Immutep (IMMP) AI Stock Analysis

• Market Cap: $385.89M
• Dividend Yield: N/A
• Average Volume (3M): 1.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• 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: 3,407,513
• 30 Day Avg. Volume: 1,222,822
• 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: 0.40
• Enterprise Value/Revenue: 30.75
• Enterprise Value/Gross Profit: -2.75
• Enterprise Value/Ebitda: -2.47
• 1Y Price Target: $12.00
• Price Target Upside: 488.24% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.28
• Revenue Forecast (FY): $15.39M

• Rating: 53 Neutral
• Price Target: $2.50 ▲(22.55% Upside)

Immutep's overall stock score is primarily impacted by its challenging financial performance, characterized by persistent losses and negative cash flows. However, positive technical indicators provide some optimism, suggesting potential short-term momentum. The valuation remains weak due to negative earnings, typical for a biotech firm in its development phase.

Positive Factors

Strategic Collaboration

The collaboration with Dr. Reddy's enhances Immutep's market presence and provides significant milestone payments, supporting long-term growth.

Clinical Trial Progress

Successful trial data presentation at a major symposium strengthens Immutep's clinical pipeline, potentially leading to new treatment approvals.

Financial Incentive

The R&D tax incentive boosts Immutep's financial resources, supporting ongoing research and development efforts in the immunotherapy sector.

Negative Factors

Negative Cash Flows

Persistent negative cash flows highlight financial instability, potentially limiting Immutep's ability to fund future growth and development.

Profitability Challenges

Consistent negative margins suggest operational inefficiencies and high costs, which could hinder long-term profitability and competitiveness.

Revenue Volatility

Inconsistent revenue growth reflects market uncertainties, potentially affecting Immutep's ability to sustain long-term financial stability.

Immutep Business Overview & Revenue Model

Company Description

Immutep (IMMP) is a biotechnology company focused on developing innovative immunotherapy treatments for cancer and autoimmune diseases. The company operates primarily in the healthcare sector and specializes in harnessing the power of the immune system to combat various diseases. Its core products include LAG-3 (Lymphocyte Activation Gene-3) related therapies, which are designed to enhance immune response in patients undergoing treatment for cancers such as melanoma and breast cancer, as well as autoimmune conditions.

How the Company Makes Money

Immutep generates revenue through a combination of collaborative partnerships, research and development agreements, and potential future product sales. The company often engages in strategic collaborations with pharmaceutical companies, which provide funding for clinical trials and development in exchange for rights to commercialize specific therapies. Key revenue streams include upfront payments, milestone payments based on the achievement of clinical and regulatory objectives, and royalties from any future product sales resulting from these partnerships. Additionally, Immutep may also explore licensing agreements that could provide further financial support as they advance their pipeline of therapies.

Immutep Financial Statement Overview

Summary

Immutep faces significant financial challenges, with persistent losses and negative cash flows. The income statement shows negative margins and inconsistent revenue growth. The balance sheet reflects a stable but unprofitable position with a low debt-to-equity ratio. Cash flows are negative, indicating cash outflows from operations. Overall, the financial position is weak, requiring improvements in operational efficiency and revenue generation.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.04M	5.04M	3.84M	3.51M	170.37K	3.86M
Gross Profit	-56.37M	-56.37M	-37.70M	1.44M	-1.89M	-13.37M
EBITDA	-62.88M	-62.88M	-44.54M	-39.57M	-31.87M	-17.77M
Net Income	-61.43M	-61.43M	-42.72M	-39.90M	-32.21M	-29.90M
Balance Sheet
Total Assets	156.98M	156.98M	201.58M	147.45M	102.17M	82.03M
Cash, Cash Equivalents and Short-Term Investments	129.69M	129.69M	181.88M	123.42M	80.00M	60.13M
Total Debt	1.63M	1.63M	1.59M	1.23M	1.73M	2.82M
Total Liabilities	13.35M	13.35M	12.06M	10.98M	8.09M	8.76M
Stockholders Equity	143.64M	143.64M	189.52M	136.47M	94.08M	73.27M
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	-6.12M	-38.53M	-21.02M	-31.00K	-22.91K	-15.60K
Financing Cash Flow	-152.12K	-525.12K	95.18M	76.04M	50.33M	52.68M

Immutep Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMMP, the sentiment is Positive. The current price of 2.04 is below the 20-day moving average (MA) of 2.17, above the 50-day MA of 2.01, and above the 200-day MA of 1.81, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 69.21 is Neutral, neither overbought nor oversold. The STOCH value of 53.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMMP.

Immutep Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LYEL	60 Neutral	$708.06M	-1.45	-75.75%	―	-34.92%	-43.26%
SLN	56 Neutral	$300.88M	-3.81	―	―	―	―
CLLS	54 Neutral	$314.95M	-13.11	-31.07%	―	158.54%	66.90%
IMMP	53 Neutral	$385.89M	-9.68	-35.86%	―	―	-17.16%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	46 Neutral	$187.75M	-0.14	―	―	―	―
IMAB	45 Neutral	―	―	―	―	-100.00%	72.45%

Immutep Corporate Events

Immutep and Dr. Reddy’s Forge Strategic Collaboration for Eftilagimod Alfa

On December 8, 2025, Immutep Limited announced a strategic collaboration with Dr. Reddy’s Laboratories for the commercialization of its innovative oncology drug, Eftilagimod Alfa (efti), outside North America, Europe, Japan, and Greater China. This agreement grants Dr. Reddy’s exclusive rights to develop and commercialize efti in these regions, with Immutep receiving an upfront payment of USD 20 million and potential milestone payments of up to USD 349.5 million, along with double-digit royalties on sales. The partnership is expected to enhance Immutep’s market presence and validate the potential of efti, which is currently under evaluation in a Phase III trial for non-small cell lung cancer and other cancer types.

