On November 9, 2023 Immunome, Inc. (Nasdaq: IMNM), a biotechnology company dedicated to developing first-in-class and best-in-class targeted cancer therapies, reported financial results for the third quarter ended September 30, 2023 and provided a corporate update (Press release, Immunome, NOV 9, 2023, View Source [SID1234637451]).

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"The merger of Immunome and Morphimmune is a transformative transaction for both companies, resulting in a combined company with a highly focused technology platform based upon strong foundational science, coupled with a strong balance sheet, as we push forward in our mission to develop targeted cancer therapies for patients," stated Clay B. Siegall, Ph.D., Chairman and Chief Executive Officer of Immunome. "There remains a significant need for innovative and best in class treatments to address unmet medical needs for cancer patients where previous approaches have fallen short."

Highlights

Immunome and Morphimmune Complete Merger with $125 Million PIPE to Accelerate Development of Novel Targeted Cancer Therapies. In October 2023, Immunome and Morphimmune, a private biotechnology company focused on developing targeted oncology therapeutics, announced that the two companies successfully closed their previously announced merger agreement.
The newly combined company features synergistic platforms that we believe will enable the development of first-in-class and best-in-class targeted cancer therapies across multiple modalities and tumor types.
The concurrent oversubscribed private placement investment of $125 million included participation from Enavate Sciences, EcoR1 Capital, Redmile Group, Janus Henderson Investors, Avidity Partners, Woodline Partners LP, and other leading institutional investors.
IMM-ONC-01: We expect to provide guidance in Q1 2024 regarding our timeline to submit to the FDA an IND for IMM-ONC-01.
177Lu-FAP: We anticipate an IND submission with the FDA in Q1 2025.
Financial Highlights

Collaboration Revenue: Collaboration Revenue from the Collaboration Agreement with AbbVie for the three months ended September 30, 2023 was $4 million.
Research and development (R&D) expenses: R&D expenses for the three months ended September 30, 2023 were $4 million.
General and administrative (G&A) expenses: G&A expenses for the three months ended September 30, 2023 were $4 million.
Net loss: Net loss for the three months ended September 30, 2023 was $4 million, or $(0.36) per share.
Cash and cash equivalents: As of September 30, 2023, cash and cash equivalents totaled $91 million