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Immuneering (IMRX) Financials

Immuneering logo
$3.67 -0.12 (-3.17%)
Closing price 11/12/2026 04:00 PM Eastern
Extended Trading
$3.82 +0.16 (+4.22%)
As of 05:56 AM Eastern
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Annual Income Statements for Immuneering

Annual Income Statements for Immuneering

This table shows Immuneering's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -17 -34 -51 -53 -61 -56
Consolidated Net Income / (Loss)		 -17 -34 -51 -53 -61 -56
Net Income / (Loss) Continuing Operations		 -17 -34 -51 -53 -61 -56
Total Pre-Tax Income 		-17 -34 -51 -55 -61 -56
Total Operating Income		 -17 -34 -52 -58 -64 -59
Total Gross Profit		 1.03 0.93 0.16 0.00 0.00 0.00
Total Revenue		 2.31 2.08 0.32 0.00 0.00 0.00
Total Cost of Revenue		 1.28 1.15 0.16 0.00 0.00 0.00
Total Operating Expenses		 18 35 52 58 64 59
Selling, General & Admin Expense		 3.11 8.27 16 17 16 17
Research & Development Expense		 15 27 36 42 48 42
Amortization Expense		 - 0.00 0.03 0.03 0.03 0.03
Total Other Income / (Expense), net		 0.04 0.04 1.23 3.61 2.59 3.04
Interest & Investment Income		 0.04 0.17 1.01 3.61 2.59 3.04
Other Gains / (Losses), net		 - - - 1.33 0.44 0.31
Basic Earnings per Share		 ($3.44) ($2.46) ($1.91) ($1.88) ($2.04) ($1.27)
Weighted Average Basic Shares Outstanding		 4.95M 13.61M 26.39M 28.42M 29.98M 44.01M
Diluted Earnings per Share		 ($3.44) ($2.46) ($1.91) ($1.88) ($2.04) ($1.27)
Weighted Average Diluted Shares Outstanding		 4.95M 13.61M 26.39M 28.42M 29.98M 44.01M
Weighted Average Basic & Diluted Shares Outstanding		 - 26.38M 26.44M 29.28M 35.89M 64.65M

Quarterly Income Statements for Immuneering

This table shows Immuneering's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -15 -14 -14 -15 -18 -15 -14 -15 -12 -13 -17
Consolidated Net Income / (Loss)		 -15 -14 -14 -15 -18 -15 -14 -15 -12 -13 -17
Net Income / (Loss) Continuing Operations		 -15 -14 -14 -15 -18 -15 -14 -15 -12 -13 -17
Total Pre-Tax Income 		-16 -15 -14 -15 -18 -15 -14 -15 -12 -14 -17
Total Operating Income		 -16 -15 -15 -15 -19 -15 -15 -15 -14 -15 -19
Total Gross Profit		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 16 15 15 15 19 15 15 15 14 15 19
Selling, General & Admin Expense		 4.38 4.12 4.25 4.01 3.69 4.01 4.30 4.51 4.49 4.68 5.00
Research & Development Expense		 12 11 11 11 15 11 10 11 9.25 11 14
Amortization Expense		 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Total Other Income / (Expense), net		 -0.12 0.80 0.83 0.68 0.72 0.44 0.32 0.42 1.86 1.36 1.73
Interest & Investment Income		 0.75 0.80 0.83 0.55 0.42 0.44 0.32 0.42 1.86 1.36 1.08
Other Income / (Expense), net		 - - 0.01 0.13 - - 0.00 0.00 - - 0.65
Basic Earnings per Share		 ($0.51) ($0.49) ($0.47) ($0.49) ($0.59) ($0.42) ($0.40) ($0.38) ($0.07) ($0.21) ($0.27)
Weighted Average Basic Shares Outstanding		 28.42M 29.37M 29.65M 29.84M 29.98M 35.53M 35.99M 39.67M 44.01M 64.66M 64.70M
Diluted Earnings per Share		 ($0.51) ($0.49) ($0.47) ($0.49) ($0.59) ($0.42) ($0.40) ($0.38) ($0.07) ($0.21) ($0.27)
Weighted Average Diluted Shares Outstanding		 28.42M 29.37M 29.65M 29.84M 29.98M 35.53M 35.99M 39.67M 44.01M 64.66M 64.70M
Weighted Average Basic & Diluted Shares Outstanding		 29.28M 29.65M 29.65M 31.05M 35.89M 35.99M 36.32M 64.57M 64.65M 64.70M 64.70M

