Monitor the root cause analysis update at the AGM on 27 November 2026 for clarity on whether the 200L scale efti can replicate prior clinical results. The new manufacturing run and regulatory interactions for HNSCC/STS trials are key catalysts for H2 CY27.
How the stock moved after the report
NEUTRAL VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Oct 30 $3.07entry
- T+1 · 3d ago −2.44%α −2.74% · $3.00
- T+3 · todayOpen
- T+5 · tomorrow Pending
- T+20 · in 25d Pending
- T+60 · in 3mo Pending
Price Chart
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Executive Summary
Immutep's Q1 FY27 quarterly activities report shows continued progress in the root cause analysis of the TACTI-004 Phase III failure, with structural differences identified between the 2000L and 200L scale efti batches. The company has contracted a new 200L scale manufacturing run and intends to focus registration-directed development of efti on HNSCC (CPS<1) and neoadjuvant STS, with study start targeted for H2 CY27. Cash and term deposits stand at A$48.50 million, with runway extending well into H1 CY28, while net operating cash outflow improved to A$19.1 million from A$38.9 million in Q4 FY26.
Key Facts
- Cash and term deposits of A$48.50 million at 30 September 2026, with cash runway expected to extend well into H1 CY28
- Net cash used in operating activities was A$19.1 million in Q1 FY27, down from A$38.9 million in Q4 FY26
- Root cause analysis of TACTI-004 identified structural differences between 2000L scale efti used in the trial and 200L scale efti used in earlier successful studies
- New manufacturing run of efti at 200L scale has been contracted
- Registration-directed clinical development of efti to focus on HNSCC in patients with CPS<1 and neoadjuvant STS, with study start targeted for H2 CY27
- IMP761, the agonist anti-LAG-3 antibody for autoimmune diseases, is now a co-priority alongside efti
- Received A$0.86 million cash rebate under Australian R&D Tax Incentive and subsequent to quarter end, approximately A$2.16 million from French CIR program
- Pete Meyers resigned as Non-Executive Director effective 2 October 2026; Audit and Risk Committee not in compliance with ASX Listing Rule 12.7
- Regained Nasdaq minimum bid price compliance effective 13 October 2026
Financial Impact
Cash burn reduced to A$19.1M per quarter from A$38.9M; cash runway extends well into H1 CY28 with A$48.5M in cash and term deposits
Risk Factors
- Root cause analysis may not identify a conclusive cause for TACTI-004 outcome
- Efti manufactured at 200L scale may not be comparable to earlier successful batches
- Future clinical trials may not replicate earlier positive results
- Audit and Risk Committee non-compliance with ASX listing rules
- No revenue generating products; dependent on further funding and partnering
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-442214 |
| Document: d183841d6k.htm | 0001193125-26-442214 |
| Document: 0001193125-26-442214-index-headers.html | 0001193125-26-442214 |
| Document: 0001193125-26-442214-index.html | 0001193125-26-442214 |
| Document: 0001193125-26-442214.txt | 0001193125-26-442214 |
| Earnings Context (Synthetic; results releases only) | 0001193125-26-442214 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 5d ago | 6-K | $3.07 | awaiting T+5 | awaiting T+5 | $3.00 (−2.28%) |
Oct 29, 2026 6d ago | 6-K | $3.33 | awaiting T+5 | awaiting T+5 | $3.00 (−9.91%) |
Oct 23, 2026 12d ago | 20-F | $3.20 $3.06 | ▲ +4.38% | ▲ +3.82% | $3.00 (+6.25%) |
Oct 13, 2026 22d ago | 6-K | $3.38 $3.28 | ▼ −2.96% | ▼ −3.41% | $3.00 (−11.24%) |
Sep 22, 2026 6w ago | 6-K | $5.60 $4.71 | ▼ −15.89% | ▼ −14.71% | $3.00 (−46.43%) |
Sep 1, 2026 9w ago | 6-K | $7.60 $6.60 | ▲ +13.16% | ▲ +12.20% | $3.00 (+60.53%) |
Jul 13, 2026 16w ago | 6-K | $0.4328 $0.3993 | ▼ −7.74% | ▼ −7.27% | $3.00 (+593.16%) |
US Market Status
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