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Immutep Ltd (AU:IMM)
ASX:IMM

Immutep Ltd (IMM) AI Stock Analysis

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AU:IMM

Immutep Ltd

(Sydney:IMM)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$0.44
▲(68.46% Upside)
Immutep Ltd's overall stock score is primarily impacted by its weak financial performance, characterized by ongoing losses and negative cash flows. While the technical analysis shows bullish momentum, the overbought indicators suggest caution. The valuation is also weak due to the negative P/E ratio. The lack of earnings call data and corporate events further limits the assessment.
Positive Factors
Low leverage / strong equity position
Conservative leverage and a healthy equity base reduce refinancing and bankruptcy risk, giving management flexibility to fund R&D and clinical programs without immediate debt pressures. This structural strength supports long-term investment in trials and partnership negotiations.
Improving free cash flow growth
An improvement in free cash flow growth indicates progress toward better cash conversion from operations. If sustained, this trend can lengthen runway, lower reliance on dilutive capital raises and improve the company's ability to fund later-stage trials or execute partnerships without urgent financing.
Proprietary LAG-3 platform and clinical pipeline
Owning a differentiated LAG-3 research platform and an advancing clinical asset (efti) represents a durable competitive advantage: platform science can generate multiple programs, attract partnerships, and deliver long-term value if clinical and regulatory milestones are met.
Negative Factors
Persistent losses and negative cash flows
Sustained operating losses and negative cash flows erode financial flexibility and necessitate ongoing external funding. Over months this increases execution risk, can delay programs, and raises the probability of dilutive capital raises that impact long-term shareholder value.
Negative margins and operational inefficiency
Broad negative margins reflect persistent cost structures that are not yet scalable. Continued operational inefficiency increases the capital required to reach commercialization and makes the company a less attractive partner or acquirer unless efficiency or clinical value significantly improves.
Dependence on external funding and partnerships
As a clinical-stage biotech without product sales, Immutep must rely on partnerships, grants and equity raises to fund development. This structural dependency creates execution and dilution risks, and program continuity hinges on securing milestone-based deals or fresh capital.

Immutep Ltd (IMM) vs. iShares MSCI Australia ETF (EWA)

Immutep Ltd Business Overview & Revenue Model

Company DescriptionImmutep Ltd (IMM) is a biotechnology company focused on developing innovative immunotherapy treatments for cancer and autoimmune diseases. The company specializes in the discovery and development of LAG-3 (Lymphocyte Activation Gene-3) related products, which are designed to enhance the immune response against tumors and regulate immune activity in autoimmune disorders. Immutep operates primarily within the biopharmaceutical sector, leveraging its proprietary technologies to create therapies that aim to improve patient outcomes in oncology and beyond.
How the Company Makes MoneyImmutep generates revenue primarily through a combination of collaborations, partnerships, and potential product sales. The company engages in strategic collaborations with larger pharmaceutical companies that often include upfront payments, milestone payments based on development progress, and royalties on future sales of products developed through these partnerships. Additionally, Immutep may receive funding through government grants and research initiatives aimed at advancing their clinical programs. Their focus on clinical trials and research grants allows them to explore new therapeutic avenues and expand their product pipeline, which can lead to future monetization through licensing agreements or direct sales once therapies are approved.

Immutep Ltd Financial Statement Overview

Summary
Immutep Ltd is facing significant financial challenges, with persistent losses and negative cash flows. While the company maintains a strong equity position and low leverage, its inability to generate profits and positive cash flows is concerning. The biotechnology industry is inherently risky, and Immutep Ltd will need to improve its operational efficiency and revenue generation to achieve financial stability.
Income Statement
35
Negative
Immutep Ltd has shown modest revenue growth, but the company is struggling with negative margins across the board. The gross profit margin and net profit margin are both negative, indicating that the company is not currently profitable. The EBIT and EBITDA margins are also negative, suggesting operational inefficiencies. Overall, the income statement reflects significant challenges in achieving profitability.
Balance Sheet
50
Neutral
The balance sheet shows a low debt-to-equity ratio, indicating conservative leverage and a strong equity position. However, the return on equity is negative, reflecting ongoing losses. The equity ratio is relatively healthy, suggesting a stable capital structure, but the company's inability to generate positive returns remains a concern.
Cash Flow
40
Negative
The cash flow statement highlights significant negative operating and free cash flows, although there is a notable improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that cash flow is somewhat aligned with net income, but overall cash flow performance is weak.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue5.04M5.04M3.84M3.51M170.37K3.86M
Gross Profit-56.37M-56.37M-37.70M1.44M-1.89M1.79M
EBITDA-62.88M-62.88M-44.54M-42.88M-31.87M-20.72M
Net Income-61.43M-61.43M-42.72M-39.90M-32.21M-29.90M
Balance Sheet
Total Assets156.98M156.98M201.58M147.45M102.17M82.03M
Cash, Cash Equivalents and Short-Term Investments129.69M129.69M181.88M123.42M80.00M60.13M
Total Debt1.63M1.63M1.59M1.23M1.73M2.82M
Total Liabilities13.35M13.35M12.06M10.98M8.09M8.76M
Stockholders Equity143.64M143.64M189.52M136.47M94.08M73.27M
Cash Flow
Free Cash Flow-62.10M-62.10M-35.75M-35.93M-30.25M-17.66M
Operating Cash Flow-62.05M-62.05M-34.82M-35.88M-30.23M-17.64M
Investing Cash Flow-38.53M-38.53M-21.02M-31.00K-22.91K-15.60K
Financing Cash Flow-525.12K-525.12K95.18M76.04M50.33M52.68M

