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Immuron Ltd (IMRN) stock

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NASDAQ: IMRN Nasdaq Biotechnology

C+ Fundamentals grade

Immuron Ltd is a US-listed company in the biotechnology industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.3

Revenue-to-maturity cash-flow model

Base case. Range ~$1.1–$1.5 across our lower- and higher-growth cases (5.9%–15.9% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Immuron Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds4 adding, 4 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Immuron files

Where Immuron stands after its latest Filing

Revenue for the twelve months was $5m, up 10.9% on a year earlier, slower than the 46.9% growth a quarter earlier. Free-cash-flow margin rose to -42.3% from -2802.5% a year earlier. Operating margin widened to -49.9% from -375.0%. The diluted share count is up 28.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.29 a share, against a share price of $0.88.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Immuron Ltd's trailing-twelve-month revenue grew 10.9% year on year, with a free-cash-flow margin of -42.3%. Where it stands out: stock pay as % of revenue of 1.1% ranks 6 of 179 biotechnology companies we cover. Where it lags: change in share count of 28.6% ranks 128 of 156 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 10.9% (-35.9pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 23.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Growth slowing. The growth rate is 35.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -49.9%: costs exceed revenue.
  • Burning cash. Free cash flow was -42.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 28.6% in a year.
  • Below peers: gross margin. Gross margin of 64.5% ranks 61 of 75 biotechnology companies we cover (median 82.4%).

Price chart

  • 1 day+2.0%
  • 1 week-2.4%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.2M
Operating margin
-49.9%
Net margin
-47.7%
EPS (TTM, diluted)
$-0.34

