also note plans for a New Drug Application submission for varegacestat in 2Q 2026.
Technical Analysis
Directional Strength (ADX/DI+/DI-): ADX at 20.82 indicates an emerging trend; DI+ shows a dip-and-reversal and DI- shows a peak-and-reversal, both directional signals align to a bullish skew in near-term directional pressure that supports upside potential if clinical/regulatory news sustains momentum.
MACD: MACD at -0.92 with a dip-and-reversal indicates a shift toward bullish momentum, though MACD remains below its signal line (-0.84), so momentum improvement appears early rather than confirmed by a cross above the signal.
MRO: MRO at -2.43 sits below zero, indicating price below modeled target and implying technical potential for upward mean reversion; the decreasing MRO trend signals that any reversion may require renewed buying to gain conviction.
RSI: RSI at 42.32 with a peak-and-reversal signals recent weakness and short-term pressure; RSI in the low 40s complements the MACD/MRO picture by highlighting limited upside fuel until momentum indicators confirm recovery.
Price vs. Moving Averages and Bands: Last close $18.74 sits slightly below the 12-day EMA ($18.86) and below the 200-day average ($19.34), with price inside the lower half of Bollinger bands (lower 1x: $17.91; upper 1x: $19.71); the set-up favors consolidation near current levels with asymmetric upside if positive clinical/regulatory catalysts arrive.
Volume & Volatility: Daily volume around 3.3M versus a 10-day average of ~1.45M shows episodic interest; 42‑day volatility (3%) and 52‑week volatility (4%) indicate historically moderate intraday movement for a small-cap biotech, so news-driven moves can outsize routine volatility.
Fundamental Analysis
Balance Sheet & Liquidity: Cash and short-term investments total $582,693,000 against a market capitalization of $2,495,025,260 and enterprise value $1,916,026,260; current ratio 21.68 and cash ratio 21.26 demonstrate substantial near-term liquidity. The current ratio sits well above the industry peer mean of 3.92469, reflecting a cash-heavy position that reduces near-term financing risk.
Profitability & Cash Flow: Net income for the period shows a loss of $53,839,000 and operating cash flow negative $50,891,000; R&D expense $46,381,000 underscores ongoing development spending. Free cash flow negative $70,654,000 with a free cash flow to net income ratio of 131.232% indicates cash outflows roughly in line with reported losses but supported by the large cash reserve.
Capital Structure: Total debt $3,694,000 produces a debt-to-assets ratio of 0.596%, well below the industry peer mean of 16.766%, signaling minimal leverage and low interest burden; interest coverage reads negative given operating losses, consistent with a development-stage biotech funding model.
Valuation Multiples: Price-to-book ratio $4.24 sits below the industry peer mean ($7.56) and median ($5.61), indicating a lower relative P/B. Forward P/E negative (–42.23) reflects expected negative earnings; enterprise multiple negative (–32.71) stems from high cash versus market valuation dynamics. WMDST values the stock as under-valued.
Growth Metrics: Revenue growth shown as 0.37218 (37.22%) and revenue growth year-over-year labeled 4.42062 (442.06%) per provided figures; use of these growth figures requires confirmation in company filings for exact interpretation. Asset growth rate stands negative at –9.279% QoQ/YoY context reflected in provided changes.
