UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
August 13, 2025
Commission File Number: 001-39363
IMMATICS N.V.
Paul-Ehrlich-Straße 15
72076 Tübingen, Federal Republic of Germany
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On August 13, 2025, Immatics N.V. (the “Company”) issued an interim report for the three- and six-month period ended June 30, 2025, which is attached hereto as Exhibit 99.1, and issued a press release announcing the second quarter 2025 financial results and business update for the Company, which is attached hereto as Exhibit 99.2. In addition, the Company made available an updated investor presentation. A copy of this presentation is attached hereto as Exhibit 99.3.
INCORPORATION BY REFERENCE
This Report on Form 6-K (other than Exhibit 99.2 and Exhibit 99.3 hereto) including Exhibit 99.1 hereto, shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration Nos. 333-249408, 333-265820, 333-280935 and 333-288466) and the registration statements on Form F-3 (Registration Nos. 333-240260, 333-274218 and 333-286151) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBITS
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Exhibit Number |
Description |
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Immatics N.V. interim report for the three- and six-month period ended June 30, 2025. |
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101.INS
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Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
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101.SCH |
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
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104 |
Cover page formatted as Inline XBRL and contained in Exhibit 101 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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IMMATICS N.V. |
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Date: August 13, 2025 |
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by: |
/s/ Harpreet Singh
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Harpreet Singh |
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Chief Executive Officer |
3
Exhibit 99.1
PRELIMINARY NOTE
The unaudited interim condensed Consolidated Financial Statements for the three- and six-month period ended June 30, 2025, included herein, have been prepared in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as issued by the International Accounting Standards Board (“IASB”). The Consolidated Financial Statements are presented in euros. All references in this interim report to “$,” and “U.S. dollars” mean U.S. dollars and all references to “€” and “euros” mean euros, unless otherwise noted.
This interim report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains statements that constitute forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). All statements other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercial strategy, potential market opportunities, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this interim report can be identified by the use of forward-looking words such as “anticipate”, “believe”, “could”, “expect”, “should”, “plan”, “intend”, “estimate”, “will” and “potential” among others. Forward-looking statements are based on our management’s beliefs and assumptions and on information available to our management at the time such statements are made. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to the macro-economic environment; inconclusive clinical trial results or clinical trials failing to achieve one or more endpoints, early data not being repeated in ongoing or future clinical trials, failures to secure required regulatory approvals, disruptions from failures by third-parties on whom we rely in connection with our clinical trials, delays or negative determinations by regulatory authorities, changes or increases in oversight and regulation; increased competition; manufacturing delays or problems, inability to achieve enrollment targets, disagreements with our collaboration partners or failures of collaboration partners to pursue product candidates, legal challenges, including product liability claims or intellectual property disputes, commercialization factors, including regulatory approval and pricing determinations, disruptions to access to raw materials or starting material, proliferation and continuous evolution of new technologies; disruptions to Immatics’ business; management changes; dislocations in the capital markets; and other important factors described under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 27, 2025 and those described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they were made. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
We own various trademark registrations and applications, and unregistered trademarks, including Immatics®, XPRESIDENT®, ACTengine®, ACTallo®, ACTolog®, XCEPTOR®, TCER®, AbsQuant®, IMADetect® and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this interim report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this interim report may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
As used in this interim report, the terms “Immatics”, “we”, “our”, “us”, “the Group” and “the Company” refer to Immatics N.V. and its subsidiaries, taken as a whole, unless the context otherwise requires. The unaudited interim condensed consolidated financial statements and Management’s Discussion & Analysis of Financial Condition and Results of Operations in this interim report are related to Immatics N.V. and its German subsidiary Immatics Biotechnologies GmbH as well as its U.S. subsidiary Immatics US Inc.
1
Unaudited Interim Condensed Consolidated Statement of Loss of Immatics N.V.
|
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Three months ended June 30, |
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Six months ended June 30, |
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||||||||||
|
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Notes |
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
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||||
|
|
|
|
(Euros in thousands, except per share data) |
|
|
|
(Euros in thousands, except per share data) |
|
||||||||||
Revenue from collaboration agreements |
|
4 |
|
|
4,737 |
|
|
|
18,755 |
|
|
|
|
23,318 |
|
|
|
49,024 |
|
Research and development expenses |
|
|
|
|
(45,106 |
) |
|
|
(35,216 |
) |
|
|
|
(87,014 |
) |
|
|
(67,324 |
) |
General and administrative expenses |
|
|
|
|
(12,780 |
) |
|
|
(10,128 |
) |
|
|
|
(24,847 |
) |
|
|
(21,770 |
) |
Other income |
|
|
|
|
22 |
|
|
|
25 |
|
|
|
|
41 |
|
|
|
37 |
|
Operating result |
|
|
|
|
(53,127 |
) |
|
|
(26,564 |
) |
|
|
|
(88,502 |
) |
|
|
(40,033 |
) |
Change in fair value of liabilities for warrants |
|
5 |
|
|
133 |
|
|
|
(648 |
) |
|
|
|
1,730 |
|
|
|
395 |
|
Other financial income |
|
5 |
|
|
4,421 |
|
|
|
9,665 |
|
|
|
|
10,685 |
|
|
|
20,580 |
|
Other financial expenses |
|
5 |
|
|
(22,776 |
) |
|
|
(305 |
) |
|
|
|
(36,113 |
) |
|
|
(515 |
) |
Financial result |
|
|
|
|
(18,222 |
) |
|
|
8,712 |
|
|
|
|
(23,698 |
) |
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|
20,460 |
|
Loss before taxes |
|
|
|
|
(71,349 |
) |
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|
(17,852 |
) |
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|
|
(112,200 |
) |
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|
(19,573 |
) |
Taxes on income |
|
6 |
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|
1,001 |
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|
|
(140 |
) |
|
|
|
1,996 |
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|
|
(660 |
) |
Net loss |
|
|
|
|
(70,348 |
) |
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|
(17,992 |
) |
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(110,204 |
) |
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|
(20,233 |
) |
Net loss per share: |
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16 |
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|
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Basic |
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(0.58 |
) |
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(0.17 |
) |
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|
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(0.91 |
) |
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|
(0.20 |
) |
Diluted |
|
|
|
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(0.58 |
) |
|
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(0.17 |
) |
|
|
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(0.91 |
) |
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|
(0.20 |
) |
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
2
Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
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Three months ended June 30, |
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Six months ended June 30, |
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||||||||||
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Notes |
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2025 |
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2024 |
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|
2025 |
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|
2024 |
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|
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(Euros in thousands) |
|
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(Euros in thousands) |
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||||||||||
Net loss |
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|
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(70,348 |
) |
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|
(17,992 |
) |
|
|
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(110,204 |
) |
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(20,233 |
) |
Other comprehensive income/(loss) |
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|
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|
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||||
Items that may be reclassified subsequently to profit or loss |
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||||
Currency translation differences from foreign operations |
|
|
|
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(5,833 |
) |
|
|
462 |
|
|
|
|
(8,544 |
) |
|
|
798 |
|
Total comprehensive loss for the period |
|
|
|
|
(76,181 |
) |
|
|
(17,530 |
) |
|
|
|
(118,748 |
) |
|
|
(19,435 |
) |
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
3
Unaudited Interim Condensed Consolidated Statement of Financial Position of Immatics N.V.
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As of |
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|||||
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Notes |
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June 30, 2025 |
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December 31, 2024 |
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|
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(Euros in thousands) |
|
|||||
Assets |
|
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
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Cash and cash equivalents |
|
15 |
|
|
256,635 |
|
|
|
236,748 |
|
Other financial assets |
|
15 |
|
|
221,551 |
|
|
|
367,704 |
|
Accounts receivables |
|
15 |
|
|
1,962 |
|
|
|
5,857 |
|
Other current assets |
|
8 |
|
|
23,788 |
|
|
|
19,246 |
|
Total current assets |
|
|
|
|
503,936 |
|
|
|
629,555 |
|
Non-current assets |
|
|
|
|
|
|
|
|
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Property, plant and equipment |
|
9 |
|
|
46,306 |
|
|
|
50,380 |
|
Intangible assets |
|
9 |
|
|
1,598 |
|
|
|
1,629 |
|
Right-of-use assets |
|
9 |
|
|
14,462 |
|
|
|
13,332 |
|
Other non-current assets |
|
8 |
|
|
1,000 |
|
|
|
1,250 |
|
Total non-current assets |
|
|
|
|
63,366 |
|
|
|
66,591 |
|
Total assets |
|
|
|
|
567,302 |
|
|
|
696,146 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||
Provisions |
|
10 |
|
|
4,391 |
|
|
|
— |
|
Accounts payables |
|
11 |
|
|
18,701 |
|
|
|
20,693 |
|
Deferred revenue |
|
4 |
|
|
24,389 |
|
|
|
35,908 |
|
Liabilities for warrants |
|
15 |
|
|
— |
|
|
|
1,730 |
|
Lease liabilities |
|
15 |
|
|
3,004 |
|
|
|
2,851 |
|
Other current liabilities |
|
12 |
|
|
6,762 |
|
|
|
6,805 |
|
Total current liabilities |
|
|
|
|
57,247 |
|
|
|
67,987 |
|
Non-current liabilities |
|
|
|
|
|
|
|
|
||
Deferred revenue |
|
4 |
|
|
27,561 |
|
|
|
34,161 |
|
Lease liabilities |
|
15 |
|
|
14,112 |
|
|
|
13,352 |
|
Deferred tax liability |
|
6 |
|
|
3,808 |
|
|
|
5,804 |
|
Total non-current liabilities |
|
|
|
|
45,481 |
|
|
|
53,317 |
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
||
Share capital |
|
13 |
|
|
1,216 |
|
|
|
1,216 |
|
Share premium |
|
13 |
|
|
1,170,616 |
|
|
|
1,162,136 |
|
Accumulated deficit |
|
13 |
|
|
(699,745 |
) |
|
|
(589,541 |
) |
Other reserves |
|
13 |
|
|
(7,513 |
) |
|
|
1,031 |
|
Total shareholders’ equity |
|
|
|
|
464,574 |
|
|
|
574,842 |
|
Total liabilities and shareholders’ equity |
|
|
|
|
567,302 |
|
|
|
696,146 |
|
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4
Unaudited Interim Condensed Consolidated Statement of Cash Flows of Immatics N.V.
|
|
Six months ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Taxes on income |
|
|
(1,996 |
) |
|
|
660 |
|
Loss before tax |
|
|
(112,200 |
) |
|
|
(19,573 |
) |
Adjustments for: |
|
|
|
|
|
|
||
Interest income |
|
|
(9,719 |
) |
|
|
(12,660 |
) |
Depreciation and amortization |
|
|
6,166 |
|
|
|
6,116 |
|
Interest expenses |
|
|
493 |
|
|
|
420 |
|
Equity-settled share-based payment |
|
|
8,471 |
|
|
|
8,605 |
|
Net foreign exchange differences and expected credit losses |
|
|
34,241 |
|
|
|
(7,723 |
) |
Change in fair value of liabilities for warrants |
|
|
(1,730 |
) |
|
|
(395 |
) |
Gains from disposal of fixed assets |
|
|
40 |
|
|
|
1 |
|
Changes in: |
|
|
|
|
|
|
||
Decrease in accounts receivables |
|
|
3,894 |
|
|
|
1,283 |
|
(Increase)/decrease in other assets |
|
|
(277 |
) |
|
|
766 |
|
Decrease in deferred revenue, accounts payables and other liabilities |
|
|
(15,534 |
) |
|
|
(48,493 |
) |
Interest received |
|
|
18,012 |
|
|
|
8,260 |
|
Interest paid |
|
|
(493 |
) |
|
|
(420 |
) |
Income tax paid |
|
|
(5,445 |
) |
|
|
(2,012 |
) |
Income tax refunded |
|
|
820 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(73,261 |
) |
|
|
(65,825 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Payments for property, plant and equipment |
|
|
(4,503 |
) |
|
|
(11,797 |
) |
Payments for intangible assets |
|
|
(190 |
) |
|
|
(148 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
47 |
|
|
|
— |
|
Payments for investments classified in Other financial assets |
|
|
(280,651 |
) |
|
|
(356,596 |
) |
Proceeds from maturity of investments classified in Other financial assets |
|
|
396,353 |
|
|
|
196,548 |
|
Net cash provided by/(used in) investing activities |
|
|
111,056 |
|
|
|
(171,993 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Net proceeds from issuance of shares to equity holders |
|
|
9 |
|
|
|
174,476 |
|
Payments of lease liabilities |
|
|
(1,473 |
) |
|
|
(397 |
) |
Net cash provided by/(used in) financing activities |
|
|
(1,464 |
) |
|
|
174,079 |
|
Net increase/(decrease) in cash and cash equivalents |
|
|
36,331 |
|
|
|
(63,739 |
) |
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 |
|
|
(16,444 |
) |
|
|
3,410 |
|
Cash and cash equivalents at the end of the period |
|
|
256,635 |
|
|
|
158,143 |
|
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities and income tax paid
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5
Unaudited Interim Condensed Consolidated Statement of Changes in Shareholders’ equity of Immatics N.V.
(Euros in thousands) |
|
Notes |
|
Share |
|
|
Share |
|
|
Accumulated |
|
|
Other |
|
|
Total |
|
|||||
Balance as of January 1, 2024 (as restated)* |
|
|
|
|
847 |
|
|
|
823,166 |
|
|
|
(604,759 |
) |
|
|
(1,636 |
) |
|
|
217,618 |
|
Other comprehensive income |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
798 |
|
|
|
798 |
|
Net loss (restated)* |
|
|
|
|
— |
|
|
|
— |
|
|
|
(20,233 |
) |
|
|
— |
|
|
|
(20,233 |
) |
Comprehensive income/(loss) for the period (as restated)* |
|
|
|
|
— |
|
|
|
— |
|
|
|
(20,233 |
) |
|
|
798 |
|
|
|
(19,435 |
) |
Equity-settled share-based compensation |
|
7 |
|
|
— |
|
|
|
8,605 |
|
|
|
— |
|
|
|
— |
|
|
|
8,605 |
|
Share options exercised |
|
13 |
|
|
1 |
|
|
|
1,036 |
|
|
|
— |
|
|
|
— |
|
|
|
1,037 |
|
Issue of share capital – net of transaction costs |
|
13 |
|
|
183 |
|
|
|
173,257 |
|
|
|
— |
|
|
|
— |
|
|
|
173,440 |
|
Balance as of June 30, 2024 (as restated)* |
|
|
|
|
1,031 |
|
|
|
1,006,064 |
|
|
|
(624,992 |
) |
|
|
(838 |
) |
|
|
381,265 |
|
Balance as of January 1, 2025 |
|
|
|
|
1,216 |
|
|
|
1,162,136 |
|
|
|
(589,541 |
) |
|
|
1,031 |
|
|
|
574,842 |
|
Other comprehensive loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,544 |
) |
|
|
(8,544 |
) |
Net loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
(110,204 |
) |
|
|
— |
|
|
|
(110,204 |
) |
Comprehensive loss for the period |
|
|
|
|
— |
|
|
|
— |
|
|
|
(110,204 |
) |
|
|
(8,544 |
) |
|
|
(118,748 |
) |
Equity-settled share-based compensation |
|
7 |
|
|
— |
|
|
|
8,471 |
|
|
|
— |
|
|
|
— |
|
|
|
8,471 |
|
Share options exercised |
|
13 |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Balance as of June 30, 2025 |
|
|
|
|
1,216 |
|
|
|
1,170,616 |
|
|
|
(699,745 |
) |
|
|
(7,513 |
) |
|
|
464,574 |
|
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
6
Notes to the Unaudited Interim Condensed Consolidated Financial Statements of Immatics N.V.
1. Group information
Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH (“Immatics GmbH”) and its U.S. subsidiary, Immatics US Inc., (“Immatics” or “the Group”) is a biotechnology group active in precision targeting of PRAME and is primarily engaged in the research and development of PRAME-directed immunotherapies for the treatment of cancer.
Immatics N.V. is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany.
These unaudited interim condensed consolidated financial statements of the Group for the three and six month period ended June 30, 2025, were authorized for issue by the Audit Committee of Immatics N.V. on August 13, 2025.
2. Material accounting policies
2.1 Basis of presentation
The unaudited interim condensed consolidated financial statements of the Group as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared on a going concern basis in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as issued by the International Accounting Standards Board (“IASB”).
In accordance with IAS 34, the unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”), taking into account the recommendations of the IFRS Interpretations Committee (“IFRIC® Interpretations”). In the Group's annual financial statements for the year ended December 31, 2024, the Group restated their previously issued unaudited interim condensed consolidated financial statements related to accounting of deferred tax assets and deferred tax liabilities (refer to "2.3 Restatement of previously issued interim financial statements (unaudited)"). In these notes to the unaudited condensed consolidated financial statements, information is provided primarily on the items for which there have been significant changes compared with the consolidated financial statements of the Group for the year ended December 31, 2024.
The unaudited interim condensed consolidated financial statements are presented in Euros, which is the functional and reporting currency of the parent, Immatics N.V. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date. The unaudited interim condensed consolidated statement of loss is translated at average exchange rates. The currency translation differences are recognized in other comprehensive income.
The following exchange rates from the European Central Bank are used for the unaudited interim condensed consolidated financial statements of the Group as of June 30, 2025 and for the three and six months ended June 30, 2025:
|
Euros per U.S. Dollar |
|
||||
|
2025 |
|
2024 |
|
||
Spot rate as of June 30, |
|
0.8532 |
|
|
0.9341 |
|
Spot rate as of March 31, |
|
0.9246 |
|
|
0.9250 |
|
Spot rate as of December 31, |
|
— |
|
|
0.9626 |
|
Average rate three months ended June 30, |
|
0.8820 |
|
|
0.9288 |
|
Average rate six months ended June 30, |
|
0.9152 |
|
|
0.9248 |
|
Average rate three months ended March 31, |
|
0.9503 |
|
|
0.9210 |
|
The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024. The new and amended standards and interpretations applicable for the first time as of January 1, 2025, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2024, had no impact on the unaudited interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2025.
In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 “Presentation of Financial Statements”, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category.
7
The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.
Estimates and assumptions have to be made in the unaudited interim consolidated financial statements as of June 30, 2025. These have an impact on the amounts and disclosures of the recognized assets and liabilities, income and expenses, and contingent liabilities. The estimates and judgments are essentially unchanged from the circumstances described in the consolidated financial statements of the Group for the year ended December 31, 2024. New developments may result in amounts deviating from the original estimates. These possible developments are outside the sphere of influence of the management.
2.2 Restatement of previously issued interim financial statements
During the preparation of the consolidated financial statements for the year ended December 31, 2024, the Group identified and corrected a misstatement related to the recognition of deferred tax assets related to tax losses carried forward. The Group did not take into account the limitations of German tax law to recover tax losses carried forward. Therefore, the Group overstated income tax expenses from changes in deferred tax liabilities during the three and six months ended June 30, 2024. The Company restated the financial statements in conjunction with the issuance of its annual report for the period ended December 31, 2024. The impact of this restatement has been reflected in the tables below. Corresponding corrections were made in the Consolidated Statement of Changes in Shareholder’s Equity and Consolidated Statement of Comprehensive Income/(Loss).
In addition the company adjusted the presentation of 'Income tax paid' by disclosing this amount separately in the statement of cashflow with an offset to ‘(Increase)/decrease in other assets’. This adjustment has no impact on 'Net cash provided by/(used in) operating activities'.
