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IMRX

Immuneering Corporation

IMRX

Immuneering Corporation • NASDAQ
$7.66 ▲ 2.00% (+0.15)
Market Cap $278.08 M
52w High $10.08
52w Low $1.10
Dividend Yield 0%
P/E -4.28
Volume 458.34K
Outstanding Shares 36.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $15.295M ▲ $-14.965M ▼ 0% $-0.38 ▲ $-14.879M ▼
Q2-2025 $0 $14.758M ▼ $-14.434M ▲ 0% $-0.4 ▲ $-14.666M ▲
Q1-2025 $0 $15.485M ▼ $-15.046M ▲ 0% $-0.42 ▲ $-15.392M ▲
Q4-2024 $0 $18.384M ▲ $-18.051M ▼ 0% $-0.58 ▼ $-17.877M ▼
Q3-2024 $0 $15.274M $-14.597M 0% $-0.49 $-15.178M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $227.563M ▲ $241.056M ▲ $13.08M ▲ $227.976M ▲
Q2-2025 $26.355M ▼ $40.056M ▼ $11.12M ▲ $28.936M ▼
Q1-2025 $35.866M ▼ $50.681M ▼ $8.838M ▼ $41.843M ▲
Q4-2024 $36.145M ▼ $52.714M ▼ $11.328M ▲ $41.386M ▼
Q3-2024 $50.658M $68.557M $10.836M $57.721M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.965M ▼ $-11.977M ▼ $-7.255K ▼ $213.192M ▲ $201.208M ▲ $-11.984M ▼
Q2-2025 $-14.434M ▲ $-9.446M ▲ $-2.116K ▲ $-61.958K ▼ $-9.51M ▼ $-9.448M ▲
Q1-2025 $-15.046M ▲ $-14.081M ▲ $-8.945K ▼ $13.811M ▲ $-279.024K ▲ $-14.09M ▲
Q4-2024 $-18.051M ▼ $-14.511M ▼ $5.491M ▲ $-40.988K ▼ $-9.061M ▲ $-14.52M ▼
Q3-2024 $-14.597M $-13.472M $-5.415M $4.365M $-14.523M $-13.477M

Five-Year Company Overview

Income Statement

Income Statement Immuneering is still a classic early‑stage biotech: it has essentially no product revenue yet and runs entirely on research spending. The income statement shows steady losses over the past several years, with costs gradually increasing as programs move deeper into clinical trials. Losses per share have widened over time but in a relatively controlled way, suggesting disciplined but growing R&D and operating expenses rather than sudden cost spikes. Profitability is not in sight until there is either a commercial product or meaningful partnership income, so the income statement reflects a company firmly in investment mode, not yet in monetization mode.

Balance Sheet

Balance Sheet The balance sheet is light but relatively clean. The company’s assets are largely made up of cash and cash-like holdings, with very little in the way of physical assets or long‑term equipment, which is typical for a computationally focused biotech. Debt is minimal to nonexistent, so the capital structure is simple and largely equity‑funded. Equity turned positive after the IPO and has remained so, though it has been gradually eroded by ongoing losses. Overall, financial leverage looks low, but the company is clearly drawing down its cash base to fund development, which increases the importance of future capital raises or partnerships.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating activities related to R&D and overhead. There is almost no spending on capital equipment, so the cash burn is mostly people, trials, and platform development. Free cash flow closely tracks operating cash flow, reflecting the asset‑light model. The burn has grown as the pipeline has advanced, but not explosively. Still, without revenue, the company is structurally cash‑consuming, and its long‑term path depends on timely access to new financing or non‑dilutive funding such as collaborations or upfront payments.

Competitive Edge

Competitive Edge Immuneering operates in one of the most competitive areas in oncology: the RAS/RAF/MEK pathway, where many large pharma and biotech players are active. Its edge is a differentiated dosing strategy—Deep Cyclic Inhibition—and a push toward “universal‑RAS” applicability rather than mutation‑by‑mutation targeting. If its approach truly improves tolerability and delays resistance, that would be a strong differentiator, especially in hard‑to‑treat cancers like pancreatic cancer. However, the company is still relatively small, early in clinical development, and going up against much larger, well‑funded competitors. Its position today is more that of an innovative challenger with a distinct angle than a firmly established leader.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Immuneering’s story. The Deep Cyclic Inhibition concept and the Disease Cancelling Technology platform aim to use data‑driven methods and non‑traditional dosing to outmaneuver cancer’s adaptability. The two clinical MEK inhibitors—atebimetinib and IMM‑6‑415—are designed specifically around this idea, with one tuned for once‑daily dosing and the other for even sharper on‑off cycles. The company has also narrowed its focus to oncology, shelving earlier neuroscience work to concentrate resources. This focused R&D strategy could sharpen execution, but it also concentrates risk in a small number of programs whose clinical outcomes remain uncertain.

Summary

Immuneering is an early‑stage, pre‑revenue oncology biotech built around a distinctive scientific thesis rather than a commercial track record. Financially, it has a simple, largely cash‑based balance sheet, recurring operating losses, and ongoing cash burn typical of a clinical‑stage company. Strategically, it is targeting a very important but crowded cancer pathway with a novel dosing and computational approach that, if validated in trials, could create meaningful differentiation. The main opportunities lie in successful clinical data, regulatory progress, and potential partnerships; the main risks are scientific, clinical, and financing-related, given its dependence on external capital until any product or partnership revenue materializes.

NEWS

November 25, 2025 · 8:00 AM UTC

Immuneering to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 12, 2025 · 4:05 PM UTC

Immuneering Reports Third Quarter 2025 Financial Results and Provides Business and Clinical Updates

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November 4, 2025 · 4:05 PM UTC

Immuneering to Report Third Quarter 2025 Financial Results and Provide New Clinical Case Studies, on Wednesday, November 12, 2025

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September 26, 2025 · 4:01 PM UTC

Immuneering to Discuss Recently Announced Overall Survival Data from Phase 2a Clinical Trial of Atebimetinib + mGnP in First-Line Pancreatic Cancer Patients on Monday, September 29, 2025

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September 25, 2025 · 12:08 AM UTC

Immuneering Announces Pricing of $175 Million Underwritten Public Offering of Class A Common Stock and Concurrent $25 Million Private Placement of Class A Common Stock to Sanofi

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