The elimination of milestone and royalty overhang removes a major financial overhang and gives Immunome full economic ownership of varegacestat/AL102. Watch for upcoming clinical data readouts and potential partnership or out-licensing activity now that Immunome controls the full patent estate.
Price Chart
Executive Summary
Immunome entered into Amendment No. 4 to its License Agreement with Bristol-Myers Squibb, paying $20M in cash and issuing 4.43M shares (~3.9% dilution) to buy out all future milestone and royalty obligations and acquire full ownership of patent rights for varegacestat (AL102) and AL101. The deal eliminates a significant overhang of contingent payments and gives Immunome full control of its key pipeline assets, but the cash and equity cost is material for a development-stage biotech.
Key Financial Metrics
Key Facts
- Immunome paid $20M cash and issued 4,425,487 shares to BMS to terminate all future milestone and royalty obligations under the License Agreement.
- BMS assigned full ownership of patent rights for varegacestat (AL102) and AL101 to Immunome.
- The 4.43M shares represent ~3.9% dilution based on 113.4M shares outstanding as of June 30, 2026.
- Immunome has no further milestone, royalty, or other payment obligations to BMS under the License Agreement or the Amendment.
- Immunome granted BMS a perpetual, non-exclusive, fully paid-up license under the transferred patents for molecules other than Licensed Compounds/Products.
- Immunome must file a resale registration statement for the BMS shares by November 16, 2026, and use commercially reasonable efforts to have it declared effective within 60 days of filing.
Financial Impact
Total consideration of $20M cash + ~$20-30M in stock (at estimated ~$4.50-6.80/share) = ~$40-50M total buyout of all future milestone/royalty obligations. Dilution of ~3.9%.
Risk Factors
- Cash burn of $20M reduces runway for a development-stage company with no approved products.
- Dilution of ~3.9% from the share issuance to BMS.
- BMS retains a non-exclusive license under the transferred patents for non-Licensed Compounds, which could create future competition in adjacent indications.
- Resale registration filing requirement creates near-term overhang of ~4.4M shares eligible for sale by BMS.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-413217 |
| Document: d114908d8k.htm | 0001193125-26-413217 |
| Document: d114908dex101.htm | 0001193125-26-413217 |
| Document: 0001193125-26-413217-index-headers.html | 0001193125-26-413217 |
| Document: 0001193125-26-413217-index.html | 0001193125-26-413217 |
| Document: 0001193125-26-413217.txt | 0001193125-26-413217 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | ANALYST-UPGRADE | $16.47 | awaiting T+60 | awaiting T+60 | $18.77 (+13.96%) |
Oct 5, 2026 22d ago | 8-K | $21.17 | awaiting T+60 | awaiting T+60 | $18.77 (−11.34%) |
Oct 1, 2026 26d ago | ANALYST-UPGRADE | $20.89 | awaiting T+60 | awaiting T+60 | $18.77 (+10.15%) |
Sep 21, 2026 5w ago | ANALYST-UPGRADE | $25.07 | awaiting T+60 | awaiting T+60 | $18.77 (−25.13%) |
Aug 12, 2026 10w ago | Insider Cluster | $26.42 | awaiting T+60 | awaiting T+60 | $18.77 (−28.96%) |
Aug 10, 2026 11w ago | Insider Cluster | $26.25 | awaiting T+60 | awaiting T+60 | $18.77 (−28.50%) |
Jul 9, 2026 15w ago | Insider Cluster | $23.35 $21.17 | ▼ −9.34% | ▼ −11.97% | $18.77 (−19.61%) |
Jul 7, 2026 16w ago | Insider Cluster | $24.01 $20.89 | ▼ −12.99% | ▼ −15.49% | $18.77 (−21.82%) |
Jul 7, 2026 16w ago | Insider Cluster | $24.01 $20.89 | ▼ −12.99% | ▼ −15.49% | $18.77 (−21.82%) |
Jul 2, 2026 16w ago | Insider Cluster | $23.61 $21.68 | ▲ +8.17% | ▲ +11.74% | $18.77 (+20.50%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers