Immuron Limited (IMC) AI Stock Analysis

• Market Cap: AU$8.82M
• Dividend Yield: N/A
• Average Volume (3M): 862.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: 48.63%
• EPS Growth: 25.66%
• Country: AU
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): >-0.01
• Shares Outstanding: 326,653,600
• 10 Day Avg. Volume: 372,599
• 30 Day Avg. Volume: 862,359
• PEG Ratio: 0.11
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 1.93
• P/FCF Ratio: -2.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): >-0.01
• Revenue Forecast (FY): AU$9.70M

• Rating: 44 Neutral
• Price Target: AU$0.03 ▼(-35.00% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is driven primarily by weak fundamentals (ongoing losses and negative cash flow) and bearish technicals (trading below key moving averages with negative MACD). Modest revenue growth and low leverage offer limited support, while valuation provides little help given the negative P/E and lack of dividend data.

Positive Factors

Established commercial product

Having an FDA/marketed commercial product (Travelan) provides a recurring revenue base and real-world product validation. This durable income stream and brand recognition in gut-targeted immunotherapies supports channel relationships, distribution scale and credibility for advancing pipeline programs.

Low leverage

Extremely low debt-to-equity reduces solvency risk and interest burden, preserving strategic optionality. For a clinical-stage biotech, conservative leverage makes it easier to manage capital raises, partner negotiations and R&D spending without high fixed financing costs over the next 2-6 months.

Positive revenue growth

Consistent revenue growth indicates growing product adoption and market traction for Travelan. Sustained top-line gains help fund operations, improve bargaining power with distributors, and make partnership or licensing discussions more constructive even while profitability remains a longer-term objective.

Negative Factors

Ongoing losses

Persistent negative net profit and EBIT margins indicate the business does not currently generate operating profits, constraining the company’s ability to self-fund clinical development and commercialization. This increases reliance on external capital or partners, diluting long-term returns if repeated.

Negative cash flow

Negative operating and free cash flow signal cash burn from operations and limited internal funding for trials or marketing. This reduces financial flexibility, raises refinancing or dilution risk, and can slow pipeline progress or commercialization scaling absent new capital or partnership milestones.

Very small team

An employee base of seven constrains internal capacity across clinical, regulatory and commercial functions. Long-term program advancement will likely depend on outsourcing or partners, which can slow timelines, increase costs, and dilute operational control over product development and market execution.

Immuron Limited Business Overview & Revenue Model

Company Description

Immuron Limited, a biopharmaceutical company, engages in the research, development, and commercialization of polyclonal antibodies in Australia, Israel, Canada, the United States, and internationally. The company operates through two segments, Research and Development, and Hyperimmune Products. It offers Travelan, an over-the-counter medicine to reduce the risk of travelers' diarrhea and risk of minor gastrointestinal disorders, as well as a dietary supplement for support digestive health and gastrointestinal tract protection; and Protectyn, an immune supplement to help maintain a healthy digestive function and liver. The company is also developing Travelan (IMM-124E) that is in Phase III registration trial to reduce the risk of contracting travelers' diarrhea in the United States, and Phase II field trial for Travelers' Diarrhea, as well as acts as an anti-viral activity against SARS-CoV-2; and IMM-529, which is in Phase I/IIa clinical trial for treating patients suffering from recurring clostridium difficile infection. It has a research agreement with Naval Medical Research Center to develop and clinically evaluate a therapeutic targeting Campylobacter and enterotoxigenic Escherichia coli infections; and a collaboration agreement with the Walter Reed Army Institute of Research to develop an oral therapeutic for shigellosis. Immuron Limited was incorporated in 1994 and is headquartered in Carlton, Australia.

How the Company Makes Money

Immuron makes money primarily through (1) product sales of its marketed oral immunotherapy, Travelan, which is sold to consumers as a prophylactic for traveler’s diarrhea via distributors/retail channels in the geographies where it is registered; revenue from this stream depends on unit sales volumes, pricing, and the terms of distribution/wholesale arrangements. (2) Potential commercialization of additional products: the company’s longer-term revenue model includes advancing clinical-stage candidates (e.g., IMM-124E and other pipeline programs) toward approval and then monetizing them via direct sales, licensing to larger pharmaceutical partners, or regional distribution agreements; however, specific future revenues are contingent on successful clinical development and regulatory approvals. (3) Partnering and other non-product revenues: the company may generate income through collaborations such as licensing fees, upfront payments, milestones, and royalties tied to partnered development and sales; if present, these revenues typically depend on negotiated contract terms and the partner’s progress and commercial performance. If the company receives research incentives or grants, these would be additional contributors, but specific amounts and arrangements are null.

Immuron Limited Financial Statement Overview

Summary

Revenue grew 11.39%, but the company remains unprofitable with negative margins. Cash flow is also weak with negative operating and free cash flow, while low leverage (debt-to-equity 0.0145) provides some balance-sheet stability.

Income Statement

Immuron Limited shows a positive revenue growth rate of 11.39% in the latest year, indicating potential for future growth. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins, which suggest ongoing operational challenges.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.0145, reflecting conservative leverage. However, the negative return on equity indicates that the company is not generating sufficient returns on its equity investments, which could be a concern for investors.

Cash Flow

Operating cash flow and free cash flow are both negative, indicating cash flow challenges. The free cash flow to net income ratio of 1.0 suggests that the company is not generating additional free cash flow beyond its net income, which limits financial flexibility.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	7.48M	7.29M	4.90M	1.80M	765.19K	145.78K
Gross Profit	4.76M	4.77M	3.34M	1.31M	523.50K	94.70K
EBITDA	-5.08M	-5.31M	-6.19M	-3.80M	-3.08M	-8.33M
Net Income	-4.65M	-5.22M	-6.94M	-3.79M	-2.85M	-8.38M
Balance Sheet
Total Assets	15.14M	10.13M	15.55M	21.99M	24.86M	27.05M
Cash, Cash Equivalents and Short-Term Investments	10.00M	5.87M	11.66M	18.99M	22.11M	25.05M
Total Debt	0.00	117.13K	173.50K	189.09K	209.79K	20.50K
Total Liabilities	2.06M	2.06M	2.84M	2.37M	1.68M	1.16M
Stockholders Equity	13.08M	8.07M	12.71M	19.62M	23.18M	25.90M
Cash Flow
Free Cash Flow	-4.62M	-6.14M	-5.56M	-2.50M	-3.14M	-4.09M
Operating Cash Flow	-4.62M	-6.14M	-5.56M	-2.49M	-3.13M	-4.08M
Investing Cash Flow	-4.75K	-2.90M	327.56K	-2.74M	11.74K	2.57K
Financing Cash Flow	6.97M	199.75K	829.00	-35.02K	-36.26K	26.49M

Immuron Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.04
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IMC, the sentiment is Negative. The current price of 0.04 is above the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.03, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.62 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IMC.

Immuron Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVE	53 Neutral	AU$33.06M	-6.66	-258.19%	―	306.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMC	44 Neutral	AU$8.82M	-1.29	-43.95%	―	48.63%	25.66%
NOX	43 Neutral	AU$18.43M	-3.69	2509.60%	―	―	-36.89%
ANR	40 Underperform	AU$2.84M	-1.64	-109.45%	―	―	1.03%
NSB	40 Underperform	AU$30.93M	-5.38	-19.10%	―	―	-672.73%
1AD	37 Underperform	AU$10.20M	-0.48	1068.18%	―	―	31.87%

Immuron Limited Corporate Events

Immuron Reports Lapse of 510,107 Performance Rights

Immuron Limited has notified the market that 510,107 performance rights, classified as IMCAE securities, have lapsed as of March 11, 2026. The lapse occurred because the conditions attached to these performance rights were not met or became incapable of being satisfied, resulting in a reduction of these contingent equity instruments from the company’s potential issued capital.

This cessation of performance rights slightly simplifies Immuron’s capital structure and may marginally reduce potential future dilution for existing shareholders. The announcement underscores Immuron’s compliance with ASX disclosure requirements and provides investors with updated information on the status of its employee or performance-based incentive securities.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron CEO to Showcase Antibody Platform at Coffee Microcaps Conference

Immuron has announced that CEO Steven Lydeamore will present virtually at the Coffee Microcaps Conference on 5 March 2026, offering investors and industry participants an update on the company’s activities and product portfolio. The event highlights Immuron’s efforts to raise its profile in the microcap investment community as it advances its antibody-based treatments for infectious and gastrointestinal diseases, potentially strengthening engagement with stakeholders and supporting future commercial and development initiatives.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron Flags Strategic Reset as HY26 Results Face Audit Review

Immuron Limited has released a presentation outlining a strategic reset alongside its HY26 financial results, signaling a reassessment of its operational priorities and performance trajectory. The company notes that these FY2026 figures remain subject to audit review, underscoring that reported outcomes may still change before finalization.

