Immutep (IMMP) AI Stock Analysis

• Market Cap: $243.60M
• Dividend Yield: N/A
• Average Volume (3M): 170.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• 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: 147,192,030
• 10 Day Avg. Volume: 113,927
• 30 Day Avg. Volume: 170,891
• 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: 0.64
• 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): -0.38
• Revenue Forecast (FY): $4.25M

• Rating: 41 Neutral
• Price Target: $1.50 ▼(-26.47% Downside)

Immutep's overall stock score reflects significant financial challenges, with persistent losses and negative cash flows being the most impactful factors. The technical analysis indicates a bearish trend, and the valuation highlights the risks associated with ongoing unprofitability. Improvements in financial performance and operational efficiency are necessary for a more favorable outlook.

Positive Factors

Clinical Trial Success

Successful trials like INSIGHT-003 indicate potential for Immutep's therapies to redefine treatment paradigms, enhancing long-term market position.

Regulatory Milestone

Achieving FDA milestones de-risks development, paving the way for future approvals and expanding market access for Immutep's therapies.

Strategic Collaborations

Strategic collaborations expand Immutep's clinical pipeline, enhancing its market position and addressing unmet medical needs in immunotherapy.

Negative Factors

Financial Losses

Rising losses due to increased R&D expenses highlight financial strain, potentially impacting long-term sustainability and operational flexibility.

Negative Cash Flows

Persistent negative cash flows challenge Immutep's ability to fund operations and invest in growth, risking long-term financial health.

Profitability Challenges

Consistent negative margins reflect operational inefficiencies, hindering profitability and limiting financial resources for future growth initiatives.

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 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: Negative
• Last Price: 2.04
• 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 IMMP, the sentiment is Negative. The current price of 2.04 is above the 20-day moving average (MA) of 1.95, above the 50-day MA of 1.83, and above the 200-day MA of 1.79, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 33.50 is Neutral, neither overbought nor oversold. The STOCH value of 6.61 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	56 Neutral	$242.08M	―	-48.36%	―	334.02%	―
SLN	54 Neutral	$307.49M	-3.89	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LYEL	50 Neutral	$306.42M	-0.66	-76.59%	―	11.11%	-46.50%
IMAB	45 Neutral	―	―	―	―	-100.00%	72.45%
IMMP	41 Neutral	$243.60M	―	-35.86%	―	―	-17.16%
RNAC	40 Underperform	$200.48M	-0.15	―	―	―	―

Immutep Corporate Events

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.

Immutep Reports Increased Losses Amid Rising R&D Costs

Immutep Limited reported its preliminary financial results for the year ended June 30, 2025, on August 29, 2025. The company experienced an increase in losses, with a loss after tax rising from $42.7 million in FY2024 to $61.4 million in FY2025. This increase was primarily due to a $19.9 million rise in R&D and intellectual property expenses, largely driven by higher clinical trial costs. Despite the financial loss, the company saw a rise in other income and interest income, attributed to higher cash balances invested in term deposits. The report highlights the company’s ongoing commitment to advancing its clinical trials, although it did not declare any dividends for the period.

Immutep Gains FDA Support for Eftilagimod Alfa in Cancer Treatment

On August 5, 2025, Immutep Limited announced that it received positive feedback from the FDA regarding the clinical development of its MHC Class II agonist, eftilagimod alfa, for treating recurrent/metastatic head and neck squamous cell carcinoma patients with low PD-L1 expression. The FDA’s support highlights the potential of eftilagimod alfa in combination with KEYTRUDA to address unmet medical needs in this patient segment, paving the way for future clinical trials and potential accelerated approval. This feedback positions Immutep to explore collaborative development paths, potentially enhancing its market position and offering new treatment options for underserved patients.