IMMP — Immutep Limited

Company context · prepared 2026-08-19 · company sweep 2026-08-19 · USD · framework v5.10.3

How to read this. Written for a reader who has not studied pharmacology or finance. General terms are defined once in framework/04-glossary.md. Tags: [VERIFIED — source] / [UNVERIFIED] / [WEB ESTIMATE — source, date].

Program analyses for this company are the sub-folders listed in C.2.

One unit convention, stated once. Immutep is an Australian company listed twice. Its ordinary shares trade in Australian dollars on the Australian Securities Exchange under the code IMM. A repackaged version of those shares, called an American Depositary Share (ADS) — one ADS is a claim on ten ordinary shares — trades in US dollars on Nasdaq under IMMP. Every US-dollar price in this document is per ADS. Every Australian-dollar figure the company reports is converted at AUD/USD 0.7083 [WEB ESTIMATE — TradingEconomics, 2026-08-18] and labelled where it is used.

C.0 Company-tier coverage — CLEARED

What this coverage does not cover. Every mandatory company-tier row was called, so the tier is CLEARED. It is still worth saying what CLEARED does not mean here. No connector in this sweep returned a continuous price series for IMMP: data/prices/IMMP.json does not exist, and the read-only Yahoo cross-check was throttled. Where the framework normally derives a figure from that series it has been derived from a connector field instead, and every such figure says so at the point of use rather than in a footnote.

C.1 What the company is

Immutep is an Australian biotechnology company built around one biological idea: a protein called lymphocyte activation gene-3 (LAG-3), and specifically around eftilagimod alfa (also written efti, and earlier IMP321), a soluble, manufactured version of part of that protein that is designed to switch the immune system on. Six of the nine pipeline rows in C.2 are eftilagimod alfa in one combination or another. It is, in substance, a single-asset company with one genuinely separate second asset, IMP761, an antibody that uses the same LAG-3 biology in the opposite direction to damp the immune system down in autoimmune disease.

It has no product revenue. Its only receipts are research-material sales, an Australian and German research-and-development tax incentive, and payments under a licensing agreement with Dr. Reddy’s Laboratories. [VERIFIED — Immutep Quarterly Activities Report Q4 FY26, 2026-07-30]

The one fact that governs everything below. On 2026-03-13 an independent data monitoring committee recommended discontinuing TACTI-004, the company’s only Phase 3 trial, after a planned interim futility analysis — meaning the committee judged the trial unlikely to succeed if it ran to completion. TACTI-004 was eftilagimod alfa added to pembrolizumab and chemotherapy in previously untreated non-small cell lung cancer, 756 patients planned across 147 sites, and it was the entire registrational case for the company’s lead asset. The shares went from a 52-week high of $3.53 to a 52-week low of $0.29. [VERIFIED — Immutep press release 2026-03-13; CT.gov NCT06726265; BPIQ fetch_company_info 2026-08-19] Everything this company now is sits downstream of that day.

C.2 Pipeline — every program

Three of nine rows carry a pending catalyst flag; two of the three are real. Row 13791 is a discontinued Phase 3 with a null date. See C.8.

C.3 Financial position

Dilution history. No equity raise was found in the last 24 months in either the press feed or the EDGAR recent-filings feed. That is unusual and worth stating rather than passing over: a company that burned A$38.9M in a quarter and has not raised equity has been funded by something else. It was — a licensing deal.

Is a raise before the next catalyst likely? On the cash position alone, no — the company states runway well into H1 CY28 and the catalyst is two months away. But there is a second, non-cash reason a corporate action could land inside the catalyst window, and it is the more likely of the two: see C.4.

C.4 Valuation frame

How this row was produced, and how it was supposed to be. 03a-company-spec.md C.4 requires the range and the position within it to be derived in node from data/prices/IMMP.json with lib/prices.mjs. That cache does not exist for this ticker — IMMP is not among the eighteen committed series — and the read-only Yahoo cross-check returned Too Many Requests. The figures above therefore come from BPIQ’s own fifty_two_week_high and fifty_two_week_low, with the position computed by hand off the last price. BPIQ’s max_52_week_position field, the one carrying the previous-close bug, is not read at all. The distinction the bug turns on is worth about a tenth of a percentage point here, because the price sits at the very bottom of an extremely wide range.

What the numbers say in plain terms. The market is valuing everything Immutep owns — a manufactured protein with fifteen years of clinical data behind it, a second first-in-class antibody in Phase 1, global manufacturing rights, and an FDA orphan designation — at roughly US$10M above the cash in the bank. Cash per ADS is about US$0.334, so the shares trade at 1.20× net cash. That is the single most important valuation fact on this page, and it cuts both ways: it puts a hard floor under the downside, and it means the market has priced the pipeline at close to nothing.

The listing deadline, which is not a valuation fact but behaves like one. On 2026-04-30 Nasdaq notified Immutep that its ADS had traded below the US$1.00 minimum bid price for 30 consecutive business days. The initial 180-day compliance period ends on 2026-10-26. To cure it, the ADS must close at or above US$1.00 for at least ten consecutive business days. [VERIFIED — Immutep press release 2026-04-30] At $0.40 that requires the share price to more than double and hold. The ordinary remedy for a dual-listed Australian issuer is to change the ADS ratio — repackaging, say, twenty or forty ordinary shares into one ADS instead of ten — which multiplies the quoted US dollar price without changing what anyone owns. No such action has been announced. [VERIFIED — press feed and EDGAR filings feed read 2026-08-19] It matters here because 2026-10-26 sits three days inside the ESMO 2026 congress window, which is where this company’s only dated catalyst lands. Any dollar price range written for that window is denominated in an ADS whose definition may change inside it.

