Immutep 20-F: A$79.3M FY26 Loss, A$68.9M Cash Into H1 2028, Audit Chair Vacancy
IMMP is trading near its 52-week low of $3.06 (4.2% above the low).
Summary
Immutep's audited FY2026 20-F shows a widened A$79.3 million loss and A$68.9 million in cash and deposits that management says lasts into H1 2028, alongside the Dr. Reddy's license economics, Novartis's exit from IMP701, and an audit committee now without a financial expert.
Key Events · Earnings and Guidance · IMMP
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FY26 Loss Widens to A$79.3M
Net loss after tax was A$79.3 million versus A$61.4 million in FY2025, driven by R&D and IP expenses of A$91.9 million (FY2025: A$61.4 million) including TACTI-004 close-out costs and a A$3.1 million non-cash IP impairment.
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Cash of A$68.9M Into H1 2028
Cash and cash equivalents of A$63.7 million plus A$5.2 million in term deposits at June 30, 2026; management states this supports operations well into the first half of calendar 2028 after headcount and cost cuts.
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Dr. Reddy's Deal Quantified
US$20.0 million upfront received January 2026, US$10.0 million repaid in June 2026 after TACTI-004 was discontinued, A$14.6 million recognized as FY2026 license revenue, and up to US$349.5 million in potential milestones plus royalties.
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Novartis Exits IMP701 License
Novartis terminated the LAG525/IMP701 license in August 2026 and will assign its interest in jointly owned LAG-3 patents to Immutep; the program generated no revenue and no further payments are expected.
Analysis · IMMP · Life Sciences
The audited annual report behind the September 2 preview lands with the stock near its 52-week low, following the March 2026 collapse of the TACTI-004 Phase III lung cancer trial. The loss widened to A$79.3 million from A$61.4 million as R&D spending jumped to A$91.9 million, yet the balance sheet still holds A$68.9 million in cash and term deposits, which management says funds operations well into the first half of calendar 2028. Dr. Reddy's deal economics are now fully quantified: US$20 million upfront, half of it handed back after TACTI-004 failed, A$14.6 million booked as FY2026 revenue, and up to US$349.5 million in milestones tied to programs the company has not yet restarted. Two governance items stand out: Novartis walked away from the IMP701 license in August 2026, and the audit committee chair resigned on October 2, 2026, leaving the committee without a designated financial expert until a replacement is named. With no approved product and the efti path forward still tied to an unfinished root cause analysis, the cash runway is the thesis and the clock is running.
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At the time of this filing, IMMP was trading at $3.19 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $22.8M. The 52-week trading range was $3.06 to $70.60. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.