Immuron (NASDAQ: IMRN) grows HY26 revenue and advances IMM-529 IND
Rhea-AI Filing Summary
Immuron Limited reported half-year 2026 revenue of A$4.18 million, up about 5% from the prior year, driven mainly by its Travelan hyperimmune products. Australia led with A$3.19 million in Travelan sales and 11% growth, while U.S. Travelan sales rose 17% to A$0.85 million; Canada declined.
The group’s net loss narrowed to A$1.92 million from A$2.49 million, with gross profit of A$2.65 million and a 63% margin. Hyperimmune products generated operating profit of A$0.98 million, helping lift net assets to A$13.08 million and cash to A$9.99 million after equity raises.
Strategically, Immuron gained FDA approval of an Investigational New Drug application for IMM-529 targeting Clostridioides difficile infection and is positioning the candidate for a Phase 2 trial aimed at recurrent cases. The company also launched PROIBS for irritable bowel syndrome in Australia and continues military-linked collaborations on new oral therapeutics for Campylobacter and Shigella.
Positive
- None.
Negative
- None.
Insights
Modest revenue growth, reduced loss and IND progress, but still early-stage.
Immuron showed A$4.18 million in half-year revenue, up 4.8%, with gross profit of A$2.65 million and a 63% margin. The net loss improved to A$1.92 million from A$2.49 million as hyperimmune products delivered A$0.98 million operating profit.
Cash rose to A$9.99 million from A$2.83 million, primarily via share issuances under an at-the-market facility, lifting net assets to A$13.08 million. This extends funding capacity while the company remains loss-making and continues to invest in research, development and marketing.
On the pipeline side, FDA approval of the IMM-529 IND for Clostridioides difficile infection, supported by a third-party market assessment suggesting potential U.S. revenues of up to
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 February 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 February 25, 2026, titled:
| 99.1 | Appendix 4D and Half Year Report | |
| 99.2 | Strategic Update and HY26 Results |
A copy of the Public Notice 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.
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EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Appendix 4D and Half Year Report | |
| 99.2 | Strategic Update and HY26 Results |
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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: February 25, 2026 | By: | /s/ Olga Smejkalova |
| Olga Smejkalova | ||
| Company Secretary | ||
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Exhibit 99.1
| Immuron Limited |  |
| Appendix 4D | |
| Half-year report |
1. Company details
| Name of entity: | Immuron Limited |
| ABN: | 80 063 114 045 |
| Reporting period: | For the period ended 31 December 2025 |
| Previous period: | For the period ended 31 December 2024 |
2. Results for announcement to the market
| $ | ||||||||||
| Revenue from ordinary activities | up | 4.8 | % | 4,184,357 | ||||||
| Loss from ordinary activities after tax attributable to the members of Immuron Limited | down | 22.9 | % | to | (1,919,074) | |||||
| Loss for the period attributable to the members of Immuron Limited | down | 22.9 | % | to | (1,919,074) | |||||
3. Net tangible assets
| Consolidated | ||||||||
| 31 December | 31 December | |||||||
| 2025 Cents | 2024 Cents | |||||||
| Net tangible asset backing (per share) | 3.94 | 4.46 | ||||||
The calculation of net tangible assets excludes right-of-use assets arising from AASB 16 Leases.
4. Explanation of results
An explanation of the key financial elements contributing to the revenue and result above can be found in the review of operations included within the directors’ report.
5. Distributions
No dividends have been paid or declared by the company for the current financial period. No dividends were paid for the previous financial period.
6. Changes in controlled entities
There have been no changes in controlled entities during the period ended 31 December 2025.
7. Details of associates and joint venture entities
| 31 December | 31 December | |||||||||
| 2025 | 2024 | |||||||||
| Name of entity | Place of business/country of incorporation | % | % | |||||||
| Ateria Health Limited | United Kingdom | 23.61 | % | 23.61 | % | |||||
8. Interim review
The financial statements have been reviewed by the group’s independent auditor without any modified opinion, disclaimer or emphasis of matters.
Immuron Limited
ABN 80 063 114 045
Interim financial report
Half-year ended 31 December 2025
| Immuron Limited Contents 31 December 2025 |
|
| Review of operations and activities | 1 | |
| Directors’ report | 4 | |
| Auditor’s independence declaration | 4 | |
| Financial statements | 6 | |
| Consolidated statement of profit or loss and other comprehensive income | 7 | |
| Consolidated statement of financial position | 8 | |
| Consolidated statement of changes in equity | 9 | |
| Consolidated statement of cash flows | 10 | |
| Notes to the consolidated financial statements | 11 | |
| Directors’ declaration | 19 | |
| Independent auditor’s review report to the members of Immuron Limited | 21 |
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Immuron Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
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| Immuron Limited Review of operations and activities 31 December 2025 |
|
Review of operations and activities
Key highlights
| ● | Record sales of A$4.2 million for HY26, up 5% on HY25 |
| ● | FDA approval of IMM-529 Investigational New Drug application for Phase 2 clinical trial in Clostridioides difficile infection |
| ● | New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella |
| ● | Uniformed Services University releases topline data |
| ● | Immuron launch PROIBS® for Irritable Bowel Syndrome (IBS) |
Financial review
Immuron Limited has reported a loss for the half-year ended 31 December 2025 of A$1,919,074 (31 December 2024: A$2,488,819).
The group’s net assets increased to A$13,076,439 compared with A$8,069,055 at 30 June 2025, including cash reserves of A$9,995,328 (30 June 2025: A$2,830,526).
Revenue from ordinary activities for the half-year ended 31 December 2025 was A$4,184,357 (31 December 2024: A$3,994,341) for Hyperimmune products.
Gross profit of A$2,653,690 (31 December 2024: A$2,657,049).
Operating profit from Hyperimmune products of A$984,881 (31 December 2024: A$1,064,396).
Record half-yearly sales of A$4.2 million for HY26 up 5% on HY25
Australia: Sales of Travelan® increased to AUD $3.2 million in HY26, compared to AUD $2.9 million in HY25. Sales increased by $0.3 million (11%).