C.5 Ownership and flow

Read the ownership split with the dual listing in mind. Both percentages describe what US filers report. Most of Immutep’s register is ASX-listed ordinary shares held by Australian holders who file with neither the SEC nor through a 13F, so a 1.13% institutional reading is a statement about the American slice, not about the company. It should not be read as “no institution owns this.”

Short interest is small and shrinking, and that is a finding. 0.82% of the ADS line is close to nothing. This is worth recording for a second reason: 02-connectors.md carries a standing caution that BPIQ’s short_float units are unconfirmed, from a CNTB case where the field was 3.4× the FINRA figure however read. On IMMP the two sources agree — BPIQ reports 0.00836 against a computed 0.82%. There is no squeeze set-up here. The 5.44 days-to-cover figure is high not because the short position is large but because average daily volume is only 219,590 ADS — about US$88,000 a day. This stock is extremely thin.

Insider flow: nothing, and the nothing is confirmed. BPIQ returned zero rows twice. Rather than treat that as the silent-failure mode 02-connectors.md records on TLSA and CNTB, it was checked against the EDGAR filings feed, which carries six Form 3 initial statements of ownership between 2026-04-01 and 2026-04-16 — new directors and officers declaring what they already hold, including the director disclosure the press feed reported on 2026-04-08 — and no Form 4 transaction reports at all in the visible window. So the connector is right: nobody bought and nobody sold. There is no open-market conviction buying at a price 89% below the 52-week high, and there is no insider selling either. Both halves of that are informative.

Nobody is positioned through a fund. hf_holding_count is 0 and fetch_company_hedge_fund_holdings returns an empty object. [VERIFIED — BPIQ, 2026-08-19]

C.6 Options chain and its readability

Plain takeaway: this chain cannot price anything, and the nearest expiry to the catalyst expires before the catalyst happens. There is no listed strike at or below the share price on any expiry, so the standard way of reading a market-implied move — buying a call and a put at the money and dividing by the share price — cannot be constructed at all. Almost every implied-volatility figure sits on one of BPIQ’s two documented artifact values. Total volume across all 28 listed contracts on the sweep date was 34.

C.7 Reaction to past catalysts

One row is missing entirely. The 2025-10-20 ESMO Congress 2025 presentation of the full EFTISARC-NEO primary-endpoint data — the single most comparable prior event to the October 2026 catalyst — does not appear in fetch_company_historical_catalysts at all, though the press feed carries it. The historical-catalyst feed is not a complete event list for this ticker.

What the readable rows say together. Three clean, positive, non-registrational data events in 2025–2026 produced +0.73%, −0.65% and −4.64%. This equity does not pay for incremental good news. It paid for one regulatory fact (the orphan designation, size unknown) and it punished one failure catastrophically.

C.8 Company data-quality flags

• BPIQ cash is in Australian dollars while market_cap is in US dollars, and neither field says so. cash 99,129,499 dated 2026-03-31 reconciles as A$99.13M against the A$68.87M the company reported at 2026-06-30 after a A$38.9M quarterly outflow. Read as USD it reconciles with nothing. Mixing the two silently produces a negative enterprise value, which is exactly what BPIQ reports.
• enterprise_value −15,080,770 is unreconcilable against its own inputs, implying US$73.6M of cash netted — neither the June figure (US$48.8M) nor the March figure (US$70.2M) at the observed FX rate. Same failure family as the CNTB case in 02-connectors.md. Recomputed in C.4.
• has_catalyst is TRUE on row 13791, a Failed/Discontinued row with a null catalyst_date, five months after TACTI-004 was stopped. The stale-flag bug 02-connectors.md records on CNTB, reproduced on a second ticker. A count of pending catalysts taken off the flag reads three when the answer is two.
• Both of BPIQ’s move fields for 2026-04-15 are unusable and they contradict each other (+221% gap against −46% intraday). 02-connectors.md already flags open_price_gap_percent as unreliable; here the intraday field fails as well.
• BPIQ returns null for both move fields on the 2025-05-26 EFTISARC-NEO row and omits the 2025-10-20 ESMO 2025 presentation of the same data entirely.
• No data/prices/IMMP.json exists, so C.4’s required lib/prices.mjs derivation could not be run, and the read-only Yahoo cross-check returned Too Many Requests. Every price-history-dependent figure falls back to a BPIQ field and says so at the point of use.
• Drug names are dirty, as 02-connectors.md warns generally: five distinct spellings of one molecule across nine rows, including two leading-space and three trailing-space variants. Names are trimmed in IMMP.json and nothing is keyed on them.
• BPIQ insider_own and tute_own carry no timestamp, so “as of” for the C.5 ownership split is unknown rather than current.
• Source conflict left open rather than smoothed. BPIQ’s catalyst_date of 2026-10-19 for the sarcoma row does not fall inside the ESMO Congress 2026 dates recorded in data/congresses.json (2026-10-23 to 2026-10-27, confirmed against ESMO’s own page). The programme document resolves what each date refers to; the disagreement is recorded here because a reader comparing the two files will otherwise think one of them is wrong.