This correction of the deferred liabilities resulted in the following impact to the Unaudited Interim Condensed Consolidated Statement of Loss:
|
Three months ended June 30, 2024 |
|
|
Six months ended June 30, 2024 |
|
||||||||||||||||||
|
As previously reported |
|
|
Adjustment |
|
|
As restated |
|
|
As previously reported |
|
|
Adjustment |
|
|
As restated |
|
||||||
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||||||||||
Loss before taxes |
|
(17,852 |
) |
|
|
— |
|
|
|
(17,852 |
) |
|
|
(19,573 |
) |
|
|
— |
|
|
|
(19,573 |
) |
Taxes on income |
|
(170 |
) |
|
|
30 |
|
|
|
(140 |
) |
|
|
(1,503 |
) |
|
|
843 |
|
|
|
(660 |
) |
Net loss |
|
(18,022 |
) |
|
|
30 |
|
|
|
(17,992 |
) |
|
|
(21,076 |
) |
|
|
843 |
|
|
|
(20,233 |
) |
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity holders of the parent |
|
(18,022 |
) |
|
|
30 |
|
|
|
(17,992 |
) |
|
|
(21,076 |
) |
|
|
843 |
|
|
|
(20,233 |
) |
Net loss |
|
(18,022 |
) |
|
|
30 |
|
|
|
(17,992 |
) |
|
|
(21,076 |
) |
|
|
843 |
|
|
|
(20,233 |
) |
Net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
(0.17 |
) |
|
|
— |
|
|
|
(0.17 |
) |
|
|
(0.21 |
) |
|
|
0.01 |
|
|
|
(0.20 |
) |
Diluted |
|
(0.17 |
) |
|
|
— |
|
|
|
(0.17 |
) |
|
|
(0.21 |
) |
|
|
0.01 |
|
|
|
(0.20 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
103,071,657 |
|
|
|
— |
|
|
|
103,071,657 |
|
|
|
100,917,905 |
|
|
|
— |
|
|
|
100,917,905 |
|
Diluted |
|
103,071,657 |
|
|
|
— |
|
|
|
103,071,657 |
|
|
|
100,917,905 |
|
|
|
— |
|
|
|
100,917,905 |
|
8
This correction of the deferred liabilities and income tax paid resulted in the following impact to the Unaudited Interim Condensed Consolidated Statement of Cash Flows:
|
Six months ended June 30, 2024 |
|
|||||||||
|
As previously reported |
|
|
Adjustment |
|
|
As restated |
|
|||
|
(Euros in thousands) |
|
|||||||||
Net loss |
|
(21,076 |
) |
|
|
843 |
|
|
|
(20,233 |
) |
Taxes on income |
|
1,503 |
|
|
|
(843 |
) |
|
|
660 |
|
Loss before taxation |
|
(19,573 |
) |
|
|
— |
|
|
|
(19,573 |
) |
(Increase)/decrease in other assets |
|
(1,246 |
) |
|
|
2,012 |
|
|
|
766 |
|
Income tax paid |
|
— |
|
|
|
(2,012 |
) |
|
|
(2,012 |
) |
Net cash used in operating activities |
|
(65,825 |
) |
|
|
— |
|
|
|
(65,825 |
) |
Net cash used in investing activities |
|
(171,993 |
) |
|
|
— |
|
|
|
(171,993 |
) |
Net cash provided by financing activities |
|
174,079 |
|
|
|
— |
|
|
|
174,079 |
|
Net decrease in cash and cash equivalents |
|
(63,739 |
) |
|
|
— |
|
|
|
(63,739 |
) |
Cash and cash equivalents at beginning of period |
|
218,472 |
|
|
|
— |
|
|
|
218,472 |
|
Effects of exchange rate changes and expected credit losses on cash and cash equivalents |
|
3,410 |
|
|
|
— |
|
|
|
3,410 |
|
Cash and cash equivalents at end of period |
|
158,143 |
|
|
|
— |
|
|
|
158,143 |
|
The revision of the presentation of income tax paid in the Condensed Consolidated Statement of Cash Flows for the year ended December 31, 2024 resulted in an increase in ‘Income tax paid’ of €13.1 million and a corresponding decrease in ‘(Increase)/decrease in other assets’ of €2.8 million and in ‘Increase/(decrease) in deferred revenue, accounts payables and other liabilities’ of €10.3 million. Net cash provided by/(used in) operating activities remains unchanged.
3. Segment information
The Group manages its operations as a single segment for the purpose of assessing performance and making operating decisions. The Group’s focus is on the research and development of PRAME-directed immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources.
4. Revenue from collaboration agreements
The Group currently earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of June 30, 2025, the Group had two revenue-generating strategic collaboration agreements in place, one with Bristol-Myers-Squibb (“BMS”) and one agreement with ModernaTX, Inc. (“Moderna”), which both are in pre-clinical stage.
Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration agreements represent one or more combined performance obligations, the determination of the transaction price and the allocation of the transaction price to identified performance obligations.
Revenue from collaboration agreements was realized with the following partners:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Revenue from collaboration agreements: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Moderna, United States |
|
|
3,795 |
|
|
|
8,720 |
|
|
|
18,197 |
|
|
|
18,303 |
|
BMS, United States |
|
|
942 |
|
|
|
10,035 |
|
|
|
5,121 |
|
|
|
15,770 |
|
Genmab, Denmark |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,951 |
|
Total |
|
|
4,737 |
|
|
|
18,755 |
|
|
|
23,318 |
|
|
|
49,024 |
|
9
As of June 30, 2025, the Group has not received nor recognized any material milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract.
The revenue for the three and six months ended June 30, 2025 from the remaining collaboration agreements with BMS and Moderna is recognized over time on a cost-to-cost basis. During the three months ended June 30, 2025, €3.8 million revenue was recognized for the Moderna collaboration agreement. For the collaboration agreement with BMS revenue of €0.9 million was recognized during the three months ended June 30, 2025. The collaboration with Genmab A/S, Copenhagen/Denmark (“Genmab”) was terminated in March 2024 resulting in the recognition of the remaining deferred revenue of €14.9 million. Therefore, during the three and six months ended June 30, 2025 no revenue was recognized under the Genmab collaboration agreement.
Deferred revenue related to the collaboration agreements consists of the following:
|
|
As of |
|
|||||
|
|
June 30,2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Current |
|
|
24,389 |
|
|
|
35,908 |
|
Non-current |
|
|
27,561 |
|
|
|
34,161 |
|
Total |
|
|
51,950 |
|
|
|
70,069 |
|
Deferred revenues are contract liabilities within the scope of IFRS 15.
5. Financial result
Financial income and financial expenses consist of the following:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Change in fair value of liabilities of warrants |
|
|
133 |
|
|
|
(648 |
) |
|
|
1,730 |
|
|
|
395 |
|
Interest income |
|
|
4,256 |
|
|
|
6,366 |
|
|
|
9,719 |
|
|
|
12,659 |
|
Foreign currency gains |
|
|
116 |
|
|
|
2,763 |
|
|
|
167 |
|
|
|
7,851 |
|
Gains on other financial instruments |
|
|
49 |
|
|
|
536 |
|
|
|
799 |
|
|
|
70 |
|
Other financial income |
|
|
4,421 |
|
|
|
9,665 |
|
|
|
10,685 |
|
|
|
20,580 |
|
Interest expenses |
|
|
(244 |
) |
|
|
(226 |
) |
|
|
(493 |
) |
|
|
(420 |
) |
Foreign currency losses |
|
|
(22,532 |
) |
|
|
(79 |
) |
|
|
(35,620 |
) |
|
|
(95 |
) |
Other financial expenses |
|
|
(22,776 |
) |
|
|
(305 |
) |
|
|
(36,113 |
) |
|
|
(515 |
) |
Financial result |
|
|
(18,222 |
) |
|
|
8,712 |
|
|
|
(23,698 |
) |
|
|
20,460 |
|
The fair value of the warrants decreased from €0.24 ($0.25) per warrant as of December 31, 2024 to €0.02 ($0.02) as of March 31, 2025 and decreased to €0.00 ($0.00) as of June 30, 2025. The result is a decrease in fair value of liabilities for warrants of €0.1 million and a corresponding income for the three months ended June 30, 2025 and a decrease in fair value of liabilities for warrants of €1.7 million and a corresponding income for the six months ended June 30, 2025.
The fair value of the warrants decreased from €2.64 ($2.92) per warrant as of December 31, 2023 to €2.50 ($2.70) as of March 31, 2024 and increased to €2.59 ($2.77) as of June 30, 2024. The result is an increase in fair value of liabilities for warrants of €0.6 million and a corresponding expense for the three months ended June 30, 2024 and a decrease in fair value of liabilities for warrants of €0.4 million for the six months ended June 30, 2024.
The Company's public warrants expired on July 1, 2025, resulting in the derecognition of the Liabilities for warrants in the Statement of Financial Position on July 1, 2025 without impact on the Statement of Profit and Loss as the fair value of the warrants was €0.0 as of June 30, 2025. The warrants have not been exercised during their lifetime.
Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.
10
Foreign currency gains and losses primarily consist of revaluation effects from exchange rate fluctuations on USD-denominated cash and cash equivalents, and short-term deposits held by Immatics N.V. and Immatics GmbH.
Losses and gains on financial instruments include expected credit losses on cash and cash equivalents and other financial assets for the three and six months ended June 30, 2025 and 2024.
6. Income Tax
The following table illustrates the current and deferred taxes for the periods indicated:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Current income tax |
|
|
— |
|
|
|
(170 |
) |
|
|
— |
|
|
|
(1,503 |
) |
Deferred income tax |
|
|
1,001 |
|
|
|
30 |
|
|
|
1,996 |
|
|
|
843 |
|
Taxes on income |
|
|
1,001 |
|
|
|
(140 |
) |
|
|
1,996 |
|
|
|
(660 |
) |
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities
During the three and six months ended June 30, 2025, Immatics N.V., Immatics GmbH and Immatics US Inc. generated a net loss within the Group. Correspondingly the Group did not recognize a current income tax expense for the three and six months ended June 30, 2025.
During the three and six months ended June 30, 2025, the deferred tax liability decreased by €1.0 million and €2.0 million, respectively, due to a decrease in temporary differences and correspondingly the Group recognized a deferred income tax benefit.
Immatics received an income tax refund of €0.8 million during the three months ended June 30, 2025 from income tax prepayments made in prior periods.
During the three and six months ended June 30, 2024, Immatics N.V. and Immatics US Inc. generated a net loss within the Group. Immatics GmbH generated a net income for the three months ended June 30, 2024 due to the recognition of revenue from the collaboration agreements with BMS and Moderna and correspondingly the Group recognized an income tax expense of €0.2 million and an equivalent current tax liability. For the six months ended June 30, 2024, Immatics GmbH generated a net income due to the recognition of the remaining upfront payment of €14.9 million within revenue, in connection with the termination of the collaboration with Genmab and revenue from collaboration agreements, correspondingly the Group recognized an income tax expense of €1.5 million and an equivalent current tax liability.
The income tax expense is calculated based on taxable income of Immatics GmbH for the three and six months ended June 30, 2024. The Group applied the estimated effective tax rate for the financial year 2024 to the taxable income for the three and six months ended June 30, 2024. The Group took into account the tax losses carried forward that can be used to offset the taxable income generated in the three and six months ended June 30, 2024 for the purpose of income tax calculation. In accordance with §10d para 2 EStG (German income tax code), 70% (corporate tax) / 60% (trade tax) of an income of a given year can be offset with tax losses carried forward. Accordingly, 30% / 40% of the income before tax of Immatics GmbH is subject to income tax.
As the profit generated by Immatics GmbH during the three and six months ended June 30, 2024 is considered as a one-time profit, deferred tax assets on tax losses carried forward are recognized only to the extent that they offset deferred tax liabilities for temporary differences, taking into account the limitations in accordance with §10d para 2 EStG (German income tax code). The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years, which could result in the recognition of deferred tax assets.
Due to the limitations on ability to offset deferred tax liabilities with tax losses carried forward in accordance with 10d para 2 EStG, Immatics N.V. and Immatics GmbH need to account for all deferred tax liabilities for taxable temporary differences whereas deferred tax assets on losses carried forward can only be recognized to a certain percentage.
11
During the three and six months ended June 30, 2025 and 2024, the Group’s German operations were subject to a statutory tax rate of 30.2%, and the Group’s U.S. operations were subject to a federal corporate income tax rate of 21%.
Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.
7. Share-based payments
Immatics N.V. has four share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan (“2020 Equity Plan”). This plan was complemented by the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”) which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company’s 2024 stock option and incentive plan (“2024 Equity Plan”). At the Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company’s 2025 stock option and incentive plan (“2025 Equity Plan”). The 2025 Equity Plan allows the company to grant additional options.
Under the 2020 Equity Plan, the 2022 Equity Plan and the 2024 Equity Plan, directors, management and employees have been granted different types of options, all of which are equity-settled transactions.
Under the plans, the Company has the settlement choice for all options granted and has no present obligation to settle in cash, therefore, all options are treated as equity-settled transactions.
Granted options shall accelerate and become vested and exercisable in full immediately prior to and subject to the consummation of a sale event, which was not deemed probable as of June 30, 2025 and 2024, respectively.
Service Options
Under the 2020 Equity Plan, the 2022 Equity Plan and the 2024 Equity Plan, Immatics issues employee stock options with a service requirement (“Service Options”) to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based vesting schedule. Under the 2022 Equity Plan and the 2024 Equity Plan, annual service options for members of the Board of Directors will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, which were accounted for using the respective grant date fair value.
Immatics applied a Black-Scholes pricing model to estimate the fair value of the Service Options, with a weighted average fair value of $3.94 per Service Option granted during the six months ended June 30, 2025 and used the following weighted average assumptions:
|
|
Three months ended June 30, 2025 |
|
|
Six months ended June 30, 2025 |
|
||
Exercise price in USD |
|
$ |
5.19 |
|
|
$ |
5.42 |
|
Underlying share price in USD |
|
$ |
5.19 |
|
|
$ |
5.42 |
|
Volatility |
|
|
84.58 |
% |
|
|
83.12 |
% |
Time period (years) |
|
|
5.61 |
|
|
|
5.96 |
|
Risk-free rate |
|
|
3.89 |
% |
|
|
4.21 |
% |
Dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
12
Service Options outstanding as of June 30, 2025:
|
|
2025 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Service Options outstanding on January 1, |
|
|
9.94 |
|
|
|
10,089,474 |
|
Service Options granted in 2025 |
|
|
5.42 |
|
|
|
1,421,900 |
|
Service Options forfeited |
|
|
11.19 |
|
|
|
42,572 |
|
Service Options exercised |
|
|
— |
|
|
|
— |
|
Service Options expired |
|
|
10.34 |
|
|
|
85,528 |
|
Service Options outstanding on June 30, |
|
|
9.37 |
|
|
|
11,383,274 |
|
Service Options exercisable on June 30, |
|
|
10.21 |
|
|
|
5,972,199 |
|
Weighted average remaining contract life (years) |
|
|
7.26 |
|
|
|
|
|
Performance-Based Options (“PSUs”)
In addition, at the initial listing on Nasdaq, certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options (“PSUs”), vesting based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively.
The Company did not grant PSUs during the three and six months ended June 30, 2025.
PSUs outstanding as of June 30, 2025:
|
|
2025 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
PSUs outstanding on January 1, |
|
|
10.09 |
|
|
|
3,680,000 |
|
PSUs granted in 2025 |
|
|
— |
|
|
|
— |
|
PSUs forfeited |
|
|
— |
|
|
|
— |
|
PSUs outstanding on June 30, |
|
|
10.09 |
|
|
|
3,680,000 |
|
PSUs exercisable on June 30, |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
5.10 |
|
|
|
|
|
The Group recognized total employee-related share-based compensation expenses from all plans, during the three and six months ended June 30, 2025 and 2024 as set out below:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|||||||||||||
Research and development expenses |
|
|
(2,066 |
) |
|
|
(2,595 |
) |
|
|
(4,220 |
) |
|
|
(4,863 |
) |
General and administrative expenses |
|
|
(2,075 |
) |
|
|
(1,713 |
) |
|
|
(4,251 |
) |
|
|
(3,742 |
) |
Total share-based compensation |
|
|
(4,141 |
) |
|
|
(4,308 |
) |
|
|
(8,471 |
) |
|
|
(8,605 |
) |
13
Additional outstanding awards fully vested
Immatics GmbH previously issued share-based awards to employees under former Equity plans. As part of the initial listing on Nasdaq, all outstanding awards were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. These awards are fully vested and no additional expense is recognized.
Matching Stock Options outstanding as of June 30, 2025:
|
|
2025 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Matching Stock Options outstanding on January 1, |
|
|
10.00 |
|
|
|
1,315,798 |
|
Matching Stock Options forfeited |
|
|
10.00 |
|
|
|
4,950 |
|
Matching Stock Options exercised |
|
|
— |
|
|
|
— |
|
Matching Stock Options expired |
|
|
10.00 |
|
|
|
7,910 |
|
Matching Stock Options outstanding on June 30, |
|
|
10.00 |
|
|
|
1,302,938 |
|
Matching Stock Options exercisable on June 30, |
|
|
10.00 |
|
|
|
1,302,938 |
|
Weighted average remaining contract life (years) |
|
|
5.00 |
|
|
|
|
|
Converted Options outstanding as of June 30, 2025:
|
|
2025 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Converted Options outstanding on January 1, |
|
|
2.90 |
|
|
|
477,842 |
|
Converted Options forfeited |
|
|
1.50 |
|
|
|
2,275 |
|
Converted Options exercised |
|
|
1.06 |
|
|
|
9,338 |
|
Converted Options expired |
|
|
1.17 |
|
|
|
1,078 |
|
Converted Options outstanding on June 30, |
|
|
2.94 |
|
|
|
465,151 |
|
Converted Options exercisable on June 30, |
|
|
2.94 |
|
|
|
465,151 |
|
Weighted average remaining contract life (years) |
|
|
2.51 |
|
|
|
|
|
8. Other current and non-current assets
Other current assets consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
11,364 |
|
|
|
12,048 |
|
Value added tax receivables |
|
|
950 |
|
|
|
888 |
|
Other assets |
|
|
11,474 |
|
|
|
6,310 |
|
Total |
|
|
23,788 |
|
|
|
19,246 |
|
Prepaid expenses include expenses for licenses and software of €3.2 million as of June 30, 2025 and €3.6 million as of December 31, 2024 and prepaid maintenance expenses of €1.1 million as of June 30, 2025 and €1.2 million as of December 31, 2024.
The remaining prepaid expenses of €7.1 million as of June 30, 2025 and €7.2 million as of December 31, 2024 are mainly prepayments for clinical research organizations, insurance and other services.
Other assets include receivables from pre-paid income tax of €10.5 million as of June 30, 2025 and €5.9 million as of December 31, 2024.
14
Other non-current assets consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
131 |
|
|
|
333 |
|
Other assets |
|
|
869 |
|
|
|
917 |
|
Total |
|
|
1,000 |
|
|
|
1,250 |
|
9. Property, plant and equipment, intangible assets and Right-of-use assets
During the three months ended June 30, 2025 and June 30, 2024, the Group acquired property, plant and equipment and intangible assets in the amount of €1.9 million and €2.2 million, respectively.
The Group’s additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €1.4 million and €1.4 million for the three months ended June 30, 2025 and June 30, 2024, respectively.
During the three months ended June 30, 2025, there was no material addition in right-of-use assets and corresponding lease liability. During the three months ended June 30, 2024, there was an addition of €2.4 million in right-of-use assets and corresponding lease liability for the new research facility in Tübingen, Germany.
