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Immuneering Corp (IMRX)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 EPS of $-0.58 missed Wall Street consensus of $-0.42, driven by higher R&D and lower interest income; net loss was $18.1M vs $15.1M YoY *. EPS consensus from S&P Global; values marked with asterisk are from S&P Global.
  • Operating expenses rose to $18.6M (+20% YoY), with R&D at $14.9M (+25% YoY) as Phase 2a activities for IMM-1-104 accelerated .
  • Cash and equivalents were $36.1M at 12/31, excluding $13.7M ATM proceeds raised in January 2025; cash runway extended into 2026, a positive inflection from prior quarter’s “into Q4 2025” .
  • Clinical momentum continued: FDA Fast Track in advanced melanoma (Dec-2024), Orphan Drug for pancreatic cancer (Oct-2024), January 2025 data showed encouraging ORR and DCR in first-line PDAC combinations; planning began for a potential global pivotal trial in PDAC .
  • No Q4 2024 earnings call transcript was available; qualitative updates derived from the 8-K and related press releases.

What Went Well and What Went Wrong

What Went Well

  • IMM-1-104 clinical momentum: “excellent response rates” in first-line pancreatic cancer combinations (mGnP ORR 43%, DCR 86%; mFFX ORR 50%), with planning underway for a potential global pivotal trial in PDAC .
  • Regulatory de-risking: FDA Fast Track designation in advanced melanoma (Dec-2024) and Orphan Drug designation in pancreatic cancer (Oct-2024) support expedited development and potential incentives .
  • Cash runway strengthened: runway into 2026 following January ATM proceeds; management highlighted multiple expected data events in 2025 .

What Went Wrong

  • EPS and loss widened: Q4 EPS of $-0.58 vs $-0.52 YoY; net loss increased to $18.1M as R&D spending ramped with Phase 2a execution .
  • Interest income down: Q4 interest income fell to $0.42M from $0.75M YoY, modestly pressuring below-the-line items .
  • No Q4 earnings call/Q&A: absence of a transcript reduced visibility into near-term OpEx cadence, trial timelines, and investor Q&A context (no transcript found for Q4 2024).

Financial Results

Income Statement and Cash Metrics

MetricQ2 2024Q3 2024Q4 2024
Research and Development ($USD Millions)$10.65 $11.25 $14.86
General and Administrative ($USD Millions)$4.25 $4.01 $3.69
Total Operating Expenses ($USD Millions)$14.91 $15.27 $18.56
Net Loss ($USD Millions)$14.08 $14.60 $18.05
Diluted EPS ($USD)$-0.47 $-0.49 $-0.58
Cash and Equivalents ($USD Millions)$59.73 $45.21 $36.14

Notes:

  • Q4 press release also disclosed $13.7M raised via ATM in January 2025 (excluded from 12/31 cash reported) .

Revenue and Margins

Immuneering reported no product revenue and does not present revenue or gross/operating margin analysis typical of commercial-stage companies; the business is in R&D investment mode . Margin comparisons are not applicable given zero revenue and a pure operating expense structure.

EPS vs Consensus

MetricQ2 2024Q3 2024Q4 2024
EPS Actual ($)$-0.47 $-0.49 $-0.58
EPS Consensus Mean ($)$-0.53*$-0.55*$-0.42*
Beat/Miss ($)+$0.06*+$0.06*-$0.16*
  • Values marked with an asterisk are from S&P Global. EPS consensus mean from S&P Global; derived beat/miss uses S&P Global consensus and reported actual.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayAs of Q2 2024“Sufficient to fund operations into the second half of 2025” ——
Cash RunwayAs of Q3 2024“Sufficient to fund operations into the fourth quarter of 2025” ——
Cash RunwayAs of Q4 2024—“Sufficient to fund operations into 2026” (includes subsequent ATM proceeds) Raised

No revenue, margin, tax rate, or dividend guidance was provided in Q4 disclosures .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available. Themes below reflect evolution across prior quarters and Q4 disclosures.

TopicQ-2 (Q2 2024)Q-1 (Q3 2024)Current Period (Q4 2024)Trend
R&D ExecutionPhase 2a enrollment progressing; multiple arms with initial data expected 2H24 Positive initial combination data in first-line PDAC (including CR/PR); further data by year-end January 2025 data showed strong ORR/DCR in PDAC combos; pivotal planning underway Improving clinical efficacy and scope
Regulatory/LegalFDA Fast Track in first-line PDAC FDA Orphan Drug in PDAC (Oct-2024) FDA Fast Track in advanced melanoma (Dec-2024) Regulatory momentum
Cash RunwayInto H2 2025 Into Q4 2025 Into 2026 (ATM proceeds Jan-2025) Strengthened runway
Partnerships——Regeneron supply agreement for Libtayo (PD-1) combo in NSCLC Expanding collaborations
Pipeline BreadthFocus on IMM-1-104, initiation of additional arms planned Multi-arm Phase 2a ongoing; melanoma and NSCLC arms highlighted Additional combo arms planned in 2025 (BRAF, G12C, PD-1; melanoma/NSCLC) Broader combination strategy

Management Commentary

  • “Excellent response rates for IMM-1-104 in combination with chemotherapy in first-line pancreatic cancer patients... observed ORR of 43% and DCR of 86% (mGnP) and ORR of 50% (mFFX)... planning for a potential global pivotal trial” — Ben Zeskind, CEO .
  • “We subsequently announced a clinical trial supply agreement with Regeneron for Libtayo... aim to get these new trials up and running this year” — Ben Zeskind .
  • “As we look ahead... we expect multiple data events... we believe [IMM-1-104] positions our lead asset with the potential to offer an improved profile in comparison to current MEK inhibitors” — Ben Zeskind .

Q&A Highlights

No Q4 2024 earnings call/Q&A transcript was found; Q&A highlights are unavailable for the period.

Estimates Context

  • EPS: Q4 actual $-0.58 vs S&P Global consensus $-0.42 → miss of $0.16; prior quarters modest beats (+$0.06 in Q2 and Q3) *.
  • Revenue: Consensus $0.0 reflecting pre-revenue status; no top-line surprises*.
  • Likely estimate revisions: Upward OpEx/R&D assumptions given Q4 spend and expanded 2025 combination arms; minimal revenue model changes near term given clinical-stage status *.

Values marked with an asterisk are from S&P Global.

Key Takeaways for Investors

  • Q4 EPS missed consensus on higher clinical R&D spend; operating expenses stepped up to support multi-arm Phase 2a progression *.
  • Regulatory tailwinds and January efficacy update in first-line PDAC combinations are meaningful de-risking events and support pivotal planning .
  • Cash runway extended into 2026 (post-ATM), reducing near-term financing overhang and enabling execution on expanded 2025 combo trials .
  • Near-term catalysts: additional Phase 2a data in 2Q25; initiation of multiple combinations (PD-1, BRAF, G12C) in melanoma/NSCLC .
  • Watch for clarity on pivotal trial design and endpoints in PDAC; potential partner interest around combination strategies (e.g., PD-1, RAF) .
  • Trading lens: absence of revenue keeps stock sensitive to clinical readouts and runway updates; the pivotal planning and Fast Track/Orphan designations can be meaningful sentiment drivers .
  • Medium-term thesis: a better-tolerated MEK inhibitor enabling broad RAS/RAF combinations could unlock value across multiple indications; execution risk remains tied to confirmatory clinical efficacy and safety at scale .
Footnotes:
* S&P Global disclaimer: Estimates and starred values were retrieved from S&P Global. Where values are derived (e.g., beat/miss), they use S&P Global consensus and company-reported actuals.