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Biotech Bolsters ADC Pipeline Through Atreca Asset Buy
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Biotech Immunome Inc. recently announced a purchase agreement with Altreca, noted Wedbush.

Immunone Inc. (IMNM:NASDAQ) has entered into an agreement to acquire preclinical antibody-drug conjugate (ADC) asset APN-497444 and associated intellectual property from Atreca Inc. (BCEL:NASDAQ) in a deal that underscores Immunome's focus on expanding its ADC pipeline, noted Wedbush analysts Dr. David Nierengarten, David Carlson, Dennis Pak, and Dr. Martin Fan in a December 26 research note.

Under the terms of the purchase deal, Immunome will pay Atreca US$12.5 million upfront and up to US$7 million tied to future APN-497444 clinical milestones. Initial data on the ADC candidate presented last year showed potential utility in ovarian, lung, colorectal, pancreatic, and esophageal cancers.

"We view this purchase as a positive for Immunome and further emphasizes its focus on the development of novel ADCs," the Wedbush analyst team commented.

They maintain an Outperform rating on Immunome shares with a US$12 price target. This target is based on a sum-of-parts net present value model for Immunome's assets and implies over 25% upside from the current US$9.39 share price.

The Atreca asset acquisition provides Immunome with additional preclinical ADC programs to complement lead clinical asset IMM-ONC-01 as it aims to establish itself as an emerging player in antibody-drug conjugates.

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Disclosures for Wedbush Securities, Immunome Inc., December 26, 2023

Analyst Certification We, David Nierengarten, David Carlson, Dennis Pak and Martin Fan, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.

Company Specific Disclosures This information is subject to change at any time. 1. WS makes a market in the securities of Atreca, Inc.. 4. WS has received compensation for investment banking services from Immunome, Inc. within the last 12 months. 5. WS provided Immunome, Inc. with investment banking services within the last 12 months. 6. WS is acting as a financial advisor for Immunome, Inc..

Wedbush disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the current quarter, will not be displayed until the following quarter. Additional information on recommended securities is available on request. Disclosure information regarding historical ratings and price targets is available:

Research Disclosures *WS changed its rating system from (Strong Buy/ Buy/ Hold/ Sell) to (Outperform/ Neutral/ Underperform) on July 14, 2009. Applicable disclosure information is also available upon request by contacting the Research Department at (212) 833-1375, by email to [email protected]. You may also submit a written request to the following: Wedbush Securities, Attn: Research Department, 142 W 57th Street, New York, NY 10019.

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