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Immuneering Corp (IMRX) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Immuneering Corp $2.14, price $4.34, upside -50.7%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · US · ISIN US45254E1073

IC Immuneering Corp logo Thin data Sep 23, 2026

Immuneering Corp

IMRX · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $2.14 · Strongly overvalued (−51%)
!Quality 27/100
!Weak Growth (revenue 3y −94.2 %/yr)
!negative free cash flow
!Trails peers (2/6)
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$32.84 $1.03 Fair Value $2.14 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $1.03 – $32.84 · fair‑value band $1.41 – $2.67 · the $4.34 price screens above the $2.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Immuneering Corporation, a late-stage oncology company, develops medicines for broad populations of cancer patients in the United States.

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Immuneering Corporation, a late-stage oncology company, develops medicines for broad populations of cancer patients in the United States. The company develops IMM-1-104 (atebimetinib), a dual-MEK inhibitor that is in a Phase 3 clinical trial to treat patients with cancer, including pancreatic and non-small cell lung cancer caused by mutations of RAS or RAF; IMM-6-415 (envometinib), which is in Phase 1/2a clinical trial for the treatment of patients with solid tumors; and multiple deep cyclic inhibitor discovery programs. The company has clinical supply agreements with Regeneron Pharmaceuticals to evaluate atebimetinib in combination with Libtayo in patients with unresectable or metastatic RAS-mutant non-small cell lung cancer; and with Eli Lilly and Company to evaluate atebimetinib in combination with olomorasib in patients with advanced or metastatic KRAS G12C-mutant non-small cell lung cancer. Immuneering Corporation was incorporated in 2008 and is headquartered in Cambridge, Massachusetts.

Stock analysis

Immuneering Corp (IMRX) currently trades at $4.34, while our model-based Fair Value estimate is $2.14, implying the stock looks roughly 102.6% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $1.41 (bear) to $2.67 (bull), the price of $4.34 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 27/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Immuneering Corp reported revenue of $0 in FY2025 versus $2.1M in FY2021. Reported net income was −$56.0M in FY2025.

Key figures

Market cap $285M · EPS (TTM) $−1.07 · Return on equity −43.8% · Return on assets (EBIT) −53.3% · Revenue (TTM) $455 · Free cash flow −$45.5M · Net cash $125M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −51%, IMRX screens richer than that median.

Fair Value models

Bear $1.41 Fair Value $2.14 Bull $2.67
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $1.69 $2.26 $3.38 51
All 1 models by family
Asset-Based
NCAV (Graham) $1.69 $2.26 $3.38 51

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Quality Score breakdown

Overall quality 27/100

Of which business quality 35 · Market factors (momentum, volatility) 25

Profitability 0
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−99.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−94.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−327.7% (2019) → −12,837,997.1% (2023)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

IMRX screens 103% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

Earlier news

News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 654 stocks

Beats the industry median on 2/5 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Below median
Fair Value upside −51% · Below median
Profitability
Return on assets −28% · Below median
Operating margin (TTM) 0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.31× · Cheaper than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $522.38 $574.62 +10%
Regeneron Pharmaceuticals, Inc REGN $801.82 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Immuneering Corp · Fair Value
$2.14 −103%Fair Value
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Cite: Fair Value Calculator (2026). "Immuneering Corp Fair Value". https://www.fairvalue-calculator.com/stock/IMRX

Frequently asked questions

Is Immuneering Corp (IMRX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $2.14 versus a price of $4.34, about −51% upside (overvalued).
What is the fair value of IMRX?
Our model-based fair value for Immuneering Corp is $2.14 (as of Sep 23, 2026), built from audited fundamentals. The current price: $4.34.
What is the quality score of IMRX?
Immuneering Corp has a Quality Score of 27/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Immuneering Corp (IMRX)?
Our model-based price target is the fair value of $2.14 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario $1.41, optimistic scenario $2.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Immuneering Corp stock forecast for 2026?
Our models put fair value at $2.14, about −51% upside versus a price of $4.34 (overvalued). Cautious scenario $1.41, optimistic scenario $2.67. The calculation is refreshed regularly with new filings.
What is the revenue of Immuneering Corp (IMRX)?
Immuneering Corp reported trailing-twelve-month revenue of about $455 (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Immuneering Corp (IMRX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immuneering Corp it is $2.14 per share (as of Sep 23, 2026), against a price of $4.34. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Immuneering Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, IMRX trades above its calculated fair value: price $4.34, fair value $2.14, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMRX?
No. The price is what the market pays today ($4.34); the fair value is what the company's own numbers justify ($2.14). For Immuneering Corp the two are $2.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immuneering Corp worth?
The market values Immuneering Corp at about $285M (market capitalisation, as of Sep 23, 2026). Per share that is $4.34; our models calculate a fair value of $2.14 per share.
What do the bullish and bearish scenarios say about IMRX?
Our models span a range for Immuneering Corp: cautious scenario $1.41, base $2.14, optimistic $2.67 per share (as of Sep 23, 2026, price $4.34). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Immuneering Corp (IMRX)?
Balance-sheet figures for Immuneering Corp (as of Sep 23, 2026): return on equity −43.8%. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is IMRX from its 52-week high?
Immuneering Corp trades at $4.34, about 53% below its 52-week high of $9.23 and 11% above the low of $3.92 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $2.14 is for.
Which stocks are comparable to Immuneering Corp?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Immuneering Corp stock attractive at the current price?
The data as of Sep 23, 2026: price $4.34, calculated fair value $2.14 (−51%), Quality Score 27/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IMRX calculated?
We run Immuneering Corp through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Immuneering Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Immuneering Corp (IMRX)?
The closing price on Sep 24, 2026 was $4.34. Our model-based fair value is $2.14, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immuneering Corp right now?
The price sits above even our optimistic bull case ($2.67). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($1.41 to $2.67) leaves room in how you read the outcome.

Key figures of Immuneering Corp

How large is the market capitalisation of Immuneering Corp (IMRX)?
The market capitalisation of Immuneering Corp is $285M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Immuneering Corp (IMRX)?
Earnings per share at Immuneering Corp are $−1.07. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Immuneering Corp (IMRX)?
The return on equity (ROE) of Immuneering Corp is −43.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Immuneering Corp (IMRX)?
On an EBIT basis the return on assets of Immuneering Corp is −53.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Immuneering Corp (IMRX) generate?
The free cash flow of Immuneering Corp is −$45.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Immuneering Corp (IMRX) hold?
Immuneering Corp holds more cash than debt, $125M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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