Detailed financial statements for Immuneering Corporation (IMRX): 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.
Immuneering Corporation is a biopharmaceutical company dedicated to developing novel therapeutic candidates in the fields of oncology (cancer) and neuroscience. Leading its clinical development efforts are two key drug candidates: IMM-1-104, a dual-MEK inhibitor intended for the treatment of various cancers, including pancreatic, melanoma, colorectal, and non-small cell lung cancer, specifically those driven by RAS and/or RAF gene mutations.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $4.45, IMRX has negative trailing earnings (P/E not meaningful) and an ROE of -27.15%. Market capitalisation stands at $162M.
Balance sheet quality for IMRX: current ratio of 17.5, net cash position of $169.0M. 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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.9M | $2.3M | $2.1M | $316952 | 0 | 0 | 0 |
| Cost of Revenue | $1.2M | $1.3M | $1.2M | $158122 | 0 | 0 | $698887 |
| Gross Profit | $696739 | $1.0M | $926888 | $158830 | 0 | 0 | -$698887 |
| Research & Development | $4.3M | $15.0M | $26.5M | $36.3M | $41.6M | $48.0M | $42.0M |
| Selling, General & Admin | $2.7M | $3.1M | $8.3M | $15.6M | $16.8M | $16.1M | $17.3M |
| Operating Expenses | $7.0M | $18.1M | $34.8M | $51.9M | $58.4M | $64.1M | $58.7M |
| Operating Income | -$6.3M | -$17.1M | -$33.9M | -$51.7M | -$58.4M | -$64.1M | -$59.4M |
| EBITDA | -$7.3M | -$17.0M | -$33.7M | -$51.5M | -$58.1M | -$63.7M | -$55.3M |
| Interest Expense | $351302 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$7.7M | -$17.1M | -$33.8M | -$50.5M | -$53.5M | -$61.0M | -$56.0M |
| Income Tax | 0 | -$84336 | -$307485 | 0 | 0 | 0 | 0 |
| Net Income | -$7.7M | -$17.0M | -$33.5M | -$50.5M | -$53.5M | -$61.0M | -$56.0M |
| EPS | $-0.60 | $-1.26 | $-1.27 | $-1.87 | $-1.88 | $-2.04 | $-1.27 |
| EPS (Diluted) | $-0.60 | $-1.26 | $-1.27 | $-1.87 | $-1.88 | $-2.04 | $-1.27 |
| Shares Outstanding (Diluted) | $13.5M | $13.5M | $26.3M | $26.4M | $28.4M | $30.0M | $44.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$612729 | -$180479 | 0 |
| Operating Income | -$15.4M | -$13.8M | -$15.3M | -$19.0M |
| EBITDA | -$15.3M | -$13.7M | -$15.2M | -$17.2M |
| Net Income | -$15.0M | -$11.6M | -$13.5M | -$17.3M |
| EPS | $-0.38 | $-0.18 | $-0.21 | $-0.27 |
| EPS (Diluted) | $-0.38 | $-0.18 | $-0.21 | $-0.27 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $13.8M | $37.1M | $74.9M | $72.6M | $59.4M | $36.1M | $128.6M |
| Short-term Investments | 0 | 0 | $74.3M | $32.9M | $26.3M | 0 | $44.2M |
| Receivables | $209940 | $500110 | $246040 | $12417 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $14.1M | $37.7M | $152.3M | $108.7M | $89.1M | $39.6M | $176.2M |
| Property, Plant & Equipment | $35276 | $677466 | $6.1M | $5.8M | $5.4M | $4.8M | $4.3M |
| Goodwill | 0 | 0 | $6.7M | $6.7M | $6.7M | $6.7M | $6.7M |
| Intangible Assets | 0 | 0 | $439000 | $408947 | $379680 | $350413 | $321147 |
| Total Assets | $14.1M | $38.4M | $166.7M | $122.4M | $102.6M | $52.7M | $232.0M |
| Accounts Payable | $294948 | $1.5M | $1.4M | $3.2M | $2.1M | $2.0M | $1.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $505296 | $2.3M | $5.6M | $8.1M | $7.8M | $7.5M | $10.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $20.6M | $60.9M | $10.7M | $12.5M | $12.0M | $11.3M | $13.5M |
