Immutep R&D tax incentive: A$2.16 million French refund received
Immutep (ASX: IMM; NASDAQ: IMMP) has received a cash payment of €1.36 million (approximately A$2.16 million) from the French Government under its Crédit d’Impôt Recherche (CIR) research tax incentive program. The payment relates to eligible R&D activities conducted in calendar year 2025.
The company describes the payment as non-dilutive funding. Immutep’s expected cash reach extends into the first half of CY2028.
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Second R&D rebate in a month
The French payment follows Immutep’s receipt of an Australian cash rebate announced one month earlier. The two incentive payments are:
- French CIR: €1.36 million (approximately A$2.16 million), announced 28 October 2026
- Australian R&D Tax Incentive: A$0.86 million cash rebate, announced 30 September 2026
Immutep’s German subsidiary, Immutep GmbH, is also eligible for Germany’s R&D tax incentive (Forschungszulage).
The Australian cash rebate, received under the local R&D Tax Incentive for FY2025 eligible expenditure, was the first of the two inflows and also allowed certain overseas R&D activities to qualify through an AusIndustry Advance overseas finding.
For investors, non-dilutive inflows from more than one jurisdiction mean the company is drawing on government incentives rather than issuing new shares to fund research.
How the French CIR works
The CIR is a French Government incentive that refunds companies 30% of their eligible R&D expenditure. Immutep is eligible through its French subsidiary, Immutep S.A.S., which conducts research at its laboratory in France.
Non-dilutive funding matters to biotech investors because it adds cash without issuing new shares, so existing shareholders are not diluted. The table below summarises the incentives referenced in the announcement.
| Incentive | Jurisdiction | Entity | Amount | Status |
|---|---|---|---|---|
| French CIR | France | Immutep S.A.S. | €1.36M (approx. A$2.16M) | Received |
| Australian R&D Tax Incentive | Australia | n/a | A$0.86M | Received, announced 30 September 2026 |
| German Forschungszulage | Germany | Immutep GmbH | n/a | Eligible |
Funding the efti and IMP761 programs
The non-dilutive funding will be applied to Immutep’s current R&D activities for its product candidates, eftilagimod alfa (efti) and IMP761.
IMP761 Phase I results presented at EULAR 2026 showed a favourable safety profile and statistically significant immunosuppressive activity, making it the only LAG-3 agonist currently in clinical development.
Immutep is a clinical-stage biotechnology company developing novel immunotherapies for cancer and autoimmune disease. It describes itself as a pioneer in the understanding and advancement of therapeutics related to Lymphocyte Activation Gene-3 (LAG-3).
The key takeaway for investors is the company’s stated runway: Immutep’s expected cash reach extends into the first half of CY2028.
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