Immutep (IMM) H2 2026 earnings summary

Executive summary

• FY2026 was marked by the discontinuation of the TACTI-004 Phase III trial in first-line NSCLC after a futility analysis, leading to a significant setback and a non-cash impairment charge on related IP assets.

• Despite this, the company advanced its clinical portfolio, reporting positive data from INSIGHT-003 (NSCLC), EFTISARC-NEO (soft tissue sarcoma), and IMP761 (autoimmune diseases).

• A strategic licensing agreement with Dr Reddy's Laboratories was executed, resulting in a US$20M upfront payment, of which US$10M was repaid after TACTI-004 discontinuation.

• The company ended FY2026 with A$68.9M in cash, cash equivalents, and term deposits, with a projected cash runway into the first half of CY2028.

Financial highlights

• Total revenue and other income rose to A$24.2M in FY2026 (up from A$10.3M in FY2025), driven by licensing revenue from Dr Reddy's and increased grant income.

• Research and development and IP expenses increased to A$91.9M (FY2025: A$61.4M), mainly due to clinical trial activity and TACTI-004 close-out costs.

• Corporate administrative expenses were A$9.6M (FY2025: A$8.6M).

• Net loss after tax was A$79.3M (FY2025: A$61.4M), with basic and diluted loss per share of 5.39 cents.

• A$3.1M non-cash impairment charge was recognized on efti-related IP following TACTI-004 discontinuation.

Outlook and guidance

• The company expects significantly lower losses in FY2027 as R&D expenses decrease post-TACIT-004 wind-down.

• Focus remains on advancing efti and IMP761, leveraging positive clinical data, and maintaining disciplined capital allocation.

• Cash resources are expected to support operations well into the first half of CY2028.