Immunome Key Takeaways from Our Fireside Chat with Mgmt; Post 1Q Model Update

Research evidence excerpt

Immunome Key Takeaways from Our Fireside Chat with Mgmt; Post 1Q Model Update

Brian Cheng AC North America Equity Research

(1-212) 622-0449 27 May 2026 J P M O R G A N

brian.cheng@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We rate IMNM Overweight. The late-stage gamma secretase

inhibitor, varegacestat, is the lead asset in the portfolio. We

believe its opportunity in desmoid tumors is providing a decent

support to IMNM’s valuation. More importantly, the asset’s

likelihood of success is partially de-risked given the mechanism

of action is already validated. Beyond varegacestat, we also

believe in the potential the rest of the pipeline provides. We like

the attractive optionality and the multiple shots on goal. The

underlying technology platforms (e.g., ADC, radioligand, and

YTD 1m 3m 12m hybridoma) the company has gathered also have potential to

Abs 0.8% -8.9% 0.7% 156.0% generate interesting assets to refuel the pipeline in the future.

Rel -14.8% -11.9% -7.0% 115.8%

Valuation

Company Data

Our Dec 2026 price target of $39 is derived using a DCF-based

Shares O/S (mn) 113

52-week range ($) 27.65-7.96 SOTP model. In our SOTP, we assign stand-alone values for

Market cap ($ mn) 2,453.00 varegacestat in desmoid tumors and IM-1021 (ROR1-targeted

Exchange rate 1.00 ADC) in late-line Diffuse Large B-Cell Lymphoma (DLBCL).

Free float (%) 91.6%

3M ADV (mn) 1.17 In our price target, varegacestat is contributing $31/share and

3M ADV ($ mn) 25.4 IM1021 is contributing $1/share. The rest of our valuation

Volatility (90 Day) 58 includes contributions from pipeline plug, corporate expenses,

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 14|0|0 and cash. We assume 9-12% WACC, 10-20% GTN, and 5-15%

COGS.

Key Metrics (FYE Dec)