Immutep (IMM) H2 2024 earnings summary

Executive summary

• Advanced lead product candidate eftilagimod alfa (efti) through late-stage clinical trials in three major oncology indications: first-line non-small cell lung cancer (NSCLC), first-line head and neck squamous cell carcinoma (HNSCC), and metastatic breast cancer (MBC).

• Entered a pivotal Phase III trial collaboration with MSD for TACTI-004 in NSCLC, with MSD supplying KEYTRUDA and Immutep retaining commercial rights to efti.

• Reported strong clinical data across multiple trials, including compelling survival and response rates in NSCLC and HNSCC, and promising results in MBC and soft tissue sarcoma.

• Raised A$100.2 million in new equity, extending cash runway to end of 2026.

• Expanded Board with appointment of Anne Anderson as independent non-executive director.

Financial highlights

• Total revenue and other income increased to A$7.8 million in FY2024 from A$5.2 million in FY2023, driven by higher interest income and grant revenue.

• Research and development and intellectual property expenses rose to A$41.55 million (FY2023: A$36.26 million), reflecting increased clinical trial activity.

• Corporate administrative expenses were A$8.85 million (FY2023: A$8.68 million).

• Loss after tax for FY2024 was A$42.7 million, up from A$39.9 million in FY2023.

• Cash and cash equivalents plus term deposits totaled A$181.8 million as of 30 June 2024.

Outlook and guidance

• Focus remains on advancing efti in first-line NSCLC via the TACTI-004 Phase III trial, with first patient enrolment expected late 2024 or early 2025.

• Plans to explore regulatory paths for HNSCC and MBC based on ongoing trial data.

• IMP761, a first-in-class LAG-3 agonist antibody for autoimmune diseases, has entered clinical stage, opening new market opportunities.

• Strong cash position supports continued development and milestone achievement.