Varegacestat NDA Submitted Amidst Pipeline Momentum

Immunome (IMNM) reported 1Q26 earnings and highlighted the NDA submission for its lead desmoid tumor candidate, varegacestat. The company remains well-capitalized with runway into 2028 and is preparing for several clinical pipeline updates across its ADC and RLT platforms.

Key Takeaways

• 1.Immunome has submitted an NDA for varegacestat for the treatment of desmoid tumors, following strong Phase 3 RINGSIDE data.
• 2.Management estimates a $1bn+ revenue potential for varegacestat, with Goldman Sachs modeling global peak sales of $1.6bn by 2037.
• 3.IMNM's antibody drug conjugate (ADC) pipeline is advancing, with lead candidate IM-1021 sharing first Ph1 lymphoma data in late 2026.

Table of Contents

• Varegacestat NDA submitted; Full Ph3 data at ASCO could further support a best-in-class profile
• 1Q26 EPS vs. GSe
• Valuation and Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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