Immutep Limited (IMMP): BCG Matrix [Dec-2025 Updated]

As a seasoned analyst, you know that for a clinical-stage play like Immutep Limited, the BCG Matrix isn't about yesterday's sales; it's about tomorrow's blockbuster potential versus today's cash burn. We've mapped their pipeline as of late 2025: the 32.9-month$ median OS in NSCLC positions eftilagimod alpha as a clear Star, but that potential is being bankrolled by modest $5.04$ million in FY2025 revenue while carrying a -$61.43$ million net loss. Let's see which programs are the high-potential Question Marks needing that A$129.69$ million cash runway, and which assets are just taking up space.

Background of Immutep Limited (IMMP)

You're looking at Immutep Limited (IMMP), an Australia-based company that's definitely in the thick of developing novel Lymphocyte Activation Gene-3 (LAG-3) related immunotherapies for both cancer and autoimmune diseases. Honestly, this isn't a company with established blockbuster drugs yet; it's a clinical-stage biotech betting big on its science. They've successfully transitioned into what they call a Phase III biotech company, which is a critical step up from earlier-stage research.

The star of their pipeline is eftilagimod alfa, often called efti or IMP321. This is their lead candidate, an antigen-presenting cell (APC) agonist designed to kick the body's adaptive and innate immune systems into fighting cancer. Efti is currently being tested in the pivotal TACTI-004 Phase III clinical trial, which is focused on first-line non-small cell lung cancer (1L NSCLC). As of late 2025, this trial has randomized over 170 patients across more than 100 sites in 24 countries, with a futility analysis expected in the first quarter of CY2026.

Beyond the Phase III effort, Immutep Limited has generated some compelling data from other trials. For instance, mature data from the INSIGHT-003 trial in 1L NSCLC showed an impressive median overall survival of 32.9 months. Also, their EFTISARC-NEO Phase II trial in soft tissue sarcoma met its primary endpoint, which is a big win for that program. They're also advancing TACTI-003 in head and neck cancer, where they saw a median OS of 17.6 months in a specific patient subset.

Financially speaking, you need to know this is a high-burn environment, typical for this sector. For the fiscal year 2025, Immutep Limited reported revenues of 5.04 million, but this was accompanied by net losses totaling -61.43 million. They are definitely in the investment phase. To keep the lights on and fund these trials, they maintained a strong cash position; as of their Q1 FY26 update in October 2025, cash and term deposits stood at A$109.85 million, which they project supports operations through the end of CY2026.

The company's market valuation reflects this high-risk, high-reward profile. As of late October 2025, the market capitalization was around A$448.9M. Remember, their portfolio isn't just efti; they are also working on IMP761, a first-in-class LAG-3 agonist antibody aimed at autoimmune diseases, which is currently in Phase I trials. That diversification into autoimmunity is an important part of their long-term strategy, though the cancer assets are driving the near-term focus.

Immutep Limited (IMMP) - BCG Matrix: Stars

The Star quadrant represents eftilagimod alpha (efti) as Immutep Limited (IMMP)'s leading asset, characterized by high market share potential in rapidly expanding oncology markets, demanding significant investment to maintain growth momentum.

Eftilagimod alpha (efti) in 1L NSCLC (Non-Small Cell Lung Cancer) via the pivotal TACTI-004 Phase III trial is the primary driver of this positioning. This registrational study is designed to capture a potentially blockbuster market segment. The TACTI-004 program is a global registrational study enrolling approximately 756 patients, positioning it for a potential blockbuster market. As of October 2025, the trial has enrolled and randomised over 170 patients, with over 100 clinical sites across 24 countries activated. The Independent Data Monitoring Committee (IDMC) is on track to conduct the futility analysis in the first quarter of CY2026.

Strong Phase II data from the investigator-initiated INSIGHT-003 trial provides the foundation for this high-growth expectation in 1L NSCLC. This data shows 32.9-month median Overall Survival (OS) in 1L NSCLC, significantly exceeding historical benchmarks. Specifically, with a minimum follow-up of 21 patients, the median OS reached 32.9 months, compared to the historical control median OS of 22.0 months. Furthermore, the 24-month OS rate was 81.0% for the efti combination versus 45.5% for the historical control.

The clinical promise extends to Head and Neck Cancer (HNSCC). Efti in 1L HNSCC for PD-L1 negative patients, as studied in the TACTI-003 trial, demonstrated a median OS of 17.6 months for patients with a PD-L1 combined positive score (CPS) of less than 1, based on data cutoff of March 31, 2025. This result compares favorably to historical benchmarks for standard-of-care options in this population.

You can see a comparison of the key clinical data supporting the Star positioning below. Remember, Stars consume large amounts of cash to fuel this high-growth potential, which is reflected in Immutep Limited (IMMP)'s recent operational spending.

