Recent News
On April 29, 2026 the company submitted a New Drug Application for varegacestat (AL102) for adults with desmoid tumors. On May 12, 2026 Immunome published first-quarter 2026 financial results and a program update noting expected initial lymphoma data for IM-1021 in 2026 and planned IND submissions for two ADC programs in mid- and late 2026. The company presented detailed Phase 3 RINGSIDE data for varegacestat at the 2026 ASCO Annual Meeting and announced an oral abstract selection. On June 11, 2026 Immunome reported dosing the first patient in a Phase 1 trial evaluating IM-1617, an ADC candidate for advanced solid tumors.
Technical Analysis
Directional indicators show emerging bullish pressure: ADX at 17.65 signals no strong trend, while DI+ at 22.51 increases and DI- at 23.26 decreases, which favors near-term upside potential tied to the company’s recent clinical and regulatory news.
MACD reads -0.52 and trends upward while the MACD line sits above the signal line (-0.72), a bullish momentum crossover that supports a short-term positive price bias consistent with improving momentum.
MRO registers 0.02 with a dip-and-reversal behavior; the positive value indicates price sits slightly above model target and suggests limited immediate upside potential before mean reversion pressures appear.
RSI at 44.67 and rising indicates building buying pressure without overbought conditions, aligning with momentum signals that favor controlled upside rather than an extended rally.
Price sits at $19.96 above the 12-day EMA ($19.26) and 20-day average ($18.77) but below the 50-day average ($21.25); this configuration suggests a short-term bullish tone while medium-term resistance near the 50-day average caps immediate extension. Ichimoku components place price below the cloud (Senkou A $22.53 / Senkou B $22.03) while the Tenkan-Sen ($19.45) sits below price, indicating short-term support inside a broader neutral-to-slightly-bearish cloud context.
Bollinger bands show modest dispersion (upper 1x std dev $19.49, lower 1x std dev $18.05) and volume has accelerated: latest session volume 4,301,513 exceeds the 10-day average 2,140,641 and 200-day average 1,613,761, signaling greater participation that supports the recent momentum pickup tied to clinical and regulatory headlines.
Fundamental Analysis
Liquidity stands as a primary strength: cash and short-term investments total $582,693,000 and current assets total $594,309,000 versus current liabilities $27,412,000, yielding a current ratio of 21.68 (up +47.62% QoQ; up +106.63% YoY). Cash conversion shows a net working capital position of $566,897,000 and a cash ratio near 21.26, indicating substantial runway to fund ongoing R&D through upcoming clinical inflection points.
R&D investment remains intensive: research and development expense for the period reached $46,381,000 while operating income and EBIT stayed negative at $-59,331,000, reflecting continued pre-commercial development spend. Net loss for the period measured $-53,839,000 and operating cash flow recorded $-50,891,000 for the period ended 2026-03-31. Free cash flow for the period totaled $-70,654,000 while free cash to net income exceeded 100% at 131.232%, indicating capital outflows that track but do not exceed reported losses.
Profitability ratios show ongoing development-stage metrics: return on assets at -8.26% and return on equity at -9.15%, both reflecting investment-led losses. Interest burden remains negligible given low leverage: debt to assets equals 0.596% and debt to equity equals 0.627%, underscoring a capital structure weighted toward equity and cash reserves.
Valuation multiples reflect the development profile: price-to-book stands at 4.24x, below the industry peer mean of 7.56 and below the industry peer median of 5.61, and falls inside the industry peer range that spans roughly -11.27 to 20.93 for P/B. Enterprise multiple reads negative at -32.71 owing to negative operating earnings; that multiple contrasts with an industry peer mean near 7.32 and median near 27.49. Forward EPS near $-0.524 produces a negative forward P/E of -42.23. Present cash and program milestones—most notably the NDA submission for varegacestat and ongoing early-stage ADC and radioligand programs—drive the WMDST valuation assessment.
Revenue growth shows material expansion in the reported periods: revenue growth equals 37.22% while revenue growth year-over-year reads 442.06%; treat the YoY magnitude as large relative to historical development-stage comparators. Operating metrics such as operating cash flow ratio and free cash flow yield remain negative at -1.85652 and -2.832% respectively, indicating ongoing cash burn despite a strong cash balance and capital base.
Brief valuation note: WMDST values the stock as under-valued based on current cash reserves, low leverage, and near-term clinical and regulatory milestones that could re-rate multiples; negative operating earnings and continued R&D outlays justify a risk premium on that valuation until commercial revenue streams emerge.
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: 7.323 IMNM: -32.709 low: -128.217 |
|
| 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: 20.93 mean: 7.56 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: 3.923 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: -78.012 IMNM: -295.179 low: -1887.466 |
|
| 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: -10.281 % 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: 4.232 % 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: -13.765 % 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 | — | |