Immuron Limited
IMRNHealthcare|Biotechnology|AU
$0.83
-0.02 (-2.20%)
Tangible Book / Share
$1.35
Cash / Share
$1.11
Financials
Financial Snapshot
Market Cap
$5.4M
Enterprise Value
-$251.7K
Revenue (TTM)
$12.6M
Net Income (TTM)
-$8.0M
Cash & Investments
$9.0M
Net Cash
$9.0M
Free Cash Flow (TTM)
-$6.4M
Operating CF (TTM)
-$6.4M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$9.0M
Quarterly Burn
$1.6M
Monthly Burn
$534.4K
Est. Runway
~5.6 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.0M | $4.7M | $5.1M | $3.3M | $25.0M | $22.1M | $19.0M | $11.7M | $5.9M | $9.0M | $9.0M | |
| Operating Cash Flow | -$7.0M | -$3.5M | -$1.3M | -$3.2M | -$3.0M | -$3.1M | -$2.5M | -$5.9M | -$6.1M | -$3.0M | -$6.4M | |
| Free Cash Flow | -$7.0M | -$3.5M | -$1.3M | -$3.2M | -$3.1M | -$3.1M | -$2.5M | -$5.9M | -$6.1M | -$3.0M | -$6.4M | |
| Capital Expenditure | -$5.7K | -$6.6K | -$1.5K | -$864.00 | -$4.9K | -$10.0K | -$7.7K | -$195.00 | -$2.00 | -$4.6K | -$5.0K | |
| Financing Cash Flow | $8.7M | $4.3M | $1.5M | $1.2M | $19.8M | -$36.3K | -$35.0K | $829.00 | $199.7K | $6.3M | $7.2M |
R&D Spending
R&D (TTM)
$3.6M
R&D Intensity
28.4%
R&D Growth vs Prior
—
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M | $1.8M | $2.4M | $2.5M | $145.8K | $765.2K | $1.8M | $4.9M | $7.3M | $7.5M | $12.6M | |
| R&D Expense | $4.6M | $2.3M | $1.0M | $1.2M | $1.4M | $657.7K | $2.6M | $5.4M | $3.6M | $0.00 | $3.6M | |
| R&D % of Revenue | 331.7% | 122.5% | 43.8% | 46.8% | 937.8% | 86.0% | 143.6% | 109.6% | 49.4% | 0.0% | 28.4% | |
| SG&A | $4.7M | $4.1M | $5.9M | $4.0M | $6.4M | $3.9M | $5.1M | $6.6M | $7.9M | $7.6M | $13.9M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M | $1.8M | $2.4M | $2.5M | $145.8K | $765.2K | $1.8M | $4.9M | $7.3M | $7.5M | $12.6M | |
| Cost of Revenue | $474.0K | $582.3K | $680.8K | $688.8K | $810.8K | $241.7K | $64.6K | $1.6M | $2.5M | $2.7M | $4.5M | |
| Gross Profit | $922.2K | $1.3M | $1.7M | $1.8M | -$665.1K | $523.5K | $1.7M | $3.3M | $4.8M | $4.9M | $8.1M | |
| R&D | $4.6M | $2.3M | $1.0M | $1.2M | $1.4M | $657.7K | $2.6M | $5.4M | $3.6M | $0.00 | $3.6M | |
| SG&A | $4.7M | $4.1M | $5.9M | $4.0M | $6.4M | $3.9M | $5.1M | $6.6M | $7.9M | $7.6M | $13.9M | |
| Operating Income | -$8.4M | -$3.0M | -$4.7M | -$2.9M | -$8.4M | -$2.9M | -$3.6M | -$5.8M | -$5.3M | -$4.6M | -$9.0M | |
| Interest Expense | $24.5K | $24.2K | $0.00 | $21.6K | $13.8K | $6.2K | $9.7K | $7.6K | $7.3K | $14.4K | $14.7K | |
| Pretax Income | -$6.8M | -$3.0M | -$4.7M | -$2.9M | -$8.4M | -$2.9M | -$3.8M | -$6.9M | -$5.2M | -$4.4M | -$8.6M | |
| Net Income | -$6.8M | -$3.0M | -$4.7M | -$2.9M | -$8.4M | -$2.9M | -$3.8M | -$6.9M | -$5.2M | -$3.8M | -$8.0M | |
| EPS (Diluted) | -2.57 | -0.90 | -1.29 | -0.66 | -1.52 | -0.50 | -0.66 | -1.22 | -0.90 | -0.50 | -1.21 | |
| EBITDA | -$8.4M | -$3.2M | -$4.7M | -$3.0M | -$7.9M | -$3.1M | -$3.4M | -$5.2M | -$5.3M | -$4.6M | -$8.9M | |
| Shares Out. (M) | 2.65 | 3.34 | 3.62 | 4.41 | 5.53 | 5.69 | 5.69 | 5.70 | 5.77 | 7.44 | 8.13 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.0M | $4.7M | $5.1M | $3.3M | $25.0M | $22.1M | $17.2M | $11.7M | $2.8M | $9.0M | $9.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.8M | $0.00 | $3.0M | $0.00 | $0.00 | |
