IMRX S-3: $300M shelf registration and $100M equity distribution agreement
Immuneering filed a Form S-3 registering up to $300,000,000 of securities, including Class A common stock, preferred stock, debt securities, warrants and units, available from time to time under a shelf registration. The filing also includes an equity distribution agreement prospectus supplement that covers the potential sale of up to $100,000,000 of Class A common stock under an agreement with Piper Sandler & Co., and states that those shares are included in the $300,000,000 shelf amount.
The prospectus describes the company as a clinical-stage oncology developer focused on Deep Cyclic Inhibition (DCI) and names its lead candidate atebimetinib (IMM-1-104), an oral once-daily DCI targeting the MAPK pathway. The registrant is listed on the Nasdaq Global Market under the symbol IMRX, with a reported last sale price of $3.25 per share on August 12, 2025. The prospectus incorporates risk factors and forward-looking statements, and discloses governance provisions such as a classified board, exclusive Delaware forum clauses and indemnification of directors and officers.
Positive
- Registered shelf facility to offer up to $300,000,000 of securities provides explicit financing flexibility
- Equity distribution agreement with Piper Sandler to sell up to $100,000,000 of Class A common stock (included in the $300M shelf)
- Clinical-stage pipeline disclosed with lead candidate atebimetinib (IMM-1-104), described as an oral once-daily DCI of the MAPK pathway
- Public listing on the Nasdaq Global Market under the ticker IMRX with a reported last sale price of $3.25 on August 12, 2025
Negative
- Broad offering authority (equity, preferred, debt, warrants, units) may lead to substantial future issuances under the shelf (up to $300M aggregate) as set forth in the prospectus
- Risk factors incorporated by reference warn that the occurrence of risks could cause investors to lose all or part of their investment
- Corporate charter provisions limit stockholder powers: classified board, no action by written consent, restricted special meeting rights and advance notice requirements
- Exclusive forum and indemnification clauses (Delaware Court of Chancery for many claims; federal courts for Securities Act claims) constrain stockholder litigation options
Insights
TL;DR: S-3 creates immediate capital-raising flexibility—$300M shelf with a $100M Piper Sandler equity facility—without specifying timing or amounts to be sold.
The registration provides a broad financing toolbox allowing Immuneering to issue equity, preferred, debt, warrants or units up to an aggregate of $300 million. The equity distribution agreement with Piper Sandler for up to $100 million is explicitly included in the aggregate shelf amount, with unsold portions available for other offerings. The prospectus reiterates standard forward-looking disclosures and incorporates prior reports by reference, including recent quarterly filings, but does not provide new operational or earnings figures in this preliminary prospectus. The filing therefore is principally a funding-enabling disclosure rather than an operational update.
TL;DR: Certificate and bylaws include several shareholder-limiting provisions—classified board, exclusive forum clauses, limits on written consent and special meetings.
The prospectus summaries disclose governance provisions that concentrate procedural control with the board: a three-class staggered board, restrictions on stockholder action by written consent, special meetings callable only by specified officers, advance notice requirements for stockholder proposals and a choice-of-forum provision directing many disputes to the Delaware Court of Chancery (with federal courts as exclusive forum for Securities Act claims). The charter also authorizes up to 10,000,000 shares of preferred stock with flexible rights, and includes indemnification and director liability limitation clauses. These provisions are explicitly described and materially affect how stockholders may pursue corporate actions or litigation.
SECURITIES AND EXCHANGE COMMISSION
UNDER
THE SECURITIES ACT OF 1933
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Delaware
(State or other jurisdiction of
incorporation or organization) |
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26-1976972
(I.R.S. Employer
Identification Number) |
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Cambridge, MA 02142
(617) 500-8080
Chief Executive Officer
Immuneering Corporation
245 Main Street, Second Floor
Cambridge, MA 02142
Telephone: (617) 500-8080
Evan G. Smith
Latham & Watkins LLP
200 Clarendon Street
Boston, MA 02116
(617) 948-6000
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Preferred Stock
Debt Securities
Warrants
Units
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ABOUT THIS PROSPECTUS
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| | | | 1 | | |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
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| | | | 3 | | |
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THE COMPANY
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RISK FACTORS
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USE OF PROCEEDS
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| | | | 7 | | |
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DESCRIPTION OF CAPITAL STOCK
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| | | | 8 | | |
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DESCRIPTION OF DEBT SECURITIES
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| | | | 12 | | |
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DESCRIPTION OF WARRANTS
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| | | | 19 | | |
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DESCRIPTION OF UNITS
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GLOBAL SECURITIES
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| | | | 21 | | |
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PLAN OF DISTRIBUTION
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LEGAL MATTERS
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EXPERTS
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245 Main Street, Second Floor
Cambridge, MA 02142
(617) 500-8080
Preferred Stock
Debt Securities
Warrants
Units
(To Prospectus dated , 2025)
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ABOUT THIS PROSPECTUS SUPPLEMENT
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| | | | S-1 | | |
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WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
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| | | | S-2 | | |
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PROSPECTUS SUPPLEMENT SUMMARY
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| | | | S-4 | | |
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THE OFFERING
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| | | | S-5 | | |
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RISK FACTORS
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| | | | S-6 | | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | S-8 | | |
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USE OF PROCEEDS
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| | | | S-10 | | |
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DIVIDEND POLICY
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| | | | S-11 | | |
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DILUTION
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| | | | S-12 | | |
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PLAN OF DISTRIBUTION
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| | | | S-13 | | |
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LEGAL MATTERS
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| | | | S-15 | | |
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EXPERTS
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| | | | S-15 | | |
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ABOUT THIS PROSPECTUS
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| | | | 1 | | |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
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| | | | 3 | | |
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THE COMPANY
