Immuneering (IMRX) Q4 2025 earnings summary

Executive summary

• Achieved 64% overall survival at 12 months in Phase 2a trial for first-line pancreatic cancer with atebimetinib + mGnP, surpassing the 35% benchmark for standard care.

• Secured FDA and EMA alignment for pivotal Phase 3 MAPKeeper 301 trial, with first patient dosing expected mid-2026.

• Ended 2025 with $217 million in cash, cash equivalents, and marketable securities, providing runway into 2029.

• Added to the Nasdaq Biotechnology Index in December 2025.

Financial highlights

• Cash, cash equivalents, and marketable securities rose to $217.0 million as of December 31, 2025, up from $36.1 million at year-end 2024.

• R&D expenses for Q4 2025 were $9.3 million (down from $14.9 million in Q4 2024); full year 2025 R&D expenses were $42.0 million (down from $48.0 million in 2024).

• G&A expenses for Q4 2025 were $4.5 million (up from $3.7 million in Q4 2024); full year 2025 G&A expenses were $17.3 million (up from $16.1 million in 2024).

• Net loss for Q4 2025 was $11.6 million ($0.18 per share), compared to $18.1 million ($0.58 per share) in Q4 2024; full year 2025 net loss was $56.0 million ($1.27 per share), compared to $61.0 million ($2.04 per share) in 2024.

Outlook and guidance

• Cash runway expected to fund operations into 2029 based on current cash and operating plans.

• Updated survival data from over 50 first-line pancreatic cancer patients expected in 1H 2026.

• First patient dosing in pivotal Phase 3 MAPKeeper trial planned for mid-2026; Phase 2 trial in RAS-mutant NSCLC to begin dosing in 2H 2026.