Healthcare · Biotechnology
Price
$1.10
Market Cap
$7.1M
Employees
7
Beta
0.49
Avg Volume
241,222
CEO
Steven George Lydeamore
Business Description
Immuron Limited is a biopharmaceutical company focused on the discovery, development, and global commercialization of polyclonal antibodies, with operations spanning Australia, the United States, and other international markets. The company's activities are structured into two key segments: Research and Development, and Hyperimmune Products. Currently, Immuron markets two key products. Travelan is an over-the-counter (OTC) medicine that helps reduce the risk of traveler's diarrhea and lessens symptoms of minor gastrointestinal issues, while also serving as a dietary supplement for digestive tract protection. Its second product, Protectyn, is an immune supplement formulated to support healthy digestive function and liver health. In its pipeline, an advanced formulation of Travelan (IMM-124E) is undergoing Phase III clinical trials. This variant is being developed not only to further reduce the risk of traveler's diarrhea but also for its potential anti-viral activity against SARS-CoV-2. Another pipeline candidate, IMM-529, is in clinical development with a focus on treating recurrent Clostridium difficile infections. Immuron maintains strategic collaborations, including a research agreement with the Naval Medical Research Center to develop and clinically assess a therapeutic targeting Campylobacter and ETEC infections. Additionally, it has a collaboration with the Walter Reed Army Institute of Research aimed at creating an oral therapeutic for shigellosis. Established in 1994, Immuron Limited is headquartered in Carlton, Australia.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-1.22
Stock Price: $1.10
EPS (Diluted): -0.90
EPS (Diluted): -0.90
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.90
Stock Price: $1.10
Total Equity: $8.03M
Shares: 5,773,421
Total Equity: $8.03M
Shares: 5,773,421
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-2.36
Market Cap: $7.10M
Total Debt: $0.00
Cash: $2.83M
EBITDA: -$5.31M
Total Debt: $0.00
Cash: $2.83M
EBITDA: -$5.31M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$12.6M
Market Cap: $7.10M
Total Debt: $0.00
Cash: $2.83M
Total Debt: $0.00
Cash: $2.83M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
2.09
Stock Price: $1.10
Revenue: $7.29M
Shares: 5,773,421
Revenue: $7.29M
Shares: 5,773,421
EV/Sales (Total value vs revenue — works when P/E can't)
API1.72
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
65.4%
Gross Profit: $4.77M
Revenue: $7.29M
Revenue: $7.29M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-73.3%
Operating Income: -$5.34M
Revenue: $7.29M
Revenue: $7.29M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-71.6%
Net Income: -$5.22M
Revenue: $7.29M
Revenue: $7.29M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-64.9%
Net Income: -$5.22M
Total Equity: $8.03M
Total Equity: $8.03M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
-102.8%
Operating Income: -$5.34M
Tax Rate: 0.0%
Equity: $8.03M
Total Debt: $0.00
Cash: $2.83M
Tax Rate: 0.0%
Equity: $8.03M
Total Debt: $0.00
Cash: $2.83M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
5.07
Current Assets: $9.98M
Current Liabilities: $1.97M
Current Liabilities: $1.97M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $8.03M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $8.03M
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$1.26
Revenue: $7.29M
Shares: 5,773,421
Shares: 5,773,421
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$1.39
Total Equity: $8.03M
Shares: 5,773,421
Shares: 5,773,421
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-1.06
Operating CF: -$6.14M
CapEx: -$2.00
Shares: 5,773,421
CapEx: -$2.00
Shares: 5,773,421
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.10
Stock Price: $1.10
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$5.22M
Net Income: -$5.22M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares IMRN against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 8:22am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $145,776 | $765,193 | $1.8M | $4.9M | $7.3M |
| Cost of Revenue | $810,836 | $241,691 | $64,626 | $1.6M | $2.5M |
| Gross Profit | $-665,060 | $523,502 | $1.7M | $3.3M | $4.8M |
| Operating Expenses | $7.7M | $3.4M | $5.3M | $9.1M | $10.1M |
| Operating Income | -$8.4M | -$2.9M | -$3.6M | -$5.8M | -$5.3M |
| Net Income | -$8.4M | -$2.9M | -$3.8M | -$6.9M | -$5.2M |
| EBITDA | -$8.0M | -$3.1M | -$3.4M | -$5.2M | -$5.3M |
| EPS | $-1.52 | $-0.50 | $-0.66 | $-1.22 | $-0.90 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 8:22am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $25.0M | $22.1M | $17.2M | $11.7M | $2.8M |
| Total Current Assets | $25.8M | $23.7M | $20.4M | $14.7M | $10.0M |
| Total Assets | $27.1M | $24.9M | $22.0M | $15.5M | $10.1M |
| Current Liabilities | $1.1M | $1.5M | $2.2M | $2.7M | $2.0M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.2M | $1.7M | $2.4M | $2.8M | $2.1M |
| Total Equity | $25.9M | $23.2M | $19.6M | $12.7M | $8.0M |
| Retained Earnings | -$65.9M | -$68.4M | -$72.1M | -$79.0M | -$82.5M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 8:22am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M | -$3.1M | -$2.5M | -$5.9M | -$6.1M |
| Capital Expenditure | $-4,941 | $-10,048 | $-7,739 | $-195 | $-2 |
| Free Cash Flow | -$3.1M | -$3.1M | -$2.5M | -$5.9M | -$6.1M |
| Acquisitions (net) | $0 | $0 | -$2.7M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $21.8M | -$2.9M | -$5.0M | -$5.5M | -$8.8M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 2:26pm (18h ago)| Metric | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|
| Revenue |
$5.1M $5.1M – $5.1M
|
$7.2M $7.2M – $7.2M
|
$8.3M $8.3M – $8.3M
|
$9.3M $9.3M – $9.3M
|
| EBITDA |
-$4.8M -$4.8M – -$4.8M
|
-$6.8M -$6.8M – -$6.8M
|
-$7.8M -$7.8M – -$7.8M
|
-$8.8M -$8.8M – -$8.8M
|
| Net Income |
$-173,502 $-173,502 – $-173,502
|
$-235,683 $-235,683 – $-235,683
|
$-71,033 $-71,033 – $-71,033
|
$-90,135 $-90,135 – $-90,135
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 8:22am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +424.9% | +135.8% | +171.7% | +48.6% |
| Gross Profit Growth | +178.7% | +232.4% | +91.8% | +42.8% |
| Operating Income Growth | +65.8% | -24.4% | -62.5% | +7.9% |
| Net Income Growth | +66.0% | -32.7% | -83.2% | +24.8% |
| EBITDA Growth | +61.1% | -8.7% | -53.9% | -2.7% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for IMRN — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30