Emerging Growth Research Issues Flash Update on Immuron Limited, Maintains Buy-Extended Rating and $3.50 Price Target

Rhea-AI Summary

Immuron (Nasdaq:IMRN) reported first-half fiscal 2026 revenue of AUD$4.2 million for the six months ended December 31, 2025, a 5% increase year-over-year driven by Travelan sales in Australia and the U.S. Australian revenue rose 13% to AUD$3.3 million and U.S. revenue rose 17% to AUD$0.9 million; Canadian revenue declined due to distributor inventory dynamics.

The firm launched ProIBS in December 2025 in Australia and continues to invest in its polyclonal antibody platform and clinical-stage pipeline. Emerging Growth Research maintained a Buy-Extended rating and a $3.50 12-month price target, citing current product revenue, early commercial traction, and clinical potential while noting reliance on external capital to fund development.

Positive

• Australian revenue +13% YoY to AUD$3.3M
• U.S. revenue +17% YoY to AUD$0.9M

Negative

• Company remains dependent on external capital to fund clinical development
• Canadian revenue declined due to distributor-level inventory dynamics

Key Figures

H1 FY26 revenue: AUD$4.2 million Australia revenue: AUD$3.3 million U.S. revenue: AUD$0.9 million +5 more

8 metrics

H1 FY26 revenue AUD$4.2 million Six months ended December 31, 2025; 5% YoY increase

Australia revenue AUD$3.3 million H1 FY26, 13% year-over-year growth

U.S. revenue AUD$0.9 million H1 FY26, 17% year-over-year growth

Q1 FY26 sales AUD$2.0 million Unaudited Q1 FY26, 34% YoY growth

Shares via ATM 55,100,920 shares Issued under ATM facility Oct–Dec 2025

ATM facility size US$15 million Form F-3 and ATM prospectus over three years

ATM extension US$2,847,954 Additional approximate aggregate offering price

Current share price $0.983 Pre-news price, 0.61% change over 24h

Market Reality Check

Price: $0.9830 Vol: Volume 27,373 vs 20-day a...

low vol

$0.9830 Last Close

Volume Volume 27,373 vs 20-day average 86,380 (relative volume 0.32) indicates subdued trading ahead of this update. low

Technical Shares at 0.983 are trading below the 200-day MA of 1.69, reflecting a longer-term downtrend into this report.

Peers on Argus

IMRN’s pre-news move of 0.61% contrasted with mixed peer action: XTLB up 7.94%, ...

IMRN’s pre-news move of 0.61% contrasted with mixed peer action: XTLB up 7.94%, PHGE up 6.99%, while ADAP and APM fell 17.57% and 4.85%, indicating stock-specific dynamics rather than a unified biotech trend.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	DoD award & trial	Positive	-10.9%	DoD-funded award and clinical trial timing update for Travelan-based products.
Nov 05	IND approval	Positive	-12.7%	FDA IND approval enabling Phase 2 trial of IMM-529 in CDI patients.
Oct 31	Clinical update	Positive	-5.9%	Updates on IMM-529 review status and Travelan P2TD trial timing change.
Oct 13	Sales update	Positive	+0.5%	Q1 FY26 sales growth with strong Australia and U.S. Travelan performance.
Oct 08	IND submission	Positive	+2.7%	Submission of IND for IMM-529 with outlined Phase 2 CDI trial plan.

Pattern Detected

Recent positive clinical and regulatory updates have often been met with negative price reactions, while straightforward commercial growth news has seen modestly positive alignment.

Recent Company History

Over the last few months, Immuron has combined commercial growth with expanding its clinical pipeline. On Oct 08, 2025, it submitted an IND for IMM-529, followed by Q1 FY26 sales growth to AUD$2.0M on Oct 13. Subsequent clinical updates and a U.S. DoD-funded award in late October and early December produced negative price reactions despite seemingly constructive developments. Today’s analyst Flash Update leans on the same themes of Travelan® sales growth and IMM-529 progress, fitting into this commercial-plus-clinical trajectory.

Market Pulse Summary

This announcement centers on an analyst Flash Update maintaining a Buy-Extended view and a $3.50 tar...

Analysis

This announcement centers on an analyst Flash Update maintaining a Buy-Extended view and a $3.50 target, grounded in reported first-half revenue of AUD$4.2 million and growth in Australia and the U.S. It reinforces Immuron’s dual profile: commercial Travelan® sales plus a clinical pipeline targeting gastrointestinal infections. Investors may track subsequent SEC filings, the rollout of ProIBS® in Australia, and progress on IMM-529 and Travelan-related trials as key markers for the thesis outlined in the report.