USA: Sales of Travelan® increased to AUD $0.9 million in HY26, compared to AUD $0.7 million in HY25. Sales increased by $0.2 million (17%).
Canada: Sales of Travelan® decreased to AUD $0.1 million in HY26 compared to AUD $0.4 million in HY25.
FDA approval of IMM-529 IND application
Immuron received U.S. Food and Drug administration (FDA) approval for IMM-529 Investigational New Drug (IND) application and to proceed the clinical study. The FDA assigned an IND number (032095) for the IMM-529 application.
IND 32095 is Immuron’s Investigational new drug (IND) application for clinical development of IMM-529 as product to specifically prevent or treat Clostridioides difficile infection (CDI) and is now active.
Opportunity assessment by Lumanity indicates that if efficacious, IMM-529 would be positioned as early in treatment algorithm as payers will allow. It was anticipated that first-episode and recurrent patients will be recruited in the IMM-529 Phase 2 clinical trial design. Up to ~98k patients would be eligible if IMM-529 is positioned at the first recurrence. Based on the estimated market size, anticipated payer restrictions, pricing, and competition, base case yearly revenue for IMM-529 is projected at US$400M. Oral dosing of IMM-529 was viewed as a positive by infectious disease experts.
C. diff is currently the most common pathogen in healthcare associated infections and was deemed an urgent threat in the Center for Disease Control and Prevention’s report on antibiotic resistance threats in the United States (CDC, 2019). CDI affects over 400,000 people in the US on a yearly basis, contributing to over 30,000 deaths in the US alone annually. This serious health threat has led to an urgent call for the development of new therapeutics to reduce or replace the use of antibiotics to treat bacterial infections.
To address this need, Immuron is developing IMM-529 as an adjunctive therapy in combination with standard of care antibiotics for the prevention and/or treatment of recurrent CDI. IMM-529 antibodies targeting 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.
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| Immuron Limited Review of operations and activities 31 December 2025 |
|
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%, P0.0001; 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. https://doi.org/10.1038/s41598-017-03982-5.
New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella
As previously announced on August 16, 2024, the Naval Medical Research Command and the Walter Reed Army Institute of Research, in collaboration with Immuron, are progressing the development of novel vaccines targeting Campylobacter jejuni and Shigella sonnei. Under a recently executed collaborative research agreement with the Henry M. Jackson Foundation, new vaccine preparations against these pathogens have been developed and formulated at the military research institutes and subsequently provided to Immuron. Utilizing its proprietary technology platform, Immuron will produce two hyper-immune bovine colostrum products for pre-clinical evaluation, with the objective of advancing a combined colostrum-based therapeutic specifically designed for the US military.
Uniformed Services University releases topline data
The Uniformed Services University has released topline results from its clinical trial evaluating the effectiveness of a third party manufactured product containing enterotoxigenic E. coli (ETEC) hyperimmune bovine colostrum (IMM-124E) in maintaining gut health during deployment and travel. The primary endpoint did not reach statistical significance. The investigational product was manufactured by a third party and was not administered in accordance with Travelan® directions for use. Immuron will propose the established and clinically validated three times daily dosing schedule at an End-of-Phase 2 meeting with the FDA. Immuron will continue to collaborate with the Naval Medical Research Command and the Walter Reed Army Institute of Research in the development of novel vaccines targeting Campylobacter and Shigella. Immuron has also advanced discussions with AFRIMS to conduct testing of Travelan® against EAEC and EPEC strains of E.coli.
Immuron launch PROIBS® for Irritable Bowel Syndrome (IBS)
Immuron announced the official launch of PROIBS® into the Australian market. Immuron has already received pharmacy orders for the innovative product that treats the symptoms of medically diagnosed Irritable Bowel Syndrome (IBS). Immuron has been a leader in digestive health in Australia for many years. PROIBS® joined Immuron’s product portfolio which includes the rapidly growing Travelan® brand building on the premium efficacy product range that will deliver better outcomes for consumers that Pharmacists will love to recommend. 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). 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: http://www.proibs.eu and www.proibs.com.au.
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| Immuron Limited Directors’ report 31 December 2025 |
|
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘group’) consisting of Immuron Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the period ended 31 December 2025.
Directors
The following persons were directors of Immuron Limited during the whole of the financial period and up to the date of this report, unless otherwise stated:
Mr Paul Brennan, Independent Non-Executive Chairman
Mr Daniel Pollock, Independent Non-Executive Director
Prof. Ravi Savarirayan, Independent Non-Executive Director
Dr. Jeannette Joughin, Independent Non-Executive Director
Principal activities
We are a commercial and clinical-stage biopharmaceutical company with a proprietary technology platform focused on the development and commercialisation of a novel class of specifically targeted polyclonal antibodies in the treatment of diseases associated with the gastrointestinal tract. We believe that we can address this significant unmet medical need. Our polyclonal antibodies are orally active and offer localised delivery within the gastrointestinal (“GI”) tract. As our products do not cross from the gut into the bloodstream, they potentially offer much improved safety and tolerability, without sacrificing efficacy. We currently market commercial products Travelan® and ProIBS® in Australia, both products are listed medicines on the Australian Register for Therapeutic Goods. Travelan® is an over-the-counter product indicated to reduce the risk of traveller’s’ diarrhoea and is sold in pharmacies throughout Australia. ProIBS® is an over-the-counter product indicated for relief of symptoms of medically diagnosed Irritable Bowel Syndrome and is sold in pharmacies throughout Australia. We also market Travelan® in Canada where it is licensed as a natural health product indicated to reduce the risk of traveller’s’ diarrhoea, and presently market Travelan® in the U.S. as a dietary supplement for digestive tract protection.
We believe that our lead drug candidates, currently in clinical development have the potential to transform the existing treatment paradigms for Enterotoxigenic Escherichia coli (ETEC) infections, traveller’s’ diarrhoea and for Clostridioides difficile infections.
Review of operations
The loss for the group after providing for income tax amounted to $1,919,074 (31 December 2024: $2,488,819).
