Item 1. Financial Statements.

Condensed1. ConsolidatedNature Statements of Cashthe Flowsbusiness

72. Summary of significant accounting policies

As3. theFair Companyvalue was in a net loss position for the three months ended March 31, 2025 and 2024, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive securities are antidilutive.measurement

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses4. ASUCollaboration 2024-03agreement requireswith disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.AbbVie

105. Balance sheet components

6. Employee benefit plan

AbbVie paid the Company a nonrefundable upfront payment of $307.0 millionStrategic intransactions January 2023 and will be required to pay certain additional platform access payments of up to $70.0 million in aggregate based on the Company’s use of its discovery platform in connection with activities under each stage of the research plan and delivery of VTPs to AbbVie. If AbbVie exercises its option to purchase a VTP, then AbbVie will be required to pay an option exercise fee in the low single-digit millions for each of up to 10 VTPs for which it exercises an option. For each Product, the Company is eligible to receive development and commercial based milestones of up to $120.0 million in the aggregate and sales milestones of up to $150.0 million in the aggregate for the achievement of specified levels of annual net sales. The Company is also eligible to receive tiered royalties at percentage rates in the low single digits on annual net sales of any Products that are commercialized by AbbVie.agreements

Under the BMS License Agreement, the Company is obligated to use commercially reasonable efforts to develop at least one BMS Licensed Product9. TheCommon Company is also required to use commercially reasonable efforts to obtain regulatory approvals in certain major market countries for at least one BMS Licensed Product, as well as to affect the first commercial sale of and commercialize each BMS Licensed Product after obtaining such regulatory approval. stock

911. CommonSegment stockinformation

OnItem May2. 14,Management’s 2024,Discussion the Company entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and sellAnalysis from time to time shares of itsFinancial commonCondition stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. As of March 31, 2025, the Company had sold an aggregate of 2,030,431 shares of common stock under the 2024 ATM Agreement for gross proceeds of $20.0 million and netResults proceeds of approximately $19.6 million, with approximately $180.0 million remaining available for future offerings. No shares of common stock were sold under the 2024 ATM Agreement during the three months ended March 31, 2025.Operations

Item 1. Financial Statements.

Condensed1. ConsolidatedNature Statements of Cashthe Flowsbusiness

72. Summary of significant accounting policies

As3. theFair Companyvalue was in a net loss position for the three months ended March 31, 2025 and 2024, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive securities are antidilutive.measurement

105. Balance sheet components

​6. Employee benefit plan

911. CommonSegment stockinformation

6. Employee benefit plan

(in thousands)Organization

TableBasis of Contentspresentation

Immunome,Use Inc., or the Company or Immunome, is a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. Since its inception, the Company has devoted substantially all its resources to research and development, raising capital, building its management team, extending its intellectual property portfolio, and executing strategic partnerships and transactions. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, risks associated with research, development, and manufacturing activities, uncertain results of preclinical and clinical testing, development of new technological innovations and products by competitors, dependence on key personnel, partners and third-party vendors, protection of proprietary technology, compliance with government regulations, regulatory approval of products and the ability to secure additional capital to fund operations.estimates

TheSegment Company has incurred significant operating losses since inception and expectsgeographic to continue to incur losses from operations for the foreseeable future as it pursues development of its therapeutic candidates and other programs. As of March 31, 2025, the Company had an accumulated deficit of $557.4 million, cash and cash equivalents of $257.6 million, and marketable securities of $59.7 million. The Company has not generated any product revenue to date and does not expect to generate product revenue until it successfully completes development and obtains regulatory approval for at least one of its product candidates.information

SegmentRecently andadopted geographicaccounting informationstandards

NetRecent lossaccounting perstandards sharenot yet adopted

TableAccrued ofexpenses Contentsand other current liabilities

AbbVie’sAyala obligation to pay royalties will terminate, on a Product-by-Product and country-by-country basis, upon the earlier of (a) the later of (i) 10 years following the first commercial sale for such Product in such country, or (ii) expiration of all valid claims of patent rights covering the Product in such country, and (b) the expiration of all applicable regulatory exclusivities for such Product in such country. AbbVie may terminate the Collaboration Agreement at any time for convenience upon a specified period of prior written notice.Pharmaceuticals

Zentalis Pharmaceuticals

Bristol-Myers Squibb

TheOther Company accounted for the transaction as an asset acquisitionacquisitions asand substantiallylicense all of the fair value of the gross assets acquired was concentrated in two programs that were grouped as a single identifiable IPR&D asset. The assets acquired in the transaction were measured based on the estimated fair value of the consideration paid of $71.3 million, which included direct transaction costs of $0.7 million. agreements

Table2025 ofPublic ContentsOffering

Following the closing of the Ayala Purchase Agreement, on August 7, 2024, theATM Company and BMS entered into Amendment No. 2 to the BMS License Agreement, or the BMS License Agreement Amendment. As consideration to BMS for entering into the BMS License Agreement Amendment, the Company issued BMS 230,415 unregistered shares of its common stock at an aggregate fair value of $2.7 million. The fair value of the common stock issued to BMS was based on the closing stock price of the Company’s common stock on August 7, 2024 of $12.46 per share less a discount of 6.0% related to unregistered share restrictions. The consideration paid to BMS to amend the BMS License Agreement was immediately recognized as IPR&D expense.

Under2020 theEquity termsIncentive of these agreements, the Company may need to pay certain development, regulatory, and commercial milestones payments and royalties on product sales, if any. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. Royalty payments will be expensed in the period in which the underlying revenues are earned.Plan

152024 Inducement Plan

SupplementalStock balanceoptions sheetgranted informationfor relatedChief toExecutive leases was as follows (in thousands):Officer

2020 Employee Stock Purchase Plan

TheStock Company recorded operating lease expense of $0.3 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the three months ended March 31, 2025 and 2024. options

(in thousands)Organization

TableBasis of Contentspresentation

TableNet ofloss Contentsper share

SegmentRecently andadopted geographicaccounting informationstandards

NetRecent lossaccounting perstandards sharenot yet adopted

TableAccrued ofexpenses Contentsand other current liabilities

Zentalis Pharmaceuticals

​Bristol-Myers Squibb

Table2025 ofPublic ContentsOffering

152024 Inducement Plan

SupplementalStock balanceoptions sheetgranted informationfor relatedChief toExecutive leases was as follows (in thousands):Officer

​2020 Employee Stock Purchase Plan

Bristol-Myers Squibb

2020 Employee Stock Purchase Plan

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 ~~March 31~~June 30, 2025


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

For the transition period ~~from to~~ 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 ofincorporation or organization)	(I.R.S. EmployerIdentification No.)

18702 N. Creek Parkway, Suite 100Bothell, WA	98011
(Address of principal executive offices)	(Zip Code)

(425) 939‑7410

(425) 939-7410

(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 87,~~012~~045,~~328~~008 shares of the registrant’s common stock outstanding as of ~~May~~August 74, 2025.

Table of Contents

TABLE OF CONTENTS

		Page
	PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)
Item 1.	Financial Statements (Unaudited)
	- Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	3
	- Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	3
	- Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2025 and 2024	4
	- Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2025 and 2024	4
	- Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024	5
	- Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024	5
	- Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	6
	- Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	6
	- Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	30
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	29
Item 4.	Controls and Procedures.	30
Item 4.	Controls and Procedures.	29
	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	31
	PART II – OTHER INFORMATION
Item 1A.	Risk Factors.	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	84
Item 1.	Legal Proceedings.	29
Item 3.	Defaults Upon Senior Securities.	84
Item 1A.	Risk Factors.	29
Item 4.	Mine and Safety Disclosures.	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	89
Item 5.	Other Information.	84
Item 3.	Defaults Upon Senior Securities.	89
Item 6.	Exhibits.	85
Item 4.	Mine and Safety Disclosures.	89
	SIGNATURES
Item 5.	Other Information.	89
Item 6.	Exhibits.	90

	SIGNATURES

Table of Contents

PART I - FINANCIAL INFORMATION

IMMUNOME, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

(unaudited)


	June 30, 2025				December 31, 2024
	March 31, 2025			December 31, 2024
Assets
Assets
Current assets:
Current assets:
Cash and cash equivalents	$	143,876			$	143,351
Cash and cash equivalents	$	257,613		$	143,351
Marketable securities		124,160				73,952
Marketable securities		59,710			73,952
Prepaid expenses and other current assets		9,396				4,036
Prepaid expenses and other current assets		5,807			4,036
Total current assets		277,432				221,339
Total current assets		323,130			221,339
Property and equipment, net		11,025				10,113
Property and equipment, net		10,953			10,113
Operating right-of-use assets		3,269				4,278
Operating right-of-use assets		4,163			4,278
Restricted cash		210				100
Restricted cash		100			100
Other long-term assets		4,354				4,411
Other long-term assets		4,347			4,411
Total assets	$	296,290			$	240,241
Total assets	$	342,693		$	240,241
Liabilities and stockholders’ equity
Liabilities and stockholders’ equity
Current liabilities:
Current liabilities:
Accounts payable	$	4,660			$	14,189
Accounts payable	$	9,126		$	14,189
Accrued expenses and other current liabilities		18,218				33,177
Accrued expenses and other current liabilities		17,656			33,177
Deferred revenue, current		—				6,941
Deferred revenue, current		4,015			6,941
Total current liabilities		22,878				54,307
Total current liabilities		30,797			54,307
Operating lease liabilities, net of current portion		4,142				4,769
Operating lease liabilities, net of current portion		4,770			4,769
Total liabilities		27,020				59,076
Total liabilities		35,567			59,076
Commitments and contingencies (Note 7)
Commitments and contingencies (Note 7)
Stockholders’ equity:
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2025 and December 31, 2024		—				—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value; 300,000,000 shares authorized at June 30, 2025 and December 31, 2024; 87,012,835 and 64,460,829 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		9				6
Common stock, $0.0001 par value; 300,000,000 shares authorized at March 31, 2025 and December 31, 2024; 86,955,855 and 64,460,829 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		9			6
Additional paid-in capital		870,092				696,872
Additional paid-in capital		864,530			696,872
Accumulated other comprehensive (loss) income		(24	)			57
Accumulated other comprehensive (loss) income		(3)			57
Accumulated deficit		(600,807	)			(515,770	)
Accumulated deficit		(557,410)			(515,770)
Total stockholders’ equity		269,270				181,165
Total stockholders’ equity		307,126			181,165
Total liabilities and stockholders’ equity	$	296,290			$	240,241
Total liabilities and stockholders’ equity	$	342,693		$	240,241

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

~~The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.~~3

Table of Contents

3IMMUNOME, INC.

~~Table~~Condensed Consolidated Statements of ~~Contents~~Operations and Comprehensive Loss

~~IMMUNOME~~(in thousands, ~~INC.~~ except share and per share amounts)

~~Condensed Consolidated Statements of Operations and Comprehensive Loss~~(unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	4,015		$	2,364		$	6,941		$	3,393
Operating expenses:
In-process research and development		—			6,312			—			118,266
Research and development		40,451			29,083			77,323			44,452
General and administrative		10,042			6,978			20,732			12,983
Total operating expenses		50,493			42,373			98,055			175,701
Loss from operations		(46,478	)		(40,009	)		(91,114	)		(172,308	)
Interest income		3,081			3,887			6,077			6,694
Net loss	$	(43,397	)	$	(36,122	)	$	(85,037	)	$	(165,614	)
Net loss per share, basic and diluted	$	(0.50	)	$	(0.60	)	$	(1.02	)	$	(2.97	)
Weighted-average shares outstanding, basic and diluted		87,010,742			59,936,703			83,231,544			55,740,543
Comprehensive loss:
Net loss	$	(43,397	)	$	(36,122	)	$	(85,037	)	$	(165,614	)
Unrealized loss on marketable securities		(21	)		(2	)		(81	)		(20	)
Comprehensive loss	$	(43,418	)	$	(36,124	)	$	(85,118	)	$	(165,634	)

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


	Three Months Ended March 31,
	2025		2024
Collaboration revenue	$	2,926	$	1,029
Operating expenses:
In-process research and development		—		111,954
Research and development		36,872		15,369
General and administrative		10,690		6,005
Total operating expenses		47,562		133,328
Loss from operations		(44,636)		(132,299)
Interest income		2,996		2,807
Net loss	$	(41,640)	$	(129,492)
Net loss per share, basic and diluted	$	(0.52)	$	(2.51)
Weighted-average shares outstanding, basic and diluted		79,410,354		51,544,383
Comprehensive loss:
Net loss	$	(41,640)	$	(129,492)
Unrealized loss on marketable securities		(60)		(18)
Comprehensive loss	$	(41,700)	$	(129,510)

Table of Contents

~~The~~IMMUNOME, ~~accompanying notes are an integral part of these unaudited condensed consolidated financial statements~~INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

4(in thousands, except share amounts)

~~Table of Contents~~(unaudited)

IMMUNOME, INC.


							Accumulated
					Additional		Other						Total
	Common Stock				Paid-in		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Income (Loss)			Deficit			Equity
Balance at December 31, 2024		64,460,829	$	6	$	696,872	$	57		$	(515,770	)	$	181,165
Share-based compensation expense		—		—		5,703		—			—			5,703
Issuance of common stock for public offering, net of commissions and offering costs of $10,755		22,258,064		3		161,742		—			—			161,745
Exercise of stock options		236,962		—		213		—			—			213
Unrealized loss on marketable securities		—		—		—		(60	)		—			(60	)
Net loss		—		—		—		—			(41,640	)		(41,640	)
Balance at March 31, 2025		86,955,855		9		864,530		(3	)		(557,410	)		307,126
Share-based compensation expense		—		—		5,347		—			—			5,347
Exercise of stock options		56,980		—		215		—			—			215
Unrealized loss on marketable securities		—		—		—		(21	)		—			(21	)
Net loss		—		—		—		—			(43,397	)		(43,397	)
Balance at June 30, 2025		87,012,835	$	9	$	870,092	$	(24	)	$	(600,807	)	$	269,270

Condensed Consolidated Statements of Changes in Stockholders’ Equity


							Accumulated
					Additional		Other						Total
	Common Stock				Paid-in		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Income			Deficit			Equity
Balance at December 31, 2023		43,251,778	$	4	$	342,663	$	22		$	(222,807	)	$	119,882
Share-based compensation expense		—		—		2,159		—			—			2,159
Issuance of common stock under Zentalis License Agreement		2,298,586		—		23,388		—			—			23,388
Issuance of common stock under the Ayala Asset Purchase Agreement		2,175,489		—		50,645		—			—			50,645
Issuance of common stock for public offering, net of commissions and offering costs of $14,592		11,500,000		2		215,408		—			—			215,410
Exercise of stock options		125,704		—		171		—			—			171
Exercise of common stock warrants		342,686		—		3,427		—			—			3,427
Unrealized loss on marketable securities		—		—		—		(18	)		—			(18	)
Net loss		—		—		—		—			(129,492	)		(129,492	)
Balance at March 31, 2024		59,694,243		6		637,861		4			(352,299	)		285,572
Share-based compensation expense		—		—		3,227		—			—			3,227
Exercise of stock options		289,041		—		859		—			—			859
Exercise of common stock warrants		30,371		—		304		—			—			304
Unrealized loss on marketable securities		—		—		—		(2	)		—			(2	)
Net loss		—		—		—		—			(36,122	)		(36,122	)
Balance at June 30, 2024		60,013,655	$	6	$	642,251	$	2		$	(388,421	)	$	253,838

~~(in~~The ~~thousands,~~accompanying ~~except~~notes ~~share~~are ~~amounts)~~an integral part of these unaudited condensed consolidated financial statements.

