Immutep (IMM) investor relations material

Executive summary

• Registration-directed efti development is focused on HNSCC with CPS < 1 and neoadjuvant STS; trial preparations are underway, with starts targeted for H2 CY27, subject to strategic, regulatory, manufacturing, partnering and resource decisions.

• IMP761 became a co-priority alongside efti; a late-breaking poster is scheduled for ACR Convergence in November 2026.

• Following TACTI-004’s early discontinuation, root-cause work identified structural differences between efti manufactured at 2,000 L and earlier successful 200 L batches; a new 200 L manufacturing run was contracted.

Financial highlights

• Q1 FY27 net cash used in operating activities was A$19.1m, versus A$38.9m in Q4 FY26; the quarter included TACTI-004 close-out payments.

• R&D cash outflow was A$16.5m, down from A$22.0m QoQ as clinical activity declined; G&A outflow was A$1.2m versus A$1.5m QoQ.

• Cash and term deposits totaled A$48.50m at 30 September 2026; quarter-end cash and cash equivalents were A$48.41m.

• Received A$0.86m from the Australian R&D Tax Incentive; a further €1.36m (approximately A$2.16m) French R&D tax payment arrived after quarter-end.

Outlook and guidance

• Cash runway is expected to extend well into H1 CY28, supported by lower TACTI-004 close-out spending and cost reductions implemented from the start of FY27.

• Efti study starts in HNSCC CPS < 1 and neoadjuvant STS are targeted for H2 CY27, conditional on final design, regulatory discussions, manufacturing timelines, partnering and resources.

• Further IMP761 trial updates are expected at ACR Convergence 2026; the late-breaking abstract was accepted for poster presentation on 10 November.

• TACTI-004 payments are expected to decline significantly in subsequent quarters; the Appendix 4C funding estimate of 2.53 quarters uses Q1 outflows and does not reflect the forecast lower outflow rate.