IMMP Healthcare

Immutep Limited

$3.00-2.28%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: Australia
Market cap: 22.1M USD
Enterprise value: -12.9M USD

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.20 vs a peer median of 0.63)bigger price swings (beta 2.20 vs peers 0.63)

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Worth knowing

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.
Immutep's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Immutep's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.
Stock-based pay is a large cost. Stock pay was 11% of revenue in FY Jun 2025.
Immutep paid employees AUD 1M in stock in FY Jun 2025, 11% of its AUD 10M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Immutep looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 86% of peers, at an operating loss, from a small base ($7.2M of revenue over 12 months).
Revenue grew faster than 86% of peers, but the business runs at an operating loss (margin -561%).

StockQuotient Score

47/ 100

Oct 5 47 → Nov 4 47

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-9.6%

SEC filings (IFRS mapped) · 12 months to Jun 2025 · AUD→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Cash exceeds market value plus debt, so EBITDA yield is not meaningful and is left out · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-9.7%

SEC filings (IFRS mapped) · 12 months to Jun 2025 · AUD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield22.4%

SEC filings (IFRS mapped) · latest balance sheet · AUD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

68/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 31.8%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth15.2%

SEC filings (IFRS mapped) · 3 years to Jun 2025Reported value33% base weight · Z-score 1.11Sector median: 0.0584 · MAD: 0.0840

Revenue growth31.8%

SEC filings (IFRS mapped) · 12 months to Jun 2025Reported value33% base weight · Z-score 2.64Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

4/100

Weak

2/3 inputs reported · Partial data

Since last year: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-560.5%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Jun 2026Reported value33% base weight · Z-score -46.63Sector median: 0.0706 · MAD: 0.1217

Return on assets-39.1%

SEC filings (IFRS mapped) · 12 months to Jun 2025Reported value33% base weight · Z-score -7.60Sector median: 0.0166 · MAD: 0.0537

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin0.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-42.8%

SEC filings (IFRS mapped) · 12 months to Jun 2025Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.20

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio11.69×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 6.57Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.02×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.00Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Immutep

Is Immutep getting weaker?: Its latest SEC filing (Oct 24, 2025) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Immutep valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -9.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.6% vs peers 1.5% (weaker than 100% of peers).
Is Immutep growing?: Yes, faster than most of its peers. Growth scores 68/100 against 1,393 healthcare peers. Revenue growth 31.8% vs a peer median of 6.1% (stronger than 86% of peers).Revenue growth 31.8% vs peers 6.1% (stronger than 86% of peers).
How profitable is Immutep?: Less profitable than most of its peers. Profitability scores 4/100 against 1,393 healthcare peers. Operating margin -560.5% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -560.5% vs peers 7.1% (weaker than 93% of peers).
How risky is Immutep?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 11.69× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 11.69× vs peers 2.59× (stronger than 90% of peers). Beta 2.20 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.20 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Jun 30, 2025 · filed Oct 24, 2025 · compared with the year ended Jun 30, 2024

No major changes

Worth watching: Immutep is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	7.8M AUD	10.3M AUD	+31.8%
Net income (12 months)	−42.7M AUD	−61.4M AUD	+43.8%
Free cash flow (12 months)	−34.9M AUD	−62.1M AUD	+78.2%
Cash	161.8M AUD	67.4M AUD	−58.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in AUD, as reported

Key ratios	FY Jun 2021	FY Jun 2022	FY Jun 2023	FY Jun 2024	FY Jun 2025	Change
Net margin	-753.6%	-476.6%	-767.2%	-545.0%	-594.6%	▼ 50 pts
Return on assets (ROA)	-36.5%	-31.5%	-27.1%	-21.2%	-39.1%	▼ 18 pts
Return on equity (ROE)	-40.8%	-34.2%	-29.2%	-22.5%	-42.8%	▼ 20 pts
Free cash flow margin	-444.9%	-447.7%	-681.5%	-444.6%	-601.0%	▼ 156 pts
Current ratio	12.81×	14.16×	13.81×	18.25×	11.69×	▼ 36%

IMMP price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.20 vs a peer median of 0.63)bigger price swings (beta 2.20 vs peers 0.63)

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Worth knowing

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

Immutep's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Immutep's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

Stock-based pay is a large cost. Stock pay was 11% of revenue in FY Jun 2025.

Immutep paid employees AUD 1M in stock in FY Jun 2025, 11% of its AUD 10M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Immutep looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 86% of peers, at an operating loss, from a small base ($7.2M of revenue over 12 months).

Revenue grew faster than 86% of peers, but the business runs at an operating loss (margin -561%).

Questions investors ask about Immutep

Is Immutep getting weaker?

Its latest SEC filing (Oct 24, 2025) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is Immutep valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -9.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.6% vs peers 1.5% (weaker than 100% of peers).

Is Immutep growing?

Yes, faster than most of its peers. Growth scores 68/100 against 1,393 healthcare peers. Revenue growth 31.8% vs a peer median of 6.1% (stronger than 86% of peers).Revenue growth 31.8% vs peers 6.1% (stronger than 86% of peers).

How profitable is Immutep?

Less profitable than most of its peers. Profitability scores 4/100 against 1,393 healthcare peers. Operating margin -560.5% vs a peer median of 7.1% (weaker than 93% of peers).Operating margin -560.5% vs peers 7.1% (weaker than 93% of peers).

How risky is Immutep?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 11.69× vs a peer median of 2.59× (stronger than 90% of peers).Current ratio 11.69× vs peers 2.59× (stronger than 90% of peers). Beta 2.20 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.20 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

7.8M AUD

10.3M AUD

+31.8%

Net income (12 months)

−42.7M AUD

−61.4M AUD

+43.8%

Free cash flow (12 months)

−34.9M AUD

−62.1M AUD

+78.2%

Cash

161.8M AUD

67.4M AUD

−58.3%

Key ratios

FY Jun 2021

FY Jun 2022

FY Jun 2023

FY Jun 2024

FY Jun 2025

Change

Net margin

-753.6%

-476.6%

-767.2%

-545.0%

-594.6%

▼ 50 pts

Return on assets (ROA)

-36.5%

-31.5%

-27.1%

-21.2%

-39.1%

▼ 18 pts

Return on equity (ROE)

-40.8%

-34.2%

-29.2%

-22.5%

-42.8%

▼ 20 pts

Free cash flow margin

-444.9%

-447.7%

-681.5%

-444.6%

-601.0%

▼ 156 pts

Current ratio

12.81×

14.16×

13.81×

18.25×

11.69×

▼ 36%