Immuneering (IMRX) AI Stock Analysis

• Market Cap: $326.08M
• Dividend Yield: N/A
• Average Volume (3M): 795.99K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.13
• Revenue Growth: N/A
• EPS Growth: 9.32%
• Country: US
• Employees: 54
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.18
• Shares Outstanding: 64,569,970
• 10 Day Avg. Volume: 867,858
• 30 Day Avg. Volume: 795,985
• PEG Ratio: 0.14
• Price to Book (P/B): 1.33
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.37
• Enterprise Value/Market Cap: 0.18
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -73.99
• Enterprise Value/Ebitda: -1.00
• 1Y Price Target: $17.00
• Price Target Upside: 236.63% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.38
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $5.50 ▲(8.91% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is primarily weighed down by weak financial performance (minimal revenue, sustained losses, and cash burn despite low debt), partially offset by a positive earnings-call outlook driven by encouraging Phase 2a survival data and an extended cash runway into 2029. Technicals are mixed but improving near-term, while valuation metrics are constrained by negative earnings and no dividend.

Positive Factors

Robust clinical survival data

Durable, materially improved overall survival in a first-line pancreatic cohort strengthens the probability of a successful pivotal program and regulatory support. Persistent survival gains versus SOC can underpin label differentiation, durable clinician adoption, and durable endpoint-driven trial design advantages into commercialization.

Extended cash runway

A multi-year cash runway through 2029 materially reduces near-term refinancing risk, allowing Immuneering to fund pivotal Phase 3 starts and partner studies. This financial cushion supports consistent execution on development milestones and negotiation leverage without immediate dilutive capital raises.

IP protection and strategic collaborations

Long-term patent exclusivity plus experimentally validated collaborations with large pharma provide a structural moat and optionality. Patents secure market exclusivity timing, while strategic partnerships broaden development expertise, trial execution capacity and potential co-development routes across indications.

Negative Factors

Pre-revenue with heavy cash burn

Sustained negative operating and free cash flow with no product revenue creates persistent dependence on external financing. Even with low debt, recurring losses force dilution or partnerships to fund pivotal trials, which can hinder long-term balance-sheet efficiency and shareholder returns until commercialization.

Regulatory and timeline dependency

Progress hinges on regulatory alignment and timing; any delays or additional data requests can push pivotal starts, increase costs and extend time to meaningful clinical readouts. Such timeline risk materially affects program de-risking and the company’s multi-year planning and capital deployment.

Tolerability limits for combinations

Combination tolerability constraints narrow the addressable patient pool and complicate development strategies. If optimal combos are limited to fitter patients, overall market applicability and trial enrollment speed may be constrained, raising execution risk and lowering broader clinical impact.

Immuneering Business Overview & Revenue Model

Company Description

Immuneering Corporation, a biopharmaceutical company, focuses on the oncology and neuroscience product candidates. Its lead product candidates include IMM-1-104, a dual-MEK inhibitor to treat patients with cancer, including pancreatic, melanoma, colorectal, and non-small cell lung cancer caused by mutations of RAS and/or RAF; and IMM-6-415 to treat solid tumors. The company also has five oncology programs in the discovery stage that are designed to target components of the MAPK or mTOR pathway; and two discovery stage neuroscience programs. Immuneering Corporation was incorporated in 2008 and is based in Cambridge, Massachusetts. Immuneering Corporation was a former subsidiary of Teva Pharmaceutical Industries Limited.

How the Company Makes Money

Immuneering makes money primarily through the development and commercialization of its proprietary drug candidates. The company invests in research and development to advance its pipeline of therapies, with the potential for revenue generation upon successful clinical trials and regulatory approvals. Key revenue streams include milestone payments and royalties from partnerships with larger pharmaceutical companies that may license Immuneering's technology or drug candidates. Additionally, the company may engage in collaborations or licensing agreements to leverage its computational biology platform, providing further financial opportunities.

Immuneering Financial Statement Overview

Summary

Financials reflect a pre-revenue biotech with persistent large net losses (~$53M–$61M in 2022–2024 and ~-$56M in 2025) and material historical cash burn (free cash flow roughly -$31M to -$55M annually in 2020–2024). The balance sheet is a relative strength with low leverage (debt-to-equity ~0.02 in 2025), but ongoing losses and reliance on external funding keep the overall financial score below average.

