Exhibit 99.1

IMMUTEP LIMITED

ABN 90 009 237 889

Appendix 4D

Half-Year Financial Report

For the Half-Year Ended

31 December 2024

(previous corresponding period: half-year ended 31 December 2023)

To be read in conjunction with the 30 June 2024 Annual Report.

In compliance with Listing Rule 4.2A.

ABN 90 009 237 889

ASX/Media Release (ASX: IMM)

26 February 2025

Appendix 4D Half-Year Financial Report

Results for Announcement to the Market

Current Reporting Period – Half-year Ended 31 December 2024

Previous Reporting Period – Half-year Ended 31 December 2023

The loss after tax for the half-year ended 31 December 2024 of A$22,377,429 was higher compared to A$21,228,191 for the half-year ended 31 December 2023. The increase in loss after tax for the period ended 31 December 2024 was mainly attributable to the following:

The above increases in total expenses were offset partly by the following:

Contents

This half-year 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 2024 and any public announcements made by Immutep Limited during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Immutep Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is at Level 32, 264 George Street, Australia Square, SYDNEY, NSW 2000. Its shares are listed on the Australian Securities Exchange (ASX) and NASDAQ Global Market (NASDAQ).

Directors’ Report

Your directors present their report on the group consisting of Immutep Limited and the entities it controlled at the end of, or during (referred to hereafter as the “Group” or “Immutep” and or the “Company”) the half-year ended 31 December 2024.

Directors

The following persons were directors of Immutep during the whole of the half-year and up to the date of this report unless otherwise stated:

PRINCIPAL ACTIVITIES

Immutep is a clinical stage biotechnology company developing novel Lymphocyte Activation Gene-3 (LAG3) related immunotherapies for cancer and autoimmune disease. The Company is a pioneer in the understanding and advancement of therapeutics related to LAG-3. It has a diversified product portfolio that harnesses LAG-3’s unique ability to stimulate the body’s immune response to fight cancer or suppress it to address autoimmune disease.

Immutep is dedicated to leveraging its expertise to bring innovative treatment options to patients in need and to maximise value for shareholders. The Company is listed on the Australian Securities Exchange (IMM) and on the NASDAQ (IMMP) in the United States.

REVIEW OF OPERATIONS

Immutep is focused on advancing its lead product candidate, eftilagimod alpha (efti) through a Phase III clinical trial towards marketing approval in first line non-small cell lung cancer (1L NSCLC). Also, the company has later stage clinical trials in first line head and neck squamous cell carcinoma (1L HNSCC) and metastatic breast cancer. The Company has multiple active trials evaluating efti across these indications and others. The Company has other product candidates including IMP761 for which a Phase I study is in progress, for the treatment of autoimmune disease.

Good progress and encouraging clinical results have been reported by the Company throughout the half year. Immutep continues to develop multiple promising assets and, with the commencement of TACTI-004, is now a Phase III stage biotech company.

Directors’ Report (Continued)

TACTI-004: Phase III trial in first line non-small cell lung cancer (1L NSCLC)

TACTI-003: Phase IIb trial in first line head and neck squamous cell carcinoma (1L HNSCC)

Directors’ Report (Continued)

Cohort B

Updated clinical data from Cohort B was presented at an ESMO Virtual Plenary session in early July 2024, with further data reported at the ESMO Immuno-Oncology (IO) Annual Congress 2024, in December. In patients with negative PD-L1 expression (CPS <1) in Cohort B, efti in combination with KEYTRUDA® achieved a 35.5% ORR. This is among the highest recorded for a treatment approach not containing chemotherapy in patients with CPS <1. The combination with efti also attained a high complete response rate of 9.7%, which compares favourably to a historical control of 0% from anti-PD-1 monotherapy in 1L HNSCC patients with a CPS <1. Additionally, durability of responses was tracking well.