Annual Cash Flow Statements for Immuneering

This table details how cash moves in and out of Immuneering's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 23 38 -2.25 -13 -23 93
Net Cash From Operating Activities		 -15 -31 -44 -49 -55 -45
Net Cash From Continuing Operating Activities		 -15 -31 -44 -49 -55 -45
Net Income / (Loss) Continuing Operations		 -17 -34 -51 -53 -61 -56
Consolidated Net Income / (Loss)		 -17 -34 -51 -53 -61 -56
Depreciation Expense		 0.02 0.05 0.25 0.32 0.36 0.32
Amortization Expense		 0.05 0.24 -0.14 -0.58 -0.23 -0.13
Non-Cash Adjustments To Reconcile Net Income		 1.09 1.80 4.59 5.73 6.84 6.32
Changes in Operating Assets and Liabilities, net		 1.25 0.59 1.72 -0.97 -0.93 4.16
Net Cash From Investing Activities		 -0.05 -76 42 7.30 26 -89
Net Cash From Continuing Investing Activities		 -0.05 -76 42 7.30 26 -89
Purchase of Property, Plant & Equipment		 -0.05 -0.06 -0.74 -0.34 -0.08 -0.14
Purchase of Investments		 0.00 -76 -50 -45 -5.41 -89
Sale and/or Maturity of Investments		 - 0.00 93 52 32 0.00
Net Cash From Financing Activities		 38 144 0.02 28 5.30 227
Net Cash From Continuing Financing Activities		 38 144 0.02 28 5.30 227
Repurchase of Common Equity		 0.00 0.00 -0.28 -0.20 -0.04 -3.73
Issuance of Common Equity		 0.00 120 0.00 28 4.61 230
Other Financing Activities, net		 0.00 -0.84 0.30 0.44 0.73 0.37

Quarterly Cash Flow Statements for Immuneering

This table details how cash moves in and out of Immuneering's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -8.63 6.88 -6.56 -15 -9.06 -0.28 -9.51 201 -99 -81 -6.00
Net Cash From Operating Activities		 -12 -15 -12 -13 -15 -14 -9.45 -12 -9.84 -18 -17
Net Cash From Continuing Operating Activities		 -12 -15 -12 -14 -15 -14 -9.45 -12 -9.84 -18 -17
Net Income / (Loss) Continuing Operations		 -15 -14 -14 -15 -18 -15 -14 -15 -12 -13 -17
Consolidated Net Income / (Loss)		 -15 -14 -14 -15 -18 -15 -14 -15 -12 -13 -17
Depreciation Expense		 0.09 0.09 0.09 0.09 0.09 0.09 0.08 0.08 0.08 0.08 0.08
Amortization Expense		 0.02 -0.15 -0.00 -0.03 -0.05 0.01 0.01 0.01 -0.15 -0.40 -0.57
Non-Cash Adjustments To Reconcile Net Income		 1.32 1.56 1.59 1.40 2.03 1.70 1.61 1.30 1.64 1.73 1.72
Changes in Operating Assets and Liabilities, net		 1.88 -2.68 0.88 -0.59 1.47 -0.82 3.29 1.60 0.17 -6.38 -0.47
Net Cash From Investing Activities		 3.13 21 4.97 -5.42 5.49 -0.01 -0.00 -0.01 -89 -63 10
Net Cash From Continuing Investing Activities		 3.13 21 4.97 -5.42 5.49 -0.01 -0.00 -0.01 -89 -63 10
Purchase of Property, Plant & Equipment		 -0.17 -0.04 -0.03 -0.01 -0.01 -0.01 -0.00 -0.01 -0.12 -0.08 -0.03
Purchase of Investments		 -16 - - - - 0.00 - - -89 -72 -12
Sale and/or Maturity of Investments		 19 21 5.00 - 5.50 0.00 - - - 9.00 23
Net Cash From Financing Activities		 0.01 0.98 - 4.36 -0.04 14 -0.06 213 -0.36 0.18 0.02
Net Cash From Continuing Financing Activities		 0.01 0.98 - 4.36 -0.04 14 -0.06 213 -0.36 0.18 0.02
Other Financing Activities, net		 0.01 0.73 - - - 0.00 0.00 0.14 0.23 0.01 0.02

