Latest Ratios: P/E Ratio -4.0x · EV/EBITDA N/A · ROE -43.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $187M | $290M | $66M | $209M | $128M | $426M | — | — |
| Enterprise Value | $62M | $165M | $34M | $154M | $60M | $356M | — | — |
| P/E Ratio → | -4.05 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | 403.77 | 204.62 | — | — |
| P/B Ratio | 1.04 | 1.33 | 1.59 | 2.31 | 1.17 | 2.73 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | 189.87 | 171.19 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 50.1% | 44.6% | 44.6% | 36.3% |
| Operating Margin | — | — | — | — | -16325.8% | -1629.2% | -739.0% | -327.7% |
| Net Profit Margin | — | — | — | — | -15937.3% | -1612.3% | -737.2% | -401.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -43.1% | -43.1% | -92.5% | -53.4% | -38.0% | -50.2% | — | — |
| ROA | -39.4% | -39.4% | -78.6% | -47.5% | -34.9% | -32.7% | -64.9% | -54.7% |
| ROIC | -86.4% | -86.4% | -213.4% | -112.8% | -60.4% | -184.8% | — | — |
| ROCE | -44.5% | -44.5% | -91.6% | -55.9% | -37.6% | -34.4% | -68.7% | -46.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.10 | 0.05 | 0.04 | 0.03 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.57 | -0.77 | -0.61 | -0.62 | -0.45 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | -20.95 |
Net cash position: cash ($129M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 17.50 | 17.50 | 5.28 | 11.35 | 13.50 | 27.04 | 16.73 | 27.83 |
| Quick Ratio | 17.50 | 17.50 | 5.28 | 11.35 | 13.50 | 27.04 | 16.73 | 27.83 |
| Cash Ratio | 17.16 | 17.16 | 4.82 | 10.92 | 13.10 | 26.48 | 16.44 | 27.28 |
| Asset Turnover | — | — | — | — | 0.00 | 0.01 | 0.06 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | 14.30 | 43.18 | 78.97 | 39.92 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $44M | $30M | $28M | $26M | $26M | $14M | $14M |
Clinical trial execution failure
As reported in financial statements, IMRX trades at a P/B of 0.96, suggesting that the market currently assigns minimal value to the company's intellectual property beyond its immediate cash reserves, reflecting deep skepticism regarding the clinical success of its MAPK-pathway inhibitors compared to more established oncology peers.
The current valuation appears to be anchored to the company's cash position rather than future earnings potential, which is typical for pre-revenue biotech firms. Investors should monitor whether the forward EV/EBITDA of 11.28 represents a realistic expectation of future milestone-driven revenue or merely a reflection of the company's current burn rate relative to its market capitalization.
Based on reported figures, IMRX has consistently generated negative ROIC, with a trough of -133.0% in 2025Q2, illustrating that the company is currently in a phase of pure capital destruction as it funds high-cost clinical trials without any offsetting commercial revenue or operational efficiency gains.
The persistent decay in return on capital is a structural feature of the company's current development stage rather than a failure of management. This trend warrants further investigation into whether the upcoming Phase 2a data can provide a sufficient inflection point to justify the ongoing depletion of invested capital.
According to recent SEC filings, IMRX maintains a current ratio of 32.45 as of 2026Q1, indicating a robust short-term liquidity position that provides the company with a multi-year runway to complete its critical Phase 2a expansion cohorts without the immediate threat of insolvency.
The high liquidity ratio suggests that the company has successfully managed its capital raises to avoid near-term financing distress. However, this liquidity is highly sensitive to clinical trial enrollment velocity, and any unexpected regulatory delays could rapidly accelerate the cash burn, potentially forcing a dilutive equity raise sooner than currently anticipated.
As indicated by the company's financial history, IMRX maintains a negligible debt-to-equity ratio of 0.02, which provides a clean balance sheet that avoids the interest coverage risks typically associated with more leveraged firms in the volatile biotechnology sector.
The lack of significant debt is a strategic advantage, as it preserves the company's ability to access capital markets for future funding rounds without the burden of restrictive covenants. Investors should monitor whether management maintains this conservative capital structure as the company approaches more capital-intensive late-stage clinical trials.
Based on an analysis of the company's business model, the use of P/E ratios is fundamentally misapplied to IMRX, as the company's pre-revenue status renders earnings-based valuation metrics entirely irrelevant and potentially misleading for assessing the true value of its proprietary cyclic inhibition platform.
Analysts should instead focus on cash burn rates and clinical milestone progress, as these metrics provide a more accurate reflection of the company's operational health. Relying on P/E or net margin trends obscures the reality that the company is currently trading as a binary option on its clinical pipeline rather than a traditional operating business.
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Quick answers to the most common questions about buying IMRX stock.
Immuneering Corporation's current P/E ratio is -4.0x. This places it at the 50th percentile of its historical range.
Immuneering Corporation's return on equity (ROE) is -43.1%. The historical average is -55.4%.
Based on historical data, Immuneering Corporation is trading at a P/E of -4.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.