Immuron (IMRN) AI Stock Analysis

• Market Cap: $8.75M
• Dividend Yield: N/A
• Average Volume (3M): 75.95K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.17
• Revenue Growth: 47.17%
• EPS Growth: 26.84%
• Country: US
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): >-0.01
• 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): 1.89
• Price to Sales (P/S): 2.09
• P/FCF Ratio: -2.49
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 0.88
• Enterprise Value/Ebitda: -0.78
• 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: 38 Underperform
• Price Target: $1.00 ▲(21.95% Upside)

Immuron's stock score is primarily impacted by its poor financial performance and bearish technical indicators. The company's negative profitability and cash flow challenges are significant concerns. The technical analysis suggests oversold conditions, but the lack of positive valuation metrics further weighs down the score.

Positive Factors

Product-driven revenue growth

Substantial FY2025 sales growth, led by Travelan®, indicates scalable commercial traction and growing consumer demand. Durable revenue expansion in key markets strengthens the company's ability to fund operations and R&D over the next several quarters and supports distribution scale-up.

Conservative capital structure

Extremely low leverage reduces solvency risk and preserves financial flexibility. With minimal debt obligations, Immuron has structural capacity to raise incremental capital or redirect cash to clinical programs without near-term fixed financing burdens, improving resilience.

Clinical and regulatory progress

IND approval and planned Phase 2 for IMM-529 materially advance the pipeline and de-risk future value creation pathways. Regulatory progress and successful Travelan trials strengthen development credibility, improving prospects for partnerships and longer-term commercial opportunities.

Negative Factors

Negative operating and free cash flow

Sustained negative operating and free cash flows imply ongoing cash burn that will pressure the balance sheet and necessitate external financing. This structural cash deficit constrains R&D and commercialization investments until cash generation is restored or new funding is secured.

Persistent unprofitability and weak margins

Deeply negative net and operating margins indicate the business is not yet converting gross profitability into positive operating results. Unless structural cost or revenue dynamics change, losses will persist and limit internal funding for growth and long-term sustainability.

Very small operating scale

An extremely small headcount limits internal capacity for clinical development, regulatory management, and commercial execution. Reliance on partners or contractors increases execution risk and may slow timelines for trials, approvals, and market expansion over coming months.

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

Immuron faces significant financial challenges, with declining revenues and persistent losses impacting profitability. While the company maintains low leverage, its negative cash flows and return on equity highlight operational inefficiencies. The biotechnology industry often involves high R&D costs, which may contribute to these financial pressures.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.93M	7.29M	4.90M	1.80M	765.19K	145.78K
Gross Profit	7.15M	4.77M	3.34M	1.74M	523.50K	-665.06K
EBITDA	-8.05M	-5.31M	-5.17M	-3.36M	-3.09M	-7.95M
Net Income	-7.86M	-5.22M	-6.94M	-3.79M	-2.85M	-8.38M
Balance Sheet
Total Assets	10.09M	10.09M	15.55M	21.99M	24.86M	27.05M
Cash, Cash Equivalents and Short-Term Investments	5.87M	5.87M	11.66M	18.99M	22.11M	25.05M
Total Debt	117.13K	117.13K	173.50K	189.09K	209.79K	20.50K
Total Liabilities	2.06M	2.06M	2.84M	2.37M	1.68M	1.16M
Stockholders Equity	8.03M	8.03M	12.71M	19.62M	23.18M	25.90M
Cash Flow
Free Cash Flow	-9.21M	-6.14M	-5.88M	-2.50M	-3.14M	-3.05M
Operating Cash Flow	-9.21M	-6.14M	-5.88M	-2.49M	-3.13M	-3.05M
Investing Cash Flow	-4.35M	-2.90M	327.56K	-2.74M	11.74K	―
Financing Cash Flow	299.62K	199.75K	829.00	-35.02K	-36.26K	19.76M

Immuron Technical Analysis

• Technical Analysis Sentiment: Neutral
• 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 Neutral. The current price of 0.82 is below the 20-day moving average (MA) of 0.90, below the 50-day MA of 1.27, and below the 200-day MA of 1.70, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 51.36 is Neutral, neither overbought nor oversold. The STOCH value of 70.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMRN.

Immuron Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LPCN	52 Neutral	$61.07M	-11.08	-32.92%	―	-44.31%	-34.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CANF	41 Neutral	$5.63M	―	―	―	―	―
IMRN	38 Underperform	$8.75M	-1.83	-49.00%	―	47.17%	26.84%
BIVI	38 Underperform	$9.12M	-0.13	-94.79%	―	―	84.44%

Immuron Corporate Events

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.

Immuron Reports Strong FY2025 Results and Outlines FY2026 Plans

On November 11, 2025, Immuron Limited announced the results of its Annual General Meeting and shared a CEO address. The company highlighted significant financial achievements for FY2025, including a 49% increase in global sales revenue, driven by strong performance in Australia and North America. Additionally, Immuron reported progress in clinical achievements, such as FDA approval for IMM-529 IND and the completion of a successful Travelan® trial. Looking ahead, Immuron anticipates continued sales growth and further clinical developments in FY2026, including the initiation of a Phase 2 trial for IMM-529.

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.

Immuron Limited Announces Quotation of New Securities on ASX

On November 7, 2025, Immuron Limited announced the application for quotation of 8,495,080 ordinary fully paid securities on the Australian Securities Exchange. These securities were issued as part of a previously announced transaction and purchased by US investors through the US At-The-Market facility. This move is expected to enhance the company’s capital structure and potentially strengthen its market position by increasing its financial flexibility.

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.

Immuron Announces New Securities Issue to Boost R&D Funding

On November 6, 2025, Immuron Limited announced a proposed issue of 8,495,080 ordinary fully paid securities as part of a placement. The issue, priced at AUD 0.07560 per security, aims to fund further research and development activities and provide ongoing working capital. The shares were purchased by US investors through the company’s US At-The-Market facility, managed by H.C. Wainwright & Co. This strategic move is expected to bolster Immuron’s financial resources, enhancing its capacity to advance its R&D initiatives and maintain operational stability.

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.

Immuron Announces New Securities Issue to Boost R&D

On October 17, 2025, Immuron Limited announced a proposed issue of 1,133,840 ordinary fully paid securities through a placement. This initiative aims to support the company’s research and development activities and provide ongoing working capital. The shares were purchased by US investors from Immuron’s US At-The-Market (ATM) facility, managed by H.C. Wainwright & Co., which is a low fee, no discount facility. This strategic move is expected to bolster Immuron’s financial resources, potentially enhancing its market position and operational capabilities.

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