In December 2024, Immutep added to the high response rates and favourable safety data reported in July 2024. The new data showed that positively, median overall survival (OS) had not yet been reached and the 12-month OS rate is 67%. A promising progression-free survival (PFS) of 5.8 months, interim median duration of response (DOR) of 9.3 months, 35.5% objective response rate (ORR) and 58.1% disease control rate (DCR) were also reported. The complete response rate increased to 12.9% and 16.1%, according to RECIST 1.1 and iRECIST, respectively. This data compares favourably to historical results from anti-PD-1 therapy alone in 1L HNSCC patients with CPS <1. In addition, efti in combination with KEYTRUDA continued to be well-tolerated with no new safety signals.

Immutep will continue to follow the maturing data from TACTI-003, with the most relevant endpoint of OS expected in 2025, and engage with regulatory authorities regarding potential paths forward, especially in the CPS<1 segment.

AIPAC-003: Integrated Phase II/III trial in Metastatic Breast Cancer

Directors’ Report (Continued)

Phase I and II Studies with Eftilagimod Alpha

TACTI-002: Phase II trial in NSCLC and HNSCC

EFTISARC-NEO: Phase II trial in Soft Tissue Sarcoma

Directors’ Report (Continued)

Institute of Clinical Cancer Research (IKF) INSIGHT Clinical Trial Platform

INSIGHT-005 (Stratum E) - Phase I trial with Merck KGaA, Darmstadt, Germany, and Pfizer

INSIGHT-005 is an open-label Phase I trial evaluating the safety and efficacy of efti in combination with BAVENCIO® (avelumab) in up to 30 patients with metastatic urothelial carcinoma. The study is being conducted in collaboration with Merck KGaA, Darmstadt, Germany and Pfizer, the second collaboration agreement entered into by the three parties, with joint funding from Merck KGaA and Immutep. Patient recruitment continued throughout the half year.

Autoimmune Disease Clinical Development

IMP761 Phase I Trial

Directors’ Report (Continued)

IMP731 - LAG-3 depleting antibody

Additional Research

Monash University

Cardiff University

Out-Licensed Programs

EOC Pharma - Efti in China

While Immutep retains the commercialisation rights to efti in all other territories, EOC Pharma is its exclusive development and commercialisation partner for efti (designated EOC202) in China, Hong Kong, Macau and Taiwan. Immutep is continuing to work with EOC Pharma to support its plans to develop efti in China.

Novartis - Ieramilimab

Derived from Immutep’s IMP701 antibody, Ieramilimab a humanised LAG-3 antagonist antibody which is under development with Immutep’s partner, Novartis. Novartis conducted clinical trials of ieramilimab (Novartis code: LAG525) in multiple cancer indications in combination with its PD-1 inhibitor, spartalizumab.

Directors’ Report (Continued)

LabCorp

Laboratory Corporation of America Holdings, known as LabCorp (NYSE: LH), is Immutep’s collaboration partner for the development of LAG-3 products or services under a License and Collaboration Agreement.

During the half year, Immutep continued its support for the development of new products and services designed to meet growing demand in LAG-3. This included applying its in-depth LAG-3 expertise and knowledge to the work. Following the receipt of initial fees from LabCorp in 2020, Immutep may be eligible to receive further revenues from commercial milestones as the collaboration progresses.

A Robust Intellectual Property Portfolio

Immutep was granted ten new patents for efti, IMP761 and LAG525 (ieramilimab) in various territories.

Efti

Two patents were granted for efti in combination with a PD-1 pathway inhibitor in South Korea and Brazil. A patent was also granted in Mexico for a binding assay for determining MHC Class II binding activity. The assay is used in the characterisation of efti in GMP-grade manufacturing.

New patents were also granted for efti in combination with a PD-1 pathway inhibitor for the treatment of infection from the Brazilian Patent Office and for the same combination for the treatment of cancer or infection by the Japan Patent Office.

IMP761

Three new patents were granted for IMP761 in India, Israel and Malaysia.

LAG525

For LAG525, which is exclusively licensed to Novartis by Immutep, two new patents were granted in Australia and Taiwan.

Corporate Summary & Financial Performance

Board Changes

Independent Non-Executive Director, Anne Anderson, tendered her resignation from the role, effective from October 2024. The Board thanked her for her contribution to Immutep and wished her every success with her next endeavours.

