Revenue has contracted to zero in recent quarters, while R&D expenditures reached a peak of $60.8 million in 2025Q4, reflecting a shift toward high-cost internal development.
| Sales/Revenue | 4.01M | 6.94M | 9.04M | 14.02M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -63.29% | -23.23% | -35.5% | - | - | - | - | - | - |
| Cost of Goods Sold | 50.67M | 2.96M | 0 | 0 | 0 | 0 | 755K | 615K | 521K |
| COGS % of Revenue | - | 42.57% | - | - | - | - | - | - | - |
| Gross Profit | -46.65M | 3.99M | 9.04M | 14.02M | 0 | 0 | -755K | -615K | -521K |
| Gross Margin % | -1161.92% | 57.43% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | -55.91% | -35.5% | - | - | 100% | -22.76% | -18.04% | - |
| Operating Expenses | 192.16M | 218.1M | 314.84M | 123.55M | 36.9M | 25.2M | 11.51M | 10.35M | 7.74M |
| OpEx % of Revenue | - | 3142.18% | 3482.37% | 881.35% | - | - | - | - | - |
| Selling, General & Admin | 46.03M | 43.77M | 32.95M | 19.66M | 13.63M | 11.09M | 4.78M | 1.52M | 866K |
| SG&A % of Revenue | - | 630.57% | 364.51% | 140.23% | - | - | - | - | - |
| Research & Development | 196.79M | 174.33M | 129.54M | 23.09M | 23.27M | 14.11M | 6.73M | 8.82M | 6.88M |
| R&D % of Revenue | - | 2511.61% | 1432.83% | 164.71% | - | - | - | - | - |
| Other Operating Expenses | -2.47M | 0 | 152.34M | 80.8M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -238.81M | -214.11M | -305.8M | -109.53M | -36.9M | -25.2M | -12.26M | -10.35M | -7.74M |
| Operating Margin % | -5947.9% | -3084.76% | -3382.37% | -781.35% | - | - | - | - | - |
| Operating Income Growth % | - | 29.98% | -179.19% | -196.82% | -46.41% | -105.56% | -18.49% | -33.64% | - |
| EBITDA | -235.97M | -211.16M | -303.7M | -108.8M | -36.27M | -24.45M | -11.51M | -9.73M | -7.22M |
| EBITDA Margin % | -5877.21% | -3042.18% | -3359.12% | -776.16% | - | - | - | - | - |
| EBITDA Growth % | -9.46% | 30.47% | -179.13% | -199.98% | -48.35% | -112.49% | -18.22% | -34.77% | - |
| D&A (Non-Cash Add-back) | 2.84M | 2.96M | 2.1M | 728K | 631K | 755K | 755K | 615K | 521K |
| EBIT | -236.13M | -214.11M | -153.46M | -28.73M | -36.9M | -25.2M | -17.8M | -10.34M | -7.7M |
| Net Interest Income | 14.21M | 11.72M | 12.84M | 2.72M | 0 | 0 | -37K | -96K | -102K |
| Interest Income | 14.21M | 11.72M | 12.84M | 2.72M | 5K | 10K | 1K | 10K | 39K |
| Interest Expense | 0 | 0 | 0 | 0 | 5K | 10K | 38K | 106K | 141K |
| Other Income/Expense | 14.21M | 1.72M | 12.84M | 2.72M | 5K | 493K | -5.58M | -96K | -102K |
| Pretax Income | -224.59M | -212.39M | -292.96M | -106.81M | -36.9M | -24.71M | -17.84M | -10.44M | -7.84M |
| Pretax Margin % | -5593.85% | -3059.99% | -3240.38% | -761.92% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.5% |
| Net Income | -224.59M | -212.39M | -292.96M | -106.81M | -36.9M | -24.71M | -17.84M | -10.55M | -7.84M |
| Net Margin % | -5593.85% | -3059.99% | -3240.38% | -761.92% | - | - | - | - | - |
| Net Income Growth % | -9.5% | 27.5% | -174.29% | -189.48% | -49.31% | -38.54% | -69.07% | -34.48% | - |
| Net Income (Continuing) | -224.59M | -212.39M | -292.96M | -106.81M | -36.9M | -24.71M | -17.84M | -10.44M | -7.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.99 | -2.43 | -5.00 | -5.38 | -3.09 | -2.14 | -1.69 | -1.84 | -7.18 |
| EPS Growth % | 24.84% | 51.4% | 7.06% | -74.11% | -44.39% | -26.63% | 8.15% | 74.37% | - |
| EPS (Basic) | - | -2.43 | -5.00 | -5.38 | -3.09 | -2.14 | -1.69 | -1.84 | -7.18 |
| Diluted Shares Outstanding | 113.14M | 87.35M | 58.64M | 19.84M | 12.13M | 11.54M | 10.11M | 5.74M | 1.09M |
| Basic Shares Outstanding | 113.14M | 87.35M | 58.64M | 19.84M | 12.13M | 11.54M | 10.11M | 5.74M | 1.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Pipeline Execution Risk
According to historical income statements, Immunome's top-line performance has effectively evaporated, with revenue dropping to zero in recent quarters as the company transitions away from legacy collaboration-based income toward an internal development model that currently lacks any commercial product sales to sustain meaningful top-line growth.
The complete cessation of revenue in recent periods highlights the company's reliance on milestone-driven payments rather than recurring commercial streams. Investors should interpret this trend as a deliberate strategic pivot, though it leaves the firm entirely dependent on its existing cash reserves to fund ongoing operations.
As reported in quarterly filings, Immunome's research and development expenditures have consistently trended upward, reaching a peak of $60.8 million in 2025Q4, which underscores the aggressive capital deployment required to advance its oncology pipeline following the recent strategic shift toward antibody-drug conjugate development.
The persistent elevation in R&D spending relative to the absence of revenue suggests that the company is prioritizing rapid clinical advancement over near-term fiscal discipline. This cost structure warrants close monitoring, as the current burn rate appears to be accelerating in direct correlation with the expansion of the clinical trial portfolio.
Based on the provided financial data, Immunome exhibits extreme negative operating leverage, with operating losses frequently exceeding $50 million per quarter, a trend that reflects the heavy fixed-cost burden of maintaining a proprietary discovery platform and scaling clinical operations without a corresponding revenue-generating commercial engine.
The lack of scalability in the current income statement suggests that operating expenses are decoupled from revenue generation, which is typical for early-stage biotech but highlights the high-risk nature of the current business model. Future improvements in operating leverage appear contingent upon successful clinical readouts that could potentially attract new licensing partners.
Analysis of recent financial statements indicates that stock-based compensation has become a recurring line item, reaching $7.9 million in 2025Q4, which suggests that management is increasingly utilizing equity-based incentives to preserve cash while simultaneously increasing the potential for future shareholder dilution in the coming fiscal periods.
While utilizing equity to manage cash burn is a common practice in the biotechnology sector, the consistent increase in SBC expenses may indicate a reliance on non-cash compensation to retain talent during a period of intense operational transition. Investors should monitor whether this trend continues to impact the net loss per share as the company scales its workforce.
Quick answers to the most common questions about buying IMNM stock.
For fiscal year 2025, Immunome, Inc. (IMNM) reported total revenue of $6.9M.
Immunome, Inc. (IMNM) reported a net loss of $212.4M for the fiscal year ending 2025.
Immunome, Inc. (IMNM) reported an operating income of $-214.1M, resulting in an operating profit margin of -3084.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Immunome, Inc. (IMNM) generated $4.0M in gross profit for the year, representing a gross profit margin of 57.4%. This demonstrates the company's core pricing power and production efficiency.