IMNM on Nasdaq

Immunome Inc.

In its 2026 annual report the company says: “We are a biotechnology company committed to the development of first-in-class and best-in-class targeted oncology therapies. We are advancing a pipeline that includes three clinical assets and three preclinical assets.”3 It is headquartered in Bothell, Washington.1 Its shares trade on Nasdaq under the symbol IMNM.1

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Last updated Oct 21, 2026.

Overview

Compare with Tvardi Therapeutics, Inc., Whitehawk Therapeutics, Inc. or Ovid Therapeutics Inc., or pick any stock.

  • TickerIMNM on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersBothell, Washington1
  • Incorporated inDE2
  • Business address18702 N. Creek Parkway, Suite 100, Bothell, Wa 980112
  • Filer categoryNon-accelerated filer2

We are a biotechnology company committed to the development of first-in-class and best-in-class targeted oncology therapies. Our goal is to establish a broad portfolio of differentiated clinical assets to improve the lives of cancer patients. Key to that strategy is our deep expertise in the discovery, design, development, manufacturing, and ultimately commercialization of antibody-drug conjugates and other oncology therapeutics.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-3228.8%Operating margin4
-3060.0%Net margin4
-23.2%Revenue growth, 20254
-33.5%Return on equity4
-$200.6MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$177.3M

Out of $6.9M in revenue.4 The company lost money this year.

Financial statements

Revenue54$6.9M in 2025−50% since 2023
0$5.0M$10.0M$15.0M2023: $14.0M$14.0M20232024: $9.0M$9.0M2024−36%2025: $6.9M$6.9M2025−23%
Operating income678954-$224.1M in 2025+2066% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$10.3M-$10.3M20192020: -$12.3M-$12.3M2020+18%2021: -$25.2M-$25.2M2021+106%2022: -$36.9M-$36.9M2022+46%2023: -$109.5M-$109.5M2023+197%2024: -$305.8M-$305.8M2024+179%2025: -$224.1M-$224.1M2025−27%
Net income678954-$212.4M in 2025+1934% since 2019
-$300.0M-$200.0M-$100.0M02019: -$10.4M-$10.4M20192020: -$17.8M-$17.8M2020+71%2021: -$24.7M-$24.7M2021+39%2022: -$36.9M-$36.9M2022+49%2023: -$106.8M-$106.8M2023+189%2024: -$293.0M-$293.0M2024+174%2025: -$212.4M-$212.4M2025−28%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Collaboration revenue$6.9M$9.0M
In-process research and development$10.0M$152.3M
Research and development$177.3M$129.5M
General and administrative$43.8M$33.0M
Total operating expenses$231.1M$314.8M
Loss from operations-$224.1M-$305.8M
Interest income$11.7M$12.8M
Net loss-$212.4M-$293.0M
Net loss per share, basic-$2.43-$5.00
Net loss per share, diluted-$2.43-$5.00
Weighted-average shares outstanding, basic87.4M shares58.6M shares
Weighted-average shares outstanding, diluted87.4M shares58.6M shares
Net loss-$212.4M-$293.0M
Unrealized (loss) gain on marketable securities-$57.0K$35.0K
Comprehensive loss-$212.5M-$292.9M

Compare Immunome Inc. with another company

Corporate structure

Immunome Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Immunome Inc.

  • Sirenia Capital Management LP Filed SCHEDULE 13G/A on Immunome Inc., latest Aug 14, 2026 (2 filings since May 15, 2026)
  • T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G/A on Immunome Inc., latest Aug 14, 2026 (4 filings since Nov 14, 2024)
  • Point72 Asset Management, L.P. Filed SCHEDULE 13G/A on Immunome Inc., latest May 15, 2026 (2 filings since Feb 3, 2025)
  • Redmile Group, LLC Filed SCHEDULE 13G/A on Immunome Inc., latest May 15, 2026 (5 filings since Oct 12, 2023)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Immunome Inc., latest Mar 26, 2026 (5 filings since Nov 4, 2024)
  • Enavate Sciences GP, LLC Filed SCHEDULE 13D/A on Immunome Inc., latest Dec 22, 2025
  • FMR LLC Filed SCHEDULE 13G/A on Immunome Inc., latest Oct 7, 2025 (5 filings since Feb 9, 2024)
  • EcoR1 Capital, LLC Filed SCHEDULE 13G/A on Immunome Inc., latest May 15, 2025 (2 filings since Oct 12, 2023)
  • Janus Henderson Group Ltd. Filed SCHEDULE 13G/A on Immunome Inc., latest May 14, 2025 (3 filings since Nov 14, 2024)
  • Immunome Aggregator, LP Filed SCHEDULE 13D/A on Immunome Inc., latest Feb 4, 2025 (2 filings since Oct 12, 2023)
  • BlackRock Filed SC 13G on Immunome Inc., latest Nov 8, 2024 (2 filings since Oct 22, 2024)
  • Isaac Barchas Filed SC 13D/A on Immunome Inc., latest Aug 21, 2024 (2 filings since Oct 12, 2023)
  • Immunome Inc. Bothell, Washington