Immutep enters the ASX300

Recognising Immutep’s considerable growth over the years as a listed company, the Company was added to the S&P/ASX 300 index following the September quarterly review of the S&P Dow Jones Indices. Joining the ASX300 enhances Immutep’s market visibility and supports investor confidence.

Financial Performance

During the current half-year reporting period, total revenue and other income increased from A$4.11 million to A$7.28 million. This was mainly as a result of an increase of A$1.14 million in interest income and an increase in grant income by A$1.10 million.

Total grant income in the current half-year reporting period is A$3.12 million compared to A$2.02 million in the half year ended 31 December 2023.The current period grant income was mainly attributable to the grant income of A$2.67 million in the Company’s French subsidiary which receives grants from the French Crédit d’Impôt Recherche scheme for expenditure incurred on eligible research and development activities conducted during the reporting period. Approximately A$456k was recognized in the parent entity from the Australian Federal Government’s R&D tax incentive program, which was provided mainly in respect of expenditure incurred on eligible research and development activities conducted in the reporting period for the TACTI-004 trials.

Directors’ Report (Continued)

Interest income increased from A$2 million to A$3.14 million in the current half-year reporting period mainly due to the substantial increase in cash and term deposit holdings throughout the six-month period as a result of funds received from the capital raising in June 2024.

Research and development and intellectual property expenses increased from A$20.44 million in the half-year ended 31 December 2023 to A$25.33 million in the current half-year reporting period. The increase is mainly attributable to an increase in clinical trial costs and staff costs while contract laboratory services and manufacturing costs decreased.

Corporate administrative (G&A) expenses for the current half-year reporting period were A$4.23 million compared to A$4.80 million in the previous comparative period. This was mainly as a result of a decrease in share-based payment expenses.

The loss after tax for the half-year ended 31 December 2024 of A$22,377,429 was higher compared to A$21,228,191 for half-year ended 31 December 2023. This increase was mainly attributable to increase in clinical trial activities undertaken during the half-year period.

As Immutep continues to advance its clinical trial programs for efti and IMP761 with prudent cash management, the Company remains well-funded with an aggregate cash, cash equivalent and term deposit balance as at 31 December 2024 of approximately A$159.26 million, which gives Immutep an expected cash reach to the end of CY2026. The A$159.26 million total balance consists of: 1) a cash and cash equivalent balance of $73.89 million and 2) bank term deposits totalling A$85.37 million, which have been recognised as short-term investments due to having maturities of more than 3 months and not more than 12 months.

Outlook

The initiation of the TACTI-004 trial in lung cancer has transformed Immutep into Phase III company with a visible pathway to marketing approval for its lead product candidate, efti. The work done by our team over the years has built up the Company’s manufacturing capabilities, intellectual property position and importantly, delivered high quality trials that have yielded excellent results, placing the Company in the best position possible to bring efti to market for the benefit of cancer patients. A great deal of work still lies ahead and we look forward to keeping shareholders abreast of the milestones along the way.

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 on page 11. This report is made in accordance with a resolution of directors.

Auditor’s Independence Declaration

As lead auditor for the review of Immutep Limited for the half-year ended 31 December 2024, I declare that to the best of my knowledge and belief, there have been:

This declaration is in respect of Immutep Limited and the entities it controlled during the period

Jason Hayes Partner PricewaterhouseCoopers				Sydney 26 February 2025

PricewaterhouseCoopers, ABN 52 780 433 757

One International Towers Sydney, Watermans Quay, BARANGAROO, GPO BOX 2650, SYDNEY NSW 2001

T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au

Level 11, 1PSQ, 169 Macquarie Street, PARRAMATTA NSW 2150, PO Box 1155 PARRAMATTA NSW 2124

T: +61 2 9659 2476, F: +61 2 8266 9999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

Page 11

Consolidated Statement of Comprehensive Income

For the Half-year Ended 31 December 2024

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

Consolidated Balance Sheet

As at 31 December 2024

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Consolidated Statement of Changes in Equity

For the Half-year Ended 31 December 2024

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated Statement of Cash Flows

For the Half-year Ended 31 December 2024

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

Notes to the Consolidated Financial Statements

a) Basis of Preparation

The half-year consolidated financial statements is a general-purpose financial report for the half-year ended 31 December 2024 has been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting, and the Corporations Act 2001.