~~(unaudited)~~5


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders'
	Shares	Amount		Capital		Income (Loss)		Deficit		Equity
Balance at December 31, 2024	64,460,829	$	6	$	696,872	$	57	$	(515,770)	$	181,165
Share-based compensation expense	—		—		5,703		—		—		5,703
Issuance of common stock for public offering, net of commissions and offering costs of $10,755	22,258,064		3		161,742		—		—		161,745
Exercise of stock options	236,962		—		213		—		—		213
Unrealized loss on marketable securities	—		—		—		(60)		—		(60)
Net loss	—		—		—		—		(41,640)		(41,640)
Balance at March 31, 2025	86,955,855	$	9	$	864,530	$	(3)	$	(557,410)	$	307,126

Table of Contents

IMMUNOME, INC.


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders'
	Shares	Amount		Capital		Income		Deficit		Equity
Balance at December 31, 2023	43,251,778	$	4	$	342,663	$	22	$	(222,807)	$	119,882
Share-based compensation expense	—		—		2,159		—		—		2,159
Issuance of common stock under Zentalis License Agreement	2,298,586		—		23,388		—		—		23,388
Issuance of common stock under the Ayala Asset Purchase Agreement	2,175,489		—		50,645		—		—		50,645
Issuance of common stock for public offering, net of commissions and offering costs of $14,592	11,500,000		2		215,408		—		—		215,410
Exercise of stock options	125,704		—		171		—		—		171
Exercise of common stock warrants	342,686		—		3,427		—		—		3,427
Unrealized loss on marketable securities	—		—		—		(18)		—		(18)
Net loss	—		—		—		—		(129,492)		(129,492)
Balance at March 31, 2024	59,694,243	$	6	$	637,861	$	4	$	(352,299)	$	285,572

Condensed Consolidated Statements of Cash Flows

~~The~~(in ~~accompanying notes are an integral part of these unaudited condensed consolidated financial statements.~~thousands)

(unaudited)


	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(85,037	)	$	(165,614	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,248			706
Amortization of right-of-use asset		198			230
Accretion of discounts on marketable securities		(2,023	)		(890	)
Share-based compensation expense		11,050			5,386
Loss on disposal of property and equipment		891			—
Charge for purchase of in-process research and development assets		—			118,266
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(5,303	)		877
Accounts payable		(8,758	)		2,364
Accrued expenses and other current liabilities		(7,902	)		7,568
Deferred revenue		(6,941	)		(3,393	)
Operating lease liabilities		121			(67	)
Net cash used in operating activities		(102,456	)		(34,567	)
Cash flows from investing activities:
Purchases of in-process research and development assets		(6,246	)		(41,723	)
Purchases of marketable securities		(123,266	)		(112,688	)
Maturities of marketable securities		75,000			40,000
Purchases of property and equipment		(4,570	)		(4,508	)
Net cash used in investing activities		(59,082	)		(118,919	)
Cash flows from financing activities:
Proceeds from public offering		172,500			230,002
Payment of offering costs		(10,755	)		(14,624	)
Proceeds from exercise of stock options		428			1,030
Proceeds from exercise of common stock warrants		—			3,731
Net cash provided by financing activities		162,173			220,139
Net increase in cash and cash equivalents and restricted cash		635			66,653
Cash and cash equivalents and restricted cash at beginning of period		143,451			98,779
Cash and cash equivalents and restricted cash at end of period	$	144,086		$	165,432
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	143,876		$	165,332
Restricted cash		210			100
Total cash, cash equivalents, and restricted cash	$	144,086		$	165,432

~~Table of Contents~~6

~~IMMUNOME, INC.~~Table of Contents

~~Condensed~~IMMUNOME, ~~Consolidated Statements of Cash Flows~~INC.

~~(in~~Condensed ~~thousands)~~Consolidated Statements of Cash Flows

(~~unaudited~~in thousands)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	(41,640)	$	(129,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		611		157
Amortization of right-of-use asset		115		106
Accretion of discounts on marketable securities		(818)		(538)
Share-based compensation expense		5,703		2,159
Charge for purchase of in-process research and development assets		—		111,954
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(1,707)		2,473
Accounts payable		(3,810)		2,396
Accrued expenses and other current liabilities		(8,521)		669
Deferred revenue		(2,926)		(1,029)
Operating lease liabilities		(62)		(25)
Net cash used in operating activities		(53,055)		(11,170)
Cash flows from investing activities:
Purchases of in-process research and development assets		(6,246)		(35,067)
Maturities of marketable securities		15,000		—
Purchases of property and equipment		(3,665)		(2,164)
Net cash provided by (used in) investing activities		5,089		(37,231)
Cash flows from financing activities:
Proceeds from public offering		172,500		230,002
Payment of offering costs		(10,485)		(14,155)
Proceeds from exercise of stock options		213		171
Proceeds from exercise of common stock warrants		—		3,427
Net cash provided by financing activities		162,228		219,445
Net increase in cash and cash equivalents and restricted cash		114,262		171,044
Cash and cash equivalents and restricted cash at beginning of period		143,451		98,779
Cash and cash equivalents and restricted cash at end of period	$	257,713	$	269,823
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$	257,613	$	269,723
Restricted cash		100		100
Total cash, cash equivalents, and restricted cash	$	257,713	$	269,823

(unaudited)


	Six Months Ended June 30,
	2025		2024
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock in exchange for in-process research and development assets	$	—	$	74,033
Net liabilities assumed from purchases of in-process research and development assets	$	—	$	2,041
Purchase of in-process research and development assets in accounts payable and accrued expenses	$	—	$	469
Right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	1,189
Remeasurement of operating right-of-use asset and lease liability due to lease modification	$	811	$	—
Offering costs in accounts payable and accrued expenses and other current liabilities	$	—	$	204
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	$	1,287	$	1,236

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

Table of Contents

6IMMUNOME, INC.

~~Table~~Notes ofto ~~Contents~~Condensed Consolidated Financial Statements

~~IMMUNOME, INC.~~(unaudited)

~~(unaudited)~~Immunome, Inc., or the Company or Immunome, is a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. Since its inception, the Company has devoted substantially all its resources to research and development, raising capital, building its management team, extending its intellectual property portfolio, and executing strategic partnerships and transactions. The Company is subject to risks and uncertainties common to companies in the biotechnology industry at Immunome's stage including, but not limited to, risks associated with research, development, and manufacturing activities, uncertain results of preclinical and clinical testing, development of new technological innovations and products by competitors, dependence on key personnel, partners and third-party vendors, protection of proprietary technology, compliance with government regulations, regulatory approval of products and the ability to secure additional capital to fund operations.


	Three Months Ended March 31,
	2025		2024
Supplemental disclosures of non-cash investing and financing activities:
Issuance of common stock in exchange for in-process research and development assets	$	—	$	74,033
Net liabilities assumed from purchases of in-process research and development assets	$	—	$	2,041
Purchase of in-process research and development assets in accounts payable and accrued expenses	$	—	$	813
Offering costs in accounts payable	$	270	$	437
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	$	592	$	594

Liquidity

The ~~accompanying~~Company ~~notes~~has ~~are~~incurred significant operating losses since inception and expects to continue to incur losses from operations for the foreseeable future as it pursues development of its therapeutic candidates and other programs. As of June 30, 2025, the Company had an ~~integral~~accumulated ~~part~~deficit of ~~these~~$600.8 ~~unaudited~~million, ~~condensed~~cash ~~consolidated~~and ~~financial~~cash ~~statements~~equivalents of $143.9 million, and marketable securities of $124.2 million. The Company has not generated any product revenue to date and does not expect to generate product revenue until it successfully completes development and obtains regulatory approval for at least one of its product candidates.

Through June 30, 2025, the Company has funded its operations primarily through sales of equity securities. The Company expects that its existing cash, cash equivalents and marketable securities at June 30, 2025 will be sufficient to fund its current and planned operating expenses and capital expenditures for at least 12 months from the filing date of this Quarterly Report on Form 10-Q. Beyond that date, the Company may need to raise additional capital through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements to achieve its longer-term business objectives.

~~IMMUNOME~~The accompanying unaudited interim financial statements have been prepared in accordance with the accounting principles generally accepted in the United States, ~~INC~~ or GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and related notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2025, which provide a more complete discussion of the Company’s accounting policies and certain other information. The December 31, 2024 condensed consolidated balance sheet has been derived from the Company’s annual financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments that management believes to be necessary for a fair presentation of the Company’s financial information. Interim results are not necessarily indicative of results for a full year or any future interim period.

~~Notes to~~Principles ~~Condensed~~of ~~Consolidated Financial Statements~~consolidation

~~(unaudited)~~The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

~~1. Nature of the business~~ 8

~~Organization~~Table of Contents

~~Liquidity~~The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and the accompanying notes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. The Company’s significant accounting estimates include, but are not necessarily limited to, revenue recognition, the estimated fair value of share-based awards, accrued research and development expenses and the fair value of acquired in-process research and development assets.

~~Through~~Operating ~~March 31, 2025,~~segments ~~the~~are ~~Company~~defined ~~has~~as ~~funded~~components ~~its~~of ~~operations~~an ~~primarily~~entity ~~through~~about ~~sales~~which ofseparate ~~equity~~discrete ~~securities.~~information ~~The~~is ~~Company~~available ~~expects~~and ~~that~~regularly ~~its~~reviewed ~~existing~~by ~~cash,~~the ~~cash~~chief ~~equivalents~~operating ~~and~~decision ~~marketable~~maker, ~~securities~~or ~~at March 31~~CODM, ~~2025~~ ~~will~~in bedeciding ~~sufficient~~how to ~~fund~~allocate ~~its~~resources ~~current~~ and ~~planned~~in ~~operating~~assessing ~~expenses~~performance. ~~and~~The ~~capital~~Company’s ~~expenditures~~CODM ~~for~~is atits ~~least~~Chief 12Executive ~~months from the filing date of this Quarterly Report on Form 10-Q~~Officer. ~~Beyond~~The ~~that~~CODM ~~date,~~views the Company’s ~~may~~operations ~~need~~and tomanages ~~raise~~its ~~additional~~business ~~capital~~as ~~through~~one aoperating ~~combination~~and ofreporting ~~equity offerings~~segment, ~~debt~~which ~~financings,~~is ~~collaborations,~~the ~~strategic~~business ~~alliances~~of ~~and~~development ~~licensing~~of ~~arrangements~~targeted tooncology ~~achieve~~therapies ~~its~~exclusively ~~longer-term~~in ~~business~~the ~~objectives~~United States.

2.Concentration ~~Summary~~ of ~~significant~~credit ~~accounting policies~~risk

~~Basis~~Financial instruments that potentially subject the Company to significant concentration of ~~presentation~~credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. Management also believes that the Company is not exposed to significant credit risk as it relates to marketable securities because the Company only invests in U.S government securities.

~~The~~Restricted accompanying unaudited interim financial statements have been prepared in accordance with the accounting principles generally accepted in the United States, or GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and related notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2025, which provide a more complete discussion of the Company’s accounting policies and certain other information. The December 31, 2024 condensed consolidated balance sheet has been derived from the Company’s annual financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments that management believes to be necessary for a fair presentation of the Company’s financial information. Interim results are not necessarily indicative of results for a full year or any future interim period.cash

8Restricted cash represents collateral provided for letters of credit issued as a security deposit in connection with the Company’s leased facilities. Cash will be released from restriction upon termination of the associated lease and satisfaction of any applicable termination conditions. Restricted cash was $0.2 million and $0.1 million as of June 30, 2025 and December 31, 2024, respectively.

~~Principles~~Basic net loss per share is computed by dividing the net loss by the weighted average number of ~~consolidation~~shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, including the effect of dilutive securities.

~~The~~As ~~condensed~~the ~~consolidated~~Company ~~financial~~was ~~statements~~in ~~include~~a ~~the~~net ~~accounts~~loss ofposition for the ~~Company~~three and ~~its~~six ~~wholly~~months ~~owned~~ended ~~subsidiary.~~June ~~All~~30, ~~intercompany~~2025 ~~accounts~~ and ~~transactions~~2024, ~~have~~diluted ~~been~~net ~~eliminated~~loss inper ~~consolidation~~share is the same as basic net loss per share because the effects of potentially dilutive securities are antidilutive.

~~Use~~The following potentially dilutive securities have been excluded from the computation of ~~estimates~~diluted net loss per share for the periods presented because including them would have been anti-dilutive (on an as-converted basis):

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and the accompanying notes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. The Company’s significant accounting estimates include, but are not necessarily limited to, revenue recognition, the estimated fair value of share-based awards, accrued research and development expenses and the fair value of acquired in-process research and development assets.


	June 30,
	2025		2024
Stock options outstanding		11,778,068		8,537,999

~~Operating~~In ~~segments~~November ~~are~~2023, ~~defined~~the asFASB ~~components~~issued ofASU an2023-07, ~~entity~~Segment ~~about~~Reporting ~~which~~(Topic ~~separate~~280) ~~discrete~~– ~~information~~Improvements isto ~~available~~Reportable ~~and~~Segment ~~regularly~~Disclosures. ~~reviewed~~ASU by2023-07 ~~the~~requires ~~chief~~disclosure ~~operating~~of ~~decision~~incremental ~~maker,~~segment orinformation ~~CODM,~~on inan ~~deciding~~interim ~~how~~and toannual ~~allocate~~basis ~~resources~~ and inprovides ~~assessing~~new ~~performance.~~segment ~~The~~disclosure ~~Company’s~~requirements ~~CODM~~for isentities ~~its~~with ~~Chief~~a ~~Executive~~single ~~Officer~~reportable segment. ~~The~~ASU ~~CODM~~2023-07 ~~views~~is ~~the~~effective ~~Company’s~~for ~~operations~~all ~~and~~public ~~manages~~companies ~~its~~for ~~business~~fiscal asyears ~~one~~beginning ~~operating~~after ~~and~~December ~~reporting~~15, ~~segment~~2023, ~~which~~and isinterim ~~the~~periods ~~business~~within offiscal ~~development~~periods ofbeginning ~~targeted~~after ~~oncology~~December ~~therapies~~15, ~~exclusively~~2024, and requires retrospective application to all prior periods presented in the ~~United~~financial ~~States~~statements. The

~~Concentration of credit risk~~9

~~Financial~~Table ~~instruments that potentially subject the Company to significant concentration~~ of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. Management also believes that the Company is not exposed to significant credit risk as it relates to marketable securities because the Company only invests in U.S government securities.Contents

~~Restricted~~Company ~~cash~~adopted annual requirements under ASU 2023-07 on January 1, 2024 and adopted interim requirements under ASU 2023-07 on January 1, 2025. There was no impact on the Company’s reportable segments identified and additional required disclosures have been included in Note 11.

