IMUGENE LIMITED (IMU)
Share Price Analysis and Chart

29/05/2026

1

Speculative Buy

$0.25

117.39%

Bell Potter highlights first patient enrolment in Imugene's Phase 1b cohort investigating azer-cel alongside BTK inhibitor therapies for rare forms of non-Hodgkin's lymphoma.

The broker sees a significant unmet need in relapsed or refractory lymphoma patients, particularly those unsuitable for traditional Chimeric Antigen Receptor T-cell therapy (CAR-T) manufacturing timelines.

Azer-cel's off-the-shelf availability and favourable safety profile could expand patient eligibility and support rapid trial enrolment, commentary suggests.

The broker also points to encouraging earlier trial data, which showed an 81% overall response rate across first-time NHL patients to CAR-T therapies.

Bell Potter retains a Speculative Buy rating with an unchanged $0.25 target.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -8.70 cents.

12/05/2026

-1

No Rating

117.39%

Research as a Service (RaaS) has initiated coverage on clinical-stage immuno-oncology company Imugene.

The broker highlights a pivot from a broad, capital-intensive pipeline to a focused, late-stage Chimeric Antigen Receptor T-cell therapy (CAR-T) strategy centred on its azer-cel platform.

Azer-cel is an allogeneic, off-the-shelf CD19 CAR-T therapy targeting blood cancers, offering advantages over autologous therapies through lower cost and faster treatment delivery.

Phase 1b data shows strong efficacy, the analyst observes, including an 82% response rate in heavily pre-treated Diffuse Large B-Cell Lymphoma (DLBCL) patients and high response rates in niche lymphoma cohorts.

Management is prioritising completion of Phase 1b, with potential for a single-arm pivotal study supporting FDA Accelerated Approval.

RaaS notes Imugene's sub-$50m market cap appears low relative to allogeneic CAR-T peers given recent progress and upcoming catalysts.

A valuation of 24c is set.

Research as a Service doesn't assign a rating. Investors can draw conclusions from valuations and commentary.

FORECAST
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.80 cents.
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.90 cents.