Investment Thesis
Immunome is a pre-revenue pharmaceutical company burning approximately $58.6M annually in operating losses with zero commercial revenue. While the balance sheet is fortress-like with $582.7M cash and minimal debt ($500K), the company remains entirely unprofitable with negative free cash flow of -$61.6M, demonstrating no demonstrated commercial viability or revenue-generating capability as of Q1 2026.
Strengths
- Fortress balance sheet with $582.7M cash and only $500K long-term debt
- Exceptional liquidity ratios (21.68x current ratio) ensuring 10+ year cash runway at current burn rates
- Minimal leverage (0.00 debt/equity) and no significant debt burden
- Improving diluted EPS trend (+51.4% YoY, though still -$0.48)
Risks
- Zero revenue as of latest period - completely pre-revenue with no commercial products
- Substantial annual cash burn of $58.6M from operations without offsetting revenue
- Negative operating income of -$59.3M and negative free cash flow of -$61.6M
- Entire value dependent on successful drug development and FDA approval in competitive pharma sector
- High execution risk typical of clinical-stage biotech with no revenue visibility
Key Metrics to Watch
- Clinical trial milestones and pipeline advancement status
- Monthly cash burn rate and any changes to operating burn
- Time to potential revenue generation and commercialization timeline
- Capital raise announcements and additional financing needs
- R&D spending efficiency and whether burn rate accelerates or decelerates
Financial Metrics
Revenue
0.0
Net Income
-53.8M
EPS (Diluted)
$-0.48
Free Cash Flow
-61.6M
Total Assets
619.8M
Cash
582.7M
Profitability Ratios
Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
ROE
-9.1%
ROA
-8.7%
FCF Margin
N/A
Balance Sheet & Liquidity
Current Ratio
21.68x
Quick Ratio
21.68x
Debt/Equity
0.00x
Debt/Assets
5.0%
Interest Coverage
-2,825.29x
Long-term Debt
500.0K
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-05-13T08:39:50.853514 |
Data as of: 2026-03-31 |
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