Detailed financial statements for Immunome, Inc. (IMNM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Immunome, Inc., a biotechnology company, engages in the discovery, design, development, manufacturing, and commercialization of antibody-drug conjugates and other oncology therapeutics in the United States.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At $19.59 (closing price, November 2, 2026), IMNM has negative trailing earnings (P/E not meaningful) and an ROE of -50.56%. Market capitalisation stands at $2.3B.
Balance sheet quality for IMNM: debt-to-equity ratio of 0.01, current ratio of 15.08 over the last 12 months, net cash position of $649.6M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $14.0M | $9.0M | $6.9M |
| Cost of Revenue | $521,000 | $615,000 | $755,000 | 0 | 0 | 0 | 0 | $3.0M |
| Gross Profit | -$521,000 | -$615,000 | -$755,000 | 0 | 0 | $14.0M | $9.0M | $4.0M |
| Research & Development | $6.9M | $8.8M | $6.7M | $14.1M | $23.3M | $23.1M | $129.5M | $174.3M |
| Selling, General & Admin | $866,000 | $1.5M | $4.8M | $11.1M | $13.6M | $19.7M | $33.0M | $43.8M |
| Operating Expenses | $7.7M | $10.3M | $11.5M | $25.2M | $36.9M | $123.5M | $314.8M | $218.1M |
| Operating Income | -$7.7M | -$10.3M | -$12.3M | -$25.2M | -$36.9M | -$109.5M | -$305.8M | -$214.1M |
| EBITDA | -$7.2M | -$9.7M | -$17.0M | -$23.9M | -$36.3M | -$28.0M | -$151.4M | -$209.4M |
| Interest Expense | $141,000 | $106,000 | $38,000 | $10,000 | $5,000 | 0 | 0 | 0 |
| Pre-tax Income | -$7.8M | -$10.4M | -$17.8M | -$24.7M | -$36.9M | -$106.8M | -$293.0M | -$212.4M |
| Income Tax | $39,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$7.8M | -$10.6M | -$17.8M | -$24.7M | -$36.9M | -$106.8M | -$293.0M | -$212.4M |
| EPS | -$7.18 | -$1.84 | -$1.69 | -$2.14 | -$3.09 | -$5.38 | -$5.00 | -$2.43 |
| EPS (Diluted) | -$7.18 | -$1.84 | -$1.69 | -$2.14 | -$3.09 | -$5.38 | -$5.00 | -$2.43 |
| Shares Outstanding (Diluted) | 1.1 M | 5.7 M | 10.1 M | 11.5 M | 12.1 M | 19.8 M | 58.6 M | 87.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$49.2M | 0 | -$753,000 | 0 |
| Operating Income | -$60.1M | -$72.9M | -$59.3M | -$78.1M |
| EBITDA | -$56.7M | -$69.1M | -$53.1M | -$72.0M |
| Net Income | -$57.5M | -$69.9M | -$53.8M | -$73.1M |
| EPS | -$0.65 | -$0.76 | -$0.48 | -$0.65 |
| EPS (Diluted) | -$0.65 | -$0.76 | -$0.48 | -$0.65 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.6M | $2.5M | $39.8M | $49.2M | $20.3M | $98.7M | $143.4M | $653.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $39.5M | $74.0M | 0 |
| Receivables | 0 | 0 | $850,000 | $4.3M | $847,000 | $289,000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.1M | $3.1M | $42.9M | $56.6M | $22.6M | $144.7M | $221.3M | $660.8M |
| Property, Plant & Equipment | $2.1M | $1.7M | $1.5M | $855,000 | $965,000 | $3.6M | $14.4M | $17.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.4M | $5.1M | $44.5M | $57.9M | $24.0M | $148.5M | $240.2M | $683.2M |
| Accounts Payable | $473,000 | $548,000 | $1.2M | $3.1M | $2.4M | $3.3M | $14.2M | $3.3M |
| Short-term Debt | $225,000 | $212,000 | $479,000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.6M | $1.7M | $3.0M | $9.7M | $7.3M | $21.8M | $54.3M | $45.0M |
| Long-term Debt | $325,000 | $113,000 | $134,000 | 0 | 0 | 0 | 0 | $3.9M |
| Total Liabilities | $29.7M | $40.7M | $3.2M | $9.7M | $7.4M | $28.7M | $59.1M | $48.8M |
| Retained Earnings | -$26.1M | -$36.6M | -$54.4M | -$79.1M | -$116.0M | -$222.8M | -$515.8M | -$728.2M |
| Total Equity | -$25.2M | -$35.6M | $41.3M | $48.2M | $16.7M | $119.9M | $181.2M | $634.3M |
