Immutep (IMMP) AI Stock Analysis

• Market Cap: $404.39M
• Dividend Yield: N/A
• Average Volume (3M): 157.99K
• 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: 147,372,130
• 10 Day Avg. Volume: 120,098
• 30 Day Avg. Volume: 157,988
• 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: 1.26
• Enterprise Value/Revenue: 100.77
• Enterprise Value/Gross Profit: -9.02
• Enterprise Value/Ebitda: -8.08
• 1Y Price Target: $9.00
• Price Target Upside: 341.18% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.32
• Revenue Forecast (FY): $12.34M

• Rating: 48 Neutral
• Price Target: $2.50 ▲(22.55% Upside)
• Action: Reiterated Date: 12/25/25
• Date: Action: Reiterated 12/25/25

Score is held back primarily by weak financial performance (ongoing losses and negative cash flows). Technicals are a meaningful positive with a strong uptrend and positive MACD, but the overbought RSI raises near-term risk. Valuation is constrained by negative earnings and no dividend yield data.

Positive Factors

Stronger cash runway from Dr. Reddy’s licensing

The Dr. Reddy’s licensing deal delivered a material upfront and milestone potential, boosting pro-forma cash to A$129.3m and extending runway into mid-2027. This reduces near-term refinancing pressure, funds registrational trials and gives management optionality to progress programs or negotiate better commercial terms.

Operational progress in registrational Phase III TACTI-004

Rapid, global enrollment and activated sites across 27 countries show strong operational execution for a registrational program. Sustained trial progress increases the chance of a definitive readout, which is central to converting efti into a commercial asset and shifting Immutep toward revenue-generating operations.

Pipeline diversification with positive IMP761 Phase I data

Promising first-in-human data for IMP761 diversifies Immutep beyond oncology into autoimmune therapeutics. Early safety and biologic activity reduce program risk and create a separate value driver in a large market, improving strategic optionality for partnering or internal development over the medium term.

Negative Factors

Persistent negative margins and cash flow

Ongoing negative gross, operating and net margins and continued operating/free cash outflows mean Immutep cannot self-fund growth from product revenues. This structural cash deficit increases reliance on external financing and could dilute shareholders or constrain R&D if partnerships slow.

Business model dependent on partnerships and financing

As a clinical-stage biotech without commercial products, Immutep’s durable revenue depends on licensing deals, milestone receipts and equity raises. That model creates revenue volatility and execution risk: failed deals or weak market windows would materially impair funding and program progression.

Concentration risk around efti Phase III outcome

Immutep’s path to commercial-stage hinges heavily on a single registrational program (efti + pembrolizumab). A negative futility readout or disappointing endpoints would materially reduce near-term commercialization prospects and upside, magnifying downside for the company’s valuation and financing prospects.

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

Weak fundamentals driven by persistent losses and negative margins (income statement score 35) plus negative operating/free cash flow (cash flow score 40). The balance sheet is comparatively steadier with low leverage (balance sheet score 45), but negative ROE underscores ongoing unprofitability.

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

Immutep Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.04
• 50DMA: Negative
• 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 2.79, below the 50-day MA of 2.86, and below the 200-day MA of 2.07, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.25 is Neutral, neither overbought nor oversold. The STOCH value of 57.49 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
CLLS	54 Neutral	$295.12M	-12.53	-31.08%	―	158.54%	66.90%
LYEL	52 Neutral	$490.10M	-1.02	-75.75%	―	-34.92%	-43.26%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	51 Neutral	$196.33M	-0.15	―	―	―	―
IMMP	48 Neutral	$404.39M	-10.26	-35.86%	―	―	-17.16%
SLN	47 Neutral	$251.76M	-3.20	―	―	―	―

Immutep Corporate Events

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.

Immutep Highlights Progress in TACTI-004 Phase III Cancer Trial

Immutep Limited announced significant advancements in its global TACTI-004 Phase III trial aimed at treating advanced/metastatic non-small cell lung cancer using eftilagimod alfa (efti) in combination with KEYTRUDA® and chemotherapy. As of December 16, 2025, the trial has enrolled 289 patients globally and achieved regulatory approval in 27 countries. The company cites robust progress, with over 120 clinical sites activated worldwide, and is on track for key milestones, including a futility analysis in early 2026 and completion of patient enrollment later that year. These developments highlight Immutep’s competitive positioning in immunotherapy and its commitment to advancing transformative treatments.

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 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.

The most recent analyst rating on (IMMP) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.

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.

The most recent analyst rating on (IMMP) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Immutep stock, see the IMMP Stock Forecast page.