Immuron trims FY26 loss to A$3.8m on A$7.7m sales
Immuron Limited (IMRN) reported preliminary unaudited results for the year ended 30 June 2026.
Rhea-AI Filing Summary
Immuron Limited (IMRN) reported preliminary unaudited results for the year ended 30 June 2026. Revenue from contracts with customers was A$7,713,601, up 5.9% from A$7,287,002 in 2025, driven mainly by higher Travelan® sales in Australia and North America. Australian Travelan® revenue rose to A$5,672,501 and U.S. Travelan® revenue to A$1,768,411, while Canadian sales declined.
The loss after tax attributable to shareholders narrowed to A$3,838,699, a 26.4% improvement from A$5,215,987, despite fully expensing A$1,933,440 of research and development. Gross profit increased to A$4,975,072, with a margin of 64.5%, down 0.9 percentage points. Operating cash outflow improved to A$3,259,720 from A$6,136,949, and cash and cash equivalents increased to A$9,017,814, supported by equity issuances. Net tangible asset backing per share slipped slightly to 3.35 cents from 3.45 cents. No dividends were declared, and audited financial statements are expected by the end of September 2026.
Positive
- Revenue grew 5.9% to A$7.7m, with record FY26 sales and strong Travelan® growth in Australia (+10%) and the United States (+7% in AUD, +13% in USD).
- Net loss improved by A$1.4m, from A$5.2m to A$3.8m, while still fully expensing A$1.9m of R&D.
- Cash position strengthened to A$9.0m at 30 June 2026, up A$6.2m year-on-year, with operating cash outflow nearly halved.
- Operating loss reduced to A$4.0m from A$5.3m, reflecting improved cost profile alongside higher sales.
Negative
- The company remains loss-making, with a FY26 net loss of A$3.8m and basic loss per share of 1.29 cents.
- Gross margin compressed to 64.5%, a 0.9 percentage point decline despite higher revenue.
- No dividends were paid or declared for FY26, continuing the prior year’s position.
- Net tangible asset backing per share edged down from 3.45 cents to 3.35 cents.
Filing Explained
At June 30, 2026, Immuron had 322,848,081 ordinary shares, with unissued awards capable of adding further shares if their terms are met.
Immuron furnished its August 28, 2026 home-market announcements in a Form 6-K, an interim report for material information; the FY26 figures remain preliminary and subject to audit, with audited statements expected by the end of September 2026. The filing also reports 322,848,081 ordinary shares at
During FY26, the company issued shares through its At the Market facility and through performance-right exercises. It also granted 4,000,000 options with a $0.110 exercise price expiring
The cash-flow statement records
Key Figures
Key Terms
Australian R&D tax incentive financial
hyperimmune bovine colostrum medical
enterotoxigenic Escherichia coli medical
Clostridioides difficile medical
performance rights financial
Gross Profit Margin financial
Earnings Snapshot
The company anticipates continued Travelan® revenue growth and plans to invest in North American expansion while aiming for improved profitability and reduced cash burn in FY27.
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2026
Commission File Number: 001-38104
IMMURON LIMITED
(Name of Registrant)
Level 3, 62 Lygon Street, Carlton South, Victoria, 3053, Australia
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
IMMURON LIMITED
EXPLANATORY NOTE
Immuron Limited (the “Company”) published two announcements (the “Public Notices”) to the Australian Securities Exchange on August 28, 2026 titled:
| - | Appendix 4E Preliminary Final Report | |
| - | FY26 Results Presentation |
A copy of the Public Notices is attached as an exhibit to this report on Form 6-K.
This report on Form 6-K (including the exhibit hereto) shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
1
EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Appendix 4E Preliminary Final Report | |
| 99.2 | FY26 Results Presentation |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IMMURON LIMITED | ||
| Date: August 28, 2026 | By: | /s/ Olga Smejkalova |
| Olga Smejkalova | ||
| Company Secretary | ||
3
Exhibit 99.1
Immuron Limited Appendix 4E Preliminary final report |
 |
1. Company details
Name of entity: ABN: Reporting period: Previous period: |
Immuron Limited 80 063 114 045 For the year ended 30 June 2026 For the year ended 30 June 2025 |
2. Results for announcement to the market
| $ | |||||||||||
| Revenue from ordinary activities | up | 5.9 | % | to | 7,713,601 | ||||||
| Loss from ordinary activities after tax attributable to the members of Immuron Limited | down | 26.4 | % | to | (3,838,699 | ) | |||||
| Loss for the year attributable to the members of Immuron Limited | down | 26.4 | % | to | (3,838,699 | ) | |||||
3. Net tangible assets
| Consolidated | ||||||||
| 2026 | 2025 | |||||||
| Cents | Cents | |||||||
| Net tangible asset backing (per security) | 3.35 | 3.45 | ||||||
The calculation of net tangible assets excludes right-of-use assets arising from AASB 16 Leases.
4. Explanation of results
The reported loss after tax of the current financial year of $3,838,699 (2025: $5,215,987) is after fully expensing the company’s research and development expenditure of $1,933,440 incurred during the year (2025: $3,597,296). Of which, $339,819 (2025: $124,164) was funded by the R&D grant from Henry M Jackson Foundation (HJF).