| Total Debt | $1.2M | $564,000 | $613,000 | $317,000 | $291,000 | $1.6M | $4.8M | $3.9M |
| Net Debt | -$426,000 | -$2.0M | -$39.2M | -$48.9M | -$20.0M | -$136.5M | -$212.5M | -$649.6M |
| Working Capital | $550,000 | $1.5M | $39.9M | $46.9M | $15.3M | $122.9M | $167.0M | $615.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $272.6M | $653.5M | $582.7M | $217.7M |
| Total Assets | $299.4M | $683.2M | $619.8M | $565.4M |
| Total Liabilities | $35.5M | $48.8M | $31.1M | $40.3M |
| Total Equity | $263.9M | $634.3M | $588.7M | $525.1M |
| Total Debt | $4.0M | $3.9M | $3.7M | $4.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.8M | -$10.4M | -$17.8M | -$24.7M | -$36.9M | -$106.8M | -$293.0M | -$212.4M |
| Depreciation & Amortization | $521,000 | $615,000 | $755,000 | $755,000 | $631,000 | $728,000 | $2.1M | $3.0M |
| Stock-based Compensation | $11,000 | $14,000 | $621,000 | $3.4M | $5.3M | $6.2M | $15.7M | $25.7M |
| Change in Working Capital | -$102,000 | $212,000 | -$1.2M | $2.8M | $2.2M | $12.0M | $14.9M | -$15.2M |
| Operating Cash Flow | -$7.4M | -$9.6M | -$12.1M | -$18.2M | -$28.7M | -$7.6M | -$110.8M | -$190.9M |
| Capital Expenditure | -$228,000 | -$233,000 | -$586,000 | -$79,000 | -$248,000 | -$831,000 | -$53.5M | -$9.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $9.3M | 0 | 0 |
| Stock Repurchased | 0 | -$35,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.6M | -$9.8M | -$12.7M | -$18.3M | -$28.9M | -$8.4M | -$164.3M | -$200.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$40.5M | -$48.0M | -$58.6M | -$61.7M |
| Capital Expenditure | -$1.1M | -$4.0M | -$3.0M | -$2.2M |
| Free Cash Flow | -$41.6M | -$52.0M | -$61.6M | -$63.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.7M | $7.9M | $8.0M | $8.8M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | -35.5% | -23.2% |
| Net Income Growth (YoY) | | -34.5% | -69.1% | -38.5% | -49.3% | -189.5% | -174.3% | +27.5% |
| EPS Growth (YoY) | | +74.4% | +8.2% | -26.6% | -44.4% | -74.1% | +7.1% | +51.4% |
| Shares Change (YoY) | | +425.8% | +76.0% | +14.1% | +5.1% | +63.6% | +195.5% | +49.0% |
| FCF Growth (YoY) | | -28.8% | -29.4% | -43.9% | -58.1% | +71.0% | -1,856.2% | -22.1% |
| Gross Margin | | | | | | 100.0% | 100.0% | 57.4% |
| Operating Margin | | | | | | -781.4% | -3,382.4% | -3,084.8% |
| EBITDA Margin | | | | | | -199.7% | -1,674.1% | -3,017.4% |
| Net Margin | | | | | | -761.9% | -3,240.4% | -3,060.0% |
| FCF Margin | | | | | | -59.9% | -1,817.3% | -2,890.1% |
| Effective Tax Rate | -0.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | -$6.99 | -$1.71 | -$1.26 | -$1.59 | -$2.39 | -$0.42 | -$2.80 | -$2.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 1.1 M | 5.7 M | 10.1 M | 11.5 M | 12.1 M | 19.8 M | 58.6 M | 87.4 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -50.56% |
| Return on Invested Capital | -51.06% |
| Return on Assets | -44.98% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 15.08 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 21.61 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.87 | -7.31 | -5.73 | -6.06 | -0.72 | -1.99 | -2.12 | -8.84 |
| P/B | -0.58 | -2.17 | 2.37 | 3.10 | 1.61 | 1.77 | 3.44 | 2.96 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.15 | 68.88 | 270.32 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 57.4% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -781.4% | -3,382.4% | -3,084.8% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -761.9% | -3,240.4% | -3,060.0% |