Annual Balance Sheets for Immuneering

This table presents Immuneering's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 38 167 122 103 53 232
Total Current Assets		 38 152 109 89 40 176
Cash & Equivalents		 37 75 73 59 36 129
Short-Term Investments		 0.00 74 33 26 0.00 44
Prepaid Expenses		 0.14 2.89 3.21 3.42 3.44 3.41
Plant, Property, & Equipment, net		 0.06 0.81 1.37 1.40 1.12 0.94
Total Noncurrent Assets		 0.63 14 12 12 12 55
Long-Term Investments		 0.00 1.00 - - 0.00 44
Goodwill		 - 6.70 6.69 6.69 6.69 6.69
Intangible Assets		 - 0.44 0.41 0.38 0.35 0.32
Other Noncurrent Operating Assets		 0.63 5.43 5.15 5.03 4.96 3.61
Total Liabilities & Shareholders' Equity		 38 167 122 103 53 232
Total Liabilities		 2.80 11 13 12 11 14
Total Current Liabilities		 2.26 5.63 8.05 7.85 7.50 10
Accounts Payable		 1.48 1.39 3.15 2.11 1.96 1.54
Accrued Expenses		 0.70 3.97 4.50 5.17 4.97 7.84
Other Current Liabilities		 0.08 0.27 0.40 0.56 0.57 0.69
Total Noncurrent Liabilities		 0.54 5.09 4.46 4.16 3.82 3.43
Other Noncurrent Operating Liabilities		 0.54 5.09 4.46 4.16 3.82 3.43
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -22 156 110 91 41 218
Total Preferred & Common Equity		 -22 156 110 91 41 218
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -22 156 110 91 41 218
Common Stock		 3.26 215 220 254 266 499
Retained Earnings		 -26 -59 -110 -163 -224 -280
Accumulated Other Comprehensive Income / (Loss)		 0.00 -0.05 -0.03 -0.00 0.00 0.08

Quarterly Balance Sheets for Immuneering

This table presents Immuneering's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 114 88 77 69 51 40 241 215 202
Total Current Assets		 101 74 64 55 38 28 229 161 158
Cash & Equivalents		 68 66 60 45 36 26 228 47 41
Short-Term Investments		 29 4.99 0.00 5.45 - - - 109 109
Prepaid Expenses		 3.34 3.17 3.96 4.60 2.34 1.37 1.54 4.72 8.09
Plant, Property, & Equipment, net		 1.39 1.35 1.29 1.21 1.05 0.96 0.89 0.94 0.88
Total Noncurrent Assets		 12 12 12 12 11 11 11 52 43
Long-Term Investments		 - - - - - - - 42 33
Goodwill		 6.69 6.69 6.69 6.69 6.69 6.69 6.69 6.69 6.69
Intangible Assets		 0.39 0.37 0.37 0.36 0.34 0.34 0.33 0.31 0.31
Other Noncurrent Operating Assets		 4.83 5.12 5.06 5.04 4.40 4.34 4.04 3.51 3.41
Total Liabilities & Shareholders' Equity		 114 88 77 69 51 40 241 215 202
Total Liabilities		 9.86 9.26 11 11 8.84 11 13 8.29 11
Total Current Liabilities		 5.62 5.18 6.78 6.92 5.11 7.49 9.55 4.97 8.12
Accounts Payable		 1.94 2.27 2.62 1.94 1.31 2.40 1.60 1.45 3.38
Accrued Expenses		 3.30 2.58 3.76 4.59 3.39 4.51 7.48 3.06 4.09
Other Current Liabilities		 0.38 0.32 0.40 0.38 0.41 0.58 0.46 0.46 0.64
Total Noncurrent Liabilities		 4.24 4.08 4.00 3.92 3.73 3.63 3.53 3.32 3.20
Other Noncurrent Operating Liabilities		 4.24 4.08 4.00 3.92 3.73 3.63 3.53 3.32 3.20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 104 79 66 58 42 29 228 207 191
Total Preferred & Common Equity		 104 79 66 58 42 29 228 207 191
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 104 79 66 58 42 29 228 207 191
Common Stock		 252 256 258 264 281 283 497 501 502
Retained Earnings		 -148 -178 -192 -206 -239 -254 -269 -294 -311
Accumulated Other Comprehensive Income / (Loss)		 0.01 -0.00 0.00 0.01 - - - -0.24 -0.41