Information on the financials and operations of the group and its business strategies and prospects is set out in the review of operations and activities on pages 2 to 3 of this interim financial report.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
| /s/ Mr Paul Brennan | |
| Mr Paul Brennan | |
| Independent Non-Executive Chairman | |
| 25 February 2026 |
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| Grant Thornton Audit Pty Ltd | |
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| Collins Square | |
| 727 Collins Street | |
| Melbourne VIC 3008 | |
| GPO Box 4736 | |
| Melbourne VIC 3001 | |
| T +61 3 8320 2222 |
Auditor’s Independence Declaration
To the Directors of Immuron Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Immuron Limited for the half-year ended 31 December 2025. I declare that, to the best of my knowledge and belief, there have been:
| a | no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and |
| b | no contraventions of any applicable code of professional conduct in relation to the review. |
| /s/ Grant Thornton Audit Pty Ltd | |
| Grant Thornton Audit Pty Ltd | |
| Chartered Accountants | |
| /s/ T S Jackman | |
| T S Jackman | |
| Partner – Audit & Assurance | |
| Melbourne, 25 February 2026 |
| grantthornton.com.au |
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| Immuron Limited Consolidated statement of profit or loss and other comprehensive income For the period ended 31 December 2025 |
|
| Consolidated | ||||||||||
| Note | 31 December 2025 | 31 December 2024 | ||||||||
| $ | $ | |||||||||
| Revenue from contracts with customers | 2 | 4,184,357 | 3,994,341 | |||||||
| Cost of goods sold | (1,530,667 | ) | (1,337,292 | ) | ||||||
| Gross profit | 2,653,690 | 2,657,049 | ||||||||
| Other income | 3 | 455,744 | 572,150 | |||||||
| Other (losses)/gains | (121,594 | ) | 74,088 | |||||||
| 334,150 | 646,238 | |||||||||
| Expenses | ||||||||||
| General and administrative expenses | (2,084,262 | ) | (2,257,765 | ) | ||||||
| Research and development expenses | (1,179,474 | ) | (1,982,138 | ) | ||||||
| Selling and marketing expenses | (1,697,239 | ) | (1,602,175 | ) | ||||||
| Operating loss | (1,973,135 | ) | (2,538,791 | ) | ||||||
| Finance income | 60,645 | 53,993 | ||||||||
| Finance expenses | (6,584 | ) | (4,021 | ) | ||||||
| Loss before income tax expense | (1,919,074 | ) | (2,488,819 | ) | ||||||
| Income tax expense | - | - | ||||||||
| Loss after income tax expense for the period attributable to the members of Immuron Limited | (1,919,074 | ) | (2,488,819 | ) | ||||||
| Other comprehensive income/(loss) | ||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||
| Exchange differences on translation of foreign operations income/(expense) | 7,380 | (13,608 | ) | |||||||
| Other comprehensive income/(loss) for the period | 7,380 | (13,608 | ) | |||||||
| Total comprehensive loss for the period | (1,911,694 | ) | (2,502,427 | ) | ||||||
| Loss per share for profit attributable to the ordinary equity holders of the company: | Cents | Cents | ||||||||
| Basic and diluted loss per share | 13 | (0.70 | ) | (1.09 | ) | |||||
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
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| Immuron Limited Consolidated statement of financial position As at 31 December 2025 |
|
| Consolidated | ||||||||||
| Note | 31 December 2025 | 30 June 2025 | ||||||||
| $ | $ | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | 9,995,328 | 2,830,526 | ||||||||
| Trade and other receivables | 4 | 2,524,651 | 1,925,593 | |||||||
| Inventories | 2,241,552 | 1,772,363 | ||||||||
| Other current assets | 162,974 | 3,486,744 | ||||||||
| Total current assets | 14,924,505 | 10,015,226 | ||||||||
| Non-current assets | ||||||||||
| Property, plant and equipment | 213,079 | 113,950 | ||||||||
| Inventories | - | 666 | ||||||||
| Total non-current assets | 213,079 | 114,616 | ||||||||
| Total assets | 15,137,584 | 10,129,842 | ||||||||
| Liabilities | ||||||||||
| Current liabilities | ||||||||||
| Trade and other payables | 1,496,218 | 1,529,435 | ||||||||
| Employee benefits | 330,030 | 391,503 | ||||||||
| Other current liabilities | 29,355 | 45,272 | ||||||||
| Total current liabilities | 1,855,603 | 1,966,210 | ||||||||
| Non-current liabilities | ||||||||||
| Employee benefits | 30,983 | 22,722 | ||||||||
| Other non-current liabilities | 174,559 | 71,855 | ||||||||
| Total non-current liabilities | 205,542 | 94,577 | ||||||||
| Total liabilities | 2,061,145 | 2,060,787 | ||||||||
| Net assets | 13,076,439 | 8,069,055 | ||||||||
| Equity | ||||||||||
| Issued capital | 5 | 95,874,433 | 88,872,756 | |||||||
| Reserves | 6 | 487,025 | 1,639,504 | |||||||
| Accumulated losses | (83,285,019 | ) | (82,443,205 | ) | ||||||
| Total equity | 13,076,439 | 8,069,055 | ||||||||
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
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| Immuron Limited Consolidated statement of changes in equity For the period ended 31 December 2025 |
|
| 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 period | - | - | (2,488,819 | ) | (2,488,819 | ) | ||||||||||
| Other comprehensive income | - | (13,608 | ) | - | (13,608 | ) | ||||||||||
| Total comprehensive income for the period | - | (13,608 | ) | (2,488,819 | ) | (2,502,427 | ) | |||||||||
| Transactions with members in their capacity as members: | ||||||||||||||||
| Options/warrants expired | - | (959,867 | ) | 959,867 | - | |||||||||||
| Options issued/expensed | - | 48,303 | - | 48,303 | ||||||||||||
| Performance rights exercised | 83,000 | (83,000 | ) | - | - | |||||||||||
| Performance rights issued/expensed | - | 84,196 | - | 84,196 | ||||||||||||
| Balance at 31 December 2024 | 88,587,043 | 2,249,821 | (80,497,348 | ) | 10,339,516 | |||||||||||
| 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 period | - | - | (1,919,074 | ) | (1,919,074 | ) | ||||||||||
