Immutep (IMM) H2 2024 earnings summary

Executive summary

• Advanced lead product candidate eftilagimod alfa (efti) through late-stage clinical trials in three major cancer indications: first-line NSCLC, first-line HNSCC, and metastatic breast cancer.

• Entered a pivotal Phase III collaboration with MSD for TACTI-004 in NSCLC, with MSD supplying KEYTRUDA at no cost.

• Raised A$100.2 million in new equity, extending cash runway to end of 2026.

• Appointed Anne Anderson as independent non-executive director to strengthen board governance.

Financial highlights

• Total revenue and other income increased to A$7.8 million in FY2024 from A$5.2 million in FY2023, driven by higher interest income and grant income.

• Research and development and IP expenses rose to A$41.55 million (FY2023: A$36.26 million) due to increased clinical trial activity.

• Corporate administrative expenses were A$8.85 million (FY2023: A$8.68 million).

• Loss after tax for FY2024 was A$42.72 million, up from A$39.90 million in FY2023.

• Cash and cash equivalents plus term deposits totaled A$181.8 million as of 30 June 2024.

Outlook and guidance

• Focus remains on advancing efti in first-line NSCLC via the TACTI-004 Phase III trial.

• IMP761, a first-in-class LAG-3 agonist antibody for autoimmune diseases, has entered clinical stage.

• Strong cash position supports ongoing and future clinical milestones.