Immutep Secures Dr. Reddy’s Licensing Deal and Reports Strong Q2 FY26 Clinical and Cash Progress

Immutep ( (IMMP) ) has shared an update.

On 29 January 2026, Immutep reported its Q2 FY26 activities, highlighted by a strategic collaboration and exclusive licensing deal with Dr. Reddy’s Laboratories for the development and commercialisation of its lead immunotherapy eftilagimod alfa (efti) across markets outside North America, Europe, Japan and Greater China. Immutep received an upfront payment of about A$30 million in January 2026 and remains eligible for up to roughly A$528 million in potential milestones plus royalties, while retaining efti rights in key pharmaceutical markets and all manufacturing rights, materially strengthening its balance sheet to a pro-forma cash position of A$129.3 million as of 31 December 2025 and extending cash runway well into the second quarter of calendar 2027. Operationally, the company reported robust progress in its registrational TACTI-004 (KEYNOTE-F91) Phase III trial in first-line non-small cell lung cancer, which had enrolled 289 patients by mid-December 2025 with a futility analysis expected in the first quarter of 2026, supported by encouraging data from the INSIGHT-003 Phase I study showing strong response rates across PD-L1 levels. Immutep also announced that its EFTISARC-NEO Phase II trial in soft tissue sarcoma met its primary endpoint with significantly improved tumour hyalinization/fibrosis, presented supportive immune activation data at CTOS 2025, and reported positive signals from the AIPAC-003 Phase II study in metastatic breast cancer. In addition, the company received favourable FDA feedback confirming 30 mg as the optimal biological dose for efti under Project Optimus, advanced its IMP761 autoimmune program through higher-dose cohorts with dose-dependent immunosuppressive effects and a favourable safety profile, and secured a A$4.6 million French R&D tax incentive, collectively reinforcing its clinical momentum and positioning in immuno-oncology and autoimmune therapeutics.

The most recent analyst rating on (IMMP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.

Spark’s Take on IMMP Stock

According to Spark, TipRanks’ AI Analyst, IMMP is a Neutral.

Score is held back primarily by weak financial performance (ongoing losses and negative cash flows). Technicals are a meaningful positive with a strong uptrend and positive MACD, but the overbought RSI raises near-term risk. Valuation is constrained by negative earnings and no dividend yield data.

To see Spark’s full report on IMMP stock, click here.

More about Immutep

Immutep Limited is a late-stage immunotherapy company focused on developing novel treatments for cancer and autoimmune diseases. Its lead product candidate, eftilagimod alfa (efti), is a first-in-class immunotherapy that directly activates the immune system and is being evaluated in a global Phase III trial for first-line non-small cell lung cancer. The company also develops IMP761, a first-in-class LAG-3 agonist antibody for autoimmune indications, and retains global manufacturing rights for efti while selectively out-licensing commercial rights in certain territories.

Average Trading Volume: 727,981

Technical Sentiment Signal: Strong Buy

Current Market Cap: $453.8M

For a thorough assessment of IMMP stock, go to TipRanks’ Stock Analysis page.