The investment required to support this high-growth pipeline is evident in the fiscal year ending June 30, 2025, figures. Research and development and intellectual property expenses increased to A$61.41 million in fiscal year 2025, up from A$41.55 million in fiscal year 2024. Net cash used in operating activities was A$62.05 million for the same period. To fund this, Immutep Limited (IMMP) maintained a strong balance sheet position, with cash, cash equivalents, and term deposits totaling approximately A$129.69 million as of June 30, 2025, providing an expected cash reach to the end of CY2026.

The key performance indicators supporting the Star classification for eftilagimod alpha include:

• Efti in 1L NSCLC is in a global Phase III registrational study, TACTI-004.
• INSIGHT-003 showed a median OS of 32.9 months in 1L NSCLC.
• TACTI-003 showed a median OS of 17.6 months in PD-L1 negative HNSCC.
• R&D and IP expenses for FY2025 were A$61.41 million.

Immutep Limited (IMMP) - BCG Matrix: Cash Cows

Cash Cows for Immutep Limited are characterized by the stable, non-dilutive income streams that support the much larger, higher-growth internal research and development efforts. These streams come from previously out-licensed assets and reliable government incentives, representing a high market share (in terms of certainty/reliability) in a mature, non-product-sales revenue segment for the company.

This segment is not about product sales, which are low or non-existent for Immutep Limited at this stage, but about harvesting value from past deals. You need these funds to keep the lights on and fund the Stars and Question Marks.

• Milestone and royalty payments from out-licensed assets like LAG525 (Novartis) and IMP731 (GSK).
• This non-dilutive revenue stream provides a small, stable cash inflow to support R&D, not product sales.
• French Government R&D Tax Incentive receipts, such as the A$4.6 million received in late 2025, act as a reliable funding source.
• Total revenue for FY2025 was $5.04 million, primarily from collaboration and grant income, a low-growth, low-share but steady source.

The French Government R&D Tax Incentive, known as the Crédit d\'Impôt Recherche, is a key component here. For the fiscal year ending June 30, 2025, Immutep Limited announced receiving A$4.6 million from this source on October 29, 2025. This is a predictable, recurring cash benefit tied to qualified operating expenses, making it a classic cash cow feature for a clinical-stage biotech.

Looking at the broader picture, Immutep Limited's Total revenue and other income for FY2025 increased to A$10.33 million, up from A$7.84 million in the prior year. The outline specifies that the collaboration and grant income stream was $5.04 million for the period. This income is crucial because it is non-dilutive capital, meaning it doesn't require issuing new shares to raise funds, which is always preferable for existing shareholders.

Here's a quick look at the financial context for these stable income sources:

The out-licensed assets, like the one with GSK (IMP731), have potential for future milestone payments, though no specific FY2025 payment is detailed in the latest reports. The agreement structure allows Immutep Limited to receive up to £64 million (~A$118.17 million) in developmental milestones plus single-digit tiered royalties if GSK2831781 is commercialized. Still, for the current Cash Cow classification, the focus is on the reliable, realized income.

You defintely want to maintain the efficiency of the operations that generate these grants. Corporate administrative expenses were well-controlled at A$8.64 million for FY2025, a slight decrease from A$8.85 million in FY2024, showing a focus on cost efficiency. This disciplined spending helps maximize the net cash flow derived from these stable sources.

The key actions for these assets are to ensure compliance for the R&D tax incentive and maintain the relationship with partners like Novartis and GSK to track progress that could trigger future milestone payments. Finance: draft 13-week cash view by Friday.

Immutep Limited (IMMP) - BCG Matrix: Dogs

You're looking at the assets within Immutep Limited (IMMP) that, while potentially having some historical value or having completed their initial objectives, do not represent the primary, near-term drivers for shareholder value compared to the pivotal Phase III programs. These are the areas where cash consumption must be carefully managed to conserve the runway, which, as of September 30, 2025, stood at approximately A$109.85 million in cash and short-term investments, providing an expected cash reach to the end of CY2026.

The overall financial performance for the year ended June 30, 2025, reflects significant investment, with the Loss from ordinary activities after tax attributable to the owners of Immutep Limited increasing to (A$61,434,165), largely driven by an increase in R&D and intellectual property expenses by $19.9m.

The following elements fit the profile of Dogs-products or programs with low market share potential or those that are not the current focus for immediate commercialization efforts:

• Completed or smaller, non-core Investigator-Initiated Trials (IITs) that do not have a clear, immediate path to a registrational study.
• Legacy or earlier-generation intellectual property and assets that are not actively being developed or out-licensed.
• Any clinical programs that fail to meet their primary endpoints, which would be immediately de-prioritized to conserve the cash runway.