| Other comprehensive loss for the period | - | 7,380 | - | 7,380 | ||||||||||||
| Total comprehensive loss for the period | - | 7,380 | (1,919,074 | ) | (1,911,694 | ) | ||||||||||
| Transactions with members in their capacity as members: | ||||||||||||||||
| Proceeds from issue of shares (note 5) | 7,148,698 | - | - | 7,148,698 | ||||||||||||
| Share issue transaction costs (note 5) | (396,158 | ) | - | - | (396,158 | ) | ||||||||||
| Options/warrants expired (note 6) | - | (1,077,260 | ) | 1,077,260 | - | |||||||||||
| Options issued/expensed (note 6) | - | 33,515 | - | 33,515 | ||||||||||||
| Performance rights issued/expensed (note 6) | - | 161,970 | - | 161,970 | ||||||||||||
| Performance rights exercised (note 6) | 249,137 | (249,137 | ) | - | - | |||||||||||
| Performance rights forfeited (note 6) | - | (28,947 | ) | - | (28,947 | ) | ||||||||||
| Balance at 31 December 2025 | 95,874,433 | 487,025 | (83,285,019 | ) | 13,076,439 | |||||||||||
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
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| Immuron Limited Consolidated statement of cash flows For the period ended 31 December 2025 |
|
| Consolidated | ||||||||
| 31 December 2025 | 31 December 2024 | |||||||
| $ | $ | |||||||
| Cash flows from operating activities | ||||||||
| Receipts from customers (inclusive of GST) | 4,317,485 | 3,678,705 | ||||||
| Payments to suppliers (inclusive of GST) | (6,870,733 | ) | (7,980,132 | ) | ||||
| Grants received from government and non-government sources | - | 308,043 | ||||||
| Net cash used in operating activities | (2,553,248 | ) | (3,993,384 | ) | ||||
| Cash flows from investing activities | ||||||||
| Payment for property, plant and equipment | (4,752 | ) | - | |||||
| Proceeds from maturity of term deposit | 3,036,278 | - | ||||||
| Interest received | 84,333 | 53,993 | ||||||
| Net cash from investing activities | 3,115,859 | 53,993 | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from issue of shares | 7,148,698 | - | ||||||
| Share issue transaction costs | (396,158 | ) | - | |||||
| Principal elements of lease payments | (29,552 | ) | (37,880 | ) | ||||
| Interest and other costs of finance paid | (6,584 | ) | (4,021 | ) | ||||
| Net cash from/(used in) financing activities | 6,716,404 | (41,901 | ) | |||||
| Net increase/(decrease) in cash and cash equivalents | 7,279,015 | (3,981,292 | ) | |||||
| Cash and cash equivalents at the beginning of the financial period | 2,830,526 | 11,657,315 | ||||||
| Effects of exchange rate changes on cash and cash equivalents | (114,213 | ) | 60,375 | |||||
| Cash and cash equivalents at the end of the financial period | 9,995,328 | 7,736,398 | ||||||
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
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| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
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1. Segment and revenue information
Description of segments and principle activities
The group has identified its operating segments based on the internal reports that are reviewed and used by the executive management team in assessing performance and determining the allocation of resources.
Management considers the business from both a product and a geographic perspective and has identified two reportable segments:
| ● | Research and development (R&D): income and expense directly attributable to the group’s R&D projects performed in Australia and United States. | |
| ● | Hyperimmune products: income and expenses directly attributable to Travelan and ProIBS activities which occur predominantly in Australia, the United States and Canada. |
Segment results
| Research and development | Hyperimmune products | Corporate | Total | |||||||||||||
| Consolidated 31 December 2025 | $ | $ | $ | $ | ||||||||||||
| Hyperimmune products revenue | - | 4,184,357 | - | 4,184,357 | ||||||||||||
| Cost of sales of goods | - | (1,530,667 | ) | - | (1,530,667 | ) | ||||||||||
| Gross profit | - | 2,653,690 | - | 2,653,690 | ||||||||||||
| Other income | 427,314 | 28,430 | - | 455,744 | ||||||||||||
| Other gains/(losses) – net | - | - | (121,594 | ) | (121,594 | ) | ||||||||||
| General and administrative expenses/adjustments | - | - | (2,084,262 | ) | (2,084,262 | ) | ||||||||||
| Research and development expenses | (1,179,474 | ) | - | - | (1,179,474 | ) | ||||||||||
| Selling and marketing expenses | - | (1,697,239 | ) | - | (1,697,239 | ) | ||||||||||
| Operating profit/(loss) | (752,160 | ) | 984,881 | (2,205,856 | ) | (1,973,135 | ) | |||||||||
| Finance income | - | - | 60,645 | 60,645 | ||||||||||||
| Finance costs | - | - | (6,584 | ) | (6,584 | ) | ||||||||||
| Profit/(loss) for the period | (752,160 | ) | 984,881 | (2,151,795 | ) | (1,919,074 | ) | |||||||||
| Assets | ||||||||||||||||
| Segment assets | 1,537,828 | 3,228,375 | 10,371,381 | 15,137,584 | ||||||||||||
| Total assets | 1,537,828 | 3,228,375 | 10,371,381 | 15,137,584 | ||||||||||||
| Liabilities | ||||||||||||||||
| Segment liabilities | 179,462 | 1,139,927 | 741,756 | 2,061,145 | ||||||||||||
| Total liabilities | 179,462 | 1,139,927 | 741,756 | 2,061,145 | ||||||||||||
11
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
1. Segment and revenue information (continued)
| Consolidated 31 December 2024 | Research and development |
Hyperimmune products |
Corporate | Total | ||||||||||||
| $ | $ | $ | $ | |||||||||||||
| Hyperimmune products revenue | - | 3,994,341 | - | 3,994,341 | ||||||||||||
| Cost of sales of goods | - | (1,337,292 | ) | - | (1,337,292 | ) | ||||||||||
| Gross profit | - | 2,657,049 | - | 2,657,049 | ||||||||||||
| Other income | 562,628 | 9,522 | - | 572,150 | ||||||||||||
| Other gains/(losses) – net | - | - | 74,088 | 74,088 | ||||||||||||
| General and administrative expenses/adjustments | - | - | (2,257,765 | ) | (2,257,765 | ) | ||||||||||
