Immutep

AU: IMM

AU$118m market cap

AU$0.04 last close

Immutep has a pipeline of four LAG-3 related product candidates: eftilagimod alpha (IMP321) for cancer chemo-immunotherapy and immunotherapy-immunotherapy combinations, two partnered products IMP731 (GSK) and IMP701 (Novartis), as well as IMP761 for autoimmune diseases.

Investment summary

Immutep has three promising candidates in clinical trials and one preclinical asset, based on Lymphocyte activation gene-3, LAG-3 (two partnered with GSK and Novartis, respectively). Lead in-house product, eftilagimod alpha (efti), is being developed in metastatic breast cancer combined with chemo (226-patient randomised Phase IIb fully recruited in June 2019, topline PFS data due Q120) and in melanoma in combination with Keytruda (61% exploratory response rate from start of Keytruda monotherapy screening in three dose-finding cohorts, 3/6 (50%) responders in an additional cohort). Novartis and GSK are progressing clinical trials of partnered LAG-3 programmes: GSK has announced ulcerative colitis as lead indication; Novartis has five ongoing Phase I/II studies with LAG525. Immutep is collaborating with Merck & Co (MSD) in a study of efti plus Keytruda in lung and head and neck cancers (first line lung cancer initial cohort fully recruited, data H219). A trial of efti plus Bavencio in collaboration with Merck KGaA/Pfizer commenced in Q219.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 4.1 (7.8) (8.4) (0.4) N/A N/A
2018A 6.9 (11.4) (10.9) (0.5) N/A N/A
2019E 10.9 (7.6) (6.9) (0.2) N/A N/A
2020E 2.8 (15.3) (14.6) (0.4) N/A N/A
Last updated on 27/09/2018
Industry outlook

Immunotherapies are among the most promising class of products for cancer and autoimmune diseases. The LAG-3 products are potentially first-in-class, each with distinct mechanisms and applications.

Last updated on 27/09/2018
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (A$m) 18.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 16.7 25.0 45.8
Relative* 15.9 10.1 40.3
52-week high/low A$84.5/A$35.5
*% relative to local index
Key management
Marc Voigt CEO
Jay Campbell Senior Director, Business Development

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