Immuneering Corporation
IMRXHealthcare|Biotechnology|US
$3.68
+0.31 (+9.20%)
DCF Value
$2.80
Tangible Book / Share
$2.50
Cash / Share
$2.25
Financials
Financial Snapshot
Market Cap
$238.3M
Enterprise Value
$183.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$66.5M
Cash & Investments
$145.4M
Net Cash
$141.9M
Free Cash Flow (TTM)
-$51.85B
Operating CF (TTM)
-$51.73B
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$145.4M
Quarterly Burn
$12.93B
Monthly Burn
$4.31B
Est. Runway
~0.0 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $13.8M | $37.1M | $149.2M | $105.5M | $85.7M | $36.1M | $172.8M | $145.4M | |
| Operating Cash Flow | -$4.4M | -$14.6M | -$30.9M | -$44.1M | -$49.0M | -$55.0M | -$45.3M | -$51.73B | |
| Free Cash Flow | -$4.5M | -$14.7M | -$30.9M | -$44.8M | -$49.3M | -$55.1M | -$45.5M | -$51.85B | |
| Capital Expenditure | -$20.5K | -$53.4K | -$60.8K | -$742.5K | -$342.7K | -$84.9K | -$142.2K | -$122.6M | |
| Financing Cash Flow | $17.2M | $38.0M | $144.3M | $19.0K | $28.4M | $5.3M | $226.6M | $68.0K |
R&D Spending
R&D (TTM)
$10.69B
R&D Intensity
—
R&D Growth vs Prior
+25321.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.3M | $2.1M | $317.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.3M | $15.0M | $26.5M | $36.3M | $41.6M | $48.0M | $42.0M | $10.69B | |
| R&D % of Revenue | 222.9% | 649.1% | 1276.0% | 11442.5% | — | — | — | — | |
| SG&A | $2.7M | $3.1M | $8.3M | $15.6M | $16.8M | $16.1M | $17.3M | $4.70B |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.3M | $2.1M | $317.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $1.2M | $1.3M | $1.2M | $158.1K | $0.00 | $0.00 | $698.9K | $983.2K | |
| Gross Profit | $696.7K | $1.0M | $926.9K | $158.8K | $0.00 | $0.00 | -$698.9K | -$983.2K | |
| R&D | $4.3M | $15.0M | $26.5M | $36.3M | $41.6M | $48.0M | $42.0M | $10.69B | |
| SG&A | $2.7M | $3.1M | $8.3M | $15.6M | $16.8M | $16.1M | $17.3M | $4.70B | |
| Operating Income | -$6.3M | -$17.1M | -$33.9M | -$51.7M | -$58.4M | -$64.1M | -$59.4M | -$73.9M | |
| Interest Expense | $351.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$7.7M | -$17.1M | -$33.8M | -$50.5M | -$53.5M | -$61.0M | -$56.0M | -$66.5M | |
| Net Income | -$7.7M | -$17.0M | -$33.5M | -$50.5M | -$53.5M | -$61.0M | -$56.0M | -$66.5M | |
| EPS (Diluted) | -0.60 | -1.26 | -1.27 | -1.87 | -1.88 | -2.04 | -1.27 | -1.03 | |
| EBITDA | -$7.3M | -$17.0M | -$33.7M | -$51.5M | -$58.1M | -$63.7M | -$55.7M | -$72.1M | |
| Shares Out. (M) | 13.51 | 13.51 | 26.32 | 26.39 | 28.42 | 29.98 | 44.01 | 64.71 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.8M | $37.1M | $74.9M | $72.6M | $59.4M | $36.1M | $128.6M | $58.2M | |
| Short-Term Investments | $0.00 | $0.00 | $74.3M | $32.9M | $26.3M | $0.00 | $44.2M | $87.2M | |
| Total Current Assets | $14.1M | $37.7M | $152.3M | $108.7M | $89.1M | $39.6M | $176.2M | $150.7M | |
| Total Assets | $14.1M | $38.4M | $166.7M | $122.4M | $102.6M | $52.7M | $232.0M | $182.6M | |
| Total Current Liabilities | $505.3K | $2.3M | $5.6M | $8.1M | $7.8M | $7.5M | $10.1M | $10.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $20.6M | $60.9M | $10.7M | $12.5M | $12.0M | $11.3M | $13.5M | $13.9M | |
| Stockholders' Equity | -$6.5M | -$22.5M | $156.0M | $109.9M | $90.6M | $41.4M | $218.5M | $168.7M | |
| Retained Earnings | -$8.7M | -$25.7M | -$59.3M | -$109.8M | -$163.3M | -$224.3M | -$280.3M | -$335.2M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.4M | -$14.6M | -$30.9M | -$44.1M | -$49.0M | -$55.0M | -$45.3M | -$51.73B | |
| Capital Expenditure | -$20.5K | -$53.4K | -$60.8K | -$742.5K | -$342.7K | -$84.9K | -$142.2K | -$122.6M | |
| Free Cash Flow | -$4.5M | -$14.7M | -$30.9M | -$44.8M | -$49.3M | -$55.1M | -$45.5M | -$51.85B | |
| Investing Cash Flow | -$20.5K | -$53.4K | -$75.6M | $41.8M | $7.3M | $26.4M | -$88.7M | -$107.8M | |
