• In December, Immunome, Inc. reported positive topline results from its Phase 3 RINGSIDE trial, showing Varegacestat improved progression-free survival versus placebo and plans to seek FDA approval in the second quarter of 2026.
• The data, including a marked reduction in the risk of death or disease progression and a high rate of tumor shrinkage, positions Varegacestat as a potentially important addition to Immunome’s oncology pipeline.
• Next, we’ll examine how Varegacestat’s strong Phase 3 results and upcoming FDA filing shape Immunome’s broader investment narrative.

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What Is Immunome's Investment Narrative?

For Immunome, the core thesis now rests on whether Varegacestat can evolve from a strong Phase 3 data story into an approved, commercial product that starts to justify the company’s sizable losses and repeated equity raises. The December RINGSIDE readout meaningfully sharpens near term catalysts: the planned FDA filing in the second quarter of 2026, potential label discussions and any early signs of how payers and clinicians might view a new desmoid tumor option. At the same time, the risks have not gone away. Immunome is still unprofitable with a large net loss, a history of shareholder dilution and a volatile share price, and the recent follow on offering plus upcoming lock up expiry could keep financing and selling pressure in focus. The trial result improves the story, but it also raises the execution bar.

However, one funding related risk in particular is worth understanding in more detail. Immunome's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Investors in the Simply Wall St Community put Immunome’s fair value between US$34.50 and US$129.67 across 2 views, which contrasts sharply with a still loss making business that relies on future Varegacestat execution.

Explore 2 other fair value estimates on Immunome - why the stock might be worth just $34.50!

Build Your Own Immunome Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Immunome research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Immunome research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Immunome's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.