Income Statement

The income statement reflects a pre-revenue biotechnology profile: revenue is effectively zero from 2023–2025 (and modest in 2020–2022), while losses remain large and persistent (net loss roughly $53M–$61M in 2022–2024, with another ~$56M loss in 2025). Profitability is consistently negative, and the lack of a visible revenue ramp increases reliance on funding rather than operations to support the business.

Balance Sheet

Leverage is low, with total debt small relative to equity in recent annual periods (debt-to-equity ~0.02 in 2025 and ~0.10 in 2024), which is a key strength for a cash-burning biotech. However, returns on equity are deeply negative due to ongoing losses, and equity levels have been volatile over time (including negative equity in 2020), highlighting dilution/funding risk and limited balance-sheet efficiency until profitability improves.

Cash Flow

Cash generation is weak: operating and free cash flow are materially negative in 2020–2024 (free cash flow around -$31M to -$55M annually), consistent with heavy R&D and operating spend. 2025 shows operating and free cash flow reported as 0 with a -100% free-cash-flow growth figure, which is not supportive of improving underlying cash dynamics; overall, cash burn remains a central risk and implies continued external financing needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	316.95K	2.08M
Gross Profit	-698.89K	0.00	0.00	158.83K	926.89K
EBITDA	-58.68M	-63.69M	-58.06M	-51.47M	-33.73M
Net Income	-56.02M	-61.04M	-53.47M	-50.51M	-33.54M
Balance Sheet
Total Assets	231.99M	52.71M	102.58M	122.37M	166.70M
Cash, Cash Equivalents and Short-Term Investments	172.83M	36.14M	85.67M	105.52M	149.20M
Total Debt	3.82M	4.16M	4.46M	4.84M	5.36M
Total Liabilities	13.50M	11.33M	12.01M	12.52M	10.72M
Stockholders Equity	218.48M	41.39M	90.58M	109.85M	155.98M
Cash Flow
Free Cash Flow	-45.49M	-55.08M	-49.31M	-44.84M	-30.91M
Operating Cash Flow	-45.34M	-55.00M	-48.97M	-44.10M	-30.85M
Investing Cash Flow	-88.74M	26.43M	7.30M	41.83M	-75.62M
Financing Cash Flow	226.58M	5.30M	28.44M	19.00K	144.26M

Immuneering Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.05
• 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 IMRX, the sentiment is Negative. The current price of 5.05 is below the 20-day moving average (MA) of 5.17, below the 50-day MA of 5.18, and below the 200-day MA of 5.24, indicating a bearish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 46.51 is Neutral, neither overbought nor oversold. The STOCH value of 55.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMRX.

Immuneering Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMRX	56 Neutral	$326.08M	-5.17	-43.33%	―	―	9.32%
IVVD	55 Neutral	$491.71M	-8.10	-48.65%	―	332.71%	75.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RCKT	49 Neutral	$513.53M	-2.29	-65.76%	―	―	18.39%
LRMR	45 Neutral	$485.19M	-1.33	-91.83%	―	―	-67.41%
AURA	42 Neutral	$377.21M	-3.90	-69.67%	―	―	-11.41%

Immuneering Corporate Events

Immuneering Reports Strong Phase 2a Pancreatic Cancer Survival Data

On January 7, 2026, Immuneering announced updated interim results from its ongoing Phase 2a trial of atebimetinib, a once-daily oral MEK inhibitor, combined with modified Gemcitabine/nab-Paclitaxel in first-line pancreatic cancer patients, showing a 64% overall survival rate at 12 months as of the December 15, 2025 cutoff in a 34-patient intent-to-treat cohort at the 320 mg dose, compared with a reported 35% 12‑month overall survival for standard of care, with median overall survival not yet reached and median progression-free survival of 8.5 months. The regimen was generally well tolerated, with no Grade 5 treatment-emergent adverse events and no new safety signals, and Immuneering signaled a rapid development path by planning additional survival and circulating tumor DNA data readouts in 2026, as well as initiating a pivotal Phase 3 trial in first-line pancreatic cancer and a combination trial with Libtayo in non-small cell lung cancer, underscoring its bid to strengthen its position in oncology and potentially enhance treatment options for patients and clinicians.

The most recent analyst rating on (IMRX) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Immuneering stock, see the IMRX Stock Forecast page.