Immunome Buys Out BMS Royalties on Varegacestat for $20M Cash Plus 4.4M Shares

summarizeSummary

Immunome paid BMS $20 million cash plus 4.4 million shares to eliminate all future milestone and royalty obligations on varegacestat and acquire full patent rights to the program.

check_boxKey Events · M&A and Partnerships · IMNM

• Royalty and Milestone Obligations Eliminated

  Amendment No. 4 to the BMS License Agreement removes all milestone and royalty payment obligations, with Immunome paying $20.0 million in cash and issuing 4,425,487 shares of common stock.

• Full Patent Rights Acquired

  BMS assigned to Immunome all patent rights related to varegacestat (formerly AL102) and AL101 that were previously licensed, giving Immunome full ownership of the program's intellectual property.

• Share Issuance Dilution

  The 4,425,487 shares issued to BMS represent approximately 3.9% of the 113,399,202 shares outstanding as of June 30, 2026, per the Stock Issuance Agreement.

• Resale Registration Deadline

  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 thereafter.

auto_awesomeAnalysis · IMNM · Life Sciences

Immunome eliminated all future milestone and royalty payments to Bristol-Myers Squibb on its lead asset varegacestat by paying $20 million in cash and issuing 4,425,487 shares. The deal also transfers full patent rights for varegacestat and AL101 to Immunome, removing a long-term financial overhang ahead of the FDA's review of the varegacestat NDA. The share issuance represents roughly 3.9% of the 113.4 million shares outstanding as of June 30, 2026, a meaningful but not extreme dilution. BMS has agreed to hold the shares as restricted securities, with Immunome obligated to file a resale registration statement by November 16, 2026, creating a potential near-term overhang once effective.