Highlights

  • CEO Leslie Chong has stepped down after nearly 11 years with Imugene.
  • Board has commenced a search for new leadership.
  • Azer-cel Phase 1b trial reported a third response in the concurrent BTKi cohort.
  • Patient enrolment continues across 15 trial sites in Australia and the US.
  • IMU traded at AUD 0.092, up 2.22% on 27 July 2026, while remaining down 69.33% over the past year.

Imugene Limited (ASX:IMU) has announced two significant developments for the company, with Managing Director and Chief Executive Officer Leslie Chong stepping down effective immediately for personal reasons while the company's lead cell therapy program, azer-cel, delivered another positive clinical update from its ongoing Phase 1b trial. The announcements highlight both a leadership transition and continued progress in Imugene's clinical development program as the biotechnology company advances its allogeneic CAR T platform for blood cancers.

During the morning session on 27 July 2026, Imugene shares traded at AUD 0.092, up 2.22% for the day. Despite today's gain, the stock remains down 69.33% over the past 12 months.

Leadership Transition Marks End of Nearly Eleven-Year Tenure

Imugene confirmed that Leslie Chong has resigned as Managing Director and Chief Executive Officer for personal reasons after serving the company for nearly 11 years.

According to the company, Ms Chong has played an important role in Imugene's development since joining in 2015, overseeing its strategic direction and supporting the advancement of its clinical programs. Although stepping away from her executive responsibilities immediately, she has agreed to remain available to assist with the transition to new leadership and provide support on matters where her extensive experience with the company may be beneficial.

Reflecting on her tenure, Ms Chong said she was proud of what the Board and management team had built since 2015 and expressed gratitude to patients participating in clinical trials, investigators, physicians, healthcare professionals and investors who have contributed to the company's development efforts.

She also noted that Imugene is entering an important stage in its evolution, highlighting encouraging clinical data emerging from the company's azer-cel program and pointing to further clinical milestones, additional data readouts and opportunities to continue advancing the program.

Board Begins Search for New Chief Executive

Following the announcement, the Board confirmed that a leadership search has commenced with immediate effect.

Until a new Chief Executive Officer is appointed, Imugene's senior leadership team will report directly to Executive Chairman Paul Hopper.

Commenting on Ms Chong's departure, Mr Hopper acknowledged her contribution over the past decade, noting that she joined the company during its earlier stages and played a significant role in helping establish Imugene as a global clinical-stage biotechnology company.

He thanked Ms Chong for her dedication and contribution while wishing her success in the future.

Azer-cel Trial Delivers Additional Clinical Response

Alongside the leadership announcement, Imugene also released updated clinical data from the concurrent Bruton Tyrosine Kinase inhibitor (BTKi) cohort within its ongoing Phase 1b azer-cel clinical trial.

The company reported a third response in this cohort, with the second Follicular Lymphoma patient treated alongside concurrent BTKi therapy achieving a partial response at the Day 28 assessment.

Importantly, the patient had previously received BTKi therapy but experienced disease progression before entering the study.

According to Imugene, both Follicular Lymphoma patients treated in the concurrent BTKi cohort to date have demonstrated responses following concurrent treatment with azer-cel and a BTKi.

Trial Targets Patients with Limited Treatment Options

The company explained that Follicular Lymphoma is the most common indolent B-cell lymphoma. While many patients initially respond to treatment, relapse remains common, creating an ongoing unmet medical need.

Patients enrolled in the concurrent BTKi cohort have either relapsed after or become refractory to BTKi therapy, which represents a standard treatment across multiple B-cell malignancies.

Although BTK inhibitors have demonstrated established efficacy, the company noted that many patients eventually develop resistance, limiting available treatment options after disease progression.

The current cohort is therefore designed to assess whether administering azer-cel together with a BTKi may restore or enhance treatment activity in patients who have previously failed BTKi therapy.

Imugene also highlighted that the global BTKi market reached approximately US$12.0 billion during 2025.

Five Patients Treated in Current Cohort

To date, five patients have received treatment within the concurrent BTKi cohort of the Phase 1b study.

The company stated that additional clinical updates will be released as more patient data becomes available and the trial dataset continues to mature.

Executive Chairman Paul Hopper said the latest response further contributes to the early clinical signals being observed among patients whose disease had progressed following BTKi treatment.

According to Mr Hopper, each additional response strengthens the company's confidence in the rationale for combining azer-cel with BTKi therapy and supports its belief that this treatment strategy could address an unmet need across multiple blood cancer indications.

Phase 1b Trial Continues Across Australia and the United States

Imugene's ongoing Phase 1b study is an open-label, multi-centre clinical trial being conducted across Australia and the United States.

Patient enrolment is continuing across ten clinical sites in the United States and five sites in Australia.

The study includes both CAR T-relapsed and CAR T-naïve patients diagnosed with several forms of Non-Hodgkin lymphoma, including Follicular Lymphoma (FL), Chronic Lymphocytic Leukemia (CLL), Small Lymphocytic Lymphoma (SLL), Marginal Zone Lymphoma (MZL), Waldenström Macroglobulinemia (WM) and Mantle Cell Lymphoma (MCL).

More recently, the study expanded to include the concurrent BTKi cohort for patients with B-cell malignancies whose disease has previously progressed following BTKi therapy.

The company said treatment using azer-cel together with lymphodepletion and IL-2 has produced meaningful clinical responses across multiple indications, including several complete responses within the concurrent BTKi cohort. It also stated that the therapy has demonstrated a manageable and generally well-tolerated safety profile.

Understanding Azer-cel

Azer-cel is Imugene's lead allogeneic CAR T cell therapy targeting CD19 for the treatment of blood cancers.

Unlike autologous CAR T therapies that require patient-specific manufacturing over several weeks, azer-cel is developed from healthy donor T cells and is designed as an off-the-shelf therapy that can be administered within days.

The company believes this approach may offer practical advantages by reducing manufacturing lead times while supporting treatment availability.

About Imugene

Imugene is a clinical-stage cellular therapy company focused on developing allogeneic CAR T treatments for blood cancers.

Its lead product candidate, azer-cel (azercabtagene zapreleucel), targets CD19-positive blood cancers and forms the centrepiece of the company's clinical development strategy. Imugene works with an international team of cancer specialists experienced in developing novel oncology therapies.

The company aims to improve cancer treatment through cellular therapies supported by a growing body of clinical evidence. Management believes its technology platform has the potential to contribute to future treatment options across a range of blood cancer indications as clinical development progresses.

What This Means for Investors

Imugene's latest announcements combine an important executive leadership transition with continued progress in its lead clinical program. While the Board has begun the search for a new Chief Executive Officer following Leslie Chong's resignation, the company also reported another patient response within the ongoing azer-cel Phase 1b trial and confirmed that enrolment continues across Australian and US clinical sites. The latest disclosures indicate that leadership succession planning and clinical development will remain key areas of focus as the company advances its ongoing research programs.