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    IMM   AU000000IMM6

IMMUTEP LIMITED

(IMM)
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Immutep : Maxim Group - The Case for LAG-3 is Building

09/20/2021 | 02:32pm EDT

EQUITY RESEARCH

COMPANY UPDATE

Biotechnology

Immutep Limited

Buy

IMMP - NASDAQ

September 20, 2021

The Case for LAG-3 is Building

Intraday Price 9/20/21

$3.65

Summary

Rating:

Buy

Could a LAG-3 be the next approved checkpoint? This morning, Bristol-

12-Month Target Price:

$8.00

52-Week Range:

$1.53 - $7.95

Myers Squibb (BMY - NR) announced that the FDA had accepted Bristol's

Market Cap (M):

278.1

Biologics License Application (BLA) for LAG-3 (relatlimab) / PD-1 (nivolumab)

Shares O/S (M):

76.2

combination as treatment for patients with metastatic melanoma for Priority

Float:

NA

Review. PDUFA is March 19, 2022.

Avg. Daily Volume (000):

341.5

This follows shortly after an update on the Phase 2/3 RELATIVITY-047 study

Debt (M):

$6.2

at this year's ESMO Congress (being held from Sept. 16-21), where prolonged

Dividend:

$0.00

benefit was reported with relatlimab/nivo combination vs. nivo monotherapy

Dividend Yield:

0.0%

(see details below).

Risk Profile:

Speculative

Recall, LAG-3 as a checkpoint has generated significant interest since

Fiscal Year End:

June

Bristol's initial RELATIVITY data release on March 25, 2021.

Total Expenses ('000)

What about Immutep's eftilagimod ('efti')? Immutep currently has the most

2021A

2022E

2023E

LAG-3 products (four in total) and is the only company exploring the utility

H1

of LAG-3, both in immune-oncology and in autoimmune disease. The lead

9,707

9,399

9,948A

asset, efti, has a differentiated mechanism of action, as a soluble LAG-3 fusion

H2

7,462

9,799

10,777

FY

17,169

19,198

20,726

protein that acts as an antigen-presenting cell (APC) activator (vs. a direct

inhibitor). To date, efti has demonstrated activity and a good safety profile

IMMP

in multiple trials (such as TACTI-002 currently underway in combination with

Merck's {MRK - NR} Keytruda).

6

Price (USD)

Source: Factset

Volume (MM) 300

Conclusion. Bristol's LAG-3 is set for regulatory review, ahead of the

5

250

checkpoint TIGIT, which may come as a surprise to some. While Bristol's

200

relatlimab may be the first-to-market, there is room for multiple LAG-3 players

4

(just like PD-1/PD-L1s), in our view.

150

Details

3

100

RELATIVY-047 study is a

positive readthrough for

efti. The

Phase

2/3

2

50

RELATIVITY study (N=714)

is evaluating fixed dose

relatlimab

(anti-lag

3)

1

0

in combination with anti-PD-1 antibody, nivolumab (nivo), in 1L metastatic or

Nov-20Jan-21Mar-21

May-21

Jul-21

Sep-21

unresectable melanoma patients. The trial design is also stratified by both PD-L1

Price

Volume

and LAG-3 expression. Data from the RELATIVITY study reported at the 2021 ASCO

Annual Meeting reported significant PFS (progression-free benefit) benefit seen with

Immutep is listed on the ASX (IMM) and with ADR's traded

the combination of relatlimab + nivo (n=355) over nivo monotherapy (n=359): 10.12

months vs. 4.63 months. (HR=0.75). There were also no significant safety signals

on NASDAQ (IMMP). 1 ADR= 10 shares of common stock.

(SAEs Grade 3/4 of 18.9% observed with combo vs. 9.7% with monotherapy). On

efficacy, 1-year PFS of relatlimab/nivo (47.7%) was numerically lower to cross trial to

CheckMate-067 comparison of nivo/ipi (50%). On safety, the combo demonstrated

a significantly better safety profile cross trial (18.9% vs. 59%, respectively). At this

year's ESMO Congress (Sept. 16-21), Bristol reported additional efficacy results.

Prolonged benefit was observed with combination treatment vs. single agent nivo.

The combination led to a longer treatment-free interval (TFI), as well as a reduction

in risk of progression or death following the next line of therapy. Specifically, patients

that received the doublet and discontinued the treatment (n = 167) experienced a

longer TFI vs. single-agent nivolumab (n = 151): median TFI of 3.22 (range, 0.1-30.4)

vs. 1.41 (range, 0.1-25.6), respectively. Relatlimab plus nivolumab also reduced the

risk of progression following the next line of systemic therapy (PFS2). The median

PFS2 in the doublet arm had not yet been reached while the single therapy arm was

20.04 months. While we await overall survival (OS) data, we believe the positive combination broadly validates LAG-3 as a checkpoint target and continues to build the case for LAG-3 and for Immutep's eftilagimod. With a PDUFA data of March 19, 2022, LAG-3 appears to be on the road to becoming the third approved checkpoint.

Naureen Quibria, Ph.D.

Near-termcatalysts for Immutep. While multiple operational updates are expected

(212) 895-3620

(such as trial initiations and recruitment updates), we are watching for data readouts

nquibria@maximgrp.com

on:

SEE PAGES 3 - 4 FOR IMPORTANT DISCLOSURES AND DISCLAIMERS

Immutep Limited (IMMP)

  1. AIPAC final overall survival (OS) data - multicenter, placebo-controlled, randomized trial (N=227) of efti in combination with chemotherapy in HER2-/ HR+ metastatic breast cancer patients; final OS data is expected in 2H21.
  2. TACTI-002(KEYNOTE-798) - the ongoing Phase 2 study is evaluating efti with pembrolizumab in 1L non-small cell lung cancer (NSCLC), 2L in NSCLC in PDX-refractory patients, and 2L head and neck squamous cell carcinoma (HNSCC); potential update in 2H21.

Company overview: Immutep is a clinical-stage biotechnology company that is focused on developing LAG-3 both as an immune stimulator and an immune suppressor, for cancer and for autoimmune diseases, respectively. The company's lead product candidate is eftilagimod alpha (efti), a soluble LAG-3 fusion protein, that is being evaluated in combination with chemotherapy or immune therapy for multiple advanced cancers. The company also has licensing deals with large pharma for additional LAG-3 products: GSK'781 with GlaxoSmithKline (GSK - NR) and LAG525 with Novartis (NVS - NR).

Maxim Group LLC

2

Immutep Limited (IMMP)

DISCLOSURES

Immutep Limited Rating History as of 09/16/2021

powered by: BlueMatrix

Buy:$4.00

Buy:$2.00

Buy:$4.00

Buy:$8.00

07/31/19

04/06/20

11/11/20

12/10/20

$10

$8

$6

$4

$2

$0

Oct

18

Jan

19

Apr

19

Jul

19

Oct

19

Jan

20

Apr

20

Jul

20

Oct

20

Jan

21

Apr

21

Jul

21

Closing Price

Target Price

Maxim Group LLC Ratings Distribution

As of: 09/19/21

% of Rating for which Firm

% of Coverage

Provided Banking Services

Universe with Rating

in the Last 12 months

Buy

Fundamental metrics and/or identifiable catalysts exist such that we

87%

53%

expect the stock to outperform its relevant index over the next 12 months.

Hold

Fundamental metrics are currently at, or approaching, industry averages.

13%

44%

Therefore, we expect this stock to neither outperform nor underperform

its relevant index over the next 12 months.

Sell

Fundamental metrics and/or identifiable catalysts exist such that we

0%

0%

expect the stock to underperform its relevant index over the next 12 months.

*See valuation section for company specific relevant indices

I, Naureen Quibria, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm's total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Immutep Limited

Maxim Group expects to receive or intends to seek compensation for investment banking services from Immutep Limited in the next

3 months.

IMMP: For Immutep, we use the BTK (Biotechnology Index) as the relevant index.

Valuation Methods

IMMP: We forecast sales for efti in metastatic breast cancer in 2025 (EU, US) and in 2027 (China), in non-small-cell lung cancer in 2025 (EU, US), and in head and neck in 2024 (EU, US). We assume royalty revenues for LAG525 in 2025 (EU, US) and for GSK'781 in 2027 (EU, US). We use a 30% discount rate and attribute equal weighting to our FCF, discounted EPS and SOTP to derive our price target.

Price Target and Investment Risks

IMMP: Aside from general market and other economic risks, risks particular to our price target and rating for Immutep include: (1) Development-To date, LAG-3 checkpoint modulators have not been approved; (2) Regulatory-The company's ongoing and future studies may not be sufficient to gain approval; (3) Commercial-The company lacks commercial infrastructure to support a launch if approved; (4) Financial-The company is not

Maxim Group LLC

3

Immutep Limited (IMMP)

yet profitable and may need to raise additional capital to fund operations; (5) Collaborative-The company has ongoing collaborations with large pharmaceutical companies who could back out of the partnerships, setting back development on product lines and increasing costs; (6) Foreign exchange fluctuations as the company is domiciled in Australia; (7) High volatility of the company's stock price.

RISK RATINGS

Risk ratings take into account both fundamental criteria and price volatility.

Speculative - Fundamental Criteria:This is a risk rating assigned to early-stage companies with minimal to no revenues, lack of earnings, balance sheet concerns, and/or a short operating history. Accordingly, fundamental risk is expected to be significantly above the industry. Price Volatility:Because of the inherent fundamental criteria of the companies falling within this risk category, the price volatility is expected to be significant with the possibility that the investment could eventually be worthless. Speculative stocks may not be suitable for a significant class of individual investors.

High - Fundamental Criteria:This is a risk rating assigned to companies having below-average revenue and earnings visibility, negative cash

flow, and low market cap or public float. Accordingly, fundamental risk is expected to be above the industry. Price Volatility:The price volatility of companies falling within this category is expected to be above the industry. High-risk stocks may not be suitable for a significant class of individual investors.

Medium - Fundamental Criteria:This is a risk rating assigned to companies that may have average revenue and earnings visibility, positive cash flow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to approximate the industry average.

Low - Fundamental Criteria:This is a risk rating assigned to companies that may have above-average revenue and earnings visibility, positive cash flow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to be below the industry.

DISCLAIMERS

Some companies that Maxim Group LLC follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Maxim Group LLC research reports may not be suitable for some investors. Investors must make their own determination as to the appropriateness of an investment in any securities referred to herein, based on their specific investment objectives, financial status and risk tolerance.

This communication is neither an offer to sell nor a solicitation of an offer to buy any securities mentioned herein. This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or disclosed to another party, without the prior written consent of Maxim Group, LLC ("Maxim").

Information and opinions presented in this report have been obtained or derived from sources believed by Maxim to be reliable, but Maxim makes no representation as to their accuracy or completeness. The aforementioned sentence does not apply to the disclosures required by FINRA Rule 2241. Maxim accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Maxim. This report is not to be relied upon in substitution for the exercise of independent judgment. Maxim may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and Maxim is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date of publication by Maxim and are subject to change without notice. The price, value of and income from any of the securities mentioned in this report can fall as well as rise. The value of securities is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities. Investors in securities such as ADRs, the values of which are influenced by currency volatility, effectively assume this risk. Securities recommended, offered or sold by Maxim: (1) are not insured by the Federal Deposit Insurance Company; (2) are not deposits or other obligations of any insured depository institution; and (3) are subject to investment risks, including the possible loss of principal invested. Indeed, in the case of some investments, the potential losses may exceed the amount of initial investment and, in such circumstances, you may be required to pay more money to support these losses.

ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST

Maxim Group LLC

4

Corporate Headquarters

New York City

Miami Beach

300 Park Ave., 16th Floor

555 Washington Ave., Suite 320

New York, NY 10022

Miami Beach, FL 33139

Tel: 212-895-3500

Tel: 786-864-0880

Capital Markets/Syndicate: 212-895-3695

Global Equity Trading: 212-895-3623

Corporate Finance: 212-895-3811

Institutional Sales: 212-895-3873

Corporate Services: 212-895-3631

Institutional Sales Trading: 212-895-3873

Equity/Options Trading: 212-895-3790

Portfolio/Transition Trading: 212-895-3567

Equity Research: 212-895-3736

Prime Brokerage: 212-895-3723

Fixed Income Trading: 212-895-3875

Wealth Management: 212-895-3624

Woodbury, Long Island

Red Bank, New Jersey

100 Crossways Park Drive West

246 Maple Avenue

Suite 207

Red Bank, NJ 07701

Woodbury, NY 11797

Tel: 732-784-1900

Tel: 516-393-8300

West Palm Beach, Florida

San Rafael, California

105

South Narcissus Avenue

4040

Civic Center Drive

Suite 222

Suite

200

West Palm Beach, FL 33401

San Rafael, CA 94903

Tel:

561-465-2605

Tel: 212-895-3670

Aventura, Florida

Stamford, Connecticut

20801 Biscayne Blvd

700 Canal Street

Suite 432 / 433

Stamford, CT 06902

Aventura, FL 33180

Tel: 516-396-3120

Disclaimer

Immutep Ltd. published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 18:31:01 UTC.


© Publicnow 2021
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Sales 2022 2,38 M 1,78 M 1,78 M
Net income 2022 -38,7 M -29,0 M -29,0 M
Net cash 2022 82,0 M 61,3 M 61,3 M
P/E ratio 2022 -7,98x
Yield 2022 -
Capitalization 498 M 372 M 372 M
EV / Sales 2022 175x
EV / Sales 2023 22,9x
Nbr of Employees -
Free-Float 85,2%
Chart IMMUTEP LIMITED
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Immutep Limited Technical Analysis Chart | IMM | AU000000IMM6 | MarketScreener
Technical analysis trends IMMUTEP LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 4
Last Close Price 0,59 AUD
Average target price 1,18 AUD
Spread / Average Target 102%
EPS Revisions
Managers and Directors
Marc Voigt Chief Executive Officer, CFO & Executive Director
David Fang Finance Director & Assistant Secretary
Russell John Howard Non-Executive Chairman
Frédéric Triebel Chief Scientific & Medical Officer
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