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Immunome Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$14.6M4 Dec 31, 2025$10.1M4 Dec 31, 2024+44.7%
Operating-lease assets (leased space)$3.0M4 Dec 31, 2025$4.3M4 Dec 31, 2024−30.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$653.5M4 Dec 31, 2025$143.4M4 Dec 31, 2024+355.9%
Marketable securities, current$04 Dec 31, 2025$74.0M4 Dec 31, 2024−100.0%

Properties, in its own words

We currently lease approximately 53,000 square feet of office and laboratory space in Bothell, Washington under a lease that expires on March 31, 2033. We believe our leased space is sufficient to meet our immediate facility needs, and that any additional space we may require will be available on commercially reasonable terms.

Item 2 of the 10-K filed Mar 3, 2026.3

Leadership

Who has led Immunome Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (22)

Timeline

  1. Oct 5, 20268-K Entered a material agreement; Unregistered sale of shares38
  2. Aug 11, 20268-K Results of operations39
  3. Jun 12, 20268-K Shareholder vote40
  4. May 12, 20268-K Results of operations41
  5. Mar 3, 20268-K Results of operations42
  6. Dec 17, 20258-K Other events43
  7. Dec 15, 20258-K Regulation FD disclosure; Other events44
  8. Nov 6, 20258-K Results of operations45
  9. Aug 6, 20258-K Results of operations46
  10. Jun 11, 20258-K Shareholder vote47
  11. May 12, 20258-K Results of operations; Other events48
  12. Mar 19, 20258-K Results of operations49
  13. Oct 4, 2023New chief executive Clay B. Siegall becomes CEO12
  14. Oct 1, 2020New chief executive Purnanand D. Sarma becomes CEO13

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.65) a share, on Nov 6, 2025.50

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results39
  2. May 12, 2026Reported quarterly or annual results41
  3. Mar 3, 2026Reported quarterly or annual results42
  4. Nov 6, 2025Reported quarterly or annual results45
  5. Aug 6, 2025Reported quarterly or annual results46
  6. May 12, 2025Reported quarterly or annual results48
  7. Mar 19, 2025Reported quarterly or annual results49
  8. Jan 29, 2025Reported quarterly or annual results51

Drug trials and FDA: recently

  1. Dec 3, 2025Phase 2/3 trial completed Phase 2/3 trial of AL102 in Desmoid: primary completion Dec 3, 2025, no results posted yet (ClinicalTrials.gov NCT04871282).52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

337 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 137 insider forms, 45 large holders, 70 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 15, 20264 EDGAR
  3. Sep 11, 2026144 EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 12, 2026144 EDGAR
  7. Aug 12, 20264 EDGAR
  8. Aug 11, 2026S-8 EDGAR
  9. Aug 11, 202610-Q EDGAR
  10. Aug 11, 20268-K EDGAR
  11. Aug 10, 20264 EDGAR
  12. Aug 6, 20264 EDGAR
  13. Aug 6, 2026144 EDGAR
  14. Aug 4, 2026144 EDGAR
  15. Jul 27, 20264 EDGAR
  16. Jul 27, 20264 EDGAR
  17. Jul 27, 20264 EDGAR
  18. Jul 27, 20264 EDGAR
  19. Jul 27, 20264 EDGAR
  20. Jul 27, 20264 EDGAR

