Detailed financial statements for Immutep Limited (IMMP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Immutep Limited, a biotechnology company, engages in developing novel Lymphocyte Activation Gene-3 related immunotherapies for cancer and autoimmune diseases in Australia. Its lead product candidate is the eftilagimod alfa (efti or IMP321), a soluble LAG-3lg fusion based on LAG-3 immune control mechanism for the treatment of different types of cancers.
Analysis Summary
Immutep Limited reported revenue of $14.2M in the most recent fiscal year, growing at a 5-year CAGR of 29.8%.
Trailing-twelve-month margins: gross margin 85.0%, operating margin -6.0%, net margin -5.4%.
At the current price of $0.33, IMMP has negative trailing earnings (P/E not meaningful) and an ROE of -126.06%. Market capitalisation stands at $48M.
Balance sheet quality for IMMP: current ratio of 5.7, net cash position of $67.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2M | $2.6M | $139782 | $7.5M | $3.9M | $170369 | $3.5M | $3.8M | $5.0M | $14.2M |
| Cost of Revenue | $1.7M | $10.0M | $16.6M | $22.5M | $17.2M | $2.1M | $2.1M | $41.5M | $61.4M | $2.4M |
| Gross Profit | $2.5M | -$7.4M | -$16.5M | -$15.0M | -$13.4M | -$1.9M | $1.4M | -$37.7M | -$56.4M | $11.8M |
| Research & Development | $7.5M | $10.0M | $16.6M | $20.4M | $17.2M | $31.3M | $28.8M | $41.5M | $61.4M | $75.0M |
| Selling, General & Admin | $4.3M | $7.2M | $6.1M | $6.3M | $6.3M | $7.2M | $14.1M | $8.9M | $8.6M | $18.9M |
| Operating Expenses | $9.5M | $14.8M | $19.1M | $22.6M | $18.3M | $32.5M | $44.9M | $50.4M | $70.1M | $93.9M |
| Operating Income | -$9.4M | -$11.7M | -$20.4M | -$16.0M | -$31.7M | -$33.9M | -$77.7M | -$88.1M | -$126.4M | -$82.0M |
| EBITDA | -$8.4M | -$10.4M | -$16.5M | -$11.4M | -$17.8M | -$31.9M | -$39.6M | -$44.5M | -$62.9M | -$79.6M |
| Interest Expense | 0 | 0 | 0 | $10457 | $9825 | $92430 | $20401 | $30594 | 0 | $66411 |
| Pre-tax Income | -$10.1M | -$12.7M | -$18.3M | -$13.5M | -$29.9M | -$32.2M | -$39.9M | -$42.7M | -$61.4M | -$77.6M |
| Income Tax | -$737387 | $1676 | -$2.1M | $37 | $33 | $34 | 0 | 0 | 0 | 0 |
| Net Income | -$9.4M | -$12.7M | -$16.3M | -$13.5M | -$29.9M | -$32.2M | -$39.9M | -$42.7M | -$61.4M | -$77.6M |
| EPS | $-0.44 | $-0.48 | $-0.47 | $-0.33 | $-0.49 | $-0.37 | $-0.44 | $-0.36 | $-0.42 | $-0.53 |
| EPS (Diluted) | $-0.44 | $-0.48 | $-0.47 | $-0.33 | $-0.49 | $-0.37 | $-0.44 | $-0.36 | $-0.42 | $-0.53 |
| Shares Outstanding (Diluted) | $42.7M | $42.7M | $42.7M | $40.7M | $60.4M | $86.2M | $90.1M | $120.1M | $145.6M | $147.2M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.1M | $1.9M | $6.0M | $10.6M |
| Gross Profit | -$22.2M | -$34.2M | -$40.6M | $9.5M |
| Operating Income | -$51.7M | -$74.7M | -$46.0M | -$39.5M |
| EBITDA | -$26.4M | -$36.5M | -$44.9M | -$38.5M |
| Net Income | -$22.4M | -$39.1M | -$44.9M | -$34.9M |
| EPS | $-0.15 | $-0.27 | $-0.30 | $-0.23 |
