Immuneering — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $166.1 million as of September 30, 2026, down from $217.0 million as of December 31, 2025.
• Research and development expenses were $20.7 million for the quarter ended September 30, 2026, compared to $10.9 million in the same period of 2025, driven by higher clinical costs and increased personnel.
• General and administrative expenses were $5.1 million for the quarter ended September 30, 2026, compared to $4.5 million in the same period of 2025, primarily due to increased stock-based compensation and employee-related costs.
• Net loss attributable to common stockholders was $24.2 million ($0.37 per share) for the quarter ended September 30, 2026, compared to $15.0 million ($0.38 per share) for the quarter ended September 30, 2025.
• Total operating expenses were $25.8 million for the quarter ended September 30, 2026, compared to $15.4 million in the prior year period.
• Interest income was $1.2 million for the quarter ended September 30, 2026, compared to $0.4 million in the same period of 2025.

Guidance and Future Outlook:

• Updated cash runway guidance extends operations into the fourth quarter of 2028, reflecting the Phase 2 trial extension, accelerated and expanded Phase 3 enrollment, and commercial readiness activities.
• Topline data from the Phase 2 atebimetinib + mGnP pancreatic cancer trial (N=55) is expected in the first half of 2027.
• The Phase 3 MAPKeeper 301 trial enrollment target has expanded from 510 to 570 patients; enrollment is ahead of schedule, potentially accelerating the mid-2028 topline data readout.
• Preliminary data readout from the Phase 2 trial of atebimetinib + anti-PD-1 (cemiplimab) in lung cancer is expected in late 2027.
• IND-enabling studies for the next Deep Cyclic Inhibitor (DCI) product candidate program are expected to begin in mid-2027.

Business Segments and Product Lines:

• Atebimetinib, an oral, once-daily Deep Cyclic Inhibitor of MEK, is the company's lead product candidate.
• Publication in Cancer Research detailed atebimetinib as the first/only third-generation MEK inhibitor, demonstrating broad, durable preclinical activity across RAS- and RAF-mutant tumors via deep cyclic inhibition.
• Data presented at the 2026 AACR Conference on Pancreatic Cancer showed stable or increased weight was twice as common in patients on atebimetinib + mGnP compared to a benchmark study, with patients maintaining or gaining weight at three months having significantly longer overall survival.
• The Phase 3 MAPKeeper 301 trial design was presented at ESMO Congress 2026, evaluating atebimetinib in combination with modified gemcitabine/nab-paclitaxel versus standard-of-care chemotherapy in first-line metastatic pancreatic cancer.
• Preclinical data for atebimetinib in combination with anti-PD-1 in lung cancer is scheduled for presentation at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in Q4 2026.

Market and Competitive Landscape:

• Management noted growing recognition within the medical community of atebimetinib's differentiated mechanism of action, citing strong engagement at the 2026 AACR Conference on Pancreatic Cancer and ESMO Congress 2026.
• Atebimetinib reported a 17.3-month median overall survival with excellent tolerability at ASCO, described as unprecedented among agents targeting this pathway.
• The company's Deep Cyclic Inhibitor technology aims to improve overall survival by shrinking tumors durably with less resistance, preserving body mass by countering cachexia, and minimizing side effects.

Risks and Challenges:

• The company is a late-stage clinical oncology company with a limited operating history and has not completed any registrational clinical trials.
• The company has incurred significant losses, is not currently profitable, and may never become profitable.
• Risks include limitations on cash runway, potential increases in expenditures, and the need for additional funding.
• Clinical development is lengthy, expensive, and uncertain, with risks of trial delays, enrollment failures, or failure to confirm efficacy and safety in later-stage trials.
• Regulatory approval is uncertain, and the company relies on third parties for clinical trials, manufacturing, and commercialization.
• Intellectual property risks include potential lawsuits for infringement, challenges to ownership, or patents being found invalid or unenforceable.

Management Commentary and Tone:

• CEO Ben Zeskind expressed thrill that the Phase 2 pancreatic cancer trial follow-up is being extended because patients are living longer than projected.
• Management described the current momentum in the Phase 3 trial as "strong," enabling the expansion of the enrollment target and potential acceleration of data readouts.
• The tone was optimistic regarding the recognition of atebimetinib's mechanism of action and the unprecedented survival data reported at ASCO.

Other Key Points:

• The company is developing an entirely new category of cancer medicines called Deep Cyclic Inhibitors (DCIs).
• The Phase 2 pancreatic cancer trial follow-up was extended specifically due to patients living longer than projected.
• The Phase 3 MAPKeeper 301 trial enrollment target was increased from 510 to 570 patients.
• The company reported a net loss of $54.9 million ($0.85 per share) for the nine months ended September 30, 2026, compared to $44.4 million ($1.20 per share) for the same period in 2025.
• Total assets were $182.6 million as of September 30, 2026, compared to $232.0 million as of December 31, 2025.
• Accumulated deficit increased to $(335.2) million as of September 30, 2026, from $(280.3) million as of December 31, 2025.