Immutep (IMMP) AI Stock Analysis

• Market Cap: $63.65M
• Dividend Yield: N/A
• Average Volume (3M): 1.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.65
• Revenue Growth: N/A
• EPS Growth: -17.16%
• Country: US
• Employees: 41
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 147,372,130
• 10 Day Avg. Volume: 4,707,690
• 30 Day Avg. Volume: 1,667,892
• PEG Ratio: -0.32
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 71.92
• P/FCF Ratio: -5.84
• Enterprise Value/Market Cap: 0.09
• Enterprise Value/Revenue: 0.75
• Enterprise Value/Gross Profit: -0.08
• Enterprise Value/Ebitda: -0.07
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.26
• Revenue Forecast (FY): $19.24M

• Rating: 41 Neutral
• Price Target: $0.39 ▼(-81.03% Downside)
• Action: Upgraded Date: 03/18/26
• Date: Action: Upgraded 03/18/26

The score is primarily held down by weak financial performance (ongoing losses and negative cash flows) and bearish technical momentum (very low RSI/Stochastic and negative MACD). Valuation is also constrained by a negative P/E that reflects unprofitability and no dividend support.

Positive Factors

Strategic partnership & funding

A sizable upfront and milestone‑backed licensing deal materially strengthens Immutep's funding profile and reduces near‑term dilution risk. The cash and potential milestone streams provide durable financing flexibility to progress trials and negotiate further partnerships over the next 2–6 months.

Diversified LAG‑3 pipeline progress

Multiple programs across oncology and autoimmunity showing positive or supportive data reduces binary risk tied to a single asset. Clinical readouts in Phase I/II and efficacy signals de‑risk development pathways, supporting multiple future partnering or commercialization routes over the medium term.

Conservative balance sheet leverage

Low leverage gives Immutep structural financial flexibility, lowering interest burden and refinancing risk. For a cash‑burning clinical biotech, conservative debt levels preserve capacity to fund trials via partnerships or equity while avoiding restrictive covenants that could hamper R&D decisions.

Negative Factors

Pivotal trial halted

Stopping the registrational TACTI‑004 trial is a material setback for Immutep’s lead oncology asset, removing a primary near‑term path to approval and commercialization. This increases execution risk, may impair partner milestone prospects and forces strategic reallocation of scarce development resources.

Persistent negative cash flow

Sustained negative operating and free cash flows mean Immutep must rely on external funding or partnerships to sustain multiple trials. Continued cash burn can lead to dilution or constrain program sequencing, limiting the company's ability to execute an expanded development plan over the medium term.

Rising R&D spend and widening losses

Escalating R&D and corporate costs have materially widened losses and reduced tangible equity, underscoring the capital‑intensive nature of late‑stage development. This trend increases funding needs and potential dilution risk, and may force prioritization that delays some programs or commercial preparations.

Immutep Business Overview & Revenue Model

Company Description

Immutep Limited, a biotechnology company, engages in the research and development of pharmaceutical product candidates. The company develops immunotherapeutic products for the treatment of cancer and autoimmune diseases. Its lead product candidate is eftilagimod alpha (efti or IMP321), a recombinant protein that is in Phase IIb clinical trial as a chemoimmunotherapy combination for metastatic breast cancer. The company also develops TACTI-002, which is in a Phase II clinical trial for the treatment of head and neck squamous cell carcinoma (HNSCC) and non-small cell lung cancer; TACTI-003 that is in Phase IIb clinical trial to treat HNSCC; and INSIGHT-004 and INSIGHT-003, which is in a Phase I clinical trial for the treatment of solid tumors, as well as INSIGHT-005 that is in Phase I/IIa clinical trial to treat solid tumors. Its other products include IMP761, an agonist of lymphocyte activation gene 3 for autoimmune disease; IMP701, an antagonist antibody that acts to stimulate T cell proliferation in cancer patients; and IMP731, a depleting antibody that removes T cells involved in autoimmunity. Immutep Limited has collaboration agreements with GlaxoSmithKline, Novartis, CYTLIMIC Inc., Merck & Co., Inc., Institute of Clinical Cancer Research, Merck KGaA, and EOC Pharma. The company was formerly known as Prima BioMed Ltd and changed its name to Immutep Limited in November 2017. Immutep Limited was incorporated in 1987 and is based in Sydney, Australia.