Operational Indicators: Research & development spending concentrates pipeline risk and upside; cash runway implied by current burn and cash reserve should support upcoming regulatory milestones and early-stage trials noted in recent releases.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-06-02 |
| NEXT REPORT DATE: | 2026-09-01 |
| CASH FLOW | Begin Period Cash Flow | $ 653.7 M |
| Operating Cash Flow | $ -50.89 M | |
| Capital Expenditures | $ -12.02 M | |
| Change In Working Capital | $ -13.58 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -70.79 M | |
| End Period Cash Flow | $ 582.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 753.0 K | |
| Depreciation and Amortization | $ 753.0 K | |
| Research and Development | $ 46.4 M | |
| Total Operating Expenses | $ 59.3 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -58.58 M | |
| EBIT | $ -59.33 M | |
| Operating Income | $ -59.33 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.5 M | |
| Income Before Tax | $ -53.84 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -53.84 M | |
| Net Income From Continuing Operations | $ -53.84 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -0.52 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 619.8 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 588.7 M | |
| Total Current Assets | $ 594.3 M | |
| Cash and Short-Term Investments | $ 582.7 M | |
| Cash | $ 582.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 5.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 27.4 M | |
| Net Debt | — | |
| Total Debt | $ 3.7 M | |
| Total Liabilities | $ 31.1 M | |
| EQUITY | ||
| Total Equity | $ 588.7 M | |
| Retained Earnings | $ -782.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.20 | |
| Shares Outstanding | 113.171 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.5 B |
| Enterprise Value | $ 1.9 B | |
| Enterprise Multiple | -32.709 | |
| Enterprise Multiple QoQ | 31.544 % | |
| Enterprise Multiple YoY | 240.842 % | |
| Enterprise Multiple IPRWA | high: 75.51 median: 27.492 mean: 9.325 IMNM: -32.709 low: -126.596 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.053 | |
| Asset To Liability | 19.925 | |
| Debt To Capital | 0.006 | |
| Debt To Assets | 0.006 | |
| Debt To Assets QoQ | 5.674 % | |
| Debt To Assets YoY | -57.184 % | |
| Debt To Assets IPRWA | high: 1.112 mean: 0.168 median: 0.032 IMNM: 0.006 low: 0.0 |
|
| Debt To Equity | 0.006 | |
| Debt To Equity QoQ | 3.125 % | |
| Debt To Equity YoY | -59.627 % | |
| Debt To Equity IPRWA | high: 1.864 mean: 0.194 median: 0.051 IMNM: 0.006 low: -1.172 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.238 | |
| Price To Book QoQ | 10.093 % | |
| Price To Book YoY | 77.358 % | |
| Price To Book IPRWA | high: 20.844 mean: 7.557 median: 5.613 IMNM: 4.238 low: -11.267 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -42.226 | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 499.798 mean: 219.741 median: 208.031 IMNM: 0 low: -303.652 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -15.957 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 588.7 M | |
| Net Invested Capital | $ 588.7 M | |
| Invested Capital | $ 588.7 M | |
| Net Tangible Assets | $ 588.7 M | |
| Net Working Capital | $ 566.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 21.257 | |
| Current Ratio | 21.681 | |
| Current Ratio QoQ | 47.616 % | |
| Current Ratio YoY | 106.634 % | |
| Current Ratio IPRWA | high: 32.587 IMNM: 21.681 mean: 3.925 median: 2.409 low: 0.016 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.063 | |
| Cost Of Debt | 5.325 % | |
| Interest Coverage Ratio | -295.179 | |
| Interest Coverage Ratio QoQ | -18.57 % | |
| Interest Coverage Ratio YoY | 32.922 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 median: -14.753 mean: -76.894 IMNM: -295.179 low: -1643.72 |
|
| Operating Cash Flow Ratio | -1.857 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -9.279 % | |
| Revenue Growth | 37.218 % | |
| Revenue Growth QoQ | 0.0 % | |
| Revenue Growth YoY | 442.062 % | |
| Revenue Growth IPRWA | high: 242.212 % IMNM: 37.218 % median: -7.18 % mean: -10.205 % low: -242.388 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -70.65 M | |
| Free Cash Flow Yield | -2.832 % | |
| Free Cash Flow Yield QoQ | 33.145 % | |
| Free Cash Flow Yield YoY | -66.989 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % median: 0.11 % mean: -0.512 % IMNM: -2.832 % low: -45.34 % |
|
| Free Cash Growth | 35.999 % | |
| Free Cash Growth QoQ | 45.116 % | |
| Free Cash Growth YoY | -19.942 % | |
| Free Cash Growth IPRWA | high: 253.163 % IMNM: 35.999 % mean: 4.222 % median: -16.303 % low: -249.577 % |
|
| Free Cash To Net Income | 1.312 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.945 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -8.264 % | |
| Return On Assets QoQ | -41.917 % | |
| Return On Assets YoY | -42.153 % | |
| Return On Assets IPRWA | high: 38.074 % median: -8.157 % IMNM: -8.264 % mean: -13.757 % low: -67.817 % |
|
| Return On Capital Employed (ROCE) | -10.016 % | |
| Return On Equity (ROE) | -0.091 | |
| Return On Equity QoQ | -16.998 % | |
| Return On Equity YoY | -32.542 % | |
| Return On Equity IPRWA | high: 0.797 IMNM: -0.091 median: -0.115 mean: -0.344 low: -1.265 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |