1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
IMRX
Listed on
2021-07-30
Sector
Health Care
Subsector
Pharmaceuticals
Offer Price
$15.00
first filed $14.00–$16.00Shares Offered
7.5M
25.94M
$389.1M
28.9%
Implied Upside vs Midpoint
Description
We are a biopharmaceutical company with an emerging pipeline focused on improving patient outcomes across a spectrum of debilitating oncologic and neurologic diseases by applying our deep knowledge of translational bioinformatics to every stage of the drug development process. We have more than a decade of experience in translational bioinformatics and generating insights into drug mechanisms of action and patient treatment responses. Building on this experience, we developed a disease-agnostic platform that enables us to utilize human data, novel biology and chemistry, and translational planning to create and advance our wholly owned pipeline. Our current development programs in oncology are focused on providing treatments for patients with solid tumors caused by mutations of the MAPK pathway and other oncologic signaling pathways. Our lead product candidate, IMM-1-104, is designed to be a highly selective dual-MEK inhibitor that further disrupts KSR for the treatment of advanced solid tumors in patients harboring RAS mutant tumors. We plan to submit an IND for IMM-1-104 to the FDA in the first quarter of 2022. In addition, we anticipate filing at least two additional INDs for our other oncology programs, one in each of 2023 and 2024. Our platform is enabled by our ability to efficiently analyze high-throughput molecular-level biochemical assays, including transcriptomics, genomics and/or proteomics, collectively referred to as Omics data. These different types of biochemical assays each provide us with unique information about the molecular mechanisms of disease biology and drug response. Since our inception, we have partnered with industry-leading pharmaceutical and biotechnology companies to perform a variety of analyses that utilize our expertise in translational bioinformatics. Examples publicly disclosed by our partners include our analyses of ibrutinib, ipilimumab, daratumumab, glatiramer acetate and pridopidine. In early 2018, we began applying our proprietary platform and approach to internally develop our wholly owned pipeline of orally administered small molecule drug programs. Our approach played a critical role in determining the most important characteristics for and creation of IMM-1-104. Specifically, our platform enables us to: • leverage insights from human data to identify disease transcriptional profiles we aim to counteract; • identify novel biology, specifically evaluating new ways to drug an existing target by utilizing our proprietary Disease Cancelling Technology, or DCT, and analyze mechanisms of existing drugs; • generate novel chemistry that overcomes MAPK-feedback loops to achieve optimal signaling dynamics; and • profile IMM-1-104 in a large number of 3D models using our own translational planning to identify the types of cancer most likely to be sensitive to the product candidate. Our current oncology programs target mutations of the RAS/RAF/MEK/ERK, or MAPK, and the PI3K/AKT/mTOR, or mTOR, pathways. The MAPK and mTOR signaling pathways run parallel to each other, and in over half of all cancers, one or both of these pathways are inappropriately activated. Existing drugs targeting these pathways are limited by toxicity, resistance and/or are narrowly focused on subpopulations with specific mutations. The MAPK and mTOR pathways function to drive cell proliferation, differentiation, survival and a variety of other cellular functions that are critical for the formation of tumors. --- Each of the programs in our oncology pipeline are designed to cause cyclical disruption of abnormal activation of the MAPK and mTOR signaling pathways while limiting drug-related toxicity. Traditional drug approaches have been designed to sustain pathway inhibition, which can cause on-target drug-related toxicity and limit clinical durability as a result of drug holidays or treatment discontinuation. Based on insights derived from our translational bioinformatics platform, our differentiated approach is to design drugs with short half-lives that provide enhanced mechanistic control of the target of interest and break tumor addiction, which is the tumor’s ability to indefinitely self-replicate, metastasize and evade the host’s immune system, among others capabilities, through deep cyclic disruption of these pathways (i.e., signaling dynamics). By cyclically disrupting these core oncogenic signaling pathways in cancer cells, we believe we can create novel therapeutics that maximize therapeutic activity in broad patient populations while providing an improved tolerability profile (as depicted below). We believe we are pioneers in this unique approach of leveraging signaling dynamics against tumor addiction. --- Our corporate headquarters are located at 245 Main Street, Second Floor, Cambridge, Massachusetts 02142. Our telephone number is (617) 500-8080. Our principal website address is www.immuneering.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | >100x | — | — | |
Gross margin | 44.6% | — | — | |
Operating margin | -739% | — | — | |
Net margin | -737% | — | — | |
Free cash flow margin | -635% | — | — | |
Net cash / market cap | 9.5% | 4.2% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 16.73 | 13.27 | ||
Stock comp / revenue | 47.0% | — | — | |
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
= Priced at $15.00, 0% above the midpoint of the first filed range ($14.00–$16.00, 2021-07-26).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-07-26 | S-1/A | $14.00–$16.00 | — | 7,000,000 | $105.0M |
| 2021-07-30 | 424B4 | — | $15.00 | 7,500,000 | $112.5M |
Immuneering Corp income statement and balance sheet, FY Dec 2021 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $2.1M | $317K | — | — |
| Gross profit | $927K | $159K | — | — |
| Operating income | ($33.9M) | ($51.7M) | ($64.1M) | ($59.4M) |
| Net income | ($33.5M) | ($50.5M) | ($61.0M) | ($56.0M) |
| Revenue growth | — | −84.8% | — | — |
| Gross margin | 44.6% | 50.1% | — | — |
| Operating margin | −1629% | −16326% | — | — |
| Net margin | −1612% | −15937% | — | — |
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $167M | $122M | $52.7M | $232M |
| Total liabilities | $10.7M | $12.5M | $11.3M | $13.5M |
| Total equity | $156M | $110M | $41.4M | $218M |
| Cash & equivalents | $74.9M | $72.6M | $36.1M | $129M |