Houston, Texas and Tuebingen, Germany, November 17, 2025 – Immatics N.V. (NASDAQ:IMTX, "Immatics" or the "Company")), a clinical-stage biopharmaceutical company and the global leader in precision targeting of PRAME, today provided a business update and reported financial results for the quarter ended September 30, 2025.
"In the last months, we have achieved significant clinical milestones and solidified Immatics' position as the PRAME leader across two modalities, cell therapies and bispecifics," said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. "With the recent data update and clinical proof-of-concept for our TCR Bispecifics pipeline, we're entering the next exciting phase of bispecifics development while continuing to advance anzu-cel, our PRAME cell therapy, towards commercialization. At Immatics, our priority is the patients we serve, and every advancement in our clinical pipeline brings us closer to delivering meaningful and durable benefits to them through our innovative TCR-based therapeutics."
Third Quarter 2025 and Subsequent Company Progress
PRAME Franchise – Cell Therapy
Anzu-cel (IMA203) PRAME Cell Therapy – First Market Entry in Advanced Melanoma
Anzu-cel (anzutresgene autoleucel), previously called IMA203, is Immatics' lead PRAME cell therapy and will be the Company's first PRAME therapy to enter the market in advanced melanoma. The current addressable patient population for anzu-cel's first target indications, second-line or later (2L) cutaneous melanoma, as well as metastatic uveal melanoma, includes ~9,000 patients2.
Phase 3 trial, SUPRAME, for anzu-cel (IMA203) in previously treated, advanced cutaneous melanoma
Phase 1b trial for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic melanoma
Phase 1/2 trial for anzu-cel (IMA203) PRAME cell therapy in patients with uveal melanoma
Data on anzu-cel in advanced melanoma further substantiates Immatics' global leadership in precision targeting of PRAME and the potential of anzu-cel to be the Company's first PRAME product to enter the market.
IMA203CD8 PRAME Cell Therapy (GEN2) – Expansion to all Advanced PRAME Cancers
IMA203CD8 is the Company's second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, once the target dose is reached, the Company intends to pursue the clinical development of this product candidate with a tumor-agnostic approach, starting with gynecologic cancers.
PRAME Franchise - TCR Bispecifics
IMA402 PRAME Bispecific – Expansion to Earlier-Line PRAME Cancers
To expand the PRAME opportunity to earlier-line PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA402, as a monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, Immatics is exploring the potential combination of IMA402 with IMA401 MAGEA4/8 Bispecific in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.
IMA401 MAGEA4/8 Bispecific – Maximizing the Potential of Bispecifics Combinations
IMA401 is the Company's off-the-shelf, next-generation, half-life extended TCR Bispecific targeting MAGEA4/8. Consistent with Immatics' focus on advancing its PRAME Franchise, the Company is exploring IMA401 in combination with IMA402, starting with squamous non-small cell lung cancer (sqNSCLC). This opportunity with potentially synergistic clinical activity has the potential to address >90% of patients with sqNSCLC.
Corporate Development
Third Quarter 2025 Financial Results
Cash Position: Cash and cash equivalents as well as other financial assets total $505.8 million1 (€430.8 million) as of September 30, 2025, compared to $709.7 million1 (€604.5 million) as of December 31, 2024. The decrease is mainly due to ongoing research and development activities that is driven by $162.4 (€138.3) operational cash burn as well as unrealized foreign exchange translational losses of $41.6 million1 (€35.4 million), which do not impact the expected cash reach.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was $6.1 million1 (€5.2 million) for the three months ended September 30, 2025, compared to $59.4 million1 (€50.6 million) for the three months ended September 30, 2024. The decrease is mainly the result of a one-time revenue associated with the termination of the IMA401 collaboration by Bristol Myers Squibb during the three months ended September 30, 2024.
Research and Development Expenses: R&D expenses were $55.4 million1 (€47.2 million) for the three months ended September 30, 2025, compared to $45.7 million1 (€38.9 million) for the three months ended September 30, 2024. The increase mainly resulted from costs associated with the advancement of the product candidates in clinical trials.
General and Administrative Expenses: G&A expenses were $14.9 million1 (€12.7 million) for the three months ended September 30, 2025, compared to $13.1 million1 (€11.2 million) for the three months ended September 30, 2024. The increase is driven by costs associated with early commercial activities supporting the planned market launch of anzu-cel (IMA203).
Net Profit and Loss: Net loss was $59.3 million1 (€50.5 million) for the three months ended September 30, 2025, compared to a net loss of $6.2 million1 (€5.3 million) for the three months ended September 30, 2024. The increase mainly resulted from lower revenue recognized from previous collaboration agreements and higher costs associated with the advancement of the product candidates in clinical trials.
Full financial statements can be found in our Report on 6-K filed with the Securities and Exchange Commission (SEC) on November 17, 2025, and published on the SEC website under www.sec.gov.
