The company's reliance on lumpy milestone payments resulted in a negative 6.7% gross margin in 2026Q2, while operating losses expanded to $46.0M due to heavy R&D investment.
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 12.8M | 5.04M | 3.84M | 3.51M | 170.37K | 3.86M | 7.49M | 139.78K | 2.63M | 4.22M | 175.05K | 2.09M | 3.14M | 4.01M | 1.52M | 0 | 523.73K | 0 | 0 |
| Revenue Growth % | 121.22% | 31.28% | 9.59% | 1957.72% | -95.59% | -48.4% | 5255.8% | -94.69% | -37.69% | 2311.59% | -91.64% | -33.35% | -21.6% | 163.51% | - | -100% | - | - | - |
| Cost of Goods Sold | 129.14M | 61.41M | 41.55M | 2.06M | 2.06M | 17.24M | 22.47M | 16.59M | 9.99M | 1.7M | 7.06M | 219.11K | 713.31K | 939.06K | 117.23K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 1217.55% | 1081.42% | 58.81% | 1211.18% | 446.22% | 300.18% | 11869.34% | 379.77% | 40.31% | 4032.82% | 10.47% | 22.72% | 23.44% | 7.71% | - | - | - | - |
| Gross Profit | -116.34M | -56.37M | -37.7M | 1.44M | -1.89M | -13.37M | -14.99M | -16.45M | -7.36M | 2.52M | -6.88M | 1.87M | 2.43M | 3.07M | 1.4M | 0 | 523.73K | 0 | 0 |
| Gross Margin % | -908.81% | -1117.55% | -981.42% | 41.19% | -1111.18% | -346.22% | -200.18% | -11769.34% | -279.77% | 59.69% | -3932.82% | 89.53% | 77.28% | 76.56% | 92.29% | - | 100% | - | - |
| Gross Profit Growth % | - | -49.49% | -2711.31% | 176.27% | 85.84% | 10.76% | 8.91% | -123.54% | -392.05% | 136.6% | -467.42% | -22.79% | -20.86% | 118.59% | - | -100% | - | - | - |
| Operating Expenses | 100.65M | 70.06M | 50.4M | 44.94M | 32.55M | 18.3M | 22.56M | 19.1M | 14.82M | 9.46M | 61.91M | 14.68M | 14.45M | 17.46M | 22.65M | 15.2M | 8.39M | 2.38M | 1.93M |
| OpEx % of Revenue | - | 1388.94% | 1311.84% | 1281.82% | 19104.22% | 473.82% | 301.32% | 13665.71% | 563.31% | 224.03% | 35368.63% | 701.49% | 460.17% | 435.96% | 1490.43% | - | 1602.43% | - | - |
| Selling, General & Admin | 18.12M | 8.64M | 8.85M | 14.08M | 7.21M | 6.28M | 6.34M | 6.13M | 7.24M | 4.35M | 54.45M | 5.72M | 4.09M | 4.85M | 7.78M | 5.6M | 3.15M | 1.71M | 1.55M |
| SG&A % of Revenue | - | 171.39% | 230.42% | 401.68% | 4232.06% | 162.63% | 84.63% | 4384.88% | 275.31% | 102.97% | 31105.44% | 273.46% | 130.34% | 121.12% | 511.6% | - | 601.12% | - | - |
| Research & Development | 82.52M | 61.41M | 41.55M | 28.79M | 31.34M | 17.24M | 20.4M | 16.59M | 9.99M | 7.53M | 7.06M | 8.95M | 11.93M | 14.01M | 14.5M | 9.53M | 5.12M | 620.03K | 330.51K |
| R&D % of Revenue | - | 1217.55% | 1081.42% | 821.33% | 18396.29% | 446.22% | 272.44% | 11869.34% | 379.77% | 178.27% | 4032.82% | 427.76% | 379.96% | 349.66% | 954% | - | 978.46% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 2.06M | -6M | -5.22M | -4.17M | -3.62M | -866.85K | -751.82K | -1.15M | 5.69K | -1.57M | -1.39M | 377.3K | 64.29K | 119.69K | 49.42K | 52.86K |
| Operating Income | -216.99M | -126.42M | -88.1M | -77.69M | -33.94M | -31.68M | -16.02M | -20.42M | -11.69M | -9.35M | -61.47M | -13.92M | -13.33M | -15.11M | -18.45M | -14.13M | -7.89M | -2.35M | -1.88M |
| Operating Margin % | -1695.01% | -2506.49% | -2293.26% | -2216.05% | -19920.03% | -820.05% | -213.97% | -14606.55% | -444.55% | -221.55% | -35117.79% | -665.3% | -424.51% | -377.12% | -1213.95% | - | -1506.55% | - | - |
| Operating Income Growth % | - | -43.49% | -13.41% | -128.92% | -7.14% | -97.75% | 21.54% | -74.6% | -25.03% | 84.79% | -341.5% | -4.46% | 11.75% | 18.14% | -30.59% | -79.08% | -235.06% | -25.49% | - |
| EBITDA | -212.64M | -124.29M | -86.09M | -75.83M | -32.1M | -29.79M | -13.94M | -18.54M | -9.88M | -7.65M | -59.48M | -12.58M | -12.88M | -14.85M | -18.07M | -14.07M | -7.84M | -2.31M | -1.82M |
| EBITDA Margin % | -1661.06% | -2464.17% | -2240.86% | -2163.01% | -18840.57% | -771.15% | -186.19% | -13262.21% | -375.78% | -181.24% | -33979.22% | -601.22% | -410.29% | -370.78% | -1189.12% | - | -1496.43% | - | - |