The half-year report does not include all the notes of the type normally included in an annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of Immutep as the annual report.

Accordingly, it is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2024 and any public announcements made by Immutep Limited during the half-year in accordance with continuous disclosure requirements of the Corporations Act 2001.

International Financial Reporting Standards form the basis of Australian Accounting Standards adopted by the AASB. The half-year financial report complies with International Accounting Standards (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).

The accounting policies adopted are consistent with those of the previous financial year and corresponding half-year reporting period, except for the adoption of new and amended standards as set out below.

New and amended standards adopted by the Group

A number of new or amended standards became applicable for the current reporting period. The group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.

The accounting policies adopted are consistent with those of the previous financial year and corresponding half-year reporting period.

The Group has experienced significant recurring operating losses and negative cash flows from operating activities since its inception. As at 31 December 2024, the Group holds cash and cash equivalents of A$73,886,442 (30 June 2024: A$161,790,147). In addition, the Company also has bank term deposits totaling A$85.37 million, which have been recognized as short-term investments due to having maturities of more than 3 months and not more than 12 months. Total cash at bank and short-term investment-term deposit as at 31 December 2024 was A$159.26 million.

In line with the Group’s financial risk management, the directors have carefully assessed the financial and operating implications of the above matters, including the expected cash outflows of ongoing research and development activities of the Group over the next 12 months. Based on this consideration, the directors are of the view there is no material uncertainty, and the Group will be able to pay its debts as and when they fall due for at least 12 months following the date of these financial statements and that it is appropriate for the financial statements to be prepared on a going concern basis.

Monitoring and addressing the ongoing cash requirements of the Group is a key focus of the directors. This involves consideration of future funding initiatives such as potential business development opportunities, capital raising initiatives, and the control of variable spending on research and development activities of the Group.

The Board did not declare any dividends in the half-year ended 31 December 2024.

Notes to the Consolidated Financial Statements (continued)

Identification of reportable operating segments

Operating segments are reported in a manner consistent with internal reports which are reviewed and used by Management and the Board of Directors (who are identified as the Chief Operating Decision Makers (‘CODM’)). The Group operates in one operating segment, Cancer Immunotherapy.

Timing of revenue recognition continues to be for license revenue and other income at point in time except for interest income which is recognised over time.

Operating segment information

Notes to the Consolidated Financial Statements (continued)

The above cash and cash equivalents are held in AUD, USD, and Euro. Cash on deposits are presented as cash and cash equivalents if they have a maturity of three months or less from the date of acquisition. The interest rates on these deposits range from 0% to 4.65% as at 31 December 2024 (30 June 2024 - 0% to 4.80%).

Due to the short-term nature of these receivables, the carrying value is assumed to be their fair value as at 31 December 2024. No receivables were impaired or past due.

The above short-term investments are held in AUD, USD and EUR. Term deposits are presented as short-term investments if they have a maturity of more than 3 months and not more than 12 months from the date of acquisition. The interest rates on these deposits range from 2.45% to 5.41 % as at 31 December 2024 (30 June 2024 - 5% to 5.41%).

Notes to the Consolidated Financial Statements (continued)

Notes to the Consolidated Financial Statements (continued)

Amortisation methods and useful lives

The Group amortises intangible assets with a limited useful life using the straight-line method.

The Group amortises intellectual property assets using the straight-line method over a 13 – 14 year period. The Group’s intellectual property assets include patents related to its LAG-3 product candidates.

Notes to the Consolidated Financial Statements (continued)

On 11 May 2015, the Company entered into a subscription agreement with Ridgeback Capital Investments (Ridgeback) to invest in Convertible Notes and Warrants of the Company for cash consideration totaling $13,750,828, which was subject to shareholder approval. Shareholder approval was received on 31 July 2015.