~~Restricted~~In ~~cash~~December ~~represents~~2023, ~~collateral~~the ~~provided~~FASB ~~for~~issued aASU ~~letter~~2023-09, ofImprovements ~~credit~~to ~~issued~~Income asTax aDisclosures, ~~security~~which ~~deposit~~updates inincome ~~connection~~tax ~~with~~disclosures ~~one~~primarily ofrelated to the ~~Company’s~~rate ~~leased~~reconciliation ~~facilities~~and income taxes paid information. ~~Cash~~This ~~will~~update bealso ~~released~~includes ~~from~~certain ~~restriction~~other ~~upon~~amendments ~~termination~~to ofimprove the ~~lease~~effectiveness ~~and~~of ~~satisfaction~~income oftax ~~any~~disclosures. ~~applicable~~The ~~termination~~amendments ~~conditions.~~in ~~Restricted~~this ~~cash~~update ~~was~~are ~~$0.1~~effective ~~million~~for atannual ~~both~~periods ~~March 31, 2025~~beginning ~~and~~after December 31 15, 2024. The Company adopted ASU 2023-09 on January 1, 2025. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements.

~~Basic~~In ~~net~~November ~~loss~~2024, ~~per~~the ~~share~~FASB isissued ~~computed~~ASU by2024-03, ~~dividing~~Income ~~the~~Statement ~~net~~– ~~loss~~Reporting byComprehensive ~~the~~Income ~~weighted~~– ~~average~~Expense ~~number~~Disaggregation ofDisclosures ~~shares~~(Subtopic 220-40): Disaggregation of ~~common~~Income ~~stock~~Statement ~~outstanding~~Expenses. ~~for~~ASU ~~the~~2024-03 ~~period,~~requires ~~without~~disclosure ~~consideration~~about ~~for~~the ~~potentially~~types ~~dilutive~~of ~~securities.~~costs ~~Diluted~~and ~~net~~expenses ~~loss~~included ~~per~~in ~~share~~certain isexpense ~~computed~~captions bypresented ~~dividing~~on the ~~net~~income ~~loss~~statement. byThis ~~the~~guidance ~~weighted~~is ~~average~~effective ~~number~~for ofannual ~~shares~~periods ofbeginning ~~common~~after ~~stock~~December ~~outstanding~~15, ~~for~~2026 ~~the~~and ~~period~~interim periods beginning after December 15, ~~including~~2027. Early adoption is permitted. The Company is currently evaluating the ~~effect~~impact of ~~dilutive~~this ~~securities~~guidance on its condensed consolidated financial statements.

9The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

~~Table~~Level of1 ~~Contents~~– Quoted prices in active markets for identical assets or liabilities.

~~The~~Level ~~following~~2 ~~potentially~~– ~~dilutive~~Observable ~~securities~~inputs ~~have~~other ~~been~~than ~~excluded~~Level ~~from~~1 ~~the~~prices ~~computation~~such ofas ~~diluted~~quoted ~~net~~prices ~~loss~~for ~~per~~similar ~~share~~assets ~~for~~or ~~the~~liabilities, ~~periods~~quoted ~~presented~~prices ~~because~~in ~~including~~markets ~~them~~that ~~would~~are ~~have~~not ~~been~~active, ~~anti-dilutive~~or ~~(on~~other aninputs ~~as-converted~~that ~~basis):~~are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


	March 31,
	2025	2024
Stock options outstanding	11,498,848	8,531,683
Common stock warrants	—	157,314
	11,498,848	8,688,997

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2025
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash equivalents:
Money market funds	1	$	142,424	$	—	$	—		$	142,424
Marketable securities:
U.S. treasury securities	2		124,184		—		(24	)		124,160
Total financial assets		$	266,608	$	—	$	(24	)	$	266,584

Recently adopted accounting standards


	December 31, 2024
	Level	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash equivalents:
Money market funds	1	$	46,987	$	—	$	—	$	46,987
U.S. treasury securities	2		94,379		40		—		94,419
Marketable securities:
U.S. treasury securities	2		73,935		17		—		73,952
Total financial assets		$	215,301	$	57	$	—	$	215,358

InThe ~~November~~Company’s ~~2023,~~marketable ~~the~~securities ~~FASB~~as ~~issued~~of ~~ASU~~June ~~2023-07~~30, ~~Segment~~2025 ~~Reporting~~consist ~~(Topic~~of ~~280) – Improvements to Reportable Segment Disclosures~~U.S. ~~ASU~~treasury ~~2023-07~~debt ~~requires~~securities ~~disclosure of incremental segment information on an interim and annual basis and provides new segment disclosure requirements for entities~~ with a ~~single~~contractual ~~reportable~~maturity ~~segment.~~date ~~ASU~~of ~~2023-07~~up is effective for all public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to ~~all~~4 ~~prior periods presented in the financial statements~~months. The Company adopted annual requirements under ASU 2023-07 on January 1, 2024 and adopted interim requirements under ASU 2023-07 on January 1, 2025. There was no impact on the Company’s reportable segments identified and additional required disclosures have been included in Note 11.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which updates income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 on January 1, 2025. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements.10

~~Recent~~Table ~~accounting~~of ~~standards not yet adopted~~Contents

3In January 2023, the Company entered into a Collaboration and Option Agreement, or the Collaboration Agreement, with AbbVie Global Enterprises Ltd., ~~Fair~~or ~~value~~AbbVie, ~~measurement~~pursuant to which AbbVie paid the Company a nonrefundable upfront payment of $30.0 million in exchange for the Company using its discovery platform to discover and validate targets derived from patients with three specified tumor types, and antibodies that bind to such targets, which may be the subject of further development and commercialization by AbbVie. Pursuant to the terms of the Collaboration Agreement, the Company granted AbbVie an exclusive option to purchase all rights to each novel target-antibody pair, or a Validated Target Pair or VTP, that the Company generates, up to a maximum of 10 in total, which AbbVie may use to develop and commercialize certain products derived from the assigned VTP.

The Company ~~utilizes~~determined ~~valuation~~that ~~techniques~~the ~~that~~Collaboration ~~maximize~~Agreement ~~the~~represents ~~use~~a contract with a customer and consists of ~~observable~~one ~~inputs~~performance obligation to provide research and ~~minimize~~development services, or R&D services, to AbbVie. The Company determined the ~~use~~initial transaction price of ~~unobservable~~the ~~inputs~~single performance obligation to be $30.0 million, as the ~~extent~~variable ~~possible~~consideration for additional R&D services, option exercise payments and development milestone payments were all subject to constraint at contract inception. ~~The~~Revenue from the Collaboration Agreement was recognized over the estimated performance of the R&D services using the cost-to-cost input method which the Company ~~determines~~believed ~~fair~~best ~~value~~depicted the transfer of control to the customer. Under the cost-to-cost input method, the extent of progress towards completion was measured based on ~~assumptions~~the ~~that~~ratio ~~market~~of ~~participants~~actual ~~would~~costs ~~use~~incurred into ~~pricing~~the antotal ~~asset~~estimated orcosts ~~liability~~expected inupon satisfying the ~~principal~~performance orobligation. ~~most~~The ~~advantageous~~Company ~~market.~~recognized ~~When~~collaboration ~~considering~~revenue ~~market~~of ~~participant~~$4.0 ~~assumptions~~million inand ~~fair~~$2.4 ~~value~~million ~~measurements,~~for the ~~following~~three ~~fair~~months ~~value~~ended ~~hierarchy~~June ~~distinguishes~~30, ~~between~~2025 ~~observable~~and 2024, respectively, and ~~unobservable~~$6.9 ~~inputs~~million and $3.4 million for the six months ended June 30, ~~which~~2025 ~~are~~and ~~categorized~~2024, inrespectively. ~~one~~As of June 30, 2025, the ~~following~~Company ~~levels:~~had recognized all remaining revenue and costs associated with its performance obligation under the agreement. The Collaboration Agreement terminated pursuant to its terms in July 2025.

~~Level~~The 1following –table ~~Quoted~~summarizes ~~prices~~the change in ~~active~~deferred ~~markets~~revenue ~~for~~(in ~~identical assets or liabilities.~~thousands):

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.


	Six Months Ended June 30, 2025
Beginning balance	$	6,941
Deferral of revenue		—
Recognition of revenue		(6,941	)
Balance at the end of the period	$	—

~~Level~~As 3of –June ~~Unobservable~~30, ~~inputs~~2025, ~~that~~the ~~are~~Company ~~supported~~has byfully ~~little~~recognized orthe nonon-refundable ~~market~~upfront ~~activity~~fee ~~and~~as ~~that~~revenue, ~~are~~and ~~significant~~no torelated ~~the~~deferred ~~fair~~revenue ~~value of the assets or liabilities~~remains.

~~The~~Accrued ~~following~~expenses ~~tables~~and ~~summarize~~other ~~the~~current ~~Company’s~~liabilities ~~financial~~consisted ~~assets~~of ~~measured at fair value on a recurring basis by level within~~ the ~~fair~~following ~~value hierarchy~~ (in thousands):


		June 30, 2025			December 31, 2024
	March 31, 2025
Research and development		$	10,562		$	24,185
	Level		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Compensation and related benefits			5,646			5,861
Cash equivalents:
Professional services and consulting			837			933
Money market funds	1		$	255,939	$	—	$	—	$	255,939
Operating lease liabilities, current portion			—			63
Marketable securities:
Other			1,173			2,135
U.S. treasury securities	2			59,713		—		(3)		59,710
Total accrued expenses and other current liabilities		$	18,218		$	33,177
Total financial assets			$	315,652	$	—	$	(3)	$	315,649

	December 31, 2024
	Level		Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Cash equivalents:
Money market funds	1		$	46,987	$	—	$	—	$	46,987
U.S. treasury securities	2			94,379		40		—		94,419
Marketable securities:
U.S. treasury securities	2			73,935		17		—		73,952
Total financial assets			$	215,301	$	57	$	—	$	215,358

The Company’s ~~marketable~~maintains ~~securities~~a ~~consist~~defined-contribution plan under Section 401(k) of Uthe Internal Revenue Code, or the 401(k) Plan.S. ~~treasury~~The ~~debt~~401(k) ~~securities~~Plan ~~with~~covers all employees who meet defined minimum age and service requirements and allows participants to defer a ~~contractual~~portion ~~maturity~~of ~~date~~their annual compensation on a pre-tax basis. The Company assumes all administrative costs of upthe 401(k) Plan and makes matching contributions as defined in the 401(k) Plan document. The Company made matching contributions to 6the 401(k) Plan of $0.3 million and $0.5 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively.

~~4. Collaboration agreement with AbbVie~~11

InTable January 2023, the Company entered into a Collaboration and Option Agreement, or the Collaboration Agreement, with AbbVie Global Enterprises Ltd., or AbbVie, pursuant to which the Company is using its discovery platform to discover and validate targets derived from patients with three specified tumor types, and antibodies that bind to such targets, which may be the subject of further development and commercialization by AbbVie. Pursuant to the terms of the Collaboration Agreement, the Company granted AbbVie an exclusive option to purchase all rights to each novel target-antibody pair, or a Validated Target Pair or VTP, that the Company generates that meets certain mutually agreed criteria, up to a maximum of 10 in total, for all human and non-human diagnostic, prophylactic and therapeutic uses throughout the world, including the development and commercialization of certain products, or Products, derived from the assigned VTP.Contents

11On March 25, 2024, the Company and Ayala Pharmaceuticals, Inc., or Ayala, completed an Asset Purchase Agreement, or the Ayala Purchase Agreement, that was entered into in February 2024, pursuant to which the Company acquired Ayala’s AL101 and varegacestat (then known as AL102) programs and assumed certain liabilities associated with the acquired assets. The upfront consideration included (i) payment of approximately $20.0 million in cash, and (ii) the issuance of 2,175,489 unregistered shares of the Company’s common stock at an aggregate fair value of $50.6 million on the acquisition date. The fair value of the shares issued to Ayala was based on the closing stock price of the Company’s common stock on March 25, 2024 of $24.00 per share less a discount of 3.0% related to unregistered share restrictions.

~~Table~~The Company accounted for the transaction as an asset acquisition as substantially all of ~~Contents~~the fair value of the gross assets acquired was concentrated in two programs that were grouped as a single identifiable IPR&D asset. The assets acquired in the transaction were measured based on the estimated fair value of the consideration paid of $71.3 million, which included direct transaction costs of $0.7 million.

The ~~Company~~consideration ~~determined~~paid ~~that~~and the ~~Collaboration~~relative ~~Agreement~~fair ~~represents~~values ~~a contract with a customer and consists~~ of ~~one performance obligation to provide research and development services, or R&D services, to AbbVie. The Company evaluated~~ the ~~options~~assets toacquired ~~continue the R&D services~~ and ~~options~~liabilities toassumed ~~purchase~~were ~~licenses~~as tofollows ~~each~~(in ~~VTP and concluded that these options did not represent material rights.~~thousands):

The Company determined the initial transaction price of the single performance obligation to be $30.0 million, as the variable consideration for additional R&D services, option exercise payments and development milestone payments are all subject to constraint at contract inception. At each reporting period, the Company will reevaluate the variable consideration subject to constraint and, if necessary, will adjust its estimate of the overall transaction price. For the sales-based royalties, the Company will recognize revenue when the related sales occur.


	Amount
Common stock issued to Ayala	$	50,645
Upfront consideration paid to Ayala		20,039
Transaction costs		657
Consideration paid	$	71,341
Assets acquired:
In-process research and development	$	73,382
Other long-term assets		2,480
Total assets acquired	$	75,862
Liabilities assumed:
Accrued expenses	$	4,521
Total liabilities assumed	$	4,521
Net assets acquired	$	71,341

~~Revenue~~The ~~from~~cost ~~the~~attributable ~~Collaboration~~to ~~Agreement will be recognized over~~ the ~~estimated performance of the R~~IPR&D ~~services~~was ~~using~~expensed ~~the~~in ~~cost-to-cost input method which~~ the Company’s ~~believes~~condensed ~~best~~consolidated ~~depicts~~statements ~~the transfer~~ of ~~control~~operations toand ~~the~~comprehensive ~~customer.~~loss ~~Under~~for the ~~cost-to-cost~~six ~~input~~months ~~method,~~ended ~~the~~June ~~extent~~30, of2024 ~~progress~~since ~~towards completion is measured based on~~ the ~~ratio~~acquired ofIPR&D ~~actual~~had ~~costs~~no ~~incurred~~alternative tofuture ~~the total estimated costs expected upon satisfying the performance obligation~~use. ~~The Company recognized collaboration revenue of $2.9 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively.~~

~~The~~Under ~~following~~the ~~table~~Ayala ~~summarizes~~Purchase Agreement, the ~~change~~Company inwill ~~deferred~~be ~~revenue~~required (to pay Ayala up to $37.5 million in ~~thousands):~~the aggregate upon the achievement of certain development, regulatory and commercial milestone events. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable.


