Exhibit 99.1

PRELIMINARY NOTE

The unaudited interim condensed Consolidated Financial Statements for the three- and nine-month period ended September 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.

Unaudited Interim Condensed Consolidated Statement of Loss of Immatics N.V.

				Three months ended September 30,									Nine months ended September 30,
		Notes		2025				2024 (as restated)*					2025				2024 (as restated)*
				(Euros in thousands, except per share data)									(Euros in thousands, except per share data)
Revenue from collaboration agreements		4			5,187				50,559					28,505				99,583
Research and development expenses					(47,176	)			(38,906	)				(134,190	)			(106,230	)
General and administrative expenses					(12,673	)			(11,156	)				(37,520	)			(32,925	)
Other income					29				17					70				54
Operating result					(54,633	)			514					(143,135	)			(39,518	)
Change in fair value of liabilities for warrants		5			—				3,833					1,730				4,228
Other financial income		5			4,250				5,889					14,684				18,707
Other financial expenses		5			(289	)			(12,589	)				(36,151	)			(5,342	)
Financial result					3,961				(2,867	)				(19,737	)			17,593
Loss before taxes					(50,672	)			(2,353	)				(162,872	)			(21,925	)
Taxes on income		6			127				(2,952	)				2,123				(3,612	)
Net loss					(50,545	)			(5,305	)				(160,749	)			(25,537	)
Net loss per share:		16
Basic					(0.42	)			(0.05	)				(1.32	)			(0.25	)
Diluted					(0.42	)			(0.08	)				(1.32	)			(0.27	)

*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.

Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

				Three months ended September 30,									Nine months ended September 30,
		Notes		2025				2024 (as restated)*					2025				2024 (as restated)*
				(Euros in thousands)									(Euros in thousands)
Net loss					(50,545	)			(5,305	)				(160,749	)			(25,537	)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Currency translation differences from foreign operations					(594	)			(1,377	)				(9,138	)			(579	)
Total comprehensive loss for the period					(51,139	)			(6,682	)				(169,887	)			(26,116	)

*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.

 

 

 

 

Unaudited Interim Condensed Consolidated Statement of Financial Position of Immatics N.V.

 

				As of
		Notes		September 30, 2025				December 31, 2024
				(Euros in thousands)
Assets
Current assets
Cash and cash equivalents		15			334,922				236,748
Other financial assets		15			95,915				367,704
Accounts receivables		15			3,199				5,857
Other current assets		8			23,987				19,246
Total current assets					458,023				629,555
Non-current assets
Property, plant and equipment		9			44,447				50,380
Intangible assets		9			1,561				1,629
Right-of-use assets		9			13,706				13,332
Other non-current assets		8			820				1,250
Total non-current assets					60,534				66,591
Total assets					518,557				696,146
Liabilities and shareholders’ equity
Current liabilities
Provisions		10			6,688				—
Accounts payables		11			22,532				20,693
Deferred revenue		4			25,562				35,908
Liabilities for warrants		15			—				1,730
Lease liabilities		15			2,879				2,851
Other current liabilities		12			4,597				6,805
Total current liabilities					62,258				67,987
Non-current liabilities
Deferred revenue		4			22,442				34,161
Lease liabilities		15			13,500				13,352
Deferred tax liability		6			3,678				5,804
Total non-current liabilities					39,620				53,317
Shareholders’ equity
Share capital		13			1,216				1,216
Share premium		13			1,173,861				1,162,136
Accumulated deficit		13			(750,291	)			(589,541	)
Other reserves		13			(8,107	)			1,031
Total shareholders’ equity					416,679				574,842
Total liabilities and shareholders’ equity					518,557				696,146

 

 

 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

 

Unaudited Interim Condensed Consolidated Statement of Cash Flows of Immatics N.V.

