GlobeNewswire Inc | Sep 9, 2021 06:30AM EDT

September 09, 2021

Recently completed upsized initial public offering raising $129.4 million in gross proceeds, providing runway into 2024

Company expects to file IND for IMM-1-104 in Q1 2022

CAMBRIDGE, Mass., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX), a biopharmaceutical company advancing a robust pipeline of oncology and neuroscience product candidates that are designed to uniquely disrupt cellular signaling dynamics, today reported financial results for the second quarter ended June 30, 2021 and provided a corporate update.

We continue to make significant progress across all aspects of our organization and with the recent IPO proceeds and the additions to our management team and board of directors, we plan to advance our pipeline and strive to bring novel medicines to patients, said Ben Zeskind, chief executive officer of Immuneering Corporation. In the near term, we remain focused on continuing to advance IMM-1-104, our RAF-MEK inhibitor, targeting RAS mutant tumors into the clinic and anticipate filing our IND in Q1 2022.

Corporate Highlights

-- Completed Initial Public Offering: On August 3, 2021, Immuneering announced the closing of its upsized initial public offering of 8,625,000 shares of Class A common stock, including the full exercise by the underwriters of their overallotment option to purchase 1,125,000 shares of Class A common stock, at a public offering price of $15.00 per share, for total gross proceeds of approximately $129.4 million, before deducting underwriting discounts, commissions and estimated offering expenses payable by Immuneering. -- Strengthened Leadership Team: Immuneering further strengthened its management team with the appointment of Biren Amin as its Chief Financial Officer in April 2021 and Michael Bookman as the companys General Counsel and Secretary in July 2021. -- Enhanced and Expanded Board of Directors: Immuneering also welcomed new additions to the board of directors with the appointments of Laurie Keating in April 2021, and Ann Berman in July 2021. -- Completed Series B Financing in 1H 2021: Immuneering raised $62 million in a Series B financing led by Cormorant Asset Management, Surveyor Capital (a Citadel company), Rock Springs Capital, funds and accounts advised by T. Rowe Price Associates, Inc., funds and accounts managed by Blackrock, Perceptive Advisors, and LYFE Capital.

Key Development Highlights

-- IMM-1-104 IND submission expected in Q1 2022: Immuneering expects to file the IND for IMM-1-104 in Q1 2022 and expects to start its Phase 1 trial evaluating IMM-1-104 in 1H 2022. IMM-1-104 is a highly selective dual-MEK inhibitor that has been designed to overcome MAPK-feedback loops and exhibits deep cyclic inhibition through its targeted potency and short half-life. As a result, Immuneering believes IMM-1-104 can target patients with a broad spectrum of mutations, such as KRAS and NRAS, that activate the MAPK pathway.

Second Quarter 2021 Financial Highlights

-- Cash Position: Cash and cash equivalents as of June30, 2021 were $50.2 million, compared with $37.1 million as of December31, 2020. The June30, 2021 cash and equivalents excludes $118.3 million in net proceeds from the Companys initial public offering, which was completed in August2021. -- Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2021 were $7.0 million, compared with $3.2 million for the second quarter of 2020. The increase in R&D expenses was primarily attributable to higher preclinical costs related to the Companys lead programs and increased personnel to support ongoing research and development activities. -- General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2021 were $1.3 million, compared with $0.6 million for the same period of 2020. The increase in G&A expenses was primarily attributable to an increase in headcount in our general and administrative functions to support the Companys business and to costs related to preparing for the Companys initial public offering. -- Net Loss: Net loss attributable to common stockholders was $7.9 million, or $1.61 per share, for the quarter ended June30, 2021, compared to $3.6 million, or $0.73 per share, for the quarter ended June30, 2020.

About Immuneering Corporation

Immuneering is a biopharmaceutical company with an emerging pipeline focused on improving patient outcomes across a spectrum of debilitating oncologic and neurologic diseases by applying its deep knowledge of translational bioinformatics to every stage of the drug development process. Immuneering has more than a decade of experience in translational bioinformatics and generating insights into drug mechanisms of action and patient treatment responses. Building on this experience, Immuneering has developed a disease-agnostic platform that enables the company to utilize human data, novel biology and chemistry, and translational planning to create and advance its wholly owned pipeline. Immuneerings current development programs in oncology are focused on providing potential treatments for patients with solid tumors caused by mutations of oncologic signaling pathways, including the MAPK pathway. Immuneerings lead product candidate, IMM-1-104, is designed to be a highly selective dual-MEK inhibitor that further disrupts KSR for the treatment of advanced solid tumors in patients harboring RAS mutant tumors. Additionally, Immuneering has six other oncology programs in the discovery stage that are designed to target either the MAPK or mTOR pathway, and two neuroscience programs in the discovery stage.