| Research and development expenses | (1,982,138 | ) | - | - | (1,982,138 | ) | ||||||||||
| Selling and marketing expenses | - | (1,602,175 | ) | - | (1,602,175 | ) | ||||||||||
| Operating profit/(loss) | (1,419,510 | ) | 1,064,396 | (2,183,677 | ) | (2,538,791 | ) | |||||||||
| Finance income | - | - | 53,993 | 53,993 | ||||||||||||
| Finance costs | - | - | (4,021 | ) | (4,021 | ) | ||||||||||
| Profit/(loss) for the period | (1,419,510 | ) | 1,064,396 | (2,133,705 | ) | (2,488,819 | ) | |||||||||
| Assets | ||||||||||||||||
| Segment assets | 1,060,582 | 2,944,262 | 8,164,910 | 12,169,754 | ||||||||||||
| Total assets | 1,060,582 | 2,944,262 | 8,164,910 | 12,169,754 | ||||||||||||
| Liabilities | ||||||||||||||||
| Segment liabilities | 772,144 | 358,880 | 699,214 | 1,830,238 | ||||||||||||
| Total liabilities | 772,144 | 358,880 | 699,214 | 1,830,238 | ||||||||||||
2. 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 31 December 2025 | Travelan Australia | Travelan United States | Travelan Canada | Protectyn Australia | ProIBS Australia | Total | ||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Segment revenue | 3,186,304 | 854,737 | 55,925 | 15,620 | 71,771 | 4,184,357 | ||||||||||||||||||
| Revenue from external customers | 3,186,304 | 854,737 | 55,925 | 15,620 | 71,771 | 4,184,357 | ||||||||||||||||||
| 31 December 2024 | ||||||||||||||||||||||||
| Segment revenue | 2,858,265 | 731,213 | 376,406 | 28,457 | - | 3,994,341 | ||||||||||||||||||
| Revenue from external customers | 2,858,265 | 731,213 | 376,406 | 28,457 | - | 3,994,341 | ||||||||||||||||||
12
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
3. Other income
| Consolidated | ||||||||
31 December 2025 | 31 December 2024 | |||||||
| $ | $ | |||||||
| Australian R&D tax incentive refund | 427,314 | 292,212 | ||||||
| MTEC R&D grant | - | 146,252 | ||||||
| HJF R&D grant | - | 124,164 | ||||||
| Other income | 28,430 | 9,522 | ||||||
| 455,744 | 572,150 | |||||||
4. Trade and other receivables
| Consolidated | ||||||||
31 December 2025 | 30 June 2025 | |||||||
| $ | $ | |||||||
| Current assets | ||||||||
| Trade receivables | 1,021,099 | 826,857 | ||||||
| Less: Allowance for expected credit losses | (34,276 | ) | (35,466 | ) | ||||
| 986,823 | 791,391 | |||||||
Accrued income - Australian R&D tax incentive refund | 1,537,828 | 1,110,514 | ||||||
| Other receivables | - | 23,688 | ||||||
Total trade and other receivables | 2,524,651 | 1,925,593 | ||||||
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.
13
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
5. Equity securities issued
| Consolidated | ||||||||||||||||
| 31 December 2025 | 30 June 2025 | 31 December 2025 | 30 June 2025 | |||||||||||||
| Shares | Shares | $ | $ | |||||||||||||
| Ordinary shares - fully paid | 326,653,609 | 233,959,013 | 105,979,782 | 98,581,947 | ||||||||||||
| Transaction costs arising on ordinary share issues | - | - | (10,105,349 | ) | (9,709,191 | ) | ||||||||||
| 326,653,609 | 233,959,013 | 95,874,433 | 88,872,756 | |||||||||||||
Movements in ordinary shares:
| Shares | $ | |||||||
| Opening balance 1 July 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 | ||||||
| Exercise of performance rights | 3,332,716 | 249,137 | ||||||
| Less: Transaction costs arising on share issue | - | (396,158 | ) | |||||
| Balance at 31 December 2025 | 326,653,609 | 95,874,433 | ||||||
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.
6. Reserves
| Consolidated | ||||||||
31 December 2025 | 30 June 2025 | |||||||
| $ | $ | |||||||
| Foreign currency reserve | 120,498 | 113,118 | ||||||
| Share-based payments reserve | 366,527 | 1,526,386 | ||||||
| 487,025 | 1,639,504 | |||||||
14
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
6. Reserves (continued)
Movements in reserves
Movements in each class of reserve during the current financial period are set out below:
| Consolidated |
Share-based | Foreign currency translation | Total | |||||||||
| $ | $ | $ | ||||||||||
| Balance at 1 July 2025 | 1,526,386 | 113,118 | 1,639,504 | |||||||||
| Currency Translation Differences | - | 7,380 | 7,380 | |||||||||
| Transactions with owners in their capacity as owners | ||||||||||||
| Options/warrants expired | (1,077,260 | ) | - | (1,077,260 | ) | |||||||
| Options issued/expensed | 33,515 | - | 33,515 | |||||||||
| Performance rights issued/expensed (note 7) | 161,970 | - | 161,970 | |||||||||
| Performance rights exercised | (249,137 | ) | - | (249,137 | ) | |||||||
| Performance rights forfeited | (28,947 | ) | - | (28,947 | ) | |||||||
| Balance at 31 December 2025 | 366,527 | 120,498 | 487,025 | |||||||||
| (i) | Nature and purpose of reserves |
Share-based payments:
The share-based payment reserve records items recognised as expenses on valuation of share options, warrants and performance rights issued to key management personnel, other employees and eligible contractors.
Foreign currency translation:
Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity.
Movements in options, warrants and performance rights
| Details | Number of options and rights | $ | ||||||
| Balance as at 1 July 2025 | 13,953,161 | 1,526,386 | ||||||
| Warrants expired | (2,560,000 | ) | (1,032,960 | ) | ||||
| Options expired | (500,000 | ) | (44,300 | ) | ||||
| Options issued in the period (note 7) | 4,000,000 | 16,150 | ||||||
| Expense for options previously issued | - | 17,365 | ||||||
| Performance rights issued in the period | 2,147,154 | 137,418 | ||||||
| Exercise of performance rights | (3,332,716 | ) | (249,137 | ) | ||||
| Performance rights forfeited | (510,108 | ) | (28,947 | ) | ||||
| Expense for performance rights previously issued | - | 24,552 | ||||||
| Balance as at 31 December 2025 | 13,197,491 | 366,527 | ||||||
The cumulative amount is reclassified to profit or loss when the net investment is disposed of.