During the six months ended June 30, 2025 and June 30, 2024, the Group acquired property, plant and equipment and intangible assets in the amount of €5.4 million and €9.7 million, respectively.
The Group’s additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €4.1 million and €6.3 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
During the six months ended June 30, 2025, there was an increase in right-of-use assets and corresponding lease liability of €3.2 million mainly related to the expansion of our facilities. During the six months ended June 30, 2024, there was an addition of €2.4 million in right-of-use assets and corresponding lease liability for the new research facility in Tübingen, Germany.
During the six months ended June 30, 2025 and June 30, 2024, €1.5 million and €1.9 million of the investments were not paid in the period, respectively.
10. Provisions
Provisions consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Provision for bonuses |
|
|
4,391 |
|
|
|
— |
|
Total |
|
|
4,391 |
|
|
|
— |
|
These amounts include provisions for the Group’s annual employee bonuses, which are paid at year end.
15
11. Accounts payables
Accounts payables consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Trade payables |
|
|
4,204 |
|
|
|
10,112 |
|
Accrued liabilities |
|
|
14,497 |
|
|
|
10,581 |
|
Total |
|
|
18,701 |
|
|
|
20,693 |
|
Accounts payables are non-interest-bearing and are due within one year. The carrying amounts of accounts payables represent fair values due to their short-term nature.
12. Other current liabilities
Other current liabilities consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Accrual for vacation and overtime |
|
|
2,063 |
|
|
|
1,579 |
|
Income tax liability |
|
|
1,761 |
|
|
|
1,761 |
|
Payroll tax |
|
|
755 |
|
|
|
2,008 |
|
Other liabilities |
|
|
2,183 |
|
|
|
1,457 |
|
Total |
|
|
6,762 |
|
|
|
6,805 |
|
Other current liabilities are non-interest-bearing and are due within one year. The carrying amounts of other current liabilities represent fair values due to their short-term nature.
13. Shareholders’ equity
As of June 30, 2025 and December 31, 2024, the total number of ordinary shares of Immatics N.V. outstanding is 121,559,507 and 121,550,169 with a par value of €0.01, respectively.
The number of ordinary shares increased during the three and six months ended June 30, 2025 compared to the year ended December 31, 2024, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €0.1 thousand and share premium of €8.6 thousand.
On January 22, 2024, the Group closed an offering of 18,313,750 ordinary shares with a public offering price of $11.00 (€10.10) per ordinary share. The Group received gross proceeds of €185.0 million less transaction costs of €11.6 million, resulting in an increase in share capital of €183.0 thousand and share premium of €173.2 million.
Additionally, the number of ordinary shares increased during the three and six months ended June 30, 2024, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €1 thousand and share premium of €1.0 million.
Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s U.S. operations.
16
14. Related party disclosures
During the three and six months ended June 30, 2025, the Group did not enter into any new related-party transactions with its key management personnel or with related entities other than the granting of a total of 332,000 Service options to its Board of Directors during the three and six months ended June 30, 2025.
15. Financial Instruments
Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the unaudited interim condensed consolidated financial statements.
|
|
Carrying amount per measurement category |
|
|
|
|
|
|
|
|||||||||||||||
|
|
Financial assets as of June 30, 2025 |
|
|
Financial liabilities as of June 30, 2025 |
|
|
|
|
|
|
|
||||||||||||
(Euros in thousands) |
|
At fair value |
|
|
At amortized |
|
|
At fair value |
|
|
At amortized |
|
|
IFRS 7 not |
|
|
June 30, 2025 |
|
||||||
Current/non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
|
— |
|
|
|
256,635 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
256,635 |
|
Short-term deposits* |
|
|
— |
|
|
|
221,551 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
221,551 |
|
Accounts receivables |
|
|
— |
|
|
|
1,962 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,962 |
|
Other current/non-current assets* |
|
|
— |
|
|
|
1,649 |
|
|
|
— |
|
|
|
— |
|
|
|
23,139 |
|
|
|
24,788 |
|
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,701 |
|
|
|
— |
|
|
|
18,701 |
|
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
6,712 |
|
|
|
6,762 |
|
Liabilities for warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,116 |
|
|
|
17,116 |
|
Total |
|
|
— |
|
|
|
481,797 |
|
|
|
— |
|
|
|
18,751 |
|
|
|
46,967 |
|
|
|
|
|
|
|
Carrying amount per measurement category |
|
|
|
|
|
|
|
|||||||||||||||
|
|
Financial assets as of December 31, 2024 |
|
|
Financial liabilities as of December 31, 2024 |
|
|
|
|
|
|
|
||||||||||||
(Euros in thousands) |
|
At fair value |
|
|
At amortized |
|
|
At fair value |
|
|
At amortized |
|
|
IFRS 7 not |
|
|
December 31, 2024 |
|
||||||
Current/non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
|
— |
|
|
|
236,748 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
236,748 |
|
Short-term deposits* |
|
|
— |
|
|
|
367,704 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
367,704 |
|
Accounts receivables |
|
|
— |
|
|
|
5,857 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,857 |
|
Other current/non-current assets* |
|
|
— |
|
|
|
1,244 |
|
|
|
— |
|
|
|
— |
|
|
|
19,252 |
|
|
|
20,496 |
|
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,693 |
|
|
|
— |
|
|
|
20,693 |
|
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
6,755 |
|
|
|
6,805 |
|
Liabilities for warrants |
|
|
— |
|
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
|
— |
|
|
|
1,730 |
|
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,203 |
|
|
|
16,203 |
|
Total |
|
|
— |
|
|
|
611,553 |
|
|
|
1,730 |
|
|
|
20,743 |
|
|
|
42,210 |
|
|
|
|
|
* “Short-term deposits” are classified within the balance sheet item “Other financial assets”. Other current/non-current assets comprise mainly of deposits.
The book value of financial assets and liabilities other than lease liabilities and liabilities for warrants represent a reasonable approximation of the fair value.
All financial assets and financial liabilities classified as "at fair value through profit and loss" are measured by using quoted prices in an active market for identical assets and liabilities (Level 1), respectively.
17
Liabilities for warrants are comprised of the Immatics Warrants issued to investors with a cashless exercise mechanism as a current liability which the Company accounted for according to provisions of IAS 32. The Company measures the warrants at fair value by using the closing price of warrants at Nasdaq. The warrants are measured in each reporting period. Changes in the fair value are recognized in the Company’s Consolidated Statement of Loss as financial income or expenses, as appropriate. The warrants are classified as Level 1 of the fair value hierarchy. The maturity of the liabilities for warrants is dependent on the development of the share price as well as the decisions by the Immatics Warrants holders. The warrants expired on July 1, 2025.
16. Earnings and Loss per Share
The Group reported basic and diluted loss per share during the three and six months ended June 30, 2025 and 2024. Basic earnings and loss per share are calculated by dividing the net profit or loss by the weighted-average number of ordinary shares outstanding for the reporting period.
Diluted earnings and loss per share are calculated by adjusting the weighted-average number of ordinary shares outstanding for any dilutive effects resulting from equity awards granted to the Board and employees of the Group as well as from publicly traded Immatics Warrants. The Group’s equity awards and Immatics Warrants for which the exercise price is exceeding the Group’s weighted average share price, are excluded from the calculation of diluted weighted average number of ordinary shares.
The Group was loss-making during the three and six months ended June 30, 2025 and June 30, 2024, therefore all instruments under the 2020, 2022 and 2024 Equity Plan are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding.
The 7,187,500 Immatics Warrants issued in 2020 and outstanding as of June 30, 2025 do not have a dilutive effect for the three and six months ended June 30, 2025 as the Group’s weighted average share price is below the exercise price for the given period and their conversion to ordinary shares would have decreased loss per share. For the three and six months ended June 30, 2024 the Group’s weighted average share price was below the exercise price for the given period. Therefore, Immatics Warrants were anti-dilutive, as its conversion would have decreased loss per share.
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands, except share and per share data) |
|
|
(Euros in thousands, except share and per share data) |
|
||||||||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
|
(70,348 |
) |
|
|
(17,992 |
) |
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Adjustments of loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss available to common shareholders |
|
|
(70,348 |
) |
|
|
(17,992 |
) |
|
|
(110,204 |
) |
|
|
(20,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic |
|
|
121,552,940 |
|
|
|
103,071,657 |
|
|
|
121,551,570 |
|
|
|
100,917,905 |
|
Effect of potentially dilutive warrants / shares option |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted average shares outstanding - diluted |
|
|
121,552,940 |
|
|
|
103,071,657 |
|
|
|
121,551,570 |
|
|
|
100,917,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per share - basic |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
(0.91 |
) |
|
|
(0.20 |
) |
Loss per share - diluted |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
(0.91 |
) |
|
|
(0.20 |
) |
*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities
18
17. Commitments and contingencies
The statements regarding contingent liabilities and other financial liabilities described in the consolidated financial statements of the Group for the year ended December 31, 2024 are essentially unchanged.
18. Events occurring after the interim reporting period
The Company evaluated further subsequent events for recognition or disclosure through August 13, 2025. The Company's public warrants expired on July 1, 2025. The expiration resulted in the derecognition of the Liabilities for warrants in the Statement of Financial Position on July 1, 2025 without impacts on the Statement of Profit and Loss as the fair value of the warrants was €0.0 as of June 30, 2025. The warrants have not been exercised during their lifetime.
On July 4, 2025, the 119th United States Congress passed the One Big Beautiful Bill Act ("OBBBA"). The Company is currently reviewing the potential impacts of the OBBBA enacted on July 4, 2025. While the Act was not in effect as of June 30, 2025, management is currently evaluating the potential impact of the new law on the Company’s financial position and future results of operations.
On July 11, 2025 the German Federal Council enacted the act on the immediate tax investment program to strengthen Germany as a business location, introducing tax incentives such as accelerated depreciation and a phased reduction in corporate tax rates. While the Act was not in effect as of June 30, 2025, management is currently evaluating the potential impact of the new law on the Company’s financial position and future results of operations.
The Company did not identify additional material subsequent events.
19
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis is based on the financial information of Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US, Inc. (“Immatics”, the “Company”, the “Group”, “we”, “our”). You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements for the three and six month period ended June 30, 2025 and 2024 included in this interim report. You should also read our operating and financial review and prospects and our Consolidated Financial Statements for the year ended December 31, 2024, and the notes thereto, in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 (the “Annual Report”). The following discussion is based on the financial information of Immatics prepared in accordance with International Financial Reporting Standards (“IFRS”), which may differ in material respects from generally accepted accounting principles in other jurisdictions, including U.S. generally accepted accounting principles.
Overview
We are a clinical-stage biotechnology company and 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. Our mission is to make a meaningful impact on the lives of patients with cancer and high unmet medical needs by producing novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We strive to become an industry leading, fully integrated global biopharmaceutical company engaged in developing, manufacturing and commercializing PRAME immunotherapies for the benefit of cancer patients, our shareholders, our employees and our partners.
PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules. The PRAME peptide can be targeted by T-cell receptors (“TCRs”) engineered by Immatics, thus overcoming the limitations of classical antibodies and CAR T-cell therapies not able to access intracellular targets.
Our PRAME franchise currently includes three product candidates, two therapeutic modalities and one combination therapy that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), our off-the-shelf, next-generation, half-life extended IMA402 PRAME bispecific as well as anzu-cel in combination with Moderna’s PRAME adaptive immune modulating therapy. Each modality targeting PRAME, cell therapy and bispecific, is designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for the targeted cancer patient populations.
In addition, we are driving innovation beyond PRAME with IMA401, our clinical-stage bispecific, targeting MAGEA4/8, as well as several proprietary and partnered preclinical product candidates targeting multiple indications.
Since our inception, we have focused on developing our technologies and executing our preclinical and clinical research programs with the goal of delivering novel PRAME immunotherapies to patients with cancer. We do not have any products approved for sale. We have funded our operations primarily through equity financing and through payments from our collaboration partners.
We have assembled a team of 639 and 627 FTEs as of June 30, 2025 and December 31, 2024, respectively.
Through June 30, 2025 we have raised €1.5 billion through licensing payments from our collaborators and through private placements and public offerings of securities. We are holding cash and cash equivalents and other financial assets of €478.2 million as of June 30, 2025. We believe that we have sufficient capital resources to fund our operations through at least the next 12 months.
20
Our Strategy
Our mission is to deliver a meaningful impact on the lives of patients with cancer and unmet medical needs by producing novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We seek to execute the following strategy to further this mission, reinforce our position as the global PRAME leader and maximize the value of our PRAME franchise:
Anzu-cel (anzutresgene autoleucel), previously called IMA203, is our lead PRAME cell therapy and will be our 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 patients1. Immatics’ global, randomized, controlled, multi-center Phase 3 clinical trial, SUPRAME, is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel PRAME cell therapy vs. investigator's choice in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a checkpoint inhibitor. SUPRAME is designed as a well-controlled clinical trial evaluating anzu-cel as a monotherapy in a late-stage cutaneous melanoma patient population and is intended to generate robust data to support regulatory approval of anzu-cel as Immatics advances this PRAME cell therapy towards the market. Primary endpoint for seeking full approval will be blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes about quality of life. Pre-specified interim and final data analyses will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death). Data from the interim analysis is not intended to be published to protect the integrity of the ongoing clinical trial. The Company remains on track for planned BLA submission in 1H 2027 and launch of anzu-cel in 2H 2027. Given the event-driven nature of the clinical trial design and based on the clinical site activation timelines, the target number of clinical trial sites and the current strong enrollment rate, Immatics estimates that the interim and final analyses will occur in 2026. Patient recruitment is currently ongoing in the US and Germany. The SUPRAME trial is planned to be conducted in more than 65 sites across North America and Europe, including the US, Germany, France, the Netherlands, the UK and Canada. We will also continue to evaluate anzu-cel in patients with uveal melanoma through the ongoing Phase 1b clinical trial. In addition, a Phase 2 cohort for ~30 patients with uveal melanoma is planned to commence in 4Q 2025.
IMA203CD8 is our 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, we intend to pursue the clinical development of this product with a tumor-agnostic approach, starting with gynecologic cancers.
To expand the PRAME opportunity to early-stage PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA402. Upon delivering clinical proof-of-concept (“PoC”) in last-line melanoma, Immatics plans to explore its potential in gynecologic cancers, non-small cell lung cancer (NSCLC), breast cancer and other solid tumor indications as well as earlier treatment lines of solid cancers, such as first-line (1L) cutaneous melanoma.
We are driving innovation beyond PRAME by evaluating our off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA401, targeting MAGEA4/8 in patients with NSCLC, head & neck cancer, bladder cancer and other solid tumor indications, with the primary goal of developing this product candidate in earlier treatment lines. To unlock more cancer types, we are also advancing mRNA-encoded TCER molecules directed against other targets in collaboration with Moderna.
We have entered strategic collaborations with key industry partners to maintain and expand our global PRAME leadership position and actively seek to enter additional partnerships. These collaborations enable us to develop transformative therapeutics through the combination of synergistic capabilities and technologies, while providing non-dilutive capital through upfront and potential milestone payments, as well as royalties.
(1) Refers to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast The Company’s Chief Financial Officer, Arnd Christ, has informed the Company that he intends to transition out of the Company to pursue other opportunities.
21
Corporate Development
Arnd Christ has served as Chief Financial Officer of Immatics since 2020 and has been instrumental in driving the Company’s maturation as a publicly listed entity. He will be stepping down as Immatics enters its next phase of development and transitions to become a commercial-stage organization. The Company is commencing a search for his replacement. Arnd Christ will remain as the Company’s CFO to ensure a smooth transition until the earlier of the appointment of his successor or the end of 1Q 2026. Arnd Christ’s transition is not as a result of any disagreement with the Company on any matter relating to the Company’s financial statements, internal controls, operations, policies or practices, including accounting principles and practices or its performance.
Components of Operating Results
Revenue from Collaboration Agreements
To date, we have not generated any revenue from the sale of pharmaceutical products. Our revenue has been solely derived from our collaboration agreements, such as with BMS and Moderna. Our revenue from collaboration agreements consists of upfront payments and milestones as well as reimbursement of research and development expenses.
Upfront payments allocated to the obligation to perform research and development services are initially recorded on our statement of financial position as deferred revenue and are subsequently recognized as revenue on a cost-to-cost measurement basis, in accordance with our accounting policy as described further under “Critical Accounting Estimates.”
As part of the collaboration arrangements, we grant exclusive licensing rights for the development and commercialization of future product candidates, developed for specified targets defined in the respective collaboration agreement. We carry out our research activities using our proprietary technology and know-how, participate in joint steering committees, and prepare data packages. In one of our two current revenue generating collaboration agreements, these commitments represent one combined performance obligation, because the research activities are mutually dependent and the collaborator is unable to derive significant benefit from our access to these targets without our research activities, which are highly specialized and cannot be performed by other organizations. For the collaboration signed with Moderna in September 2023, the Group identified the following distinct performance obligations: initial early pre-clinical TCER targets (“Early TCER Activities”), one initial advanced pre-clinical TCER target (“Advanced TCER Activities”) and four distinct performance obligations which, due to their identical accounting treatment as license accesses, are jointly accounted for as if they were one performance obligation (“Database Activities”).
All collaboration agreements resulted in a total of €525.7 million of payments through June 30, 2025. We received €113.0 million ($120.0 million) upfront payment in connection with the strategic collaboration agreement with Moderna and a €13.7 million ($15.0 million) Opt-in payment from our collaboration partner BMS in 2023. As part of the agreements, we contribute insights from XPRESIDENT and other technologies, as well as commit to participating in joint research activities. In addition, we agree to license certain target rights and the potential product candidates developed under the collaboration.
Under each of our revenue generating collaboration agreements, we are entitled to receive payments for certain development and commercial milestone events, in addition to royalty payments upon successful commercialization of a product. Since the achievement of these milestones is uncertain, we have uncertainty in our potential future revenue streams.
Our ability to generate revenue from sales of pharmaceutical products and to become profitable depends on the successful commercialization of product candidates by us and/or by our collaboration partners, following successful clinical trials and approval for sale. To the extent that existing or potential future collaborations generate revenue, our revenue may vary due to many uncertainties in the development of our product candidates and other factors.
22
Research and Development Expenses
Research and development expenses consist primarily of personnel-related costs (including share-based compensation) for the various research and development departments, intellectual property (“IP”) expenses, facility-related costs and amortization as well as direct expenses for clinical and preclinical programs.
Our core business is focused on the following initiatives with the goal of providing novel PRAME-directed immunotherapies to patients with cancer:
• Anzu-cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma;
• IMA203CD8 PRAME Cell Therapy (GEN2): Expansion to all Advanced PRAME Cancers;
• IMA402 PRAME Bispecific: Expansion to Early-Stage PRAME Cancers;
• IMA401 MAGEA4/8 Bispecific and Others: Driving Innovation Beyond PRAME; and
• Unlock the full potential of strategic collaborations.
Research expenses are defined as costs incurred for current or planned investigations undertaken with the prospect of gaining new scientific or technical knowledge and understanding. All research and development costs are expensed as incurred due to scientific uncertainty.
