Immutep Doubles Half-Year Loss as R&D Spend Surges Despite New Collaboration Revenue

The latest update is out from Immutep Ltd ( (AU:IMM) ).

Immutep reported a net loss after tax of A$44.9 million for the half-year ended 31 December 2025, double the A$22.4 million loss a year earlier, as total revenue and other income rose 6% to A$7.7 million. The deterioration was driven by a A$21.3 million increase in R&D and intellectual property expenses linked to higher clinical trial and staff costs, higher corporate expenses and less favourable foreign exchange and interest income, partly offset by A$4.1 million in new collaboration revenue from Dr. Reddy’s to fund development of efti.

Additional pressure on results came from lower grant income, reduced net foreign exchange gains and a swing from a foreign currency translation gain to a loss, while net tangible assets per share fell to 6.31 cents from 11.30 cents. The absence of dividends underscores the company’s continued reinvestment into its clinical pipeline, with rising development spend and collaboration funding signaling an intensified push to advance its lead immunotherapy programs despite increased losses and a weaker balance sheet.

The most recent analyst rating on (AU:IMM) stock is a Buy with a A$0.65 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

More about Immutep Ltd

Immutep Ltd is a biotechnology company focused on developing immunotherapy treatments, particularly in oncology. Its primary activities center on research and development of product candidates such as efti, supported through licensing and collaboration agreements, as it targets global markets for innovative cancer therapies.

Average Trading Volume: 4,020,773

Technical Sentiment Signal: Buy

Current Market Cap: A$567.4M

For detailed information about IMM stock, go to TipRanks’ Stock Analysis page.