The revenue from contracts with customers for the year was $7,713,601, which is an increase of 5.9% from the prior financial year (2025: $7,287,002), primarily due to the sales increase in the Australian and North American markets for Travelan®. We anticipate that revenues from sales of our Travelan® product will continue to increase in the future.
As at 30 June 2026, the company’s cash position was $9,017,814 (30 June 2025: $2,830,526). The company had trade and other receivables of $1,250,418 (30 June 2025: $1,925,593). This receivables amount includes future receivables from the Australian Government under the R&D Tax Incentive program. The company had other current assets of $258,197 (30 June 2025: $3,486,744).
The preliminary final report follows, with the further details to be included in the audited financial statements to be released by 30 September 2026.
Immuron Limited Appendix 4E Preliminary final report |
|
5. Distributions
No dividends have been paid or declared by the company for the current financial year. No dividends were paid for the previous financial year.
6. Changes in controlled entities
There have been no changes in controlled entities during the year ended 30 June 2026.
7. Details of associates and joint venture entities
| Ownership interest held by the Group | ||||||||||
| 2026 | 2025 | |||||||||
| Name of entity | Place of business/country of incorporation | % | % | |||||||
| Ateria Health Limited | United Kingdom | 23.61 | % | 23.61 | % | |||||
As at 30 June 2026, Immuron has a 23.61% interest in Ateria Health Limited. Immuron is deemed to have significant influence over Ateria Health Limited.
8. Audit
The financial statements of Immuron Limited (the group) are currently in the process of being audited. Audited financial statements along with the independent auditor report for the year end 30 June 2026 is expected to be released by the end of September 2026.
Immuron Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2026 |
|
| Consolidated | |||||||||||
| Note | 2026 | 2025 | |||||||||
| $ | $ | ||||||||||
| Revenue from contracts with customers | 1 | 7,713,601 | 7,287,002 | ||||||||
| Cost of goods sold | (2,738,529 | ) | (2,521,903 | ) | |||||||
| Gross profit | 4,975,072 | 4,765,099 | |||||||||
| Other income | 2 | 1,011,169 | 1,411,505 | ||||||||
| Other (losses)/gains | (285,115 | ) | 12,183 | ||||||||
| 726,054 | 1,423,688 | ||||||||||
| Expenses | |||||||||||
| General and administrative expenses | (4,305,555 | ) | (4,483,623 | ) | |||||||
| Research and development expenses | (1,933,440 | ) | (3,597,296 | ) | |||||||
| Selling and marketing expenses | (3,471,556 | ) | (3,452,416 | ) | |||||||
| Operating loss | (4,009,425 | ) | (5,344,548 | ) | |||||||
| Finance income | 185,438 | 135,866 | |||||||||
| Finance expenses | (14,712 | ) | (7,305 | ) | |||||||
| Loss before income tax expense | (3,838,699 | ) | (5,215,987 | ) | |||||||
| Income tax expense | - | - | |||||||||
| Loss after income tax expense for the year attributable to the members of Immuron Limited | (3,838,699 | ) | (5,215,987 | ) | |||||||
| Other comprehensive income/(loss) | |||||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||||
| Exchange differences on translation of foreign operations income/(expense) | 16,311 | (1,358 | ) | ||||||||
| Other comprehensive income/(loss) for the year | 16,311 | (1,358 | ) | ||||||||
| Total comprehensive loss for the year | (3,822,388 | ) | (5,217,345 | ) | |||||||
| Loss per share for profit attributable to the ordinary equity holders of the company: |
Cents |
Cents | |||||||||
| Basic and diluted loss per share | (1.29 | ) | (2.26 | ) | |||||||
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
1
Immuron Limited Consolidated statement of financial position As at 30 June 2026 |
|
| Consolidated | |||||||||||
| Note | 2026 | 2025 | |||||||||
| $ | $ | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 9,017,814 | 2,830,526 | |||||||||
| Trade and other receivables | 3 | 1,250,418 | 1,925,593 | ||||||||
| Inventories | 2,273,848 | 1,772,363 | |||||||||
| Other current assets | 4 | 258,197 | 3,486,744 | ||||||||
| Total current assets | 12,800,277 | 10,015,226 | |||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment | 9,325 | 10,074 | |||||||||
| Right-of-use assets | 183,396 | 103,876 | |||||||||
| Inventories | - | 666 | |||||||||
| Total non-current assets | 192,721 | 114,616 | |||||||||
| Total assets | 12,992,998 | 10,129,842 | |||||||||
| Liabilities | |||||||||||
| Current liabilities | |||||||||||
| Trade and other payables | 1,345,485 | 1,529,435 | |||||||||
| Employee benefits | 409,433 | 391,503 | |||||||||
| Lease liabilities | 30,606 | 45,272 | |||||||||
| Total current liabilities | 1,785,524 | 1,966,210 | |||||||||
| Non-current liabilities | |||||||||||
| Employee benefits | 42,210 | 22,722 | |||||||||
| Lease liabilities | 158,937 | 71,855 | |||||||||
| Total non-current liabilities | 201,147 | 94,577 | |||||||||
| Total liabilities | 1,986,671 | 2,060,787 | |||||||||
| Net assets | 11,006,327 | 8,069,055 | |||||||||
| Equity | |||||||||||
| Share capital | 5 | 95,655,688 | 88,872,756 | ||||||||
| Reserves | 6 | 479,493 | 1,639,504 | ||||||||
| Accumulated losses | (85,128,854 | ) | (82,443,205 | ) | |||||||
| Total equity | 11,006,327 | 8,069,055 | |||||||||
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
2
Immuron Limited Consolidated statement of changes in equity For the year ended 30 June 2026 |
|
| Consolidated | Issued capital |
Reserves | Accumulated losses |