Upcoming Investor Conferences
To see the full list of events and presentations, visit: https://investors.immatics.com/events-presentations.
About PRAME
PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor as well as anzu-cel in combination with Moderna's PRAME cell therapy enhancer.
About Immatics
Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.
Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates, you can also follow us on LinkedIn and Instagram.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company's focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. All the scientific and clinical data presented within this press release are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.
For more information, please contact:
Media
Trophic Communications
Phone: +49 151 74416179
immatics@trophic.eu
Immatics N.V.
Jordan Silverstein
Head of Strategy
Phone: +1 346 319-3325
InvestorRelations@immatics.com
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| (Euros in thousands, except per share data) | (Euros in thousands, except per share data) | ||||||||||||||||
| Revenue from collaboration agreements | 5,187 | 50,559 | 28,505 | 99,583 | |||||||||||||
| Research and development expenses | (47,176 | ) | (38,906 | ) | (134,190 | ) | (106,230 | ) | |||||||||
| General and administrative expenses | (12,673 | ) | (11,156 | ) | (37,520 | ) | (32,925 | ) | |||||||||
| Other income | 29 | 17 | 70 | 54 | |||||||||||||
| Operating result | (54,633 | ) | 514 | (143,135 | ) | (39,518 | ) | ||||||||||
| Change in fair value of liabilities for warrants | — | 3,833 | 1,730 | 4,228 | |||||||||||||
| Other financial income | 4,250 | 5,889 | 14,684 | 18,707 | |||||||||||||
| Other financial expenses | (289 | ) | (12,589 | ) | (36,151 | ) | (5,342 | ) | |||||||||
| Financial result | 3,961 | (2,867 | ) | (19,737 | ) | 17,593 | |||||||||||
| Loss before taxes | (50,672 | ) | (2,353 | ) | (162,872 | ) | (21,925 | ) | |||||||||
| Taxes on income | 127 | (2,952 | ) | 2,123 | (3,612 | ) | |||||||||||
| Net loss | (50,545 | ) | (5,305 | ) | (160,749 | ) | (25,537 | ) | |||||||||
| Net loss per share: | |||||||||||||||||
| Basic | (0.42 | ) | (0.05 | ) | (1.32 | ) | (0.25 | ) | |||||||||
| Diluted | (0.42 | ) | (0.08 | ) | (1.32 | ) | (0.27 | ) | |||||||||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| (Euros in thousands) | (Euros in thousands) | ||||||||||||||||
| Net loss | (50,545 | ) | (5,305 | ) | (160,749 | ) | (25,537 | ) | |||||||||
| Other comprehensive income/(loss) | |||||||||||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||||||||||
| Currency translation differences from foreign operations | (594 | ) | (1,377 | ) | (9,138 | ) | (579 | ) | |||||||||
| Total comprehensive loss for the period | (51,139 | ) | (6,682 | ) | (169,887 | ) | (26,116 | ) | |||||||||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
| As of | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| (Euros in thousands) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 334,922 | 236,748 | ||||||
| Other financial assets | 95,915 | 367,704 | ||||||
| Accounts receivables | 3,199 | 5,857 | ||||||
| Other current assets | 23,987 | 19,246 | ||||||
| Total current assets | 458,023 | 629,555 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment | 44,447 | 50,380 | ||||||
| Intangible assets | 1,561 | 1,629 | ||||||
| Right-of-use assets | 13,706 | 13,332 | ||||||
| Other non-current assets | 820 | 1,250 | ||||||
| Total non-current assets | 60,534 | 66,591 | ||||||
| Total assets | 518,557 | 696,146 | ||||||
| Liabilities and shareholders' equity | ||||||||
| Current liabilities | ||||||||
| Provisions | 6,688 | — | ||||||
| Accounts payables | 22,532 | 20,693 | ||||||
| Deferred revenue | 25,562 | 35,908 | ||||||
| Liabilities for warrants | — | 1,730 | ||||||
| Lease liabilities | 2,879 | 2,851 | ||||||
| Other current liabilities | 4,597 | 6,805 | ||||||
| Total current liabilities | 62,258 | 67,987 | ||||||
| Non-current liabilities | ||||||||
| Deferred revenue | 22,442 | 34,161 | ||||||
| Lease liabilities | 13,500 | 13,352 | ||||||
| Deferred tax liability | 3,678 | 5,804 | ||||||
| Total non-current liabilities | 39,620 | 53,317 | ||||||
| Shareholders' equity | ||||||||
| Share capital | 1,216 | 1,216 | ||||||
| Share premium | 1,173,861 | 1,162,136 | ||||||
| Accumulated deficit | (750,291) | (589,541) | ||||||
| Other reserves | (8,107) | 1,031 | ||||||
| Total shareholders' equity | 416,679 | 574,842 | ||||||
