Immuron (IMRN) AI Stock Analysis

• Market Cap: $6.52M
• Dividend Yield: N/A
• Average Volume (3M): 75.95K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.14
• Revenue Growth: 47.17%
• EPS Growth: 26.84%
• Country: US
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 8,166,340
• 10 Day Avg. Volume: 112,552
• 30 Day Avg. Volume: 75,952
• PEG Ratio: 0.11
• Price to Book (P/B): 1.90
• Price to Sales (P/S): 2.09
• P/FCF Ratio: -2.49
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 0.53
• Enterprise Value/Gross Profit: 0.81
• Enterprise Value/Ebitda: -0.72
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: $0.69 ▼(-15.85% Downside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is primarily held down by weak financial performance (declining revenue, persistent losses, and negative cash flows). Technical indicators also reflect a sustained downtrend with negative momentum. Valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Conservative capital structure

Very low leverage (debt-to-equity ~0.0145) gives Immuron structural financial flexibility, reducing default risk and preserving capacity to fund R&D or commercialization through equity or modest borrowing. This supports longer runway for clinical and commercial programs.

High gross margins

Sustained ~65% gross margins on product sales indicate strong unit economics for its colostrum-based products. If commercial scale is achieved, healthy gross margins can absorb SG&A and R&D costs, enabling path to operating leverage and eventual profitability.

Core product growth and portfolio expansion

Consistent Travelan sales growth across Australia, US, and recovering Canada, plus a national ProIBS launch and broader pharmacy distribution, show durable commercial traction in OTC channels and diversified revenue streams beyond single-product dependence.

Negative Factors

Declining revenue and negative margins

An 11% revenue decline alongside deeply negative net, EBIT and EBITDA margins signals structural profitability challenges. Without sustained revenue scaling or margin improvement, the company will struggle to achieve self-funded growth and must rely on external capital to progress.

Negative operating and free cash flow

Persistently negative operating and free cash flow, with a material -31% decline in free cash flow growth, erodes runway and increases dependency on dilutive financing. This constrains R&D, commercialization and inventory investment over the medium term.

Limited internal scale

A tiny employee base (7 employees) limits internal capacity to scale manufacturing, regulatory, commercial expansion and multi-market marketing. Reliance on outsourcing or partners increases execution risk and can slow time-to-market for therapeutics and new product rollouts.

Immuron Business Overview & Revenue Model

Company Description

Immuron Limited, a biopharmaceutical company, researches, develops, and commercializes polyclonal antibodies in Australia, the United States, and internationally. The company operates through two segments, Research and Development, and Hyperimmune Products. It markets Travelan, an over-the-counter medicine to reduce the risk of travelers' diarrhea and reduce the symptoms of minor gastro-intestinal disorders, as well as for dietary supplement for digestive tract protection; and Protectyn, an immune supplement to maintain a healthy digestive function and liver. The company is also developing Travelan (IMM-124E) that is in Phase III clinical trials to reduce the risk of contracting travelers' diarrhea, as well as acts as an anti-viral activity against SARS-CoV-2; and IMM-529, which is in clinical development stage focuses on treating patients suffering from recurring clostridium difficile infection. It has a research agreement with Naval Medical Research Center to develop and clinically evaluate a therapeutic targeting Campylobacter and ETEC infections; and a collaboration agreement with the Walter Reed Army Institute of Research to develop an oral therapeutic for shigellosis. Immuron Limited was incorporated in 1994 and is based in Carlton, Australia.

How the Company Makes Money

Immuron generates revenue primarily through the sale of its products, notably Travelan, which is marketed to consumers as a preventative measure against gastrointestinal infections while traveling. The company also engages in research and development collaborations and licensing agreements that can provide additional revenue streams through upfront payments, milestone payments, and royalties from the commercialization of its products. Partnerships with other pharmaceutical companies and research institutions can enhance its R&D capabilities, potentially leading to new product developments that can contribute to future earnings.

Immuron Financial Statement Overview

Summary

Weak fundamentals: revenue declined (-11%), profitability is deeply negative (net, EBIT, and EBITDA margins), and both operating and free cash flow are negative with deteriorating free cash flow growth (-31.37%). A key offset is very low leverage (debt-to-equity 0.0145), but negative ROE underscores continued losses.

Income Statement

The company has experienced declining revenue growth, with a negative growth rate of -11% in the latest period. Gross profit margins remain relatively stable at around 65%, but net profit margins are deeply negative, indicating significant losses. The EBIT and EBITDA margins are also negative, reflecting operational challenges.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.0145, suggesting minimal leverage, which is a positive aspect. However, the return on equity is negative, indicating that the company is not generating profits from its equity base. The equity ratio is not provided, but the low debt levels suggest a conservative capital structure.

