Immuneering Corporation
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Range $12 – $17
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About the company
Immuneering Corporation is a biopharmaceutical company dedicated to developing novel therapeutic candidates in the fields of oncology (cancer) and neuroscience. Leading its clinical development efforts are two key drug candidates: IMM-1-104, a dual-MEK inhibitor intended for the treatment of various cancers, including pancreatic, melanoma, colorectal, and non-small cell lung cancer, specifically those driven by RAS and/or RAF gene mutations. The second is IMM-6-415, which is being developed to treat solid tumors.
- CEO
- Benjamin J. Zeskind
- IPO
- 2021
- Employees
- 55
- HQ
- Cambridge, MA, US
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- Market Cap
- $190.59M
- P/E
- -5.05
- PEG
- -0.08
- P/S
- 0.00
- P/B
- 1.78
- EV/EBITDA
- -2.49
- Div Yield
- 0.00%
- Gross Margin
- 0.00%
- Op Margin
- 0.00%
- Net Margin
- 0.00%
- ROE
- -27.15%
- ROIC
- -32.65%
Latest fiscal year · YoY change
- Revenue
- $0+0.0%
- Gross Profit
- $-698,887+0.0%
- Op Income
- $-59,375,969
- Net Income
- $-56,024,898+8.2%
- EPS
- $-1.27+37.7%
- OCF Growth
- +17.6%
- FCF Growth
- +17.4%
- 52W High
- $10.08
- 52W Low
- $3.70
- 50D MA
- $4.66
- 200D MA
- $5.35
- Beta
- 0.37
- RSI (14)
- 62
- Avg Volume
- 1.51M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Immuneering highlighted striking pancreatic cancer case studies and said its lead program remains on track for a Phase III start in 2026, backed by a much stronger cash position.· November 12, 2025
- Two investigator case studies showed deep and durable responses with atebimetinib plus FOLFIRINOX in first-line metastatic pancreatic cancer, including one unconfirmed complete response and one patient converted to surgery with curative intent.
- Management repeatedly said the top priority remains first-line pancreatic cancer with modified gemcitabine/nab-paclitaxel, citing the previously reported 86% overall survival at nine months.
- The company said atebimetinib’s tolerability is a key differentiator, with investigators describing good quality of life, stable weight, and one patient who “has never felt better.”
- Cash increased sharply after August/September financings, and management said the runway now funds operations into 2029.
- Upcoming catalysts include regulatory feedback in 2025, updated ctDNA data in 2026, updated survival data in 2026, and first patient dosing in the Phase III PDAC trial in mid-2026, pending feedback.
Immuneering did not provide quarterly revenue or EPS figures on the call. The main hard numbers discussed were 86% overall survival at nine months in 34 first-line pancreatic cancer patients treated with atebimetinib plus modified gemcitabine/nab-paclitaxel, versus approximately 47% overall survival at nine months for standard of care. Management also reiterated a nine-month median follow-up on that dataset. Cash and cash equivalents were $227.6 million as of September 30, 2025, up from $36.1 million as of December 31, 2024, after a $25 million private placement in August, a $175 million underwritten offering in September, and a $25 million private placement to Sanofi. Management said that, based on current operating plans, cash is expected to fund operations into 2029. Forward-looking milestones included feedback from regulators in 2025, updated ctDNA data in 2026, updated survival data in 2026, and dosing the first patient in the pivotal Phase III PDAC study in mid-2026, pending regulatory feedback; the company also expects to dose the first patient in the Libtayo lung cancer study in 2026.
Benjamin Zeskind framed 2025 as “transformational,” emphasizing the September survival data in pancreatic cancer, the strengthened balance sheet, and the potential for atebimetinib to work across multiple combinations and tumor types. He said the FOLFIRINOX case studies add another “pillar of robustness” to the company’s data and reinforce both the tolerability and optionality of the drug. His tone was highly confident and aspirational, repeatedly calling first-line pancreatic cancer the “top priority” while saying the company believes it is positioned to solve the disease “first and best” in that setting.
Mallory Morales kept the financial update brief and focused on cash. She said the balance sheet improved materially after three financings in August and September: a $25 million private placement, a $175 million underwritten offering, and a $25 million private placement with Sanofi. She reported cash and cash equivalents of $227.6 million at September 30, 2025, versus $36.1 million at December 31, 2024, and said the current operating plan funds the company into 2029.