We expect our research and development expenses may increase in the future as we advance existing and future proprietary product candidates into and through clinical studies and pursue regulatory approval. The process of conducting the necessary clinical studies to obtain regulatory approval is costly and time-consuming. We expect our headcount may increase to support our continued research activities and to advance the development of our product candidates. Clinical studies generally become larger and more costly to conduct as they advance into later stages and, in the future, we will be required to make estimates for expense accruals related to clinical study expenses. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of any product candidates that we develop from our programs. We must demonstrate our products’ safety and efficacy through extensive clinical testing. We may experience numerous unforeseen events during, or as a result of, the testing process that could delay or prevent commercialization of our products, including but not limited to the following:
• after reviewing trial results, we or our collaborators may abandon projects previously believed to be promising;
• we, our collaborators, or regulators may suspend or terminate clinical trials if the participating subjects or patients are being exposed to unacceptable health risks;
• our potential products may not achieve the desired effects or may include undesirable side effects or other characteristics that preclude regulatory approval or limit their commercial use if approved;
• contract manufacturing may not meet the necessary standards for the production of the product candidates or may not be able to supply the product candidates in a sufficient quantity;
• regulatory authorities may find that our clinical trial design or conduct does not meet the applicable approval requirements; and
• safety and efficacy results in various human clinical trials reported in scientific and medical literature may not be indicative of results we obtain in our clinical trials.
Clinical testing is very expensive, can take many years, and the outcome is uncertain. The data collected from our clinical trials of our TCR T-cell therapy or TCR Bispecific candidates may not be sufficient to support approval by the FDA, the EMA or comparable regulatory authorities of our TCR T-cell therapy or TCR Bispecific product candidates for the treatment of solid tumors. The clinical trials for our products under development may not be completed on schedule, the FDA, EMA or regulatory authorities in other countries may not view data generated from clinical trials that we designate as “pivotal” or “registration-enabling” as sufficient support regulatory approval, and the FDA, EMA or regulatory authorities in other countries may not ultimately approve any of our product candidates for commercial sale. If we fail to adequately demonstrate the safety and effectiveness of any product candidate under development, we may not receive regulatory approval for those product candidates, which would prevent us from generating revenues or achieving profitability.
23
General and Administrative Expenses
General and administrative expenses consist primarily of personnel-related costs (including share-based compensation) for finance, legal, human resources, business development and other administrative and operational functions, professional fees, accounting and legal services, information technology and facility-related costs. These costs relate to the operation of the business, unrelated to the research and development function or any individual program.
Due to the possible planned increase in research and development activities as explained above, we also expect that our general and administrative expenses might increase. We might incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance costs. Additionally, if and when a regulatory approval of a product candidate appears likely, we anticipate an increase in payroll and expenses as a result of our preparation for commercial operations.
Financial Result
Financial result consists of income and expenses from changes in fair value of warrant liability as well as both other financial income and other financial expenses. Our warrants are classified as liabilities recorded at fair value through profit and loss. The warrants expired on July 1, 2025 and have not been exercised during their lifetime. Other financial income results primarily from interest income and foreign exchange gains. Other financial expenses consist of interest expenses related to lease liabilities, foreign exchange losses and expected credit losses.
Results of Operations
Comparison of the Three and Six Months Ended June 30, 2025 and June 30, 2024
The following table summarizes our consolidated statements of operations for each period presented:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands, except per share data) |
|
|
(Euros in thousands, except per share data) |
|
||||||||||
Revenue from collaboration agreements |
|
|
4,737 |
|
|
|
18,755 |
|
|
|
23,318 |
|
|
|
49,024 |
|
Research and development expenses |
|
|
(45,106 |
) |
|
|
(35,216 |
) |
|
|
(87,014 |
) |
|
|
(67,324 |
) |
General and administrative expenses |
|
|
(12,780 |
) |
|
|
(10,128 |
) |
|
|
(24,847 |
) |
|
|
(21,770 |
) |
Other income |
|
|
22 |
|
|
|
25 |
|
|
|
41 |
|
|
|
37 |
|
Operating result |
|
|
(53,127 |
) |
|
|
(26,564 |
) |
|
|
(88,502 |
) |
|
|
(40,033 |
) |
Change in fair value of liabilities for warrants |
|
|
133 |
|
|
|
(648 |
) |
|
|
1,730 |
|
|
|
395 |
|
Other financial income |
|
|
4,421 |
|
|
|
9,665 |
|
|
|
10,685 |
|
|
|
20,580 |
|
Other financial expenses |
|
|
(22,776 |
) |
|
|
(305 |
) |
|
|
(36,113 |
) |
|
|
(515 |
) |
Financial result |
|
|
(18,222 |
) |
|
|
8,712 |
|
|
|
(23,698 |
) |
|
|
20,460 |
|
Loss before taxes |
|
|
(71,349 |
) |
|
|
(17,852 |
) |
|
|
(112,200 |
) |
|
|
(19,573 |
) |
Taxes on income |
|
|
1,001 |
|
|
|
(140 |
) |
|
|
1,996 |
|
|
|
(660 |
) |
Net loss |
|
|
(70,348 |
) |
|
|
(17,992 |
) |
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
(0.91 |
) |
|
|
(0.20 |
) |
Diluted |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
(0.91 |
) |
|
|
(0.20 |
) |
24
Revenue from Collaboration Agreements
The following table summarizes our collaboration revenue for the periods indicated:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Moderna, United States |
|
|
3,795 |
|
|
|
8,720 |
|
|
|
18,197 |
|
|
|
18,303 |
|
BMS, United States |
|
|
942 |
|
|
|
10,035 |
|
|
|
5,121 |
|
|
|
15,770 |
|
Genmab, Denmark |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,951 |
|
Total |
|
|
4,737 |
|
|
|
18,755 |
|
|
|
23,318 |
|
|
|
49,024 |
|
Our revenue from collaboration agreements decreased by €14.1 million from €18.8 million for the three months ended June 30, 2024 to €4.7 million for the three months ended June 30, 2025. Under our collaboration agreement with Moderna revenue decreased from €8.7 million for the three months ended June 30, 2024 to €3.8 million for the three months ended June 30, 2025. For our collaboration with BMS revenue decreased from €10.1 million for the three months ended June 30, 2024 to €0.9 million for the three months ended June 30, 2025. For both, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project progress within the quarter.
Our revenue from collaboration agreements decreased by €25.7 million from €49.0 million for the six months ended June 30, 2024 to €23.3 million for the six months ended June 30, 2025. Under our collaboration agreement with Moderna revenue decreased from €18.3 million during the six months ended June 30, 2024 to €18.2 million during the six months ended June 30, 2025. Revenue decreased for our collaboration with BMS from €15.8 million during the six months ended June 30, 2024 to €5.1 million during the six months ended June 30, 2025. For both, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project progress within the quarter. In addition, €14.9 million of the decrease in revenue is attributable to the termination of our collaboration agreement with Genmab during the six months ended June 30, 2024.
We did not achieve any material milestones or receive any royalty payments in connection with our collaboration agreements during the presented periods.
Research and Development Expenses
The following table summarizes our research and development expenses for the periods indicated:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Direct external research and development expenses by program: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
TCR T-cell therapy Programs |
|
|
(11,007 |
) |
|
|
(6,849 |
) |
|
|
(20,976 |
) |
|
|
(11,607 |
) |
TCR Bispecific Programs |
|
|
(4,653 |
) |
|
|
(2,461 |
) |
|
|
(7,779 |
) |
|
|
(4,318 |
) |
Other programs |
|
|
(916 |
) |
|
|
(1,820 |
) |
|
|
(1,461 |
) |
|
|
(3,785 |
) |
Sub-total direct external expenses |
|
|
(16,576 |
) |
|
|
(11,130 |
) |
|
|
(30,216 |
) |
|
|
(19,710 |
) |
Indirect research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel related (excluding share-based compensation) |
|
|
(17,507 |
) |
|
|
(14,097 |
) |
|
|
(34,802 |
) |
|
|
(27,495 |
) |
Share-based compensation expenses |
|
|
(2,066 |
) |
|
|
(2,595 |
) |
|
|
(4,221 |
) |
|
|
(4,863 |
) |
IP expenses |
|
|
(725 |
) |
|
|
(994 |
) |
|
|
(1,371 |
) |
|
|
(2,799 |
) |
Facility and depreciation |
|
|
(2,729 |
) |
|
|
(2,889 |
) |
|
|
(5,890 |
) |
|
|
(5,418 |
) |
Other indirect expenses |
|
|
(5,503 |
) |
|
|
(3,511 |
) |
|
|
(10,514 |
) |
|
|
(7,039 |
) |
Sub-total indirect expenses |
|
|
(28,530 |
) |
|
|
(24,086 |
) |
|
|
(56,798 |
) |
|
|
(47,614 |
) |
Total |
|
|
(45,106 |
) |
|
|
(35,216 |
) |
|
|
(87,014 |
) |
|
|
(67,324 |
) |
25
Direct external research and development expenses for our TCR T-cell therapy programs increased from €6.8 million for the three months ended June 30, 2024 to €11.0 million for the three months ended June 30, 2025. This increase mainly resulted from increased activities in our clinical trials for IMA203. Direct external research and development expenses for our TCR Bispecific programs increased from €2.5 million for the three months ended June 30, 2024 to €4.7 million for the three months ended June 30, 2025. This increase mainly resulted from activities related to our continued development of IMA401 as a proprietary product as well as increased activities for IMA402.
Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements decreased from €1.8 million for the three months ended June 30, 2024 to €0.9 million for the three months ended June 30, 2025. This decrease mainly resulted from the termination of our BMS IMA401 collaboration in September 2024.
Direct external research and development expenses for our TCR T-cell therapy programs increased from €11.6 million for the six months ended June 30, 2024 to €21.0 million for the six months ended June 30, 2025. This increase mainly resulted from increased activities in our clinical trials for IMA203. Direct external research and development expenses for our TCR Bispecific programs increased from €4.3 million for the six months ended June 30, 2024 to €7.8 million for the six months ended June 30, 2025. This increase mainly resulted from activities related to our continued development of IMA401 as a proprietary product as well as increased activities for IMA402.
Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements decreased from €3.8 million for the six months ended June 30, 2024 to €1.5 million for the six months ended June 30, 2025. This decrease mainly resulted from the termination of our BMS IMA401 collaboration in September 2024.
We do not allocate indirect research and development expenses by program, as our research and development personnel work across programs. Our intellectual property expenses are incurred for the protection of cancer antigen targets, T cell receptors, antibodies, bispecific molecules, and antigen discovery platforms which are beneficial to the whole research and development group rather than for specific programs. Our programs use common research and development facilities and laboratory equipment, and we also incur other costs such as general laboratory material or maintenance expenses that are incurred for commonly used activities within the whole research and development group.
Personnel-related expenses increased from €14.1 million for the three months ended June 30, 2024 to €17.5 million for the three months ended June 30, 2025. This increase resulted from our headcount growth due to our increased research and development activities including clinical trials. Share-based compensation expenses decreased from €2.6 million for the three months ended June 30, 2024 to €2.1 million for the three months ended June 30, 2025. Shared-based compensation expenses decrease over time mainly due to the fact that certain awards granted as part of the initial listing on Nasdaq have fully vested. IP expenses decreased from €1.0 million for the three months ended June 30, 2024 to €0.7 million for the three months ended June 30, 2025 mainly due to fewer patent activities in research and development carried out during the three months ended June 30, 2025. Facility and depreciation expenses decreased from €2.9 million for the three months ended June 30, 2024 to €2.7 million for the three months ended June 30, 2025. Other indirect expenses increased from €3.5 million for the three months ended June 30, 2024 to €5.5 million for the three months ended June 30, 2025. This increase mainly resulted from activities related to the preparation for scalability of our manufacturing processes.
Personnel-related expenses increased from €27.5 million for the six months ended June 30, 2024 to €34.8 million for the six months ended June 30, 2025. This increase resulted from our headcount growth due to our increased research and development activities including clinical trials. Share-based compensation expenses decreased from €4.9 million for the six months ended June 30, 2024 to €4.2 million for the six months ended June 30, 2025. Shared-based compensation expenses decrease over time mainly due to the fact that certain awards granted as part of the initial listing on Nasdaq have fully vested. IP expenses decreased from €2.8 million for the six months ended June 30, 2024 to €1.4 million for the six months ended June 30, 2025 mainly due to fewer patent activities in research and development carried out during the six months ended June 30, 2025. Facility and depreciation expenses increased from €5.4 million for the six months ended June 30, 2024 to €5.9 million for the six months ended June 30, 2025 due to depreciation of our GMP facility in Houston, for which depreciation started in 2024. Other indirect expenses increased from €7.0 million for the six months ended June 30, 2024 to €10.5 million for the six months ended June 30, 2025. This increase mainly resulted from activities related to the preparation for scalability of our manufacturing processes.
26
General and Administrative Expenses
The following table summarizes our general and administrative expenses for the periods indicated:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Personnel related (excluding share-based compensation) |
|
|
(4,583 |
) |
|
|
(3,909 |
) |
|
|
(8,990 |
) |
|
|
(7,703 |
) |
Share-based compensation expenses |
|
|
(2,075 |
) |
|
|
(1,713 |
) |
|
|
(4,250 |
) |
|
|
(3,742 |
) |
Professional and consulting fees |
|
|
(2,686 |
) |
|
|
(1,225 |
) |
|
|
(4,227 |
) |
|
|
(3,303 |
) |
Other external general and administrative expenses |
|
|
(3,436 |
) |
|
|
(3,281 |
) |
|
|
(7,380 |
) |
|
|
(7,022 |
) |
Total |
|
|
(12,780 |
) |
|
|
(10,128 |
) |
|
|
(24,847 |
) |
|
|
(21,770 |
) |
General and administrative expenses increased from €10.1 million for the three months ended June 30, 2024 to €12.8 million for the three months ended June 30, 2025.
Share-based compensation expenses increased from €1.7 million for the three months ended June 30, 2024 to €2.1 million for the three months ended June 30, 2025. Shared-based compensation expenses increased due to increased options granted partially offset by the decrease over time for awards granted as part of the initial listing on Nasdaq that have fully vested.
Personnel related general and administrative expenses, excluding share-based compensation, increased from €3.9 million for the three months ended June 30, 2024 to €4.6 million for the three months ended June 30, 2025. The increase primarily reflects increased engagement in commercialization preparation activities for our IMA 203 PRAME Cell Therapy.
Professional and consulting fees increased from €1.2 million for the three months ended June 30, 2024 to €2.7 million for the three months ended June 30, 2025. The increase primarily reflects increased engagement in commercialization preparation activities for our IMA 203 PRAME Cell Therapy.
Other external expenses increased from €3.3 million for the three months ended June 30, 2024 to €3.4 million for the three months ended June 30, 2025.
General and administrative expenses increased from €21.8 million for the six months ended June 30, 2024 to €24.8 million for the six months ended June 30, 2025.
Share-based compensation expenses increased from €3.7 million for the six months ended June 30, 2024 to €4.3 million for the six months ended June 30, 2025. Shared-based compensation expenses increased due to increased options granted partially offset by the decrease over time for awards granted as part of the initial listing on Nasdaq that have fully vested.
Personnel related general and administrative expenses, excluding share-based compensation, increased from €7.7 million for the six months ended June 30, 2024 to €9.0 million for the six months ended June 30, 2025. The increase primarily reflects increased engagement in commercialization preparation activities for our IMA 203 PRAME Cell Therapy.
Professional and consulting fees increased from €3.3 million for the six months ended June 30, 2024 to €4.2 million for the six months ended June 30, 2025. The increase primarily reflects increased engagement in commercialization preparation activities for our IMA 203 PRAME Cell Therapy.
Other external expenses increased from €7.0 million for the six months ended June 30, 2024 to €7.4 million for the six months ended June 30, 2025. The increase in other expenses mainly resulted from higher insurance, depreciation and facility expenses.
27
Change in Fair Value of Warrant Liabilities
Subsequent to the initial listing on Nasdaq, there were 7,187,500 warrants outstanding, which were classified as financial liabilities through profit and loss. The warrants entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share.
The fair value of the warrants decreased from €0.24 ($0.25) per warrant as of December 31, 2024 to €0.02 ($0.02) as of March 31, 2025 and decreased to €0.00 ($0.00) as of June 30, 2025. The result is a decrease in fair value of liabilities for warrants of €0.1 million and a corresponding income for the three months ended June 30, 2025 and a decrease in fair value of liabilities for warrants of €1.7 million and a corresponding income for the six months ended June 30, 2025.
The warrants expired on July 1, 2025, five years after the completion of the Business Combination. The expiration resulted in the derecognition of the Liabilities for warrants in the Statement of Financial Position on July 1, 2025 without impacts on the Statement of Profit and Loss as the fair value of the warrants was €0.0 as of June 30, 2025.
Other Financial Income and Other Financial Expenses
Other financial income decreased from €9.7 million for the three months ended June 30, 2024 to €4.4 million for the three months ended June 30, 2025. The decrease mainly resulted from lower unrealized foreign exchange gains and lower interest income mainly due to lower interest rates.
Other financial expenses increased from €0.3 million for the three months ended June 30, 2024 to €22.8 million for the three months ended June 30, 2025. The increase mainly resulted from higher unrealized foreign exchange losses.
Other financial income decreased from €20.6 million for the six months ended June 30, 2024 to €10.7 million for the six months ended June 30, 2025. The increase mainly resulted from lower unrealized foreign exchange gains and lower interest income mainly due to lower interest rates.
Other financial expenses increased from €0.5 million for the six months ended June 30, 2024 to €36.1 million for the six months ended June 30, 2025. The increase mainly resulted from higher unrealized foreign exchange losses.
Taxes on income
Taxes on income decreased from an expense of €0.1 million for the three months ended June 30, 2024 to a benefit of €1.0 million for the three months ended June 30, 2025. The decrease mainly resulted from a current income tax expense of €0.2 million of Immatics GmbH for the three months ended June 30, 2024. Immatics GmbH did not generate a taxable profit for the three months ended June 30, 2025. Deferred tax expenses decreased by €1.0 million due to a decrease in temporary differences resulting in a deferred income tax benefit during the three months ended June 30, 2025.
Taxes on income decreased from an expense of €0.7 million for the six months ended June 30, 2024 to a benefit of €2.0 million for the six months ended June 30, 2025. The decrease mainly resulted from a current income tax expense of €1.5 million of Immatics GmbH for the six months ended June 30, 2024. Immatics GmbH did not generate a taxable profit for the six months ended June 30, 2025. Deferred tax expenses decreased by €1.2 million due to a decrease in temporary differences resulting in a deferred income tax benefit during the six months ended June 30, 2025.
28
Liquidity and Capital Resources
Cash and cash equivalents increased from €236.7 million as of December 31, 2024 to €256.6 million as of June 30, 2025.
We believe our existing Cash, cash equivalents and Other financial assets will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months. We may consider raising additional capital to pursue strategic investments, to take advantage of financing opportunities or for other reasons.
Sources and Uses of Liquidity
We have incurred losses since inception, with the exception of the year ended December 31, 2022 and the year ended December 31, 2024. As of June 30, 2025, we had an accumulated deficit of €699.7 million.
We have funded our operations primarily from public offerings and private placements of our equity securities as well as upfront and other payments from collaboration agreements.
In the year ended December 31, 2024, we received (i) €185.0 million ($201.5 million) gross proceeds less transaction costs of €11.6 million ($12.6 million) in connection with our public offering of 18,313,750 ordinary shares on January 22, 2024; (ii) €137.9 million ($150.3 million) gross proceeds less transaction costs of €8.6 million ($9.4 million) in connection with our public offering of 16,250,000 ordinary shares on October 15, 2024; and (iii) on November 12, 2024 received €19.0 million ($20.2 million) gross proceeds less transactions costs of €1.1 million ($1.2 million) from the additional purchase option of ordinary shares in connection to the public offering on October 15, 2024.