Total equity | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Balance at 1 July 2024 | 88,504,043 | 3,173,797 | (78,968,396 | ) | 12,709,444 | |||||||||||
| Loss after income tax expense for the year | - | - | (5,215,987 | ) | (5,215,987 | ) | ||||||||||
| Other comprehensive loss for the year | - | (1,358 | ) | - | (1,358 | ) | ||||||||||
| Total comprehensive loss for the year | - | (1,358 | ) | (5,215,987 | ) | (5,217,345 | ) | |||||||||
| Transactions with members in their capacity as members: | ||||||||||||||||
| Shares issued, net of transaction costs | 272,713 | - | - | 272,713 | ||||||||||||
| Options and warrants issued/expensed (net of adjustments) | - | 64,755 | - | 64,755 | ||||||||||||
| Options and warrants lapsed/expired | - | (1,741,178 | ) | 1,741,178 | - | |||||||||||
| Performance rights issued/expensed | - | 239,488 | - | 239,488 | ||||||||||||
| Performance rights exercised | 96,000 | (96,000 | ) | - | - | |||||||||||
| Balance at 30 June 2025 | 88,872,756 | 1,639,504 | (82,443,205 | ) | 8,069,055 | |||||||||||
| Consolidated | Issued capital |
Reserves | Accumulated losses |
Total equity | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Balance at 1 July 2025 | 88,872,756 | 1,639,504 | (82,443,205 | ) | 8,069,055 | |||||||||||
| Loss after income tax expense for the year | - | - | (3,838,699 | ) | (3,838,699 | ) | ||||||||||
| Other comprehensive income for the year | - | 16,311 | - | 16,311 | ||||||||||||
| Total comprehensive loss for the year | - | 16,311 | (3,838,699 | ) | (3,822,388 | ) | ||||||||||
| Transactions with members in their capacity as members: | ||||||||||||||||
| Shares issued, net of transaction costs (note 5) | 6,655,572 | - | - | 6,655,572 | ||||||||||||
| Options issued/expensed (note 6) | - | 80,237 | - | 80,237 | ||||||||||||
| Options and warrants expired (note 6) | - | (1,153,050 | ) | 1,153,050 | - | |||||||||||
| Performance rights issued/expensed (note 6) | - | 213,023 | - | 213,023 | ||||||||||||
| Performance rights exercised (note 6) | 249,137 | (249,137 | ) | - | - | |||||||||||
| Performance rights forfeited (note 6) | - | (67,395 | ) | - | (67,395 | ) | ||||||||||
| Shares cancelled pursuant to the buy-back of unmarketable parcels (note 5) | (121,777 | ) | - | - | (121,777 | ) | ||||||||||
| Balance at 30 June 2026 | 95,655,688 | 479,493 | (85,128,854 | ) | 11,006,327 | |||||||||||
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
3
Immuron Limited Consolidated statement of cash flows For the year ended 30 June 2026 |
|
| Consolidated | ||||||||
2026 | 2025 | |||||||
| $ | $ | |||||||
| Cash flows from operating activities | ||||||||
| Receipts from customers (inclusive of GST) | 8,479,637 | 7,592,577 | ||||||
| Payments to suppliers (inclusive of GST) | (13,189,690 | ) | (14,772,687 | ) | ||||
| Australian R&D tax incentive refund | 1,110,514 | 768,433 | ||||||
| Grants received from government and non-government sources | 339,819 | 274,728 | ||||||
| Net cash used in operating activities | (3,259,720 | ) | (6,136,949 | ) | ||||
| Cash flows from investing activities | ||||||||
| Payment for property, plant and equipment | (4,752 | ) | - | |||||
| Proceeds/payments for term deposit | 3,036,278 | (3,036,278 | ) | |||||
| Interest received | 209,126 | 135,866 | ||||||
| Net cash from/(used in) investing activities | 3,240,652 | (2,900,412 | ) | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issues of shares | 7,148,698 | 396,827 | ||||||
| Payments for share buy-backs | (121,777 | ) | - | |||||
| Share issue transaction costs | (493,126 | ) | (124,114 | ) | ||||
| Principal elements of lease payments | (43,923 | ) | (65,661 | ) | ||||
| Interest and other costs of finance paid | (14,712 | ) | (7,305 | ) | ||||
| Net cash from financing activities | 6,475,160 | 199,747 | ||||||
| Net increase/(decrease) in cash and cash equivalents | 6,456,092 | (8,837,614 | ) | |||||
| Cash and cash equivalents at the beginning of the financial year | 2,830,526 | 11,657,315 | ||||||
| Effects of exchange rate changes on cash and cash equivalents | (268,804 | ) | 10,825 | |||||
| Cash and cash equivalents at the end of the financial year | 9,017,814 | 2,830,526 | ||||||
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
4
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
|
1. Revenue from contracts with customers
The Group derives revenue from the transfer of hyperimmune products at a point in time in the following major product lines and geographical regions:
| Consolidated | ||||||||
| 2026 | 2025 | |||||||
| $ | $ | |||||||
| Hyperimmune products revenue | ||||||||
| Travelan - Australia | 5,672,501 | 5,201,385 | ||||||
| Travelan - United States | 1,768,411 | 1,658,336 | ||||||
| Travelan - Canada | 165,669 | 378,706 | ||||||
| Protectyn - Australia | 21,799 | 48,575 | ||||||
| ProIBS - Australia | 85,221 | - | ||||||
| Revenue from external customers | 7,713,601 | 7,287,002 | ||||||
2. Other income
| Consolidated | ||||||||
| 2026 | 2025 | |||||||
| $ | $ | |||||||
| Australian R&D tax incentive refund (i) | 623,613 | 1,110,577 | ||||||
| MTEC R&D grant | - | 146,252 | ||||||
| HJF R&D grant | 339,819 | 124,164 | ||||||
| Other income | 47,737 | 30,512 | ||||||
| 1,011,169 | 1,411,505 | |||||||
(i) Fair value of Australian R&D tax incentive
The Group’s research and development (R&D) activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognised when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended 30 June 2026, the Group has included an item in other income of $623,613 (2025: $1,110,577).