Cash Flow

Operating cash flow and free cash flow are both negative, with a significant decline in free cash flow growth at -31.37%. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is stable at 1.0, suggesting that cash losses are in line with accounting losses.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	7.29M	4.90M	1.80M	765.19K	145.78K
Gross Profit	4.77M	3.34M	1.74M	523.50K	-665.06K
EBITDA	-5.31M	-5.17M	-3.36M	-3.09M	-7.95M
Net Income	-5.22M	-6.94M	-3.79M	-2.85M	-8.38M
Balance Sheet
Total Assets	10.09M	15.55M	21.99M	24.86M	27.05M
Cash, Cash Equivalents and Short-Term Investments	5.87M	11.66M	18.99M	22.11M	25.05M
Total Debt	117.13K	173.50K	189.09K	209.79K	20.50K
Total Liabilities	2.06M	2.84M	2.37M	1.68M	1.16M
Stockholders Equity	8.03M	12.71M	19.62M	23.18M	25.90M
Cash Flow
Free Cash Flow	-6.14M	-5.88M	-2.50M	-3.14M	-3.05M
Operating Cash Flow	-6.14M	-5.88M	-2.49M	-3.13M	-3.05M
Investing Cash Flow	-2.90M	327.56K	-2.74M	11.74K	-4.95K
Financing Cash Flow	199.75K	829.00	-35.02K	-36.26K	19.76M

Immuron Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.82
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMRN, the sentiment is Negative. The current price of 0.82 is above the 20-day moving average (MA) of 0.79, below the 50-day MA of 0.88, and below the 200-day MA of 1.58, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 37.44 is Neutral, neither overbought nor oversold. The STOCH value of 39.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMRN.

Immuron Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LPCN	54 Neutral	$52.35M	-9.33	-32.92%	―	-44.31%	-34.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CANF	41 Neutral	$5.98M	―	―	―	―	―
IMRN	40 Underperform	$6.52M	-1.45	-49.00%	―	47.17%	26.84%
BIVI	38 Underperform	$9.43M	-0.25	-94.79%	―	―	84.44%

Immuron Corporate Events

Immuron Shareholders Back Ratification of Prior Share Issues at February 2026 EGM

Immuron Limited reported to U.S. regulators that on 12 February 2026 its shareholders approved all resolutions put forward at an extraordinary general meeting, conducted by poll, including the ratification of prior share issues under ASX Listing Rules 7.1 and 7.1A. The strong backing, with both ratification resolutions carried despite a sizeable minority voting against, consolidates board authority over past capital-raising activities and supports the company’s financial flexibility as it advances its infectious-disease antibody platform in a competitive biopharmaceutical market.

According to the disclosed voting results, more than 63% of votes cast on the poll supported each ratification resolution, validating earlier share placements and preserving Immuron’s capacity to utilize its share issuance powers going forward. This outcome reduces potential uncertainty around the status of those prior issuances, reassures investors regarding corporate governance compliance on both the ASX and Nasdaq, and may facilitate future funding initiatives needed to progress its oral antibody-based product pipeline.

The most recent analyst rating on (IMRN) stock is a Hold with a $0.73 price target. To see the full list of analyst forecasts on Immuron stock, see the IMRN Stock Forecast page.

Immuron Reports Continued Travelan Sales Growth and ProIBS Launch in H1 FY26

On January 19, 2026, Immuron reported unaudited first-half fiscal 2026 global sales of AUD$4.2 million for its Travelan product, a 5% increase on the prior comparative period, with second-quarter sales up 11% sequentially to AUD$2.2 million, underscoring ongoing momentum in its core gastrointestinal health franchise. The company’s growth was driven chiefly by Australia, where H1 sales rose 13% to AUD$3.3 million and Q2 sales climbed 11%, supported by intensified digital marketing, expanded pharmacy ranging and higher outbound travel, while Immuron also launched its new ProIBS product nationally late in 2025 to broaden its gastrointestinal portfolio. In the U.S., H1 Travelan sales increased 17% to AUD$0.9 million, aided by an upgraded Amazon presence and heavier social media marketing, and in Canada, although H1 sales fell sharply year-on-year following an earlier pipeline fill, Q2 sales rebounded 191% quarter-on-quarter as consumer promotions gained traction; the planned FY26 launch into Jean Coutu pharmacies is expected to further strengthen Immuron’s position in the Canadian pharmacy channel. These trends highlight Immuron’s progress in scaling its over-the-counter gastrointestinal brands across key markets, leveraging digital campaigns, expanded retail distribution and new product introductions to support future revenue growth.

The most recent analyst rating on (IMRN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Immuron stock, see the IMRN Stock Forecast page.

Immuron Limited Announces Quotation of New Securities on ASX

On December 11, 2025, Immuron Limited announced the application for quotation of 1,874,964 ordinary fully paid securities on the Australian Securities Exchange (ASX). These securities were issued as a result of the conversion of performance rights under the company’s employee incentive scheme. This move is part of Immuron’s ongoing efforts to enhance its capital structure and provide additional equity incentives to its key management personnel, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (IMRN) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Immuron stock, see the IMRN Stock Forecast page.