Immuneering (IMRX) AI Stock Analysis

• Market Cap: $306.06M
• Dividend Yield: N/A
• Average Volume (3M): 2.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• Revenue Growth: N/A
• EPS Growth: 9.32%
• Country: US
• Employees: 54
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.38
• Shares Outstanding: 64,569,970
• 10 Day Avg. Volume: 1,312,788
• 30 Day Avg. Volume: 2,300,468
• PEG Ratio: -0.13
• Price to Book (P/B): 1.59
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.20
• Enterprise Value/Market Cap: -0.17
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 146.25
• Enterprise Value/Ebitda: 0.82
• 1Y Price Target: $14.33
• Price Target Upside: 191.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.46
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $5.50 ▲(12.02% Upside)

The score is held back primarily by weak financial performance (limited revenue, large losses, and sustained cash burn) and bearish technicals (trading below key moving averages with low RSI). Offsetting these are positive earnings-call fundamentals, including encouraging clinical outcomes, an extended cash runway into 2029, and pipeline advancement plans, while valuation is difficult to assess due to negative earnings and no dividend.

Positive Factors

Compelling Phase IIa survival results

Durable clinical differentiation: a materially higher 12‑month OS versus standard of care, if confirmed in larger cohorts, strengthens regulatory arguments, aids pivotal trial design and enrollment, and provides a lasting competitive advantage in first‑line pancreatic cancer.

U.S. composition‑of‑matter patent to 2042

Long‑dated composition‑of‑matter IP secures exclusivity into 2042, creating a durable barrier to direct generic competition and improving leverage for licensing or co‑development deals; this materially supports long‑term commercial value capture if approved.

Extended cash runway via strategic financing

Multi‑year runway into 2029 backed by strategic investors reduces near‑term dilution and execution risk, enabling planned pivotal Phase III starts and combination trials. This financial cushion supports sustained R&D and partnership execution over the next several years.

Negative Factors

Minimal-to-zero product revenue

Lack of recurring product sales means the business depends on financing, milestones or collaborations; this structural absence of commercial revenue leaves the company vulnerable to funding cycles and delays commercialization scalability until products are approved and launched.

Persistent operating cash burn and negative FCF

Sustained negative free cash flow is a durable drain that can force additional equity raises or partnerships, diluting shareholders and constraining long‑term investment. Even if cash burn tracks reported losses, the absolute cash requirements increase execution and financing risk.

Regulatory and pivotal‑trial timing uncertainty

Dependence on regulatory feedback and milestone timing is a structural execution risk: delays or unfavorable guidance can push back approval, extend cash burn, and impact partner commitments. Timing uncertainty materially affects the path to commercialization and revenue realization.

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

Financial profile is weak: minimal revenue, deeply negative EBIT/net income, and persistent operating cash burn/negative free cash flow. The balance sheet is a relative positive with low leverage and recent financing support, but ongoing losses and burn remain the dominant risk.

Income Statement

The Income Statement remains very weak, with minimal-to-zero revenue in recent periods (including 2024 annual and 2025-09-30 TTM (Trailing-Twelve-Months)). Losses are large and persistent, with EBIT and net income deeply negative across all years shown, indicating a business still in heavy investment mode. A modest positive gross margin existed in earlier years (e.g., 2020–2022), but the most recent TTM shows negative gross profit, highlighting limited revenue base and unfavorable cost absorption. Overall, profitability trajectory has not yet stabilized, and the company remains far from break-even.

Balance Sheet

The Balance Sheet is a relative strength: leverage appears low with debt-to-equity generally around ~0.03–0.14 in the periods shown, suggesting limited balance-sheet debt risk. However, equity levels have been volatile (notably negative equity in 2020, followed by substantial positive equity in later periods), and returns on equity are strongly negative in recent years due to continuing net losses. In short, the capital structure looks conservative on debt, but ongoing losses continue to pressure shareholder returns and long-term balance-sheet durability.

Cash Flow

Cash Flow is pressured by consistently large operating cash burn and negative free cash flow in every period provided. The cash burn has not improved sustainably (free cash flow growth is negative in most years, and 2025-09-30 TTM (Trailing-Twelve-Months) shows a sharp deterioration versus the prior period), indicating continued heavy spending. A positive offset is that free cash flow broadly tracks net loss (free cash flow to net income near ~1.0), implying losses are largely cash-based rather than accounting-only—but the absolute level of burn remains a key risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	316.95K	2.08M	2.31M
Gross Profit	-352.65K	0.00	0.00	158.83K	926.89K	1.03M
EBITDA	-62.81M	-63.69M	-58.06M	-51.47M	-33.73M	-17.00M
Net Income	-62.50M	-61.04M	-53.47M	-50.51M	-33.54M	-17.04M
Balance Sheet
Total Assets	241.06M	52.71M	102.58M	122.37M	166.70M	38.42M
Cash, Cash Equivalents and Short-Term Investments	227.56M	36.14M	85.67M	105.52M	149.20M	37.09M
Total Debt	3.92M	4.16M	4.46M	4.84M	5.36M	621.09K
Total Liabilities	13.08M	11.33M	12.01M	12.52M	10.72M	60.90M
Stockholders Equity	227.98M	41.39M	90.58M	109.85M	155.98M	-22.48M
Cash Flow
Free Cash Flow	-50.04M	-55.08M	-49.31M	-44.84M	-30.91M	-14.67M
Operating Cash Flow	-50.01M	-55.00M	-48.97M	-44.10M	-30.85M	-14.62M
Investing Cash Flow	5.47M	26.43M	7.30M	41.83M	-75.62M	-53.41K
Financing Cash Flow	226.90M	5.30M	28.44M	19.00K	144.26M	37.98M

Immuneering Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.91
• 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 4.91 is below the 20-day moving average (MA) of 4.97, below the 50-day MA of 5.92, and above the 200-day MA of 4.76, indicating a bearish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 41.91 is Neutral, neither overbought nor oversold. The STOCH value of 31.45 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	52 Neutral	$306.06M	―	-43.75%	―	―	9.32%
RCKT	52 Neutral	$360.38M	-1.48	-74.88%	―	―	18.39%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IVVD	47 Neutral	$509.91M	-3.89	-67.94%	―	332.71%	75.73%
LRMR	45 Neutral	$280.74M	-1.70	-78.24%	―	―	-67.41%
AURA	42 Neutral	$365.14M	-2.98	-64.26%	―	―	-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.