| EPS (Diluted) | $-0.15 | $-0.27 | $-0.30 | $-0.23 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.2M | $23.5M | $16.6M | $26.3M | $60.1M | $80.0M | $123.4M | $161.8M | $67.4M | $68.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $20.1M | $62.3M | 0 |
| Receivables | $2.2M | $3.5M | $5.2M | $3.4M | $6.1M | $8.4M | $8.0M | $7.6M | $7460 | $9.6M |
| Inventory | $641998 | 0 | 0 | 0 | -$5.7M | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $15.9M | $28.6M | $23.5M | $31.2M | $68.4M | $90.8M | $135.0M | $191.4M | $149.1M | $80.6M |
| Property, Plant & Equipment | $24202 | $26449 | $52950 | $250571 | $309704 | $308080 | $468513 | $679723 | $569481 | $1.1M |
| Goodwill | $109962 | $109962 | $109962 | $109962 | $109962 | $109962 | $109962 | $109962 | $109962 | $109967 |
| Intangible Assets | $18.9M | $18.2M | $16.8M | $15.1M | $12.7M | $10.4M | $9.4M | $8.1M | $7.1M | $1.4M |
| Total Assets | $35.0M | $47.0M | $40.5M | $46.6M | $82.0M | $102.2M | $147.4M | $201.6M | $157.0M | $83.3M |
| Accounts Payable | $1.1M | $1.6M | $2.6M | $1.6M | $1.8M | $2.9M | $5.4M | $3.8M | $5.5M | $5.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | $208194 | 0 | 0 | 0 | $1.1M | $290165 |
| Total Current Liabilities | $2.6M | $3.9M | $5.3M | $3.4M | $5.3M | $6.4M | $9.8M | $10.5M | $12.8M | $14.2M |
| Long-term Debt | $5.8M | $6.6M | $7.6M | $8.8M | $2.5M | $1.5M | $835446 | $960763 | 0 | 0 |
| Total Liabilities | $8.4M | $13.5M | $16.2M | $13.3M | $8.8M | $8.1M | $11.0M | $12.1M | $13.3M | $21.7M |
| Retained Earnings | -$231.8M | -$244.6M | -$262.2M | -$275.7M | -$274.6M | -$302.3M | -$339.9M | -$382.6M | -$444.1M | -$520.8M |
| Total Equity | $26.5M | $33.5M | $24.4M | $33.3M | $73.3M | $94.1M | $136.5M | $189.5M | $143.6M | $61.5M |
| Total Debt | $5.8M | $6.6M | $7.6M | $9.1M | $2.8M | $1.7M | $1.2M | $1.6M | $1.6M | $1.0M |
| Net Debt | -$6.5M | -$16.8M | -$8.9M | -$17.3M | -$57.3M | -$78.3M | -$122.2M | -$180.3M | -$128.1M | -$67.8M |
| Working Capital | $13.3M | $24.8M | $18.2M | $27.8M | $63.1M | $84.4M | $125.2M | $180.9M | $136.3M | $66.5M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $73.9M | $67.4M | $72.7M | $68.9M |
| Total Assets | $182.3M | $157.0M | $147.2M | $83.3M |
| Total Liabilities | $9.9M | $13.3M | $48.3M | $21.7M |
| Total Equity | $172.5M | $143.6M | $98.9M | $61.5M |
| Total Debt | $1.7M | $1.6M | $1.2M | $1.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$9.4M | -$12.7M | -$18.3M | -$13.5M | -$29.9M | -$32.2M | -$39.9M | -$42.7M | -$61.4M | -$77.6M |
| Depreciation & Amortization | $1.7M | $1.8M | $1.9M | $2.1M | $2.1M | $2.1M | $2.1M | $2.3M | $2.4M | $2.4M |
| Stock-based Compensation | $862227 | $2.3M | $1.6M | $1.7M | $1.7M | $1.5M | $2.0M | $1.8M | $1.2M | 0 |
| Change in Working Capital | -$2.2M | -$252216 | -$345187 | $94163 | -$2.0M | -$1.6M | $764596 | $3.5M | -$8.5M | $16.2M |
| Operating Cash Flow | -$8.5M | -$7.8M | -$15.3M | -$10.8M | -$17.6M | -$30.2M | -$35.9M | -$34.8M | -$62.0M | -$54.3M |