 

		Nine months ended September 30,
		2025				2024 (as restated)*
		(Euros in thousands)
Cash flows from operating activities
Net loss			(160,749	)			(25,537	)
Taxes on income			(2,123	)			3,612
Loss before tax			(162,872	)			(21,925	)
Adjustments for:
Interest income			(13,629	)			(18,185	)
Depreciation and amortization			9,231				9,149
Interest expenses			724				654
Equity-settled share-based payment			11,712				13,112
Net foreign exchange differences and expected credit losses			33,911				4,018
Change in fair value of liabilities for warrants			(1,730	)			(4,228	)
Loss from disposal of fixed assets			157				1
Changes in:
Decrease in accounts receivables			2,658				1,142
(Increase)/decrease in other assets			(1,555	)			83
Decrease in deferred revenue, accounts payables and other liabilities			(15,028	)			(91,113	)
Interest received			22,558				11,098
Interest paid			(724	)			(654	)
Income tax paid			(8,107	)			(2,706	)
Income tax refunded			4,733				—
Net cash used in operating activities			(117,961	)			(99,554	)
Cash flows from investing activities
Payments for property, plant and equipment			(5,588	)			(14,598	)
Payments for intangible assets			(190	)			(148	)
Proceeds from disposal of property, plant and equipment			47				1
Payments for investments classified in Other financial assets			(280,651	)			(356,596	)
Proceeds from maturity of investments classified in Other financial assets			520,089				266,361
Net cash provided by/(used in) investing activities			233,707				(104,980	)
Cash flows from financing activities
Net proceeds from issuance of shares to equity holders			13				174,554
Payments of lease liabilities			(2,211	)			(1,228	)
Net cash provided by/(used in) financing activities			(2,198	)			173,326
Net increase/(decrease) in cash and cash equivalents			113,548				(31,208	)
Cash and cash equivalents at the beginning of the period			236,748				218,472
Effects of exchange rate changes and expected credit losses on cash and cash equivalents			(15,374	)			1,935
Cash and cash equivalents at the end of the period			334,922				189,199

*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.

 

 

 

Unaudited Interim Condensed Consolidated Statement of Changes in Shareholders’ equity of Immatics N.V.

 

(Euros in thousands)		Notes		Share capital				Share premium				Accumulated deficit				Other reserves				Total share- holders’ equity
Balance as of January 1, 2024 (as restated)*					847				823,166				(604,759	)			(1,636	)			217,618
Other comprehensive loss					—				—				—				(579	)			(579	)
Net loss (restated)*					—				—				(25,537	)			—				(25,537	)
Comprehensive income/(loss) for the period (as restated)*					—				—				(25,537	)			(579	)			(26,116	)
Equity-settled share-based compensation		7			—				13,112				—				—				13,112
Share options exercised		13			1				1,113				—				—				1,114
Issue of share capital – net of transaction costs		13			183				173,257				—				—				173,440
Balance as of September 30, 2024 (as restated)*					1,031				1,010,648				(630,296	)			(2,215	)			379,168
Balance as of January 1, 2025					1,216				1,162,136				(589,541	)			1,031				574,842
Other comprehensive loss					—				—				—				(9,138	)			(9,138	)
Net loss					—				—				(160,750	)			—				(160,750	)
Comprehensive loss for the period					—				—				(160,750	)			(9,138	)			(169,888	)
Equity-settled share-based compensation		7			—				11,712				—				—				11,712
Share options exercised		13			—				13				—				—				13
Balance as of September 30, 2025					1,216				1,173,861				(750,291	)			(8,107	)			416,679

*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.

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 nine month period ended September 30, 2025, were authorized for issue by the Audit Committee of Immatics N.V. on November 17, 2025.

2. Material accounting policies

2.1 Basis of presentation

The unaudited interim condensed consolidated financial statements of the Group as of September 30, 2025 and for the three and nine months ended September 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 "2.2 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 September 30, 2025 and for the three and nine months ended September 30, 2025:

 

