On May 5, 2023 Immunome, Inc. (Nasdaq: IMNM), a biopharmaceutical company that utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics to improve patient care, reported financial results for the first quarter ended March 31, 2023 and provided a corporate update (Press release, Immunome, MAY 5, 2023, View Source [SID1234631096]).

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"The external validation of our Discovery Engine through our collaboration with AbbVie underlines the need for disruptive technologies that can shape the progress of cancer research. To that end, we are proud to further highlight the formation of Immunome’s Antibody-Drug Conjugate and T Cell Redirection Advisory Board that will help us prioritize selection of novel targets for ADCs and TCRs," stated Purnanand Sarma, Ph.D., President and CEO of Immunome. "The validation we have received so far makes us truly excited about the potential of our Discovery Engine, and we continue to leverage this within our existing oncology pipeline and in existing and potential future strategic collaborations."

Highlights

· AbbVie and Immunome Announced Strategic Collaboration to Discover Multiple Novel Oncology Targets. In January 2023, Immunome entered into a strategic collaboration and option agreement with AbbVie for the discovery of up to 10 novel antibody-target pairs arising from three specified tumor types derived from Immunome’s Discovery Engine. Payment structure includes $30 million upfront, $70 million in platform milestones with low single digit millions per targets in potential options payments. In addition, Immunome is eligible to receive $120 million per target in development and first commercial sale milestone, $150 million per target in sales-based milestones and tiered royalties on global sales.

· Immunome Announced Formation of Antibody-Drug Conjugate and T Cell Redirection Advisory Board. In February, 2023, Immunome established an advisory board, comprised of Dr. John Lambert and Dr. Anthony Tolcher, to prioritize selection of novel targets for antibody drug conjugates (ADCs) and T cell redirection (TCR) modalities.

· Immunome Presented at the 13th Annual World ADC London Conference. In March 2023, Immunome participated in World ADC London, Europe’s longest standing and definitive antibody-drug conjugate (ADC) event dedicated to maximizing the therapeutic window of ADCs. Matthew Robinson, Ph.D., Chief Technology Officer of Immunome discussed how Immunome’s Discovery Engine can highlight novel target classes which have relevance for multiple therapeutic modalities, including ADCs.

Financial Highlights

· Collaboration Revenue: Collaboration Revenue from the Collaboration Agreement with AbbVie for the three months ended March 31, 2023 was $2.4 million.

· Research and development (R&D) expenses: R&D expenses for the three months ended March 31, 2023 were $3.9 million.

· General and administrative (G&A) expenses: G&A expenses, net of interest income, for the three months ended March 31, 2023 were $2.8 million.

· Net loss: Net loss for the three months ended March 31, 2023 was $4.3 million.

· Cash and cash equivalents: As of March 31, 2023, cash and cash equivalents totaled $44.4 million.