Management emphasizes that its current expectations and strategic plans are inherently uncertain due to risks in developing and commercializing its technology. This caveat highlights the potential for material divergence between projected and actual results, reminding investors and stakeholders to treat the company’s forward-looking statements with caution.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron Narrows Half-Year Loss as Revenue Edges Higher

Immuron Limited reported a 4.8% increase in revenue from ordinary activities to $4.18 million for the half-year ended 31 December 2025, while its net loss after tax narrowed by 22.9% to $1.92 million, indicating improved operating performance. The company’s net tangible asset backing declined to 3.94 cents per share from 4.46 cents a year earlier, it paid no dividends for the period, and reported no changes in its controlled entities or its 23.61% stake in U.K.-based associate Ateria Health Limited, suggesting a stable but still loss-making financial and corporate structure.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron reshapes finance and governance team with new CFO and company secretary

Immuron Limited has announced senior leadership changes, with long-serving Chief Financial Officer and Company Secretary Phillip Hains stepping down from both roles effective 9 February 2026. The board acknowledged his contribution since 2013, marking the end of a key financial stewardship period for the biopharmaceutical group.

The company has appointed Olga Smejkalova as Company Secretary and primary contact for ASX communications, and Aaron Laurita as Chief Financial Officer, both effective immediately. These appointments bring additional governance, compliance, and commercial finance expertise to Immuron, potentially strengthening its corporate oversight as it advances its antibody-based therapies and Travelan franchise in global markets.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron Showcases Oral Antibody Platform and GI Portfolio at Emerging Growth Conference

Immuron Limited announced that CEO Steven Lydeamore delivered a virtual presentation at the Emerging Growth Conference, highlighting the company’s orally delivered antibody platform and its portfolio of gastrointestinal-focused products. The appearance underscores Immuron’s efforts to raise its profile among growth-oriented investors as it advances its commercial product Travelan for travelers’ diarrhea, progresses IMM-529 as an adjunctive therapy for recurrent C. difficile infection with promising pre-clinical data, and expands its presence in functional gut health through the distribution of ProIBS, positioning the company as a niche player in oral immunotherapy and gastrointestinal therapeutics.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron Delivers Travelan Sales Growth and Fast-Tracks ProIBS Launch Amid North American Expansion

Immuron reported unaudited global first-half sales of AUD$4.2 million, up 5% year-on-year, driven primarily by strong performance of its Travelan product in Australia and the United States, despite a sharp year-on-year decline in Canada following an earlier pipeline fill. Australian H1 sales rose 13% to AUD$3.3 million, supported by increased digital and social media marketing, expanded pharmacy ranging and higher Southeast Asian travel, while U.S. sales grew 17% to AUD$0.9 million on the back of enhanced Amazon presence and intensified social media and influencer campaigns. The company also accelerated the Australian launch of its new product ProIBS ahead of Christmas, securing distribution via two of the three largest pharmacy wholesalers and listings in five banner groups, positioning itself for further category reviews and potential shelf expansion in 2026. In Canada, although H1 sales were sharply lower versus the prior year due to timing of a large initial stock pipeline, quarterly sales rebounded 191% in Q2, and Immuron plans to further build Travelan brand awareness through in-store education, promotions and social media, with a key new rollout into Jean Coutu pharmacies in Quebec scheduled for the third quarter of FY26, which could significantly deepen its penetration in the Canadian market.

The most recent analyst rating on (AU:IMC) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron CEO to Spotlight Antibody Platform at Emerging Growth Conference

Immuron Limited has announced that its Chief Executive Officer, Steven Lydeamore, will deliver a virtual presentation at the Emerging Growth Conference on 22 January 2026, with the session to be made available via live webcast and archived online for later viewing. The appearance is expected to enhance the company’s visibility among growth-focused investors and stakeholders by showcasing its targeted antibody platform and portfolio of gastrointestinal and infectious disease-focused products, potentially strengthening its positioning in the global biopharmaceutical and travel health markets.

The most recent analyst rating on (AU:IMC) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.

Immuron Calls Extraordinary Meeting to Ratify Major Share Issues and Restore Capital-Raising Headroom

Immuron Limited has called an extraordinary general meeting of shareholders for 12 February 2026 in Melbourne to seek approval for the ratification of two substantial prior share issuances. Shareholders will be asked to ratify the issue of 28,278,923 shares under ASX Listing Rule 7.1 and a further 26,821,997 shares under Listing Rule 7.1A, moves that effectively regularize past capital-raising activities and restore the company’s capacity to issue additional equity in the future. The resolutions, if approved, will support Immuron’s flexibility in accessing capital markets going forward, which is significant for its ongoing funding needs and could influence future dilution, governance considerations, and the company’s ability to finance its development and commercial objectives.

The most recent analyst rating on (AU:IMC) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Immuron Limited stock, see the AU:IMC Stock Forecast page.