| Retained Earnings | -$8.7M | -$25.7M | -$59.3M | -$109.8M | -$163.3M | -$224.3M | -$280.3M |
| Total Equity | -$6.5M | -$22.5M | $156.0M | $109.9M | $90.6M | $41.4M | $218.5M |
| Total Debt | 0 | $621089 | $5.4M | $4.8M | $4.5M | $4.2M | $3.8M |
| Net Debt | -$13.8M | -$36.5M | -$143.8M | -$100.7M | -$81.2M | -$32.0M | -$169.0M |
| Working Capital | $13.6M | $35.5M | $146.7M | $100.7M | $81.2M | $32.1M | $166.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $227.6M | $128.6M | $47.3M | $41.3M |
| Total Assets | $241.1M | $232.0M | $214.8M | $202.1M |
| Total Liabilities | $13.1M | $13.5M | $8.3M | $11.3M |
| Total Equity | $228.0M | $218.5M | $206.5M | $190.7M |
| Total Debt | $3.9M | $3.8M | $3.7M | $3.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.7M | -$17.0M | -$33.5M | -$50.5M | -$53.5M | -$61.0M | -$56.0M |
| Depreciation & Amortization | $18079 | $79305 | $159072 | $277252 | $352083 | $385074 | $353784 |
| Stock-based Compensation | $596631 | $1.1M | $1.8M | $4.1M | $5.7M | $6.5M | $6.3M |
| Change in Working Capital | $437125 | $1.3M | $900416 | $1.7M | -$974641 | -$925383 | $3.8M |
| Operating Cash Flow | -$4.4M | -$14.6M | -$30.9M | -$44.1M | -$49.0M | -$55.0M | -$45.3M |
| Capital Expenditure | -$20526 | -$53415 | -$60786 | -$742485 | -$342746 | -$84875 | -$142226 |
| Acquisitions | 0 | 0 | $70348 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.5M | -$14.7M | -$30.9M | -$44.8M | -$49.3M | -$55.1M | -$45.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.0M | -$9.8M | -$18.4M | -$16.5M |
| Capital Expenditure | -$7255 | -$123910 | -$79930 | -$27367 |
| Free Cash Flow | -$12.0M | -$10.0M | -$18.5M | -$16.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.5M | $1.6M | $1.6M | $1.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +20.4% | -10.0% | -84.8% | -100.0% | | |
| Net Income Growth (YoY) | | -121.0% | -96.8% | -50.6% | -5.9% | -14.1% | +8.2% |
| EPS Growth (YoY) | | -110.0% | -0.8% | -47.2% | -0.5% | -8.5% | +37.7% |
| Shares Change (YoY) | | +0.0% | +94.8% | +0.3% | +7.7% | +5.5% | +46.8% |
| FCF Growth (YoY) | | -228.8% | -110.7% | -45.1% | -10.0% | -11.7% | +17.4% |
| Gross Margin | 36.3% | 44.6% | 44.6% | 50.1% | | | |
| Operating Margin | -327.7% | -739.0% | -1629.2% | -16325.8% | | | |
| EBITDA Margin | -382.4% | -735.6% | -1619.5% | -16238.4% | | | |
| Net Margin | -401.6% | -737.2% | -1612.3% | -15937.3% | | | |
| FCF Margin | -232.5% | -634.8% | -1486.2% | -14148.4% | | | |
| Effective Tax Rate | -0.0% | 0.5% | 0.9% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.33 | $-1.09 | $-1.17 | $-1.70 | $-1.74 | $-1.84 | $-1.03 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $13.5M | $13.5M | $26.3M | $26.4M | $28.4M | $30.0M | $44.0M |
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 | -27.15% |
| Return on Invested Capital | -32.65% |
| Return on Assets | -28.35% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 19.47 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 11.19 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -29.32 | -13.96 | -12.73 | -2.59 | -3.91 | -1.08 | -5.18 |
| P/B | -36.41 | -10.57 | 2.73 | 1.17 | 2.31 | 1.59 | 1.33 |
| P/S | 123.80 | 102.82 | 204.62 | 403.77 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 36.3% | 44.6% | 44.6% | 50.1% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -327.7% | -739.0% | -1629.2% | -16325.8% | 0.0% | 0.0% | 0.0% |
| Net Margin | -401.6% | -737.2% | -1612.3% | -15937.3% | 0.0% | 0.0% | 0.0% |