Immunome: Key Takeaways from Our NYC Group Dinner with Mgmt

Research evidence excerpt

Immunome: Key Takeaways from Our NYC Group Dinner with Mgmt

J P M O R G A N North America Equity Research

29 June 2026

Immunome Overweight

IMNM, IMNM US

Key Takeaways from Our NYC Group Dinner with Mgmt Price (26 Jun 26):$19.96

SMid Biotechnology

We hosted IMNM’s CEO Clay Siegall for an investor group dinner in NYC Brian Cheng AC

last week. Overall, we had a productive conversation with mgmt. Most investor (1-212) 622-0449

questions focused on varegacestat’s prospect in desmoid tumors near term, and the brian.cheng@jpmorgan.com

expectation and opportunity from its ROR1 ADC heading into the first clinical Sarah Medeiros, PhD

update at ASH later this year (see our ROR1 deck). Net-net, IMNM continues to (1-212) 622-3957

execute well towards its goals for the remainder of the year (see our recent thought). sarah.k.medeiros@jpmorgan.com

We continue to view the story positively and reiterate our OW rating. Below, we Ron Feiner, PhD, CFA

highlight the key takeaways from our discussion: (1-212) 622-5005

ron.feiner@jpmorgan.com

J.P. Morgan Securities LLC

• FDA’s Feedback on Varegacestat’s NDA in the Very Near Term. The

Agency remained highly engaged in the interim. Following potential

acceptance, the remainder of the review will likely undergo a traditional review

route rather than priority review, which, in our view, translates to a launch

likely around April of next year. Mgmt emphasized vare’s differentiated

dataset, particularly around pain relief, and has asked the Agency to consider

including this benefit as part of the label if approved.

• Some Early Thoughts on the Launch. While the potential pricing remains

under wraps, mgmt sees the ability to price vare at a premium relative to niro

(now priced at ~$403K/year per PriceRx) based on feedback from payors and