Annual Metrics And Ratios for Immuneering

This table displays calculated financial ratios and metrics derived from Immuneering's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 25,940,564.00 26,404,732.00 29,269,121.00 - 64,569,967.00
DEI Adjusted Shares Outstanding		 0.00 25,940,564.00 26,404,732.00 29,269,121.00 - 64,569,967.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.29 -1.91 -1.83 - -0.87
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% -10.02% -84.76% -100.00% 0.00% 0.00%
EBITDA Growth		 0.00% -98.34% -52.48% -14.09% -8.25% 7.46%
EBIT Growth		 0.00% -99.11% -51.49% -13.36% -8.93% 7.33%
NOPAT Growth		 0.00% -98.37% -52.70% -12.89% -9.69% 7.33%
Net Income Growth		 0.00% -96.81% -50.63% -5.86% -14.15% 8.21%
EPS Growth		 0.00% 28.49% 22.36% 1.57% -8.51% 37.75%
Operating Cash Flow Growth		 0.00% -111.01% -42.95% -11.04% -12.32% 17.55%
Free Cash Flow Firm Growth		 0.00% 0.00% -12.24% -19.31% -8.94% 16.36%
Invested Capital Growth		 0.00% 494.09% -25.22% 13.53% 6.74% -71.96%
Revenue Q/Q Growth		 0.00% 0.00% -37.37% -100.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -6.11% -3.67% -2.37% 7.35%
EBIT Q/Q Growth		 0.00% 0.00% -5.43% -4.13% -2.94% 7.49%
NOPAT Q/Q Growth		 0.00% 0.00% -5.87% -4.13% -3.65% 7.49%
Net Income Q/Q Growth		 0.00% 0.00% -5.12% -3.56% -5.11% 10.36%
EPS Q/Q Growth		 0.00% 0.00% -253.70% -1.08% -4.08% 29.05%
Operating Cash Flow Q/Q Growth		 0.00% -13.99% -6.03% -0.05% -5.23% 9.34%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -0.31% -3.72% 1.27%
Invested Capital Q/Q Growth		 0.00% 0.00% -7.89% -27.52% -25.79% 255.51%
Profitability Metrics		 - - - - - -
Gross Margin		 44.61% 44.56% 50.11% 0.00% 0.00% 0.00%
EBITDA Margin		 -735.58% -1,621.37% -16,223.96% 0.00% 0.00% 0.00%
Operating Margin		 -739.01% -1,629.17% -16,325.77% 0.00% 0.00% 0.00%
EBIT Margin		 -739.01% -1,635.28% -16,257.36% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -737.17% -1,612.33% -15,937.29% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 99.09% 100.00% 97.57% 100.00% 99.45%
Interest Burden Percent		 99.75% 99.50% 98.03% 93.83% 95.92% 94.88%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -1,099.06% -716.57% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -1,088.58% -705.40% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 1,064.06% 678.57% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -47.83% -35.01% -38.00% -53.36% -92.51% -43.12%
Cash Return on Invested Capital (CROIC)		 0.00% -535.46% -687.71% -898.11% -890.09% -1,126.24%
Operating Return on Assets (OROA)		 -44.46% -33.16% -35.65% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -44.35% -32.70% -34.95% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 30.19% -24.39% -38.00% -53.36% -92.51% -43.12%
Return on Equity Simple (ROE_SIMPLE)		 75.80% -21.50% -45.98% -59.04% -147.48% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -24 -36 -41 -45 -42
NOPAT Margin		 -517.31% -1,140.42% -11,428.04% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -13.70% -10.48% -11.18% -13.16% -26.58% -11.43%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -45.14% -108.37% -19.02%
Cost of Revenue to Revenue		 55.39% 55.44% 49.89% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 134.54% 397.70% 4,923.94% 0.00% 0.00% 0.00%
R&D to Revenue		 649.08% 1,276.03% 11,442.46% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 783.62% 1,673.73% 16,375.89% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -17 -34 -52 -58 -64 -59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -34 -51 -59 -64 -59
