Immutep Ltd · ASX:IMM
Immutep — Investor Presentation (February 2026)
39 slides from Immutep's investor presentation, Feb 20, 2026
Slide 1: Immutep Corporate Presentation
Immutep Corporate Presentation February 2026 (ASX:IMM, NASDAQ:IMMP) Empowering the immune system to fight cancer and autoimmune disease 1
Slide 2: Forward Looking Statements
Forward Looking Statements The purpose of the presentation is to provide an update of the business of Immutep Limited ACN 009 237 889 (ASX:IMM; NASDAQ:IMMP). These slides have been prepared as a presentation aid only and the information they contain may require further explanation and/or clarificati
Slide 3: Immutep Highlights
Immutep Highlights Four clinical-stage assets designed to safely empower patients’ immune systems to fight cancer A leader in LAG-3 and autoimmune diseases through the MHC Class II & LAG-3 pathways, including first-in-class immunotherapy immunotherapies eftilagimod alfa (efti) and IMP761. Registrati
Slide 4: Deep Clinical Pipeline in Oncology & Autoimmune Diseases
Deep Clinical Pipeline in Oncology & Autoimmune Diseases Information as of February 2026. 1. Investigator-initiated trial that Immutep has no control over. 2. Trials for IMP731 were conducted by GSK (two Phase I in healthy volunteers & psoriasis and a Phase II in ulcerative colitis), which transitio
Slide 5: Oncology
Oncology Eftilagimod Alfa (Efti): Only immunotherapy in clinical development that activates antigen-presenting cells or APCs (e.g. dendritic cells, monocytes) directly via the MHC Class II pathway to fight cancer Efti: A soluble fusion protein with the four extracellular domains of LAG-3 fused to hu
Slide 6: Activating a Broad Anti-Cancer Immune Response with Efti
Activating a Broad Anti-Cancer Immune Response with Efti Immature Efti CD8+ dendritic cell CD4+ (iDC) T cells T cells IFN-γ CXCL10 Mature DC NK cells Monocytes Cancer Efti directly activates powerful immune cells called dendritic cells by binding to MHC Class II. This initiates a broad adaptive & in
Slide 7: Efti’s Key Attributes and Encouraging KOL Feedback
Efti’s Key Attributes and Encouraging KOL Feedback Efti Key Attributes KOL Feedback on Efti & 1L NSCLC Phase III1,2,3 Ø Real innovation – Efti is a first-in-class asset unlike any Ø Robust fundament in NSCLC – Positive on efti driving in the immunotherapy landscape higher responses & survival in pre
Slide 8: Advantages of Subcutaneous Delivery
Advantages of Subcutaneous Delivery Subcutaneous administration of efti positions it well in current & future cancer treatment landscape Efti’s subcutaneous delivery: • Generates systemic anti-cancer immune response • Improves patient experience vs. intravenous (IV) administration used with other th
Slide 9: Immutep’s Key Value Driver
Immutep’s Key Value Driver TACTI-004 (KEYNOTE-F91) in First Line Non-Small Cell Lung Cancer (1L NSCLC) • Lung cancer is the leading cause of cancer death and non-small cell lung cancer (NSCLC) comprises 80 to 85% of all lung cancers1,2 • ~2.0 million NSCLC diagnoses annually • Total addressable NSCL
Slide 10: High Unmet Need in 1L NSCLC
High Unmet Need in 1L NSCLC Need for IO-combination therapies that maximize the immune system’s ability to fight cancer Evolution of Immunotherapy (IO) in 1L NSCLC Immune Checkpoint Next-generation IO + ICIs + Chemotherapy Inhibitors (ICI) alone ICIs + Chemotherapy ICIs as monotherapies ICIs + chemo