| Total liabilities and shareholders' equity | 518,557 | 696,146 | ||||||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
| Nine months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| (Euros in thousands) | ||||||||
| Cash flows from operating activities | ||||||||
| Net loss | (160,749 | ) | (25,537 | ) | ||||
| Taxes on income | (2,123 | ) | 3,612 | |||||
| Loss before tax | (162,872 | ) | (21,925 | ) | ||||
| Adjustments for: | ||||||||
| Interest income | (13,629 | ) | (18,185 | ) | ||||
| Depreciation and amortization | 9,231 | 9,149 | ||||||
| Interest expenses | 724 | 654 | ||||||
| Equity-settled share-based payment | 11,712 | 13,112 | ||||||
| Net foreign exchange differences and expected credit losses | 33,911 | 4,018 | ||||||
| Change in fair value of liabilities for warrants | (1,730 | ) | (4,228 | ) | ||||
| Loss from disposal of fixed assets | 157 | 1 | ||||||
| Changes in: | ||||||||
| Decrease in accounts receivables | 2,658 | 1,142 | ||||||
| (Increase)/decrease in other assets | (1,555 | ) | 83 | |||||
| Decrease in deferred revenue, accounts payables and other liabilities | (15,028 | ) | (91,113 | ) | ||||
| Interest received | 22,558 | 11,098 | ||||||
| Interest paid | (724 | ) | (654 | ) | ||||
| Income tax paid | (8,107 | ) | (2,706 | ) | ||||
| Income tax refunded | 4,733 | — | ||||||
| Net cash used in operating activities | (117,961 | ) | (99,554 | ) | ||||
| Cash flows from investing activities | ||||||||
| Payments for property, plant and equipment | (5,588 | ) | (14,598 | ) | ||||
| Payments for intangible assets | (190 | ) | (148 | ) | ||||
| Proceeds from disposal of property, plant and equipment | 47 | 1 | ||||||
| Payments for investments classified in Other financial assets | (280,651 | ) | (356,596 | ) | ||||
| Proceeds from maturity of investments classified in Other financial assets | 520,089 | 266,361 | ||||||
| Net cash provided by/(used in) investing activities | 233,707 | (104,980 | ) | |||||
| Cash flows from financing activities | ||||||||
| Net proceeds from issuance of shares to equity holders | 13 | 174,554 | ||||||
| Payments of lease liabilities | (2,211 | ) | (1,228 | ) | ||||
| Net cash provided by/(used in) financing activities | (2,198 | ) | 173,326 | |||||
| Net increase/(decrease) in cash and cash equivalents | 113,548 | (31,208 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 236,748 | 218,472 | ||||||
| Effects of exchange rate changes and expected credit losses on cash and cash equivalents | (15,374 | ) | 1,935 | |||||
| Cash and cash equivalents at the end of the period | 334,922 | 189,199 | ||||||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in Shareholders' Equity of Immatics N.V.
| (Euros in thousands) | Share capital | Share premium | Accumulated deficit | Other reserves | Total share- holders' equity | |||||||||||||||
| Balance as of January 1, 2024 | 847 | 823,166 | (604,759 | ) | (1,636 | ) | 217,618 | |||||||||||||
| Other comprehensive loss | — | — | — | (579 | ) | (579 | ) | |||||||||||||
| Net loss | — | — | (25,537 | ) | — | (25,537 | ) | |||||||||||||
| Comprehensive income/(loss) for the period | — | — | (25,537 | ) | (579 | ) | (26,116 | ) | ||||||||||||
| Equity-settled share-based compensation | — | 13,112 | — | — | 13,112 | |||||||||||||||
| Share options exercised | 1 | 1,113 | — | — | 1,114 | |||||||||||||||
| Issue of share capital – net of transaction costs | 183 | 173,257 | — | — | 173,440 | |||||||||||||||
| Balance as of September 30, 2024 | 1,031 | 1,010,648 | (630,296 | ) | (2,215 | ) | 379,168 | |||||||||||||
| Balance as of January 1, 2025 | 1,216 | 1,162,136 | (589,541 | ) | 1,031 | 574,842 | ||||||||||||||
| Other comprehensive loss | — | — | — | (9,138 | ) | (9,138 | ) | |||||||||||||
| Net loss | — | — | (160,750 | ) | — | (160,750 | ) | |||||||||||||
| Comprehensive loss for the period | — | — | (160,750 | ) | (9,138 | ) | (169,888 | ) | ||||||||||||
| Equity-settled share-based compensation | — | 11,712 | — | — | 11,712 | |||||||||||||||
| Share options exercised | — | 13 | — | — | 13 | |||||||||||||||
| Balance as of September 30, 2025 | 1,216 | 1,173,861 | (750,291 | ) | (8,107 | ) | 416,679 | |||||||||||||
1 All amounts translated using the exchange rate published by the European Central Bank in effect as of September 30, 2025 (1 EUR = 1.1741 USD).
2 Refers to PRAME+/HLA-A*02:01+ patients per year in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast
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