Immutep(IMMP) - 2025 Q4 - Annual Report

Financial Performance - Revenue from ordinary activities remained unchanged at zero for FY2025, while other income increased from A$7.84 million in FY2024 to A$10.33 million in FY2025, representing a growth of 31.5%[3] - Loss from ordinary activities after tax increased from A$42.72 million in FY2024 to A$61.43 million in FY2025, reflecting a rise of 43.8%[3] - The overall loss after tax for FY2025 was A$61,434,165, compared to A$42,716,625 in FY2024, primarily due to planned increases in clinical trial activities[91] - Total revenue and other income increased to A$10.33 million in FY2025, up from A$7.84 million in FY2024[90] - Immutep's cash and cash equivalents as of June 30, 2025, totaled approximately A$67.41 million, with bank term deposits of A$62.28 million, exceeding initial budget expectations[88] - The closing share price on June 30, 2025, was $0.24, down from $0.30 in FY24, reflecting a decrease of approximately 20%[186] - Total ordinary shares increased from 29,196,831 at the start of FY25 to 35,243,278 at the end of the year, representing an increase of about 20.6%[183] - The highest share price during FY25 was $0.41, while the lowest was $0.23, indicating significant volatility in share performance[186] - The company has not paid any dividends in the last five years, focusing instead on growth and shareholder value[185] Clinical Development - The lead immuno-oncology candidate, eftilagimod alfa (efti), advanced into a global registrational Phase III trial in non-small cell lung cancer, with the first patient dosed in March 2025[16] - Median overall survival of 17.6 months was reported in the Phase IIb trial for head and neck squamous cell carcinoma, significantly higher than current standards of care[17] - A 60.8% objective response rate and 90.2% disease control rate were observed in the INSIGHT-003 trial for non-squamous NSCLC[19] - TACTI-004 Phase III trial is designed to evaluate efti in combination with KEYTRUDA and chemotherapy in approximately 750 patients with 1L NSCLC, with dual primary endpoints of progression-free survival and overall survival[35] - In December 2024, Immutep received the first regulatory approval for TACTI-004 from the Australian Therapeutic Goods Administration[35] - Cohort B of TACTI-003 achieved a 35.5% objective response rate in patients with PD-L1 negative tumours (CPS <1), which is among the highest for non-chemotherapy treatments in this population[43] - In May 2025, Cohort B reported a median overall survival of 17.6 months, significantly better than historical results from current standard-of-care approaches[45] - AIPAC-003 trial enrolled 71 metastatic breast cancer patients, with patient follow-up and data analysis ongoing, and an update expected in CY2025[49] - INSIGHT-003 trial reported a median overall survival of 32.9 months and a 24-month overall survival rate of 81.0% in patients with a minimum follow-up of 22 months[63] - The EFTISARC-NEO trial demonstrated a median 50% tumour hyalinization/fibrosis rate, significantly exceeding the historical median of 15% from radiotherapy alone[56] - Immutep has received FDA Fast Track designation for the combination of efti with KEYTRUDA in 1L HNSCC, indicating potential for expedited development[41] - TACTI-004 is on track for futility analysis readout by the end of CY2025/Q1 CY2026[36] - The company plans to present detailed results from the EFTISARC-NEO study at the ESMO Congress 2025 in Berlin[60] Intellectual Property - The company was granted 17 new patents in FY2025, enhancing its intellectual property estate[22] - Immutep has a robust patent portfolio, adding 17 new patents for efti, IMP761, and LAG525 in various territories[82] Management and Governance - The board of directors held 9 meetings in the year ended 30 June 2025, with all directors attending every meeting[114] - CEO Marc Voigt holds 13,676,945 ordinary shares and 4,800,000 performance rights in Immutep[112] - Non-Executive Director Ms. Lis Boyce holds 256,621 ordinary shares and 333,334 performance rights in Immutep[111] - The company has a strong focus on clinical development, with Christian Mueller leading multiple successful clinical studies in oncology[117] - Immutep's management team includes experienced professionals with extensive backgrounds in finance, law, and biotechnology[116] - The company is actively pursuing new product development and market expansion strategies in the biotech sector[106] Remuneration and Incentives - Total remuneration for key management personnel amounted to $4,404,745 for the year ending June 30, 2025[141] - Dr. Marc Voigt, CEO, received total remuneration of $1,174,480, including a cash salary of $546,230 and a performance rights component of $324,850[141] - The Company’s remuneration policy is not directly based on financial performance but rather on industry practices, focusing on long-term research and development goals[130] - At the 2024 AGM, 92.63% of votes were in favor of adopting the remuneration report for the 2024 financial year[138] - Executives have the opportunity to earn short-term incentives (STIs) based on individual and group performance milestones[131] - The Company aims to align executive remuneration with shareholder interests through equity-based components in the remuneration structure[140] - Non-cash STIs are granted under the Executive Incentive Plan (EIP), which was approved by shareholders at the 2024 AGM[132] - The total remuneration for Dr. Frédéric Triebel, Chief Scientific Officer, was $945,878, including share-based payments of $243,637[141] - The Company’s executive remuneration framework includes base pay, short-term incentives, and long-term incentives through performance rights[134] - The relative proportions of remuneration linked to performance for Mr. Marc Voigt are 55% fixed, 17% at risk – STI, and 28% at risk – LTI for 2025[160] - The company has a cash bonus scheme where Mr. Voigt, Dr. Triebel, and Ms. Miller are entitled to a cash bonus of A$300,000 each, conditional on meeting predetermined KPIs[163] - Performance rights are subject to accelerated vesting according to agreed terms in each person's contract[156] - Key management personnel have no entitlement to termination payments in the event of removal for misconduct or gross negligence[164] - No shares were directly issued to directors and key management personnel as part of compensation during the year ended 30 June 2025, but 6,816,947 performance rights were exercised resulting in the issuance of 6,816,947 ordinary shares[165] - The total number of performance rights granted includes 1,500,000 for LTI Tranche 1, 1,500,000 for LTI Tranche 2, and 1,500,000 for LTI Tranche 3, with values per right at grant date of $0.490 and $0.315[169] - Performance rights granted to Dr. Russell Howard on 23 November 2023 included 178,356 rights vesting over four tranches, with the first tranche of 28,356 rights vesting on 24 October 2023[175] - The company plans to issue 1,573,646 performance rights to Dr. Russell Howard if approved at the 2025 AGM, with the first tranche vesting on the grant date[176] - The percentage of performance rights that vested for Dr. R Howard in 2021 was 100% for 113,207 rights, while 44% of 50,000 rights vested in 2023[174] - The company has no options granted in prior years affecting remuneration in the current financial year[166] - Performance rights are subject to vesting contingent upon continuous employment in good standing through the vesting period[179] - The total value of performance rights at grant date for Dr. R Howard in 2021 was $74,717, with 100% of the rights vested[174] - There were no shares granted during the reporting period as compensation to key management personnel[180]