Immutep (IMMP) AI Stock Analysis

• Market Cap: $254.17M
• Dividend Yield: N/A
• Average Volume (3M): 73.03K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: N/A
• EPS Growth: 15.17%
• Country: US
• Employees: 41
• Sector: Healthcare
• Sector Strength: 56
• Industry: Biotechnology
• EPS (TTM): -0.22
• Shares Outstanding: 146,038,960
• 10 Day Avg. Volume: 47,326
• 30 Day Avg. Volume: 73,028
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $12.00
• Price Target Upside: 601.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

Immutep's overall score reflects significant financial and operational challenges common in early-stage biotech firms. The stable balance sheet and ability to secure financing are positive factors, but ongoing losses and cash flow issues impact the score. Technical analysis indicates mixed market sentiment, while valuation remains unattractive due to negative earnings. The absence of earnings call insights or corporate events leaves the outlook uncertain, emphasizing the need for successful product development and commercialization.

Positive Factors

Clinical Trials

The combination therapy of efti + Keytruda has demonstrated a progression-free survival of 5.8 months and a median duration of response of 9.3 months.

Market Opportunity

The TACTI-004 trial could open up a very large market opportunity for Immutep, as it will be enrolling first line squamous and non-squamous NSCLC patients who are unselected for PD-L1 expression.

Partnerships

Merck has agreed to supply Keytruda for the TACTI-004 trial, which is a ~$100M value for Immutep.

Negative Factors

Study Limitations

The data is particularly impressive given the comparatively lower rate of PD-L1 high expressors in INSIGHT-003.

Uncertain Approval

Data continue to be compelling, suggesting favorable odds of approval if similar results are observed in the larger TACTI-004 study.

Immutep Business Overview & Revenue Model

Company Description

Immutep Limited, a biotechnology company, engages in the research and development of pharmaceutical product candidates. The company develops immunotherapeutic products for the treatment of cancer and autoimmune diseases. Its lead product candidate is eftilagimod alpha (efti or IMP321), a recombinant protein that is in Phase IIb clinical trial as a chemoimmunotherapy combination for metastatic breast cancer. The company also develops TACTI-002, which is in a Phase II clinical trial for the treatment of head and neck squamous cell carcinoma (HNSCC) and non-small cell lung cancer; TACTI-003 that is in Phase IIb clinical trial to treat HNSCC; and INSIGHT-004 and INSIGHT-003, which is in a Phase I clinical trial for the treatment of solid tumors, as well as INSIGHT-005 that is in Phase I/IIa clinical trial to treat solid tumors. Its other products include IMP761, an agonist of lymphocyte activation gene 3 for autoimmune disease; IMP701, an antagonist antibody that acts to stimulate T cell proliferation in cancer patients; and IMP731, a depleting antibody that removes T cells involved in autoimmunity. Immutep Limited has collaboration agreements with GlaxoSmithKline, Novartis, CYTLIMIC Inc., Merck & Co., Inc., Institute of Clinical Cancer Research, Merck KGaA, and EOC Pharma. The company was formerly known as Prima BioMed Ltd and changed its name to Immutep Limited in November 2017. Immutep Limited was incorporated in 1987 and is based in Sydney, Australia.

How the Company Makes Money

Immutep primarily generates revenue through a combination of licensing agreements, collaborative research, and development partnerships. The company partners with other pharmaceutical and biotechnology companies to co-develop and commercialize its therapeutic candidates. Revenue streams include upfront payments, milestone payments, and royalties from these partnerships. Immutep's collaborations with major industry players, such as Merck and GlaxoSmithKline, play a crucial role in its revenue generation strategy by providing funding and expertise to advance its product pipeline. Additionally, Immutep may receive government grants and financial support to aid in the development of its immunotherapy treatments.

Immutep Financial Statement Overview

Summary

Immutep's financials reflect typical challenges faced by biotechnology firms in the development phase. While the income statement shows ongoing losses and negative margins, the balance sheet remains stable with strong equity and low leverage. Cash flow challenges persist, primarily due to high R&D expenditure, but are mitigated by substantial financing efforts. The company’s financial health is contingent on its ability to continue securing funding and ultimately achieving successful product commercialization.

Income Statement

Immutep displays a challenging income statement with a negative gross profit margin and consistently negative net income. Revenue growth has been volatile, with recent growth from a low base. The EBIT and EBITDA margins are deeply negative, reflecting ongoing operational and structural challenges. The company’s financial trajectory indicates difficulty in achieving profitability in the near term, common in biotechs during extensive R&D phases.

Balance Sheet

The balance sheet shows a strong equity position with low debt levels, resulting in a favorable debt-to-equity ratio. The equity ratio is robust, highlighting financial stability and a solid asset base. However, the continuous losses and cash burn could pressure equity if not offset by ongoing financing activities, a typical scenario in the biotechnology sector.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows as expected in an R&D-intensive biotech firm. Operating cash flow to net income ratio is not favorable, indicating significant cash burn relative to revenue generation. Free cash flow remains negative, but the company has managed significant financing to support operations, a critical factor for sustaining R&D activities.

Breakdown
Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement		Total Revenue
3.84M	3.51M	170.37K	3.97M	7.49M
	Gross Profit
-37.70M	1.44M	-1.89M	1.90M	-14.99M
	EBIT
-88.10M	-44.94M	-33.94M	-19.56M	-16.02M
	EBITDA
-44.54M	-39.57M	-31.87M	-17.77M	-13.46M
	Net Income Common Stockholders
-42.72M	-39.90M	-32.21M	-29.90M	-13.47M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
181.88M	123.42M	80.00M	60.13M	26.32M
	Total Assets
201.58M	147.45M	102.17M	82.03M	46.60M
	Total Debt
1.59M	1.23M	1.73M	2.82M	9.05M
	Net Debt
-160.20M	-122.19M	-78.26M	-57.31M	-17.27M
	Total Liabilities
12.06M	10.98M	8.09M	8.76M	13.30M
	Stockholders Equity
189.52M	136.47M	94.08M	73.27M	33.30M
Cash Flow		Free Cash Flow
-35.75M	-35.93M	-30.25M	-17.66M	-10.86M
	Operating Cash Flow
-34.82M	-35.88M	-30.23M	-17.64M	-10.84M
	Investing Cash Flow
-21.02M	-31.00K	-22.91K	-15.60K	-19.35K
	Financing Cash Flow
95.18M	76.04M	50.33M	52.68M	20.48M

Immutep Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.71
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMMP, the sentiment is Positive. The current price of 1.71 is above the 20-day moving average (MA) of 1.56, below the 50-day MA of 1.71, and below the 200-day MA of 2.00, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.09 is Neutral, neither overbought nor oversold. The STOCH value of 64.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMMP.

Immutep Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CMPX	60 Neutral	$261.35M	―	-36.07%	―	―	-7.93%
Sector *	52 Neutral	$5.36B	3.81	-42.57%	2.86%	17.10%	1.33%
IMMP	50 Neutral	$254.17M	―	-31.16%	―	―	15.17%
AVIR	47 Neutral	$254.87M	―	-33.88%	―	―	-22.66%
ITOS	45 Neutral	$297.39M	―	-23.68%	―	―	14.60%
ATXS	44 Neutral	$302.49M	―	-33.52%	―	―	27.92%
YMAB	44 Neutral	$199.67M	―	-30.74%	―	3.38%	-36.40%