3. Trade and other receivables
| Consolidated | ||||||||
2026 | 2025 | |||||||
| $ | $ | |||||||
| Current assets | ||||||||
| Trade receivables | 638,773 | 826,857 | ||||||
| Less: Allowance for expected credit losses | (11,968 | ) | (35,466 | ) | ||||
| 626,805 | 791,391 | |||||||
| Accrued income - Australian R&D tax incentive refund | 623,613 | 1,110,514 | ||||||
| Other receivables | - | 23,688 | ||||||
| 1,250,418 | 1,925,593 | |||||||
5
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
|
3. Trade and other receivables (continued)
Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
Accrued receivables
These amounts primarily comprise receivables from the Australian Taxation Office in relation to the R&D tax incentive.
Fair value of trade and other receivables
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
4. Other current assets
| Consolidated | ||||||||
| 2026 | 2025 | |||||||
| $ | $ | |||||||
| Prepayments | 258,197 | 442,800 | ||||||
| Term deposits | - | 3,036,278 | ||||||
| Other current assets | - | 7,666 | ||||||
| 258,197 | 3,486,744 | |||||||
For the year ended 30 June 2025, the Group entered into a 90-day fixed term deposit, which matured on 27 July 2025. Term deposits are presented as Other Current Assets as they are not considered highly liquid instruments readily convertible to cash and cash equivalents. The deposit was held to maturity in accordance with the Group’s investment policy.
5. Share capital
| Consolidated | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Shares | Shares | $ | $ | |||||||||||||
| Ordinary shares - fully paid | 322,848,081 | 233,959,013 | 105,858,005 | 98,581,947 | ||||||||||||
| Transaction costs arising on ordinary share issues | (10,202,317 | ) | (9,709,191 | ) | ||||||||||||
| 322,848,081 | 233,959,013 | 95,655,688 | 88,872,756 | |||||||||||||
6
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
|
5. Share capital (continued)
Movements in ordinary shares:
| Shares | $ | |||||||
| Opening balance 1 July 2024 | 227,998,346 | 88,504,043 | ||||||
| Issue of shares on the exercise of performance rights at $0.0 per share (2024-10-07) | 1,147,083 | 83,000 | ||||||
| Issue at US$2.1784 pursuant to At The Market facility (2025-01-08) | 2,579,760 | 226,567 | ||||||
| Issue at US$2.0971 pursuant to At The Market facility (2025-01-15) | 1,801,680 | 152,300 | ||||||
| Issue of shares on the exercise of performance rights at $0.0 per share (2025-04-10) | 179,664 | 13,000 | ||||||
| Issue at US$1.8435 pursuant to At The Market facility (2025-05-29) | 135,800 | 9,744 | ||||||
| Issue at US$1.8286 pursuant to At The Market facility (2025-06-03) | 116,680 | 8,216 | ||||||
| Less: Transaction costs arising on share issues | (124,114 | ) | ||||||
| Balance at 30 June 2025 | 233,959,013 | 88,872,756 | ||||||
| Issue at US$1.8939 pursuant to At the Market facility (2025-07-17) | 877,440 | 63,351 | ||||||
| Issue at US$1.8782 pursuant to At the Market facility (2025-07-18) | 473,880 | 34,072 | ||||||
| Issue at US$2.1374 pursuant to At the Market facility (2025-07-21) | 32,909,640 | 2,711,754 | ||||||
| Issue at US$2.3008 pursuant to At the Market facility (2025-10-20) | 1,133,840 | 100,458 | ||||||
| Issue at US$1.9631 pursuant to At the Market facility (2025-11-07) | 8,495,080 | 642,228 | ||||||
| Issue at US$2.0809 pursuant to At the Market facility (2025-12-05) | 45,472,000 | 3,596,835 | ||||||
| Issue of shares on the exercise of performance rights at $0.0 per share (2025-12-11) | 1,874,964 | 141,890 | ||||||
| Issue of shares on the exercise of performance rights at $0.0 per share (2025-12-15) | 1,142,909 | 83,251 | ||||||
| Issue of shares on the exercise of performance rights at $0.0 per share (2025-12-16) | 314,843 | 23,996 | ||||||
| Shares cancelled pursuant to the buy-back of unmarketable parcels (2026-06-29) | (3,805,528 | ) | (121,777 | ) | ||||
| Less: Transaction costs arising on share issues | (493,126 | ) | ||||||
| Balance at 30 June 2026 | 322,848,081 | 95,655,688 | ||||||
Rights of each type of share
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting or by proxy, is entitled to one vote upon a poll every holder is entitled to one vote per share held. The ordinary shares have no par value.
