$IMNM
Immunome Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023014090 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.565M $4.263M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.420M $4.362M
YoY Change 32.77% 35.93%
% of Gross Profit
Research & Development $3.823M $5.716M
YoY Change -26.83% -0.02%
% of Gross Profit
Depreciation & Amortization $110.0K $101.0K
YoY Change 6.8% -10.62%
% of Gross Profit
Operating Expenses $8.198M $10.04M
YoY Change -3.94% 12.44%
Operating Profit -$4.633M -$5.773M
YoY Change -45.71% -35.32%
Interest Expense $290.0K $216.0K
YoY Change 28900.0% 10700.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.350M -$5.557M
YoY Change -49.02% -37.73%
Income Tax
% Of Pretax Income
Net Earnings -$4.345M -$5.557M
YoY Change -49.08% -37.73%
Net Earnings / Revenue -121.88% -130.35%
Basic Earnings Per Share -$0.36 -$0.46
Diluted Earnings Per Share -$0.36 -$0.46
COMMON SHARES
Basic Shares Outstanding 12.20M 12.22M
Diluted Shares Outstanding 12.20M 12.20M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.64M $38.42M
YoY Change 234.74% 10.87%
Cash & Equivalents $90.64M $38.42M
Short-Term Investments
Other Short-Term Assets $770.0K $902.0K
YoY Change -64.37% -69.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $91.41M $39.53M
YoY Change 212.64% 5.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.172M $1.203M
YoY Change 66.48% 49.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $230.0K $532.0K
YoY Change -46.76% 23.15%
Total Long-Term Assets $1.747M $1.909M
YoY Change 33.66% 34.34%
TOTAL ASSETS
Total Short-Term Assets $91.41M $39.53M
Total Long-Term Assets $1.747M $1.909M
Total Assets $93.16M $41.44M
YoY Change 204.99% 6.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.786M $3.699M
YoY Change -11.25% -29.66%
Accrued Expenses $3.370M $5.025M
YoY Change -20.33% 49.6%
Deferred Revenue $16.96M $17.67M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $23.11M $26.39M
YoY Change 213.62% 206.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $122.0K
YoY Change 31.18%
Total Long-Term Liabilities $122.0K $0.00
YoY Change 31.18% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.11M $26.39M
Total Long-Term Liabilities $122.0K $0.00
Total Liabilities $87.09M $32.10M
YoY Change 1067.05% 267.16%
SHAREHOLDERS EQUITY
Retained Earnings -$130.2M -$125.8M
YoY Change 20.33% 26.18%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.076M $9.338M
YoY Change
Total Liabilities & Shareholders Equity $93.16M $41.44M
YoY Change 204.99% 6.19%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.345M -$5.557M
YoY Change -49.08% -37.73%
Depreciation, Depletion And Amortization $110.0K $101.0K
YoY Change 6.8% -10.62%
Cash From Operating Activities -$8.620M -$5.668M
YoY Change 13.86% -29.68%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $340.0K
YoY Change -300.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$340.0K
YoY Change 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.88M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -8.620M -5.668M
Cash From Investing Activities -30.00K -340.0K
Cash From Financing Activities 60.88M 0.000
Net Change In Cash 52.23M -6.008M
YoY Change -789.87% -27.0%
FREE CASH FLOW
Cash From Operating Activities -$8.620M -$5.668M
Capital Expenditures $30.00K $340.0K
Free Cash Flow -$8.650M -$6.008M
YoY Change 14.25% -23.85%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed financial statements include, but are not limited to, the expected volatility used to estimate fair value of stock options, accrued research and development expenses, and the estimated costs which drive the revenue recognition for the Collaboration Agreement with AbbVie. Estimates and assumptions are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates.</p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Concentration of credit risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits. </p>
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
400000
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3540163
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3835756
CY2020Q1 imnm Refundable Employee Retention Credit
RefundableEmployeeRetentionCredit
800000
imnm Contra Research And Development Expense
ContraResearchAndDevelopmentExpense
600000
CY2022Q2 imnm Contra Research And Development Expense
ContraResearchAndDevelopmentExpense
600000
imnm Contra General And Administrative Expense
ContraGeneralAndAdministrativeExpense
200000
CY2022Q2 imnm Contra General And Administrative Expense
ContraGeneralAndAdministrativeExpense
200000
imnm Contra Expenses
ContraExpenses
0
CY2023Q2 imnm Contra Expenses
ContraExpenses
0
CY2023Q2 imnm Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
200000
CY2022Q4 imnm Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
800000
CY2023Q2 imnm Prepaid Subscriptions Prepaid Service Contracts And Short Term Deposits
PrepaidSubscriptionsPrepaidServiceContractsAndShortTermDeposits
497000
CY2022Q4 imnm Prepaid Subscriptions Prepaid Service Contracts And Short Term Deposits
PrepaidSubscriptionsPrepaidServiceContractsAndShortTermDeposits
876000
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
271000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
158000
CY2023Q2 imnm Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
208000
CY2022Q4 imnm Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
847000
CY2023Q2 imnm Research And Development Expense Advance Payments
ResearchAndDevelopmentExpenseAdvancePayments
134000
CY2022Q4 imnm Research And Development Expense Advance Payments
ResearchAndDevelopmentExpenseAdvancePayments
445000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1110000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2326000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
42009
CY2023Q2 imnm Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1980000
CY2022Q4 imnm Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2261000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1649000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
481000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
907000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1874000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
489000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
293000
CY2022Q4 imnm Deferred Research Obligations Liabilities Current
DeferredResearchObligationsLiabilitiesCurrent
22000
CY2023Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
5025000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4931000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
CY2023Q2 imnm Collaborative Arrangements Product Development And Regulatory Approval Milestone Payments Payable
CollaborativeArrangementsProductDevelopmentAndRegulatoryApprovalMilestonePaymentsPayable
2600000
CY2023Q2 imnm Collaborative Arrangements Commercial Milestone Payments Payable
CollaborativeArrangementsCommercialMilestonePaymentsPayable
1500000
imnm Collaborative Agreement Milestone Payments Made
CollaborativeAgreementMilestonePaymentsMade
100000
CY2022Q2 imnm Collaborative Agreement Milestone Payments Made
CollaborativeAgreementMilestonePaymentsMade
100000
imnm Collaborative Agreement Milestone Payments Made
CollaborativeAgreementMilestonePaymentsMade
0
CY2023Q2 imnm Collaborative Agreement Milestone Payments Made
CollaborativeAgreementMilestonePaymentsMade
0
imnm Common Stock Voting Right
CommonStockVotingRight
1
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1033000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1327000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2257000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2637000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
8400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.885
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.856
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M19D
CY2023Q2 imnm Fair Value Of Common Stock
FairValueOfCommonStock
4.87
CY2022Q2 imnm Fair Value Of Common Stock
FairValueOfCommonStock
3.64
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2519405
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.60
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
658900
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.87
imnm Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageRemainingContractualTerm
P9Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
98216
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.56
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.25
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3038080
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M17D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1563646
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.66
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.65
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6000000.0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10300000

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