How the Company Makes Money

Immutep is a clinical-stage biotech and does not primarily generate revenue from selling approved commercial products; its ability to generate income is largely tied to partnering and external funding mechanisms. Key ways the company makes (or seeks to make) money include: (1) Collaboration and licensing revenue: Immutep can out-license or co-develop its LAG-3–based assets with pharmaceutical/biotechnology partners. Such deals typically provide upfront payments, research funding, development and regulatory milestone payments, and sales-based milestone payments and/or royalties if partnered products are commercialized. (2) R&D services/other operating income related to partnerships: Depending on contract terms, partners may reimburse certain research and development costs or fund specific trials/activities, which can be recorded as collaboration income. (3) Equity financing: As a development-stage company, Immutep commonly funds operations by issuing shares (and potentially other equity-linked instruments), raising capital to support clinical trials and R&D; while not product revenue, this is a major source of cash inflow to finance the business. (4) Grants and other non-dilutive funding: The company may receive grants or similar support for eligible research programs when available. The magnitude and timing of earnings are therefore driven mainly by successful clinical progress that enables partnership transactions and triggers milestones, and ultimately by the ability to reach approvals that would allow royalty and/or profit-sharing revenue under any commercialization arrangements. Specific current partnership terms, milestone amounts, royalty rates, and the breakdown of reported revenue by stream: null.

Immutep Financial Statement Overview

Summary

Weak financial health driven by persistent losses and negative margins (gross, EBIT/EBITDA, net) plus negative operating and free cash flow. A relatively low debt-to-equity ratio is a partial offset, but negative ROE and poor cash generation keep the score low.

Income Statement

Immutep's income statement reveals a challenging financial position with negative margins across the board. The gross profit margin is consistently negative, indicating that the cost of goods sold exceeds revenue. The net profit margin is also negative, reflecting ongoing losses. Revenue growth has been inconsistent, with a slight increase in the most recent year but overall volatility. The EBIT and EBITDA margins are negative, highlighting operational inefficiencies and high costs relative to revenue.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio, which suggests limited leverage and a conservative capital structure. However, the return on equity is negative, indicating that the company is not generating profits from its equity base. The equity ratio is moderate, suggesting a reasonable proportion of assets financed by equity. Overall, the balance sheet reflects a stable but unprofitable financial position.

Cash Flow

Immutep's cash flow statement highlights significant challenges, with negative operating and free cash flows indicating cash outflows from operations. The free cash flow to net income ratio is close to one, suggesting that cash losses are in line with accounting losses. The operating cash flow to net income ratio is negative, reflecting cash flow difficulties. Despite a recent improvement in free cash flow growth, the overall cash flow position remains weak.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	7.92M	5.04M	3.84M	3.51M	170.37K	3.86M
Gross Profit	-74.78M	-56.37M	-37.70M	1.44M	-1.89M	-13.37M
EBITDA	-81.38M	-62.88M	-44.54M	-39.57M	-31.87M	-17.77M
Net Income	-83.92M	-61.43M	-42.72M	-39.90M	-32.21M	-29.90M
Balance Sheet
Total Assets	147.20M	156.98M	201.58M	147.45M	102.17M	82.03M
Cash, Cash Equivalents and Short-Term Investments	99.13M	129.69M	181.88M	123.42M	80.00M	60.13M
Total Debt	1.21M	1.63M	1.59M	1.23M	1.73M	2.82M
Total Liabilities	48.30M	13.35M	12.06M	10.98M	8.09M	8.76M
Stockholders Equity	98.90M	143.64M	189.52M	136.47M	94.08M	73.27M
Cash Flow
Free Cash Flow	-61.75M	-62.10M	-35.75M	-35.93M	-30.25M	-17.66M
Operating Cash Flow	-61.63M	-62.05M	-34.82M	-35.88M	-30.23M	-17.64M
Investing Cash Flow	58.95M	-38.53M	-21.02M	-31.00K	-22.91K	-15.60K
Financing Cash Flow	-208.44K	-525.12K	95.18M	76.04M	50.33M	52.68M

Immutep Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.04
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMMP, the sentiment is Negative. The current price of 2.04 is below the 20-day moving average (MA) of 2.42, below the 50-day MA of 2.71, and below the 200-day MA of 2.09, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 10.31 is Positive, neither overbought nor oversold. The STOCH value of 0.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMMP.