	Three Months Ended March 31, 2025
Beginning balance	$	6,941
Deferral of revenue		—
Recognition of revenue		(2,926)
Balance at the end of the period	$	4,015

On January 5, 2024, the Company entered into a license agreement with Zentalis Pharmaceuticals, Inc., or the Zentalis License Agreement, pursuant to which the Company received an exclusive, worldwide, royalty-bearing, sublicensable license under certain intellectual property relating to Zentalis’ proprietary ADC platform technology, ROR1 antibodies and ADCs targeting ROR1 to exploit products covered by or incorporating the licensed intellectual property rights, or, collectively, the Zentalis Licensed Assets.

As ofupfront ~~March 31~~consideration for the license, ~~2025,~~ the Company ~~expects~~paid to ~~recognize~~Zentalis $15.0 million in cash and issued to Zentalis 2,298,586 unregistered shares of its common stock at an aggregate fair value of $23.4 million. The fair value of the ~~deferred~~common ~~revenue~~stock ~~associated~~issued ~~with~~to Zentalis was based on the ~~non-refundable~~closing ~~upfront~~stock ~~fee~~price ~~over~~of the ~~estimated~~Company’s ~~remaining~~common ~~research~~stock ~~and~~on ~~development~~January ~~period~~5, 2024 of ~~approximately~~$11.12 per share less a discount of 8.5% related to unregistered share restrictions. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset. The consideration paid to acquire the license and intellectual property rights, which included transaction costs of $0.252 ~~years~~million, was immediately recognized as IPR&D expense in the Company’s condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2024 since the acquired IPR&D had no alternative future use.

~~5. Balance sheet components~~12

~~Accrued~~Table ~~expenses~~of ~~and other current liabilities~~ Contents

~~Accrued~~On ~~expenses~~October 25, 2024, the Company and ~~other~~Zentalis ~~current~~entered ~~liabilities~~into ~~consisted~~an asset purchase agreement, or the Zentalis Purchase Agreement, pursuant to which the Company purchased the Zentalis Licensed Assets that were licensed to the Company under the then-existing Zentalis License Agreement, together with all the customary rights and obligations of a sole owner, or the ~~following~~Zentalis (Asset Purchase. Upon the closing of the Zentalis Asset Purchase, the Zentalis License Agreement was terminated in ~~thousands):~~its entirety, including the termination of all of the Company’s contingent milestone and royalty payment obligations. Certain accrued rights and obligations of the parties survive the closing of the Zentalis Asset Purchase.


	March 31, 2025		December 31, 2024
Research and development	$	12,456	$	24,185
Compensation and related benefits		2,993		5,861
Professional services and consulting		997		933
Operating lease liabilities, current portion		—		63
Other		1,210		2,135
Total accrued expenses and other current liabilities	$	17,656	$	33,177

As consideration for the Zentalis Asset Purchase, the Company issued to Zentalis 1,805,502 unregistered shares of its common stock at an aggregate fair value of $21.0 million. The fair value of the common stock issued to Zentalis was based on the closing stock price of the Company’s common stock on October 25, 2024 of $12.11 per share less a discount of 4.0% related to unregistered share restrictions. The consideration paid to Zentalis for the Zentalis Asset Purchase was immediately recognized as IPR&D expense.

The Company was also obligated to pay Zentalis a one-time payment of $5.0 million in cash upon the achievement of a developmental milestone, which was achieved in December 2024 and paid during the six months ended June 30, 2025. The related liability was accrued within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of December 31, 2024.

6.In ~~Employee~~connection ~~benefit~~with ~~plan~~the closing of the Ayala Purchase Agreement in March 2024, the Company assumed a license agreement, the BMS License Agreement, with Bristol-Myers Squibb Company, or BMS, pursuant to which the Company obtained a worldwide, non-transferable, royalty-bearing, exclusive, sublicensable, license under certain patent rights and know-how of BMS to research, discover, develop, make, have made, use, sell, offer to sell, export, import and commercialize AL101 and varegacestat, or the BMS Licensed Compounds, and products containing AL101 or varegacestat, or the BMS Licensed Products, for all uses including the prevention, treatment or control of any human or animal disease, disorder or condition.

~~The~~Under ~~Company~~the ~~maintains~~BMS aLicense ~~defined-contribution~~Agreement, ~~plan under Section 401(k) of~~ the ~~Internal~~Company ~~Revenue~~is ~~Code,~~obligated orto ~~the~~use ~~401(k) Plan.~~commercially ~~The~~reasonable ~~401(k) Plan~~efforts ~~covers~~to ~~all~~develop ~~employees~~at ~~who~~least ~~meet~~one ~~defined~~BMS ~~minimum~~Licensed ~~age~~Product. ~~and~~The ~~service~~Company ~~requirements~~is ~~and~~also ~~allows~~required ~~participants~~ to ~~defer~~use acommercially ~~portion~~reasonable ofefforts ~~their~~to ~~annual~~obtain ~~compensation~~regulatory onapprovals ain ~~pre-tax~~certain ~~basis.~~major ~~The~~market ~~Company~~countries ~~assumes~~for ~~all~~at ~~administrative~~least ~~costs~~one ofBMS ~~the~~Licensed ~~401(k) Plan~~Product, ~~and~~as ~~makes~~well ~~matching contributions~~ as ~~defined~~to inaffect the ~~401(k) Plan~~first ~~document.~~commercial ~~The~~sale ~~Company made matching contributions~~ of ~~$0.2 million~~ and ~~$0.1~~commercialize ~~million~~each toBMS ~~the~~Licensed ~~401(k)~~Product ~~Plan~~after ~~for~~obtaining ~~the~~such ~~three~~regulatory ~~months ended March 31, 2025 and 2024, respectively~~approval.

12The Company is required to pay BMS up to approximately $142.0 million in the aggregate upon the achievement of certain clinical development or regulatory milestones for AL101 and varegacestat across multiple indications. In addition, the Company is required to pay BMS up to $50.0 million in the aggregate upon the achievement of certain commercial milestones for each BMS Licensed Product. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. BMS is also eligible to receive tiered royalties ranging from a high single-digit to a low teen percentage on annual worldwide net sales of any BMS Licensed Products. Royalty payments will be expensed in the period in which the underlying revenues are earned.

~~Table~~BMS has the right to terminate the BMS License Agreement in its entirety if the Company fails to fulfill its development and commercialization obligations within a defined period of ~~Contents~~time following written notice by BMS. The Company has the right to terminate the BMS License Agreement for convenience upon prior written notice to BMS. Upon termination of the BMS License Agreement by the Company for convenience or by BMS, the Company will grant an exclusive, non-transferable, sublicensable, worldwide license to BMS for certain patent rights that are necessary to develop, manufacture or commercialize the BMS Licensed Compounds or BMS Licensed Products. In exchange for such license, BMS will be obligated to pay the Company a low single-digit percentage royalty on net sales of the BMS Licensed Compounds and/or BMS Licensed Products by it or its affiliates, licensees or sublicensees, provided that the termination occurred after a specified developmental milestone for such BMS Licensed Compounds and/or BMS Licensed Products.

Following the closing of the Ayala Purchase Agreement, on August 7., ~~Strategic~~2024, ~~transactions~~the Company and ~~agreements~~BMS entered into Amendment No. 2 to the BMS License Agreement, or the BMS License Agreement Amendment. As consideration to BMS for entering into the BMS License Agreement Amendment, the Company issued BMS 230,415 unregistered shares of its common stock at an aggregate fair value of $2.7 million. The fair value of the common stock issued to BMS was based on the closing stock price of the Company’s common stock on August 7, 2024 of $12.46 per share less a discount of 6.0% related to unregistered share restrictions. The consideration paid to BMS to amend the BMS License Agreement was immediately recognized as IPR&D expense.

~~Ayala Pharmaceuticals~~13

OnTable March 25, 2024, the Company and Ayala Pharmaceuticals, Inc., or Ayala, completed an Asset Purchase Agreement, or the Ayala Purchase Agreement, that was entered into in February 2024, pursuant to which the Company acquired Ayala’s AL101 and varegacestat (then known as AL102) programs and assumed certain liabilities associated with the acquired assets. The upfront consideration included (i) payment of approximately $20.0 million in cash, and (ii) the issuance of 2,175,489 unregistered shares of the Company’s common stock at an aggregate fair value of $50.6 million on the acquisition date. The fair value of the shares issued to Ayala was based on the closing stock price of the Company’s common stock on March 25, 2024 of $24.00 per share less a discount of 3.0% related to unregistered share restrictions.Contents

The ~~consideration~~Company ~~paid~~has entered into various other asset purchase and ~~the~~license ~~relative~~agreements ~~fair~~to ~~values~~further ofacquire, discover, develop and commercialize certain technologies and treatments. There was no IPR&D expense under these agreements for the ~~assets~~three ~~acquired~~and six months ended June 30, 2025. During the three and ~~liabilities~~six ~~assumed~~months ended June 30, 2024, the Company incurred upfront fees of $6.3 million under these agreements which were recognized as ~~follows~~IPR&D (expense in ~~thousands):~~the Company’s condensed consolidated statement of operations and comprehensive loss since the acquired IPR&D had no alternative future use.


	Amount
Common stock issued to Ayala	$	50,645
Upfront consideration paid to Ayala		20,039
Transaction costs		657
Consideration paid	$	71,341

Assets acquired:
In-process research and development	$	73,382
Other long-term assets		2,480
Total assets acquired	$	75,862
Liabilities assumed:
Accrued expenses	$	4,521
Total liabilities assumed	$	4,521
Net assets acquired	$	71,341

Under the terms of these agreements, the Company may need to pay certain development, regulatory, and commercial milestones payments and royalties on product sales, if any. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. Royalty payments will be expensed in the period in which the underlying revenues are earned.

As of December 31, 2024, the Company accrued $1.2 million within accrued expenses and other current liabilities on the condensed consolidated balance sheet related to upfront license fees and the achievement of certain milestones under these agreements. These amounts were subsequently settled during the six months ended June 30, 2025.

~~The~~8. ~~cost~~Leases attributable to the IPR&D was expensed in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 since the acquired IPR&D had no alternative future use.

~~Under~~The Company currently leases approximately 53,000 square feet of office and laboratory space in Bothell, Washington, including 13,000 square feet of space that was added in June 2025 under amended lease agreements. As part of the ~~Ayala~~amended ~~Purchase~~lease ~~Agreement~~agreements, the Company ~~will~~has bethe ~~required~~right to ~~pay~~receive ~~Ayala~~tenant improvement allowances in the aggregate of up to $379.53 million infor ~~the~~leasehold ~~aggregate~~improvements, ~~upon~~which ~~the~~are ~~achievement~~accounted offor ~~certain~~as ~~development,~~lease ~~regulatory~~incentives. ~~and~~The ~~commercial~~Bothell ~~milestone~~lease ~~events.~~expires ~~Any~~on ~~potential~~March ~~future~~31, ~~milestone~~2033, ~~payment~~and ~~amounts~~includes ~~will~~two befive-year ~~accrued~~renewal ~~when~~options that are not included in the ~~related~~lease ~~contingency~~term as it is ~~resolved~~not ~~and~~reasonably ~~the~~certain ~~milestone~~that ~~consideration~~they ~~becomes~~will ~~payable~~be exercised.

~~Zentalis~~The ~~Pharmaceuticals~~Company also leased approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania. The Exton lease expired on March 31, 2025.

OnThe ~~January~~Company 5,recorded ~~2024,~~operating lease expense of $0.3 million and $0.6 million for the ~~Company~~three ~~entered~~and ~~into~~six amonths ~~license~~ended ~~agreement~~June ~~with~~30, ~~Zentalis~~2025, ~~Pharmaceuticals~~respectively, ~~Inc~~and $0.,2 ormillion and $0.3 million for the ~~Zentalis~~three ~~License~~and ~~Agreement~~six months ended June 30, ~~pursuant~~2024, torespectively. ~~which~~Under the ~~Company~~terms ~~received~~of anthe ~~exclusive,~~lease ~~worldwide~~agreements, ~~royalty-bearing,~~the ~~sublicensable~~Company ~~license~~is ~~under~~also responsible for certain ~~intellectual~~variable ~~property~~lease ~~relating~~payments tothat ~~Zentalis’~~are ~~proprietary~~not ~~ADC~~included ~~platform~~in ~~technology,~~the ~~ROR1~~measurement ~~antibodies~~of ~~and~~the ~~ADCs~~lease ~~targeting~~liability. ~~ROR1~~The toCompany ~~exploit~~incurred ~~products~~variable ~~covered~~lease bycosts orof ~~incorporating~~$0.1 million and $0.2 million for the ~~licensed~~three ~~intellectual~~and ~~property~~six ~~rights,~~months orended June 30, ~~collectively~~2025, respectively. The Company did not incur significant variable lease costs for the ~~Zentalis~~three ~~Licensed~~and ~~Assets~~six months ended June 30, 2024.

13Other information related to the Company’s operating leases was as follows:

Table of Contents


	June 30, 2025			December 31, 2024
Weighted-average remaining lease term (in years)		7.75			8.15
Weighted-average discount rate		8.7	%		9.5	%

AsSupplemental ~~upfront consideration for the license, the Company paid to Zentalis $15.0 million in~~ cash ~~and~~flow ~~issued~~information torelated ~~Zentalis 2,298,586 unregistered shares of its common stock at an aggregate fair value of $23.4 million. The fair value of the common stock issued~~ to ~~Zentalis was based on~~ the ~~closing stock price of the~~ Company’s ~~common~~operating ~~stock~~leases on January 5, 2024 of $11.12 per share less a discount of 8.5% related to unregistered share restrictions. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset. The consideration paid to acquire the license and intellectual property rights, which included transaction costs of $0.2 million, was immediately recognized as ~~IPR&D~~follows ~~expense~~ (in ~~the Company’s condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2024 since the acquired IPR&D had no alternative future use.~~thousands):

On October 25, 2024, the Company and Zentalis entered into an asset purchase agreement, or the Zentalis Purchase Agreement, pursuant to which the Company purchased the Zentalis Licensed Assets that were licensed to the Company under the then-existing Zentalis License Agreement dated January 5, 2024, together with all the customary rights and obligations of a sole owner, or the Zentalis Asset Purchase. Upon the closing of the Zentalis Asset Purchase, the Zentalis License Agreement was terminated in its entirety, including the termination of all of the Company’s contingent milestone and royalty payment obligations. Certain accrued rights and obligations of the parties survive the closing of the Zentalis Asset Purchase.


