Immunome, Inc. (IMNM) AI Stock Analysis

NASDAQ: IMNMAI research summary: business, growth, valuation, analysts, bull and bear case.

IMNM AI stock analysis summary

AI Research

Immunome, Inc. (IMNM) is a clinical-stage biopharmaceutical company developing antibody therapeutics for oncology and infectious diseases. The company generated $0 in trailing twelve months revenue and posted an annual net loss of -$212.4M in FY2025. However, Immunome maintains a strong liquidity cushion, holding $520.0M in cash and short-term investments as of June 30, 2026.

Market cap
$1.94B
Revenue (TTM)
$0
P/E
—
1Y return
-0.1%
S&P 500 16.8%
Avg. target
$35.19
113.6% vs last close

Bull case

  • Immunome carries a substantial cash cushion with $520.0M in cash and short-term investments and $515.4M in net cash as of June 30, 2026.
  • Wall Street analysts have issued 12 Strong Buy ratings with a mean price target of $35.19, indicating 113.6% potential upside from the $16.47 close.
  • A consensus of 13 analysts projects next fiscal year revenue to expand to $50.4M, representing an estimated growth rate of 18804.0%.

Bear case

  • Annual revenue dropped 23.2% in FY2025 to $6.9M and reached $0 for the trailing twelve months ended June 30, 2026.
  • Free cash flow burn expanded to -$200.6M in FY2025 alongside a net loss of -$212.4M.
  • Significant equity dilution has occurred, evidenced by an 849.1% increase in share count over the past 5 years.

What Immunome does

Immunome, Inc. is a biopharmaceutical company headquartered in Exton, Pennsylvania, focused on discovering and developing antibody therapeutics for oncology and infectious diseases. Established in 2006, the firm utilizes an antibody discovery platform to address immune evasion mechanisms and critical health conditions. Its lead oncology program features IMM-ONC-01, an antibody designed to target IL-38, a tumor-derived immune checkpoint. In infectious diseases, Immunome is developing IMM-BCP-01, an antibody cocktail product candidate designed to combat SARS-CoV-2 infections and address COVID-19. The company operates from its Exton research facilities with 247 employees.

Growth and profitability

Immunome reported revenue of $6.6M in FY2022, rising 111.5% to $14.0M in FY2023 before falling 35.5% to $9.0M in FY2024 and falling 23.2% to $6.9M in FY2025. This yields a three-year revenue compound annual growth rate of 1.6%. Research and development expenses increased from $23.3M in FY2022 to $174.3M in FY2025. Consequently, operating margin worsened to -3084.8% in FY2025, and net income was -$212.4M, or -$2.43 per share. For the trailing twelve months ended June 30, 2026, revenue stood at $0, with quarterly revenue falling 100.0% year-over-year and diluted EPS at -$2.52.

IMNM income statement →

Balance sheet and cash flow

As of June 30, 2026, Immunome held $520.0M in cash and short-term investments against total debt of $4.6M, resulting in net cash of $515.4M. Shareholders' equity was $525.1M and total assets stood at $565.4M. Its liquidity profile shows a current ratio of 15.08 and a debt-to-equity ratio of 0.01. In FY2025, capital expenditures were $9.7M, operating cash flow was -$190.9M, and free cash flow was -$200.6M. Immunome has funded development primarily through equity issuance, with its share count increasing 849.1% over the past 5 years.

IMNM balance sheet →

Valuation and performance

At a closing price of $16.47 on October 16, 2026, Immunome had a market capitalization of $1.94B and an enterprise value of $2.24B. The stock trades at a price-to-sales ratio of 791.8x and an enterprise value-to-revenue ratio of 580.3x, compared to a median price-to-sales multiple of 4.1x for the median of its US-listed Healthcare peers. Its price-to-book ratio is 5.2x. Over the past year, IMNM shares declined 0.1%, lagging the 16.8% return of the S&P 500 benchmark ETF (SPY). Over five years, the stock returned -6.5% compared to an 83.0% gain for SPY.

IMNM key metrics →

What analysts expect

Wall Street coverage on Immunome consists of 12 Strong Buy ratings, 3 Buy ratings, and 1 Hold rating, with no Sell or Strong Sell ratings. The mean price target is $35.19, representing an upside of 113.6% over the last close of $16.47. For the fiscal year ending December 31, 2026, analysts estimate an EPS of -$2.29 and revenue of $266,670. For the following fiscal year, 13 analysts project revenue of $50.4M and an EPS of -$2.48. Over the last four quarters, the company beat EPS estimates 1 time. The next earnings date is November 5, 2026.

IMNM forecast and price target →

Key risks and what to watch

  • Substantial research and development spending reached $174.3M in FY2025, driving ongoing negative operating cash flow of -$190.9M.
  • Short interest accounts for 17.2% of the float, indicating pronounced market skepticism toward development timelines.
  • Stock price volatility is elevated, reflected by a beta of 2.56 and a trading level 27.2% below its 200-day average.

AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer

About this IMNM AI stock analysis

This page is an AI-written research summary of Immunome, Inc. (IMNM). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: IMNM income statement, IMNM balance sheet, IMNM key metrics, IMNM analyst forecast, IMNM chart. See the IMNM stock overview for the latest quote and news.

IMNM AI stock analysis FAQ

What programs are in Immunome's therapeutic pipeline?

Immunome's pipeline features IMM-ONC-01, an oncology program targeting the IL-38 immune checkpoint, and IMM-BCP-01, an antibody cocktail candidate being developed for SARS-CoV-2 infections and COVID-19.

How much cash does Immunome have to fund operations?

As of June 30, 2026, Immunome reported $520.0M in cash and short-term investments and $4.6M in total debt, leaving net cash of $515.4M and a current ratio of 15.08.

What are analysts forecasting for IMNM earnings and revenue?

For the fiscal year ending December 31, 2026, analysts estimate revenue of $266,670 and an EPS of -$2.29. For the following fiscal year, 13 analysts estimate revenue of $50.4M and an EPS of -$2.48.

Does Immunome pay a dividend?

Immunome does not pay a dividend. The company generated -$200.6M in free cash flow in FY2025 and utilizes its capital to advance clinical research and development.

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