| Total Current Assets | $8.3M | $7.1M | $6.7M | $4.4M | $25.8M | $23.7M | $20.4M | $14.7M | $10.0M | $12.8M | $12.8M | |
| Total Assets | $8.3M | $9.2M | $8.6M | $6.2M | $27.1M | $24.9M | $22.0M | $15.5M | $10.1M | $13.0M | $13.0M | |
| Total Current Liabilities | $1.7M | $803.3K | $1.2M | $516.4K | $1.1M | $1.5M | $2.2M | $2.7M | $2.0M | $1.8M | $1.8M | |
| 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 | |
| Total Liabilities | $1.7M | $803.3K | $1.2M | $558.3K | $1.2M | $1.7M | $2.4M | $2.8M | $2.1M | $2.0M | $2.0M | |
| Stockholders' Equity | $6.6M | $8.4M | $7.4M | $5.6M | $25.9M | $23.2M | $19.6M | $12.7M | $8.0M | $11.0M | $11.0M | |
| Retained Earnings | -$49.5M | -$52.5M | -$57.2M | -$57.9M | -$65.9M | -$68.4M | -$72.1M | -$79.0M | -$82.5M | -$85.1M | -$85.1M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.0M | -$3.5M | -$1.3M | -$3.2M | -$3.0M | -$3.1M | -$2.5M | -$5.9M | -$6.1M | -$3.0M | -$6.4M | |
| Capital Expenditure | -$5.7K | -$6.6K | -$1.5K | -$864.00 | -$4.9K | -$10.0K | -$7.7K | -$195.00 | -$2.00 | -$4.6K | -$5.0K | |
| Free Cash Flow | -$7.0M | -$3.5M | -$1.3M | -$3.2M | -$3.1M | -$3.1M | -$2.5M | -$5.9M | -$6.1M | -$3.0M | -$6.4M | |
| Investing Cash Flow | -$5.7K | -$5.3K | -$1.5K | -$864.00 | -$4.9K | $11.7K | -$2.7M | $327.6K | -$2.9M | $3.0M | -$1.2M | |
| Financing Cash Flow | $8.7M | $4.3M | $1.5M | $1.2M | $19.8M | -$36.3K | -$35.0K | $829.00 | $199.7K | $6.3M | $7.2M | |
| Issuance of Stock | $12.5M | $5.5M | $1.5M | $2.0M | $19.8M | $0.00 | $0.00 | $24.0K | $396.8K | $6.5M | $7.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$365.9K | $0.00 | -$366.7K | $0.00 | -$36.3K | -$35.0K | -$15.6K | -$65.7K | $0.00 | $0.00 | |
| Stock Based Comp. | $522.7K | $242.9K | $0.00 | -$533.9K | $0.00 | $94.9K | $227.0K | $0.00 | $304.2K | $0.00 | $152.1K | |
| Net Change in Cash | $1.7M | $732.5K | $392.5K | -$1.9M | $21.8M | -$2.9M | -$5.0M | -$5.5M | -$8.8M | $6.3M | $3.7M |
Dilution Tracker
Shares outstanding grew 34.6% over 5 years — significant dilution
Shares Outstanding
6M
5-Year Share Growth
+34.6%
Stock Issuance (TTM)
$7.0M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.65 | 3.34 | 3.62 | 4.41 | 5.53 | 5.69 | 5.69 | 5.70 | 5.77 | 7.44 | 8.13 | |
| Change vs Prior % | — | 26.3% | 8.3% | 21.9% | 25.3% | 2.9% | 0.1% | 0.0% | 1.4% | 28.8% | 9.4% | |
| Stock Issuance | $12.5M | $5.5M | $1.5M | $2.0M | $19.8M | $0.00 | $0.00 | $24.0K | $396.8K | $6.5M | $7.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $522.7K | $242.9K | $0.00 | -$533.9K | $0.00 | $94.9K | $227.0K | $0.00 | $304.2K | $0.00 | $152.1K |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 66.0% | 68.4% | 71.5% | 72.6% | -456.2% | 68.4% | 96.4% | 68.1% | 65.4% | 64.5% | 64.3% | |
| Operating Margin % | -600.9% | -162.1% | -195.0% | -115.4% | -5748.5% | -375.0% | -197.8% | -118.3% | -73.3% | -61.4% | -71.1% | |
| Net Margin % | -487.3% | -163.4% | -195.0% | -116.2% | -5751.6% | -373.0% | -209.8% | -141.5% | -71.6% | -49.8% | -63.0% | |
| EBITDA Margin % | -600.9% | -175.9% | -197.0% | -120.3% | -5430.6% | -403.9% | -186.2% | -105.5% | -72.8% | -61.4% | -70.9% | |
