Free cash flow deficits have accelerated to $61.6 million in 2026Q1, indicating that clinical development costs are significantly outpacing the company's internal cash generation capabilities.
| Cash from Operations | -196.5M | -190.92M | -110.79M | -7.57M | -28.69M | -18.23M | -12.13M | -9.6M | -7.41M |
| Operating CF Margin % | - | -2750.6% | -1225.46% | -53.99% | - | - | - | - | - |
| Operating CF Growth % | -154.24% | -72.32% | -1363.98% | 73.62% | -57.41% | -50.21% | -26.4% | -29.62% | - |
| Net Income | -224.59M | -212.39M | -292.96M | -106.81M | -36.9M | -24.71M | -17.84M | -10.44M | -7.84M |
| Depreciation & Amortization | 2.98M | 2.96M | 2.1M | 728K | 631K | 755K | 755K | 615K | 521K |
| Stock-Based Compensation | 19.99M | 25.69M | 15.75M | 6.22M | 5.33M | 3.45M | 621K | 14K | 11K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -7.27M | -500K | 5.54M | 0 | 0 |
| Other Non-Cash Items | 16.91M | 8.06M | 149.44M | 80.29M | 7.27M | 4K | -2K | 3K | 9K |
| Working Capital Changes | -11.79M | -15.23M | 14.87M | 12M | 2.24M | 2.78M | -1.21M | 212K | -102K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.93M | -9.16M | 9.53M | -608K | -677K | 1.78M | 504K | 75K | 146K |
| Cash from Investing | 43.7M | 60.8M | -85.06M | -30.48M | -248K | -79K | -586K | -233K | -228K |
| Capital Expenditures | -9.02M | -9.69M | -7.17M | -831K | -248K | -79K | -586K | -233K | -228K |
| CapEx % of Revenue | 224.71% | 139.53% | 79.34% | 5.93% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 9.28M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.01M | -6.25M | -46.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 477.99M | 640.36M | 240.53M | 116.41M | 32K | 27.77M | 49.94M | 10.77M | -551K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -113K | 49K | 6.19M | -551K |
| Equity Issued (Net) | 477.99M | 640.36M | 250M | 34K | 32K | 27.23M | 55.9M | 4.59M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35K | 0 |
| Other Financing | 0 | 0 | -9.47M | 116.37M | 0 | 656K | -6M | 0 | 0 |
| Net Change in Cash | 325.19M | 510.24M | 44.67M | 78.36M | -28.91M | 9.46M | 37.22M | 941K | -8.19M |
| Free Cash Flow | -205.52M | -200.6M | -164.3M | -8.4M | -28.94M | -18.3M | -12.72M | -9.83M | -7.63M |
| FCF Margin % | -5118.9% | -2890.13% | -1817.3% | -59.92% | - | - | - | - | - |
| FCF Growth % | -27.18% | -22.09% | -1856.21% | 70.98% | -58.09% | -43.91% | -29.36% | -28.81% | - |
| FCF per Share | -1.82 | -2.30 | -2.80 | -0.42 | -2.39 | -1.59 | -1.26 | -1.71 | -6.99 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.90x | 0.38x | 0.07x | 0.78x | 0.74x | 0.68x | 0.91x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Pipeline Execution Risk
As reported in quarterly financial statements, Immunome's operating cash flow consistently exceeds net losses, with OCF/NI ratios frequently above 1.0, suggesting that non-cash charges and working capital fluctuations are masking the true underlying cash burn associated with the company's aggressive clinical development and research platform expansion.
The persistent gap between net income and operating cash flow indicates that GAAP accounting significantly obscures the actual liquidity drain. Investors should monitor this divergence, as it suggests that the company's reported losses are partially mitigated by accounting adjustments that do not reflect the ongoing, heavy cash requirements of its oncology pipeline.
Based on historical cash flow data, Immunome's free cash flow trajectory has deteriorated significantly, with quarterly outflows reaching $61.6 million in 2026Q1, reflecting a structural shift toward high-intensity clinical spending that far outpaces the company's ability to generate any meaningful internal cash flow from its current operations.
The consistent negative FCF trend highlights the company's dependence on external capital to fund its strategic pivot toward ADC development. This trajectory suggests that without a major licensing milestone or commercial success, the current burn rate will continue to pressure the balance sheet, regardless of the initial cash cushion.
According to recent SEC filings, Immunome's working capital changes have been highly erratic, swinging from a $17.0 million outflow in 2025Q1 to a $10.3 million inflow in 2025Q3, which complicates the assessment of the company's core operational efficiency and its ability to manage short-term liabilities.
These fluctuations appear to be driven by the timing of milestone-related payments and research-related accruals rather than sustainable operational improvements. Analysts should view these swings with caution, as they may temporarily mask the true, underlying cash burn rate required to sustain the company's current R&D activities.
As evidenced by the provided financial data, stock-based compensation has risen to $7.9 million in 2025Q4, a trend that effectively subsidizes the company's cash burn by shifting compensation costs away from cash-based outflows and into equity dilution, which warrants further investigation into the long-term impact on shareholder value.
While this strategy preserves current cash reserves, it represents a hidden cost that is not captured in the operating cash flow statement. Investors should consider the dilutive impact of this compensation structure, as it may be used to retain talent in a high-burn environment where cash preservation is the primary operational priority.
Quick answers to the most common questions about buying IMNM stock.
Immunome, Inc. (IMNM) generated $-190.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immunome, Inc. (IMNM) reported negative free cash flow of $200.6M in 2025, indicating capital requirements exceeded cash from operations.
Immunome, Inc. (IMNM) spent $9.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.