| Capital Expenditure | -$6644 | -$11893 | -$41434 | -$19348 | -$15601 | -$22914 | -$47000 | -$932369 | -$45769 | -$90895 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.5M | -$7.8M | -$15.3M | -$10.9M | -$17.7M | -$30.3M | -$35.9M | -$35.8M | -$62.1M | -$54.3M |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$28.5M | -$33.5M | -$28.1M | -$29.1M |
| Capital Expenditure | -$11501 | -$34268 | -$90961 | -$6601 |
| Free Cash Flow | -$28.6M | -$33.5M | -$28.2M | -$29.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $1.2M | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -37.7% | -94.7% | +5255.8% | -48.4% | -95.6% | +1957.7% | +9.6% | +31.3% | +182.3% | |
| Net Income Growth (YoY) | -36.1% | -27.7% | +17.2% | -122.0% | -7.7% | -23.9% | -7.1% | -43.8% | -26.3% | |
| EPS Growth (YoY) | -9.1% | +2.1% | +29.8% | -48.5% | +24.5% | -18.9% | +18.2% | -16.7% | -26.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | -4.6% | +48.4% | +42.7% | +4.4% | +33.4% | +21.2% | +1.1% | |
| FCF Growth (YoY) | +8.5% | -96.8% | +29.2% | -62.6% | -71.3% | -18.8% | +0.5% | -73.7% | +12.5% | |
| Gross Margin | 59.7% | -279.8% | -11769.3% | -200.2% | -346.2% | -1111.2% | 41.2% | -981.4% | -1117.6% | 83.0% |
| Operating Margin | -221.5% | -444.5% | -14606.5% | -214.0% | -820.0% | -19920.0% | -2216.0% | -2293.3% | -2506.5% | -576.2% |
| EBITDA Margin | -199.1% | -394.5% | -11778.9% | -152.0% | -460.0% | -18708.9% | -1128.8% | -1159.4% | -1246.6% | -559.2% |
| Net Margin | -221.9% | -484.6% | -11640.0% | -179.9% | -774.1% | -18906.5% | -1138.0% | -1111.9% | -1218.0% | -544.8% |
| FCF Margin | -201.7% | -296.1% | -10965.5% | -145.0% | -457.1% | -17757.1% | -1024.9% | -930.6% | -1231.1% | -381.7% |
| Effective Tax Rate | 7.3% | -0.0% | 11.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.20 | $-0.18 | $-0.36 | $-0.27 | $-0.29 | $-0.35 | $-0.40 | $-0.30 | $-0.43 | $-0.37 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $42.7M | $42.7M | $42.7M | $40.7M | $60.4M | $86.2M | $90.1M | $120.0M | $145.6M | $147.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -126.06% |
| Return on Invested Capital | -118.22% |
| Return on Assets | -93.15% |
| Gross Margin | 84.97% |
| Operating Margin | -597.44% |
| Net Margin | -544.79% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 5.69 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 10.76 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -21.15 | -22.40 | -17.54 | -15.75 | -10.42 | -7.86 | -7.15 | -8.48 | -5.90 | -1.13 |
| P/B | 15.04 | 13.64 | 14.40 | 6.38 | 4.25 | 2.70 | 2.09 | 1.91 | 2.53 | 1.44 |
| P/S | 94.55 | 173.76 | 2511.65 | 28.37 | 80.70 | 1488.23 | 81.35 | 94.24 | 71.92 | 6.23 |
| Gross Margin | 59.7% | -279.8% | -11769.3% | -200.2% | -346.2% | -1111.2% | 41.2% | -981.4% | -1117.6% | 83.0% |
| Operating Margin | -221.5% | -444.5% | -14606.5% | -214.0% | -820.0% | -19920.0% | -2216.0% | -2293.3% | -2506.5% | -576.2% |
| Net Margin | -221.9% | -484.6% | -11640.0% | -179.9% | -774.1% | -18906.5% | -1138.0% | -1111.9% | -1218.0% | -544.8% |
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