The Phase II portion of the AIPAC-003 trial in metastatic breast cancer is a clear example of a program that has completed a key milestone but is not the current primary focus for near-term approval. Enrollment was completed in late 2024, involving 71 patients across 22 clinical sites in Europe and the United States, testing 30 mg or 90 mg dosing of efti with paclitaxel. An update on follow-up and analysis is anticipated in December 2025, but the company's main momentum is clearly behind the TACTI-004 Phase III trial.

Even successful, smaller IITs, once their primary objective is met, can transition into this category if they do not immediately feed into a larger, controlled registrational path. For instance, the EFTISARC-NEO Phase II IIT met its primary endpoint, showing tumor hyalinization/fibrosis exceeding 35% versus historical data of 15% for radiotherapy alone, but this trial is investigator-initiated and its data is being presented at specialized meetings like CTOS 2025, rather than driving the core regulatory strategy.

Consider the following breakdown of assets that represent lower current priority or are managed for residual value:

The TACTI-003 trial in Head and Neck Squamous Cell Carcinoma (HNSCC) also falls into a category requiring careful resource allocation. While Cohort B showed an excellent median Overall Survival of 17.6 months in patients with PD-L1 expression below one (CPS <1), the company is still engaging with regulatory authorities regarding the path forward, suggesting it is not yet positioned for immediate, high-spend development compared to the pivotal TACTI-004.

For you, the analyst, the key is recognizing that these assets tie up capital and management attention. If a program like TACTI-003 fails to secure a clear, cost-effective regulatory pathway following data maturation, the decision to immediately de-prioritize it becomes essential to protect the cash runway, which was A$109.85 million at the end of Q1 FY26 (September 30, 2025).

Immutep Limited (IMMP) - BCG Matrix: Question Marks

The Question Marks quadrant for Immutep Limited centers on high-growth potential assets operating in markets where the company currently holds a low relative market share, demanding significant cash investment to capture future dominance.

IMP761, the LAG-3 agonist antibody targeting autoimmune diseases, fits this profile. This asset is currently in Phase I testing, aiming for massive but highly competitive markets such as rheumatoid arthritis, Type 1 diabetes, and multiple sclerosis, each representing multi-billion dollar opportunities. Early data from the first-in-human Phase I study showed significant pharmacological activity, achieving 80% inhibition of T cell infiltration at the 0.9 mg/kg dosing level, alongside a favorable safety profile with no treatment-related adverse events at that level. The development is proceeding to higher single ascending dose levels of 2.5, 7, and 14 mg/kg, with additional data expected in the second half of CY2025. The un-risked program valuation for IMP761 has been estimated as high as A$5.9B.

Eftilagimod alpha (efti) is also positioned here through its exploration in niche oncology indications, which still require market adoption to translate into significant revenue share. The investigator-initiated EFTISARC-NEO Phase II trial, evaluating efti with radiotherapy plus KEYTRUDA in the neoadjuvant setting for resectable soft tissue sarcoma (STS), has met its primary endpoint. This addresses an area of high unmet medical need, with U.S. new STS cases estimated to be approximately 13,520 in 2025, leading to an estimated 5,420 deaths in the U.S. this year. Separately, the INSIGHT-005 trial is actively recruiting patients to assess efti in combination with avelumab for metastatic urothelial cancer (mUC).

The need for capital to advance these high-potential programs is evident in the company's financial results, which reflect the typical cash burn of a clinical-stage biotech. You can see the core financial dynamics below:

The company's overall financial profile for the full year ended June 30, 2025, shows a net loss of -$61.43 million, which was a larger loss compared to the prior year. This loss is largely driven by increased research and development and intellectual property expenses, which rose to A$61.41 million in FY2025, mainly due to increases in clinical trial activity and associated costs. The cash balance of approximately A$129.69 million as of June 30, 2025, is the finite resource funding these high-cost, late-stage trials, with management anticipating this cash reach extends at least until the end of calendar year 2026.

The high forecast annual revenue growth of 104.1% per annum is purely speculative at this stage. This projection is entirely dependent on a major clinical success, such as positive data from the pivotal TACTI-004 Phase III trial or successful out-licensing of a candidate like IMP761, which would rapidly shift these Question Marks into the Star quadrant.

The strategic imperative for Immutep Limited regarding these assets involves critical decisions on resource allocation:

• Invest heavily in IMP761 to quickly establish market share in autoimmune diseases.
• Fund the ongoing Phase III TACTI-004 trial to validate Eftilagimod alpha in 1L NSCLC.
• Monitor niche indications like EFTISARC-NEO for data that could justify further investment or partnership.
• Manage the cash burn, given the A$129.69 million balance is the runway for these high-cost endeavors.

Finance: confirm the cash burn rate for Q1 FY2026 against the projected runway by October.