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| | | | 5 | | |
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RISK FACTORS
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| | | | 6 | | |
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USE OF PROCEEDS
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| | | | 7 | | |
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DESCRIPTION OF CAPITAL STOCK
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| | | | 8 | | |
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DESCRIPTION OF DEBT SECURITIES
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| | | | 12 | | |
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DESCRIPTION OF WARRANTS
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| | | | 19 | | |
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DESCRIPTION OF UNITS
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| | | | 20 | | |
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GLOBAL SECURITIES
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| | | | 21 | | |
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PLAN OF DISTRIBUTION
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| | | | 25 | | |
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LEGAL MATTERS
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| | | | 27 | | |
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EXPERTS
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245 Main Street, Second Floor
Cambridge, MA 02142
(617) 500-8080
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Assumed public offering price per share
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| | | | | | | | | $ | 3.25 | | |
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Net tangible book value per share as of June 30, 2025
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| | | $ | 0.58 | | | | | | | | |
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Increase in net tangible book value per share attributable to the offering
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| | | $ | 1.19 | | | | | | | | |
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As adjusted net tangible book value per share after giving effect to the offering
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| | | | | | | | | $ | 1.77 | | |
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Dilution per share to new investors participating in the offering
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| | | | | | | | | $ | 1.48 | | |
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SEC registration fee
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| | | $ | 22,980.77(1) | | |
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FINRA filing fee
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(2)
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Printing expenses
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| | | | (2) | | |
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Legal fees and expenses
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| | | | (2) | | |
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Accounting fees and expenses
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| | | | (2) | | |
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Blue Sky, qualification fees and expenses
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| | | | (2) | | |
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Transfer agent fees and expenses
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| | | | (2) | | |
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Trustee fees and expenses
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| | | | (2) | | |
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Warrant agent fees and expenses
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| | | | (2) | | |
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Miscellaneous
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| | | | (2) | | |
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Total
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$
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(2)
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Exhibit
Number |
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Description
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| | 1.1* | | | Form of Underwriting Agreement. | |
| | 1.2 | | | Equity Distribution Agreement, dated as of August 13, 2025, by and between Immuneering Corporation and Piper Sandler & Co. | |
| | 3.1 | | | Amended and Restated Certificate of Incorporation of Immuneering Corporation (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on September 9, 2021). | |
| | 3.2 | | | Amended and Restated Bylaws of Immuneering Corporation (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the SEC on February 2, 2024). | |
| | 4.1 | | | Form of Specimen Stock Certificate evidencing the shares of Class A common stock (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form S-1/A filed with the SEC on July 26, 2021). | |
| | 4.2* | | | Form of Specimen Certificate Representing Preferred Stock. | |
| | 4.3 | | |
Form of Indenture.
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| | 4.4* | | | Form of Debt Security. | |
| | 4.5* | | | Form of Warrant. | |
| | 4.6* | | | Form of Warrant Agreement. | |
| | 4.7* | | | Form of Unit Agreement. | |
| | 5.1 | | |
Opinion of Latham & Watkins LLP.
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| | 23.1 | | |
Consent of Latham & Watkins LLP (included in Exhibit 5.1).
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| | 23.2 | | |
Consent of RSM US LLP.
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| | 24.1 | | |
Powers of Attorney (incorporated by reference to the signature page hereto).
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| | 25.1** | | | Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Debt Trustee (to be filed prior to any issuance of Debt Securities). | |
| | 107 | | |
Filing Fee Table.
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President and Chief Executive Officer
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SIGNATURE
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TITLE
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DATE
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/s/ Benjamin J. Zeskind
Benjamin J. Zeskind, Ph.D.
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President, Chief Executive Officer and Director (Principal Executive Officer)
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August 13, 2025
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/s/ Mallory Morales
Mallory Morales
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Chief Accounting Officer and Treasurer (Principal Financial and Accounting Officer)
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August 13, 2025
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/s/ Ann E. Berman
Ann E. Berman
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Chair of Board
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August 13, 2025
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/s/ Robert J. Carpenter
Robert J. Carpenter
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Director
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August 13, 2025
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/s/ Peter Feinberg
Peter Feinberg
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Director
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August 13, 2025
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/s/ Diana F. Hausman
Diana F. Hausman, M.D.
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Director
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August 13, 2025
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/s/ Laurie B. Keating
Laurie B. Keating
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Director
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August 13, 2025
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/s/ Thomas J. Schall
Thomas J. Schall
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Director
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August 13, 2025
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