Immutep Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLLS	54 Neutral	$260.24M	121.36	-31.79%	―	158.54%	66.90%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	49 Neutral	$190.33M	-1.44	279.62%	―	―	―
LYEL	47 Neutral	$469.41M	-1.92	-90.52%	―	-34.92%	-43.26%
SLN	46 Neutral	$326.39M	-6.10	―	―	―	―
IMMP	41 Neutral	$63.65M	―	-69.20%	―	―	-17.16%

Immutep Corporate Events

Immutep Halts Pivotal Lung Cancer Trial After Futility Review, Extends Cash Runway

On March 13, 2026, Immutep said an Independent Data Monitoring Committee recommended halting its TACTI-004 Phase III trial of eftilagimod alfa in first-line non-small cell lung cancer after a planned interim futility analysis. The company will stop enrolment and wind down the global study, while reviewing the data to understand the unexpected outcome given efti’s prior trial performance.

Following the discontinuation of TACTI-004, Immutep now expects its cash runway to extend well beyond its earlier guidance of the second quarter of calendar 2027. Management plans to reassess capital allocation and provide an updated outlook, signalling a strategic pivot in the efti programme but preserving financial flexibility for the broader pipeline.

The most recent analyst rating on (IMMP) stock is a Sell with a $0.46 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.

Immutep Doubles Half-Year Loss as R&D Spend Rises Despite New Dr. Reddy’s Funding

On 25 February 2026, Immutep released its Appendix 4D half-year financial report for the period ended 31 December 2025, showing total revenue and other income up 6% to A$7.7 million, supported by A$4.1 million in new collaboration revenue from Dr. Reddy’s to fund efti development. The company’s loss after tax doubled to A$44.9 million versus the prior corresponding period, driven by a sharp rise in R&D and IP expenses, higher corporate costs, lower interest and grant income, adverse currency translation effects, and a resulting decline in net tangible assets per share from 11.30 cents to 6.31 cents, underscoring the capital-intensive nature of its late-stage clinical pipeline.

The most recent analyst rating on (IMMP) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.

Immutep Reaches 50% Enrolment in Global Phase III Lung Cancer Trial

On February 6, 2026, Immutep announced it had reached 50% of target enrolment in its global TACTI-004 (KEYNOTE-F91) Phase III trial in first-line advanced or metastatic non-small cell lung cancer, with 378 patients now enrolled worldwide. The trial evaluates eftilagimod alfa in combination with Merck’s KEYTRUDA and chemotherapy, aiming to improve outcomes across all PD-L1 expression levels in one of oncology’s largest and deadliest markets.

Management highlighted the rapid global enrolment pace, supported by more than 140 activated sites across 27 countries, as validation of high clinical interest in the efti combination. The company reiterated that a planned futility analysis remains on track for the first quarter of calendar 2026 and full enrolment is expected by the third quarter, marking a significant operational milestone in this registrational program that could materially influence Immutep’s competitive position and future commercial prospects in lung cancer if successful.

The TACTI-004 study will ultimately enrol approximately 756 patients with non-squamous or squamous tumours and no EGFR, ALK, or ROS1 aberrations, randomised to receive either efti plus pembrolizumab and chemotherapy or a pembrolizumab–chemotherapy–placebo regimen. With dual primary endpoints of progression-free and overall survival, the outcome of this trial will be central to determining whether the efti-based regimen can become a new standard of care in first-line NSCLC and support Immutep’s transition toward commercial-stage operations.

The most recent analyst rating on (IMMP) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.

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

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.

Immutep Reports Positive Phase I Data for First-in-Class Autoimmune Antibody IMP761

On 22 December 2025, Immutep reported positive initial results from a placebo-controlled, double-blind first-in-human Phase I trial of IMP761, its first-in-class LAG-3 agonist antibody for autoimmune diseases, in healthy volunteers. The single-ascending dose part of the study has now successfully completed the 2.5 mg/kg and 7 mg/kg cohorts, with IMP761 showing a favourable safety profile limited to mild treatment-related effects and demonstrating dose-dependent, long-lasting immunosuppressive activity, including substantial inhibition of T cell-driven intradermal reactions to a strong foreign antigen through day 23. These proof-of-concept data support the drug’s potential to silence dysregulated memory T cells driving autoimmune disease and underline the strategic importance of the program in a multi‑billion‑dollar market segment, with the company indicating that the trial will continue as planned and that additional data are expected in the first half of 2026, reinforcing Immutep’s positioning as a frontrunner in LAG-3–based therapeutics for autoimmunity.

The most recent analyst rating on (IMMP) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.