Immuneering maintains an asset-light balance sheet with net PPE of only $4.3 million as of 2025Q4, supported by a current ratio of 17.50 that suggests adequate short-term liquidity.
| Total Current Assets | 161.41B | 176.25M | 39.59M | 89.08M | 108.75M | 152.33M | 37.73M | 14.06M |
| Cash & Short-Term Investments | 156.69B | 172.83M | 36.14M | 85.67M | 105.52M | 149.2M | 37.09M | 13.78M |
| Cash Only | 47.32B | 128.65M | 36.14M | 59.41M | 72.64M | 74.89M | 37.09M | 13.78M |
| Short-Term Investments | 109.37B | 44.19M | 0 | 26.26M | 32.89M | 74.31M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 12.42K | 246.04K | 500.11K | 209.94K |
| Days Sales Outstanding | - | - | - | - | 14.3 | 43.18 | 78.97 | 39.92 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.72B | 3.41M | 3.44M | 3.42M | 3.21M | 0 | 0 | 0 |
| Total Non-Current Assets | 53.4B | 55.74M | 13.13M | 13.5M | 13.62M | 14.37M | 691.8K | 35.28K |
| Property, Plant & Equipment | 4.17B | 4.26M | 4.79M | 5.4M | 5.78M | 6.13M | 677.47K | 35.28K |
| Fixed Asset Turnover | 0.00x | - | - | - | 0.05x | 0.34x | 3.41x | 54.42x |
| Goodwill | 6.69B | 6.69M | 6.69M | 6.69M | 6.69M | 6.7M | 0 | 0 |
| Intangible Assets | 313.83M | 321.15K | 350.41K | 379.68K | 408.95K | 439K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 996.56K | 0 | 0 |
| Other Non-Current Assets | 42.23B | 44.47M | 1.3M | 1.03M | 743.7K | 102.13K | 14.33K | 0 |
| Total Assets | 214.81B | 231.99M | 52.71M | 102.58M | 122.37M | 166.7M | 38.42M | 14.1M |
| Asset Turnover | 0.00x | - | - | - | 0.00x | 0.01x | 0.06x | 0.14x |
| Asset Growth % | 424287.96% | 340.08% | -48.61% | -16.17% | -26.6% | 333.87% | 172.53% | - |
| Total Current Liabilities | 4.97B | 10.07M | 7.5M | 7.85M | 8.05M | 5.63M | 2.26M | 505.3K |
| Accounts Payable | 1.45B | 1.54M | 1.96M | 2.11M | 3.15M | 1.39M | 1.48M | 294.95K |
| Days Payables Outstanding | 167.81K | 805.71 | - | - | 7.28K | 441.37 | 422.08 | 88.03 |
| Short-Term Debt | 412.83M | 397.1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.11B | 8.13M | 3.82M | 3.89M | 3.65M | 2.92M | 163.67K | 118.72K |
| Current Ratio | 32.45x | 17.50x | 5.28x | 11.35x | 13.50x | 27.04x | 16.73x | 27.83x |
| Quick Ratio | 32.45x | 17.50x | 5.28x | 11.35x | 13.50x | 27.04x | 16.73x | 27.83x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.32B | 3.43M | 3.82M | 4.16M | 4.46M | 5.09M | 58.65M | 20.12M |
| Long-Term Debt | 3.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 10.6M | 3.43M | 3.82M | 4.16M | 4.46M | 5.09M | 544.77K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 58.1M | 20.12M |
| Total Liabilities | 8.29B | 13.5M | 11.33M | 12.01M | 12.52M | 10.72M | 60.9M | 20.63M |
| Total Debt | 3.73B | 3.82M | 4.16M | 4.46M | 4.84M | 5.36M | 621.09K | 0 |
| Net Debt | -43.59B | -124.82M | -31.98M | -54.94M | -67.8M | -69.52M | -36.47M | -13.78M |
| Debt / Equity | 0.02x | 0.02x | 0.10x | 0.05x | 0.04x | 0.03x | - | - |
| Debt / EBITDA | -63.83x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 745.92x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | -20.95x |
| Total Equity | 206.52B | 218.48M | 41.39M | 90.58M | 109.85M | 155.98M | -22.48M | -6.53M |
| Equity Growth % | 494122.35% | 427.91% | -54.31% | -17.55% | -29.57% | 793.82% | -244.38% | - |
| Book Value per Share | 4692.33 | 4.96 | 1.38 | 3.19 | 4.16 | 5.93 | -1.66 | -0.48 |
| Total Shareholders' Equity | 206.52B | 218.48M | 41.39M | 90.58M | 109.85M | 155.98M | -22.48M | -6.53M |
| Common Stock | 64.69M | 64.65K | 31.05K | 29.27K | 26.42K | 26.32K | 4.95K | 4.95K |
| Retained Earnings | -293.78B | -280.32M | -224.3M | -163.26M | -109.79M | -59.27M | -25.74M | -8.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -241M | 81.33K | 0 | -778 | -30.12K | -49.01K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Immuneering's cash position of $128.6 million in 2025Q4 provides a substantial liquidity buffer, with the current ratio of 17.50 suggesting that the company maintains sufficient short-term assets to cover its immediate operational obligations as it advances through critical Phase 2a clinical trials.
The significant jump in cash reserves during late 2025 indicates a successful capital raise, which effectively de-risks the company's near-term operational runway. Investors should monitor whether this liquidity is deployed efficiently toward clinical enrollment targets or if administrative overhead begins to erode the capital base prematurely.
Based on reported figures, Immuneering's equity base has experienced significant volatility, reflecting the company's reliance on periodic capital raises to fund its R&D-heavy business model, with retained earnings deepening to -$280.3 million as of 2025Q4 due to persistent, non-revenue-generating clinical development costs.
The accumulation of negative retained earnings is a standard characteristic of a pre-revenue biotech entity, signaling that shareholder value is currently tied entirely to the potential success of the pipeline rather than operational profitability. Future equity quality will depend on the company's ability to reach clinical inflection points without excessive further dilution of existing shareholders.
According to recent SEC filings, Immuneering maintains an asset-light balance sheet with net PPE of only $4.3 million as of 2025Q4, confirming that the company prioritizes capital allocation toward outsourced clinical research and development rather than the acquisition of heavy physical infrastructure or manufacturing facilities.
The minimal investment in fixed assets suggests a strategic focus on maintaining flexibility, allowing the company to pivot its research priorities without being burdened by significant capital commitments. This lean structure is appropriate for a clinical-stage firm, though it underscores the total dependence on the success of its proprietary computational discovery engine.
As indicated by the company's financial history, Immuneering's entire valuation is tethered to the success of its MAPK-pathway inhibitors, creating a binary risk profile where any failure in clinical data readouts could render the current $128.6 million cash position insufficient to pivot to alternative programs.
While the balance sheet appears adequate on a headline basis, the lack of revenue diversification means that the company's financial health is effectively a proxy for its clinical trial outcomes. Investors should be wary that the current liquidity, while seemingly robust, may be rapidly depleted if regulatory hurdles necessitate additional, unplanned clinical studies.
Quick answers to the most common questions about buying IMRX stock.
As of 2025, Immuneering Corporation (IMRX) had total assets of $232.0M including $176.2M in current assets.
Immuneering Corporation (IMRX) carries total debt of $3.8M, offset by $172.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Immuneering Corporation (IMRX) has total shareholders' equity (book value) of $218.5M ($4.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Immuneering Corporation (IMRX) reported a current ratio of 17.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.