| EBITDA Growth % | -104.49% | -44.37% | -13.53% | -136.24% | -7.76% | -113.7% | 24.81% | -87.54% | -29.19% | 87.14% | -372.72% | 2.33% | 13.25% | 17.84% | -28.5% | -79.48% | -239.94% | -26.42% | - |
| D&A (Non-Cash Add-back) | 4.35M | 2.13M | 2.01M | 1.86M | 1.84M | 1.89M | 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 |
| EBIT | -134.47M | -65.01M | -46.56M | -41.43M | -33.84M | -19.66M | -13.46M | -18.34M | -12.74M | -9.46M | -63.19M | -14.68M | -14.45M | 0 | 0 | -8.29M | -11.01M | -2.8M | 0 |
| Net Interest Income | 8.66M | 5.25M | 3.85M | 918.6K | 132.09K | 95.5K | 189.08K | 397.28K | 177.19K | 0 | 255.84K | -18.15M | 0 | 0 | 0 | -5.33M | -6.47M | -148.88K | 0 |
| Interest Income | 8.7M | 5.25M | 3.88M | 939K | 224.52K | 105.33K | 199.54K | 397.28K | 177.19K | 104.37K | 264.04K | 219.11K | 713.31K | 939.06K | 2.68M | 1.07M | 475.04K | 0 | 57.94K |
| Interest Expense | 62.73K | 24.01K | 30.59K | 20.4K | 92.43K | 9.82K | 10.46K | 0 | 0 | 0 | 8.2K | 18.36M | 0 | 0 | 0 | 6.4M | 1.79M | 148.88K | 0 |
| Other Income/Expense | 89.2M | 64.99M | 45.39M | 37.79M | 1.63M | 1.77M | 2.55M | 2.07M | 6.61M | 4.64M | 2.93M | -10.44M | 12.5M | 2.32M | -1.49M | -6.95M | -7.49M | -591.53K | -10.77K |
| Pretax Income | -127.78M | -61.43M | -42.72M | -39.9M | -32.21M | -29.9M | -13.47M | -18.34M | -12.74M | -10.1M | -63.2M | -32.29M | -13.33M | -15.14M | -19.94M | -21.08M | -12.16M | -2.95M | -1.89M |
| Pretax Margin % | -998.18% | -1218.02% | -1111.87% | -1138.04% | -18906.49% | -774.12% | -179.9% | -13123.28% | -484.49% | -239.36% | -36101.39% | -1543.04% | -424.51% | -377.96% | -1311.89% | - | -2321.62% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 34 | 33 | 37 | -2.07M | 1.68K | -737.39K | -1.18M | -142.16K | 13.61K | 86.87K | 0 | 6.4M | 1.79M | 0 | -47.2K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -0% | -0% | -0% | 11.3% | -0.01% | 7.3% | 1.87% | 0.44% | -0.1% | -0.57% | 0% | -30.34% | -14.71% | 0% | 2.5% |
| Net Income | -127.78M | -61.43M | -42.72M | -39.9M | -32.21M | -29.9M | -13.47M | -16.27M | -12.75M | -9.37M | -62.02M | -32.15M | -13.34M | -15.23M | -19.94M | -21.08M | -12.16M | -2.95M | -1.89M |
| Net Margin % | -998.18% | -1218.02% | -1111.87% | -1138.04% | -18906.51% | -774.12% | -179.9% | -11640.01% | -484.55% | -221.89% | -35426.72% | -1536.25% | -424.94% | -380.13% | -1311.89% | - | -2321.57% | - | - |
| Net Income Growth % | -65.81% | -43.82% | -7.07% | -23.86% | -7.72% | -122.02% | 17.22% | -27.65% | -36.07% | 84.9% | -92.88% | -140.96% | 12.36% | 23.65% | 5.41% | -73.38% | -312.67% | -56.11% | - |
| Net Income (Continuing) | -127.78M | -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 | -17.96M | -2.95M | -1.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -252 | -236 | 101 |
| EPS (Diluted) | -0.87 | -0.42 | -0.36 | -0.44 | -0.37 | -0.49 | -0.33 | -0.47 | -0.48 | -0.44 | -2.70 | -2.00 | -1.10 | -1.40 | -1.90 | -3.70 | -2.00 | -0.75 | -0.61 |
| EPS Growth % | -12.5% | -16.67% | 18.18% | -18.92% | 24.49% | -48.48% | 29.79% | 2.08% | -9.09% | 83.7% | -35% | -81.82% | 21.43% | 26.32% | 48.65% | -85% | -166.67% | -22.95% | - |
| EPS (Basic) | - | -0.42 | -0.36 | -0.44 | -0.37 | -0.49 | -0.33 | -0.47 | -0.48 | -0.44 | -2.70 | -2.00 | -1.10 | -1.40 | -1.90 | -3.70 | -2.00 | -0.75 | -0.61 |
| Diluted Shares Outstanding | 147.08M | 145.58M | 120.11M | 90.06M | 86.23M | 60.43M | 40.73M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M |
| Basic Shares Outstanding | 147.08M | 145.58M | 119.99M | 90.06M | 86.23M | 60.43M | 40.73M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M | 42.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
