MeritValue

Immunome Inc.

IMNMdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Immunome Inc. earns about -111% on equity, but has diluted owners by 657% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$14M1$9.04M2$6.94M2
Net income−$24.7M3−$36.9M4−$106.8M5−$293M6−$212.4M6
Operating cash flow−$18.2M7−$28.7M8−$7.57M9−$110.8M10−$190.9M10
Capital expenditure$79,00011$248,00012$831,00013$7.17M14$9.69M14
Free cash flow (derived)−$18.3M7−$28.9M8−$8.4M9−$118M10−$200.6M10
Total debt—————
Cash & equivalents$49.2M15$20.3M16$98.7M17$143.4M18$653.5M18
Diluted shares11.5M12.1M19.8M58.6M87.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$72.62
your share of equity
Profit it earned you last year
−$24.32
Free cash flow it threw off
−$22.97
Debt you’d be carrying
—

10 shares is a claim on $72.62 of net worth that earned you −$24.32 and generated −$22.97 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-111% avg · 5y
FY21 -51%FY22 -222%FY23 -89%FY24 -162%FY25 -33%

It earned an average -111% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+657% shares · 5y

Share count is up 657% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001558370-25-003302 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-088172 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001558370-23-003964 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001558370-24-004247 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001558370-25-003302 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-088172 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-23-003964 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-24-004247 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001558370-25-003302 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-088172 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-003964 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-24-004247 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001558370-25-003302 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-088172 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-003964 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-24-004247 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-25-003302 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-088172 (CashAndCashEquivalentsAtCarryingValue)