Sometimes good news just isn't good enough, at least not for Wall Street. Immuneering Corporation (IMRX) found that out the hard way on Thursday when its stock tumbled despite releasing what looks like genuinely promising data from its pancreatic cancer trial.
The company shared updated results from its Phase 2a trial testing atebimetinib (IMM-1-104) combined with a modified chemotherapy regimen (gemcitabine/nab-paclitaxel, or mGnP) in first-line pancreatic cancer patients. Thirty-four patients in the trial had more than 13 months of median follow-up, giving researchers a solid look at how the treatment performs over time.
Here's where things get interesting. The atebimetinib combination showed 64% overall survival at 12 months, nearly doubling the 35% survival rate seen with the chemotherapy regimen alone. At 9 months, survival hit 83% versus approximately 47% for chemo. And at 6 months, the numbers were even more stark: 94% versus 67%.
The benefits extended beyond just keeping patients alive longer. Median progression-free survival reached 8.5 months on atebimetinib compared to 5.5 months on chemotherapy alone. The confirmed Overall Response Rate clocked in at 39% at 12 months versus 23% for the standard treatment.
Safety Profile Looks Manageable
As of the December 15, 2025 data cutoff, atebimetinib dosed at 320mg once daily plus mGnP showed what the company called a favorable tolerability profile. Only two categories of adverse events popped up at the Grade 3 level in more than 10% of patients, which suggests the treatment is reasonably well-tolerated for this patient population.
What's Coming Next
Immuneering has several catalysts lined up for 2026. The company expects data from an expanded cohort of 50 pancreatic cancer patients in the first half of the year. By mid-2026, they plan to dose the first patient in the pivotal Phase 3 trial, dubbed MAPKeeper 301, testing atebimetinib plus mGnP in first-line pancreatic cancer.
There's also a lung cancer trial in the works. In the second half of 2026, Immuneering expects to start dosing patients in a trial combining atebimetinib with Regeneron Pharmaceuticals Inc.'s (REGN) Libtayo (cemiplimab) for non-small cell lung cancer.
The company reiterated in December 2025 that its current cash position should fund operations into 2029 based on current operating plans, so there's no immediate cash crunch on the horizon.
Price Action: Despite the positive clinical data, Immuneering shares were down 26.53% at $6.12 during premarket trading on Thursday.
