Immunome Q3 2026: Big Loss, Bigger Pipeline Bets Before FDA Day

Immunome's net loss widened to $85.8 million in the third quarter of 2026, up from $57.5 million in the same period a year earlier, as the company poured money into its clinical programs ahead of what it hopes will be a transformative regulatory moment. Research and development spending climbed to $69.5 million, while general and administrative costs rose to $20.9 million, reflecting both the expansion of the pipeline and the buildup toward a potential commercial launch.

The company reported a GAAP loss of $0.76 per share against a consensus estimate of roughly $0.60, missing expectations by about 27%. Revenue came in at zero against analyst expectations of around $133,000, a full 100% miss. For a clinical-stage company with no approved products, those top-line figures are largely expected, but the depth of the EPS miss signals that spending is accelerating faster than the Street had modeled.

The spending centers on varegacestat, a gamma secretase inhibitor for desmoid tumors that now carries an FDA PDUFA target action date of April 28, 2027. The EMA validated its Marketing Authorization Application in Europe in October 2026, meaning both major regulatory decisions are approaching simultaneously. Management says its $461.6 million in cash, equivalents, and marketable securities funds operations into 2028, giving the company a runway that extends well past both verdicts.

Beyond varegacestat, Immunome has three other programs in the clinic. IM-1021, a ROR1-targeted antibody-drug conjugate, showed a 64% objective response rate in diffuse large B-cell lymphoma and a 53% rate across B-cell non-Hodgkin lymphoma in data through June 2026, though Grade 3 or higher adverse events were reported in 52% of treated patients, most commonly neutropenia. Updated Phase 1 data for IM-1021 is set to be presented at the ASH Annual Meeting on December 14, 2026.

A fourth program, IM-1340, had its IND cleared by the FDA in September 2026, with a Phase 1 trial start expected before year-end. IM-1617, another solid tumor ADC, dosed its first patient in June 2026, and IM-3050, a radioligand therapy, dosed its first patient in July 2026. The company also expects to submit an IND for IM-1335 in late 2026, keeping a steady cadence of new program starts heading into 2027.