The company continues to experience significant cash burn, evidenced by a $28.2M free cash flow deficit in 2026Q2 and an OCF/NI conversion ratio of 0.63.
Immutep Limited (IMMP) cash flow statement — 19-year operating, investing & financing cash flows
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Cash from Operations | -54.25M | -62.05M | -34.82M | -35.88M | -30.23M | -17.64M | -10.84M | -15.29M | -7.78M | -8.51M | -11.31M | -7.79M | -14.23M | -16.04M | -19.12M | -9.76M | -6.46M | -1.88M | -1.55M |
| Operating CF Margin % | -381.01% | -1230.22% | -906.36% | -1023.56% | -17743.69% | -456.67% | -144.79% | -10935.88% | -295.64% | -201.51% | -6460.76% | -372.07% | -453.08% | -400.39% | -1257.9% | - | -1233.77% | - | - |
| Operating CF Growth % | 12.57% | -78.2% | 2.96% | -18.7% | -71.37% | -62.74% | 29.09% | -96.57% | 8.58% | 24.78% | -45.24% | 45.27% | 11.29% | 16.13% | -95.99% | -50.98% | -243.07% | -21.18% | - |
| Net Income | -77.57M | -61.43M | -42.72M | -39.9M | -32.21M | -29.9M | -13.47M | -18.34M | -12.75M | -9.37M | -62.02M | -32.15M | -13.34M | -15.23M | -19.94M | -21.08M | -12.16M | -2.95M | -1.89M |
| Depreciation & Amortization | 2.42M | 2.49M | 2.17M | 2.03M | 2.06M | 2.01M | 2.08M | 1.88M | 1.81M | 1.7M | 1.99M | 1.34M | 446.36K | 254.02K | 377.3K | 64.22K | 53.04K | 49.42K | 52.86K |
| Stock-Based Compensation | 0 | 1.16M | 1.8M | 2M | 1.49M | 1.7M | 1.72M | 1.58M | 2.26M | 862.23K | 49.53M | 738.8K | 57.31K | 189.52K | 303.41K | 10.58M | 376.74K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -4.99M | 0 | -7.29M | -6.11M | -5.71M | -9.79M | -218.57K | 826.37K | -1.03M | -908.59K | -1.45M | -355.21K | -10.58M | 2.48M | 0 | 0 |
| Other Non-Cash Items | 4.68M | 4.28M | 469.35K | 4.2M | -9.05K | 17.83M | 4.84M | 5.65M | 10.94M | 751.82K | 1.15M | 18.34M | -10.08K | 27.07K | 303.41K | 11.14M | 1.79M | 815.44K | 421.04K |
| Working Capital Changes | 16.22M | -8.54M | 3.46M | 764.6K | -1.56M | -1.99M | 94.16K | -345.19K | -252.22K | -2.24M | -2.79M | 4.98M | -468.78K | 164.7K | 191.67K | 124.2K | 999.09K | 198.03K | -140.88K |
| Change in Receivables | 448.22K | -2.52M | 601.76K | -1.61M | -2.25M | -2.83M | 1.9M | -1.76M | -1.24M | -2.03M | -394.92K | 5.96M | 4.07K | 79.91K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 813.92K | 0 | 0 | 0 | 0 | 648.58K | 1.89M | 0 | 0 | 191.73K | 22.62K | -214.35K | 0 | 0 | 0 |
| Change in Payables | 2.72M | 0 | 0 | 3.27M | 1.44M | 1.38M | -2.13M | 1.4M | 1.08M | 1.38M | -1.49M | 0 | 0 | -79.91K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 55.23M | -38.53M | -21.02M | -31K | -22.91K | -15.6K | -19.35K | -41.43K | -11.89K | -6.64K | 102.58K | -11.96M | -1.1M | 12.54M | -11.62M | -44.75K | -10.09M | -1.76K | -4.57K |
| Capital Expenditures | -90.9K | -45.77K | -932.37K | -47K | -22.91K | -15.6K | -19.35K | -41.43K | -11.89K | -6.64K | -27.13K | -48.5K | -103.67K | -507.92K | -574.57K | -44.75K | -95.33K | -2.66K | -4.57K |
| CapEx % of Revenue | 0.64% | 0.91% | 24.27% | 1.34% | 13.45% | 0.4% | 0.26% | 29.64% | 0.45% | 0.16% | 15.5% | 2.32% | 3.3% | 12.68% | 37.8% | - | 18.2% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.7K | -20.91M | 1.1M | -12.54M | 21.62M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -29.35K | -38.49M | -903.15K | 16K | 0 | 0 | 0 | -41.43K | -11.89K | -6.64K | 0 | -11.96M | -1.1M | 12.54M | -21.62M | 0 | -10M | 901 | 0 |
| Cash from Financing | -209.74K | -525.12K | 95.18M | 76.04M | 50.33M | 52.68M | 20.48M | 8.01M | 18.4M | -8.53K | 25.72M | 11.27M | 6.69M | 7.16M | 1.81M | 50.08M | 21.25M | 1.73M | 1.99M |
| Debt Issued (Net) | 0 | -270.67K | -226.49K | -211.97K | -222.54K | -214.38K | -77.54K | 0 | 0 | 0 | 12.24M | 3.69M | 0 | 0 | 0 | 5.41M | 6.33M | 1.69M | 0 |
| Equity Issued (Net) | 0 | 0 | 100.24M | 80.08M | 52.98M | 43.31M | 22.03M | 4.87M | 16.97M | 0 | 13.76M | 7.74M | 6.84M | 7.71M | 1.82M | 49.66M | 15.1M | 1.69M | 2.18M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -209.74K | -254.46K | -4.83M | -3.83M | -2.43M | 9.59M | -1.47M | 3.14M | 1.44M | -8.53K | -283.15K | -164.32K | -157.61K | -552.22K | -6.93K | -1.92M | -177K | -1.65M | -194.53K |
| Net Change in Cash | 5.11M | -94.38M | 38.37M | 43.42M | 19.4M | 34.27M | 9.75M | -6.91M | 11.24M | -8.64M | 14.12M | -7.44M | -7.82M | 5.03M | -28.93M | 40.28M | 4.7M | -158.7K | 426.48K |
| Free Cash Flow | -54.34M | -62.1M | -35.75M | -35.93M | -30.25M | -17.66M | -10.86M | -15.33M | -7.79M | -8.51M | -11.34M | -7.84M | -14.33M | -16.55M | -19.69M | -9.8M | -6.56M | -1.89M | -1.56M |
