The TACTI-004 failure has already been priced in, but the Nasdaq deficiency deadline (26 Oct 2026) and pending root cause analysis create binary risk. Monitor for any reverse split announcement or capital raise to maintain listing, and watch for updates on efti's future development path or IMP761 Phase I data that could partially offset the damage.
Price Chart
Executive Summary
Immutep's FY2026 annual report confirms the devastating impact of the TACTI-004 Phase III trial discontinuation in March 2026, with the company reporting a 29.1% increase in net loss to A$79.3M, a A$3.1M impairment on efti-related IP, and a Nasdaq minimum bid price deficiency. Cash reserves of A$68.9M provide runway into H1 CY2028, but the lead pipeline program is effectively stalled pending root cause analysis, and the stock closed at A$0.05 (down from A$0.24 a year earlier).
Key Facts
- Loss after tax increased 29.1% to A$79,304,563 (FY2025: A$61,434,165)
- Revenue of A$14.6M from Dr. Reddy's licensing agreement, partially offset by US$10M repayment after TACTI-004 discontinuation
- R&D and IP expenses rose to A$91.9M, including A$3.1M non-cash impairment on efti patent intangible
- Cash, cash equivalents and term deposits of A$68.9M at 30 June 2026, with expected runway into H1 CY2028
- Nasdaq bid price deficiency notice received in April 2026; 180-day compliance period expires 26 October 2026
- Net tangible asset backing fell to 4.1 cents per share from 9.3 cents
- Basic loss per share of 5.39 cents (FY2025: 4.22 cents)
Financial Impact
Net loss increased by A$17.9M YoY to A$79.3M; cash burn of A$55.5M from operations; IP impairment of A$3.1M
Risk Factors
- Nasdaq delisting if bid price remains below $1.00 after 26 October 2026
- Further impairment or write-downs if root cause analysis concludes efti is not viable
- Potential dilutive capital raise to extend runway or address Nasdaq compliance
- Loss of partnership value with Dr. Reddy's if efti development is abandoned
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-379062 |
| Document: d435000d6k.htm | 0001193125-26-379062 |
| Document: 0001193125-26-379062-index-headers.html | 0001193125-26-379062 |
| Document: 0001193125-26-379062-index.html | 0001193125-26-379062 |
| Document: 0001193125-26-379062.txt | 0001193125-26-379062 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 6-K | $0.3800 $4.65 | ▼ −1123.68% | ▼ −1123.77% | $4.54 (−1094.74%) |
Jul 14, 2026 11w ago | 6-K | $0.4328 $0.3933 | ▼ −9.13% | ▼ −11.62% | $4.54 (+948.98%) |
US Market Status
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