	Six Months Ended June 30,
	2025		2024
Cash paid for operating lease liabilities	$	245	$	154

~~The~~Table ~~Company was also obligated to pay Zentalis a one-time payment~~ of $5.0 million in cash upon the achievement of a developmental milestone, which was achieved in December 2024 and paid during the three months ended March 31, 2025. The related liability was accrued within accrued expenses and other current liabilities on the condensed consolidated balance sheet as of December 31, 2024. Contents

~~Bristol-Myers~~The ~~Squibb~~Company’s future minimum lease payments were as follows as of June 30, 2025 (in thousands):

In connection with the closing of the Ayala Purchase Agreement in March 2024, the Company assumed a license agreement, the BMS License Agreement, with Bristol-Myers Squibb Company, or BMS, pursuant to which the Company obtained a worldwide, non-transferable, royalty-bearing, exclusive, sublicensable, license under certain patent rights and know-how of BMS to research, discover, develop, make, have made, use, sell, offer to sell, export, import and commercialize AL101 and varegacestat, or the BMS Licensed Compounds, and products containing AL101 or varegacestat, or the BMS Licensed Products, for all uses including the prevention, treatment or control of any human or animal disease, disorder or condition.


Years ending December 31,	Amount
2025 (represents remaining six months in 2025)	$	460
2026		1,468
2027		2,330
2028		2,383
2029 and thereafter		10,749
Total lease payments		17,390
Less: imputed interest		(3,910	)
Less: tenant improvement allowance not yet received		(9,338	)
Present value of operating lease liabilities	$	4,142

The Company ishas ~~required~~reserved ~~to pay BMS up to approximately $142.0 million in~~ the ~~aggregate~~following ~~upon~~shares ~~the achievement~~ of ~~certain~~common ~~clinical~~stock ~~development or regulatory milestones~~ for ~~AL101 and varegacestat across multiple indications. In addition~~issuance, ~~the~~on ~~Company~~an is required to pay BMS up to $50.0 million in the aggregate upon the achievement of certain commercial milestones for each BMS Licensed Product. Any potential future milestone payment amounts will be accrued when the related contingency is resolved and the milestone consideration becomes payable. BMS is also eligible to receive tiered royalties ranging from a high singleas-~~digit~~converted tobasis, aas ~~low teen percentage on annual worldwide net sales of any BMS Licensed Products. Royalty payments will be expensed in the period in which the underlying revenues are earned.~~follows:


	June 30, 2025		December 31, 2024
Stock options issued and outstanding under the Plans		11,778,068		11,990,781
Remaining shares available for issuance under the Plans		6,609,480		2,631,369
Remaining shares available for issuance under the ESPP		1,550,859		906,251
Total reserved common stock		19,938,407		15,528,401

~~BMS~~In ~~has~~January ~~the~~2025, ~~right to terminate~~ the ~~BMS~~Company ~~License~~completed ~~Agreement~~a inpublic ~~its~~offering ~~entirety~~and ifissued ~~the~~22,258,064 ~~Company~~shares ~~fails~~of ~~to fulfill~~ its ~~development~~common ~~and~~stock ~~commercialization~~at ~~obligations within~~ a ~~defined~~price ~~period~~ of ~~time following written notice by BMS~~$7.75 ~~The~~per ~~Company has the right to terminate the BMS License Agreement for convenience upon prior written notice to BMS. Upon termination of the BMS License Agreement by the Company for convenience or by BMS~~share, ~~the Company will grant an exclusive, non-transferable, sublicensable, worldwide license to BMS~~ for certain patent rights that are necessary to develop, manufacture or commercialize the BMS Licensed Compounds or BMS Licensed Products. In exchange for such license, BMS will be obligated to pay the Company a low single-digit percentage royalty on net ~~sales~~proceeds of ~~the~~$161.7 ~~BMS Licensed Compounds and/or BMS Licensed Products by it or its affiliates~~million, ~~licensees or sublicensees, provided that the termination occurred~~ after adeducting ~~specified~~underwriting ~~developmental~~discounts ~~milestone~~and ~~for~~commissions ~~such BMS Licensed Compounds~~ and~~/or~~ ~~BMS~~offering ~~Licensed Products~~expenses.

~~Other~~On ~~asset~~May ~~acquisitions~~14, 2024, the Company entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and ~~license~~sell ~~agreements~~from time to time shares of its common stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. The Company has agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. As of June 30, 2025, the Company had sold an aggregate of 2,030,431 shares of common stock under the 2024 ATM Agreement for gross proceeds of $20.0 million and net proceeds of approximately $19.6 million, with approximately $180.0 million remaining available for future offerings. No shares of common stock were sold under the 2024 ATM Agreement during the six months ended June 30, 2025.

AsIn ofSeptember ~~December 31~~2020, ~~2024,~~ the Company ~~accrued~~adopted ~~$1.2~~the ~~million~~2020 ~~within~~Equity ~~accrued~~Incentive ~~expenses~~Plan, ~~and~~or ~~other~~the ~~current~~2020 ~~liabilities~~Plan, onwhich ~~the~~supersedes ~~condensed~~all ~~consolidated~~prior ~~balance~~equity ~~sheet~~incentive ~~related~~plans. toOn ~~upfront~~January ~~license~~1, ~~fees~~2025, ~~and~~ the ~~achievement~~number of ~~certain~~shares ~~milestones~~available ~~under~~for ~~these~~future ~~agreements.~~issuance ~~These~~under ~~amounts~~the ~~were~~2020 ~~subsequently~~Plan ~~settled~~increased ~~during~~by ~~the~~2,578,433 ~~three~~shares. ~~months~~As ~~ended~~of ~~March~~June 3130, 2025, there were 4,704,785 shares available for issuance under the 2020 Plan.

8In October 2023, the Company completed its merger with Morphimmune, Inc. ~~Leases~~and assumed the Morphimmune 2020 Equity Incentive Plan, or the Morphimmune Plan. There were 555,895 shares available for issuance under the Morphimmune Plan as of June 30, 2025.

The Company currently leases approximately 39,000 square feet of office and laboratory space in Bothell, Washington. In December 2024, the Company was granted a one-time tenant improvement allowance of $3.5 million which was considered payable by the lessor at the commencement date. The Bothell lease also includes an expansion option to lease approximately 13,000 additional square feet of office and laboratory space with a $4.7 million tenant improvement allowance. The Bothell lease expires on March 31, 2033, and includes two five-year renewal options that are not included in the lease term as it is not reasonably certain that they will be exercised.15

~~The~~Table ~~Company also leased approximately 11,000 square feet~~ of ~~office and laboratory space in Exton, Pennsylvania. The Exton lease expired on March 31, 2025.~~Contents

~~Table~~In October 2024, the Company adopted the 2024 Inducement Plan, or the 2024 Plan, and reserved 2,000,000 shares of ~~Contents~~the Company’s common stock to be used exclusively for grants of equity awards to individuals that were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company. In May 2025, the Compensation Committee of the Board of Directors of the Company approved an amendment to the 2024 Plan increasing the aggregate shares reserved under the 2024 Plan from 2,000,000 to 3,500,000. The terms and conditions of the 2024 Plan are substantially similar to the Company’s 2020 Plan. As of June 30, 2025, there were 1,348,800 shares available for issuance under the 2024 Plan.

On June 28, 2023, Clay Siegall was granted 2,137,080 options to purchase shares of the Company’s common stock at an initial exercise price of $5.91 per share, or the Inducement Grant. The options vest over time during Dr. Siegall’s continued employment with the Company, which commenced on October 2, 2023. 25% of the options granted vest after one year of employment with the Company, and the remaining 75% vest monthly over the 36 months immediately following the one-year anniversary.


	March 31, 2025		December 31, 2024
Operating leases:
Operating lease right-of-use assets	$	4,163	$	4,278

Operating lease liabilities, current portion	$	—	$	63
Operating lease liabilities, net of current portion		4,770		4,769
Total operating lease liabilities	$	4,770	$	4,832

The Inducement Grant, the Morphimmune Plan, the 2024 Plan and the 2020 Plan are collectively referred to as the Plans.

~~Operating~~The ~~lease~~Company ~~liabilities,~~adopted ~~current~~the ~~portion~~2020 isEmployee ~~included~~Stock Purchase Plan, or ESPP, in ~~accrued~~September ~~expenses~~2020. ~~and~~On ~~other~~January ~~current~~1, ~~liabilities~~2025, inthe shares of common stock authorized for issuance under the ~~accompanying~~ESPP ~~condensed~~increased ~~consolidated~~by ~~balance~~644,608 ~~sheets~~shares. As of June 30, 2025, there were 1,550,859 shares available for issuance under the ESPP. No shares of common stock have been issued under the ESPP as of June 30, 2025.

~~Other~~A ~~information~~summary ~~related~~of tooption activity under the ~~Company’s~~Plans ~~operating~~during ~~leases~~the ~~was~~six months ended June 30, 2025 is as follows:


	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		11,990,781		$	10.02		8.69	$	34,209
Granted		902,684			8.63
Exercised		(313,035	)		1.93
Forfeited		(578,980	)		8.71
Expired		(223,382	)		23.15
Outstanding at June 30, 2025		11,778,068		$	9.93	8.54		$	23,825
Exercisable at June 30, 2025		3,922,429		$	6.40	7.72		$	17,532

Aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the options and the Company’s fair value of its common stock as of period end.

The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2025 and 2024 was $6.35 and $13.49 per share, respectively. The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 was $2.2 million and $5.9 million, respectively.

~~Supplemental~~The ~~cash~~weighted ~~flow~~average ~~information~~assumptions ~~related~~used toin the ~~Company’s~~Black-Scholes ~~operating~~option-pricing ~~leases~~model ~~was~~for asstock ~~follows~~options ~~(in~~granted ~~thousands)~~were:

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	Six Months Ended June 30,
	2025			2024
Expected volatility		85.0	%		86.1	%
Risk-free interest rate		4.1	%		4.2	%
Expected term (in years)	5.98				6.04
Expected dividend yield		—	%		—	%

~~The~~Share-based ~~Company’s~~compensation ~~future~~expense ~~minimum~~recorded ~~lease~~in ~~payments~~the ~~were~~condensed asconsolidated ~~follows~~statements as of ~~March 31, 2025~~operations and comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Years ending December 31,	Amount
	2025		2024		2025		2024
2025 (represents remaining nine months in 2025)	$	665
Research and development	$	2,233	$	1,041	$	4,667	$	1,424
2026		1,304
General and administrative		3,114		2,186		6,383		3,962
2027		1,577
Total share-based compensation expense	$	5,347	$	3,227	$	11,050	$	5,386
2028		1,616
2029 and thereafter		7,333
Total lease payments		12,495
Less: imputed interest		(4,000)
Less: tenant improvement allowance not yet received		(3,725)
Present value of operating lease liabilities	$	4,770

Unrecognized share-based compensation related to stock options was $62.9 million as of June 30, 2025 and is expected to be recognized over a weighted average period of 2.9 years.

~~Common~~The ~~stock~~Company has one operating and reportable segment related to the development of targeted oncology therapies. The segment derives its current revenues from research and development collaborations.

The ~~holders~~CODM ofassesses ~~common~~performance ~~stock are entitled to one vote~~ for ~~each~~the ~~share~~segment ofbased ~~common~~on ~~stock.~~net ~~The~~loss, ~~holders~~which ofis ~~common~~reported ~~stock~~on ~~are~~the ~~entitled~~condensed toconsolidated ~~receive~~statements ~~dividends out~~ of ~~funds~~operations ~~legally available if~~ and ~~when~~comprehensive ~~declared~~loss byas ~~the~~net ~~Company’s~~loss. ~~board~~The measure of ~~directors.~~segment Inassets ~~the~~is ~~event~~reported ofon ~~any~~the ~~voluntary~~condensed orconsolidated ~~involuntary~~balance ~~liquidation,~~sheets ~~dissolution,~~as ortotal ~~winding~~assets. upWhen ofevaluating the Company’s financial performance, the ~~holders~~CODM ofregularly ~~common~~reviews ~~stock~~total ~~are~~revenues, ~~entitled~~total toexpenses ~~share~~and ~~ratably~~research inand ~~the~~development ~~remaining~~expenses ~~assets~~by ~~of the Company available for distribution~~program.

16The table below is a summary of the segment net loss, including significant segment expense categories (in thousands):

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	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Collaboration revenue	$	4,015		$	2,364		$	6,941		$	3,393
Less:
In-process research and development		—			6,312			—			118,266
Direct research and development expenses(1)
Varegacestat		12,733			4,526			27,120			4,776
IM-1021		1,728			7,685			4,795			10,409
IM-3050		1,012			3,182			2,045			5,154
Other product candidates		11,206			8,206			18,049			14,501
Indirect research and development(2)		13,772			5,484			25,314			9,612
General and administrative(3)		10,042			6,978			20,732			12,983
Total operating expenses		50,493			42,373			98,055			175,701
Loss from operations		(46,478	)		(40,009	)		(91,114	)		(172,308	)
Interest income		3,081			3,887			6,077			6,694
Net loss	$	(43,397	)	$	(36,122	)	$	(85,037	)	$	(165,614	)

(1)

~~The~~Direct ~~Company~~research ~~has~~and ~~reserved~~development ~~the~~expenses ~~following~~include ~~shares~~external ofcosts, ~~common~~such ~~stock~~as ~~for~~costs ~~issuance~~related to manufacturing, onoutsourced anresearch, ~~as-converted~~product ~~basis~~development, asand ~~follows:~~clinical trial costs, including fees paid to investigators, consultants, central laboratories and CROs to specific product candidates.

(2)

Indirect research and development expenses include personnel salary, benefit and share-based compensation costs, depreciation and amortization, laboratory materials and services, and certain overhead expenses.


	March 31, 2025	December 31, 2024
Stock options issued and outstanding under the Plans	11,498,848	11,990,781
Remaining shares available for issuance under the Plans	5,445,680	2,631,369
Remaining shares available for issuance under the ESPP	1,550,859	906,251
Total reserved common stock	18,495,387	15,528,401

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(3)

~~2025~~General ~~Public~~and ~~Offering~~administrative expenses include personnel salary, benefit and share-based compensation costs, legal fees, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, depreciation and amortization, and certain overhead expenses.

In January 2025, the Company completed a public offering and issued 22,258,064 shares of its common stock at a price of $7.75 per share, for net proceeds of $161.7 million, after deducting underwriting discounts and commissions and offering expenses.18

~~2024~~Table ~~ATM~~of ~~Agreement~~Contents

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited financial statements and notes thereto and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. ~~Share~~Unless otherwise indicated, all references in this Quarterly Report on Form 10-~~based~~Q ~~compensation~~to “Immunome,” the “company,” “we,” “our,” “us” or similar terms refer to Immunome, Inc. and its subsidiary.