Forward-Looking Statements

This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding Immuneerings expectations regarding the anticipated use of net proceeds from its initial public offering, the sufficiency of Immuneerings cash and cash equivalents, the treatment potential of IMM-1-104, the timing of submission of the IND and commencement of clinical trials for IMM-1-104 and Immuneerings ability to advance its pipeline and further diversify its portfolio. Forward-looking statements are based on Immuneerings current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, the risks inherent in oncology and neuroscience drug development, including target discovery, target validation, lead compound identification, lead compound optimization, preclinical studies and clinical trials. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in Immuneerings most recent Form 10-Q filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Immuneering undertakes no duty to update such information except as required under applicable law.

Corporate Contact:Rebecca Kusko, Ph.D.Immuneering Corporation617-500-8080rkusko@immuneering.com

Investor Contact:Anne Marie FieldsManaging DirectorRx Communications afields@rxir.com

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended June30, Six Months Ended June30, 2021 2020 2021 2020 Revenue $ 660,040 $ 480,835 $ 1,408,240 $ 963,885 Cost of revenue 318,601 237,062 727,763 492,089 Gross profit 341,439 243,773 680,477 471,796 Operating expensesResearch and 6,991,965 3,221,000 12,382,985 6,044,254 developmentGeneral and 1,340,398 629,403 2,524,422 1,273,412 administrativeTotal operating 8,332,363 3,850,403 14,907,407 7,317,666 expensesLoss from (7,990,924 ) (3,606,630 ) (14,226,930 ) (6,845,870 )operations Other income Interest income 3,259 2,468 9,614 40,988 Net loss $ (7,987,665 ) $ (3,604,162 ) $ (14,217,316 ) $ (6,804,882 ) Net loss pershareattributable tocommon $ (1.61 ) $ (0.73 ) $ (2.87 ) $ (1.37 )stockholders,basic anddilutedWeighted-averagecommon sharesoutstanding, 4,954,553 4,950,129 4,952,352 4,950,129 basic anddiluted

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June30,2021 December31,2020 Assets Current assets: Cash and cash equivalents $ 50,245,103 $ 37,090,151 Accounts receivable 495,105 500,110 Prepaids and other current assets 696,684 140,958 Total current assets 51,436,892 37,731,219 Property and equipment, net 82,077 64,363 Right-of-use asset, net 562,770 613,103 Other assets 960,386 14,333 Total assets $ 53,042,125 $ 38,423,018 Liabilities, Convertible Preferred Stock and Stockholders' DeficitCurrent liabilities: Accounts payable $ 1,432,516 $ 1,480,537 Accrued expenses 3,318,870 698,992 Lease liability, current 80,605 76,322 Total current liabilities 4,831,991 2,255,851 Long-term liabilities: Lease liability, noncurrent 503,213 544,767 Total liabilities 5,335,204 2,800,618 Commitments and contingencies (Note 9)Convertible preferred stock: Series B preferred stock, $0.001par value, 6,032,183 sharesauthorized, 6,032,145 and 3,619,292 61,772,761 36,983,910 shares issued and outstanding atJune30,2021 and December31,2020Series A preferred stock, $0.001par value, 2,495,933 sharesauthorized, 2,495,933 shares issued 21,119,940 21,119,940 and outstanding at June30,2021and December31,2020Total convertible preferred stock 82,892,701 58,103,850 Stockholders? deficit: Class A common stock, $0.001 parvalue, 22,026,200 sharesauthorized, 5,275,936 and 4,950,129 5,276 4,950 shares issued and outstanding atJune30,2021 and December31,2020Class B common stock, $0.001 parvalue, 6,032,183 shares authorized, ? ? 0 shares issued and outstanding atJune30,2021 and December31,2020Additional paid-in capital 4,763,900 3,251,240 Accumulated deficit (39,954,956 ) (25,737,640 )Total stockholders' deficit (35,185,780 ) (22,481,450 )Total liabilities, convertiblepreferred stock and stockholders' $ 53,042,125 $ 38,423,018 deficit