The 337 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

48 open-market trades by officers, directors and large owners since October 2021: 25 buys and 23 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Higgins JackChief Scientific OfficerSale13,200$25.32$334.2KForm 4
Aug 12, 2026Barchas IsaacDirectorSale11,048$27.25$301.1KForm 4
Aug 11, 2026Barchas IsaacDirectorSale62,291$26.23$1.6MForm 4
Aug 10, 2026Barchas IsaacDirectorSale10,125$26.07$264.0KForm 4
Aug 7, 2026Barchas IsaacDirectorSale15,248$26.06$397.4KForm 4
Aug 6, 2026Barchas IsaacDirectorSale20,840$26.06$543.1KForm 4
Aug 4, 2026Horn KinneyCHIEF BUSINESS OFFICERSale90,616$25.09$2.3MForm 4
Jul 7, 2026Horn KinneyCHIEF BUSINESS OFFICERSale1,092$25.00$27.3KForm 4
Jul 7, 2026Barchas IsaacDirectorSale16,906$24.20$409.1KForm 4
Jul 6, 2026Barchas IsaacDirectorSale83,094$24.11$2.0MForm 4
Jul 2, 2026Lechleider RobertChief Medical OfficerSale55,000$22.62$1.2MForm 4
Jul 2, 2026Barchas IsaacDirectorSale100,000$22.59$2.3MForm 4
Jun 30, 2026Barchas IsaacDirectorSale101,050$21.12$2.1MForm 4
Jun 25, 2026Lechleider RobertChief Medical OfficerSale55,000$19.85$1.1MForm 4
Jun 15, 2026Rosett MaxChief Financial OfficerSale60,000$18.23$1.1MForm 4
Jun 5, 2026BIENAIME JEAN JACQUESDirectorBuy10,500$19.45$204.3KForm 4
Jun 5, 2026BIENAIME JEAN JACQUESDirectorSale10,500$19.41$203.8KForm 4
May 15, 2026BIENAIME JEAN JACQUESDirectorBuy5,000$20.70$103.5KForm 4
Apr 2, 2026Rosett MaxChief Financial OfficerSale65,000$21.92$1.4MForm 4
Apr 2, 2026Higgins JackChief Scientific OfficerSale9,438$21.64$204.2KForm 4

All 48 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Clay Siegall, Ph.D.President, Chief Executive Officer and Chairman of the Board65$735.0K$7.7M71
2025Max RosettChief Financial Officer36$472.5K$2.8M71
2025Robert Lechleider, M.D.Chief Medical Officer65$530.3K$2.7M71
2024Clay Siegall, Ph.D.President, Chief Executive Officer and Chairman of the Board65$700.0K$9.2M71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC16,987,553$360.0M0.0%+17,599
BlackRock, Inc.8,805,492$186.6M0.0%+636,818
State Street Corp5,494,625$116.4M0.0%+94,724
Wellington Management Group Llp5,210,216$110.4M0.0%+478,239
Redmile Group, LLC4,911,590$104.1M7.0%−647,295
Primecap Management Co/ca/4,581,431$97.1M0.1%−206,800
Vanguard Capital Management LLC4,551,289$96.4M0.0%+121,592
Driehaus Capital Management LLC4,346,139$92.1M0.5%+246,238
Enavate Sciences Gp, LLC3,613,799$76.6M22.2%No change
Geode Capital Management, LLC2,754,889$58.4M0.0%+194,225
Morgan Stanley2,407,942$51.0M0.0%−433,647
Silverarc Capital Management, LLC2,017,009$42.7M4.8%+166,731
Jpmorgan Chase & Co1,848,548$39.0M0.0%−929,288
Sofinnova Investments, Inc.1,720,316$36.5M1.9%+18,412
Readystate Asset Management LP1,605,820$34.0M2.2%+303,958
Goldman Sachs Group Inc1,512,489$32.0M0.0%+411,013
Vanguard Portfolio Management LLC1,348,979$28.6M0.0%+342,004
Principal Financial Group Inc1,347,358$28.6M0.0%−29,509
BNP PARIBAS ASSET MANAGEMENT Holding S.A.1,250,275$26.5M0.0%+152,439
Woodline Partners LP1,000,398$21.2M0.1%−575,000
Northern Trust Corp968,346$20.5M0.0%+69,200
Charles Schwab Investment Management Inc886,193$18.8M0.0%+34,404
MetLife Investment Management, LLC859,076$18.2M0.1%+803,219
Vanguard Fiduciary Trust Co756,297$16.0M0.0%+39,902
Pivotal bioVenture Partners Investment Advisor LLC732,512$15.5M5.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Immunome Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARImmunome Inc.1
  • CIK0001472012
  • Employer ID (EIN)77-06943403
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address18702 N. Creek Parkway, Suite 100, Bothell, WA 980111
  • Phone610-321-37001
  • Shares outstanding113,577,629 as of Aug 6, 202611
  • Public float$728.5M as of Jun 30, 20253
  • AuditorErnst & Young LLP, Philadelphia, Pennsylvania PCAOB ID 42; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceSep 14, 20091
  • Filings459 in all: 4 (156), 8-K (82), 3 (30), 10-Q (18), 144 (17), SCHEDULE 13G/A (14), D (13), SC 13G (13)1
    All 42 form types