	Euros per U.S. Dollar
	2025			2024
Spot rate as of September 30,		0.8517			0.8932
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 September 30,		0.8561			0.9105
Average rate nine months ended September 30,		0.8938			0.9199
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 nine months ended September 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. 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 September 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 nine months ended September 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 September 30, 2024												Nine months ended September 30, 2024
	As previously reported				Adjustment				As restated				As previously reported				Adjustment				As restated
	(Euros in thousands)												(Euros in thousands)
Loss before taxes		(2,353	)			—				(2,353	)			(21,925	)			—				(21,925	)
Taxes on income		(6,217	)			3,265				(2,952	)			(7,720	)			4,108				(3,612	)
Net loss		(8,570	)			3,265				(5,305	)			(29,645	)			4,108				(25,537	)
Attributable to:
Equity holders of the parent		(8,570	)			3,265				(5,305	)			(29,645	)			4,108				(25,537	)
Net loss		(8,570	)			3,265				(5,305	)			(29,645	)			4,108				(25,537	)
Net loss per share
Basic		(0.08	)			0.03				(0.05	)			(0.29	)			0.04				(0.25	)
Diluted		(0.11	)			0.03				(0.08	)			(0.31	)			0.04				(0.27	)
Weighted average shares outstanding
Basic		103,107,543				—				103,107,543				101,655,805				—				101,655,805
Diluted		110,295,043				—				110,295,043				108,843,305				—				108,843,305

 

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:

	Nine months ended September 30, 2024
	As previously reported				Adjustment				As restated
	(Euros in thousands)
Net loss		(29,645	)			4,108				(25,537	)
Taxes on income		7,720				(4,108	)			3,612
Loss before taxation		(21,925	)			—				(21,925	)
(Increase)/decrease in other assets		(2,623	)			2,706				83
Income tax paid		—				(2,706	)			(2,706	)
Net cash used in operating activities		(99,554	)			—				(99,554	)
Net cash used in investing activities		(104,980	)			—				(104,980	)
Net cash provided by financing activities		173,326				—				173,326
Net decrease in cash and cash equivalents		(31,208	)			—				(31,208	)
Cash and cash equivalents at the beginning of period		218,472				—				218,472
Effects of exchange rate changes and expected credit losses on cash and cash equivalents		1,935				—				1,935
Cash and cash equivalents at the end of period		189,199				—				189,199

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 September 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”), both of which are at 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 September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(Euros in thousands)								(Euros in thousands)
Revenue from collaboration agreements:
Moderna, United States			4,231				25,298				22,428				43,601
BMS, United States			956				25,261				6,077				41,031
Genmab, Denmark			—				—				—				14,951
Total			5,187				50,559				28,505				99,583

 

As of September 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 nine months ended September 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 September 30, 2025, €4.2 million revenue was recognized for the Moderna collaboration agreement. For the collaboration agreement with BMS revenue of €1.0 million was recognized during the three months ended September 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.

Deferred revenue related to the collaboration agreements consists of the following:

 

		As of
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Current			25,562				35,908
Non-current			22,442				34,161
Total			48,004				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 September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(Euros in thousands)								(Euros in thousands)
Change in fair value of liabilities of warrants			—				3,833				1,730				4,228
Interest income			3,910				5,526				13,629				18,185
Foreign currency gains			263				4				179				93
Gains on other financial instruments			77				359				876				429
Other financial income			4,250				5,889				14,684				18,707
Interest expenses			(231	)			(235	)			(724	)			(654	)
Foreign currency losses			(58	)			(12,354	)			(35,427	)			(4,688	)
Other financial expenses			(289	)			(12,589	)			(36,151	)			(5,342	)
Financial result			3,961				(2,867	)			(19,737	)			17,593

The Company’s public warrants expired on July 1, 2025, without any being exercised during their lifetime. As a result, the related warrant liabilities were derecognized from the Statement of Financial Position on that date, with no impact on the Statement of Profit and Loss for the three months ended September 30, 2025, since the fair value of the warrants was €0.00 as of June 30, 2025. For the nine months ended September 30, 2025, changes in the fair value of the warrants resulted in a decrease of €1.7 million, recognized as income, as the fair value declined from €0.24 ($0.25) per warrant as of December 31, 2024, to €0.00 ($0.00) as of June 30, 2025, prior to their expiration on July 1, 2025.

For the three and nine months ended September 30, 2024, the changes of the fair value of the warrants resulted in a decrease of €3.8 million and €4.2 million, respectively, with a corresponding income. The fair value of the warrants decreased from €2.64 ($2.92) per warrant as of December 31, 2023 to €2.59 ($2.77) as of June 30, 2024 and decreased to €2.05 ($2.30) as of September 30, 2024.

Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.

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 nine months ended September 30, 2025 and 2024.

 

6. Income Tax

The following table illustrates the current and deferred taxes for the periods indicated:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024 (as restated)*				2025				2024 (as restated)*
		(Euros in thousands)								(Euros in thousands)
Current income tax			(4	)			(6,217	)			(4	)			(7,720	)
Deferred income tax			131				3,265				2,127				4,108
Taxes on income			127				(2,952	)			2,123				(3,612	)

*See Note 2.2 for details regarding the restatement as a result of a correction of deferred tax liabilities

 

During the three and nine months ended September 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 nine months ended September 30, 2025.

During the three and nine months ended September 30, 2025, the deferred tax liability decreased by €0.1 million and €2.1 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 €3.9 million and €4.7 million during the three and nine months ended September 30, 2025, respectively, from income tax prepayments made in prior periods.

Immatics paid income tax of €2.7 million and €8.1 million during the three and nine months ended September 30, 2025, respectively, for income tax prepayments.

During the three and nine months ended September 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 and nine months ended September 30, 2024 due to the recognition of revenue from the collaboration agreements with BMS, Genmab and Moderna. Correspondingly the Group recognized an income tax expense of €6.2 million for the three months ended September 30, 2024 and €7.7 million for the nine months ended September 30, 2024.

The income tax expense is calculated based on taxable income of Immatics GmbH for the three and nine months ended September 30, 2024. The Group applied the estimated effective tax rate for the financial year 2024 to the taxable income for the three and nine months ended September 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 nine months ended September 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 nine months ended September 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.

During the three and nine months ended September 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 September 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 $3.95 per Service Option granted during the nine months ended September 30, 2025 and used the following weighted average assumptions:

 

		Three months ended September 30, 2025				Nine months ended September 30, 2025
Exercise price in USD		$	5.64			$	5.43
Underlying share price in USD		$	5.64			$	5.43
Volatility			83.57	%			83.15	%
Time period (years)			6.11				5.97
Risk-free rate			3.95	%			4.19	%
Dividend yield			0.00	%			0.00	%

 

Service Options outstanding as of September 30, 2025:

		2025
		Weighted average exercise price in USD				Number
Service Options outstanding on January 1,			9.94				10,089,474
Service Options granted in 2025			5.43				1,511,700
Service Options forfeited			11.09				93,056
Service Options exercised			—				—
Service Options expired			10.39				154,886
Service Options outstanding on September 30,			9.33				11,353,232
Service Options exercisable on September 30,			10.20				6,292,994
Weighted average remaining contract life (years)			7.03

 

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 nine months ended September 30, 2025.

PSUs outstanding as of September 30, 2025:

 

		2025
		Weighted average exercise price in USD				Number
PSUs outstanding on January 1,			10.09				3,680,000
PSUs granted in 2025			—				—
PSUs forfeited			10.00				12,000
PSUs outstanding on September 30,			10.10				3,668,000
PSUs exercisable on September 30,			—				—
Weighted average remaining contract life (years)			4.85

The Group recognized total employee-related share-based compensation expenses from all plans, during the three and nine months ended September 30, 2025 and 2024 as set out below:

 

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(Euros in thousands)
Research and development expenses			(1,792	)			(2,351	)			(6,012	)			(7,214	)
General and administrative expenses			(1,450	)			(2,156	)			(5,700	)			(5,898	)
Total share-based compensation			(3,242	)			(4,507	)			(11,712	)			(13,112	)

 

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 September 30, 2025:

		2025
		Weighted average exercise price in USD				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				20,166
Matching Stock Options outstanding on September 30,			10.00				1,290,682
Matching Stock Options exercisable on September 30,			10.00				1,290,682
Weighted average remaining contract life (years)			4.75

Converted Options outstanding as of September 30, 2025:

		2025
		Weighted average exercise price in USD				Number
Converted Options outstanding on January 1,			2.90				477,842
Converted Options forfeited			1.50				2,275
Converted Options exercised			1.07				13,660
Converted Options expired			1.37				2,451
Converted Options outstanding on September 30,			2.96				459,456
Converted Options exercisable on September 30,			2.96				459,456
Weighted average remaining contract life (years)			2.25

