Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Immuneering Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
2.31
2.08
0.32
0
Cost of revenue
1.28
1.15
0.16
0
Gross profit
1.03
0.93
0.16
0
Research and development
15
26.5
36.3
41.6
48
42
General and administrative
3.11
8.27
15.6
16.8
16.1
17.3
Operating expenses
18.1
34.8
51.9
58.4
64.1
59.4
Operating income
-17.1
-33.9
-51.7
-58.4
-64.1
-59.4
Interest income
0.04
0.17
1.01
3.61
2.59
3.04
Other non-operating income
-0.13
0.22
1.33
0.44
0.31
Pre-tax income
-17
-33.8
-50.5
Income tax
-0.31
0
Net income
-17
-33.5
-50.5
-53.5
-61
-56
EBITDA
-17.1
-33.8
-51.5
-58.1
-63.7
-59.1
EPS, basic
-3.44
-2.46
-1.91
-1.88
-2.04
-1.27
EPS, diluted
-3.44
-2.46
-1.91
-1.88
-2.04
-1.27
Shares, basic (weighted)
4.95
13.6
26.4
28.4
30
44
Shares, diluted (weighted)
4.95
13.6
26.4
28.4
30
44
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
37.1
74.9
72.6
59.4
36.1
129
Short-term investments
74.3
32.9
26.3
0
Receivables
0.5
0.25
0.01
0
Other current assets
0.14
2.89
3.21
3.42
3.44
3.41
Total current assets
37.7
152
109
89.1
39.6
176
Property, plant and equipment
0.06
0.81
1.37
1.4
1.12
0.94
Lease right-of-use assets
0.61
5.32
4.41
4
3.67
3.32
Goodwill
6.7
6.69
6.69
6.69
6.69
Intangible assets
0.44
0.41
0.38
0.35
0.32
Long-term investments
1
Other non-current assets
0.01
0.1
0.74
1.03
1.3
0.28
Total assets
38.4
167
122
103
52.7
232
Accounts payable
1.48
1.39
3.15
2.11
1.96
1.54
Accrued liabilities
0.7
3.97
4.5
5.17
4.97
7.84
Total current liabilities
2.26
5.63
8.05
7.85
7.5
10.1
Lease liabilities
0.54
5.09
4.46
4.16
3.82
3.43
Total liabilities
2.8
10.7
12.5
12
11.3
13.5
Paid-in capital
3.25
215
220
254
266
499
Retained earnings
-25.7
-59.3
-110
-163
-224
-280
Other comprehensive income
-0.05
-0.03
-0
0
0.08
Shareholders' equity
-22.5
156
110
90.6
41.4
218
Total equity
-22.5
156
110
90.6
41.4
218
Total liabilities and equity
38.4
167
122
103
52.7
232
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-17
-33.5
-50.5
-53.5
-61
-56
Depreciation and amortization
0.02
0.05
0.25
0.32
0.36
0.32
Stock-based compensation
1.09
1.8
4.06
5.73
6.5
6.31
Deferred income tax
-0.31
Change in receivables
-0.29
0.28
0.23
0.01
0
Change in payables
1.19
-0.13
1.76
-1.11
-0.11
-0.4
Cash from operations
-14.6
-30.9
-44.1
-49
-55
-45.3
Capital expenditures
-0.05
-0.06
-0.74
-0.34
-0.08
-0.14
Purchases of investments
-75.6
-50.1
-44.7
-5.41
-88.6
Sales and maturities of investments
92.7
52.3
31.9
0
Cash from investing
-0.05
-75.6
41.8
7.3
26.4
-88.7
Stock issued
120
0
28.2
0.73
0.37
Cash from financing
38
144
0.02
28.4
5.3
227
Net change in cash
23.3
37.8
-2.25
-13.2
-23.3
92.5
Free cash flow
-14.7
-30.9
-44.8
-49.3
-55.1
-45.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.27 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-30.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-28.3%
Net income / average total assets.
Return on invested capital (ROIC)
-33.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
427.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
25.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
340.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
23.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
43.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
46.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
18.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
54.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
19.5x
Current assets / current liabilities.
Quick ratio
5.09x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.09x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.88
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.88
Cash from operations / diluted weighted shares.
Book value per share
$2.95
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.45x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.50x
Market cap / tangible book value, when positive.
FCF yield
-20.6%
Free cash flow / market cap.
Earnings yield
-20.7%
Net income / market cap (the inverse of P/E).
Was Immuneering Corp profitable in fiscal 2025?
No. It reported a net loss of $56.0M.
How much free cash flow did Immuneering Corp generate in fiscal 2025?
Cash from operations of $45.3M minus capital expenditures of $142.2K left free cash flow of -$45.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.