Slide 11: TACTI-002/KEYNOTE-798: Strong Efficacy with Efti + KEYTRUDA
TACTI-002/KEYNOTE-798: Strong Efficacy with Efti + KEYTRUDA In collaboration with Tumour Response by PD-L1 Expression Level1 • Results offer strong evidence of efti’s complementary TPS <1% TPS 1-49% TPS ≥50% effect with PD-1 inhibitors and its unique stimulation of N=32 N=38 N=20 patients’ anti-canc
Slide 12: TACTI-002: Benchmarking Efti + KEYTRUDA to KEYTRUDA Alone
TACTI-002: Benchmarking Efti + KEYTRUDA to KEYTRUDA Alone Objective Response Rate Progression Free Survival Overall Survival Compelling efficacy from efti + KEYTRUDA across all PD-L1 levels including 1L NSCLC patients with negative & low PD-L1 (TPS <50%), for whom KEYTRUDA monotherapy works sub-opti
Slide 13: TACTI-002: Favourable Safety Profile
TACTI-002: Favourable Safety Profile Differentiated overall survival from Efti + KEYTRUDA achieved without foregoing safety Comparison of data is from different clinical trials. 1. Ipilimumab + Nivolumab approved in US for 1L NSCLC PD-L1 TPS >1% but not in EU; Pembro mono not approved in Europe for
Slide 14: INSIGHT-003: Strong Efficacy from Efti + KEYTRUDA + Chemo
INSIGHT-003: Strong Efficacy from Efti + KEYTRUDA + Chemo Benchmarking Efti + KEYTRUDA + Chemo in non-squamous 1L NSCLC to KEYTRUDA + Chemo Objective Response Rate Progression-Free Survival Overall Survival 75.0 14 35 32.9 75 12.7 70 68.0 30 12 65 62.1 60 25 54.5 10 9.0 Time (months) Time (months) 5
Slide 15: INSIGHT-003 Case Study: Patient with PD-L1 TPS 0%
INSIGHT-003 Case Study: Patient with PD-L1 TPS 0% Baseline After 1 Year of Therapy September 2024 September 2025 Case study of a 75-year-old male: • PD-L1 TPS 0%, no actionable genetic alterations • TTF1 pos. Adeno-Carcinoma, G3 • ECOG PS 1 TL1 Lung: 27 mm TL1 Lung: 7 mm • cT1c pN2 cM1c, Stage IVb •
Slide 16: Efti with KEYTRUDA Expands ORR & Enhances PFS/OS
Efti with KEYTRUDA Expands ORR & Enhances PFS/OS Efti + KEYTRUDA without chemo and with chemo has safely led to compelling ORR, PFS, and OS well above KEYTRUDA +/- chemo in two 1L NSCLC trials that together have enrolled >165 patients Addition of chemo enhances strong efficacy achieved in TACTI-002
Slide 17: Redefining the Treatment Landscape in 1L NSCLC
CONFIDENTIAL Redefining the Treatment Landscape in 1L NSCLC IMM Collaboration with MSD Immutep entered into a strategic clinical trial collaboration & supply agreement with MSD in June 2024 for a Phase III A leading global pharmaceutical to evaluate efti with KEYTRUDA & chemotherapy that has company
Slide 18: De-Risked, High-Value Phase 3 Opportunity in 1L NSCLC
De-Risked, High-Value Phase 3 Opportunity in 1L NSCLC Commercial De-Risking • MSD (Merck & Co.) Phase III collaboration is strong validation signaling high confidence in efti program. $ • Add-on therapy integrates seamlessly into standard of care; easy for physicians to adopt. • Strong potential for
Slide 19: TACTI-004/KEYNOTE-F91 Phase III Trial in 1L NSCLC
TACTI-004/KEYNOTE-F91 Phase III Trial in 1L NSCLC TACTI-004/KN-F91 evaluating Efti + KEYTRUDA + chemotherapy vs. KEYTRUDA + chemotherapy with dual primary endpoints of progression-free survival (PFS) and overall survival (OS) • 1:1 randomized, double-blinded enrolling ~756 patients in +150 sites acr
