Immatics N.V 6-K, filed Aug 18, 2026
Immatics N.V. (IMTX)
About this 6-K
Immatics N.V filed this 6-K on August 18, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
August 18, 2026
Commission File Number: 001-39363
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 18, 2026, Immatics N.V. (the “Company”) issued an interim report for the three- and six-month period ended June 30, 2026, which is attached hereto as Exhibit 99.1, and issued a press release announcing the second quarter 2026 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, 333-288466 and 333-297029) 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333-286151) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.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, 2026. |
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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 18, 2026 |
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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, 2026, 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, the nature of clinical trials (including whether such clinical trials will be registration-enabling), 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, our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; 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, 2025, filed with the Securities and Exchange Commission on March 05, 2026 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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Notes |
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2026 |
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2025 |
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2026 |
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2025 |
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(Euros in thousands, except per share data) |
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(Euros in thousands, except per share data) |
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Revenue from collaboration agreements |
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4 |
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Research and development expenses |
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( |
) |
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( |
) |
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( |
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( |
) |
General and administrative expenses |
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( |
) |
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( |
) |
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( |
) |
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( |
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Other income |
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— |
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Operating result |
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( |
) |
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( |
) |
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( |
) |
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( |
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Change in fair value of liabilities for warrants |
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5 |
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— |
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— |
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Other financial income |
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5 |
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Other financial expenses |
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5 |
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( |
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( |
) |
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( |
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( |
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Financial result |
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( |
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( |
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Loss before taxes |
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( |
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( |
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( |
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( |
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Taxes on income |
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6 |
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Net loss |
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( |
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( |
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( |
) |
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( |
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Net loss per share: |
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16 |
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Basic |
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( |
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( |
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( |
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( |
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Diluted |
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( |
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( |
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( |
) |
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( |
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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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Notes |
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2026 |
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2025 |
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2026 |
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2025 |
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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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( |
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( |
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( |
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Other comprehensive income/(loss) |
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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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( |
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( |
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Total comprehensive loss for the period |
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( |
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( |
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( |
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( |
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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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Notes |
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June 30, 2026 |
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December 31, 2025 |
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(Euros in thousands) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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15 |
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Other financial assets |
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15 |
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Accounts receivables |
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15 |
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Other current assets |
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8 |
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Total current assets |
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Non-current assets |
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Property, plant and equipment |
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9 |
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Intangible assets |
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9 |
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Right-of-use assets |
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9 |
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Other non-current assets |
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8 |
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Total non-current assets |
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Total assets |
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Liabilities and shareholders’ equity |
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Current liabilities |
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Provisions |
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10 |
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Accounts payables |
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11 |
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Deferred revenue |
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4 |
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Lease liabilities |
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15 |
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Other current liabilities |
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12 |
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Total current liabilities |
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Non-current liabilities |
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Deferred revenue |
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4 |
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Lease liabilities |
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15 |
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Deferred tax liabilities |
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6 |
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Total non-current liabilities |
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Shareholders’ equity |
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Share capital |
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13 |
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Share premium |
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13 |
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Accumulated deficit |
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13 |
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( |
) |
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( |
) |
Other reserves |
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13 |
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( |
) |
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( |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
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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.