    SC 13G/A (13), 424B5 (8), CORRESP (8), D/A (7), 10-K (6), DEF 14A (6), DEFA14A (6), S-8 (6), EFFECT (5), S-3ASR (5), SCHEDULE 13G (5), UPLOAD (5), 425 (4), ARS (4), S-1/A (3), SC 13D (3), S-1 (2), S-3 (2), SCHEDULE 13D/A (2), SEC STAFF LETTER (2), 144/A (1), 3/A (1), 424B3 (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), PRE 14A (1), S-1MEF (1), S-4 (1), S-4/A (1), S-8 POS (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 Par ValueIMNMThe Nasdaq

From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Immunome Inc. names in Item 1A of its 10-K filed Mar 3, 2026: 74 risks under these headings, as written.3

  • We are a biopharmaceutical company with a history of losses. We expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability.
  • We have a limited operating history, which may make it difficult to evaluate our drug development capabilities and predict our future performance.
  • We have not yet submitted a New Drug Application, or NDA, or Biologics License Application, or BLA, obtained FDA approval for marketing, or successfully commercialized a product, and we may be unable to do so.
  • We will need to raise substantial additional funds to advance development of our product candidates and our ADC platform, and we cannot guarantee that we will have sufficient funds available in the future to develop and commercialize any of our product candidates.
  • We may be unable to advance any of our product candidates into and through clinical development, obtain regulatory approvals and ultimately commercialize them, or we could experience significant delays in doing so.
  • We may not be successful in our efforts to use and expand our ADC platform to build and progress a pipeline.
  • We may pursue particular programs or product candidates over others; these decisions may prove to be wrong and may adversely impact our business.
  • We may fail to realize the business benefits anticipated as a result of completed or future strategic transactions.
  • Clinical trials are expensive, time-consuming and difficult to design and implement.
  • Preliminary results from our preclinical studies and clinical trials that we announce or publish from time to time may change as more data become available and as the data undergo audit and verification procedures. Furthermore, clinical development has an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results and generally could be impacted by other factors beyond our control.
  • If we encounter difficulties enrolling participants in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • We face substantial competition, which may result in others discovering, developing or commercializing products more quickly or marketing them more successfully than us. Additionally, if their product candidates are shown to be safer or more effective than ours, then our commercial opportunity will be reduced or eliminated.
The other 62 risks
  • The market may not be receptive to our product candidates, and we may not generate any revenue from their sale, partnering or licensing.
  • If the market opportunities for our product candidates are smaller than we believe they are, our future product revenues may be adversely affected, and our business may suffer.
  • If we or others identify undesirable side effects caused by any of our current or future product candidates undergoing clinical trials, our ability to market and derive revenue from the product candidate could be compromised.
  • Our IM-3050 program may face additional and potentially unpredictable challenges.
  • If any of our product candidates is approved for marketing and commercialization in the future and we are unable to develop sales, marketing and distribution capabilities on our own or enter into agreements with third parties to perform these functions on acceptable terms, we will be unable to successfully commercialize any such future products.
  • A Fast Track Designation from the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive regulatory approval.
  • We may fail to obtain orphan drug designations for our product candidates, and even if we obtain such designations, we may be unable to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.
  • If we are required by the FDA to obtain approval of a companion diagnostic in connection with approval of any of our product candidates, and we do not obtain, or face delays in obtaining, FDA approval of such companion diagnostic, we will not be able to commercialize such product candidate and our ability to generate revenue will be materially impaired.
  • Additional regulatory burdens and other risks and uncertainties in foreign markets may limit our growth.
  • Our business entails a significant risk of product liability, which may not be sufficiently covered by our insurance.
  • We have obtained rights to use human samples in furtherance of our research and development. However, if we failed to obtain appropriate permission to use these samples or exceed the scope of the permissions given, our programs could be adversely affected.
  • Risks Related to Government Regulation
  • Health care legislative, regulatory and administrative reform measures, as well as changes or instability at government agencies including FDA, may have a material adverse effect on our business and results of operations.
  • If we or our existing or potential future partners, manufacturers or other service providers fail to comply with health care laws and regulations, we or they could be subject to enforcement actions, which could affect our ability to develop, market and sell our products and may harm our reputation.
  • Any programs or product candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.
  • If the FDA, the European Medicines Agency, or EMA, the European Commission, or other comparable foreign regulatory authorities approve generic versions of any of our small molecule drug candidates that receive marketing approval, or such authorities do not grant our products appropriate periods of exclusivity before approving generic versions of those products, the sales of our products, if approved, could be adversely affected.
  • Disruptions at the FDA, the SEC and other government agencies caused by shutdowns, funding shortages or global health concerns could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Even if we receive regulatory approval of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements.
  • Even if we are able to commercialize any program or product candidate, the program and product candidate may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, which would harm our business.