7
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
|
6. Reserves
| Consolidated | Share-based payments | Foreign currency translation | Total | |||||||||
| $ | $ | $ | ||||||||||
| Balance at 1 July 2024 | 3,059,321 | 114,476 | 3,173,797 | |||||||||
| Currency translation differences | - | (1,358 | ) | (1,358 | ) | |||||||
| Options and warrants issued/expensed (net of adjustments) | 64,755 | - | 64,755 | |||||||||
| Options and warrants lapsed/expired | (1,741,178 | ) | - | (1,741,178 | ) | |||||||
| Performance rights issued/expensed | 239,488 | - | 239,488 | |||||||||
| Performance rights exercised | (96,000 | ) | - | (96,000 | ) | |||||||
| Balance at 30 June 2025 | 1,526,386 | 113,118 | 1,639,504 | |||||||||
| Currency translation differences | - | 16,311 | 16,311 | |||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||
| Options issued/expensed (note 6) | 80,237 | - | 80,237 | |||||||||
| Options and warrants expired (note 6) | (1,153,050 | ) | - | (1,153,050 | ) | |||||||
| Performance rights issued/expensed (note 6) | 213,023 | - | 213,023 | |||||||||
| Performance rights exercised (note 6) | (249,137 | ) | - | (249,137 | ) | |||||||
| Performance rights forfeited (note 6) | (67,395 | ) | - | (67,395 | ) | |||||||
| Balance at 30 June 2026 | 350,064 | 129,429 | 479,493 | |||||||||
8
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
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6. Reserves (continued)
Nature and purpose of other reserves
Share-based payments:
The share-based payment reserve records items recognised as expenses on valuation of share options and warrants issued to key management personnel and other employees.
Foreign currency translation:
Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income and accumulated in a separate reserve within equity.
Movements in options, warrants and performance rights:
| Details | Number of options, warrants and rights | $ | ||||||
| Balance as at 1 July 2024 | 15,194,959 | 3,059,321 | ||||||
| Options issued in the year (net of adjustments) | 3,000,000 | 55,584 | ||||||
| Lapse of unexercised options | (8,016,120 | ) | (1,741,178 | ) | ||||
| Share-based payments expense for options previously issued | - | 9,171 | ||||||
| Performance rights issued in the year | 5,386,810 | 239,488 | ||||||
| Exercise of performance rights | (1,326,747 | ) | (96,000 | ) | ||||
| Lapse of performance rights issued in the year | (285,741 | ) | - | |||||
| Balance as at 30 June 2025 | 13,953,161 | 1,526,386 | ||||||
| Warrants expired in the year | (2,560,000 | ) | (1,032,960 | ) | ||||
| Options expired in the year | (1,930,000 | ) | (120,090 | ) | ||||
| Options issued in the year (note 7) | 4,000,000 | 48,995 | ||||||
| Share-based payments expense for options previously issued | - | 31,242 | ||||||
| Performance rights issued in the year | 2,147,154 | 137,418 | ||||||
| Exercise of performance rights | (3,332,716 | ) | (249,137 | ) | ||||
| Performance rights forfeited | (510,108 | ) | (67,395 | ) | ||||
| Share-based payments expense for performance rights previously issued | - | 75,605 | ||||||
| Balance as at 30 June 2026 | 11,767,491 | 350,064 | ||||||
9
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
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7. Share-based payments
Performance rights:
Performance rights, which can be settled in shares, were granted to key management personnel and employees during the period. The performance rights are based on non-market weighted key performance indicators (KPIs) and have been expensed over the service period, based on the probability the KPIs being achieved. The performance rights are expected to vest between one and five years. During the reporting period, assessments are made as to whether KPIs have been met and whether KPIs are likely to be met. As a result of such assessment, there was a net reduction in share-based payment expense during the period.
During the year ended 30 June 2026, 2,147,154 performance rights were granted to employees with a conversion price of $0.145.
Fair value is determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the award, security price at grant date, expected volatility, expected dividend yield and the risk-free interest rate.
The model inputs for the performance rights granted during the year:
| Grant date | Expiry date | Exercise price ($A) | No. of options | Share price at grant date | Expected volatility | Dividend yield | Risk-free interest rate | Fair value at grant date per option | ||||||||||||||||||||||
| 16-AUG-25 | 16-AUG-29 | $ | 0.145 | 2,147,154 | $ | 0.070 | 88.65 | % | 0.00 | % | 4.09 | % | $ | 0.0640 | ||||||||||||||||
Options:
During the year ended 30 June 2026, options were approved at the Annual General Meeting, held on 11 November 2025 for Jeannette Joughin, Daniel Pollock, Ravi Savarirayan, and Paul Brennan of 1,000,000 each. The option exercise price is $0.110 and they have an expiry date of 3 October 2029.