~~2020~~Forward-Looking ~~Equity~~Statements ~~Incentive Plan~~

In ~~September~~addition ~~2020~~to historical financial information, ~~the~~this ~~Company~~discussion ~~adopted~~contains ~~the~~forward-looking ~~2020~~statements ~~Equity~~based ~~Incentive~~upon ~~Plan,~~current orexpectations ~~the~~that ~~2020~~involve ~~Plan,~~risks ~~which~~and ~~supersedes~~uncertainties. ~~all~~Our ~~prior~~actual ~~equity~~results ~~incentive~~could ~~plans.~~differ Onmaterially ~~January~~from 1,those ~~2025,~~anticipated ~~the~~in ~~number~~these forward-looking statements as a result of ~~shares~~various ~~available~~factors, ~~for~~including ~~future~~those ~~issuance~~set ~~under~~forth in the ~~2020~~section ~~Plan~~titled ~~increased~~“Risk byFactors” 2under Part II,~~578,433~~ ~~shares~~Item 1A below. AsIn ofsome ~~March 31~~cases, ~~2025~~ you can identify forward-looking statements by terminology such as “anticipate,” ~~there~~“believe,” ~~were~~“continue,” 4“could,~~475~~” “estimate,~~485~~” ~~shares~~“expect,” ~~available~~“intend,” ~~for~~“may,” ~~issuance~~“plan,” ~~under~~“potentially,” “predict,” “should,” “will” or the ~~2020~~negative ~~Plan~~of these terms or other similar expressions.

InFurthermore, ~~October~~statements ~~2023,~~that ~~the~~“we ~~Company~~believe” ~~completed~~and ~~its~~similar ~~merger~~statements ~~with~~reflect ~~Morphimmune,~~our ~~Inc.~~beliefs and ~~assumed~~opinions on the ~~Morphimmune~~relevant ~~2020~~subject. ~~Equity~~These ~~Incentive~~statements ~~Plan,~~are orbased upon information available to us as of the ~~Morphimmune~~date ~~Plan.~~of ~~There~~this ~~were~~Quarterly ~~555~~Report on Form 10-Q,~~895~~ ~~shares~~and ~~available~~while we believe such information forms a reasonable basis for ~~issuance~~such ~~under~~statements, ~~the~~such ~~Morphimmune~~information ~~Plan~~may asbe limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, ~~March 31~~all potentially available relevant information. These statements are inherently uncertain, ~~2025~~ and investors are cautioned not to unduly rely upon these statements.

~~2024 Inducement Plan~~Overview

InWe ~~October~~are ~~2024,~~a ~~the~~clinical-stage ~~Company~~targeted ~~adopted~~oncology ~~the~~company ~~2024~~committed ~~Inducement~~to ~~Plan,~~developing orfirst-in-class ~~the~~and ~~2024~~best-in-class ~~Plan,~~targeted totherapies ~~reserve~~designed ~~2,000,000~~to ~~shares~~improve ofoutcomes ~~the~~for ~~Company’s~~cancer ~~common~~patients. ~~stock~~We toare beadvancing ~~used~~an ~~exclusively~~innovative ~~for~~portfolio ~~grants~~ of ~~equity~~therapeutics, ~~awards~~drawing toon ~~individuals~~leadership that ~~were not~~ previously ~~employees~~played orkey ~~directors~~roles ofin the ~~Company~~design, asdevelopment, anand ~~inducement~~commercialization ~~material~~of tocutting-edge ~~the~~targeted ~~individual’s~~cancer ~~entry~~therapies, ~~into~~including ~~employment~~antibody-drug ~~with~~conjugate ~~the~~therapies, ~~Company~~or ADCs. ~~The~~We ~~terms~~believe ~~and~~that ~~conditions~~the pursuit of ~~the~~novel ~~2024~~or ~~Plan~~underexplored ~~are~~targets ~~substantially~~will ~~similar~~be central to the ~~Company’s~~next ~~2020~~generation ~~Plan~~of transformative therapies. AsOur ofgoal ~~March~~is ~~31,~~to ~~2025,~~establish ~~there~~a ~~were~~broad ~~414,300~~pipeline ~~shares~~of ~~available~~preclinical ~~for~~and ~~issuance~~clinical ~~under~~assets ~~the~~and ~~2024~~develop ~~Plan~~these assets into approved products for commercialization.

~~Stock~~We ~~options~~are ~~granted~~advancing a pipeline that includes three clinical assets and three preclinical assets. Varegacestat, formerly AL102, is an investigational gamma secretase inhibitor, or GSI, currently under evaluation in a Phase 3 clinical trial for ~~Chief~~the ~~Executive~~treatment ~~Officer~~of desmoid tumors. IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, is currently under evaluation in a Phase 1 trial with the first patient dosed in February 2025. IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT, received IND clearance in April 2025 and we expect to initiate a Phase 1 trial in the second half of 2025. Our preclinical assets include three solid tumor ADC drug candidates: IM-1617, IM-1340, and IM-1335, all of which are undergoing IND-enabling activities. In addition, we have multiple ADCs currently undergoing lead optimization in advance of future development decisions.

OnCurrently, ~~June~~our ~~28,~~internal ~~2023,~~discovery ~~Clay~~efforts ~~Siegall~~center ~~was~~on ~~granted~~designing ~~2,137,080~~ADCs ~~options~~against tonovel ~~purchase~~or ~~shares~~underexplored oftargets. ~~the~~We ~~Company’s~~believe ~~common~~that ~~stock~~pursuing atdifferentiated antargets ~~initial~~provides ~~exercise~~a ~~price~~path ofto ~~$5.91~~significant ~~per~~clinical ~~share,~~benefit orand ~~the~~meaningful ~~Inducement~~market ~~Grant~~opportunities. ~~The~~This ~~options~~strategy ~~vest~~is ~~over~~supported ~~time~~by ~~during~~HC74, ~~Dr.~~the ~~Siegall’s~~differentiated, ~~continued~~novel ~~employment~~topoisomerase ~~with~~1 ~~the~~inhibitor, ~~Company~~or TOP1i, ~~which~~payload ~~commenced~~we onpurchased ~~October~~from 2Zentalis Pharmaceuticals, ~~2023~~Inc., ~~25%~~or ofZentalis, ~~the~~in ~~options~~October ~~granted~~2024. ~~vest~~We ~~after~~have ~~one~~efforts ~~year~~underway ofto ~~employment~~develop ~~with~~additional ~~the~~linkers ~~Company,~~and payloads and ~~the~~believe ~~remaining~~that ~~75%~~a ~~vest~~broad ~~monthly~~toolbox ~~over~~of ~~the~~linkers 36and ~~months~~payloads ~~immediately~~supports ~~following~~our ~~the~~mission ~~one-year~~to ~~anniversary.~~design and develop a diverse pipeline of ADCs.

17Our current programs

~~Table~~Varegacestat of(formerly ~~Contents~~AL102)

~~The~~Our ~~Inducement~~lead ~~Grant~~clinical asset is varegacestat, an oral, once daily GSI that is being evaluated for the ~~Morphimmune~~treatment ~~Plan,~~of desmoid tumors. In the ~~2024~~Phase ~~Plan~~2 RINGSIDE study Part A, varegacestat demonstrated objective response rates, or ORR, of 75% of evaluable patients and 64% in the ~~2020~~intent-to-treat ~~Plan~~population; ~~are~~median ~~collectively~~reduction ~~referred~~in totumor asvolume of 88%; and an 85% reduction in T2 imaging, which is suggestive of a reduction in cellularity. The Phase 2 data also show a safety profile consistent with the ~~Plans~~GSI class. Varegacestat received Orphan Drug Designation from the European Medicines Agency, or EMA, in July 2025, and

~~2020 Employee Stock Purchase Plan~~19

~~The~~Table ~~Company adopted the 2020 Employee Stock Purchase Plan, or ESPP, in September 2020. On January 1, 2025, the shares~~ of common stock authorized for issuance under the ESPP increased by 664,608 shares. As of March 31, 2025, there were 1,550,859 shares available for issuance under the ESPP. No shares of common stock have been issued under the ESPP as of March 31, 2025.Contents

~~Stock~~previously ~~options~~received this designation from the U.S. Food and Drug Administration, or FDA, in November 2023. Enrollment in a Phase 3 registrational trial was completed in February 2024, and we expect to report topline data from this trial in the second half of 2025. We acquired varegacestat from Ayala Pharmaceuticals, Inc., or Ayala, in March 2024.

AIM-1021 ~~summary~~(Solid ofTumor ~~option~~and ~~activity~~B-Cell ~~under~~Lymphoma ~~the Plans during the three months ended March 31, 2025 is as follows:~~ADC)

IM-1021 is a ROR1 ADC that incorporates HC74, our proprietary TOP1i payload. ROR1 is expressed in both hematologic malignancies and solid tumors with limited normal tissue expression, and previous ADCs targeting ROR1 have demonstrated clinical activity. In preclinical studies, IM-1021 showed sustained tumor regression in preclinical models, including a mouse model of triple-negative breast cancer, or TNBC, and a mouse model of mantle cell lymphoma, or MCL. We believe that IM-1021 may provide improved therapeutic index as compared to other ROR1-targeted ADCs in development. IM-1021 received IND clearance in December 2024, and the Phase 1 clinical trial is ongoing with a starting dose of 2 mg/kg of adjusted ideal body weight. We expect dose escalation to include patients both with solid tumors and with B-cell lymphomas.


				Weighted
		Weighted		average	Aggregate
		average		remaining	Intrinsic
	Number of	exercise price		contractual	Value
	shares	per share		term (years)	(in thousands)
Outstanding at December 31, 2024	11,990,781	$	10.02	8.69	$	34,209
Granted	224,000		10.10
Exercised	(256,055)		1.52
Forfeited	(348,748)		6.13
Expired	(111,130)		20.27
Outstanding at March 31, 2025	11,498,848	$	10.21	8.64	$	12,063
Exercisable at March 31, 2025	3,563,637	$	6.26	7.60	$	10,228

IM-3050 (FAP Radioligand Therapy)

IM-3050 is a FAP-targeted lutetium-177, Lu-177 or 177Lu, RLT product candidate for the treatment of solid tumors. FAP is a cell surface protease that serves as a tumor-specific marker due to its broad expression on cancer associated fibroblasts, the most common tumor stromal cell. FAP is expressed in 75% of solid tumors. IM-3050 is designed to deliver radioactive 177Lu directly to FAP- expressing cells, where the “bystander” effect of the radiation may damage or kill nearby tumor cells. We believe this RLT approach could overcome the limitations, such as poor internalization and low expression on tumor cells, that make FAP an unsuitable target for ADCs. In vivo data show single dose antitumor activity and tolerability. We received IND clearance for this program in April 2025 and expect to initiate a Phase 1 clinical trial in the second half of 2025.

~~Aggregate~~IM-1617 ~~intrinsic~~(Solid ~~value~~Tumor ~~in the above table is calculated as the difference between the exercise price of the options and the Company’s fair value of its common stock as of period end.~~ADC)

~~The~~IM-1617 ~~weighted~~is a potential first-~~average~~in-class ~~grant~~ADC ~~date~~that ~~fair~~targets ~~value~~an ofundisclosed ~~stock~~receptor ~~options~~that ~~granted~~is ~~during~~preferentially ~~the~~expressed ~~three~~in ~~months~~a ~~ended~~broad ~~March 31~~array of solid tumors, ~~2025~~ ~~and~~including ~~2024~~colorectal ~~was~~cancer, ~~$7.76~~or ~~and~~CRC, ~~$14.62~~non-small ~~per~~cell ~~share~~lung cancer, ~~respectively~~or NSCLC, and breast and ovarian cancers. The ~~aggregate~~target ~~intrinsic~~is ~~value~~a ofreceptor ~~options~~tyrosine ~~exercised~~kinase ~~during~~that ~~the~~promotes ~~three~~tumor ~~months~~cell ~~ended~~survival ~~March 31~~and mediates immune cell exclusion, ~~2025~~ ~~and~~providing ~~2024~~potential ~~was~~for ~~$2.1~~a ~~million~~secondary ~~and~~mechanism $2of action.5 ~~million,~~IND-enabling ~~respectively~~work for IM-1617 is ongoing.

~~The weighted average assumptions used in the Black~~IM-~~Scholes~~1340 ~~option-pricing~~(Solid ~~model~~Tumor ~~for stock options granted were:~~ADC)

IM-1340 is a potential first-in-class ADC for the treatment of multiple solid tumors. The target of IM-1340 is underexplored and non-obvious in cancer and, to our knowledge, there are no ADCs or other therapeutic modalities in development against it. It has a unique expression profile that spans neuroendocrine tumors, or NETs, and other carcinomas, including lung and prostate tumors, with limited expression in normal tissue. IND-enabling work for IM-1340 is ongoing.


	Three Months Ended March 31,
	2025			2024
Expected volatility		90.4	%		84.1	%
Risk-free interest rate		4.3	%		4.1	%
Expected term (in years)		6.08			6.06
Expected dividend yield		—	%		—	%

IM-1335 (Solid Tumor ADC)

IM-1335 is being developed for the treatment of solid tumor indications. It shares a target with a competitor’s now-discontinued investigational ADC that showed clinical activity prior to discontinuation. Our goal in designing IM-1335 was to optimize the safety and efficacy through a deep understanding of target biology and ADC optimization. We identified limitations that we expect contributed to the failure of the prior ADC against this target, and we believe that IM-1335 overcomes these limitations. IND-enabling work for IM-1335 is ongoing.

~~Share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):~~20


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,434	$	383
General and administrative		3,269		1,776
Total share-based compensation expense	$	5,703	$	2,159

Table of Contents

Other Programs and Platforms

~~Unrecognized~~In ~~share-based~~addition ~~compensation~~to ~~related~~the already described current programs, we expect to ~~stock~~continue ~~options~~to ~~was~~invest ~~$68~~in discovery efforts intended to expand our pipeline.2 ~~million~~Additional asADC programs are the primary focus of ~~March 31~~these efforts. We believe that our team’s ADC expertise positions us to develop the next generation of transformative ADCs. This expertise comprises executive leadership with a proven record of success, ~~2025~~ an ADC-focused discovery team with deep experience in ADC design, and isa ~~expected~~seasoned development team whose members spearheaded the development of multiple FDA-approved ADCs. We pair our portfolio of antibodies to bepotential ~~recognized~~first-in-class ~~over~~ADC atargets ~~weighted~~with ~~average~~rigorous ~~period~~target selection based on a deep understanding of 3target biology.1 ~~years~~That target-driven approach is complemented by HC74, our differentiated, proprietary TOP1i payload and our optimized, proprietary linkers.

18Components of our results of operations

~~Table~~Collaboration ~~of Contents~~revenue

11We have not generated any revenue from product sales and do not expect to do so for the foreseeable future. ~~Segment~~To ~~information~~date, we have generated our revenue through a Collaboration and Option Agreement, or the Collaboration Agreement, with AbbVie Global Enterprises Ltd., or AbbVie, which terminated in accordance with its terms in July 2025. Revenue recognized under the Collaboration Agreement consisted of payments received from AbbVie and was recognized over the performance period. No further collaboration revenue will be recognized under the Collaboration Agreement.