15
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
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 net reduction in share-based payment expense for the period ended 31 December 2025 was $4,395. 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 four 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.
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.
Options:
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 $0.110 and they have an expiry date of 3 October 2029.
Fair value is determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the award, security price at grant date, expected volatility, expected dividend yield and the risk-free interest rate.
The model inputs for the options granted during the period:
| Grant date | Expiry date | Exercise price ($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. Contingencies
The group had no contingent liabilities at 31 December 2025. (30 June 2025: $nil)
9. Events after the reporting period
No matter or circumstance has arisen since 31 December 2025 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. Related party transactions
a) Subsidiaries and associates
Interests in subsidiaries and associates are set out in note 11 and 12 respectively.
b) Transactions with other related parties
The following transactions occurred with related parties:
| Consolidated | ||||||||
31 December 2025 | 31 December 2024 | |||||||
| $ | $ | |||||||
| Purchases of goods and services | ||||||||
| Options and performance rights expense (note 6) | 6,235 | 48,303 | ||||||
| Issue of options (note 6) | 16,150 | - | ||||||
| Issue of performance rights (note 6) | 133,585 | 84,196 | ||||||
| Exercise of performance rights (note 6) | (225,141 | ) | (83,000 | ) | ||||
| Performance bonuses to key management personnel (i) | 70,108 | 92,538 | ||||||
16
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
10. Related party transactions (continued)
(i) Performance bonuses relate to key management personnel short term incentive for the period ended 31 December 2025.
11. Interest and other entities
a) Material subsidiaries
The group’s principal subsidiaries at 31 December 2025 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 | 31 December 2025 | 31 December 2024 | |||||||
| % | % | |||||||||
| Immuron Inc. | United States | 100 | % | 100 | % | |||||
| Immuron Canada Limited | Canada | 100 | % | 100 | % | |||||
| Anadis ESP Pty Ltd | Australia | 100 | % | 100 | % | |||||
12. Interests in associates
Immuron has a 23.61% interest in Ateria Health Limited (Ateria). The investment was impaired to nil during the 2024 financial year and there has been no changes to this in the period ended 31 December 2025.
| Ownership interest held by the group | ||||||||||
| Name of entity | Principal place of business / Country of incorporation | 31 December 2025 | 31 December 2024 | |||||||
| % | % | |||||||||
Ateria Health Limited | United Kingdom | 23.61 | % | 23.61 | % | |||||
13. Loss per share
| Consolidated | ||||||||
| 31 December 2025 |
31 December 2024 |
|||||||
| $ | $ | |||||||
| Loss after tax for the period attributable to members | (1,919,074 | ) | (2,488,819 | ) | ||||
| Number | Number | |||||||
| Weighted average number of ordinary shares used in calculating basic and dilutive loss per share | 274,027,595 | 228,528,248 | ||||||
| 274,027,595 | 228,528,248 | |||||||
The group is currently in a loss making position and thus the impact of any potential shares is concluded as anti-dilutive which includes the group’s options, warrants and performance rights. Treasury shares are excluded from the calculation of weighted average number of ordinary shares.
17
| Immuron Limited Notes to the consolidated financial statements 31 December 2025 |
|
14. Basis of preparation of half-year report
This consolidated interim financial report for the half-year reporting period ended 31 December 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.
The consolidated financial statements of the Immuron Limited group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
These consolidated financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Immuron Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Material Accounting Policy Information
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. The Interim Financial Statements have been approved and authorised for issue by the board on 25 February 2026.
(a) Going Concern
For the half-year ended 31 December 2025, the group incurred a loss after income tax of $1,919,074 (31 December 2024: $2,488,819). Net cash outflow from operations was $2,553,248 (31 December 2024: $3,993,384)
Immuron expects to continue to incur losses and cash outflows for the foreseeable future as it continues research and development exploiting its technology platform and continues to expand commercial operations for the promotion and distribution of Hyperimmune products and future market opportunities.
The Group held $9,995,328 in cash and cash equivalents as at 31 December 2025.
Note 1 (Segment and revenue information) shows Hyperimmune products (primarily Travelan®) commercialisation generated an operating profit for the half-year ended 31 December 2025 of $984,881 (31 December 2024: $1,064,396) down 7% on the prior comparative period. One of the KPIs referenced in note 7 (Share-based payments) is a Long Term Incentive (“LTI”) target of achieving breakeven Earnings Before Interest Tax and Research & Development Income/Expense (EBITRD) through increasing operating profits generated from commercial operations.
In July 2025, Immuron raised total gross proceeds of US$1,822,322 (A$2,809,177) through the existing At-the-market (ATM) facility.
On 6 October 2025, Immuron announced it had filed an ATM supplementary prospectus with the United States Securities and Exchange Commission. Immuron strategically extended the ATM funding facility with H.C. Wainwright & Co., LLC to an additional aggregate offering price of approximately US$2,847,954 (A$4,339,521) providing the Company with a cost-effective and efficient mechanism to raise additional equity capital, if and when required in response to operational requirements, market opportunities. Immuron subsequently utilised the extended ATM in full in the current half-year period taking advantage of higher than typical trading volumes on NASDAQ and prices in excess of the ASX equivalent at the time.
The Directors share the view that based on outflow of cash for operations for the half-year ended 31 December 2025, its existing cash reserves, forecast product sales and a historically proven ability to raise funds from both existing shareholders and equity markets, the Company will be able to fund operations for at least the next 12 months. The financial statements have therefore been prepared on a going concern basis.