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 2.69 1.17 2.38 1.65 1.94
Price to Tangible Book Value (P/TBV)		 0.00 2.82 1.25 2.58 1.99 2.01
Price to Revenue (P/Rev)		 45.42 201.67 404.05 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 46.55 5.21 26.36 6.14 141.45
Enterprise Value to Revenue (EV/Rev)		 54.52 129.46 71.11 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.04 -0.98 -0.96 -0.95 -0.92 -0.97
Leverage Ratio		 1.08 1.07 1.09 1.12 1.18 1.10
Compound Leverage Factor		 1.08 1.07 1.07 1.05 1.13 1.04
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 163.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -63.11% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 21.26 23.36 4.48 7.59 -5.59 17.20
Noncontrolling Interest Sharing Ratio		 163.11% 30.33% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 16.73 27.04 13.50 11.35 5.28 17.50
Quick Ratio		 16.66 26.53 13.10 10.92 4.82 17.16
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -31 -35 -41 -45 -38
Operating Cash Flow to CapEx		 -27,372.13% -50,753.27% -5,939.70% -14,287.15% -64,800.67% -31,882.07%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.06 0.02 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 4.62 5.58 2.45 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 35.91 4.77 0.29 0.00 0.00 0.00
Accounts Payable Turnover		 0.86 0.80 0.07 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 78.97 65.47 148.82 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 422.08 455.01 5,250.21 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 -343.11 -389.55 -5,101.39 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -1.47 5.78 4.33 4.91 5.24 1.47
Invested Capital Turnover		 -1.57 0.96 0.06 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 7.25 -1.46 0.59 0.33 -3.77
Enterprise Value (EV)		 126 269 23 129 32 208
Market Capitalization		 105 419 128 215 68 425
Book Value per Share		 ($4.54) $6.01 $4.16 $3.09 $1.33 $3.38
Tangible Book Value per Share		 ($4.54) $5.74 $3.89 $2.85 $1.11 $3.28
Total Capital		 36 156 110 91 41 218
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -37 -150 -106 -86 -36 -217
Capital Expenditures (CapEx)		 0.05 0.06 0.74 0.34 0.08 0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.61 -2.50 -4.83 -4.43 -4.06 -6.66
Debt-free Net Working Capital (DFNWC)		 35 147 101 81 32 166
Net Working Capital (NWC)		 35 147 101 81 32 166
Net Nonoperating Expense (NNE)		 5.08 9.82 14 13 16 14
Net Nonoperating Obligations (NNO)		 -37 -150 -106 -86 -36 -217
Total Depreciation and Amortization (D&A)		 0.08 0.29 0.11 -0.25 0.13 0.20
Debt-free, Cash-free Net Working Capital to Revenue		 -69.86% -120.16% -1,524.56% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 1,534.71% 7,053.03% 31,769.08% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 1,534.71% 7,053.03% 31,769.08% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.46) ($1.91) ($1.88) ($2.04) ($1.27)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 13.61M 26.39M 28.42M 29.98M 44.01M
Adjusted Diluted Earnings per Share		 $0.00 ($2.46) ($1.90) ($1.88) ($2.04) ($1.27)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 13.61M 26.39M 28.42M 29.98M 44.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 26.38M 26.44M 29.28M 35.89M 64.65M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -24 -36 -41 -45 -42
Normalized NOPAT Margin		 -517.31% -1,140.42% -11,428.04% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -737.17% -1,627.11% -15,937.29% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% -0.56% -0.38% -0.07% -6.65%