~~The~~In-process ~~Company has one operating and reportable segment related to the development of targeted oncology therapies. The segment derives its current revenues from~~ research and development ~~collaborations.~~ expenses

~~The~~Intangible ~~CODM~~assets ~~assesses~~acquired ~~performance~~in ~~for~~an ~~the~~asset ~~segment~~acquisition ~~based~~for onuse ~~net~~in ~~loss,~~research ~~which is reported on the condensed consolidated statements of operations~~ and ~~comprehensive~~development ~~loss~~activities aswhich ~~net~~have ~~loss.~~no ~~The~~alternative ~~measure~~future ofuse ~~segment~~are ~~assets~~expensed ~~is reported on the condensed consolidated balance sheets~~ as ~~total~~in-process ~~assets.~~research ~~When~~and ~~evaluating the Company’s financial performance~~development, ~~the~~or ~~CODM regularly reviews total revenues~~IPR&D, ~~total~~expense ~~expenses~~on ~~and~~the ~~research~~acquisition ~~and development expenses by program~~date.

~~The~~Research ~~table~~and ~~below~~development ~~is a summary of the segment net loss, including significant segment expense categories (in thousands):~~expenses


	Three Months Ended March 31,
	2025		2024
Collaboration revenue	$	2,926	$	1,029
Less:
In-process research and development		—		(111,954)
Direct research and development expenses(1)
Varegacestat		(14,387)		(250)
IM-1021		(3,067)		(2,724)
IM-3050		(1,033)		(1,972)
Other product candidates		(6,843)		(6,295)
Indirect research and development(2)		(11,542)		(4,128)
General and administrative(3)		(10,690)		(6,005)
Total operating expenses		(47,562)		(133,328)
Loss from operations		(44,636)		(132,299)
Interest income		2,996		2,807
Net loss	$	(41,640)	$	(129,492)

Research and development expenses consist of costs incurred in performing research and development activities, which include:

•

~~(1)~~personnel-related ~~Direct research and development~~ expenses ~~include external costs~~, ~~such~~including ~~as costs related to manufacturing~~salaries, ~~outsourced research~~bonuses, ~~product~~benefits ~~development,~~ and ~~clinical~~share-based ~~trial~~compensation ~~costs,~~for ~~including~~employees ~~fees~~engaged ~~paid~~in toresearch ~~investigators, consultants, central laboratories~~ and ~~CROs~~development ~~to specific product candidates.~~functions;

•

~~(2)~~expenses ~~Indirect~~incurred ~~research~~in ~~and~~connection ~~development~~with ~~expenses~~the ~~include~~advancement ~~personnel~~of ~~salary,~~our ~~benefit~~programs and ~~share-based~~product ~~compensation costs~~candidates, ~~depreciation~~including ~~and~~under ~~amortization~~agreements with consultants, ~~laboratory~~contractors, ~~materials~~contract ~~and~~research ~~services~~organizations, or CROs, and ~~certain~~other ~~overhead~~third-party ~~expenses.~~vendors and suppliers;

•

~~(3) General and administrative~~ expenses ~~include~~to ~~personnel~~conduct ~~salary,~~clinical ~~benefit~~trials ~~and~~including ~~share-based~~regulatory ~~compensation costs, legal fees, professional fees for accounting, auditing, tax~~ and ~~consulting~~quality ~~services, insurance costs, travel, depreciation and amortization, and certain overhead expenses.~~assurance;

•

the cost of process development, validation, and the manufacturing of drug supplies for use in our preclinical studies and clinical trials;

•

laboratory supplies and research materials and other infrastructure-related expenses; and

•

19facilities, depreciation and amortization and other expenses which include direct and allocated expenses.

~~Table~~We ofexpense ~~Contents~~research and development costs as incurred. Advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the benefits are consumed.

~~Item 2~~Research and development activities are central to our business model. ~~Management’s~~We ~~Discussion~~expect that our research and ~~Analysis~~development ofexpenses ~~Financial~~will ~~Condition~~increase ~~and~~substantially ~~Results~~in connection with the continuation of ~~Operations~~our activities and new agreements.

~~You~~General ~~should read the following discussion~~ and ~~analysis~~administrative of our financial condition and results of operations together with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited financial statements and notes thereto and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise indicated, all references in this Quarterly Report on Form 10-Q to “Immunome,” the “company,” “we,” “our,” “us” or similar terms refer to Immunome, Inc. and its subsidiary.expenses

~~Forward~~General and administrative expenses consist primarily of salaries and other related costs, including share-~~Looking~~based ~~Statements~~ compensation for personnel in our executive, business development, and administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, direct and allocated facility related expenses and other operating costs.

In addition to historical financial information, this discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” under Part II, Item 1A below. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will” or the negative of these terms or other similar expressions. 21

~~Furthermore,~~Table ~~statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as~~ of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Contents

~~Overview~~We anticipate that our general and administrative expenses will increase in the future to support increased and progressed research and development activities and to operate as a public company.

WeInterest are a clinical-stage targeted oncology company committed to developing first-in-class and best-in-class targeted therapies designed to improve outcomes for cancer patients. We are advancing an innovative portfolio of therapeutics, drawing on leadership that previously played key roles in the design, development, and commercialization of cutting-edge targeted cancer therapies, including antibody-drug conjugate therapies, or ADCs. We believe that the pursuit of novel or underexplored targets will be central to the next generation of transformative therapies. Our goal is to establish a broad pipeline of preclinical and clinical assets and develop these assets into approved products for commercialization.income

WeInterest ~~are~~income ~~advancing~~consists aof ~~pipeline~~interest ~~that~~earned ~~includes~~on ~~three~~our ~~clinical~~marketable ~~assets~~securities and ~~three~~on ~~preclinical~~our ~~assets.~~cash Varegacestat, formerly AL102, is an investigational gamma secretase inhibitor, or GSI, currently under evaluation in a Phase 3 clinical trial for the treatment of desmoid tumors. IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, received investigational new drug, or IND, clearance in December 2024, and ~~the~~cash ~~Phase~~equivalent 1balances ~~trial~~held ~~is ongoing~~ with ~~the~~financial ~~first patient dosed in February 2025~~institutions. IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT, received IND clearance in April 2025 and we expect to initiate a Phase 1 trial in the second half of 2025. Our preclinical assets include three solid tumor ADC drug candidates: IM-1617, IM-1340, and IM-1335, all of which are undergoing IND-enabling activities. In addition, we have multiple ADCs currently undergoing lead optimization in advance of future development decisions.

AtResults present, our internal discovery efforts center on designing ADCs against novel or underexplored targets. We believe that pursuing differentiated targets provides a path to significant clinical benefit and meaningful market opportunities. This strategy is supported by HC74, the differentiated, novel topoisomerase 1 inhibitor, or TOP1i, payload we purchased from Zentalis Pharmaceuticals, Inc., or Zentalis, in October 2024. We have efforts underway to develop additional linkers and payloads and believe that a broad toolbox of ~~linkers and payloads supports our mission to design and develop a diverse pipeline of ADCs.~~operations

ToComparison ~~expand and advance our innovative portfolio~~ of ~~therapeutics, we draw on leadership that previously played key roles in~~ the ~~design,~~three ~~development,~~months ~~and~~ended ~~commercialization~~June ~~of cutting-edge targeted cancer therapies~~30, ~~including~~2025 ~~the first ADCs commercialized for Hodgkin~~ and ~~T-cell lymphoma, urothelial cancer and cervical cancer.~~2024

20The following table summarizes our results of operations for the periods presented (in thousands):

Table of Contents


	Three Months Ended June 30,
	2025			2024			Change
Collaboration revenue	$	4,015		$	2,364		$	1,651
Operating expenses:
In-process research and development		—			6,312			(6,312	)
Research and development(1)		40,451			29,083			11,368
General and administrative(1)		10,042			6,978			3,064
Total operating expenses		50,493			42,373			8,120
Loss from operations		(46,478	)		(40,009	)		(6,469	)
Interest income		3,081			3,887			(806	)
Net loss	$	(43,397	)	$	(36,122	)	$	(7,275	)

(1)

~~Our~~Amounts ~~current~~include ~~programs~~non-cash share-based compensation expense as follows (in thousands):

Varegacestat (formerly AL102)


	Three Months Ended June 30,
	2025		2024		Change
Research and development	$	2,233	$	1,041	$	1,192
General and administrative		3,114		2,186		928
Total share-based compensation expense	$	5,347	$	3,227	$	2,120

~~Our~~Collaboration lead clinical asset is varegacestat, an oral, once daily GSI that is being evaluated for the treatment of desmoid tumors. In the Phase 2 RINGSIDE study Part A, varegacestat demonstrated objective response rates, or ORR, of 75% of evaluable patients and 64% in the intent-to-treat population; median reduction in tumor volume of 88%; and an 85% reduction in T2 imaging, which is suggestive of a reduction in cellularity. The Phase 2 data also show a safety profile consistent with the GSI class. Enrollment in a Phase 3 registrational trial was completed in February 2024, and we expect to report topline data from this trial in the second half of 2025. We acquired varegacestat from Ayala Pharmaceuticals, Inc., or Ayala, in March 2024.revenue

~~IM-1021~~Collaboration ~~(Solid~~revenue ~~Tumor~~increased by $1.7 million, from $2.4 million for the three months ended June 30, 2024 to $4.0 million for the three months ended June 30, 2025. The increase was primarily due to an increase in certain research and ~~B-Cell~~development ~~Lymphoma~~activities ~~ADC)~~allocated to AbbVie during the three months ended June 30, 2025 compared to the same period in 2024. As of June 30, 2025, we have recognized all revenue and costs associated with our performance obligation under the agreement.

IM-1021 is a ROR1 ADC that incorporates HC74, our proprietary TOP1i payload. ROR1 is expressed in both hematologic malignancies and solid tumors with limited normal tissue expression, and previous ADCs targeting ROR1 have demonstrated clinical activity. In ~~preclinical studies, IM~~-~~1021~~process ~~showed~~research ~~sustained tumor regression in preclinical models, including a mouse model of triple-negative breast cancer, or TNBC,~~ and ~~a mouse model of mantle cell lymphoma, or MCL. We believe that IM-1021 may provide improved therapeutic index as compared to other ROR1-targeted ADCs in~~ development. IM-1021 received IND clearance in December 2024, and the Phase 1 clinical trial is ongoing with a starting dose of 2 mg/kg of adjusted ideal body weight. We expect dose escalation to include patients both with solid tumors and with B-cell lymphomas.expense

IMThere was no IPR&D expense for the three months ended June 30, 2025. IPR&D expense for the three months ended June 30, 2024 was related to the write-~~3050~~off ~~(FAP~~of ~~Radioligand~~IPR&D ~~Therapy)~~assets that were determined to have no alternative future use.

~~IM-3050~~Research is a FAP-targeted lutetium-177, Lu-177 or 177Lu, RLT product candidate for the treatment of solid tumors. FAP is a cell surface protease that serves as a tumor-specific marker due to its broad expression on cancer associated fibroblasts, the most common tumor stromal cell. FAP is expressed in 75% of solid tumors. IM-3050 is designed to deliver radioactive 177Lu directly to FAP- expressing cells, where the “bystander” effect of the radiation may damage or kill nearby tumor cells. We believe this RLT approach could overcome the limitations, such as poor internalization and ~~low~~development expression on tumor cells, that make FAP an unsuitable target for ADCs. In vivo data show single dose antitumor activity and tolerability. We received IND clearance for this program in April 2025 and expect to initiate a Phase 1 clinical trial in the second half of 2025.expenses

~~IM-1617~~Research ~~(Solid~~and ~~Tumor~~development ~~ADC)~~expenses increased by $11.4 million, from $29.1 million for the three months ended June 30, 2024 to $40.5 million for the three months ended June 30, 2025.

IM-1617 is a potential first-in-class ADC that targets an undisclosed receptor that is preferentially expressed in a broad array of solid tumors, including colorectal cancer, or CRC, non-small cell lung cancer, or NSCLC, and breast and ovarian cancers. The target is a receptor tyrosine kinase that promotes tumor cell survival and mediates immune cell exclusion, providing potential for a secondary mechanism of action. IND-enabling work for IM-1617 was initiated in the fourth quarter of 2024.22

~~IM-1340~~Table ~~(Solid~~of ~~Tumor ADC)~~Contents

~~IM-1340~~The istable abelow ~~potential~~summarizes ~~first-in-class ADC for~~ the ~~treatment~~components of ~~multiple~~our ~~solid~~research ~~tumors. The target of IM-1340 is underexplored~~ and ~~non-obvious in cancer and, to our knowledge, there are no ADCs or other therapeutic modalities in~~ development ~~against~~expenses ~~it. It has a unique expression profile that spans neuroendocrine tumors, or NETs, and other carcinomas, including lung and prostate tumors, with limited expression in normal tissue. IND-enabling work~~ for ~~IM-1340~~the ~~was~~periods ~~initiated~~presented (in ~~the~~thousands): ~~fourth quarter of 2024.~~


	Three Months Ended June 30,
	2025		2024		Change
Varegacestat (1)	$	12,733	$	4,526	$	8,207
IM-1021 (2)		1,728		7,685		(5,957	)
IM-3050 (3)		1,012		3,182		(2,170	)
Other product candidates (4)		11,206		8,206		3,000
Indirect research and development (5)		13,772		5,484		8,288
Total	$	40,451	$	29,083	$	11,368

(1)

~~Table~~The ofincrease ~~Contents~~for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was due primarily to increases in manufacturing and clinical trial activities related to varegacestat, which we acquired from Ayala in March 2024.

(2)

IMThe decrease for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was due primarily to the timing of outsourced research, manufacturing and IND-~~1335~~enabling ~~(Solid~~activities, ~~Tumor~~partially ~~ADC)~~offset by an increase in clinical trial activities as we initiated our Phase 1 trial in February 2025.

(3)

~~IM-1335~~The isdecrease ~~being developed~~ for the ~~treatment~~three ofmonths ~~solid~~ended ~~tumor~~June ~~indications.~~30, It2025 ~~shares~~compared ato ~~target~~the ~~with~~three amonths ~~competitor’s~~ended ~~now-discontinued~~June ~~investigational~~30, ~~ADC~~2024 ~~that~~was ~~showed~~due ~~clinical~~primarily ~~activity prior~~ to ~~discontinuation.~~the ~~Our~~timing ~~goal~~of inoutsourced ~~designing~~research, ~~IM-1335~~manufacturing ~~was to optimize the safety~~ and ~~efficacy~~IND-enabling ~~through~~activities, apartially ~~deep~~offset ~~understanding~~by ofan ~~target~~increase ~~biology~~in ~~and~~clinical ~~ADC~~trial ~~optimization.~~start Weup ~~identified~~activities ~~limitations~~as ~~that~~ we ~~expect~~prepare ~~contributed~~ to ~~the~~initiate ~~failure~~our ofPhase ~~the~~1 ~~prior~~trial. ~~ADC~~We ~~against~~received ~~this target, and we believe that IM-1335 overcomes these limitations.~~ IND~~-enabling~~ ~~work~~clearance for ~~IM-1335~~this ~~was~~program ~~initiated~~ in ~~the~~April ~~fourth quarter of 2024~~2025.