Additionally, we have established an at-the-market (“ATM”) offering program pursuant to which we may, from time to time, issue and sell shares. We filed a prospectus supplement and accompanying prospectus relating to the ATM offering program with an aggregate offering price of $150 million. During the three and six months ended June 30, 2025, no sales were made under the ATM agreement with Leerink Partners LLC.
We plan to utilize the existing Cash, cash equivalents and Other financial assets on hand primarily to fund our operating activities associated with our research and development initiatives to continue or commence clinical trials and seek regulatory approval for our product candidates. We also expect to continue investing in laboratory and manufacturing equipment and operations to support our anticipated development. Cash in excess of immediate requirements is invested in accordance with our investment policy with an emphasis on liquidity and capital preservation and consist primarily of cash in banks and short-term deposits.
Cash Flows
The following table summarizes our cash flows for each period presented:
|
|
Six months ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Net cash provided by / (used in): |
|
|
|
|
|
|
||
Operating activities |
|
|
(73,261 |
) |
|
|
(65,825 |
) |
Investing activities |
|
|
111,056 |
|
|
|
(171,993 |
) |
Financing activities |
|
|
(1,464 |
) |
|
|
174,079 |
|
Total |
|
|
36,331 |
|
|
|
(63,739 |
) |
Operating Activities
We primarily derive cash from our collaboration agreements. Our cash used in operating activities is significantly influenced by our use of cash for operating expenses and working capital to support the business. Historically we experienced negative cash flows from operating activities as we have invested in the development of our technologies and in our clinical and preclinical development of our product candidates.
Our net cash outflow from operating activities for the six months ended June 30, 2025 was €73.3 million. This was comprised of a loss before tax of €112.2 million, an increase in working capital of €11.9 million, a non-cash income of €1.7 million related to the change in fair value of the warrants, partially offset by other effects of €3.7 million, net foreign exchange differences and expected credit losses of €34.2 million, depreciation and amortization charge of €6.1 million and non-cash charges from equity-settled share-based compensation expenses for employees of €8.5 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €15.5 million and an increase in other assets and prepayments of €0.3 million, partly offset by a decrease in accounts receivable of €3.9 million.
29
Our net cash outflow from operating activities for the six months ended June 30, 2024 was €65.8 million. This was comprised by a loss before tax of €19.6 million, an increase in working capital of €46.4 million, net foreign exchange differences and expected credit losses of €7.7 million, other effects of €6.4 million, and a non-cash income of €0.4 million related to the change in fair value of the warrants, partially offset by depreciation and amortization charge of €6.1 million and non-cash charges from equity-settled share-based compensation expenses for employees of €8.6 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €48.5 million, partially offset by a decrease on in other assets and prepayments of €0.8 million and a decrease in accounts receivable of €1.3 million.
Investing Activities
Our net inflow of cash from investing activities for the six months ended June 30, 2025 was €111.1 million. This consisted primarily of cash received from maturity of short-term deposits of €396.4 million, partially offset by cash paid in the amount of €280.7 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €4.6 million cash paid for new equipment and intangible assets.
Our net outflow of cash from investing activities for the six months ended June, 2024 was €172.0 million. This consisted primarily of cash paid in the amount of €356.6 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company, €11.9 million cash paid for new equipment and intangible assets, partially offset by cash received from maturity of bonds and short-term deposits of €196.5 million.
Financing Activities
For the six months ended June 30, 2025, the Group paid €1.5 million for lease agreements.
For the six months ended June 30, 2024, net cash received from financing activities amounted to €174.1 million. On January 22, 2024, the Company closed an offering of 18,313,750 ordinary shares with a public offering price of $11.00 per ordinary share. The Company received net proceeds of €173.4 million after deducting the underwriting discount and fees and offering expenses and intends to use the net proceeds from this offering to fund the continued research and development of the Group’s pipeline, the manufacturing and production of product candidates and for working capital. In addition, the Group received €1.1 million from option exercises under the Equity Plans and paid €0.4 million from lease agreements.
Operation and Funding Requirements
Historically, we have incurred significant losses due to our substantial research and development expenses. We have an accumulated deficit of €699.7 million as of June 30, 2025. We expect our expenses to increase in connection with our ongoing activities, particularly as we continue the research and development of, continue or commence clinical trials including GMP manufacturing of, and seek regulatory approval for and, if approved, commercialize our product candidates. We believe that we have sufficient financial resources available to fund our projected operating requirements for at least the next twelve months. Because the outcome of our current and planned clinical trials is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of our product candidates. For example, our costs will increase if we experience any delays in our current and planned clinical trials. Our future funding requirements will depend on many factors, including, but not limited to:
30
Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain regulatory approval and commercialize our product candidates. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.
Unless and until we can generate sufficient revenue to finance our cash requirements, which may never happen, we may seek additional capital through a variety of means, including through public and private equity offerings and debt financings, credit and loan facilities and additional collaborations. If we raise additional capital through the sale of equity or convertible debt securities, our existing shareholders’ ownership interest will be diluted, and the terms of such equity or convertible debt securities may include liquidation or other preferences that are senior to or otherwise adversely affect the rights of our existing shareholders. If we raise additional capital through the sale of debt securities or through entering into credit or loan facilities, we may be restricted in our ability to take certain actions, such as incurring additional debt, making capital expenditures, acquiring or licensing IP rights, declaring dividends or encumbering our assets to secure future indebtedness. Such restrictions could adversely impact our ability to conduct our operations and execute our business plan. If we raise additional capital through collaborations with third parties, we may be required to relinquish valuable rights to our IP or product candidates or we may be required to grant licenses for our IP or product candidates on unfavorable terms. If we are unable to raise additional capital when needed, we may be required to delay, limit, reduce or terminate our product development efforts or we may be required to grant rights to third parties to develop and market our product candidates that we would otherwise prefer to develop and market ourselves. For more information as to the risks associated with our future funding needs, see “Risk Factors—Risks Related to Our Financial Position.”
Critical Accounting Estimates
Our unaudited interim condensed consolidated financial statements for three and six month period ended June 30, 2025 and 2024, respectively, have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting), as issued by the International Accounting Standards Board.
The preparation of the consolidated financial statements for the year ended December 31, 2024 and the three and six months ended June 30, 2025 in accordance with IFRS required the use of estimates and assumptions by the management that affect the value of assets and liabilities – as well as contingent assets and liabilities – as reported on the balance sheet date, and revenues and expenses arising during the year. The main areas in which assumptions, estimates and the exercising of a degree of discretion are appropriate relate to the determination of revenue recognition, research and development expenses, and share-based compensations as well as income taxes.
Our estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances, and parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond our control. Hence, our estimates may vary from the actual values.
31
While our material accounting policies are more fully discussed in our consolidated financial statements included in our Annual Report, we believe that the following accounting policies are critical to the process of making significant judgments and estimates in the preparation of our unaudited interim condensed consolidated financial statements.
Revenue Recognition for Collaboration Agreements
We recognize revenue through collaboration and license agreements and reimbursement for research and development costs.
Under our collaboration and license agreements, we may receive upfront licensing payments, milestone payments and reimbursement of research and development expenses. Such collaboration agreements also include licenses of certain of our IP to the respective collaborators. As these agreements are comprised of several commitments, it must be assessed whether these commitments are capable of being distinct within the context of the contract. For one of our two current revenue generating collaboration agreements, we determined that the commitments included in each agreement represented single combined performance obligations, with a single measure of progress. The performance obligation is accounted for as a performance obligation satisfied over time on a cost-to-cost basis, as our collaboration partner simultaneously receives and consumes the benefit from our performance. Upfront licensing payments and reimbursement for development expenses are initially deferred on our statement of financial position and subsequently recognized as revenue over time as costs are incurred.
For our collaboration with Moderna, the Group identified the following distinct performance obligations: Early TCER Activities, Advanced TCER Activities and Database Activities. The most reasonable estimation method for the Early TCER Activities and the Database Activities is the adjusted market assessment approach, as we are able to use insights from prior collaborations as well as information implicit in the contract to estimate the stand-alone selling price. To estimate a stand-alone selling price for the performance obligation related to the Advanced TCER Activities, we concluded to use the residual approach as the license is a unique license and there is no available market price for the license and hence no specific stand-alone selling price apart from the residual amount was identified. We evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over all performance obligations is transferred over time. We transfer control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method. For the Database Activities, we will recognize revenue linearly over time, as the performance obligations represent a right to access the database. At inception of the Moderna agreement, the entire upfront payment was initially deferred on our Consolidated Statement of Financial Position.
Milestone payments are generally included in the transaction price at the amount stipulated in the respective agreement and recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. To date, no material milestone payment has been included in the transaction price and recognized into revenue.
We provide development and manufacturing work to our collaboration partners and recognize revenue over time using an input-based method to measure progress toward complete satisfaction of the service, because the collaboration partner simultaneously receives and consumes the benefits provided. Forecast values are used for the calculation of expected future revenue for the remaining term of the contract. These costs estimated as part of the budgeting process must be reviewed and approved before we can use them for recognition purposes. Significant management judgment is required to determine the level of effort required under an arrangement, and the period over which we expect to complete our performance obligations under the arrangement which includes total internal personnel costs and external costs to be incurred. Changes in these estimates can have a material effect on revenue recognized.
Share-based Compensation
The Company offers a share-based compensation plan that includes Performance-Based Options (“PSUs”) and service options including a conversion of previous share-based compensation arrangements entered into by Immatics GmbH.
The costs of equity-settled transactions are determined by the fair value at grant date, using an appropriate valuation model. Share-based expenses for the respective vesting periods, are recognized in research and development expenses and general and administrative expenses, reflecting a corresponding increase in equity.
Income Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expenses already recorded. Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available which can be utilized against the losses. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Due to our history of loss-making over the last several years as well as our expectation for the foreseeable future, we have only recognized deferred tax assets on tax losses carried forward to the extent that they offset deferred tax liabilities for temporary differences, taking into account the limitations in accordance with §10d para 2 EStG (German income tax code).
32
Changes in the estimation of our potential to use tax losses carried forward can have a material effect on our net income.
Recently Issued and Adopted Accounting Pronouncement
New standards and interpretations applied for the first time as of January 1, 2025 and 2024 had no material effect on the consolidated financial statements of the Group.
In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 “Presentation of Financial Statements”, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.
Quantitative and Qualitative Disclosures about Market Risk
We are exposed to various risks in relation to financial instruments. Our principal financial instruments comprise cash and cash equivalents, short-term deposits and accounts receivables. The main purpose of these financial instruments is to invest the proceeds of capital contributions and upfront payments from collaboration agreements. We have various other financial instruments such as other receivables and trade accounts payables, which arise directly from our operations.
The main risks arising from our financial instruments are market risk and liquidity risk. The Board of Management reviews and agrees on policies for managing these risks as summarized below. We also monitor the market price risk arising from all financial instruments.
Interest rate risk
Our exposure to changes in interest rates relates to investments in deposits and to changes in interest for overnight deposits. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments. Regarding the assets and liabilities shown in the Consolidated Statement of Financial Position, we are currently not subject to major interest rate risks.
Credit risk
Financial instruments that potentially subject us to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents, accounts receivables and short-term deposits. Our cash and cash equivalents and short-term deposits are denominated in Euros and U.S. Dollars and maintained with three financial institutions in Germany and two in the United States. Our accounts receivables are denominated in Euros.
We continually monitor our positions with, and the credit quality of, the financial institutions and corporation, which are counterparts to our financial instruments and we are not anticipating non-performance. The maximum default risk corresponds to the carrying amount of the financial assets shown in the statement of financial position. We monitor the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets, as well as expected cash flows from equity measures.
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. In particular, it poses a threat if the value of the currency in which liabilities are priced appreciates relative to the currency of the assets. Our business transactions are generally conducted in Euros and U.S. Dollars. We aim to match Euro cash inflows with Euro cash outflows and U.S. Dollar cash inflows with U.S. Dollar cash outflows where possible. Our objective of currency risk management is to identify, manage and control currency risk exposures within acceptable parameters.
Our cash and cash equivalents were €256.6 million as of June 30, 2025. Approximately 93% of our cash and cash equivalents were held in Germany, of which approximately 37% were denominated in Euros and 63% were denominated in U.S. Dollars.
33
The remainder of our cash and cash equivalents are held in the United States and denominated in U.S. Dollars. Additionally, we have short-term deposits classified as Other financial assets denominated in Euros in the amount of €95.8 million and U.S. Dollars in the amount of €125.7 million as of June 30, 2025.
OTHER INFORMATION
Legal Proceedings
From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. As of the date of this Report, we do not believe that we are party to any claim or litigation, the outcome of which would, individually or in the aggregate, be reasonably expected to have a material adverse effect on our business.
Risk Factors
There have been no material changes from the risk factors described in the section titled “Risk Factors” in our Annual Report.
34
Exhibit 99.2
PRESS RELEASE
Immatics Announces Second Quarter 2025 Financial Results
and Business Update
[1] All amounts translated using the exchange rate published by the European Central Bank in effect as of June 30, 2025 (1 EUR = 1.172 USD).
Immatics Press Release August 13, 2025 1 | 14
Houston, Texas and Tuebingen, Germany, August 13, 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 June 30, 2025.
“The presentation of positive and extended follow-up Phase 1b data at ASCO has further strengthened our conviction in the transformative therapeutic potential of our PRAME cell therapy, anzu-cel, in patients with advanced cutaneous and uveal melanoma,” said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. “The advancement of the SUPRAME Phase 3 trial remains our top priority as we strive to bring anzu-cel to the market for patients with unmet medical need. In addition, Immatics is building the broadest PRAME franchise with the most PRAME indications and modalities. In the coming months, we look forward to delivering updates on our next-generation, half-life extended PRAME bispecific, IMA402, our second-generation PRAME cell therapy, IMA203CD8, as well as data beyond PRAME from IMA401, our bispecific targeting MAGEA4/8.”
Second Quarter 2025 and Subsequent Company Progress
PRAME Franchise
Anzu-cel (IMA203) PRAME Cell Therapy – 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
[2] Refers to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast
Immatics Press Release August 13, 2025 2 | 14
Phase 1b trial for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic melanoma
Immatics Press Release August 13, 2025 3 | 14
Anzu-cel (IMA203) PRAME cell therapy in patients with uveal melanoma
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 with a tumor-agnostic approach, starting with gynecologic cancers.
IMA402 PRAME Bispecific – Expansion to Early-Stage PRAME Cancers
To expand the PRAME opportunity to early-stage PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA402. Upon delivering clinical proof-of-concept (“PoC”) in last-line melanoma, Immatics plans to explore its potential in gynecologic cancers, non-small cell lung cancer (NSCLC), breast cancer and other solid tumor indications as well as earlier treatment lines of solid cancers, such as first-line (1L) cutaneous melanoma.
Immatics Press Release August 13, 2025 4 | 14
Beyond the PRAME Franchise
IMA401 MAGEA4/8 Bispecific – Driving Innovation Beyond PRAME
Immatics is driving innovation beyond PRAME by evaluating its off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA401, targeting MAGEA4/8 in patients with NSCLC, head & neck cancer, bladder cancer and other solid tumor indications, with the primary goal of developing this product candidate in earlier treatment lines.
Corporate Development
Immatics Press Release August 13, 2025 5 | 14
Second Quarter 2025 Financial Results
Cash Position: Cash and cash equivalents as well as other financial assets total $560.5 million1 (€478.2 million) as of June 30, 2025, compared to $708.5 million1 (€604.5 million) as of December 31, 2024. The decrease is mainly due to ongoing research and development activities and includes unrealized foreign exchange translational losses of $41.7 million1 (€35.6 million), which do not impact the expected cash reach.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was $5.5 million1 (€4.7 million) for the three months ended June 30, 2025, compared to $22.0 million1 (€18.8 million) for the three months ended June 30, 2024.
Research and Development Expenses: R&D expenses were $52.9 million1 (€45.1 million) for the three months ended June 30, 2025, compared to $41.3 million1 (€35.2 million) for the three months ended June 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 $15.0 million1 (€12.8 million) for the three months ended June 30, 2025, compared to $11.8 million1 (€10.1 million) for the three months ended June 30, 2024.
Net Profit and Loss: Net loss was $82.4 million1 (€70.3 million) for the three months ended June 30, 2025, compared to a net loss of $21.1 million1 (€18.0 million) for the three months ended June 30, 2024. The increase mainly resulted from lower revenue recognized and higher unrealized non-cash foreign exchange rate losses.
Full financial statements can be found in our Report on 6-K filed with the Securities and Exchange Commission (SEC) on August 13, 2025, and published on the SEC website under www.sec.gov.
Immatics Press Release August 13, 2025 6 | 14
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 a combination therapy that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific and anzu-cel in combination with Moderna’s PRAME adaptive immune modulating therapy.
About Immatics
Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.
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.
Immatics Press Release August 13, 2025 7 | 14
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.
