• Loss after tax up 100% to A$44.9m mainly due to increased R&D and IP expenses
• Entered strategic collaboration with Dr. Reddy's for efti development and commercialization outside key markets
• Progressed lead program efti through registrational Phase III TACTI-004 trial in 1L NSCLC

Immutep reported a 100% increase in loss after tax to A$44.9m for the half-year ended 31 December 2025, compared to A$22.4m in the prior corresponding period. The increase was mainly attributable to a A$21.3m rise in R&D and intellectual property expenses, driven by higher clinical trial costs and staff expenses. Corporate expenses also increased by A$1.2m, primarily due to higher share-based payment expenses. The company made strong progress on its lead program efti, a first-in-class immunotherapy being evaluated in several late-stage clinical trials. Immutep presented trial updates for the registrational Phase III TACTI-004 study in first-line non-small cell lung cancer (1L NSCLC) at major conferences, with the trial on track for a futility analysis in Q1 2026 and full patient enrollment expected in Q3 2026. In the half-year, Immutep also received positive feedback from the FDA on the potential development path for efti in first-line head and neck squamous cell carcinoma (1L HNSCC), with the agency supporting further clinical development in the PD-L1 low/negative patient population. Additionally, the company reported encouraging data from the EFTISARC-NEO Phase II trial evaluating efti in soft tissue sarcoma.Immutep also announced a strategic collaboration and licensing agreement with Dr. Reddy's for the development and commercialization of efti in all countries outside North America, Europe, Japan, and Greater China. Under the deal, Immutep received an upfront payment of US$20 million and is eligible for up to US$349.5 million in potential milestone payments, plus royalties on sales.