IMNM

Immunome is a clinical-stage oncology company, so the headline P/S of 342.9x and -3,060% net margin are noise — there is no commercial product yet and the $6.94M of revenue (down 23.2% YoY) is incidental collaboration/grant money, not a business. The only thing that matters is the pipeline and the cash to fund it, and on both counts the picture is unusually strong for a name this size. The lead asset, varegacestat (oral GSI for desmoid tumors), reported positive topline Phase 3 RINGSIDE results in December 2025 that met all primary and key secondary endpoints with an 84% reduction in progression-or-death risk (HR=0.16, p<0.0001) and a 56% vs 9% ORR. That is a genuinely de-risked, near-commercial asset, and management guides to an NDA submission in Q2 2026 — i.e., now. A positive pivotal readout plus an imminent filing is the single biggest value inflection a biotech offers, and it has already happened.

The balance sheet makes the bet fundable rather than speculative. Cash stands at $653M (up 355.9% YoY), equity is $634M against just $48.8M of total liabilities (0.08x leverage), and current assets of $661M dwarf $45.0M of current liabilities. Against an operating cash burn of ~$191M and an operating loss of $224M, that is roughly a three-year runway — long enough to file the NDA, reach a potential approval/launch for varegacestat, and read out the next wave of catalysts without a financing gun to the head. Notably the net loss narrowed to -$212M from -$293M (EPS improved 51.4%), so the burn is at least trending the right way.