Fair value is determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the award, security price at grant date, expected volatility, expected dividend yield and the risk-free interest rate.
The model inputs for the options granted during the year:
| Grant date | Expiry date | Exercise price ($A) | No. of options | Share price at grant date | Expected volatility | Dividend yield | Risk-free interest rate | Fair value at grant date per option | ||||||||||||||||||||||
| 11-NOV-25 | 3-OCT-29 | $ | 0.110 | 4,000,000 | $ | 0.060 | 77.46 | % | 0.00 | % | 3.69 | % | $ | 0.0271 | ||||||||||||||||
8. Events after the reporting period
No matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.
10
Immuron Limited Notes to the consolidated financial statements 30 June 2026 |
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9. Principal subsidiaries
The Group’s principal subsidiaries at 30 June 2026 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business.
| Ownership interest by the Group | ||||||||||
| Name of entity | Principal place of business / Country of incorporation | 2026 % | 2025 % | |||||||
| Immuron Inc. | United States | 100 | % | 100 | % | |||||
| Immuron Canada Limited | Canada | 100 | % | 100 | % | |||||
| Anadis ESP Pty Ltd | Australia | 100 | % | 100 | % | |||||
10. Interests in associates
Immuron Limited has a 23.61% interest in Ateria Health Limited. The carrying amount of the investment continues to be nil, therefore, no share of the loss has been recognised for the year ended 30 June 2026.
| Ownership interest held by the Group | ||||||||||
| Name of entity | Principal place of business / Country of incorporation | 2026 % | 2025 % | |||||||
| Ateria Health Limited | United Kingdom | 23.61 | % | 23.61 | % | |||||
11
Exhibit 99.2
Immuron FY26 Preliminary Results
Melbourne, Australia, August 28, 2026: Immuron Limited (ASX: IMC; NASDAQ: IMRN) is pleased to release its preliminary results for financial year ending 30 June 2026.
Results exceed expectations
In February 2026 at the time the Company announced a Strategic Reset, 2H FY26 and FY26 Net Sales were projected to both exceed the prior comparative period (pcp) and Net Sales and Net Profit were all projected to exceed pcp.
Immuron has exceeded sales projections with second half growth of 7% on the prior comparative period (pcp) and record FY26 sales of A$7.7 million, growth of 6% on pcp.
Pleasingly in FY26, the Australian market continued double digit growth (+10%) notwithstanding the one-off impact of Chemist Warehouse/Sigma reducing Travelan® inventories held as a result of their supply chain efficiency initiatives. Sales in the United States continue to grow on the back of a number of marketing initiatives (AUD: +7% on pcp; USD: +13% on pcp). Sales in Canada were down on last year however during the second half of FY26 they were up more than 100% on pcp.
Net Profit in FY26 improved by AUD$1.4 million over FY25. Cash in FY26 increased by AUD$6.2 million1 to AUD$9.0 million.
Key milestones achieved
| · | IMM-529 (CDI): U.S. FDA approval of investigational new drug (IND) application in November 2025. | |
| · | Uniformed Services University IMM-124E trial reported topline results in December 2025. | |
| · | New research agreement signed in December 2025 funded by a U.S. Department of Defense sub award with the Naval Medical Research Command and Walter Reed Army Institute of Research for the development of novel vaccines targeting Campylobacter and Shigella with which Immuron will produce two hyper-immune bovine colostrum products for pre-clinical evaluation. First revenue was received in May 2026. | |
| · | In February 2026, Immuron made a strategic decision to partner clinical assets IMM-124E and IMM-529 for development and commercialization. | |
| o | IMM-124E is eligible for an end of Phase 2 meeting with the U.S. FDA (indication: traveler’s diarrhea). | |
| § | Lumanity1 peak U.S. sales estimate of US$102 million. | |
| o | IMM-529 has an investigational new drug (IND) application approved by the U.S. FDA and is ready to go into Phase 2 clinical trials (indication: Clostridioides difficile infection). | |
| § | Lumanity1 peak U.S. sales estimate of US$400 million. | |
| · | In July 2026, the Company engaged Pullan Consulting to support partnering IMM-529. |
| 1. | $3.0 million was held in Term Deposits on 30 June 2025 (30 June 2026: Nil) |
Looking ahead
In FY27 the Company plans to invest to grow in North America while continuing the momentum in Australia.
Immuron anticipates the following near term milestones:
| · | Q1: Continued Travelan® growth | |
| · | Q2: Portfolio expansion | |
| · | Q3: IMM-529 partnering progress | |
| · | Q4: Geographic expansion, improved profitability and reduction in cash burn |
A copy of Appendix 4E and the Preliminary Final Report and results presentation are included below.
This release has been authorised by the directors of Immuron Limited.