18
| Immuron Limited Directors’ declaration 31 December 2025 |
|
In the directors’ opinion:
| ● | the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 Interim Financial Reporting, the Corporations Regulations 2001 and other mandatory professional reporting requirements; |
| ● | the attached financial statements and notes give a true and fair view of the group’s financial position as at 31 December 2025 and of its performance for the financial period ended on that date; and |
| ● | there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. |
Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
On behalf of the directors
| /s/ Mr Paul Brennan | |
| Mr Paul Brennan | |
| Independent Non-Executive Chairman |
25 February 2026
19
20
Grant Thornton Audit Pty Ltd Level 22 Tower 5 Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 |
Independent Auditor’s Review Report
To the Members of Immuron Limited
Report on the half-year financial report
Conclusion
We have reviewed the accompanying half-year financial report of Immuron Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half year ended on that date, including material accounting policy information, other selected explanatory notes, and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Immuron Limited does not comply with the Corporations Act 2001 including:
| a | giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half year ended on that date; and |
| b | complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. |
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.
21
Directors’ responsibility for the half-year financial report
The Directors of the Group are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
/s/ Grant Thornton Audit Pty Ltd
Grant Thornton Audit Pty Ltd
Chartered Accountants
| /s/ T S Jackman | |
| T S Jackman | |
| Partner – Audit & Assurance |
Melbourne, 25 February 2026
Grant Thornton Audit Pty Ltd
22
Exhibit 99.2
25 February 2026 Steven Lydeamore Chief Executive Officer Strategic Reset and HY26 Results NASDAQ: IMRN ASX: IMC
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 s imilar 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 r i sks and uncertainties, some of which are beyond Immuron’s control, including those r i sks or uncertainties inherent in the process of both developing and commercializing technology. As a result, actual results could materially differ f rom 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 l aw or by any appropriate regulatory authority. FY 2026 results in this presentation are subject to audit review. SAFE HARBOR STATEMENT
3 The Immuron Investment Thesis Immuron is a commercial - stage biopharmaceutical company (NASDAQ: IMRN) using a proprietary "Hyper - Immune" platform to create naturally - derived, oral antibody therapies for gut health and infectious diseases. The Competitive “Moat” • Consistent Revenue Growth : Immuron is no longer just a "concept" company. Global H1 FY26 sales grew to AUD $4.2 million, with the U.S. market showing strong momentum (+17% YoY). • Validated Platform : The "Hyper - Immune" platform is versatile. Beyond traveler’s diarrhea (Travelan®), the company is moving into high - value clinical targets like C. diff (IMM - 529) with estimated peak U.S. sales of US$400 million 1 . • Negligible Risk Sourcing : All raw materials are sourced from Australia or New Zealand (the only Category 1 BSE - free regions), ensuring a high safety profile. • Dual Revenue Stream : Combines immediate revenue from commercial products (Travelan®, ProIBS®) with a high - upside clinical pipeline (IMM - 529 for C. diff). • Cash (AUD $10.0 million ) to fund operating activities: equivalent to 23.5 2 months calculated on 1H FY26 cash used in operating activities. Includes AUD $7.3 million (net) raised at an average price of A$0.0803 (IMRN USD$2.0923). 1. Lumanity global healthcare consulting; 2. Calculation for illustration; not a forecast
4 The Technology: "Hyper - Immune" Protection • Immuron’s core strength lies in its ability to program cows to produce high levels of specific polyclonal antibodies ( immunoglobulins ) through vaccination. • Orally Active: Unlike many biologics that require injection, Immuron’s bovine antibodies are naturally hardy. They survive the harsh acidic environment of the human stomach to work directly in the Gastrointestinal (GI) tract. • Precision Targeting: The platform can be "tuned" to target specific bacteria, viruses, or toxins by changing the vaccine. • Dual - Action Mechanism: The products don't just target the pathogens; they prevent them from sticking to the gut wall and neutralize the inflammatory toxins they release. • Travelan® (IMM - 124E) is Safe : • No reported serious adverse events or safety signals. • Safety demonstrated in repeat - dose animal toxicity studies, immunohistochemical assessments showing no off - target cross - reactivity and bacterial reverse - mutation testing confirming it is non - mutagenic. • Clinical development has demonstrated safety, tolerability and efficacy with more than 700 adults and children (ages 6 - 19) treated across multiple studies including doses up to 3,600 mg/day for 24 weeks. • IMM - 124E was well tolerated even at high doses with no serious adverse events attributed to the treatment.
5 Risk Management & Supply Chain Immuron has de - risked its supply chain through: • Safe Sourcing: All colostrum is sourced from Australia or New Zealand — Category 1 countries with negligible risk of BSE (Mad Cow Disease). • Scalable Partnerships: Supply agreements with dairy farms in Gippsland and South - West Victoria, Australia operating under Dairy Food Safety Victoria standards. • Ethics & Quality: • Colostrum collection procedures ensure calf welfare is prioritized. • Colostrum powder is produced in facilities operating under Dairy Food Safety Victoria standards. • Finished packaged product is produced under Good Manufacturing Practice (GMP) to FDA, Health Canada and TGA standards.