(4)

~~Other~~The ~~Programs~~increase for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was due primarily to increased manufacturing activities for our product candidates, partially offset by reductions in professional and ~~Platforms~~contract laboratory services due to the replacement of certain outsourced services with internal resources.

(5)

InThe ~~addition~~increase tofor the ~~already~~three ~~described~~months ~~current~~ended ~~programs~~June 30, we2025 ~~expect~~compared to ~~continue to invest in discovery efforts intended to expand our pipeline. Additional ADC programs are~~ the ~~primary~~three ~~focus~~months ofended ~~these~~June ~~efforts.~~30, We2024 ~~believe~~was ~~that~~due ~~our~~primarily ~~team’s ADC expertise positions us~~ to ~~develop the next generation of transformative ADCs. This expertise comprises executive leadership with a proven record of success,~~ an ~~ADC-focused~~increase ~~discovery team with deep experience~~ in ~~ADC~~personnel ~~design,~~ and ~~a seasoned development team whose members spearheaded the development of multiple FDA~~personnel-~~approved~~related ~~ADCs.~~costs ~~We pair our portfolio of antibodies to potential first-~~in~~-class~~ ~~ADC~~support ~~targets with rigorous target selection based on a deep understanding~~ of ~~target biology. That target-driven approach is complemented by HC74,~~ our ~~differentiated,~~product ~~proprietary~~candidates ~~TOP1i payload~~ and ~~our~~discovery ~~optimized, proprietary linkers~~programs.

~~Components~~General ofand ~~our~~administrative ~~results of operations~~expenses

~~Collaboration~~General ~~revenue~~and administrative expenses increased by $3.1 million, from $7.0 million for the three months ended June 30, 2024 to $10.0 million for the three months ended June 30, 2025. The increase was primarily a result of a $2.0 million increase in personnel-related costs from an increase in headcount, including a $0.9 million increase in share-based compensation.

WeInterest have not generated any revenue from product sales and do not expect to generate any revenue from the sale of products for the foreseeable future. To date, we have generated our revenue through a Collaboration and Option Agreement, or the Collaboration Agreement, with AbbVie Global Enterprises Ltd., or AbbVie. Our collaboration revenue to date consists of payments from AbbVie that we recognize over the expected performance period under this agreement. We expect that revenues for the foreseeable future will be derived primarily from this agreement and any additional collaborations into which we may enter. We have not received any royalties under the Collaboration Agreement to date. income

~~In-process~~Interest ~~research~~income ~~and~~decreased ~~development~~by ~~expenses~~$0.8 million from $3.9 million for the three months ended June 30, 2024 to $3.1 million for the three months ended June 30, 2025. The decrease was primarily a result of lower interest rates during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development, or IPR&D, expense on the acquisition date. 23

~~Research~~Table ~~and~~of ~~development expenses~~Contents

~~Research~~Comparison ~~and development expenses consist~~ of ~~costs~~the ~~incurred~~six inmonths ~~performing~~ended ~~research~~June ~~and development activities~~30, ~~which~~2025 ~~include:~~and 2024

●The ~~personnel-related~~following ~~expenses,~~table ~~including~~summarizes ~~salaries,~~our ~~bonuses,~~results ~~benefits~~of ~~and~~operations ~~share-based compensation~~ for ~~employees~~the ~~engaged~~periods presented (in ~~research and development functions;~~thousands):

● expenses incurred in connection with the advancement of our programs and product candidates, including under agreements with consultants, contractors, contract research organizations, or CROs, and other third-party vendors and suppliers;


	Six Months Ended June 30,
	2025			2024			Change
Collaboration revenue	$	6,941		$	3,393		$	3,548
Operating expenses:
In-process research and development		—			118,266			(118,266	)
Research and development(1)		77,323			44,452			32,871
General and administrative(1)		20,732			12,983			7,749
Total operating expenses		98,055			175,701			(77,646	)
Loss from operations		(91,114	)		(172,308	)		81,194
Interest income		6,077			6,694			(617	)
Net loss	$	(85,037	)	$	(165,614	)	$	80,577

(1)

●Amounts ~~expenses~~include tonon-cash ~~conduct~~share-based ~~clinical~~compensation ~~trials~~expense ~~including~~as ~~regulatory~~follows ~~and~~(in ~~quality assurance;~~thousands):

● the cost of process development, validation, and the manufacturing of drug supplies for use in our preclinical studies and clinical trials;


	Six Months Ended June 30,
	2025		2024		Change
Research and development	$	4,667	$	1,424	$	3,243
General and administrative		6,383		3,962		2,421
Total share-based compensation expense	$	11,050	$	5,386	$	5,664

22Collaboration revenue

~~Table~~Collaboration revenue increased by $3.5 million, from $3.4 million for the six months ended June 30, 2024 to $6.9 million for the six months ended June 30, 2025. The increase was primarily due to an increase in certain research and development activities allocated to AbbVie during the six months ended June 30, 2025 compared to the same period in 2024. As of ~~Contents~~June 30, 2025, we have recognized all revenue and costs associated with our performance obligation under the agreement.

●In-process ~~laboratory supplies and~~ research ~~materials~~ and ~~other~~development ~~infrastructure-related~~ expenses~~; and~~

●There ~~facilities~~was no IPR&D expense for the six months ended June 30, ~~depreciation~~2025. ~~and~~IPR&D ~~amortization~~expense ~~and~~for ~~other~~the ~~expenses~~six ~~which~~months ~~include~~ended ~~direct~~June 30, 2024 primarily related to the write-off of IPR&D assets that were acquired from Zentalis, Ayala and ~~allocated~~others ~~expenses~~and determined to have no alternative future use.

WeResearch ~~expense research~~ and development ~~costs as incurred. Advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid~~ expenses~~. The prepaid amounts are expensed as the benefits are consumed.~~

Research and development ~~activities~~expenses ~~are~~increased ~~central~~by to$32.9 ~~our~~million, ~~business~~from ~~model~~$44.5 Wemillion ~~expect~~for ~~that~~the ~~our~~six ~~research~~months ~~and~~ended ~~development~~June ~~expenses~~30, ~~will~~2024 ~~increase~~to ~~substantially~~$77.3 inmillion ~~connection~~for ~~with~~ the ~~continuation~~six ofmonths ~~our~~ended ~~activities~~June ~~and~~30, ~~new agreements~~2025.

~~General and administrative expenses~~24

~~General~~Table ~~and administrative expenses consist primarily~~ of salaries and other related costs, including share-based compensation for personnel in our executive, business development, and administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters, professional fees for accounting, auditing, tax and consulting services, insurance costs, travel, direct and allocated facility related expenses and other operating costs.Contents

WeThe ~~anticipate~~table ~~that~~below ~~our~~summarizes ~~general and administrative expenses will increase in~~ the ~~future~~components toof ~~support~~our ~~increased and progressed~~ research and development ~~activities~~expenses ~~and~~for tothe ~~operate~~periods aspresented a(in ~~public~~thousands): ~~company.~~

Interest income


	Six Months Ended June 30,
	2025		2024		Change
Varegacestat (1)	$	27,120	$	4,776	$	22,344
IM-1021 (2)		4,795		10,409		(5,614	)
IM-3050 (3)		2,045		5,154		(3,109	)
Other product candidates (4)		18,049		14,501		3,548
Indirect research and development (5)		25,314		9,612		15,702
Total	$	77,323	$	44,452	$	32,871

(1)

~~Interest~~The ~~income~~increase ~~consists~~for ofthe ~~interest~~six ~~earned~~months onended ~~our~~June ~~marketable~~30, ~~securities~~2025 ~~and~~compared onto ~~our~~the ~~cash~~six months ended June 30, 2024 was due primarily to manufacturing and ~~cash~~clinical ~~equivalent~~trial ~~balances~~activities ~~held~~related ~~with~~to ~~financial~~varegacestat, ~~institutions.~~which we acquired from Ayala in March 2024.

(2)

~~Results~~The decrease for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was due primarily to the timing of ~~operations~~outsourced research, manufacturing and IND-enabling activities, partially offset by an increase in clinical trial activities as we initiated our Phase 1 trial in February 2025.

(3)

~~Comparison~~The ofdecrease for the ~~three~~six months ended ~~March 31~~June 30, 2025 ~~and~~compared to the six months ended June 30, 2024 was due primarily to the timing of outsourced research, manufacturing and IND-enabling activities, partially offset by an increase in clinical trial start up activities as we work to initiate our Phase 1 trial. We received IND clearance for this program in April 2025.

(4)

The ~~following~~increase ~~table~~for ~~summarizes~~the ~~our~~six ~~results~~months ofended ~~operations~~June ~~for~~30, 2025 compared to the ~~periods~~six ~~presented~~months (ended June 30, 2024 was due primarily to increased manufacturing activities for our product candidates, partially offset by reductions in ~~thousands):~~recruiting, professional and contract laboratory services due to the replacement of certain outsourced services with internal resources.

(5)


	Three Months Ended March 31,
	2025		2024		Change
Collaboration revenue	$	2,926	$	1,029	$	1,897
Operating expenses:
In-process research and development		—		111,954		(111,954)
Research and development(1)		36,872		15,369		21,503
General and administrative(1)		10,690		6,005		4,685
Total operating expenses		47,562		133,328		(85,766)
Loss from operations		(44,636)		(132,299)		87,663
Interest income		2,996		2,807		189
Net loss	$	(41,640)	$	(129,492)	$	87,852

The increase for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was due primarily to an increase in personnel and personnel-related costs in support of our product candidates and discovery programs.

General and administrative expenses

~~(1)~~General ~~Amounts~~and ~~include~~administrative ~~non-cash~~expenses ~~share~~increased by $7.7 million, from $13.0 million for the six months ended June 30, 2024 to $20.7 million for the six months ended June 30, 2025. The increase was primarily a result of a $5.2 million increase in personnel-~~based~~related ~~compensation~~costs ~~expense~~from asan ~~follows~~increase (in ~~thousands):~~headcount, including a $2.4 million increase in share-based compensation.


	Three Months Ended March 31,
	2025		2024		Change
Research and development	$	2,434	$	383	$	2,051
General and administrative		3,269		1,776		1,493
Total share-based compensation expense	$	5,703	$	2,159	$	3,544

Interest income

23Interest income decreased by $0.6 million from $6.7 million for the six months ended June 30, 2024 to $6.1 million for the six months ended June 30, 2025. The decrease was primarily a result of lower interest rates during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

~~Table~~Liquidity ofand ~~Contents~~capital resources

~~Collaboration~~Sources ~~revenue~~of liquidity

~~Collaboration~~Since ~~revenue~~our ~~increased~~inception byin ~~$1.9 million~~2006, ~~from~~we ~~$1.0~~have ~~million~~devoted ~~for~~substantially ~~the~~all ~~three~~our ~~months~~resources ~~ended March 31, 2024~~ to ~~$2.9~~research ~~million~~and ~~for~~development, ~~the~~raising ~~three~~capital, ~~months~~building ~~ended~~our ~~March 31~~management team, ~~2025.~~ ~~The~~building ~~increase~~our ~~was~~intellectual ~~primarily~~property ~~due~~portfolio toand anentering ~~increase~~and inexecuting ~~certain~~on ~~research~~collaborations and ~~development~~strategic ~~activities~~transactions. ~~allocated~~To todate, ~~AbbVie~~we ~~during~~have ~~the~~financed ~~three~~our ~~months~~operations ~~ended~~primarily ~~March 31, 2025~~through ~~compared~~sales toof ~~the~~our ~~same~~equity ~~period in 2024~~securities.

~~In-process~~To ~~research~~date, we have not generated any revenue from commercial sale of products and ~~development~~do ~~expense~~not expect to generate revenue from commercial sales for the foreseeable future. Since inception, we have incurred significant operating losses and negative cash flows from operations. Our net losses were $43.4 million and $36.1 million for the three months ended June 30, 2025 and 2024, respectively, and $85.0 million and $165.6 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $268.0 million and an accumulated deficit of $600.8 million.

There was no IPR&D expense for the three months ended March 31, 2025. IPR&D expense for the three months ended March 31, 2024 was related to the write-off of IPR&D assets that were acquired from Zentalis and Ayala and determined to have no alternative future use.25

~~Research~~Table ~~and~~of ~~development expenses~~Contents

~~Research~~In ~~and~~January ~~development~~2025, ~~expenses~~we ~~increased~~issued by22,258,064 ~~$21.5~~shares ~~million,~~of ~~from~~our common stock at $157.475 ~~million~~per share for ~~the~~net ~~three~~proceeds ~~months~~of ~~ended~~$161.7 ~~March 31~~million, ~~2024~~ toafter ~~$36.9~~deducting ~~million~~underwriting ~~for~~discounts ~~the~~and ~~three~~commissions ~~months~~and ~~ended~~offering ~~March 31~~expenses payable by us, or the 2025 Financing.

~~The~~In ~~table~~May ~~below~~2024, ~~shows~~we entered into an “at the market” sales agreement, or the 2024 ATM Agreement, with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which we may offer and sell from time to time shares of our ~~research~~common stock having an aggregate offering price of up to $200.0 million, or the ATM Shares. We have agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds from any ATM Shares sold through the 2024 ATM Agreement. As of June 30, 2025, we had sold an aggregate of 2,030,431 shares of common stock under the 2024 ATM Agreement for gross proceeds of $20.0 million and ~~development~~net ~~expenses~~proceeds ~~incurred~~of approximately $19.6 million, with ~~respect~~approximately to$180.0 ~~each~~million ~~active~~remaining ~~program~~available ~~(in~~for ~~thousands):~~ future offerings. No shares of common stock were sold under the 2024 ATM Agreement during the six months ended June 30, 2025.


	Three Months Ended March 31,
	2025		2024		Change
Varegacestat (1)	$	14,387	$	250	$	14,137
IM-1021 (2)		3,067		2,724		343
IM-3050 (3)		1,033		1,972		(939)
Other product candidates (4)		6,843		6,295		548
Indirect research and development (5)		11,542		4,128		7,414
Total	$	36,872	$	15,369	$	21,503

Cash flows

~~(1)~~ The ~~increase~~following ~~for~~table ~~the~~summarizes ~~three~~our ~~months~~sources ~~ended~~and ~~March~~uses ~~31,~~of ~~2025~~cash ~~compared~~for to the ~~three~~six months ended ~~March~~June 3130, ~~2024~~2025 ~~was due primarily to manufacturing~~ and ~~clinical~~2024 ~~trial activities related to varegacestat, which we acquired from Ayala~~ (in ~~March 2024.~~thousands):

(2) The increase for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was due primarily to increased clinical trial activities as we initiated our Phase 1 trial in February 2025.


	Six Months Ended June 30,
	2025			2024
Cash used in operating activities	$	(102,456	)	$	(34,567	)
Cash used in investing activities		(59,082	)		(118,919	)
Cash provided by financing activities		162,173

March 31, 2025

December 31, 2024

Weighted-average remaining lease term (in years)

Weighted-average discount rate

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