Growth

Revenue growth
+10.9%
Change in growth rate
−35.9 pts
Share count change
+28.6%

Cash

Free cash flow (TTM)
-$2.2M
FCF margin
-42.3%
Stock pay % of revenue
1.1%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for IMRN from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Immuron Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Immuron Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.3 ~$1.1–$1.5 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.9 ~$2.0–$6.6 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.2 ~$0.9–$1.3 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Immuron Ltd with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Immuron Ltd: too few analysts cover it.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
0.74
at average volume
Short interest, 1 month
−43%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.0%
of shares
Employees
7
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Immuron Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Immuron Ltd
$0 $2M $4M $6M FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY24 Q4 FY26 Q4 Revenue (TTM), FY16 Q4: $729.7K Revenue (TTM), FY17 Q4: $1.1M Revenue (TTM), FY18 Q4: $1.1M Revenue (TTM), FY19 Q4: $1.4M Revenue (TTM), FY20 Q4: $1.7M Revenue (TTM), FY21 Q4: $108.9K Revenue (TTM), FY22 Q4: $555.3K Revenue (TTM), FY23 Q4: $1.2M Revenue (TTM), FY24 Q4: $3.2M Revenue (TTM), FY25 Q4: $4.7M Revenue (TTM), FY26 Q4: $5.2M $5.2M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY16 Q4 $729.7K
FY17 Q4 $1.1M
FY18 Q4 $1.1M
FY19 Q4 $1.4M
FY20 Q4 $1.7M
FY21 Q4 $108.9K
FY22 Q4 $555.3K
FY23 Q4 $1.2M
FY24 Q4 $3.2M
FY25 Q4 $4.7M
FY26 Q4 $5.2M
Revenue growth, TTM YoY Immuron Ltd
-200% 0% 200% 400% 600% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 Revenue growth, TTM YoY, FY17 Q4: 44.4% Revenue growth, TTM YoY, FY18 Q4: 7.2% Revenue growth, TTM YoY, FY19 Q4: 27.7% Revenue growth, TTM YoY, FY20 Q4: 17.2% Revenue growth, TTM YoY, FY21 Q4: -93.6% Revenue growth, TTM YoY, FY22 Q4: 409.8% Revenue growth, TTM YoY, FY23 Q4: 118.8% Revenue growth, TTM YoY, FY24 Q4: 164.6% Revenue growth, TTM YoY, FY25 Q4: 46.9% Revenue growth, TTM YoY, FY26 Q4: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY17 Q4 44.4%
FY18 Q4 7.2%
FY19 Q4 27.7%
FY20 Q4 17.2%
FY21 Q4 -93.6%
FY22 Q4 409.8%
FY23 Q4 118.8%
FY24 Q4 164.6%
FY25 Q4 46.9%
FY26 Q4 10.9%
Operating margin (TTM) Immuron Ltd
-6000% -4000% -2000% 0% FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 Operating margin (TTM), FY17 Q4: -481.5% Operating margin (TTM), FY18 Q4: -209.0% Operating margin (TTM), FY19 Q4: -231.0% Operating margin (TTM), FY20 Q4: -115.4% Operating margin (TTM), FY21 Q4: -5748.5% Operating margin (TTM), FY22 Q4: -375.0% Operating margin (TTM), FY23 Q4: -197.8% Operating margin (TTM), FY24 Q4: -118.3% Operating margin (TTM), FY25 Q4: -73.3% Operating margin (TTM), FY26 Q4: -49.9% -49.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY17 Q4 -481.5%
FY18 Q4 -209.0%
FY19 Q4 -231.0%
FY20 Q4 -115.4%
FY21 Q4 -5748.5%
FY22 Q4 -375.0%
FY23 Q4 -197.8%
FY24 Q4 -118.3%
FY25 Q4 -73.3%
FY26 Q4 -49.9%
FCF margin (TTM) Immuron Ltd
-3000% -2000% -1000% 0% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY26 Q4 FCF margin (TTM), FY16 Q4: -515.5% FCF margin (TTM), FY17 Q4: -497.6% FCF margin (TTM), FY18 Q4: -241.0% FCF margin (TTM), FY19 Q4: -89.3% FCF margin (TTM), FY20 Q4: -125.0% FCF margin (TTM), FY21 Q4: -2802.5% FCF margin (TTM), FY22 Q4: -412.7% FCF margin (TTM), FY23 Q4: -144.2% FCF margin (TTM), FY24 Q4: -119.9% FCF margin (TTM), FY26 Q4: -42.3% -42.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY16 Q4 -515.5%
FY17 Q4 -497.6%
FY18 Q4 -241.0%
FY19 Q4 -89.3%
FY20 Q4 -125.0%
FY21 Q4 -2802.5%
FY22 Q4 -412.7%
FY23 Q4 -144.2%
FY24 Q4 -119.9%
FY26 Q4 -42.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 1 1 1 1 2 0 1 1 3 5 5
Gross profit 1 1 1 1 1 0 0 1 2 3 3
EBITDA — −5 −2 −3 −2 −6 −2 −2 −4 −3 −3
Operating income — −5 −2 −3 −2 −6 −2 −2 −4 −3 −3
Net income −5 −5 −2 −3 −2 −6 −2 −3 −5 −3 −2
Growth (year on year)
Revenue — +44.4% +7.2% +27.7% +17.2% −93.6% +409.8% +118.8% +164.6% +46.9% +10.9%
Margins
Gross margin 69.9% 75.8% 97.8% 85.3% 72.6% 65.0% 68.4% 72.5% 68.1% 65.4% 64.5%
EBITDA margin — −481.2% −208.7% −230.7% −113.6% <−999% −369.5% −195.1% −117.4% −72.7% −49.4%
Operating margin — −481.5% −209.0% −231.0% −115.4% <−999% −375.0% −197.8% −118.3% −73.3% −49.9%
Net margin −706.1% −487.3% −210.6% −231.0% −116.2% <−999% −373.0% −209.8% −141.5% −71.6% −47.7%
Free-cash-flow margin −515.5% −497.6% −241.0% −89.3% −125.0% <−999% −412.7% −144.2% −119.9% — −42.3%
Cash flow
Cash from operations −4 −5 −3 −1 −2 −3 −2 −2 −4 −4 −2
Capital spending 0 0 0 0 0 0 0 0 0 — 0
Free cash flow −4 −5 −3 −1 −2 −3 −2 −2 −4 — −2
Stock-based pay −2 0 0 1 0 — 0 0 0 0 0
Free cash flow after stock pay −2 −6 −3 −2 −2 — −2 −2 −4 — −2
Balance sheet
Cash 2 3 3 4 2 19 15 11 8 2 6
Total debt 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −2 −3 −3 −4 −2 −19 −15 −11 −8 −2 −6
Diluted shares — — — — — — 6m 6m 6m 6m 7m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $9m
Short-term assets $9mLonger-term assets $0m
What it owes, and who funded it · $9m
Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $8m
  • Short-term assets cover short-term liabilities $9m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9m short-term assets against $139,093 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Immuron Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+28.6%
year over year
R&D spending
25.1%
of revenue
Days sales outstanding
68 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated IMRN IVA TSHA ANL RANI BOLT Median
Revenue, last 12 months $5m $5m $5m $5m $5m $5m $56m
Revenue growth, last 12 months 10.9% −49.1% −32.3% — 306.4% 12.8% 12.6%
Revenue growth, latest quarter — — −100.0% — 893.0% −99.7% 10.2%
Operating margin −49.9% <−999% <−999% −714.0% −675.8% −654.5% −189.4%
Operating margin, 3-year average −211.3% — <−999% — <−999% −887.4% −363.5%
Net margin −47.7% <−999% <−999% −710.6% −618.0% −611.5% −169.8%
Cash from operations / revenue −42.3% <−999% <−999% −669.0% −416.1% −669.2% −168.0%
Free-cash-flow margin −42.3% — <−999% −672.8% −417.0% −669.2% −162.4%
Free-cash-flow margin, 3-year average <−999% — <−999% — <−999% −825.2% −310.0%
Stock pay / revenue 1.1% 597.1% 331.3% 30.6% 186.4% 54.1% 20.0%
Change in share count 28.6% 212.5% 31.1% 0.2% — 1.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 10.9% 12.6% 89 of 172
Change in growth rate Growth -35.9pp -0.1pp 138 of 172
Gross margin Profitability 64.5% 82.4% 61 of 75
Operating margin Profitability -49.9% -189.4% 64 of 175
Net margin Profitability -47.7% -157.3% 61 of 180
Free-cash-flow margin Cash generation -42.3% -145.4% 63 of 176
Stock pay as % of revenue Cash generation 1.1% 19.2% 6 of 179
Change in share count Balance sheet 28.6% 7.9% 128 of 156
Days sales outstanding Balance sheet 68 days 75 days 48 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$82,217
Institutions reporting
6
Shares held vs prior quarter
▼ 7.7%
Positions opened / closed
2 / 3