  • We are subject to U.S. and foreign anti-corruption and anti-money laundering laws with respect to our operations and non-compliance with such laws can subject us to criminal or civil liability and harm our business.
  • Risks Related to Strategic Transactions, Manufacturing, Commercialization and Reliance on Third Parties
  • We have, and may in the future choose, to engage in and pursue collaborations and other strategic transactions. We may not be able to enter into such transactions on acceptable terms, if at all, which could adversely affect our development and commercialization activities, impact our cash position, increase our expenses, and present significant distractions to our management.
  • If third parties on which we rely to conduct our current and future preclinical studies and clinical trials do not perform as contractually required, fail to satisfy regulatory or legal requirements or miss expected deadlines, our programs could be delayed with material and adverse impacts on our business and financial condition.
  • Because we rely on third parties for manufacturing, supply and testing, some of which may be sole source vendors, for preclinical and clinical development materials and commercial supplies, our supply may become limited or interrupted or may not be of satisfactory quantity or quality.
  • We may be unable to successfully scale manufacturing in sufficient quality and quantity, which would delay or prevent us from completing our development and commercialization efforts, if any.
  • Our significant reliance on third-party vendors could impair our ability to implement our business plan.
  • If our information technology systems or data, or those of the third parties with whom we work are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; and other adverse consequences.
  • Our current laboratory operations are concentrated in one location, and we and the third parties upon whom we depend may be adversely affected by natural or other disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Risks Related to Our Intellectual Property
  • It is difficult and costly to protect our intellectual property and our proprietary technologies, and we may not be able to ensure their protection.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Patent terms may not be able to protect our competitive position for an adequate period of time with respect to our current or future targeted therapeutics.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our current or any future targeted therapeutics.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • In order to protect our competitive position around our future products, we may become involved in lawsuits to enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful and which may result in our patents being found invalid or unenforceable.
  • We may need to acquire or license additional intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
  • If we fail to comply with our obligations under any license or other intellectual property-related agreements, we may be required to pay damages and could lose intellectual property rights that may be necessary for developing, commercializing and protecting our current or future targeted therapeutics, or we could lose certain rights to grant sublicenses.
  • Under our current and future license agreements, we may not have all intellectual property rights necessary for developing, commercializing, and protecting our current or future targeted therapeutics.
  • Intellectual property rights of third parties could adversely affect our ability to commercialize our targeted therapeutics, and we might be required to obtain licenses from third parties to engage in development or marketing efforts, which may not be available on commercially reasonable terms or at all.
  • Others may challenge inventorship or claim an ownership interest in our intellectual property which could expose us to litigation and have a significant adverse effect on our prospects.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims by third parties that we or our employees or consultants have wrongfully used or disclosed their alleged trade secrets or other proprietary information.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • Risks Related to Our Business Operations and Industry
  • Any inability to attract and retain qualified key management, technical personnel and employees would impair our ability to implement our business plan. In addition, prior successes of our personnel may not be indicative of our future success.
  • We may experience difficulties in managing our growth and expanding our operations.
  • Our employees, principal investigators, vendors and commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Risks Related to our Common Stock
  • An active trading market for our common stock may not be sustained, which may make it difficult for you to sell your shares.
  • The market price of our common stock is expected to be volatile, and purchasers of our common stock could incur substantial losses.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • Our ability to use net operating loss carryforwards and other tax attributes may be limited.
  • Capital appreciation, if any, will be a stockholder’s sole source of gain.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • We could be subject to securities class action litigation or stockholder derivative litigation.
  • General Risk Factors
  • Unfavorable global economic and political conditions, including tariffs and trade barriers, could adversely affect our business, financial condition or results of operations.
  • Future changes in financial accounting standards or practices may cause adverse and unexpected revenue fluctuations and adversely affect our reported results of operations.
  • Changes in tax laws or regulations that are applied adversely to us or our vendors or collaborators may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • If we are unable to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • We incur significant costs as a result of operating as a public company, and our management is required to devote substantial time to public company reporting and compliance initiatives.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.

Legal proceedings

We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of the outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.3

Sources

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