Immutep Ltd Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.26
Price Trends
50DMA
0.37
Positive
100DMA
0.32
Positive
200DMA
0.29
Positive
Market Momentum
MACD
0.01
Positive
RSI
44.55
Neutral
STOCH
44.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IMM, the sentiment is Neutral. The current price of 0.26 is below the 20-day moving average (MA) of 0.43, below the 50-day MA of 0.37, and below the 200-day MA of 0.29, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 44.55 is Neutral, neither overbought nor oversold. The STOCH value of 44.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:IMM.

Immutep Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
49
Neutral
AU$582.12M-9.36-35.86%-19.21%
48
Neutral
AU$303.20M-21.22-83.97%1271.12%36.87%
47
Neutral
AU$90.02M-0.89-83.09%55.94%
44
Neutral
AU$404.73M-81.09-27.89%67.26%
44
Neutral
AU$103.30M-12.65-47.98%700.00%26.88%
41
Neutral
AU$76.13M-5.26-42.68%63.46%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:IMM
Immutep Ltd
0.40
0.05
14.49%
AU:IMU
Imugene
0.28
-0.94
-77.12%
AU:ATH
Alterity Therapeutics
0.01
>-0.01
-16.67%
AU:DXB
Dimerix Limited
0.51
0.05
12.22%
AU:RAC
Race Oncology Ltd.
2.23
0.95
74.22%
AU:ALA
Arovella Therapeutics Limited
0.09
-0.10
-54.74%

Immutep Ltd Corporate Events

Immutep Secures Dr. Reddy’s Partnership and Strengthens Clinical, Financial Position
Jan 29, 2026

Immutep reported a pivotal quarter marked by a strategic licensing and collaboration deal with Dr. Reddy’s for the commercialisation of eftilagimod alfa in most ex-U.S./EU markets, delivering an upfront payment of about A$30 million and access to up to roughly A$528 million in potential milestones plus royalties, while Immutep retains key-market rights and global manufacturing. The company highlighted strong clinical and regulatory momentum for efti, including robust enrolment and an upcoming futility analysis in the Phase III TACTI-004 lung cancer trial, positive Phase I/II data in first-line non-small cell lung cancer and soft tissue sarcoma, confirmation from the U.S. FDA of a 30 mg optimal biological dose, and encouraging immunosuppressive signals from IMP761 in Phase I; together with a pro-forma cash balance of about A$129.3 million and a French R&D tax incentive, these developments significantly extend Immutep’s cash runway and strengthen its positioning in the competitive oncology and autoimmune immunotherapy landscape.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Reports Promising Phase I Data for First-in-Class Autoimmune Antibody IMP761
Dec 21, 2025

Immutep reported encouraging interim data from a first-in-human Phase I trial of IMP761, its first-in-class LAG-3 agonist antibody candidate for autoimmune diseases, showing that single-ascending doses at 2.5 and 7 mg/kg were well tolerated with only mild treatment-related effects. The study also demonstrated a clear dose-dependent and long-lasting immunosuppressive effect, with substantial reductions in T cell activity against a strong foreign antigen, reinforcing proof-of-concept that IMP761 may selectively silence dysregulated T cells at inflamed disease sites and potentially offer a more targeted treatment option for major autoimmune indications such as rheumatoid arthritis, Type 1 diabetes and multiple sclerosis; the trial will continue as planned, with further data expected in the first half of 2026, underscoring Immutep’s strategic positioning in the emerging LAG-3 autoimmune therapy market.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.37 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Advances Global Phase III Trial for Lung Cancer Therapy
Dec 15, 2025

Immutep Limited has announced significant progress in its global TACTI-004 (KEYNOTE-F91) Phase III trial, which is evaluating the combination of eftilagimod alfa (efti) and MSD’s KEYTRUDA® for advanced non-small cell lung cancer. The trial has enrolled 289 patients, with over 120 clinical sites activated across 27 countries, including the United States. This progress is bolstered by a recent licensing deal with Dr Reddy’s for emerging markets, and the company remains on track for key milestones, including a futility analysis in early 2026 and full patient enrolment by the third quarter of 2026.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.37 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep and Dr. Reddy’s Forge Strategic Partnership for Global Oncology Drug Commercialization
Dec 8, 2025