Quarterly Metrics And Ratios for Immuneering

This table displays calculated financial ratios and metrics derived from Immuneering's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 29,269,121.00 29,283,272.00 29,653,355.00 29,653,355.00 - 35,887,252.00 35,985,702.00 36,318,877.00 64,569,967.00 64,652,926.00 64,697,402.00
DEI Adjusted Shares Outstanding		 29,269,121.00 29,283,272.00 29,653,355.00 29,653,355.00 - 35,887,252.00 35,985,702.00 36,318,877.00 64,569,967.00 64,652,926.00 64,697,402.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.52 -0.49 -0.47 -0.49 - -0.42 -0.40 -0.41 -0.18 -0.21 -0.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -14.70% -5.86% -10.70% -10.27% -14.35% -0.01% 1.01% -1.41% 25.35% -1.68% -28.46%
EBIT Growth		 -16.57% -6.17% -11.62% -12.59% -13.84% -1.04% 0.99% -1.56% 25.89% 0.97% -24.36%
NOPAT Growth		 -16.57% -4.40% -10.43% -9.68% -13.84% -1.04% 1.05% -0.70% 25.89% 0.97% -28.75%
Net Income Growth		 -13.88% -5.17% -15.52% -15.90% -19.68% -5.16% -2.51% -2.52% 35.85% 10.54% -19.65%
EPS Growth		 -4.08% 3.92% -9.30% -13.95% -15.69% 14.29% 14.89% 22.45% 88.14% 50.00% 32.50%
Operating Cash Flow Growth		 -0.23% -7.44% -7.23% -12.02% -23.23% 9.11% 18.04% 11.10% 32.18% -30.91% -74.69%
Free Cash Flow Firm Growth		 -44.00% -16.34% -8.12% 7.17% -11.05% 21.37% 41.88% 62.51% 56.05% -34.77% -196.52%
Invested Capital Growth		 13.53% 19.04% 7.49% 4.25% 6.74% -19.71% -60.77% -94.15% -71.96% 31.73% 212.39%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -18.42% 4.98% 3.73% -1.80% -21.44% 16.89% 4.72% -4.29% 9.61% -13.21% -20.38%
EBIT Q/Q Growth		 -21.20% 5.99% 2.74% -1.60% -22.54% 16.56% 4.69% -4.22% 10.58% -11.51% -19.68%
NOPAT Q/Q Growth		 -17.06% 5.99% 2.69% -2.41% -21.50% 16.56% 4.69% -4.22% 10.58% -11.51% -23.90%
Net Income Q/Q Growth		 -19.76% 5.14% 1.59% -3.68% -23.66% 16.65% 4.07% -3.68% 22.62% -16.24% -28.30%
EPS Q/Q Growth		 -18.60% 3.92% 4.08% -4.26% -20.41% 28.81% 4.76% 5.00% 81.58% -200.00% -28.57%
Operating Cash Flow Q/Q Growth		 2.09% -31.56% 25.60% -16.88% -7.71% 2.96% 32.91% -26.80% 17.84% -87.32% 10.48%
Free Cash Flow Firm Q/Q Growth		 -1.43% 0.65% 8.57% -0.75% -21.33% 29.65% 32.42% 35.00% -42.22% -115.74% -48.69%
Invested Capital Q/Q Growth		 -27.52% 51.60% -11.65% 7.39% -25.79% 14.04% -56.83% -83.98% 255.51% 435.81% 2.38%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 91.87% 98.53% 100.00% 100.00% 101.19% 100.00% 100.00% 100.00% 97.38% 96.32% 100.00%
Interest Burden Percent		 100.71% 94.75% 94.46% 96.39% 96.12% 97.17% 97.80% 97.30% 86.47% 91.13% 94.10%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -53.36% -61.38% -61.81% -71.81% -92.51% -102.48% -130.47% -43.75% -43.12% -43.84% -52.15%
Cash Return on Invested Capital (CROIC)		 -898.11% -620.99% -673.99% -629.54% -890.09% -648.12% -892.26% -1,023.94% -1,126.24% -626.02% -937.98%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -53.36% -61.38% -61.81% -71.81% -92.51% -102.48% -130.47% -43.75% -43.12% -43.84% -52.15%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -68.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -11 -10 -11 -13 -11 -10 -11 -9.63 -11 -13
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -3.84% -4.40% -4.32% -5.28% -8.31% -7.85% -9.53% -3.02% -1.54% -2.33% -3.80%