According to the provided financial data, Immutep's revenue remains entirely non-commercial and project-based, with a 91.5% year-over-year surge in 2026Q2 highlighting the inherent volatility of milestone payments and R&D tax incentives rather than any underlying shift toward a sustainable, recurring commercial revenue model.
The absence of product sales renders top-line growth metrics largely uninformative for assessing operational health. Investors should view these revenue spikes as temporary liquidity events that do not signal a transition toward commercial viability or market penetration.
As reported in recent income statements, the company's cost structure is dominated by R&D outlays, which reached $36.1M in 2025Q4, reflecting the heavy capital requirements of advancing late-stage clinical programs like TACTI-003 without the benefit of offsetting commercial product revenue streams.
The concentration of expenses in clinical trial execution suggests that management is prioritizing pipeline advancement over near-term expense discipline. This high fixed-cost burden necessitates constant capital access, as the company lacks the operational scale to absorb these research-related expenditures.
Based on the reported figures, Immutep's gross margin has fluctuated significantly, reaching a negative 6.7% in 2026Q2, which underscores the fundamental challenge of a pre-revenue biotechnology firm attempting to manage high-cost clinical development within a constrained and non-commercial financial framework.
The extreme volatility in margins is a direct consequence of the company's reliance on non-operational income to cover substantial research costs. Until the company achieves a transition to a royalty-based or commercial model, these margin figures will continue to reflect clinical trial intensity rather than operational efficiency.
Analysis of the income statement indicates that operating losses have widened significantly, with 2026Q2 operating income reaching -$46.0M, suggesting that the company's current development trajectory is scaling expenses far faster than any potential revenue generation from its existing partnership-based business model.
The lack of operating leverage is expected for a clinical-stage entity, yet the widening gap between R&D spending and revenue warrants close monitoring. Investors should note that the current cost structure provides no evidence of economies of scale, as every incremental clinical milestone requires proportional or greater capital deployment.
While management has successfully secured partnerships, the reliance on milestone payments as the primary revenue source creates a precarious financial narrative, as evidenced by the 2026Q2 results where the lack of commercial product sales leaves the company vulnerable to clinical trial delays or partner withdrawals.
Short-term revenue spikes may mask the underlying reality that the company is burning cash to sustain its LAG-3 platform. The market should remain skeptical of the company's ability to maintain its current development pace without further dilutive equity financing if milestone payments fail to materialize as expected.
Quick answers to the most common questions about buying IMMP stock.
For fiscal year 2025, Immutep Limited (IMMP) reported total revenue of $5.0M.
Immutep Limited (IMMP) reported a net loss of $61.4M for the fiscal year ending 2025.
Immutep Limited (IMMP) reported an operating income of $-126.4M, resulting in an operating profit margin of -2506.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Immutep Limited (IMMP) generated $-56.4M in gross profit for the year, representing a gross profit margin of -1117.6%. This demonstrates the company's core pricing power and production efficiency.