Immutep (IMM) Q2 2026 earnings summary

Executive summary

• Entered strategic collaboration with Dr. Reddy's for efti commercialization outside North America, Europe, Japan, and Greater China, receiving ~A$30 million upfront and eligibility for up to ~A$528 million in milestones plus royalties.

• Strong operational progress in TACTI-004 (KEYNOTE-F91) Phase III trial for 1L NSCLC, with futility analysis on track for Q1 CY2026.

• Positive clinical data across multiple trials, including INSIGHT-003 (NSCLC), EFTISARC-NEO (soft tissue sarcoma), and AIPAC-003 (metastatic breast cancer).

• IMP761 Phase I trial in autoimmune diseases showed dose-dependent immunosuppressive effects and favorable safety.

• Received A$4.6 million R&D tax incentive from the French government.

Financial highlights

• Cash, cash equivalents, and term deposits totaled A$99.1 million as of 31 December 2025; pro-forma balance of A$129.3 million after Dr. Reddy's upfront payment.

• Net cash used in operating activities for the quarter was A$9.4 million, down from A$19.0 million in Q1 FY26.

• Cash used in R&D activities was A$9.9 million, compared to A$15.8 million in the previous quarter.

• Payments to related parties totaled A$474k for the quarter.

• Cash reach extended well into Q2 CY2027, excluding future milestone payments.

Outlook and guidance

• Cash position expected to fund operations well into Q2 CY2027.

• Additional updates on IMP761 Phase I trial anticipated in H1 CY2026.

• TACTI-004 futility analysis expected in Q1 CY2026; 50% patient enrollment target anticipated soon.