Immutep FY26 Annual Report: A$79.3M Loss, Nasdaq Bid Price Deficiency, and Novartis Exit
IMMP sits 35% above its 52-week low of $0.293 on light trading volume (0.3× avg).
Summary
Immutep's FY26 annual report shows a A$79.3M loss, a Nasdaq bid price deficiency with an October 2026 deadline, and the termination of its Novartis LAG-3 collaboration. Cash runway extends to H1 2028.
Key Events · Earnings and Guidance · IMMP
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FY26 Loss Widens to A$79.3M
Loss after tax increased 29.1% from A$61.4M to A$79.3M, driven by a A$30.5M rise in R&D and IP expenses, including a A$3.1M non-cash impairment of efti patents following the TACTI-004 discontinuation.
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Nasdaq Bid Price Deficiency
Immutep received notice in April 2026 that its ADSs no longer meet the US$1.00 minimum bid price requirement. The 180-day compliance period expires 26 October 2026, with no immediate effect on listing.
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Novartis Terminates LAG-3 Collaboration
In August 2026, Novartis terminated the 2012 LAG-3 collaboration agreement. Novartis will assign its ownership interest in jointly owned LAG-3 patents to Immutep S.A.S., consolidating IP control but removing a potential revenue source.
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Cash Runway to H1 2028
Cash, cash equivalents and term deposits totaled A$68.9M at 30 June 2026. Management expects this to fund operations well into the first half of CY2028, supported by cost reduction initiatives and TACTI-004 wind-down.
Analysis · IMMP · Life Sciences
The audited FY26 annual report confirms a A$79.3M loss after tax, up 29% from FY25, driven by a A$30.5M increase in R&D spend and a A$3.1M non-cash impairment of efti intellectual property following the TACTI-004 Phase III discontinuation. A Nasdaq minimum bid price deficiency notice received in April 2026 sets a compliance deadline of 26 October 2026 — a listing risk that could force a reverse split or other remedial action. Separately, Novartis terminated the LAG-3 collaboration in August 2026, consolidating patent rights back to Immutep but removing a potential future revenue stream. Cash of A$68.9M provides runway into H1 2028, but the combination of a failed pivotal trial, a delisting clock, and a shrinking partnership base makes this a critical juncture for the company.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.2% of the 2009 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, IMMP was trading at $0.40 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $50.7M. The 52-week trading range was $0.29 to $3.53. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.