Immatics Press Release August 13, 2025 8 | 14
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 Press Release August 13, 2025 9 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics N.V.
|
|
Three months ended June 30, |
|
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands, except per share data) |
|
|
|
(Euros in thousands, except per share data) |
|
||||||||||
Revenue from collaboration agreements |
|
|
4,737 |
|
|
|
18,755 |
|
|
|
|
23,318 |
|
|
|
49,024 |
|
Research and development expenses |
|
|
(45,106 |
) |
|
|
(35,216 |
) |
|
|
|
(87,014 |
) |
|
|
(67,324 |
) |
General and administrative expenses |
|
|
(12,780 |
) |
|
|
(10,128 |
) |
|
|
|
(24,847 |
) |
|
|
(21,770 |
) |
Other income |
|
|
22 |
|
|
|
25 |
|
|
|
|
41 |
|
|
|
37 |
|
Operating result |
|
|
(53,127 |
) |
|
|
(26,564 |
) |
|
|
|
(88,502 |
) |
|
|
(40,033 |
) |
Change in fair value of liabilities for warrants |
|
|
133 |
|
|
|
(648 |
) |
|
|
|
1,730 |
|
|
|
395 |
|
Other financial income |
|
|
4,421 |
|
|
|
9,665 |
|
|
|
|
10,685 |
|
|
|
20,580 |
|
Other financial expenses |
|
|
(22,776 |
) |
|
|
(305 |
) |
|
|
|
(36,113 |
) |
|
|
(515 |
) |
Financial result |
|
|
(18,222 |
) |
|
|
8,712 |
|
|
|
|
(23,698 |
) |
|
|
20,460 |
|
Loss before taxes |
|
|
(71,349 |
) |
|
|
(17,852 |
) |
|
|
|
(112,200 |
) |
|
|
(19,573 |
) |
Taxes on income |
|
|
1,001 |
|
|
|
(140 |
) |
|
|
|
1,996 |
|
|
|
(660 |
) |
Net loss |
|
|
(70,348 |
) |
|
|
(17,992 |
) |
|
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
|
(0.91 |
) |
|
|
(0.20 |
) |
Diluted |
|
|
(0.58 |
) |
|
|
(0.17 |
) |
|
|
|
(0.91 |
) |
|
|
(0.20 |
) |
Immatics Press Release August 13, 2025 10 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
|
|
Three months ended June 30, |
|
|
|
Six months ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
||||
|
|
(Euros in thousands) |
|
|
|
(Euros in thousands) |
|
||||||||||
Net loss |
|
|
(70,348 |
) |
|
|
(17,992 |
) |
|
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Currency translation differences from foreign operations |
|
|
(5,833 |
) |
|
|
462 |
|
|
|
|
(8,544 |
) |
|
|
798 |
|
Total comprehensive loss for the period |
|
|
(76,181 |
) |
|
|
(17,530 |
) |
|
|
|
(118,748 |
) |
|
|
(19,435 |
) |
Immatics Press Release August 13, 2025 11 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
|
|
As of |
|
|||||
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
256,635 |
|
|
|
236,748 |
|
Other financial assets |
|
|
221,551 |
|
|
|
367,704 |
|
Accounts receivables |
|
|
1,962 |
|
|
|
5,857 |
|
Other current assets |
|
|
23,788 |
|
|
|
19,246 |
|
Total current assets |
|
|
503,936 |
|
|
|
629,555 |
|
Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
46,306 |
|
|
|
50,380 |
|
Intangible assets |
|
|
1,598 |
|
|
|
1,629 |
|
Right-of-use assets |
|
|
14,462 |
|
|
|
13,332 |
|
Other non-current assets |
|
|
1,000 |
|
|
|
1,250 |
|
Total non-current assets |
|
|
63,366 |
|
|
|
66,591 |
|
Total assets |
|
|
567,302 |
|
|
|
696,146 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Provisions |
|
|
4,391 |
|
|
|
— |
|
Accounts payables |
|
|
18,701 |
|
|
|
20,693 |
|
Deferred revenue |
|
|
24,389 |
|
|
|
35,908 |
|
Liabilities for warrants |
|
|
— |
|
|
|
1,730 |
|
Lease liabilities |
|
|
3,004 |
|
|
|
2,851 |
|
Other current liabilities |
|
|
6,762 |
|
|
|
6,805 |
|
Total current liabilities |
|
|
57,247 |
|
|
|
67,987 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Deferred revenue |
|
|
27,561 |
|
|
|
34,161 |
|
Lease liabilities |
|
|
14,112 |
|
|
|
13,352 |
|
Deferred tax liability |
|
|
3,808 |
|
|
|
5,804 |
|
Total non-current liabilities |
|
|
45,481 |
|
|
|
53,317 |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Share capital |
|
|
1,216 |
|
|
|
1,216 |
|
Share premium |
|
|
1,170,616 |
|
|
|
1,162,136 |
|
Accumulated deficit |
|
|
(699,745 |
) |
|
|
(589,541 |
) |
Other reserves |
|
|
(7,513 |
) |
|
|
1,031 |
|
Total shareholders’ equity |
|
|
464,574 |
|
|
|
574,842 |
|
Total liabilities and shareholders’ equity |
|
|
567,302 |
|
|
|
696,146 |
|
Immatics Press Release August 13, 2025 12 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
|
|
Six months ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(Euros in thousands) |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
|
(110,204 |
) |
|
|
(20,233 |
) |
Taxes on income |
|
|
(1,996 |
) |
|
|
660 |
|
Loss before tax |
|
|
(112,200 |
) |
|
|
(19,573 |
) |
Adjustments for: |
|
|
|
|
|
|
||
Interest income |
|
|
(9,719 |
) |
|
|
(12,660 |
) |
Depreciation and amortization |
|
|
6,166 |
|
|
|
6,116 |
|
Interest expenses |
|
|
493 |
|
|
|
420 |
|
Equity-settled share-based payment |
|
|
8,471 |
|
|
|
8,605 |
|
Net foreign exchange differences and expected credit losses |
|
|
34,241 |
|
|
|
(7,723 |
) |
Change in fair value of liabilities for warrants |
|
|
(1,730 |
) |
|
|
(395 |
) |
Gains from disposal of fixed assets |
|
|
40 |
|
|
|
1 |
|
Changes in: |
|
|
|
|
|
|
||
Decrease in accounts receivables |
|
|
3,894 |
|
|
|
1,283 |
|
(Increase)/decrease in other assets |
|
|
(277 |
) |
|
|
766 |
|
Decrease in deferred revenue, accounts payables and other liabilities |
|
|
(15,534 |
) |
|
|
(48,493 |
) |
Interest received |
|
|
18,012 |
|
|
|
8,260 |
|
Interest paid |
|
|
(493 |
) |
|
|
(420 |
) |
Income tax paid |
|
|
(5,445 |
) |
|
|
(2,012 |
) |
Income tax refunded |
|
|
820 |
|
|
|
— |
|
Net cash used in operating activities |
|
|
(73,261 |
) |
|
|
(65,825 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Payments for property, plant and equipment |
|
|
(4,503 |
) |
|
|
(11,797 |
) |
Payments for intangible assets |
|
|
(190 |
) |
|
|
(148 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
47 |
|
|
|
— |
|
Payments for investments classified in Other financial assets |
|
|
(280,651 |
) |
|
|
(356,596 |
) |
Proceeds from maturity of investments classified in Other financial assets |
|
|
396,353 |
|
|
|
196,548 |
|
Net cash provided by/(used in) investing activities |
|
|
111,056 |
|
|
|
(171,993 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Net proceeds from issuance of shares to equity holders |
|
|
9 |
|
|
|
174,476 |
|
Payments of lease liabilities |
|
|
(1,473 |
) |
|
|
(397 |
) |
Net cash provided by/(used in) financing activities |
|
|
(1,464 |
) |
|
|
174,079 |
|
Net increase/(decrease) in cash and cash equivalents |
|
|
36,331 |
|
|
|
(63,739 |
) |
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 |
|
|
(16,444 |
) |
|
|
3,410 |
|
Cash and cash equivalents at the end of the period |
|
|
256,635 |
|
|
|
158,143 |
|
Immatics Press Release August 13, 2025 13 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in Shareholders’ Equity of Immatics N.V.
(Euros in thousands) |
|
Share |
|
|
Share |
|
|
Accumulated |
|
|
Other |
|
|
Total |
|
|||||
Balance as of January 1, 2024 |
|
|
847 |
|
|
|
823,166 |
|
|
|
(604,759 |
) |
|
|
(1,636 |
) |
|
|
217,618 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
798 |
|
|
|
798 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(20,233 |
) |
|
|
— |
|
|
|
(20,233 |
) |
Comprehensive income/(loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
(20,233 |
) |
|
|
798 |
|
|
|
(19,435 |
) |
Equity-settled share-based compensation |
|
|
— |
|
|
|
8,605 |
|
|
|
— |
|
|
|
— |
|
|
|
8,605 |
|
Share options exercised |
|
|
1 |
|
|
|
1,036 |
|
|
|
— |
|
|
|
— |
|
|
|
1,037 |
|
Issue of share capital – net of transaction costs |
|
|
183 |
|
|
|
173,257 |
|
|
|
— |
|
|
|
— |
|
|
|
173,440 |
|
Balance as of June 30, 2024 |
|
|
1,031 |
|
|
|
1,006,064 |
|
|
|
(624,992 |
) |
|
|
(838 |
) |
|
|
381,265 |
|
Balance as of January 1, 2025 |
|
|
1,216 |
|
|
|
1,162,136 |
|
|
|
(589,541 |
) |
|
|
1,031 |
|
|
|
574,842 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,544 |
) |
|
|
(8,544 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(110,204 |
) |
|
|
— |
|
|
|
(110,204 |
) |
Comprehensive loss for the period |
|
|
— |
|
|
|
— |
|
|
|
(110,204 |
) |
|
|
(8,544 |
) |
|
|
(118,748 |
) |
Equity-settled share-based compensation |
|
|
— |
|
|
|
8,471 |
|
|
|
— |
|
|
|
— |
|
|
|
8,471 |
|
Share options exercised |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Balance as of June 30, 2025 |
|
|
1,216 |
|
|
|
1,170,616 |
|
|
|
(699,745 |
) |
|
|
(7,513 |
) |
|
|
464,574 |
|
Immatics Press Release August 13, 2025 14 | 14
Immatics Corporate Presentation August 13, 2025 Exhibit 99.3
Forward-Looking Statement This presentation (“Presentation”) is provided by Immatics N.V. (“Immatics” or the “Company”) for informational purposes only. The information contained herein does not purport to be all-inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. Forward-Looking Statements. Certain statements in this presentation 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 or CTA filing for pre-clinical stage product candidates, the timing of BLA filings for clinical stage product candidates, estimated market opportunities of product candidates, manufacturing timetables, capacity and success rates, 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 presentation 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. No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or in an offering exempt from registration. Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company’s own internal estimates and research. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. All the scientific and clinical data presented within this presentation 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.
PRAME Is Expressed in More Than 50 Cancers Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary mass spec-guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95-100% shown as 95%); 2 NSCLC: Non-small cell lung cancer; anzu-cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials. ≥95 % ≥10 % Cancer Cell Death IMA402 PRAME Bispecific anzu-cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) Immatics Is the Global Leader in Precision Targeting of PRAME with 3 clinical product candidates PRAME prevalence in selected indications Indication % PRAME+ patients1 Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 95% Uveal Melanoma 90% Mucosal Melanoma 90% Ovarian Carcinoma Subtypes 85% Squamous Cell NSCLC2 70% Triple-negative Breast Carcinoma 65% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 45% Kidney Carcinoma Subtype 40% Cholangiocarcinoma 35% HER2-Enriched Breast Carcinoma 30% Adenocarcinoma NSCLC2 25% Head & Neck Squamous Cell Carcinoma 25% Hepatocellular Carcinoma 20% Bladder Carcinoma 20% 3 PRAME Indication Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non-Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2-Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B-cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non-Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…)
Immatics Is the Global Leader in Precision Targeting of PRAME PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules1 The PRAME peptide can be targeted by T-cell receptors (TCRs) engineered by Immatics, thus overcoming limitations of classical antibodies and CAR T-cell therapies not able to access intracellular targets1,2 PRAME has multiple functions in tumor biology enhancing tumor cell survival, tumor proliferation and resistance to apoptosis#,3,4 PRAME expression has been associated with poor prognosis incl. shorter survival5,6,7,8 PRAME is homogenously expressed in tumor tissue9 sqNSCLC Ovarian Cancer PRAME RNA detection in tumor samples (ISH) Anzutresgene autoleucel (anzu-cel, formerly IMA203), #Activation of proliferative and survival pathways, including PI3K/AKT/mTOR3, and inhibition of retinoic acid signaling preventing retinoic acid-induced differentiation and apoptosis4 1 Wermke et al., 2025; 2 Chandran et al., 2019, 3 Yu et al., 2023; 4 Epping et al., 2005; 5 Al-Khadairi & Decock. 2019; 6 Naik et al., 2021; 7 Gezgin et al., 2017; 8 Field et al., 2016; 9 Hukelmann et al., SITC 2022. PRAME anzu-cel (IMA203)
Product candidate Modality Indication Target Anzu-cel (IMA203) Cell therapy 2L melanoma* PRAME Anzu-cel (IMA203) Cell therapy Uveal melanoma PRAME Anzu-cel (IMA203) Cell therapy + mRNA-4203 Cutaneous melanoma, synovial sarcoma PRAME IMA203CD8 Cell therapy Gynecologic cancers PRAME Other solid cancers PRAME IMA402 Bispecific Melanoma, others PRAME IMA4012 Bispecific HNSCC, sqNSCLC, others MAGEA4/8 IMA204 Cell therapy COL6A3+ solid cancers COL6A3 Undisclosed3 Bispecific Undisclosed other Undisclosed Cell therapy Undisclosed other IMA30x Allogeneic cell therapy Undisclosed other Preclinical 1a1 1b1 2 3 Phase 4 Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Phase 1a: Dose escalation, Phase 1b: Dose expansion; 2 With or without checkpoint inhibitor (pembrolizumab); 3 mRNA-enabled in vivo expressed TCER® molecules; 4 Immatics’ proprietary ACTallo® platform utilizing Editas’ CRISPR gene editing technology; *2L melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor; HNSCC: head and neck squamous cell carcinoma; sqNSCLC: squamous cell non-small-cell lung cancer Product Candidates Therapeutic Modalities 3 2 PRAME Franchise 1 Combination PRAME Immatics has the Broadest PRAME Franchisewith the Most PRAME Indications and Modalities
Immatics has the Broadest PRAME Franchisewith the Most PRAME Indications and Modalities PRAME Wave #2 PRAME Wave #3 Anzutresgene autoleucel (anzu-cel, formerly IMA203), All patient numbers refer to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; ICI: Immune checkpoint inhibitor; *2L: patients with unresectable or metastatic cutaneous melanoma who have received at least 1 prior immune checkpoint inhibitor ~230K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 p.a. IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific Market entryin advanced melanoma ~9K addressable patients p.a. Expansion toall advanced PRAME cancers ~75K addressable patients p.a. Expansion toearly-stage PRAME cancers ~145K addressable patients p.a. Enhanced pharmacology provides potential to expand to tumor-agnostic label in 2L PRAME solid cancers First target indications: ovarian cancer, endometrial cancer IMA203CD8 Next-gen half-life extended bispecific primarily in first-line in combination with ICI and targeted agents First target indications: melanoma, ovarian cancer, endometrial cancer IMA402 Anzu-cel will be Immatics’ first PRAME therapy to enter the market – launch targeted in 2027 First target indications: 2L cutaneous melanoma*, uveal melanoma Anzu-cel (IMA203) PRAME Wave #1 Anzu-cel (IMA203) PRAME Cell Therapy PRAME
Immatics has the Broadest PRAME Franchisewith the Most PRAME Indications and Modalities PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 ~230K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 p.a. Anzu-cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific Ph1a dose escalation data incl. ovarian cancer, melanoma, synovial sarcoma: 4Q 2025 EXPECTED MILESTONES Ph1a dose escalation data with focus on 2L melanoma: 4Q 2025 EXPECTED MILESTONES Ph1b data update at ASCO 2025 Ph3 interim data analysis2: 2026 Ph3 final analysis2: 2026 BLA submission: 1H 2027 Launch: 2H 2027 EXPECTED MILESTONES STATUS STATUS STATUS GEN2 PRAME cell therapy leveraging CD8 and CD4 T cells Enhanced pharmacology Phase 1 dose escalation ongoing Off-the-Shelf Bispecific Next-gen, half-life extended format Phase 1 dose escalation ongoing RMAT designation1 by FDA Phase 3 SUPRAME trial in patients with advanced melanoma post ICI* ongoing; Primary endpoint: PFS for full approval Phase 1b trial with focus on uveal melanoma ongoing; addtl. Phase 2 cohort in patients with uveal melanoma planned Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Includes all benefits of Breakthrough Therapy Designation; 2 Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death); *ICI: immune checkpoint inhibitor PRAME
PRAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”). Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. LYMPHODEPLETION & INFUSION Tumor cell HLA PRAME peptide ADMINISTRATION TO PATIENT LEUKAPHERESIS GENETIC ENGINEERING & EXPANSION TCER® PRODUCTION “OFF-THE-SHELF” PRODUCT PRAME Bispecific Modality: Half-life extended (HLE) bispecificT cell engager (TCER®) Application: Repeat dose Positioning: Primarily frontline (+ adjuvant) combination setting Deployment: Outpatient administration, hospitals and community centers TPP at RP2D1: ≥20% cORR, ≥6 months mDOR(monotherapy, last line) PRAME Cell Therapy Modality: Autologous TCR T-cell Therapy Application: Single dose (“one and done”)(no tumor surgery, no high-dose IL-2) Positioning: Primarily second line and later monotherapy setting Deployment : Administered in specialized hospitals and medical centers; potential for outpatient administration TPP at RP2D1: ≥40% cORR, ≥6 months mDOR(monotherapy, last line) Cell Therapy TCER® Immatics has the Broadest PRAME Franchisewith the Most PRAME Indications and Modalities
Anzu-cel (IMA203) PRAME Cell Therapy Market Entry in Advanced Melanoma PRAME Wave #1 9 Anzutresgene autoleucel (anzu-cel, formerly IMA203)
Anzu-cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma Anzu-cel (IMA203) Opportunity 2L Unresectable or MetastaticCutaneous Melanoma* ~7.3K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 ~1.3Kaddressable PRAME+/HLA-A*02:01+ patients in the US & EU5 Anzutresgene autoleucel (anzu-cel, formerly IMA203), all patient numbers refer to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; *2L: patients with unresectable or metastatic melanoma who have received at least 1 prior prior immune checkpoint inhibitor; EU5: France, Germany, Italy, Spain, United Kingdom PRAME Wave #1: anzu-cel US EU5 ~3.7K ~3.6K Unresectable or Metastatic Uveal Melanoma US EU5 ~0.6K ~0.7K ANZU-CEL (IMA203)
