IMNMImmunome Inc.

Pharmaceutical Preparations

Revenue: $7M; 23% YoY
Operating margin: -3228.8%; 4.5% YoY
EBITDA: −$222M; 27% YoY
Market cap: $2.1B
Employees: 177; $39K revenue each
Net debt / EBITDA: —; −$217M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
370% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$39K · 29th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$25M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	—	$14M	$9M	$7M	23%
Operating income	−$25M	−$37M	−$110M	−$306M	−$224M	27%
Net income	−$25M	−$37M	−$107M	−$293M	−$212M	28%
Operating cash flow	−$18M	−$29M	−$8M	−$111M	−$191M	72%
Capex	$79K	$248K	$831K	$7M	$10M	35%
Stock-based comp	$3M	$5M	$6M	$16M	$26M	63%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 22, 2025	Enavate Sciences GP, LLC	SCHEDULE 13D/A	8.6%	Passive
Feb 4, 2025	Immunome Aggregator, LP	SCHEDULE 13D/A	11.8%	Passive
Aug 21, 2024	Barchas Isaac	SC 13D/A	4.4%	Passive
Oct 12, 2023	Immunome Aggregator, LP	SC 13D	8.1%	Active
Oct 12, 2023	Barchas Isaac	SC 13D	3.4%	Passive
Jul 7, 2023	MorphImmune Inc.	SC 13D	20.0%	Active

Insider trading

Open-market buys, 12 mo: $2M · 11
Open-market sells, 12 mo: $28M · 28
Net: −$25M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$28M	201	—
FY2024	$9M	$8M	99	—