| Financing Cash Flow | $17.2M | $38.0M | $144.3M | $19.0K | $28.4M | $5.3M | $226.6M | $68.0K | |
| Issuance of Stock | $0.00 | $0.00 | $120.3M | $19.0K | $28.2M | $4.2M | $230.3M | $655.4K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $3.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $596.6K | $1.1M | $1.8M | $4.1M | $5.7M | $6.5M | $6.3M | $5.33B | |
| Net Change in Cash | $12.7M | $23.3M | $37.8M | -$2.3M | -$13.2M | -$23.3M | $92.5M | -$169.3M |
Dilution Tracker
Shares outstanding grew 225.7% over 5 years — significant dilution
Shares Outstanding
65M
5-Year Share Growth
+225.7%
Stock Issuance (TTM)
$655.4K
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 13.51 | 13.51 | 26.32 | 26.39 | 28.42 | 29.98 | 44.01 | 64.71 | |
| Change vs Prior % | — | 0.0% | 94.8% | 0.3% | 7.7% | 5.5% | 46.8% | 47.0% | |
| Stock Issuance | $0.00 | $0.00 | $120.3M | $19.0K | $28.2M | $4.2M | $230.3M | $655.4K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $596.6K | $1.1M | $1.8M | $4.1M | $5.7M | $6.5M | $6.3M | $5.33B |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 36.3% | 44.6% | 44.6% | 50.1% | — | — | — | — | |
| Operating Margin % | -327.7% | -739.0% | -1629.2% | -16325.8% | — | — | — | — | |
| Net Margin % | -401.6% | -737.2% | -1612.3% | -15937.3% | — | — | — | — | |
| EBITDA Margin % | -382.4% | -735.6% | -1619.5% | -16238.4% | — | — | — | — | |
| FCF Margin % | -232.5% | -634.8% | -1486.2% | -14148.4% | — | — | — | — | |
| ROE % | 118.1% | 75.8% | -21.5% | -46.0% | -59.0% | -147.5% | -25.6% | -33.9% | |
| ROA % | -54.7% | -44.3% | -20.1% | -41.3% | -52.1% | -115.8% | -24.2% | -36.4% | |
| ROIC % | -46.3% | -46.9% | -20.8% | -45.1% | -61.5% | -140.7% | -26.7% | -42.9% | |
| R&D / Revenue % | 222.9% | 649.1% | 1276.0% | 11442.5% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 20.4% | -10.0% | -84.8% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 48.0% | -10.1% | -82.9% | -100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -171.5% | -98.4% | -52.7% | -12.9% | -9.7% | 7.3% | |
| Net Income | 0.0% | -121.0% | -96.8% | -50.6% | -5.9% | -14.1% | 8.2% | |
| EPS (Diluted) | 0.0% | -110.0% | -0.8% | -47.2% | -0.5% | -8.5% | 37.7% | |
| Operating Cash Flow | 0.0% | -229.1% | -111.0% | -42.9% | -11.0% | -12.3% | 17.6% | |
| Free Cash Flow | 0.0% | -228.8% | -110.7% | -45.1% | -10.0% | -11.7% | 17.4% | |
| R&D Expense | 0.0% | 250.6% | 76.9% | 36.6% | 14.8% | 15.2% | -12.3% | |
| SG&A Expense | 0.0% | 14.8% | 166.0% | 88.7% | 7.4% | -4.1% | 7.6% | |
| Total Assets | 0.0% | 172.5% | 333.9% | -26.6% | -16.2% | -48.6% | 340.1% | |
| Book Value / Share | 0.0% | -244.4% | 456.2% | -29.8% | -23.4% | -56.7% | 259.6% | |
| Debt | 0.0% | 0.0% | 763.8% | -9.8% | -7.8% | -6.7% | -8.1% | |
| Diluted Shares | 0.0% | 0.0% | 94.8% | 0.3% | 7.7% | 5.5% | 46.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High102.82 / 204.62 / 403.77
P/B1.41
10Y Low / Med / High1.17 / 1.59 / 2.73
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High87.04 / 171.19 / 189.87
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.80
Tangible Book / Share
$2.50
Net Current Assets / Share
$2.11
Graham Net-Net
$2.03
Cash / Share
$2.25
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -29.32 | -13.96 | -12.73 | -2.59 | -3.91 | -1.08 | -5.18 | -3.57 | |
| P/S Ratio | 123.80 | 102.82 | 204.62 | 403.77 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -36.41 | -10.57 | 2.73 | 1.17 | 2.31 | 1.59 | 1.33 | 1.41 | |
| EV/EBITDA | -30.50 | -11.83 | -10.57 | -1.17 | -2.65 | -0.53 | -2.96 | -2.55 | |
| EV/Revenue | 116.62 | 87.04 | 171.19 | 189.87 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
7.34
Safe
Piotroski F-Score
0
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $21.3M | $22.8M | $26.1M |
| Net Income | -$53.3M | -$71.0M | -$63.4M |
| EPS | $-1.23 | $-1.61 | $-1.45 |
| # Analysts (EPS) | 5 | 6 | 6 |