| FCF Margin % | -381.65% | -1231.13% | -930.63% | -1024.9% | -17757.14% | -457.08% | -145.04% | -10965.53% | -296.09% | -201.67% | -6476.26% | -374.39% | -456.39% | -413.07% | -1295.7% | - | -1251.97% | - | - |
| FCF Growth % | 12.49% | -73.68% | 0.49% | -18.77% | -71.35% | -62.6% | 29.16% | -96.8% | 8.51% | 24.9% | -44.69% | 45.32% | 13.38% | 15.99% | -100.96% | -49.47% | -247.64% | -20.99% | - |
| FCF per Share | -7.39 | -8.53 | -5.95 | -7.98 | -7.02 | -5.84 | -5.33 | -7.18 | -3.65 | -3.99 | -0.27 | -0.18 | -0.34 | -0.39 | -0.46 | -0.23 | -0.15 | -0.04 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.70x | 1.01x | 0.82x | 0.90x | 0.94x | 0.59x | 0.80x | 0.94x | 0.61x | 0.91x | 0.18x | 0.24x | 1.07x | 1.05x | 0.96x | 0.46x | 0.53x | 0.64x | 0.82x |
| Interest Paid | 0 | 35.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying IMMP stock.
Immutep Limited (IMMP) generated $-54.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Immutep Limited (IMMP) reported negative free cash flow of $54.3M in 2026, indicating capital requirements exceeded cash from operations.
Immutep Limited (IMMP) spent $0.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical trial funding dependency
Earnings Disconnect Masks Cash Burn
According to the provided financial data, Immutep's operating cash flow consistently trails net income, with an OCF/NI ratio of 0.63 in 2026Q2, suggesting that reported accounting losses do not fully capture the actual cash requirements needed to sustain the company's ongoing clinical development programs.
The persistent gap between net income and operating cash flow indicates that non-cash items and accruals are significantly influencing the bottom line. Investors should monitor this divergence, as it suggests that the company's cash-based burn rate is more aggressive than the headline net loss figures might imply.
Persistent Free Cash Flow Deficits
As reported in financial statements, Immutep's free cash flow remains deeply negative, with a 2026Q2 outflow of $28.2M, highlighting a trajectory where the company continues to consume capital at a rate that far outpaces its ability to generate internal cash from milestone-driven revenue.
The consistent negative FCF margin, which reached -4.7% in the most recent quarter, underscores the structural reliance on external financing to fund operations. This trend appears to be accelerating as the company advances its late-stage clinical trials, necessitating a cautious outlook on liquidity.
Minimal Capital Intensity Relative Revenue
Based on Immutep's reported figures, capital expenditures remain negligible, with a 2026Q2 outlay of $91.0K, which suggests that the company's primary cash requirements are driven by operational R&D expenses rather than significant investments in physical infrastructure or long-term manufacturing assets.
The low capital intensity reflects a business model that prioritizes clinical trial execution over heavy asset ownership. While this preserves cash for R&D, it also implies that the company lacks a tangible asset base that could otherwise provide collateral or long-term operational stability.
Working Capital Volatility Impacts Liquidity
As indicated by the historical data, working capital changes have been erratic, with a notable $8.5M outflow in 2025Q4, suggesting that the timing of milestone payments and vendor obligations creates significant, unpredictable fluctuations in the company's quarterly cash position.
The lack of a consistent working capital cycle is typical for a pre-commercial biotech, yet it complicates the predictability of the company's cash runway. Investors should monitor these swings, as they may indicate underlying challenges in managing the timing of cash inflows from collaboration partners.
Capital Allocation Focused on Survival
According to recent SEC filings, Immutep has directed its limited capital exclusively toward R&D and operational expenses, with no evidence of dividends or share repurchases, reflecting a capital allocation strategy that is entirely focused on extending the company's runway to reach critical clinical data readouts.
The absence of shareholder-friendly capital returns is appropriate given the company's pre-revenue status and high cash burn. Management's focus on preserving cash for clinical development appears to be the only viable path forward, though this leaves shareholders exposed to the risks of continued equity dilution.