Immutep to Present Promising AIPAC-003 Trial Data at SABCS 2025

Immutep Limited announced that it will present new data from its AIPAC-003 Phase II trial at the 2025 San Antonio Breast Cancer Symposium. The trial, which involved heavily pretreated metastatic breast cancer patients, demonstrated strong objective response and disease control rates with the combination of eftilagimod alfa (efti) and paclitaxel. The study successfully met the FDA’s Project Optimus requirements, establishing 30 mg as the optimal biological dose for efti. This development is strategically important for Immutep’s ongoing and future clinical programs, including its global TACTI-004 Phase III trial in non-small cell lung cancer.

Immutep’s EFTISARC-NEO Trial Shows Promising Results in Soft Tissue Sarcoma

Immutep Limited announced positive results from the EFTISARC-NEO Phase II trial, presented at the CTOS 2025 Annual Meeting. The trial, which involved a novel combination of eftilagimod alfa (efti) with radiotherapy and KEYTRUDA® for resectable soft tissue sarcoma, showed significant tumor hyalinization/fibrosis and strong immune activation. These findings suggest potential for improved patient outcomes and survival rates, highlighting efti’s role in enhancing immune response against cancer. The promising data supports further investigation into efti’s use in earlier-stage cancers, potentially expanding its application to patients with lower tumor burdens.

Immutep Secures A$4.6 Million R&D Incentive from French Government

On November 3, 2025, Immutep Limited announced it received a €2,588,954 (~ A$4,567,769) R&D tax incentive from the French Government under the Crédit d’Impôt Recherche scheme. This incentive supports the company’s research and development activities conducted in Europe during the 2024 calendar year. The funds will be used to further the global clinical development of eftilagimod alfa and IMP761, enhancing Immutep’s position in the immunotherapy sector.

Immutep Advances Key Clinical Trials and Strengthens Financial Position

Immutep Limited has released its quarterly activities report for Q1 FY26, highlighting significant progress in its clinical trials and financial position. The company is advancing its pivotal TACTI-004 Phase III trial for eftilagimod alfa in non-small cell lung cancer, with over 100 clinical sites now open for enrollment across 24 countries. Additionally, Immutep received positive feedback from the FDA for its head and neck cancer program and launched a new Phase II trial for breast cancer. The company maintains a strong financial position with A$109.85 million in cash, ensuring operations through the end of 2026.

Immutep Showcases Promising Lung Cancer Treatment Results at ESMO Congress 2025

On October 20, 2025, Immutep Limited presented two posters at the ESMO Congress 2025, showcasing promising results from the INSIGHT-003 trial. The trial demonstrated that the combination of eftilagimod alfa (efti) with KEYTRUDA and chemotherapy significantly improved response rates in first-line non-small cell lung cancer (1L NSCLC) patients, particularly those with low or no PD-L1 expression. This advancement could potentially redefine the treatment paradigm for 1L NSCLC, offering new hope for patients with high unmet needs. The company is also progressing with its pivotal TACTI-004 Phase III trial, which aims to further validate efti’s efficacy and safety in a larger patient population.

Immutep Announces Breakthrough Results in Soft Tissue Sarcoma Trial

Immutep Limited announced positive results from its EFTISARC-NEO Phase II trial, which evaluated the use of eftilagimod alfa (efti) in combination with radiotherapy and KEYTRUDA® for treating resectable soft tissue sarcoma (STS). The trial, presented at the 2025 European Society of Medical Oncology Congress, demonstrated a significant improvement in tumor hyalinization/fibrosis, achieving a median of 51.5% compared to 15% from standard radiotherapy alone. This outcome suggests potential for better patient outcomes, addressing the high unmet medical need in STS treatment.

Immutep Completes FDA Project Optimus, Advances Efti Trials

Immutep Limited announced on October 13, 2025, the successful completion of the FDA’s Project Optimus requirements, confirming 30mg as the optimal biological dose for its immunotherapy candidate eftilagimod alfa (efti). This milestone is strategically significant for Immutep’s oncology programs and paves the way for future Biological License Applications. The completion of Project Optimus also facilitates the opening of clinical sites in the United States for the TACTI-004 (KEYNOTE-F91) Phase III trial, which evaluates efti in combination with MSD’s KEYTRUDA® and chemotherapy for first-line treatment of advanced non-small cell lung cancer.

Immutep Collaborates with GW Cancer Center for New Breast Cancer Trial

On September 22, 2025, Immutep announced a research collaboration with the George Washington University Cancer Center to initiate a Phase II trial evaluating its immunotherapy drug, eftilagimod alfa (efti), in early-stage HR+/HER2-negative breast cancer patients. The trial will explore efti as a monotherapy and in combination with chemotherapy, aiming to enhance the anti-cancer immune response and improve pathologic complete response rates. This collaboration marks a strategic expansion of Immutep’s clinical pipeline, potentially strengthening its position in the immunotherapy market and addressing high unmet medical needs.