Immuneering (IMRX) AI Stock Analysis

• Market Cap: $286.04M
• Dividend Yield: N/A
• Average Volume (3M): 2.27M
• 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: 4,259,650
• 30 Day Avg. Volume: 2,272,523
• 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: 0.19
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -153.25
• Enterprise Value/Ebitda: -0.86
• 1Y Price Target: $14.50
• Price Target Upside: 227.31% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.46
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $5.00 ▲(12.87% 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 Clinical Efficacy in Pancreatic Cancer

Robust 12-month overall survival versus standard care signals a meaningful clinical benefit for atebimetinib. Such durable efficacy can de-risk pivotal trial design, improve regulatory and payer conversations, and materially strengthen commercial and partnership prospects over time.

Extended Cash Runway from Strategic Financing

A multi-year cash runway into 2029 gives management time to execute pivotal trials without immediate financing pressure. This structural funding reduces near-term dilution risk, supports planned Phase III starts, and improves ability to advance multiple programs and partnerships.

Strong IP and Major Collaborations

Composition-of-matter patent protection through 2042 preserves long-term exclusivity and value capture if approved. Collaborations with large biopharma validate the asset, bring development expertise and resources, and increase chances of successful multi-indication development and commercialization.

Negative Factors

Minimal Revenue and Persistent Cash Burn

As a clinical-stage biotech with negligible product revenue and sustained operating losses, Immuneering remains dependent on external financing. Persistent cash burn increases dilution and financing risk if trials take longer or costs exceed current plans, pressuring long-term shareholder returns.

Weak Profitability and Negative Gross Profit TTM

Negative trailing gross profit indicates the company cannot currently absorb development and operational costs from revenue. Structural negative margins mean profitability depends entirely on successful approvals and commercialization, prolonging reliance on capital markets and heightening execution risk.

Regulatory and Development Timeline Uncertainty

Pivotal trial timing and regulatory feedback remain key gating items; any delays or additional agency requests can push milestone timing, increase capital needs, and defer value realization. This structural uncertainty affects planning, partner strategies, and long-term financing requirements.

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

Immuneering is facing significant financial challenges, characterized by consistent losses and negative cash flows. The company's ability to generate revenue is concerning, and its operational inefficiencies are reflected in its income statement. While the balance sheet shows a strong equity position, historical leverage issues remain a risk. Cash flow constraints indicate a reliance on external financing to support operations.

Income Statement

Immuneering has consistently reported zero or negative revenue over recent years, indicating significant challenges in generating sales. The gross profit margin is consistently negative or zero, and the net profit margin is deeply negative due to ongoing losses. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies and high costs relative to revenue.

Balance Sheet

The balance sheet shows a relatively strong equity base with a decreasing trend in total debt. However, the company's equity ratio is fluctuating, and the company has experienced negative stockholders' equity in certain periods, indicating potential financial distress. The debt-to-equity ratio is concerning in some years, pointing to historical leverage issues.

Cash Flow

Operating and free cash flows have been negative, indicating challenges in generating cash from operations. This is coupled with a high dependence on financing activities. The free cash flow to net income ratio cannot be calculated due to persistent net losses.

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: 4.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 4.43 is below the 20-day moving average (MA) of 5.89, below the 50-day MA of 6.38, and below the 200-day MA of 4.52, indicating a neutral trend. The MACD of -0.50 indicates Positive momentum. The RSI at 38.91 is Neutral, neither overbought nor oversold. The STOCH value of 8.18 is Positive, 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
IVVD	56 Neutral	$720.52M	-5.15	-67.94%	―	332.71%	75.73%
IMRX	52 Neutral	$286.04M	-2.60	-43.75%	―	―	9.32%
RCKT	52 Neutral	$428.56M	-1.65	-74.88%	―	―	18.39%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LRMR	45 Neutral	$291.86M	-1.69	-78.24%	―	―	-67.41%
AURA	42 Neutral	$334.03M	-2.65	-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.