Immutep Limited
IMMP evidence brief
What we can confirm
- Market Cap:
- $55.0M
What it means
What to watch
Prepared research question
What matters most for IMMP—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IMMP
Immutep Limited (IMMP) is a late-stage immunotherapy company developing eftilagimod alfa (efti), a soluble LAG-3 protein, for cancer and autoimmune diseases, with a registrational Phase III trial (TACTI-004) in first-line non-small cell lung cancer and a strategic collaboration with Dr. Reddy’s for commercialisation outside major markets.
Key risk: Single-asset dependency
Market Cap
$55.0M
Cash Runway
—
Lead Asset
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Next Catalyst
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Immutep Limited (IMMP) is a late-stage immunotherapy company developing eftilagimod alfa (efti), a soluble LAG-3 protein, for cancer and autoimmune diseases, with a registrational Phase III trial (TACTI-004) in first-line non-small cell lung cancer and a strategic collaboration with Dr. Reddy’s for commercialisation outside major markets.
- Lead asset eftilagimod alfa (efti) is a soluble LAG-3 protein being evaluated in multiple Phase II/III trials [news].
- Registrational TACTI-004 Phase III trial in first-line non-small cell lung cancer had enrolled 289 patients (over 38% of target) as of 2025-12-16, with over 120 activated clinical sites across 27 countries [news · published 2025-12-16].
- FDA confirmed 30 mg efti as the optimal biological dose and completed Project Optimus requirements as of 2025-10-13, supporting future BLA submissions [news · published 2025-10-13].
- In January 2026, Immutep received ~A$30 million upfront from Dr. Reddy’s under a strategic collaboration for commercialisation outside North America, Europe, Japan, and Greater China, with up to ~A$528 million in potential milestones plus royalties [news · published 2026-01-29].
- Futility analysis for TACTI-004 is on track for Q1 CY2026, with completion of patient enrolment expected in Q3 CY2026 [news · published 2025-12-16].
What works
- Strong operational progress in the pivotal TACTI-004 Phase III trial, with 289 patients enrolled (over 38% of target) and over 120 activated sites globally as of 2025-12-16 [news · published 2025-12-16].
- FDA confirmation of 30 mg efti as optimal biological dose and completion of Project Optimus requirements de-risks future regulatory filings [news · published 2025-10-13].
- Strategic collaboration with Dr. Reddy’s provides ~A$30 million upfront payment and potential milestones up to ~A$528 million plus royalties, strengthening commercial reach [news · published 2026-01-29].
What to weigh
- TACTI-004 is still enrolling and has not yet reported efficacy or safety data; the futility analysis is not due until Q1 CY2026 [news · published 2025-12-16].
- The company is reliant on a single lead asset (eftilagimod alfa) for its late-stage pipeline, creating concentration risk [news].
- No disclosed cash position or cash runway in the provided chunks, making financial sustainability assessment incomplete [news].
From the filings
Quoted directly from source documents.
TACTI-004 Phase III trial enrollment milestone
“The registrational TACTI-004 Phase III has enrolled 289 patients globally, over 38% of the trial’s targeted enrolment”
News · December 16, 2025
FDA confirmation of optimal biological dose
“Confirmation of 30mg efti as optimal biological dose relevant for Immutep’s oncology pipeline and potential future Biological License Applications (BLA)”
News · October 13, 2025
Strategic collaboration with Dr. Reddy’s
“In January 2026, Immutep received ~A$30 million upfront payment from Dr. Reddy’s and is eligible to receive up to ~A$528 million in potential milestones, plus royalties on commercial sales of efti”
News · January 29, 2026
Futility analysis and enrolment timeline
“Futility analysis remains on track for the first quarter of CY2026 and completion of patient enrolment in the third quarter of CY2026”
News · December 16, 2025
Catalyst timeline
- 2023-05-22 · Phase3_Start: AIPAC-003 (Active Immunotherapy and PAClitaxel) — A randomized, double-blind, placebo-controlled Phase 3 trial testing eftilagimod alpha in HER2-neg/low metastatic breast cancer patients receiving paclitaxel, following an open-label dose optimization.
Risks & what to watch (3)›
Key risks
- Single-asset dependency — Immutep's late-stage pipeline relies primarily on eftilagimod alfa, increasing risk if the asset fails [news].
- Phase III data pending
- No disclosed cash runway — Cash position and runway are not provided in the available chunks, limiting assessment of financial durability [news].
What to watch
- Futility analysis for TACTI-004 Phase III trial expected in Q1 CY2026 [news · published 2025-12-16].
- Completion of patient enrolment for TACTI-004 expected in Q3 CY2026 [news · published 2025-12-16].
- Potential regulatory milestones following FDA's Project Optimus completion and BLA preparation [news · published 2025-10-13].
- Commercialisation progress under the Dr. Reddy’s collaboration, including milestone achievements and royalty streams [news · published 2026-01-29].
Sources: Catalysts · News · Generated October 12, 2026 · How we verify sources →
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Evidence & data
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
26
Total value held
$901K
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 810,926 | $285K |
| ubs group ag | 748,811 | $263K |
| meridian wealth management, llc | 449,550 | $158K |
| two sigma investments, lp | 124,760 | $44K |
| citadel advisors llc | 78,174 | $27K |
| xtx topco ltd | 73,837 | $26K |
| two sigma securities, llc | 53,590 | $19K |
| lpl financial llc | 33,982 | $12K |
| dimensional fund advisors lp | 30,409 | $11K |
| quadrature capital ltd | 26,910 | $9K |
Showing top 10 of 26 institutional holders of Immutep Limited. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 0.9%
- Days to cover
- 0.0
- Shares short
- 1,247,590
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IMMP short interestGovernance
Frequently asked questions
What is the AI investment thesis for Immutep Limited?
Immutep Limited (IMMP) is a late-stage immunotherapy company developing eftilagimod alfa (efti), a soluble LAG-3 protein, for cancer and autoimmune diseases, with a registrational Phase III trial (TACTI-004) in first-line non-small cell lung cancer and a strategic collaboration with Dr. Reddy’s for commercialisation outside major markets.
Who is the CEO of Immutep Limited?
Mr. Marc Voigt is the chief executive officer of Immutep Limited (IMMP).
Where is Immutep Limited headquartered?
Immutep Limited (IMMP) is headquartered in Sydney, NSW, Australia.
What therapeutic areas does Immutep Limited focus on?
Immutep Limited develops therapies across Oncology, Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.