Positive Data and High Unmet Need SUPRAME Phase 3 trial in 2L cutaneous melanoma* actively enrolling patients Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Includes all benefits of Breakthrough Therapy Designation; # PRAME+/HLA-A*02:01+ addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; CRS: cytokine release syndrome; ICANS: immune effector cell associated neurotoxicity syndrome; cORR: confirmed objective response rate; mDOR: median duration of response; mPFS: median progression-free survival; OS: overall survival ; mFU: median follow-up; *2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor; EU5: France, Germany, Italy, Spain, United Kingdom; Manufacturing success rate as of Apr 7, 2025 Anzu-cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Favorable Tolerability Anticipated cytopenias associated with lymphodepletion Mostly mild to moderate CRS (37% Gr1, 47% Gr2, 11% Gr3) Infrequent ICANS(5.4% Gr1, 4.1% Gr2, 4.1% Gr3) No anzu-cel-related grade 5 events Potential for outpatient administration Compelling Response Rate cORR: 56% (18/32) 42% (14/33) of patients had deep responses(≥50% tumor size reduction) Encouraging activity in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%) Durable Responses 12.1 months mDOR and ongoing responses for up to 2.5+ years mPFS of 6.1 months mPFS 12.9 months in patients with deep responses mOS: 15.9 months Rapid & Robust Manufacturing Fast turnaround time: 7-8 days + 7 days QC release testing 95% manufacturing success rate to reach target dose Optimized process to achieve desirable cellular functionality Commercial Opportunity ∼9K# addressable patients in US/EU5 in cutaneous and uveal melanoma FDA RMAT designation1 received in multiple PRAME expressing cancers, including cutaneous and uveal melanoma Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy – Patient Journey Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Gragert et al. 2013 and census numbers; HLA-A*02:01 prevalence in Immatics’ clinical trials: US 65% and Germany 55% as of March 2025; 2 30 mg/m2 Fludarabine and 500 mg/m2 Cyclophosphamide for 4 days; 3 1m IU daily days 1-5 and twice daily days 6-10, total dose is approx. only 5% of the overall dose for high-dose IL-2 given typically with TIL therapy (Sarnaik et al. 2021 Journal of Clinical Oncology); Manufacturing success rate as of Apr 7, 2025 HLA-A*02:01 Testing Blood sample Treatment & Observation Phase Long Term Follow-up Screening & Manufacturing Phase Manufacturing by Immatics Anzu-cel (IMA203) One-time infusion Lymphodepletion2 Low dose IL-23 Safety and efficacy monitoring for 12 months Leukapheresis as source for cell product Process time of ~14 days 7-8-day manufacturing process applying CD8/CD4 T cell selection 7-day QC release testing ≥95% of cutaneous melanoma patients are PRAME-positive no target testing in SUPRAME trial Inclusion by HLA testing only – no PRAME testing required Fast turn-around-time (2 weeks) and manufacturing success rate of 95% Favorable tolerability profile with potential outpatient administration – no high-dose IL-2 Standard leukapheresis for product manufacturing – no need for tumor biopsy or surgery Prevalence1: US: 41%, EU: 48% Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Phase 1 Study: Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; MM, mucosal melanoma; TCR, T-cell receptor; UkM, melanoma of unknown primary; UM, uveal melanoma. Baseline Characteristics Total Safety Population N=74 Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanoma n=33 Age, median (range) 54 (18, 79) 54.5 (31, 79) 62 (32, 74) 57 (31, 79) Female, % 52.7 21.4 62.5 48.5 Baseline ECOG status 1, % 51.4 35.7 43.8 39.4 Prior lines of systemic treatment, median (range) 3 (0, 10) 2.5 (1, 5) 2 (0, 6) 2 (0, 6) Prior ICI treatment, median (range) ≥1 line of PD1/CTLA4, % Prior tebentafusp, % --- --- --- 2 (1, 3) 100/64.3 --- 1 (0, 4) 62.5/43.8 62.5 1 (0, 4) 81.8/57.6 --- Elevated LDH at baseline, % 63.5 64.3 56.3 57.6 Median target lesion sum of diameter, mm (range) 116.1 (15.0, 309.8) 120.5 (15.0, 309.8) 101.6 (30.8, 210.0) 104.0 (15.0, 309.8) Patients with liver metastasis, % 62.2 64.3 93.8 78.8 Patients with brain metastasis, % 12.2 0.0 0.0 3.0 Metastatic staging, % (CM, MM, UkM only) IIIb/IIIc/IVM1a IVM1b/c/d --- --- 0.0 100.0 --- --- 0.0 100.0 Metastatic staging, % (UM only) IVM1a IVM1b/c/d --- --- --- --- 18.8 81.3 --- --- Treatment Experience Total Safety Population Cutaneous Melanoma Uveal Melanoma All Melanoma Infused TCR T cell dose (x109), median (range) 2.34 (0.078, 10.20) 4.58 (1.30, 10.20) 3.94 (1.62, 8.43) 4.04 (1.30, 10.20) Melanoma Efficacy Population Heavily Pretreated Patient Population Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy Safety: Adverse Events in ≥20% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) Anzutresgene autoleucel (anzu-cel, formerly IMA203), Patients are counted only once per adverse event and severity classification. 1 Two patients with disease progression after first anzu-cel infusion received exploratory second anzu-cel infusion. They had these ≥ Grade 3 TEAEs only after second infusion, which are included in the table: First patient: CRS, diarrhea; Second patient: neutropenia, thrombocytopenia. CRS, cytokine release syndrome; ICANS, immune effector cell-associated neurotoxicity syndrome; HLH, hemophagocytic lymphohistiocytosis; TEAE, treatment-emergent adverse event. Tolerability consistent with previous report Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion Expected and manageable CRS, mostly Grade 1/2, consistent with mechanism of action Infrequent, manageable, and mostly mild ICANS No anzu-cel-related Grade 5 events Tolerability in the melanoma subset generally consistent with the full anzu-cel tolerability profile Adverse events of special interest TEAEs in ≥20% of patients Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy: BOR in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma Anzutresgene autoleucel (anzu-cel, formerly IMA203), *Maximum change of target lesions and RECIST1.1 response at different timepoints. 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data-cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; Melanoma efficacy population excludes 1 uveal melanoma patient with ongoing unconfirmed PR from cORR; BOR: best overall response; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; BL: baseline; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease. n=14 n=16 n=3 n=33 cORR 50% (7/14) 67% (10/15) 1/3 56% (18/32) ORR 57% (8/14) 69% (11/16) 2/3 64 % (21/33) DCR 93% (13/14) 88% (14/16) 3/3 91% (30/33) Cutaneous Melanoma Uveal Melanoma Melanoma (other) All Melanoma3 Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy: DOR in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data-cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; (m)DOR, (median) duration of response; mFU, median follow-up; NR, not reached; SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response Scans at approximately week 6, month 3 and then every 3 months Ongoing Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanoma3 n=33 mDOR [mo], (range) mFU [mo] NR (4.2, 32.6+) 16.7 11.0 (1.8+, 31.6) 13.4 12.1 (1.8+, 32.6+) 13.4 Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy: Survival Outcomes in Melanoma Efficacy Population Median Progression Free Survival Median Overall Survival 12-month OS rate: 61% 6-month PFS rate: 53% 12-month PFS rate: 27% Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; PFS and OS censored at data-cut; PFS and OS rate shown as % of evaluable patients at indicated timepoint. mFU, median follow-up; mOS, median overall survival; mPFS, median progression-free survival. Data cut-off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy in Melanoma: Overview of Studies PFS and OS Data in Melanoma Cohorts Drug Product Phase N Melanoma patient population Prior lines of therapies mPFS (months) mOS (months) Anzu-cel in Melanoma 1b (Dose Expansion) 33 42% cutaneous 48% uveal 9% other 3% n=0, 24% n=1, 30% n=2, 24% n=3:, 6% n=4, 6% n=5, 6% n=6 82% received prior ICI (median of 1 prior line of ICI in overall population, median of 2 prior lines of ICI in cut. melanoma) Median of 2 prior lines, median of 2.5 prior lines in cut. melanoma 6.1 15.9 Anzu-cel in Melanoma 1a (Dose Escalation) 11 73% cutaneous 18% uveal 9% other 0% n=1, 27% n=2, 73% n>2 prior lines 100% received prior ICI (median of 2 prior lines of ICI, median of 2.5 prior lines of ICI in cut. melanoma) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 2.6 6.3 IMA201/202/anzu-cel combined in Melanoma 1a (Dose Escalation) 19 63% cutaneous 11% uveal 26% other 0% n=1, 16% n=2, 84% n>2 prior lines 100% received prior ICI (median 3 prior lines of ICI) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 2.5 5.3 Lifileucel (C-144-01, Cohort 2+4)1 2 153 54% cutaneous 0% uveal 45% other median of 3 prior lines (min/max: 1/9) 100% received prior ICI 4.1 13.9 Tilsotolimod + Ipilimumab (ILLUMINATE-301)2 3 238 85% cutaneous 0% uveal 15% other 57% n=1, 27% n=2, 12% n>2 prior lines 99% received prior ICI 2.9 11.6 Nivolumab + Relatlimab (RELATIVITY-020, D1 Cohort)3 1/2 354 68% cutaneous 0% uveal 32% other 46% n=1, 35% n=2, 19% n≥3 prior lines 99% received prior ICI 2.1 14.7 Data cut-off Apr 7, 2025 Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Chesney et al., 2022; 2 Diab et al., 2024; 3 Ascierto et al., 2023 PFS: progression-free survival; OS: overall survival; ICI: immune checkpoint inhibitor These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted. PRAME Wave #1: anzu-cel
Anzu-cel (IMA203) PRAME Cell Therapy Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses Data cut-off Apr 07, 2025 42% (14/33) patients in dose expansion have a deep response (≥50% tumor reduction) This subgroup of patients has highly medically meaningful mPFS of more than 1 year Patients with <50% tumor reduction (including tumor size increase) still observe a more than 2x longer mPFS as compared to patients treated in dose escalation with suboptimal doses n mPFS mFU Dose Escalation anzu-cel 11 2.6 ND Dose Expansion anzu-cel <50% tumor size reduction (inlcuding tumor size increase) 19 5.8 8.7 Dose Expansion anzu-cel ≥50% tumor size reduction 14 12.9 19.5 Log-rank: 0.019 Anzutresgene autoleucel (anzu-cel, formerly IMA203), ND, not defined; mFU, median follow-up; mPFS, median progression-free survival. PRAME Wave #1: anzu-cel
SUPRAME: A Randomized Ph3 Trial of Anzu-cel (IMA203) PRAME-directed TCR T-cell Therapy vs Investigator’s Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >65 Sites Planned across North America and Europe Anzu-cel (IMA203) n=180 Investigator’s choice n=180 Primary Endpoint PFS Key Secondary Endpoint Overall survival Randomization 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab,lifileucel (US), chemotherapy Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Pre-specified interim and final data analyses will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death) ICI: immune checkpoint inhibitor; PFS: progression-free survival; ORR: objective response rate; TESAEs: treatment-emergent serious adverse events; AE: adverse event; EORTC: European Organization for Research and Treatment of Cancer; QLQ-C30: Core Quality of Life questionnaire; EQ-5D-5L: European Quality of Life 5 Dimensions 5 Level Version Secondary Endpoints Efficacy: ORR Safety: TESAEs, AEs of special interest Quality of life: EORTC QLQ-C30 and EQ-5D-5L Expected timelines SUPRAME trial Interim analysis1: 2026 Final analysis1: 2026 2026 BLA submission: 1H 2027 Launch: 2H 2027 2027 PRAME Wave #1: anzu-cel
Cell Therapy Manufacturing Facility To Support Anzu-cel BLA and Commercialization ~100,000 sq ft state-of-the-art research & GMP manufacturing facility Modular design for efficient and cost-effective scalability - total of 8 manufacturing suites, plus further expansion space Capacity sufficient to serve early-stage and registration-directed clinical trials as well as planned commercial supply In-house manufacturing and QC allows full control of process, product and costs Located in the Houston Metropolitan Area, Texas, offering economic labor and operating costs and talent pool highly qualified in cell therapy manufacturing & QC Anzutresgene autoleucel (anzu-cel, formerly IMA203); BLA: Biologics License Application PRAME Wave #1: anzu-cel
IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers PRAME Wave #2 22
IMA203CD8 PRAME Cell Therapy (GEN2):Expansion of Commercial Opportunity to all Advanced PRAME Cancers IMA203CD8 Opportunity 2L Solid Tumors All patient numbers refer to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom 1 Bajwa et al. 2021 Journal for Immunotherapy of Cancer; 2 Melenhorst et al. 2022 Nature, Bai et al. 2022 Science Advances; 2L: patients with unresectable or metastatic solid tumors who have received at least 1 prior therapy; sqNSCLC: squamous cell non-small-cell lung cancer, HNSCC: head and neck squamous cell carcinoma The PRAME+/HLA-A*02:01+ addressable patient opportunity incl. indications with both high and medium-level PRAME expression is~75Kper year Co-transduction of CD8αβ alongside PRAME TCR adds functional CD4+ T cells designed to boost cytotoxicity Proof of concept from preclinical experiments1 and CD19 CAR T cell studies in leukemia2 First clinical data with IMA203CD8 in Phase 1a dose escalation indicates potential for deeper responses and targeting both high and medium-level PRAME indications US EU5 Ovarian 2K 2K Uterine 2K 2K sqNSCLC 7K 10K HNSCC 2K 2K Breast 5K 8K Others 16K 18K TUMOR CELL DEATH CD8-engineered CD4 T CELL Cytotoxic Activity CD8 T CELL T cell Help Cytotoxic Activity CD8 PRAME TCR PRAME Wave #2: IMA203CD8
IMA203CD8 PRAME Cell Therapy (GEN2) Data cut-off Sep 30, 2024 Araujo et al., SITC 2024 Dose escalation ongoing to investigate full clinical potential in hard-to-treat solid tumors outside of melanoma Tolerability Manageable tolerability ≥Grade 3 AEs mainly expected cytopenia DLTs at DL4b led to dose adjustment to DL4a Adjustments to DL4a dosing and criteria enable higher dose exploration Ongoing dose escalation in PRAME+ cancers to reach RP2D Deep and durable objective responses at low doses 41% (14/34) cORR (at presumably suboptimal doses) 84% (32/38) of patients had tumor shrinkage; two patients with complete response of target lesions 9.2 months mDOR with 3 confirmed responses ongoing at 1+ years Activity & Duration of Response CD8 Development Potential Focus on indications with both high and medium-level PRAME expression starting with gynecologic cancers Pursue tumor-agnostic label in PRAME+ cancers to leverage full breadth of PRAME, incl. NSCLC, triple-negative breast cancer, others Exploring the opportunity to administer IMA203CD8 without post-infusion IL-2 AE: adverse event; DLT: dose-limiting toxicity; RP2D: recommended phase 2 dose; cORR: confirmed objective response rate; mDOR: median duration of response; NSCLC: non-small-cell lung cancer Summary: Clinical Data & Next Steps PRAME Wave #2: IMA203CD8
IMA203CD8 PRAME Cell Therapy (GEN2) – Patient Characteristics 1 DL4a cleared in Dec 2023; 2 DLTs at DL4b triggered modifications of the eligibility criteria, adapted patient population is treated with DL4c; 3 As of May 13, 2025 4 All patients who started lymphodepletion. 5All infused patients with at least one tumor assessment postbaseline DL3 (N=5) DL4a1 (N=33) Cleared for safety, defined as provisional MTD Dose escalation with and without IL-2 ongoing with up to ~8x109 total IMA203CD8 TCR T cells (DL6)3 DL4b (N=4) Phase 1a Dose Escalation Total Safety Population Efficacy Population Number of patients N=444 N=415 Prior lines of systemic treatment (median, min, max) 3 (0, 8) 3 (0, 8) LDH at baseline >1 x ULN [% of patients] 47.7 43.9 Baseline tumor burden Median target lesion sum of diameter [mm] (min, max) 84.5 (12.4, 434.4) 83.0 (12.4, 434.4) With liver/brain lesions at baseline [% of patients] 45.5 43.9 Infused dose levelsTCR-T cells/m2 BSA [x109] DL3: 0.2-0.48 DL4a: 0.481-0.8 DL4b: 0.801-1.2 DL4c2: 0.801-1.2 DL3: 0.2-0.48 DL4a: 0.481-0.8 DL4b: 0.801-1.2 DL4c2: 0.801-1.2 Total infused doseTCR-T cells [x109] (median, min, max) 1.48 (0.44, 2.05) 1.47 (0.44, 2.05) PRAME Wave #2: IMA203CD8 DL4c2 Without IL-2 DL4c2 With IL-2 Data cut-off Sep 30, 2024 Araujo et al., SITC 2024
Tolerability of IMA203CD8 PRAME Cell Therapy (GEN2) All ≥Grade 3 Adverse Events (N=44) Adverse event ≥ Grade 3 (System organ class, preferred term) No. % Patients with any adverse event 44 100.0 Adverse events of special interest 7 15.9 Cytokine release syndrome1 6 13.6 Immune effector cell-associated neurotoxicity syndrome 1 2.3 Blood and lymphatic system disorders 44 100.0 Neutropenia 40 90.9 Anaemia 25 56.8 Lymphopenia 25 56.8 Thrombocytopenia 15 34.1 Leukopenia 11 25.0 Febrile neutropenia 2 4.5 Investigations 9 20.5 Alanine aminotransferase increased 5 11.4 Aspartate aminotransferase increased 5 11.4 Blood creatinine increased 2 4.5 Blood alkaline phosphatase increased 1 2.3 Blood bilirubin increased 1 2.3 Gamma-glutamyltransferase increased 1 2.3 Metabolism and nutrition disorders 6 13.6 Hypophosphataemia 2 4.5 Acidosis 1 2.3 Decreased appetite 1 2.3 Hyperglycaemia 1 2.3 Hypermagnesaemia 1 2.3 Hypoalbuminaemia 1 2.3 General disorders and administration site conditions 5 11.4 Fatigue 5 11.4 Oedema peripheral 1 2.3 Musculoskeletal and connective tissue disorders 5 11.4 Bone pain 3 6.8 Myalgia 2 4.5 Back pain 2 4.5 Arthralgia 1 2.3 TEAEs by maximum severity for all patients (N=44) Adverse event ≥ Grade 3 (System organ class, preferred term) No. % … table continued Immune system disorders 4 9.1 Haemophagocytic lymphohistiocytosis2 4 9.1 Infections and infestations 4 9.1 Pneumonia 2 4.5 Infection 1 2.3 Sepsis3 1 2.3 Systemic candida 1 2.3 Gastrointestinal disorders 3 6.8 Diarrhoea 2 4.5 Abdominal pain 1 2.3 Skin and subcutaneous tissue disorders 3 6.8 Rash 2 4.5 Alopecia 1 2.3 Rash maculo-papular 1 2.3 Vascular disorders 3 6.8 Hypertension 3 6.8 Nervous system disorders 2 4.5 Neurotoxicity2 1 2.3 Syncope 1 2.3 Renal and urinary disorders 2 4.5 Acute kidney injury 1 2.3 Urinary tract obstruction 1 2.3 Hepatobiliary disorders 1 2.3 Hepatic function abnormal 1 2.3 Reproductive system and breast disorders 1 2.3 Pelvic pain 1 2.3 All treatment-emergent adverse events (TEAEs) with ≥ Grade 3 regardless of relatedness to study treatment that occurred in at least 1 patient are presented; 1 DLT: Dose limiting toxicity in patient DL4b-04. 2 DLTs in patient DL4b-01; CRS: cytokine release syndrome, HLH: hematophagocytic lymphohistiocytosis Overall manageable tolerability profile Expected cytopenias Mostly mild to moderate CRS: 36% (16/44) Grade 1 48% (21/44) Grade 2 11% (5/44) Grade 3 2% (1/44) Grade 4 DLTs in 2 patients at DL4b as previously reported by the Company: Patient DL4b-01: high in vivo T cell expansion, Grade 4 neurotoxicity, Grade 4 CRS, Grade 3 HLH Patient DL4b-04: Grade 3 CRS defined by Grade 3 ALT resolved to Grade 2 within 10 days; no need for vasopressors or ventilation No IMA203CD8-related patient death3 Consecutive modification of inclusion/exclusion criteria + IL-2 scheme Dose escalation ongoing based upon manageable tolerability in patients at DL4a 3 Possibly related Grade 5 event as previously reported was determined by the PI to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), high grade HLH event, the toxicity management and the fast-progressive disease PRAME Wave #2: IMA203CD8 Data cut-off Sep 30, 2024 Araujo et al., SITC 2024
Clinical Anti-Tumor Activity of IMA203CD8 PRAME Cell Therapy (GEN2) (N=41) Ongoing Dose Escalation cORR 41% (14/34) median DOR (min, max) mFU 9.2 months 2.0+, 23.5+ 13.1 months 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions ORR 41% (17/41) Tumor shrinkage3 84% (32/38) DCR4 (at week 6) 85% (34/40) ongoing * Maximum change of target lesions and RECIST1.1 response at different timepoints; 1 Patients off study at data-cut; 2 Metabolic CR according to PET-CT; 3 Three patients excluded from tumor shrinkage analysis and figures due to lack of post-treatment assessment; 4 One patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut-off. Median DOR is analyzed by using the Kaplan-Meier method; Median Follow-up (mFU) is analyzed by using the reverse Kaplan-Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; CR: complete response; BL: Baseline; BOR: Best Overall Response; DCR: disease control rate; NSCLC: non-small-cell lung cancer PRAME Wave #2: IMA203CD8 Data cut-off Sep 30, 2024 Araujo et al., SITC 2024