 

8. Other current and non-current assets

Other current assets consist of the following:

		As of
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Prepaid expenses			13,700				12,048
Value added tax receivables			1,105				888
Other assets			9,182				6,310
Total			23,987				19,246

Prepaid expenses include expenses for the supply of lentiviral vector of €3.2 million of which €0.9 million are attributable to an upfront payment pursuant to the execution of a commercial supply agreement for anzu-cel as of September 30, 2025. In addition, prepaid expenses include expenses for licenses and software of €4.3 million as of September 30, 2025 and €3.6 million as of December 31, 2024 and prepaid maintenance expenses of €0.9 million as of September 30, 2025 and €1.2 million as of December 31, 2024.

The remaining prepaid expenses of €5.9 million as of September 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 €7.6 million as of September 30, 2025 and €5.9 million as of December 31, 2024.

Other non-current assets consist of the following:

		As of
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Prepaid expenses			89				333
Other assets			731				917
Total			820				1,250

 

 

 

9. Property, plant and equipment, intangible assets and Right-of-use assets

During the three months ended September 30, 2025 and September 30, 2024, the Group acquired property, plant and equipment and intangible assets in the amount of €0.6 million and €2.0 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 €0.5 million and €1.4 million for the three months ended September 30, 2025 and September 30, 2024, respectively.

During the three months ended September 30, 2025 and three months ended September 30, 2024, there was no material addition in right-of-use assets and corresponding lease liability.

During the nine months ended September 30, 2025 and September 30, 2024, the Group acquired property, plant and equipment and intangible assets in the amount of €6.0 million and €11.7 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 €4.6 million and €7.7 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.

During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2025 and September 30, 2024, €0.6 million and €1.2 million of the investments were not paid in the period, respectively.

10. Provisions

Provisions consist of the following:

		As of
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Provision for bonuses			6,688				—
Total			6,688				—

These amounts include provisions for the Group’s annual employee bonuses, which are paid at year end.

 

11. Accounts payables

Accounts payables consist of the following:

		As of
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Trade payables			2,804				10,112
Accrued liabilities			19,728				10,581
Total			22,532				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
		September 30, 2025				December 31, 2024
		(Euros in thousands)
Accrual for vacation and overtime			1,785				1,579
Income tax liability			31				1,761
Payroll tax			651				2,008
Other liabilities			2,130				1,457
Total			4,597				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 September 30, 2025 and December 31, 2024, the total number of ordinary shares of Immatics N.V. outstanding is 121,563,829 and 121,550,169 with a par value of €0.01, respectively.

The number of ordinary shares increased during the three and nine months ended September 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 €12.6 thousand.

On January 22, 2024, the Group closed an offering of 18,313,750 ordinary shares with a public offering price of €10.10 ($11.00) 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 nine months ended September 30, 2024, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €1.0 thousand and share premium of €1.1 million.
 

Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s U.S. operations.

 

14. Related party disclosures

During the three and nine months ended September 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 nine months September 30, 2025 and the commitment of a termination benefit of €0.3 million to key management personnel during the three and nine months ended September 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 September 30, 2025								Financial liabilities as of September 30, 2025
(Euros in thousands)		At fair value through profit and loss				At amortized cost				At fair value through profit and loss				At amortized cost				IFRS 7 not applicable and IFRS 16				September 30, 2025
Current/non-current assets
Cash and cash equivalents			—				334,922				—				—				—				334,922
Short-term deposits*			—				95,915				—				—				—				95,915
Accounts receivables			—				3,199				—				—				—				3,199
Other current/non-current assets*			—				2,085				—				—				22,722				24,807
Current/non-current liabilities
Accounts payables			—				—				—				22,532				—				22,532
Other current liabilities			—				—				—				50				4,547				4,597
Liabilities for warrants			—				—				—				—				—				—
Lease liabilities			—				—				—				—				16,379				16,379
Total			—				436,121				—				22,582				43,648

 

		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 through profit and loss				At amortized cost				At fair value through profit and loss				At amortized cost				IFRS 7 not applicable and IFRS 16				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.

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.