Immutep Limited has entered into a strategic collaboration with Dr. Reddy’s Laboratories for the commercialization of its innovative oncology drug, Eftilagimod Alfa, outside North America, Europe, Japan, and Greater China. This agreement grants Dr. Reddy’s exclusive rights to develop and commercialize the drug in these regions, while Immutep retains manufacturing rights globally and rights in key markets. The collaboration includes an upfront payment of USD 20 million to Immutep, with potential milestone payments and royalties. This partnership is expected to enhance Immutep’s market presence and leverage Dr. Reddy’s capabilities to maximize the drug’s impact, potentially setting a new standard in cancer treatment.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Ltd Announces Director’s Interest Change
Dec 5, 2025

Immutep Ltd announced a change in the director’s interest, specifically involving Dr. Russell John Howard. The changes include the acquisition and conversion of performance rights into ordinary shares, as approved by shareholders at recent annual general meetings. This adjustment reflects Dr. Howard’s decision to take a portion of his fees in performance rights, aligning his interests with the company’s long-term growth and shareholder value.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Ltd Director Acquires Performance Rights as Remuneration
Dec 5, 2025

Immutep Ltd announced a change in the director’s interest, with Mr. Pete Meyers acquiring 2,058,631 Performance Rights as remuneration for his services. This acquisition, approved at the Annual General Meeting, reflects the company’s strategy to align director compensation with shareholder interests, potentially impacting its governance and stakeholder relations.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Director’s Interest Update Reflects Strategic Alignment
Dec 5, 2025

Immutep Limited announced a change in the interest of its director, Lis Boyce, who acquired 707,232 Performance Rights and 166,667 Fully Paid Ordinary Shares. These changes were part of a remuneration package approved at the Annual General Meeting, reflecting the company’s strategy to align director compensation with performance and shareholder interests.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Limited Announces New Securities Quotation on ASX
Dec 5, 2025

Immutep Limited has announced the issuance of 1,800,968 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX) as of December 5, 2025. This move is part of the company’s strategy to enhance its financial position and support its ongoing research and development efforts in the biotechnology sector, potentially impacting its market presence and offering new opportunities for stakeholders.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Limited Issues New Performance Rights to Employees
Dec 2, 2025

Immutep Limited announced the issuance of 4,339,509 performance rights as part of an employee incentive scheme, which are not intended to be quoted on the ASX. This move is likely to enhance employee engagement and align their interests with the company’s growth objectives, potentially strengthening Immutep’s position in the competitive biotechnology market.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep’s Eftilagimod Alfa Shows Promising Results in Breast Cancer Trial
Dec 2, 2025

Immutep Limited announced new data from its AIPAC-003 Phase II trial, which will be presented at the 2025 San Antonio Breast Cancer Symposium. The trial evaluated the combination of eftilagimod alfa (efti) and paclitaxel in heavily pretreated metastatic breast cancer patients, achieving strong objective response rates and immune activation. The study successfully met the FDA’s Project Optimus requirements, establishing 30 mg as the optimal biological dose for efti, which is crucial for ongoing and future clinical programs. This development is strategically important for Immutep’s oncology pipeline, including its global Phase III trial with MSD’s KEYTRUDA® for non-small cell lung cancer.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.28 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Ltd Updates Business Strategy at AGM 2025
Nov 27, 2025

Immutep Ltd’s recent presentation at their Annual General Meeting 2025 provided an update on the company’s business activities. The presentation emphasized the company’s ongoing efforts and strategic plans, although it included forward-looking statements subject to various risks and uncertainties. Stakeholders are advised to consider these factors carefully, as actual results may differ from current expectations.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.25 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep’s EFTISARC-NEO Trial Shows Promising Results in Soft Tissue Sarcoma
Nov 12, 2025

Immutep Limited announced promising results from its EFTISARC-NEO Phase II trial, which were presented at the CTOS 2025 Annual Meeting. The trial demonstrated significant tumor hyalinization/fibrosis in patients with soft tissue sarcoma (STS) using a novel combination of eftilagimod alfa (efti) with radiotherapy and KEYTRUDA. This combination showed a strong immune response, potentially leading to better patient outcomes and survival rates. The findings suggest that efti could be beneficial in treating early-stage cancers, expanding its role in the cancer treatment landscape.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Immutep Secures A$4.6 Million R&D Tax Incentive from French Government
Nov 3, 2025

Immutep Limited has received a €2,588,954 (~ A$4,567,769) R&D tax incentive payment from the French Government under the Crédit d’Impôt Recherche scheme. This funding will support the global clinical development of eftilagimod alfa and IMP761, enhancing Immutep’s operations and potentially strengthening its position in the biotechnology industry.

The most recent analyst rating on (AU:IMM) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Immutep Ltd stock, see the AU:IMM Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 12, 2025