6 Growth Catalysts & Competitive Edge • Broad Platform Utility: This isn't a one - trick pony. The technology can be applied to a range of infectious diseases, creating a deep pipeline of potential drug candidates. • High Barrier to Entry: The company’s proprietary vaccination protocols and the "hyper - immune" processing yield products containing at least 35% immunoglobulins create a significant moat against competitors. • Natural & Export - Ready: The API (Active Pharmaceutical Ingredient) is non - GMO, Kosher, and Halal. Because it is classified under dairy food ingredient regulations, the "path to market" in many countries is significantly smoother than traditional synthetic drugs. • Partnerships : Immuron has taken a strategic decision to pursue partnerships to fund progress of Travelan® (IMM - 124E) and IMM - 529 clinical programs. • IMM - 124E: Eligible for end of Phase 2 meeting with the U.S. Food and Drug Administration (FDA) • IMM - 529: Investigational New Drug (IND) Application approved by the FDA • Revenue Growth : Double - digit growth in the U.S. market (H1 FY26 +17% YoY) and strong growth in Canada (+191% on QoQ) with expansion into one of Canada’s largest pharmacy networks in Quebec to drive H2 FY26 revenue. • Profitability : Immuron is planning growth in profitability 1 of Hyper - Immune products net of planned increased investment in selling & marketing • This combined with cost reduction initiatives is targeting improvement in EBITDX (ex - R&D) 2 in H2 FY26 1. Segment reporting; excludes Research & Development and Corporate segments; 2. Earnings before Interest Tax Depreciation and FX and ex - R&D: Research & Development expenses, R&D Tax Incentive and R&D grants
1. FINANCIAL & OPERATIONAL HIGHLIGHTS
8 HY26 Financial Summary Global Sales Revenue $4.2m Up 5% Australian Sales Revenue $3.3m Up 13% North American Sales Revenue $0.9m Down 1 18% USA Up 17% Gross Profit Margin 63% EBITDX (ex - R&D) 2 $(1.1)m Up $0.1m Up $0.7m on H2 FY25 4 Cash $10.0m Up $7.2m 3 on 30 Jun 25 ≈ 23.5 months cash (calculated on 1H FY26 net cash used in operating activities) 1 Due to Canada. During FY25 we had a Q1 pipeline fill into over a thousand Canada retail doors on the back of securing listings within key pharmacy and grocery retail groups. As expected, sales picked up on the back of consumer promotions in Q2 FY26 (+191% on prior quarter). 2 Earnings before Interest Tax Depreciation and FX and ex - R&D: Research & Development expenses, R&D Tax Incentive and R&D grants 3 Excludes 30 June 2025 Term Deposit of $3.0m; adjusted increase $4.1m 4 Calculation for illustration; not a forecast
9 Continued strong sales growth Global + HY2026 AUD$4.2 million up 5% on prior year Australia + HY2026 AUD$3.3 million up 13% on prior year North America + HY2026 AUD$0.9 million down 18% on prior year + USA HY2026 AUD$0.9 million up 17% on prior year + Post HY, secured distribution with Jean Coutu in Canada, the largest pharmacy chain in Quebec
10 Commercial – Operational Highlights 2H FY24 1H FY25 2H FY25 1H FY26 and Outlook 1 Refer Travelan ® / Protectyn® • $4.18m global sales • $3.27m Australia • $0.91m North America • $3.29m global sales • $2.36m Australia • $0.93m North America • $3.99m global sales • $2.89m Australia • $1.11m North America • $2.55m global sales • $1.87m Australia • $0.67m North America Revenue • Australia: 3,700 pharmacies; 27m people • Canada: 10,000 pharmacies; 39m people • USA: 342m people Marketing & Distribution P RO IBS® Sigma • Launched ProIBS® in Australia with HY26 sales of AUD$72,000. • Sigma orders decreased ( one - off ) by 1 month’s sales due to Chemist Warehouse/Sigma merger initiative • Secured distribution with Jean Coutu, largest pharmacy chain in Quebec, Canada • Projecting 2H FY26 and FY26 Net Sales to both exceed pcp and Net Sales, Net Profit and EBITDX (ex - R&D) all to exceed pcp 1 • Exclusive distribution of ProIBS® for the treatment of symptoms related to IBS in Australia and New Zealand. • 4 x monthly sales ordered to support new distribution obtained Commentary Safe Harbor Statement
2. CLINICAL DEVELOPMENT PROGRAM
12 Revenue generating with a strong clinical development pipeline 27 February 2026 29 August 2025 Indication • Immuron has advanced discussions with AFRIMS to conduct testing of Travelan® against EAEC and EPEC strains of E.coli • Immuron will seek partners to advance clinical development of Travelan® (IMM - 124E) • End of Phase 2 meeting request deferred pending discussions with potential partners • Clinical study report submitted to FDA in January 2025 • Awaiting Travelan® Uniformed Services University clinical trial topline results (anticipated October 2025 ) before requesting end of Phase 2 meeting Traveler's Diarrhea • December 2025 : USU Primary Endpoint did not reach statistical significance • Investigational product was manufactured by a third party and was not administered in accordance with Travelan® directions for use • Confirms that the clinically validated three times daily dosing schedule would be discussed at an End - of - Phase 2 meeting with the FDA • Immuron continues to collaborate with the Naval Medical Research Command and the Walter Reed Army Institute of Research in the development of novel vaccines targeting Campylobacter and Shigella • Travelan® Uniformed Services University clinical trial 100% of participants have been randomized and deployed • Quality review of study data initiated • October 2025 anticipated top line results • November 2025 : Immuron receives U . S . Food and Drug administration (FDA) approval for IMM - 529 Investigational New Drug (IND) application and clinical study may proceed • IND 32095 is Immuron’s Investigational new drug (IND) application for clinical development of IMM - 529 as product to specifically prevent or treat Clostridioides difficile infection (CDI) and is now active • Immuron will seek partners to advance clinical development of IMM - 529 • Planning IMM - 529 FDA IND submission by end of September 2025 • Anticipated IMM - 529 FDA approval of IND in December 2025 Clostridioides Difficile • VRE specific colostrum had high titers of IgG antibodies and demonstrated strong binding to five clinically relevant E.faecium strains. • VRE specific colostrum was evaluated in a preclinical mouse model which indicates further development is required to refine vaccine antigen selection. • Immuron has elected not to fund further development and is prioritizing partnering its more advanced programs (IMM - 124E and IMM - 529). • New project (IMM - 986) initiation of pre - clinical research collaboration with Monash University targeting Vancomycin Resistant Enterococci (VRE) • Colostrum manufactured for preclinical studies. In Vitro method development initiated Vancomycin Resistant Enterococci
EMAIL: STEVE@IMMURON.COM PHONE: AUSTRALIA: +61 438 027 172 STEVEN LYDEAMORE CHIEF EXECUTIVE OFFICER IMMURON LIMITED CONTACT INFORMATION:
FAQ
How did Immuron (IMRN) perform financially in the half-year ended 31 December 2025?
What were the key revenue drivers for Immuron (IMRN) in HY26 by geography and product?
What is the status of Immuron’s IMM-529 program for Clostridioides difficile infection?
How strong is Immuron’s (IMRN) balance sheet and cash position after HY26?
What new commercial initiatives did Immuron (IMRN) undertake, including PROIBS and partnerships?
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