Duration of IMA203CD8 PRAME Cell Therapy (GEN2) Therapy Responses (N=41) Ongoing Dose Escalation 1 Metabolic complete response (CR) according to PET-CT 2 Patients off study at data-cut; 3 three patients excluded from tumor shrinkage analysis and figures due to lack of post-treatment assessment; 4 one patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. cORR 41% (14/34) median DOR (min, max) mFU 9.2 months 2.0+, 23.5+ 13.1 months 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions ORR 41% (17/41) Tumor shrinkage3 84% (32/38) DCR4 (at week 6) 85% (34/40) Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut-off. Median DOR is analyzed by using the Kaplan-Meier method; Median Follow-up (mFU) is analyzed by using the reverse Kaplan-Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; BL: Baseline; BOR: Best Overall Response; DOR: Duration of Response; DCR: disease control rate; NSCLC: non-small-cell lung cancer Ongoing PRAME Wave #2: IMA203CD8 Data cut-off Sep 30, 2024 Araujo et al., SITC 2024
Opportunity of IMA203CD8 in Medium-Level PRAME Expressing Indications Anzutresgene autoleucel (anzu-cel, formerly IMA203); * Patients treated at RP2D during Ph1b with evaluable post baseline assessments at data-cut off anzu-cel: Aug 23, 2024; BOR: best overall response; PD: progressive disease; SD: stable disease; (c)PR: (confirmed) partial response; sqNSCLC: squamous cell non-small-cell lung cancer Number of patients N=39* N=38 Total infused doseTCR-T cells [x109] 5.09 (1.0, 10.2) 1.48 (0.443, 2.05) Deep responses with IMA203CD8 at low doses -30% to -50% -50% to -85% -85% to -100% PRAME expression level associates with anzu-cel and IMA203CD8 activity Potential for targeting medium-level PRAME expressing tumors with IMA203CD8 IMA203CD8 offers similar responses at 1.5 x 109 total infused dose to those demonstrated by anzu-cel at 3x higher dose. With higher doses currently being explored,IMA203CD8 may offer an enhanced opportunity to treat cancers with both high and medium-level PRAME expression including ovarian cancer, uterine cancer, sqNSCLC, triple-neg. breast cancer and others. Next clinical data update including focus on ovarian cancer in 2025. PRAME Wave #2: IMA203CD8 Data cut-off Sep 30, 2024 Araujo et al., SITC 2024 anzu-cel IMA203CD8
IMA402 PRAME Bispecific Expansion to Early-Stage PRAME Cancers PRAME Wave #3
IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Early-Stage PRAME Cancers IMA402 Opportunity All patient numbers refer to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous cell non-small-cell lung cancer 1L Solid Tumors ~145Kaddressable PRAME+/HLA-A*02:01+ patients in the US & EU5 Off-the-shelf biologic for immediate treatment Antibody-like properties: half-life extended (HLE) format with enhanced stability, t1/2 1+ week(s) Repeat dosing Patient reach also into community setting TCR Bispecifics (TCER®) 2 1 3 Low-affinity T cell recruiter against CD3/TCR Fc part for half-life extension,favorable stability and manufacturability High-affinity TCR domains targeting XPRESIDENT®-selected tumor-specific peptide-HLA molecules PRAME Wave #3: IMA402 US EU5 Cut. Melanoma 6K 6K Ovarian 7K 9K Uterine 6K 6K sqNSCLC 12K 17K Breast 7K 10K Others 25K 32K
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study Dose escalation in advanced stage indications at higher DLs ongoing Tolerability Favorable tolerability profile Most common treatment-related AEs are low-grade CRS and transient lymphopenia Early dose escalation ongoing Initial clinical signal observed depending on target expression and TCER® dose Pharmacokinetics Median half-life of ~7 days Potential for: Bi-weekly dosing Combination with ICIs Activity Development Potential Primarily frontline (and adjuvant) settings in combination with checkpoint inhibitors and targeted agents Near-term: 1L melanoma Mid-term: Gynecologic cancers, others Multiplexing with Bispecifics against other targets, such as MAGEA4/8 AE: adverse event; CRS: Cytokine release syndrome; ICI: immune checkpoint inhibitor Data cut-off Nov 6, 2024 PRAME TCER® IMA402 PRAME Wave #3: IMA402
Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific 360 µg 800 µg 3,000 µg 5,000 µg 120 µg 1,600 µg 60 µg 20 µg DL1 DL2 DL3 DL4 DL5 DL7 DL9 DL6 8,000 µg 4,000 µg DL8 Key Eligibility Criteria Objectives Primary: Determine MTD and/or RP2D Tolerability Secondary: Initial anti-tumor activity Pharmacokinetics Recurrent and/or refractory solid tumors1 HLA-A*02:01 positive ECOG status 0-1 Received or not eligible for all available indicated standard of care treatments No prospective PRAME testing required Total safety population (N=33) MTD not yet determined Dose escalation ongoing at DL11 (12,000 µg) as of May 13, 2025 1 Cutaneous melanoma, uveal melanoma, synovial sarcoma, endometrial cancer, ovarian cancer, squamous cell non-small cell lung cancer; 2 Step dosing introduced at DL4; Low-dose dexamethasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Clinicians can increase patient’s dose to previously cleared dose levels; MTD: maximum tolerated dose, RP2D: recommended phase 2 dose; BLRM: Bayesian logistic regression model PRAME Wave #3: IMA402 Data cut-off Nov 6, 2024 MABEL-based starting dose Dose escalation based on cohorts of 1-6 patients using adaptive design (BLRM model) Weekly infusions2 with potential to explore less frequent dosing based on PK data DL10 12,000 µg DL11 tbd
IMA402 PRAME Bispecific Demonstrates Favorable Tolerability in N=33 Patients Most Frequent Related AEs were Lymphopenia and CRS TEAEs, n [%] All Grades ≥ Grade 3 Any 33 [100] 17 [52] Treatment-related 32 [97] 15 [45] Treatment-related AEs1, n [%] All Grades ≥ Grade 3 Lymphopenia 17 [52] 10 [30] Cytokine release syndrome 16 [48] 1 [3] Arthralgia 9 [27] 0 Fatigue 9 [27] 0 Pruritus 7 [21] 0 Rash 7 [21] 0 Aspartate aminotransferase increased 6 [18] 2 [6] Alanine aminotransferase increased 5 [15] 1 [3] Pyrexia 5 [15] 0 Anaemia 4 [12] 2 [6] Vomiting 4 [12] 0 C-reactive protein increased 3 [9] 0 Headache 3 [9] 0 Rash maculo-popular 3 [9] 0 Neutropenia 2 [6] 2 [6] Stomatitis 2 [6] 1 [3] Blood creatinine increased 1 [3] 1 [3] Electrocardiogram abnormal 1 [3] 1 [3] Gamma-glutamyltransferase increased 1 [3] 1 [3] Hypertension 1 [3] 1 [3] Immune-mediated arthritis 1 [3] 1 [3] Tumor lysis syndrome 1 [3] 1 [3] Tumor pain 1 [3] 1 [3] Data here includes patients up to DL8 Favorable tolerability profile Most frequent/relevant related AEs were transient lymphopenia, mostly mild to moderate CRS (42% Grade 1, 3% Grade 2, 0% Grade 3, 3% Grade 4), majority at first dose one DLT: Grade 4 CRS (fully resolved) No IMA402-related Grade 5 events Dose escalation remains ongoing at DL11 (12,000 µg) (as of May 13) MTD not reached 1 All treatment-emergent adverse events (TEAEs) at least possibly related to IMA402 infusion with grade 1-2 occurring in at least 9% of patients and all events with grade 3-5; CRS: Cytokine release syndrome; MTD: Maximum tolerated dose; DLT: dose limiting toxicity; One AE “Rash, Intermittent” was not coded at data cut-off, but added to the preferred term “Rash” Data cut-off Nov 6, 2024 PRAME Wave #3: IMA402
PRAME Status Negative Positive/NT Dose Levels Across DLs 1-6 7+* Patients with Tumor Shrinkage 14% 25% 78% Early Signs of Clinical Activity Associated with PRAME Expression and IMA402 Dose BOR (RECIST 1.1) Ongoing response / SD (RECIST1.1/ iRECIST) Data cut-off Nov 6, 2024 * Patients who received DL7 or higher, either from start or as part of intra-patient dose-escalation; # continuing treatment; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; BOR: Best Overall Response; BL: Baseline; NT: not tested or not evaluable for PRAME expression # # Melanoma patient with confirmed partial response ongoing at 3 months (DL7, see next slide) Melanoma patient with -27.5% tumor shrinkage at first scan (DL8) Uveal melanoma patient with -25.0% tumor shrinkage deepening over time (started at DL4 and currently at DL7, see next slide) Ovarian cancer patient with -13% tumor shrinkage ongoing at 3 months (started at DL6 and currently at DL7) Next update on Phase 1a with data at relevant dose levels in second-line and later melanoma planned in 2025 PRAME Wave #3: IMA402
Exemplary Patient Cases Suggesting Dose-Dependent Tumor Response Patients with Disease Control (RECIST1.1) at Relevant Doses (DL7+) Data cut-off Nov 6, 2024 BOR: Best Overall Response; SD: Stable Disease; cPR: Confirmed Partial Response; arrow: Ongoing response / stable disease (RECIST 1.1/ iRECIST) Case 1 Case 2 DL7 DL7 Patient Characteristics & Outcomes 52-year-old female with cutaneous melanoma Lesions in lung, lymph nodes, gall bladder, fat tissue, pancreas 1 prior line of therapy and maintenance with anti-PD-1 Patient received DL7 from start (after step-up dosing) Ongoing cPR at 3 months post treatment start with -40.2% reduction of target lesion size Patient Characteristics & Outcomes 46-year-old female with uveal melanoma Lesions in liver 3 prior lines of therapy with anti-PD1 and tebentatafusp Patient received DL4 and went up to DL7 through intra-patient dose escalation Ongoing SD at 8+ months post-treatment start with -25% reduction of target lesion size PRAME Wave #3: IMA402
IMA401 MAGEA4/8 Bispecific Driving Innovation beyond PRAME beyond PRAME
Beyond the PRAME Franchise Beyond PRAME sqNSCLC: squamous non-small-cell lung cancer, HNSCC: head and neck squamous cell carcinoma
IMA401 MAGEA4/8 Bispecific: Driving Innovation beyond PRAME IMA401 Opportunity 1L Solid Tumors 1 Target prevalence is based on TCGA RNAseq data combined with a proprietary mass spec-guided RNA expression threshold; All patient numbers refer to MAGEA4/8+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous non-small-cell lung cancer, HNSCC: head and neck squamous cell carcinoma The MAGEA4/8+ and HLA-A*02:01+ addressable patientsin the selected indications is~62Kper year US: ~26K EU5: ~36K Beyond PRAME: IMA401 US EU5 sqNSCLC 9K 13K HNSCC 3K 4K Bladder 3K 6K Others 11K 13K MAGEA4/8 target prevalence1 sqNSCLC: 52% HNSCC: 36%
Cancer Cell MAGEA4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: disease control rate; ICI: immune checkpoint inhibitor; q4w: once every four weeks; HNSCC: Head and neck squamous cell carcinoma; sqNSCLC: squamous cell non-small-cell lung cancer Data cut-off Jul 23, 2024 Wermke et al., ESMO 2024 29% (5/17) ORR and 25% (4/16) cORR in patients with MAGEA4/8high expression at relevant doses Durable ongoing PRs of up to 13+ months 53% (9/17) DCR Tumor shrinkage in 53% (8/15) of patients Deep responses (tumor shrinkage of ≥ 50%) in four patients with deepening of responses observed over time Tolerability Activity & Duration of Response Primarily frontline (and adjuvant) settings in combination with ICIs and targeted agents Near-term: HNSCC Mid-term: sqNSCLC, bladder and other squamous solid cancers Multiplexing with other T cell engagers, e.g., IMA402 (PRAME) Development Potential Most common treatment-related AEs were low-grade CRS, transient lymphopenia and neutropenia Pharmacokinetics Median terminal half-life of 16.9 days Potential for: Flexibility in dosing schedules Combination with ICIs Increasing dosing intervals to q4w Monotherapy and checkpoint inhibitor combination dose refinement ongoing TCER® IMA401 Beyond PRAME: IMA401
Trial Design – IMA401-101 Phase 1a Dose Escalation 180 µg 540 µg 1800 µg 2500 µg Key Eligibility Criteria Objectives Primary: Determine MTD and/or RP2D Secondary: Tolerability Pharmacokinetics Initial anti-tumor activity Recurrent and/or refractory solid tumors HLA-A*02:01 positive MAGEA4/8-positive as confirmed by mRNA-based assay3 ECOG status 0-2 Received or not eligible for all available indicated standard of care treatments 60 µg 1200 µg Total safety population (N=35) 20 µg 6.6 µg MTD not yet determined Dose escalation ongoing to optimize dosing intervals and schedule MABEL-based starting dose Dose escalation based on cohorts of 1-6 patients using adaptive design (BLRM model) Four initial q1w step dosings1 up to target dose, q2w after reaching target dose2 First-in-Human Basket Trial Targeting the MAGEA4/8 Peptide in Solid Tumors 1 Step dosing with 300 µg and 600 µg introduced at DL6; Low-dose dexamethasone pre-medication used at higher dose levels as used with other approved bispecific products has been implemented as preventive measure for continued dose escalation; Patients can increase their dose to previously cleared dose levels; 2 q2w: once every two weeks, weekly (q1w) dosing was applied up to DL5; 3 IMADetect®: proprietary mRNA-based assay using Immatics’ MS-guided threshold; BLRM: Bayesian logistic regression model; MTD: Maximum tolerated dose. DL1 DL2 DL3 DL4 DL5 DL6a DL7 DL6 tbd 2000 µg DL6b Beyond PRAME: IMA401 Data cut-off Jul 23, 2024 Wermke et al., ESMO 2024
IMA401 MAGEA4/8 Bispecific Demonstrates Manageable Tolerability (N=35) Most Frequent Related AEs were Lymphopenia, CRS and Neutropenia TEAEs, n [%] All Grades ≥ Grade 3 Any 32 [91] 26 [74] Treatment-related 28 [80] 19 [54] Treatment-related AEs1, n [%] All Grades ≥ Grade 3 Lymphopenia 12 [34] 11 [31] Cytokine release syndrome 11 [31] 0 Neutropenia 8 [23] 5 [14] Facial pain 6 [17] 2 [6] Anaemia 5 [14] 4 [11] Thrombocytopenia 5 [14] 2 [6] Headache 5 [14] 1 [3] Hypertension 4 [11] 2 [6] Leukopenia 4 [11] 2 [6] Fatigue 4 [11] 0 Nausea 3 [9] 0 Hypoxia 2 [6] 1 [3] Aspartate aminotransferase increased 1 [3] 1[3] Febrile neutropenia 1 [3] 1[3] Pneumonia 1 [3] 1[3] Sinus tachycardia 1 [3] 1[3] Overall manageable tolerability profile Most frequent/relevant related AEs were transient lymphopenia mild to moderate CRS (23% Grade 1, 9% Grade 2, no Grade ≥ 3), majority at first dose neutropenia2 occurred mostly at initial target dose and fully resolved in all cases except one (see below) one possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported3 MTD not reached based on the BLRM 1 All treatment-emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1-2 occurring in at least 9% of patients and all events with grade 3-5; 2 with three dose-limiting events at 2.5 mg (DLT), neutropenia observed in patients with and without dexamethasone pre-medication; 3 reported in Annual Report 2023, patient did not receive dexamethasone pre-medication; CRS: Cytokine Release Syndrome; BLRM: Bayesian logistic regression model; MTD: Maximum tolerated dose Beyond PRAME: IMA401 Data cut-off Jul 23, 2024 Wermke et al., ESMO 2024
1 Patients in this analysis had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression above indicated MAGEA4/A8high qPCR threshold (n=17); PD: Progressive disease; PR: Partial response; cPR: confirmed Partial response; SD: Stable disease. Objective Responses are Associated with Target Expression Exploratory Analysis in Patients with MAGEA4/8high Expression at Relevant IMA401 Doses (DL6-7; N=17) qPCR-threshold MAGEA4/8high qPCR-threshold for patient screening MAGEA4/8 RNA expression in pre-treatment biopsies relative to threshold N=17 patients with relevant IMA401 doses and MAGEA4/8high levels1 Beyond PRAME: IMA401 Data cut-off Jul 23, 2024 Wermke et al., ESMO 2024
IMA401 Demonstrates Initial Anti-Tumor Activity in Multiple Tumor Types * Patients in this analysis are part of the efficacy analysis set with at least one post-treatment tumor assessment and had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression higher than the MAGEA4/8 qPCR threshold (n=17); Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint; two patients not included in tumor shrinkage calculation or shown in the figures as they had clinical progression and post-treatment tumor assessment is not available; PR: Partial Response; cPR: Confirmed Partial Response; SD: Stable Disease Exploratory Analysis in Patients with MAGEA4/8high Expression at Relevant IMA401 Doses (DL6-7; N=17*) ORR 29% (5/17) cORR 25% (4/16) DCR 53% (9/17) Tumor shrinkage 53% (8/15) Cancer Indications: Cut.: Cutaneous; HNSCC: Head & Neck Squamous Cell Carcinoma; LCNEC: Large Cell Neuroendocrine Carcinoma; Muc.: Mucosal; NET CUP: Neurodendocrine Tumor, Cancer of Unknown Primary; SCLC: Small Cell Lung Cancer; sqNSCLC: Squamous Cell Non-small Cell Lung Cancer; TNBC: Triple Negative Breast Cancer. BOR (RECIST 1.1) Ongoing treatment Cancer indications Beyond PRAME: IMA401 Data cut-off Jul 23, 2024 Wermke et al., ESMO 2024
Appendix
Potential of PRAME Therapies in Solid Cancers PRAME Target Expression and Prevalences in Selected Solid Cancer Types Hukelmann et al., SITC 2022, updated prevalences as of May 2025 1 Data on file: PRAME target prevalence is based on a proprietary mass spec-guided expression threshold applied to TCGA or in-house (SCLC) RNAseq data (approximate values, values between 95-100% shown as 95%); 2 PRAME target prevalence in uveal melanoma based on IMADetect® qPCR testing of screening biopsies from clinical trial patients demonstrates substantial higher prevalence of ~90% compared to prevalence based on TCGA data of 50%, TCGA: early & late-stage primary tumor samples, Immatics clinical trials: late-stage/metastatic tumor samples, Role of PRAME in metastasis of uveal melanoma: Field et al. 2016 Clinical Cancer Research; MS: mass spectrometry Immatics’ current MS-guided mRNA threshold for patient selection Selected indications Clinical activity shown No clinical activity expected Potential opportunity to see clinical activity PRAME 95% 90% (50%2) 95% 85% 95% 95% 70% 65% 45% 40% 35% 25% 25% 25% 25% 20% 20% PRAME positive patients1 Cutaneous Melanoma Uveal Melanoma2 Uterine Carcinoma Ovarian Carcinoma (serous) Uterine Carcinosarcoma Synovial Sarcoma Squamous Cell NSCLC Triple-negative Breast Carcinoma Small Cell Lung Cancer Kidney Carcinoma (papillary) Cholangiocarcinoma Adenocarcinoma NSCLC Breast Carcinoma (all subtypes) Head & Neck Squamous Cell Carcinoma Esophageal Carcinoma (all subtypes) Hepatocellular Carcinoma Bladder Carcinoma
Anzu-cel (IMA203): Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population Progression Free Survival Data cut-off Apr 07, 2025 Overall Survival N mPFS Dose Escalation 11 2.6 months Dose Expansion 33 6.1 months N mOS Dose Escalation 11 6.3 months Dose Expansion 33 15.9 months Significant shift in mPFS and mOS between melanoma patients treated during the dose escalation and dose expansion mPFS in dose escalation is comparable to reported data in 2L+ cut. melanoma population* mOS in dose escalation is shorter than reported mOS for 2L+ cut. melanoma population* All patients in the dose escalation group deceased and 17/30 evaluable patients are alive in dose expansion# Log-rank test: p <0.0001 Log-rank test: p <0.0001 Anzutresgene autoleucel (anzu-cel, formerly IMA203), Overall survival (OS) and progression-free survival (PFS) censored at data-cut; * These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross-trial comparisons cannot be made, and no head-to-head clinical trials have been conducted # 3 patients out of study at data-cut (withdrew consent) PRAME Wave #1: anzu-cel