Return On Investment Capital (ROIC_SIMPLE)		 -12.60% -13.63% -15.74% -18.52% -31.39% -25.90% -35.70% -4.72% -4.41% -5.20% -6.97%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -16 -15 -15 -15 -19 -15 -15 -15 -14 -15 -18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -15 -15 -15 -19 -15 -15 -15 -14 -16 -19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.38 1.08 0.57 1.28 1.65 1.30 4.19 1.12 1.94 1.65 1.69
Price to Tangible Book Value (P/TBV)		 2.58 1.18 0.64 1.46 1.99 1.57 5.54 1.15 2.01 1.71 1.76
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 26.36 1.79 0.00 3.28 6.14 3.13 36.78 64.52 141.45 18.04 17.39
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.95 -0.92 -0.93 -0.91 -0.92 -0.89 -0.90 -0.97 -0.97 -0.94 -0.95
Leverage Ratio		 1.12 1.11 1.11 1.13 1.18 1.15 1.23 1.08 1.10 1.07 1.10
Compound Leverage Factor		 1.13 1.05 1.05 1.09 1.13 1.12 1.20 1.05 0.95 0.97 1.04
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 8.95 3.03 -1.12 -0.01 -2.77 -3.13 -2.94 10.98 17.85 23.38 15.55
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 11.35 14.38 9.39 7.99 5.28 7.48 3.70 24.00 17.50 32.45 19.47
Quick Ratio		 10.92 13.77 8.81 7.32 4.82 7.02 3.52 23.84 17.16 31.50 18.47
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -12 -12 -11 -11 -13 -9.37 -6.33 -4.12 -5.85 -13 -19
Operating Cash Flow to CapEx		 -6,889.39% -41,333.89% -35,168.95% -255,733.18% -155,093.13% -157,413.50% -446,414.18% -165,089.39% -7,941.73% -23,061.98% -60,296.68%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4.91 7.44 6.58 7.06 5.24 5.98 2.58 0.41 1.47 7.87 8.06
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.59 1.19 0.46 0.29 0.33 -1.47 -4.00 -6.65 -3.77 1.90 5.48
Enterprise Value (EV)		 129 13 -22 23 32 19 95 27 208 142 140
Market Capitalization		 215 85 38 74 68 55 121 254 425 341 323
Book Value per Share		 $3.09 $2.69 $2.24 $1.95 $1.33 $1.17 $0.80 $6.28 $3.38 $3.19 $2.95
Tangible Book Value per Share		 $2.85 $2.45 $2.00 $1.71 $1.11 $0.97 $0.61 $6.08 $3.28 $3.09 $2.84
Total Capital		 91 79 66 58 41 42 29 228 218 207 191
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -86 -71 -60 -51 -36 -36 -26 -228 -217 -199 -183
Capital Expenditures (CapEx)		 0.17 0.04 0.03 0.01 0.01 0.01 0.00 0.01 0.12 0.08 0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.43 -2.01 -2.82 -2.32 -4.06 -2.77 -6.12 -8.01 -6.66 -0.26 -0.03
Debt-free Net Working Capital (DFNWC)		 81 69 57 48 32 33 20 220 166 156 150
Net Working Capital (NWC)		 81 69 57 48 32 33 20 220 166 156 150
Net Nonoperating Expense (NNE)		 3.67 3.58 3.64 3.91 5.06 4.21 4.10 4.20 1.95 2.73 3.97
Net Nonoperating Obligations (NNO)		 -86 -71 -60 -51 -36 -36 -26 -228 -217 -199 -183
Total Depreciation and Amortization (D&A)		 0.11 -0.06 0.09 0.06 0.04 0.09 0.09 0.09 -0.07 -0.32 -0.49
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.51) ($0.49) ($0.47) ($0.49) ($0.59) ($0.42) ($0.40) ($0.38) ($0.07) ($0.21) ($0.27)
Adjusted Weighted Average Basic Shares Outstanding		 28.42M 29.37M 29.65M 29.84M 29.98M 35.53M 35.99M 39.67M 44.01M 64.66M 64.70M
Adjusted Diluted Earnings per Share		 ($0.51) ($0.49) ($0.47) ($0.49) ($0.59) ($0.42) ($0.40) ($0.38) ($0.07) ($0.21) ($0.27)
Adjusted Weighted Average Diluted Shares Outstanding		 28.42M 29.37M 29.65M 29.84M 29.98M 35.53M 35.99M 39.67M 44.01M 64.66M 64.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 29.28M 29.65M 29.65M 31.05M 35.89M 35.99M 36.32M 64.57M 64.65M 64.70M 64.70M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -11 -10 -11 -13 -11 -10 -11 -9.63 -11 -13
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.38% 0.00% 0.00% 0.00% -0.07% 0.00% -0.17% -5.09% -6.65% 0.00% -6.39%