Top buyers and sellers, Q2 2026: 4 institutions bought and 4 sold ; the biggest buyer was Citadel Advisors LLC (+29K shares) and the biggest seller Morgan Stanley (−29K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Citadel Advisors LLC $45,710 43K 55.6% ▲ 212.4%
HRT Financial LP $21,000 21K 25.5% New
Rhumbline Advisers $7,808 7K 9.5% 0.0%
BNP Paribas Financial Markets $5,512 5K 6.7% ▲ 13.0%
Morgan Stanley $1,802 2K 2.2% ▼ 94.4%
UBS Group AG $385 0K 0.5% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Immuron Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Immuron Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Immuron Ltd in brief

What does Immuron Ltd do?
Immuron Ltd is a US-listed company in the biotechnology industry. Its financial year ends in June.
What is Immuron Ltd's stock ticker?
Immuron Ltd trades under the ticker IMRN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Immuron Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Immuron Ltd reported revenue of $5.2M, 10.9% higher than a year earlier, according to its SEC filings.
What is Immuron Ltd's free cash flow?
Immuron Ltd's free-cash-flow margin is -42.3% of revenue over the trailing twelve months, ranking 63 of the 176 biotechnology companies we cover.
Who are Immuron Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Citadel Advisors LLC, HRT Financial LP and Rhumbline Advisers. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Immuron Ltd's competitors?
In our Biotechnology peer group, the companies closest to Immuron Ltd are Inventiva S.a., Taysha Gene Therapies, Inc., Adlai Nortye Group Ltd., Rani Therapeutics Holdings, Inc. and Bolt Biotherapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Immuron Ltd's.