Immutep (IMM) Q1 2026 earnings summary

Executive summary

• Pivotal TACTI-004 Phase III trial in first-line non-small cell lung cancer (NSCLC) is progressing, with over 100 clinical sites open and 24 countries approved; over 170 patients enrolled, surpassing the futility analysis threshold.

• Positive FDA feedback received for late-stage development of efti in head and neck cancer patients with low PD-L1 expression.

• New investigator-initiated Phase II trial launched for neoadjuvant efti in early-stage HR+/HER2- breast cancer.

• Three abstracts for efti clinical trials presented at ESMO Congress 2025.

• Strong cash, cash equivalent, and term deposit position of A$109.85 million, providing expected cash reach to end of CY2026.

Financial highlights

• Cash receipts from customers were A$15k in Q1 FY26.

• Net cash used in operating activities was A$19.04 million, mainly driven by R&D expenses of A$15.83 million and staff costs of A$3.4 million.

• Net cash inflow from investing activities was A$35.46 million, primarily from matured term deposits.

• Cash and cash equivalents at quarter end were A$83.41 million, with an additional A$26.44 million in term deposits.

• Estimated quarters of funding available is 4.38, with total available funding of A$109.85 million.

Outlook and guidance

• Expected cash reach extends to the end of CY2026, supporting ongoing and planned clinical programs.

• Futility analysis for TACTI-004 Phase III trial on track for completion in Q1 CY2026.

• Additional data from the IMP761 Phase I autoimmune trial expected in Q4 CY2025.

• Update on AIPAC-003 breast cancer trial to be provided at the San Antonio Breast Cancer Symposium in December 2025.