Key Terms

ads, form f-3

2 terms

ads financial

"adjusted for its ADS structure."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

form f-3 regulatory

"The company previously filed a Form F-3 and ATM prospectus in the United States"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

AI-generated analysis. Not financial advice.

NEW YORK CITY, NY / ACCESS Newswire / January 22, 2026 / Emerging Growth Research today released a Flash Research Update on Immuron Limited (Nasdaq:IMRN), maintaining its Buy-Extended rating and 12-month price target of $3.50 following the Company's release of first-half fiscal year 2026 operating results.

The Flash Report notes that Immuron reported global revenue of AUD$4.2 million for the six months ended December 31, 2025, representing a 5% increase compared to the prior-year period. Sales growth was driven primarily by continued demand for Travelan^®, the Company's over-the-counter immune supplement, particularly in Australia and the United States.

By geography, Australian revenue increased 13% year-over-year to AUD$3.3 million, while U.S. revenue rose 17% to AUD$0.9 million. Canadian revenue declined during the period, reflecting distributor-level inventory dynamics. Emerging Growth Research attributes overall performance to a combination of digital and in-store marketing initiatives and increased international travel activity.

The report also highlights the December 2025 launch of ProIBS^®, Immuron's new digestive health product, which management believes may support incremental revenue contribution over time as distribution expands in the Australian market.

Beyond commercial operations, the Flash Update reiterates Immuron's broader investment profile, including its polyclonal antibody technology platform and clinical-stage pipeline targeting infectious diseases of the gastrointestinal tract. The analyst notes that while revenue from commercial products partially offsets operating expenses, Immuron remains dependent on external capital to support ongoing clinical development.

According to Emerging Growth Research, the maintained Buy-Extended rating reflects the Company's combination of existing product revenue, early commercial traction in key markets, and longer-term clinical development potential, balanced against typical biotechnology risks related to funding, clinical outcomes, and execution.

The $3.50 price target is based on a peer-group EV/Revenue valuation methodology applied to Immuron's reported revenue, adjusted for its ADS structure.

For a copy of the full initiation report, please visit:

https://emerginggrowth.com/wp-content/uploads/2026/01/Immuron-Flash-Report-2026-01-22.pdf

or

https://www.EmergingGrowth.com/profile/imrn/ (on the right side of the page as you scroll down)

About Immuron Limited
Founded in 1994 and headquartered in Melbourne, Australia, Immuron Limited (Nasdaq:IMRN) is a commercial and clinical-stage biopharmaceutical company developing oral polyclonal antibody products for the treatment and prevention of gastrointestinal infectious diseases. Immuron's marketed products include Travelan^® and Protectyn^®, with additional candidates in clinical development targeting indications such as C. difficile infection and traveler's diarrhea.

About Emerging Growth Research
Emerging Growth Research is an independent research firm focused on providing institutional-style equity research coverage on emerging public companies. Emerging Growth Research distributes its reports through EmergingGrowth.com.

Forward-Looking Statements
This press release contains forward-looking statements regarding Immuron Limited's business, financial performance, product development, and market outlook. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements.

CONTACT: Research@EmergingGrowth.com

SOURCE: Immuron Limited

View the original press release on ACCESS Newswire

FAQ

What revenue did Immuron (IMRN) report for the six months ended December 31, 2025?

Immuron reported AUD$4.2 million in global revenue for the six months ended December 31, 2025.

Why did Immuron (IMRN) maintain a $3.50 price target on January 22, 2026?

Emerging Growth Research maintained the $3.50 12-month target using a peer EV/Revenue valuation adjusted for the ADS structure.

How did Immuron's geographic sales perform in H1 FY2026 for IMRN?

Australian sales were AUD$3.3M (+13% YoY), U.S. sales were AUD$0.9M (+17% YoY), and Canadian revenue declined.

When did Immuron (IMRN) launch ProIBS and where?

Immuron launched ProIBS in December 2025 with initial distribution in the Australian market.

What are the main risks highlighted for Immuron (IMRN)?

Analyst risk factors include typical biotech execution and funding risks, plus reliance on external capital to support clinical programs.

Does Immuron's current revenue cover operating expenses for IMRN?

The report notes commercial product revenue partially offsets operating expenses, but external funding is still required.