Financials Breakdown Chart

Key Financial Trends

Immuneering remains a pre-revenue biotechnology company, with no reported revenue in the available quarterly income statements. Its financial profile is therefore driven primarily by research spending, investment income, equity financing and cash preservation rather than commercial operations.

There are some balance-sheet strengths, but the company continues to consume substantial cash. At June 30, 2026, Immuneering held approximately $41.3 million in cash and equivalents plus $141.3 million in short- and long-term investments, or about $183.1 million in liquid resources. Total liabilities were only $11.3 million, compared with $190.7 million of equity.

  • Strong liquidity position: Cash, short-term investments and long-term investments totaled approximately $183.1 million at the end of Q2 2026. This provides a meaningful funding base for ongoing clinical and research activities.
  • Low financial leverage: Total liabilities of $11.3 million were modest relative to total assets of $202.1 million. The company has no reported debt balance in the supplied statements, reducing near-term interest and refinancing risk.
  • Investment income is helping offset operating losses: Interest and investment income was $1.1 million in Q2 2026, following $1.4 million in Q1 and $1.9 million in Q4 2025. These returns partially reduce the impact of operating expenses.
  • Cash burn improved sequentially: Net cash used in operating activities declined to $16.5 million in Q2 2026 from $18.4 million in Q1 2026. Cash used in operations was also lower than the $19.6 million reported across Q3 and Q4 2025 combined on a quarterly basis.
  • Limited capital spending: Purchases of property and equipment were only $27,000 in Q2 2026, indicating that the company’s spending is primarily focused on research and development rather than capital-intensive infrastructure.

The company’s liquid resources have declined from the unusually high levels following its 2025 financing. Cash and equivalents were $227.6 million in Q3 2025, although the subsequent balance sheet includes significant investments that are not classified as cash. Total assets have nevertheless fallen from $241.1 million in Q3 2025 to $202.1 million in Q2 2026.

  • Estimated funding runway remains material but is not indefinite: Using the first-half 2026 operating cash burn of approximately $34.9 million, the company’s $183.1 million of cash and investments represents roughly 2.5 to 3 years of funding at the current pace. Clinical development costs could change this estimate substantially.
  • Investment balances have become a larger part of liquidity: Short- and long-term investments totaled about $141.3 million at Q2 2026, compared with no reported short-term investments and no reported long-term investments in Q2 2024. Investors should distinguish between cash on hand and securities that may be subject to maturity, yield and market risks.

Profitability remains the primary concern. Net losses have persisted throughout the supplied period, while accumulated retained earnings reached a deficit of $311.1 million by Q2 2026. The company’s recent results show no evidence of a transition toward commercialization or operating breakeven.

  • No revenue generation: Reported revenue was $0 in Q2 2026 and in each of the other supplied income statements. Without product revenue, Immuneering remains dependent on existing capital and future financing.
  • Net losses are continuing: Q2 2026 net loss was $17.3 million, or $0.27 per diluted share, compared with a $13.5 million loss in Q1 2026 and an $11.6 million loss in Q4 2025. The sequential deterioration suggests that earnings volatility remains unfavorable.
  • Research spending increased sharply: Research and development expense rose to $14.0 million in Q2 2026 from $10.6 million in Q1 and $10.5 million in Q2 2025. Total operating expenses reached $19.0 million, the highest quarterly level in the supplied history.
  • Persistent operating cash outflows: Operating cash flow has been negative in every supplied quarter, including $16.5 million of cash used in Q2 2026. The company cannot currently fund operations through internally generated cash flow.
  • Significant dilution risk: Weighted-average shares increased from approximately 29.4 million in Q1 2024 to 64.7 million in Q2 2026. The large increase reflects prior equity financing and means future capital raises could further dilute existing shareholders.
  • Accumulated losses continue to erode equity: Retained earnings declined from a deficit of $177.6 million in Q1 2024 to a deficit of $311.1 million in Q2 2026. Although total equity remains positive, continued losses will reduce that cushion over time.

Overall, Immuneering’s balance sheet appears capable of supporting operations for several years at the recent burn rate, and its limited liabilities provide financial flexibility. However, the investment case remains dependent on clinical and research progress: the company has no revenue, recurring losses, rising R&D costs and a history of substantial equity issuance.

11/13/26 07:06 AM ETAI Generated. May Contain Errors.

Immuneering Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Immuneering's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Immuneering's net income appears to be on a downward trend, with a most recent value of -$56.02 million in 2025, falling from -$17.04 million in 2020. The previous period was -$61.04 million in 2024. Find out what analysts predict for Immuneering in the coming months.

Immuneering's total operating income in 2025 was -$59.38 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $59.38 million

Over the last 5 years, Immuneering's total revenue changed from $2.31 million in 2020 to $0.00 in 2025, a change of -100.0%.

In the past 11 quarters, Immuneering's cash and equivalents has ranged from $26.36 million in Q2 2025 to $227.56 million in Q3 2025, and is currently $41.32 million as of their latest financial filing in Q2 2026.

Immuneering had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2020.

Over the last 5 years, Immuneering's book value per share changed from -4.54 in 2020 to 3.38 in 2025.


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Financial statements for NASDAQ:IMRX last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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