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IMMP

Immutep Limited

IMMP

Immutep Limited • NASDAQ
$2.03 ▲ 7.41% (+0.14)
Market Cap $298.80 M
52w High $2.71
52w Low $1.32
Dividend Yield 0%
P/E -6.55
Volume 122.73K
Outstanding Shares 147.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.896M ▼ $40.491M ▲ $-39.057M ▼ -2.06K% ▼ $-0.27 ▼ $-36.484M ▼
Q2-2025 $3.148M ▲ $29.564M ▲ $-22.377M ▼ -710.92% ▲ $-0.15 ▲ $-26.393M ▼
Q4-2024 $1.731M ▼ $25.161M ▼ $-21.488M ▼ -1.241K% ▼ $-0.18 $-22.346M ▼
Q2-2024 $2.111M ▲ $25.239M ▲ $-21.228M ▼ -1.006K% ▲ $-0.18 ▲ $-22.198M ▼
Q4-2023 $1.82M $20.906M $-19.273M -1.059K% $-0.21 $-19.071M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $129.693M ▼ $156.983M ▼ $13.348M ▲ $143.635M ▼
Q2-2025 $159.261M ▼ $182.329M ▼ $9.856M ▼ $172.472M ▼
Q4-2024 $181.876M ▲ $201.579M ▲ $12.058M ▲ $189.522M ▲
Q2-2024 $103.735M ▼ $123.789M ▼ $8.146M ▼ $115.643M ▼
Q4-2023 $123.418M $147.449M $10.98M $136.469M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-39.057M ▼ $-33.503M ▼ $24.282M ▲ $-97.951K ▼ $-73.886M ▼ $-33.538M ▼
Q2-2025 $-22.377M ▼ $-28.546M ▼ $-30.406M ▼ $-54.17K ▼ $-46.457M ▼ $-28.558M ▼
Q4-2024 $-21.488M ▼ $-7.49M ▲ $-20.029M ▼ $95.664M ▲ $66.376M ▲ $-17.877M
Q2-2024 $-21.358M ▼ $-17.411M ▲ $-81.121K ▼ $-71.859K ▼ $-6.409M ▼ $-17.877M ▲
Q4-2023 $-19.948M $-17.942M $-15.5K $38.021M $68.217M $-17.965M

Five-Year Company Overview

Income Statement

Income Statement Immutep looks like a classic clinical‑stage biotech: almost no product revenue yet and ongoing losses driven mainly by research and development and other operating costs. Losses have been consistent over the past several years and have ticked a bit higher more recently, which likely reflects increasing trial activity and associated spending. Earnings per share remain clearly negative, so from a pure income statement view the company is still in the investment phase, not the profit phase. Until there is either a commercial product or sizable milestone/partner revenue, the income statement will likely stay loss‑making.

Balance Sheet

Balance Sheet The balance sheet shows a relatively simple, “clean” structure: no financial debt, assets dominated by cash and similar items, and equity funding the business. Cash levels have moved around but have recently stepped down, suggesting ongoing use of prior capital to fund operations. Equity remains positive and is the main cushion absorbing the company’s cumulative losses, which is typical for an early‑stage biotech that raises money through share issuances rather than borrowing. The absence of debt reduces financial pressure, but the shrinking cash base heightens the importance of future funding or partnership inflows.

Cash Flow

Cash Flow Cash flows are steadily negative, mainly from operating activities like R&D, clinical trials, and overhead. There is essentially no meaningful spending on physical assets, so free cash flow closely tracks the operating cash burn. Over the past few years, that burn has been persistent and has edged higher, implying the company is intensifying development efforts. This pattern is normal for a company at this stage but also means that, without new cash from investors or partners, the current cash reserves will continue to decline over time.

Competitive Edge

Competitive Edge Immutep’s competitive position rests on a very focused bet: deep expertise in the LAG‑3 immune pathway and a differentiated way of harnessing it. The lead cancer asset aims to activate a different part of the immune system than many competing drugs, offering a distinct angle in crowded oncology markets. In autoimmune disease, the company is pursuing a first‑of‑its‑kind approach aimed at calming harmful immune activity more selectively. Partnerships with larger pharmaceutical companies validate the science and may open doors to broader commercialization if trials are successful. At the same time, Immutep faces intense competition from much larger players in immuno‑oncology, significant trial and regulatory risk, and reliance on a relatively small number of key programs, all of which can quickly shift its competitive standing depending on future data.

Innovation and R&D

Innovation and R&D Innovation is clearly the company’s core strength. Immutep is built around the discovery of LAG‑3 and has turned that into a focused pipeline spanning cancer and autoimmune diseases. Its lead drug candidates are described as first‑in‑class or highly differentiated, with late‑stage trials underway in lung, head and neck, and breast cancer, plus an early‑stage program in autoimmune disease. A growing intellectual property portfolio and exploration of oral small‑molecule LAG‑3 drugs broaden the long‑term opportunity and could create new treatment formats. However, this innovation engine comes with heavy, ongoing R&D spending and substantial uncertainty: clinical results, safety outcomes, and regulatory decisions will ultimately determine which parts of the pipeline translate into real products and revenue.

Summary

Overall, Immutep is a research‑driven biotech still firmly in the development stage: minimal revenue, recurring losses, and steady cash burn, but no debt and a balance sheet funded by equity. The company’s appeal rests less on its current financials and more on its scientific position in the LAG‑3 space, its differentiated mechanisms of action, and its advancing clinical programs backed by notable partners. The main opportunities lie in successful late‑stage trial results, potential regulatory approvals, and possible milestone or royalty streams. The main risks are the usual biotech ones—clinical failure, delays, funding needs, and strong competition from larger drug makers—which could materially change its trajectory in either direction as new data emerge.

NEWS

October 20, 2025 · 8:01 AM UTC

Primary Endpoint Met in EFTISARC-NEO Phase II Evaluating Neoadjuvant Efti in Soft Tissue Sarcoma and Data Presented at ESMO Congress 2025

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September 8, 2025 · 8:00 AM UTC

Immutep Announces Data from EFTISARC-NEO Phase II Evaluating Neoadjuvant Efti in Soft Tissue Sarcoma Accepted for Oral Presentation at CTOS 2025

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