The company continues to operate without revenue, resulting in persistent quarterly operating losses that averaged approximately $15 million over the last ten periods.
| Sales/Revenue | 0 | 0 | 0 | 0 | 316.95K | 2.08M | 2.31M | 1.92M |
| Revenue Growth % | - | - | - | -100% | -84.76% | -10.02% | 20.41% | - |
| Cost of Goods Sold | 793.21K | 698.89K | 0 | 0 | 158.12K | 1.15M | 1.28M | 1.22M |
| COGS % of Revenue | - | - | - | - | 49.89% | 55.44% | 55.39% | 63.71% |
| Gross Profit | -793.21K | -698.89K | 0 | 0 | 158.83K | 926.89K | 1.03M | 696.74K |
| Gross Margin % | - | - | - | - | 50.11% | 44.56% | 44.61% | 36.29% |
| Gross Profit Growth % | - | - | - | -100% | -82.86% | -10.12% | 48.01% | - |
| Operating Expenses | 58.43M | 58.68M | 64.07M | 58.41M | 51.9M | 34.81M | 18.11M | 6.99M |
| OpEx % of Revenue | - | - | - | - | 16375.89% | 1673.73% | 783.62% | 364% |
| Selling, General & Admin | 4.7B | 17.3M | 16.08M | 16.76M | 15.61M | 8.27M | 3.11M | 2.71M |
| SG&A % of Revenue | - | - | - | - | 4924.09% | 397.7% | 134.54% | 141.11% |
| Research & Development | 10.68B | 42.05M | 47.96M | 41.62M | 36.27M | 26.54M | 15M | 4.28M |
| R&D % of Revenue | - | - | - | - | 11442.46% | 1276.03% | 649.08% | 222.89% |
| Other Operating Expenses | -1.67M | -669.62K | 29.01K | 28.87K | 29.58K | 0 | 0 | 0 |
| Operating Income | -59.23M | -59.38M | -64.07M | -58.41M | -51.74M | -33.89M | -17.08M | -6.29M |
| Operating Margin % | - | - | - | - | -16325.77% | -1629.17% | -739.01% | -327.71% |
| Operating Income Growth % | - | 7.33% | -9.69% | -12.89% | -52.7% | -98.37% | -171.54% | - |
| EBITDA | -58.44M | -58.68M | -63.69M | -58.06M | -51.47M | -33.73M | -17M | -6.27M |
| EBITDA Margin % | - | - | - | - | -16238.3% | -1621.52% | -735.58% | -326.76% |
| EBITDA Growth % | 8.36% | 7.87% | -9.69% | -12.81% | -52.6% | -98.36% | -171.06% | - |
| D&A (Non-Cash Add-back) | 786.79K | 698.89K | 385.07K | 352.08K | 277.25K | 159.07K | 79.31K | 18.08K |
| EBIT | -59.64M | -59.38M | -64.07M | -58.41M | -51.75M | -33.89M | -17.08M | -7.36M |
| Net Interest Income | -411.45M | 3.04M | 2.59M | 3.61M | 1.01M | 169.9K | 42.66K | -293.64K |
| Interest Income | -411.45M | 3.04M | 2.59M | 3.61M | 1.01M | 169.9K | 42.66K | 57.66K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 351.3K |
| Other Income/Expense | 4.79M | 3.35M | 3.03M | 4.94M | 1.23M | 42.83K | -41.7K | -1.42M |
| Pretax Income | -54.44M | -56.02M | -61.04M | -53.47M | -50.51M | -33.84M | -17.12M | -7.71M |
| Pretax Margin % | - | - | - | - | -15937.44% | -1627.11% | -740.82% | -401.59% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -307.49K | -84.34K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.91% | 0.49% | 0% |
| Net Income | -54.44M | -56.02M | -61.04M | -53.47M | -50.51M | -33.54M | -17.04M | -7.71M |
| Net Margin % | - | - | - | - | -15937.29% | -1612.33% | -737.17% | -401.59% |
| Net Income Growth % | 11.87% | 8.21% | -14.15% | -5.86% | -50.63% | -96.81% | -121.03% | - |
| Net Income (Continuing) | -54.44M | -56.02M | -61.04M | -53.47M | -50.51M | -33.54M | -17.04M | -7.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.24 | -1.27 | -2.04 | -1.88 | -1.87 | -1.27 | -1.26 | -0.60 |
| EPS Growth % | 40.31% | 37.75% | -8.51% | -0.53% | -47.24% | -0.79% | -110% | - |
| EPS (Basic) | - | -1.27 | -2.04 | -1.88 | -1.87 | -1.27 | -1.26 | -0.60 |
| Diluted Shares Outstanding | 44.01M | 44.01M | 29.98M | 28.42M | 26.39M | 26.32M | 13.51M | 13.51M |
| Basic Shares Outstanding | 44.01M | 44.01M | 29.98M | 28.42M | 26.39M | 26.32M | 13.51M | 13.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, Immuneering's quarterly R&D expenditures have consistently hovered near $10-11 million, reflecting a disciplined focus on clinical trial execution for lead assets IMM-1-104 and IMM-6-415 while maintaining a lean administrative overhead that rarely exceeds $4.5 million per quarter.
The company's cost structure is almost entirely comprised of R&D outlays, which is typical for a pre-revenue biotechnology firm. Investors should monitor whether these expenditures remain stable as the company transitions into larger Phase 2a expansion cohorts, as any significant increase in trial costs could accelerate the depletion of current cash reserves.
Based on reported figures, Immuneering continues to operate without revenue, resulting in a persistent operating loss that averaged approximately $15 million per quarter over the last ten periods, indicating that the company has yet to achieve any meaningful scale in its clinical development operations.
Because the company lacks commercial products, traditional operating leverage metrics are not applicable. The consistent quarterly operating loss suggests that management is prioritizing the advancement of its pipeline over near-term cost optimization, which is a standard approach for firms at this stage of clinical development.
According to recent SEC filings, Immuneering's net loss figures are periodically impacted by non-cash stock-based compensation, which reached $1.7 million in 2025Q2, suggesting that GAAP net income may overstate the actual cash depletion rate experienced by the company during its ongoing clinical development phase.
Analysts should focus on cash burn from operations rather than GAAP net income to better assess the company's true liquidity runway. The presence of these non-cash charges indicates that the reported bottom line is not a pure reflection of operational efficiency, but rather a mix of clinical investment and equity-based incentive structures.
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.
Short-term observers may argue that the company's reliance on a single pharmacological mechanism leaves it vulnerable to class-wide safety concerns or competitive breakthroughs. Investors should consider whether the current cash runway provides enough time to achieve meaningful clinical milestones before the necessity of further dilutive financing arises.
Quick answers to the most common questions about buying IMRX stock.
For fiscal year 2025, Immuneering Corporation (IMRX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.9M in 2019.
Immuneering Corporation (IMRX) reported a net loss of $56.0M for the fiscal year ending 2025.