- - - END - - -
COMPANY CONTACT:
Steven Lydeamore
Chief Executive Officer
steve@immuron.com
About Immuron
Immuron Limited (ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical company focused on developing and commercializing orally delivered targeted polyclonal antibodies for the treatment of infectious diseases.
About Travelan®
Travelan® is an orally administered passive immunotherapy that prophylactically reduces the likelihood of contracting travelers’ diarrhea, a digestive tract disorder that is commonly caused by pathogenic bacteria and the toxins they produce. Travelan® is a highly purified tabletized preparation of hyper immune bovine antibodies and other factors, which when taken with meals bind to diarrhea-causing bacteria and prevent colonization and the pathology associated with travelers’ diarrhea. In Australia, Travelan® is a listed medicine on the Australian Register for Therapeutic Goods (AUST L 106709) and is indicated to reduce the risk of Travelers’ Diarrhea, reduce the risk of minor gastro-intestinal disorders and is antimicrobial. In Canada, Travelan® is a licensed natural health product (NPN 80046016) and is indicated to reduce the risk of Travelers’ Diarrhea. In the U.S., Travelan® is sold as a dietary supplement for digestive tract protection.
Travelers’ diarrhea (TD)
TD is generally defined as the passage of ≥ 3 unformed stools per 24 hours plus at least one additional symptom (such as nausea, vomiting, abdominal cramps, fever, blood/mucus in the stools, or fecal urgency) that develop while abroad or within 10 days of returning from any resource-limited destinations (Leung et al., 2006). Diarrhea continues to be the most frequent health problem among travelers to destinations in lower- and middle-income regions (Steffen, 2017). Deployed US military personnel, essentially representing a long-term traveller population, are particularly affected given their population dynamics and the context in which they seek care and treatment (Connor et al., 2012). Diarrhea is the leading infectious disease threat to the overall health and preparedness of deployed US armed forces, with diarrheagenic E. coli, Campylobacter spp., and Shigella spp. among the most commonly reported etiologies (Riddle et al., 2006).
Immuron Platform Technology
Immuron’s proprietary technology is based on polyclonal immunoglobulins (IgG) derived from engineered hyper-immune bovine colostrum. Immuron has the capability of producing highly specific immunoglobulins to any enteric pathogen and our products are orally active. Bovine IgG can withstand the acidic environment of the stomach and is resistant to proteolysis by the digestive enzymes found in the Gastrointestinal (GI) tract. Bovine IgG also possesses this unique ability to remain active in the human GI tract delivering its full benefits directly to the bacteria found there. The underlying nature of Immuron’s platform technology enables the development of medicines across a large range of infectious diseases. The platform can be used to block viruses or bacteria at mucosal surfaces such as the Gastrointestinal tract and neutralize the toxins they produce.
IMM-124E (Travelan®)
IMM-124E was developed using Immuron’s platform technology. IMM-124E is produced from the colostrum of birthing cattle that have been immunised during pregnancy with a vaccine containing the outer antigens of multiple human derived ETEC. A total of 13 ETEC strains are used in the vaccine to produce high levels of antibodies against selected surface antigens from the most common strains of ETEC. (Otto et al., 2011)
The resultant hyperimmune colostrum IMM-124E from ETEC vaccinated cows contains significant levels of polyclonal antibodies specific for ETEC antigens LPS, CFA-I and Flagellin (Sears et al., 2017).
The antibodies produced in IMM-124E have been found to have a stronger binding and neutralizing activity (than the antibodies of unvaccinated cattle) against a wide range of LPS antigens including both the variable O-polysaccharide region and the preserved oligosaccharide core ‘R’ region of LPS from the 13 serotypes used in the ETEC vaccine.
IMM-124E is manufactured into a tablet form referred to as Travelan®.
IMM-529
Immuron is developing IMM-529 as an adjunctive therapy in combination with standard of care antibiotics for the prevention and/or treatment of recurrent Clostridioides difficile infection (CDI). IMM-529 antibodies targeting Clostridioides difficile (C. diff) may help to clear CDI infection and promote a quicker re-establishment of normal gut flora, providing an attractive oral preventative for recurrent CDI.
Immuron is collaborating with Dr. Dena Lyras and her team at Monash University, Australia to develop vaccines to produce bovine colostrum-derived antibodies. Dairy cows were immunised to generate hyperimmune bovine colostrum (HBC) that contains antibodies targeting three essential C. diff virulence components. IMM-529 targets Toxin B (TcB), the spores and the surface layer proteins of the vegetative cells.
This unique 3-target approach has yielded promising results in pre-clinical infection and relapse models, including (1) Prevention of primary disease (80% P =0.0052); (2) Protection of disease recurrence (67%, P <0.01) and (3) Treatment of primary disease (78.6%, P<0.0001; TcB HBC). Importantly IMM-529 antibodies cross-react with whole cell lysates of many different human strains of C. diff including hypervirulent strains.
To our knowledge, IMM-529 is, to date, the only investigational drug that has shown therapeutic potential in all three phases of the disease (Hutton et al., 2017).