Analysts asked whether the new pancreatic case studies and tolerability profile change the company’s plans for adjuvant PDAC or 5-FU-based regimens; management said those are possibilities being considered, but not the current priority, which remains first-line PDAC with modified gemcitabine/nab-paclitaxel. Questions also focused on whether the FOLFIRINOX cohort data will be shared soon and whether a compendia listing might follow; management declined to guide timing and said the cohort is still secondary to the main program. On lung cancer, management said the Libtayo study will dose its first patient in 2026, while the Lilly KRAS G12C combination is too early for timing guidance; it also said the 2029 runway funds Phase III PDAC, lung cancer studies, and preclinical pipeline work.
The bullish case is that atebimetinib is showing unusually deep activity in a hard-to-treat disease, with investigator-observed complete response, surgical conversion, and durable benefit beyond 14 months in the FOLFIRINOX arm. Management believes the tolerability profile broadens combo possibilities and supports the larger first-line PDAC program, while the cash runway and patent protection reduce near-term financing pressure.
The main risk is that the company is still early and the most important Phase III readout has not started yet, with dosing expected only in mid-2026 pending regulatory feedback. The FOLFIRINOX data were presented as case studies rather than a full cohort update, and management repeatedly said that arm is not the top priority, which limits near-term visibility. The program remains highly dependent on continued clinical execution and on confirming that the apparent survival and response signals hold up in larger studies.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 69.5%
- Shares Outstanding
- 36.30M
- Float Shares
- 25.23M
of shares held by institutions
101 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Fmr LLC | 9.70M | ▲ 6.67K |
| Blackrock, Inc. | 4.37M | ▲ 2.87M |
| Sanofi | 2.71M | 0 |
| Vanguard Group Inc | 2.57M | ▲ 153.05K |
| Vanguard Capital Management LLC | 2.29M | ▼ 1.91K |
| Price T Rowe Associates Inc | 1.94M | ▲ 106.89K |
| Geode Capital Management, LLC | 1.37M | ▲ 732.81K |
| State Street Corp | 1.00M | ▲ 733.48K |
| Dcf Advisers, LLC | 790.00K | ▲ 648.54K |
| Marshall Wace, Llp | 731.90K | ▼ 1.26M |
| Connor, Clark & Lunn Investment Management Ltd. | 601.25K | ▲ 200.89K |
| Alethea Capital Management, LLC | 472.94K | ▲ 450.00K |
Held by 88 ETFs
Biggest fund positions in IMRX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 16, 26 | Gengos Andrew | other | 650,000 |
| Jul 16, 26 | Gengos Andrew | other | 0 |
| Jun 23, 26 | Zeskind Benjamin J. | buy | 2,400 |
| Jun 15, 26 | Hall Brett Matthew | buy | 6,035 |
| Jun 11, 26 | Schall Thomas J. | other | 33,350 |
| Jun 11, 26 | HAUSMAN DIANA | other | 33,350 |
| Jun 11, 26 | CARPENTER ROBERT J | other | 33,350 |
| Jun 11, 26 | KEATING LAURIE | other | 33,350 |
| Jun 11, 26 | Feinberg Peter | other | 33,350 |
| Mar 13, 26 | Neufeld Leah R | other | 3,628 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our IMRX coverage
Recent articles, reports, and earnings notes.
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247wallst.com · Aug 6
Immuneering Reports Second Quarter 2026 Financial Results and Provides Business Updates
globenewswire.com · Aug 5
Immuneering: A Third (Much Cheaper) Way To Invest In The RAS-RAF-MEK-ERK 'Revolution'
seekingalpha.com · Jul 27
Publication in Cancer Research Details Atebimetinib's Broad, Durable Preclinical Activity and Favorable Tolerability Across RAS- and RAF-Mutant Tumors via Deep Cyclic Inhibition
globenewswire.com · Jul 21
Immuneering Corporation Announces Grants of Inducement Awards
globenewswire.com · Jul 17
Immuneering Corporation Announces Grants of Inducement Awards
globenewswire.com · Jul 17
Immuneering (IMRX) Upgraded to Buy: Here's What You Should Know
zacks.com · Jul 15
Immuneering Appoints Andrew Gengos as Chief Financial Officer
globenewswire.com · Jun 15
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