Slide 20: TACTI-004 Milestones and Multiple Potential Paths to Success
TACTI-004 Milestones and Multiple Potential Paths to Success TACTI-004/KN-F91 Milestones FPI# Recruitment for 50% Futility LPI# Interim March 2025 Futility Analysis Enrolled Analysis Q3 2026 Analysis: PFS* Q2’25 YE’25 Q2’26 YE’26 Q2’27 * Potential filing if positive Dual Primary Endpoints: • Progres
Slide 21: Global Phase III Landscape for Advanced/Metastatic 1L NSCLC
Global Phase III Landscape for Advanced/Metastatic 1L NSCLC No PD-L1 Low PD-L1 High PD-L1 Non- % of 1L NSCLC Squamous TPS <1% TPS 1-49% TPS >50% Squamous Population % of 1L NSCLC patient population by segment2 à ~35% ~35% ~30% ~70% ~30% à Up to 100% Immutep TACTI-004/KEYNOTE-F91 (Efti + KEYTRUDA + c
Slide 22: Potential Blockbuster Opportunity in 1L NSCLC and Beyond
Potential Blockbuster Opportunity in 1L NSCLC and Beyond Metastatic Lung Cancer1 Other Blockbuster Opportunity for Efti in 1L NSCLC: therapies 20-30% share If TACTI-004 is successful, it presents a potential multi- billion US$ opportunity in 1L NSCLC as efti will be a safe MSD with KEYTRUDA: Dominan
Slide 23: Efti’s Potential to Extend IP for PD-1 Inhibitors Beyond Key LOEs
Efti’s Potential to Extend IP for PD-1 Inhibitors Beyond Key LOEs Anti-PD-(L)1 Therapy 2025 Sales ($ Billions) & Key LOE* Anti-PD-1* Anti-PD-L1* 31.7 10.1 6.1 4.0 1.5 1.1 .66 $44+ Billion $10+ Billion KEYTRUDA 2028 ® OPDIVO 2028 ® IMFINZI 2031 ® TECENTRIQ 2030 ® LIBTAYO 2035 ® JEMPERLI 2035 ® BAVENC
Slide 24: Strategic Collaboration and Licensing Agreement for Eftilagimod Alfa (Efti)
Strategic Collaboration and Licensing Agreement for Eftilagimod Alfa (Efti) 24
Slide 25: Dr. Reddy’s Deep Expertise in Licensed Markets
Dr. Reddy’s Deep Expertise in Licensed Markets A Global Pharma Leader - One of the largest integrated pharmaceutical companies serving patients in 83 countries; over US$3.8 billion revenue / US$1 billion EBITDA in FY20251 Stock exchange listings: • Diverse capabilities across generics, biosimilars,
Slide 26: Key Terms of Agreement
Key Terms of Agreement Key aspects of licensing agreement1: • Dr. Reddy’s acquires exclusive license to commercialise Efti in all countries outside North America, Europe, Japan, and Greater China • Immutep received USD $20 million upfront payment in Jan 2026 and has potential to receive USD $349.5 m
Slide 27: Additional Oncology Indications
Additional Oncology Indications Efti’s favorable safety profile & unique activation of immune system allows for multiple combinations in various cancers • Metastatic Settings: • Head and Neck Cancer: Efti + Anti-PD-1 • Breast Cancer: Efti + Chemotherapy • Neoadjuvant Settings (Prior to Surgery): • S
Slide 28: TACTI-003: Strong Chemo-Free Results in 1L HNSCC w/ CPS <1
TACTI-003: Strong Chemo-Free Results in 1L HNSCC w/ CPS <1 In collaboration with Benchmarking to Efti + KEYTRUDA to KEYTRUDA with/without chemo in PD-L1 expression below 1 (CPS <1) 28 Comparison of data is from different clinical trials with pembrolizumab monotherapy and with chemotherapy from KN-04
Slide 29: Limited Competition in 1L HNSCC CPS <1: A Valuable Market