ProIBS®
Immuron has an exclusive distribution agreement with Calmino goup AB for the territories of Australia and New Zealand for ProIBS®. ProIBS® - to help patients treat IBS symptoms ProIBS® is a certified medical device for the treatment of IBS symptoms such as abdominal pain, bloating and unsettled bowel movements (diarrhoea and/or constipation). ProIBS® contains AVH200®, derived from the plant Aloe barbadensis. Mill. AVH200® has gel forming components which support the intestinal mucosal barrier. As IBS is known to affect individuals for a long period of time, it is essential to have a treatment appropriate for long-term use –as ProIBS® is. The product is safe, and no interactions with other medications are known. Science-driven innovative Calmino group AB, the developer of ProIBS®, conducted a usability study among 1,003 users. PROIBS® was helpful for 94% of them. 91% of the users experienced an improvement in daily life and 98% would recommend PROIBS® to someone else. To learn more please check: www.proibs.eu.
Irritable bowel syndrome (IBS) is a common condition where you experience symptoms related to your digestive system. This is sometimes linked to certain foods, lifestyle habits and stress levels or mood. IBS affects around 3 out of every 10 people. Females are more likely than males to be affected. Some key symptoms of IBS include: abdominal pain or discomfort; stomach bloating and wind; chronic diarrhoea or constipation, or alternating between the two.(healthdirect.gov.au) According to available data, the IBS treatment market in Australia is estimated to be a part of the broader "Digestives & Intestinal Remedies" market, generating a revenue of around AU$221.14 million in 2025, with a projected annual growth rate of 3.28%.(Statista)
References
Connor P, Porter CK, Swierczewski B and Riddle MS. Diarrhea during military deployment: current concepts and future directions. Curr Opin Infect Dis. 25(5): 546-54; 2012.
Hutton, M.L., Cunningham, B.A., Mackin, K.E. et al. Bovine antibodies targeting primary and recurrent Clostridium difficile disease are a potent antibiotic alternative. Sci Rep 7, 3665 (2017). https://doi.org/10.1038/s41598-017-03982-5
Leung AK, Robson WL, Davies HD. Travelers’ diarrhea. Adv Ther. Jul-Aug; 23(4): 519-27; 2006
Otto W, Najnigier B, Stelmasiak T and Robins-Browne RM. Randomized control trials using a tablet formulation of hyperimmune bovine colostrum to prevent diarrhea caused by enterotoxigenic Escherichia coli in volunteers Scandinavian Journal of Gastroenterology 46: 862– 868; 2011.
Riddle MS, Sanders JW, Putnam SD, and Tribble DR. Incidence, etiology, and impact of diarrhea among long-term travelers’ (US military and similar populations): A systematic review. American Journal of Tropical Medicine and Hygiene. 74(5): 891-900; 2006.
Sears KT, Tennant SM, Reymann MK, Simon R, Konstantopolos N, Blackwelder WC, Barry EM and Pasetti MF. Bioactive Immune Components of Anti-Diarrheagenic Enterotoxigenic Escherichia coli Hyperimmune Bovine Colostrum products. Clinical and Vaccine Immunology. 24 (8) 1-14; 2017.
Steffen R. Epidemiology of travelers' diarrhea. J Travel Med. 24(suppl_1): S2-S5; 2017.
For more information visit: https://www.immuron.com.au/ and https://www.travelan.com
Subscribe to Immuron’s InvestorHub: Here
FORWARD-LOOKING STATEMENTS:
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
11 FY26 PRELIMINARY RESULTS NASDAQ: IMRN ASX: IMC Steven Lydeamore - CEO
22 2 Certain statements made in this presentation are forward-looking statements and are based on Immuron's current expectations, estimates and projections. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance" and similar expressions are intended to identify forward-looking statements. Although Immuron believes the forward-looking statements are based on reasonable assumptions, they are subject to certain risks and uncertainties, some of which are beyond Immuron's control, including those risks or uncertainties inherent in the process of both developing and commercializing technology. As a result, actual results could materially differ from those expressed or forecasted in the forward-looking statements. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Immuron will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority. SAFE HARBOR STATEMENT FY2026 results in this presentation are subject to audit review.
3 FY26 Financial Achievements Global Sales Revenue $7.7m Up 6% Australian Sales Revenue $5.8m Up 10% United States Sales Revenue $1.8m Up 7% Up 13% in $USD Gross Profit Margin 64.5% 0.9% decline Net Profit $(3.8)m $1.4m improvement Cash $9.0m $6.2m1 improvement 1. $3.0 million was held in Term Deposits on 30 June 2025 (30 June 2026: Nil)
4 FY26 Clinical Achievements and Operational Highlights FDA approval IMM-529 IND Travelan® n=851 trial completed New U.S. Department of Defense subaward New product launch in Australia Engaged Pullan Consulting to support partnering IMM-529 Strategic reset aimed at profitability and reduced cash burn
5 FY27 Outlook Continued Travelan® sales growth Portfolio expansion Geographic sales expansion Partnering update for IMM-529 Cash to fund operations through FY27 – FY28 Continued improvement in profitability and reduced cash burn
EMAIL: STEVE@IMMURON.COM PHONE: AUSTRALIA: +61 438 027 172 STEVEN LYDEAMORE CHIEF EXECUTIVE OFFICER IMMURON LIMITED CONTACT INFORMATION: IMMURON INVESTOR HUB COMMUNICATION AND CONTENT INCLUDING ANNOUNCEMENTS AND CORPORATE RESEARCH