| FCF Margin % | -504.0% | -190.5% | -53.9% | -125.7% | -2092.8% | -410.6% | -138.3% | -119.9% | -84.2% | -39.8% | -50.8% | |
| ROE % | -103.5% | -35.7% | -63.3% | -51.9% | -32.4% | -12.3% | -19.3% | -54.6% | -64.9% | -34.1% | -31.9% | |
| ROA % | -82.1% | -32.6% | -54.4% | -47.2% | -31.0% | -11.5% | -17.2% | -44.6% | -51.7% | -28.9% | -29.5% | |
| ROIC % | -120.9% | -47.7% | -84.6% | -50.7% | -32.3% | -12.3% | -18.0% | -45.0% | -65.4% | -35.6% | -36.3% | |
| R&D / Revenue % | 331.7% | 122.5% | 43.8% | 46.8% | 937.8% | 86.0% | 143.6% | 109.6% | 49.4% | 0.0% | 28.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 39.5% | 32.0% | 29.5% | 5.5% | -94.2% | 424.9% | 135.8% | 171.7% | 48.6% | 3.5% | |
| Gross Profit | 32.6% | 36.7% | 35.4% | 7.2% | -136.3% | 178.7% | 232.4% | 91.8% | 42.8% | 2.1% | |
| Operating Income | -1.5% | 64.4% | -55.8% | 37.6% | -188.4% | 65.8% | -24.4% | -62.5% | 7.9% | 13.3% | |
| Net Income | 3.7% | 55.7% | -54.7% | 37.1% | -186.4% | 66.0% | -32.7% | -83.2% | 24.8% | 28.0% | |
| EPS (Diluted) | 30.5% | 65.0% | -43.1% | 48.4% | -128.3% | 67.0% | -32.8% | -83.1% | 25.7% | 44.2% | |
| Operating Cash Flow | -87.3% | 50.2% | 63.3% | -146.0% | 3.8% | -2.8% | 20.6% | -136.3% | -4.4% | 51.1% | |
| Free Cash Flow | -87.4% | 50.1% | 63.3% | -145.8% | 3.6% | -3.0% | 20.6% | -135.6% | -4.4% | 51.1% | |
| R&D Expense | 27.8% | -51.3% | -53.7% | 12.8% | 16.0% | -51.9% | 294.1% | 107.4% | -33.1% | -100.0% | |
| SG&A Expense | -12.2% | -12.4% | 44.0% | -31.5% | 57.9% | -38.3% | 30.6% | 27.9% | 20.5% | -4.1% | |
| Total Assets | -6.1% | 11.5% | -7.4% | -27.6% | 336.2% | -8.1% | -11.5% | -29.3% | -35.1% | 28.7% | |
| Book Value / Share | -3.9% | 1.7% | -19.6% | -37.0% | 266.1% | -13.1% | -15.4% | -35.2% | -37.6% | 6.4% | |
| Debt | -80.7% | -100.0% | 0.0% | 0.0% | -66.5% | 923.5% | -9.9% | -8.2% | -32.5% | -100.0% | |
| Diluted Shares | 38.5% | 26.3% | 8.3% | 21.9% | 25.3% | 2.9% | 0.1% | 0.0% | 1.4% | 28.8% |
Valuation
P/E (TTM)At Loss
P/S1.14
10Y Low / Med / High1.51 / 18.84 / 245.08
P/B1.01
10Y Low / Med / High0.76 / 1.90 / 8.41
EV/EBITDA0.05
EV/Revenue-0.03
10Y Low / Med / High0.16 / 4.14 / 73.40
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.35
Net Current Assets / Share
$1.68
Graham Net-Net
$1.12
Cash / Share
$1.11
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.34 | -15.24 | -3.22 | -16.21 | -4.26 | -6.20 | -4.57 | -2.79 | -2.92 | -3.04 | -2.64 | |
| P/S Ratio | 21.17 | 24.87 | 6.29 | 18.84 | 245.08 | 23.05 | 9.57 | 3.94 | 2.09 | 1.51 | 1.14 | |
| P/B Ratio | 4.50 | 5.43 | 2.04 | 8.41 | 1.38 | 0.76 | 0.88 | 1.52 | 1.90 | 1.04 | 1.01 | |
| EV/EBITDA | -3.09 | -12.68 | -2.10 | -14.61 | -1.35 | 1.38 | -0.09 | -1.52 | -2.36 | -0.51 | 0.05 | |
| EV/Revenue | 18.57 | 22.31 | 4.14 | 17.58 | 73.40 | -5.57 | 0.16 | 1.60 | 1.72 | 0.31 | -0.03 |
Analyst Estimates & Quality
Altman Z-Score
-6.42
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2027 |
|---|---|
| Revenue | $9.3M |
| Net Income | -$116.2K |
| EPS | $-0.02 |
| # Analysts (EPS) | 1 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 |
|---|---|---|---|
| Protectyn | $59.0K | $49.9K | — |
| Travelan | $2.3M | — | — |
| ProtectynMember | — | — | $50.2K |