Limited Competition in 1L HNSCC CPS <1: A Valuable Market Head & Neck Cancer Next Steps in 1L HNSCC CPS <1 $2.8 billion market1 In August 2025, Immutep announced positive FDA feedback on late-stage Standard-of-Care (SOC) Ongoing Clinical Trials clinical development of efti in 1L HNSCC Therapies incl
Slide 30: Primary Endpoint Met in Phase II Trial in Soft Tissue Sarcoma
Primary Endpoint Met in Phase II Trial in Soft Tissue Sarcoma EFTISARC-NEO Phase II trial data led to oral presentations at ESMO 2025 and CTOS 2025 Neoadjuvant efti + KEYTRUDA + radiotherapy Primary Endpoint Met Significant Immune Activation (RT) met primary endpoint with median 51.5% Tumour Hyalini
Slide 31: Trials Evaluating Efti in Early-Stage & Metastatic Breast Cancer
Trials Evaluating Efti in Early-Stage & Metastatic Breast Cancer Early-stage Breast Cancer Metastatic Breast Cancer George Washington (GW) Cancer Center initiating AIPAC-003 Phase II is evaluating efti in combination Phase II evaluating neoadjuvant efti as monotherapy with chemo for metastatic HER2-
Slide 32: Autoimmune Diseases
Autoimmune Diseases IMP761: First-in-class immunotherapy is a LAG-3 agonist antibody designed to target the root cause of many autoimmune disorders IMP761: A LAG-3 agonist antibody 32
Slide 33: Targeting Autoimmune Diseases with a LAG-3 Checkpoint Agonist
Targeting Autoimmune Diseases with a LAG-3 Checkpoint Agonist New paradigm to treat the cause - as opposed to the symptoms - of autoimmune disorders “Findings further support the potential clinical benefits of a LAG-3 agonist in Unique advantages of LAG-3 allow for a more the treatment of human auto
Slide 34: IMP761: First-in-Class LAG-3 Agonist a Potential Game-Changer
IMP761: First-in-Class LAG-3 Agonist a Potential Game-Changer IMP761 increases “brake” function of the LAG-3 immune checkpoint and its natural down-regulation of auto-reactive memory IMP761 T cells, which represent the root cause of LAG-3 Suppress many disorders. LAG-3 proliferation, Antigen- activa
Slide 35: IMP761: Strong Inhibition of TCR Signalling & T Cell Activation
IMP761: Strong Inhibition of TCR Signalling & T Cell Activation • Unlike 100+ inhibitory receptors including PD-1, LAG-3 has no tyrosine-based ITIM motif in its cytoplasmic domain1 • Inhibitory motifs unique to LAG-3 explain in part clear & rapid inhibition of T cell receptor (TCR) signalling induce
Slide 36: First-in-Human Phase I Trial of IMP761
First-in-Human Phase I Trial of IMP761 World-class research institute, CHDR, conducting first-in-human study Overview / Key Milestones: • Placebo-controlled, double-blind Phase I in healthy volunteers • Single ascending dose portion of study has successfully completed Centre for Human Drug Research
Slide 37: Upcoming Milestones
Upcoming Milestones • Non-Small Cell Lung Cancer: q TACTI-004 futility analysis in Q1 CY2026 q TACTI-004 completion of patient enrolment Q3 CY2026 q Interim analysis (event driven, PFS) end of CY2026 through mid-2027 • Soft Tissue Sarcoma – Update from EFTISARC-NEO Phase II including initial data on
Slide 38: Summary
Summary • Immutep is a leader in immunotherapy with substantial opportunity in both oncology & autoimmune disease Phase III in 1L NSCLC with • Efti is the only immunotherapy that activates the immune system via MHC Class II multi-billion US$ pathway and has significant potential to redefine cancer t
Slide 39: Thank You
Thank You Empowering the Immune System