During FY2021, 75% of the Convertible Notes were converted to ordinary shares. These occurred in three tranches of 25% each between March 2021 and June 2021. During FY2022, a further 12.5% of the original Convertible Notes were converted to ordinary shares in March 2022. During FY2023, a further 6.25% of the original Convertible Notes were converted to ordinary shares in October 2022. At the reporting date, 6.25% of the original Convertible Note balance remains outstanding. The outstanding notional amount of the Convertible Notes (including the accrual of 3% p.a. interest) as at 31 December 2024 was $1,102,209, which can be converted into 7,348,057 ordinary shares at conversion price of $0.15 per share if Ridgeback elects to convert the Convertible Notes into ordinary shares. All converted Notes have been converted to ordinary shares at $nil consideration per the original subscription agreement.

The 13,750,828 Convertible Notes issued in 2015 had a face value of $1.00 per note and are currently convertible at a price of approximately $0.15 per share (adjusted for post share consolidation and anti-dilution clause), mature on 4 August 2025 and accrue interest at a rate of 3% per annum which may also be converted into shares. Conversions may occur during the period (i) at least 3 months after the Issue Date and (ii) at least 15 business days prior to the maturity date into ordinary shares of the Company (subject to customary adjustments for rights or bonus issues, off market buybacks, issues at less than current market price, share purchase plan, dividend reinvestment plan at a discount, return of capital or dividend or other adjustment). If a change of control event, delisting event or event of default has occurred, Ridgeback may elect to convert the notes into shares or repayment of principal and interest. The Convertible Notes rank at least equal with all present and future unsubordinated and unsecured debt obligations of the Company and contain customary negative pledges regarding financial indebtedness, dividend payments, related party transaction and others.

Details of the warrants granted together with the convertible note at initial recognition date are as follows:

All warrants may be settled on a gross or net basis and the number of warrants or exercise price may be adjusted for a pro rata issue of shares, a bonus issue or capital re-organisation. The Warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant.

Notes to the Consolidated Financial Statements (continued)

As a result of the 10 to 1 share consolidation in November 2019, the above cited warrants have been restated in accordance with the subscription agreement. The exercise prices have been adjusted for the capital raising during the financial year under the anti-dilution clause of share purchase agreements.

The warrant expiry dates remain unchanged. The restated terms are as follows:

None of the other warrants specified above have been exercised since initial recognition up to 31 December 2024.

Fair value of convertible notes

The following assumptions were used to determine the initial fair value of the debt component of the convertible note which were based on market conditions that existed at the grant date:

The fair value of the convertible note was allocated between a financial liability for the traditional note component of the convertible note and into equity which represents the conversion feature. The traditional note component of the convertible note was initially recorded at fair value of $4.4m, based on the present value of the contractual cash flows of the note discounted at 15%.

The remaining value of the convertible note was allocated to the conversion feature and recognised as equity.

After initial recognition, there were five subsequent conversions of convertible notes in total as follows:

Conversion of 3,437,707 convertible notes on 18 March 2021 (25%)

Conversion of 3,437,707 convertible notes on 14 May 2021 (25%)

Conversion of 3,437,707 convertible notes on 7 June 2021 (25%)

Conversion of 1,718,853 convertible notes on 14 March 2022 (12.5%)

Conversion of 859,427 convertible notes on 14 October 2022 (6.25%)

859,427 convertible notes (i.e., 6.25% of the initial convertible notes) remain outstanding as at 31 December 2024, each with a face value of A$1.00. The liability component of the convertible note has been measured at fair value as required by AASB 2 – Share-based Payments.

Notes to the Consolidated Financial Statements (continued)

(a) Ordinary shares

(b) Shares issued

Notes to the Consolidated Financial Statements (continued)

The consolidated financial statements incorporate the assets, liabilities, and results of the following subsidiaries:

Notes to the Consolidated Financial Statements (continued)

There were no material contingent liabilities at 31 December 2024 and 2023.

No matter or circumstance has arisen since 31 December 2024 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.

This note provides an update on the judgements and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report.

To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

The following table presents the Group’s financial assets and financial liabilities measured and recognised at fair value at 31 December 2024 and 30 June 2024 on a recurring basis: