Q126 Update; Focused on P2a Updated OS Data at ASCO

研报英文原文证据摘录

Q126 Update; Focused on P2a Updated OS Data at ASCO

C O M PA N Y N O T E

M a y 1 5 , 2 0 2 6

Immuneering Corp. (IMRX) Overweight

CONCLUSION PRICE: US$5.14

Remain OW rated on IMRX shares following the company’s Q126 update and heading TARGET: US$12.00

into what we view as an important stretch for the atebimetinib program. The most closely 12X 2033E revenue, discounted back at 15%/yr

watched near-term catalyst is the company’s oral presentation at ASCO 2026 (June 1), to 1H27 (assumes ~93M shares)

where updated survival data from the full 55-patient 1L PDAC cohort will be shared using an

April 2026 data cutoff. Management has already indicated that OS trends in the expanded Allison M. Bratzel, CFA

Sr. Research Analyst, Piper Sandler & Co.

cohort are consistent with those in the original 34 patients, which recall, demonstrated OS 312 267-5025, allison.bratzel@psc.com

of 94% at 6 mos, 86% at 9 mos, and 64% at 12 mos OS. Beyond ASCO, the pivotal P3 Ashleigh Acker

MAPKeeper 301 trial is actively recruiting with first patient dosing still on track for mid-2026, Research Analyst, Piper Sandler & Co.

and the P2 RAS-mutant NSCLC trial remains on track to initiate dosing in 2H26. 312 267-5021, ashleigh.acker@psc.com

Peter Spanogiannopoulos, Ph.D.

• Updated OS data at ASCO remains top of mind. The most near-term catalyst for Research Analyst, Piper Sandler & Co.

this name is updated survival data from the full 1L cohort in the ongoing P2a study of 312 267-5039,

peter.spanogiannopoulos@psc.com

atebimetinib + mGnP in PDAC, which will be disclosed in an oral presentation at ASCO

2026 on June 1. The presentation will include data from both the original 34 patients and Changes Previous Current

21 additional patients with an April 2026 cutoff.