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Six months ended June 30, |
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2026 |
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2025 |
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(Euros in thousands) |
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Cash flows from operating activities |
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Net loss |
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( |
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( |
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Taxes on income |
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6 |
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( |
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( |
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Loss before tax |
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( |
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( |
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Adjustments for: |
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Interest income |
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5 |
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( |
) |
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( |
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Depreciation and amortization |
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Interest expenses |
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5 |
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Equity-settled share-based payment |
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7 |
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Net foreign exchange differences and expected credit losses |
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( |
) |
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Change in fair value of liabilities for warrants |
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5 |
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— |
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( |
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Loss from disposal of fixed assets |
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Changes in: |
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Decrease in accounts receivables |
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15 |
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Increase in other assets |
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( |
) |
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( |
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Increase/(decrease) in deferred revenue, accounts payables and other liabilities |
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4,10,11,12 |
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( |
) |
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Interest received |
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Interest paid |
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5 |
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( |
) |
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( |
) |
Income tax paid |
|
6 |
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( |
) |
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( |
) |
Income tax refunded |
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6 |
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— |
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Net cash used in operating activities |
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( |
) |
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( |
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Cash flows from investing activities |
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Payments for property, plant and equipment |
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9 |
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( |
) |
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( |
) |
Payments for intangible assets |
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— |
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( |
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Proceeds from disposal of property, plant and equipment |
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Payments for investments classified in other financial assets |
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( |
) |
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( |
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Proceeds from maturity of investments classified in other financial assets |
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Net cash provided by/(used in) investing activities |
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( |
) |
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Cash flows from financing activities |
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Proceeds from issuance of shares to equity holders |
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13 |
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Transaction costs deducted from equity |
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13 |
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( |
) |
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— |
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Payments of lease liabilities |
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15 |
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( |
) |
|
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( |
) |
Net cash provided by/(used in) financing activities |
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( |
) |
|
Net increase/(decrease) in cash and cash equivalents |
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( |
) |
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Cash and cash equivalents at the beginning of the period |
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Effects of exchange rate changes and expected credit losses on cash and cash equivalents |
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( |
) |
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Cash and cash equivalents at the end of the period |
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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) |
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Notes |
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Share |
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Share |
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Accumulated |
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Other |
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Total |
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Balance as of January 1, 2025 |
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( |
) |
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Other comprehensive loss |
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— |
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— |
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— |
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( |
) |
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( |
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Net loss |
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— |
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— |
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( |
) |
|
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— |
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( |
) |
Comprehensive loss for the period |
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— |
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— |
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( |
) |
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( |
) |
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( |
) |
Equity-settled share-based compensation |
|
7 |
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— |
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— |
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— |
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Share options exercised |
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13 |
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— |
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— |
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— |
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Balance as of June 30, 2025 |
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( |
) |
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( |
) |
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Balance as of January 1, 2026 |
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( |
) |
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( |
) |
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Other comprehensive income |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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( |
) |
|
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— |
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( |
) |
Comprehensive income/(loss) for the period |
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— |
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— |
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( |
) |
|
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|
|
( |
) |
|
Equity-settled share-based compensation |
|
7 |
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— |
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— |
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— |
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Share options exercised |
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13 |
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— |
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— |
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Issue of share capital – net of transaction costs |
|
13 |
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— |
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— |
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Balance as of June 30, 2026 |
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( |
) |
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( |
) |
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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 company that is primarily engaged in the research and development of PRAME-directed immunotherapies that harness the power of T cells for the treatment of cancer patients.
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
2. Material accounting policies
Basis of presentation
The unaudited interim condensed consolidated financial statements of the Group as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 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, 2025, 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 these notes to the unaudited interim 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, 2025.
The functional currency of Immatics N.V. and Immatics GmbH is the Euro and the functional currency of Immatics US, Inc. is the U.S. dollar. Transactions in foreign currencies are initially recorded by the Group’s entities at the spot exchange rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency at the closing rate at the reporting date. Non‑monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Non‑monetary items measured at fair value are translated using the exchange rate at the date when the fair value was determined. Exchange differences arising on the settlement or translation of monetary items are recognized in profit or loss. For purpose of translating the results and financial position of Immatics US, Inc. into Euro, assets and liabilities are translated at the closing rate at the reporting date, income and expenses are translated at average exchange rates for the period and equity components are translated at historical exchange rates. Resulting exchange differences are recognized in other comprehensive income. The information presented in these financial statements may contain rounding differences. Therefore, columns and rows within tables may not add due to rounding. Percentages have been calculated using actual, non-rounded figures.
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 and for the three and six months ended June 30:
|
Euros per U.S. Dollar |
|
||||
|
2026 |
|
2025 |
|
||
Spot rate as of June 30, |
|
|
|
|
||
Spot rate as of March 31, |
|
|
|
|
||
Spot rate as of December 31, |
|
— |
|
|
|
|
Average rate three months ended June 30 |
|
|
|
|
||
Average rate six months ended June 30, |
|
|
|
|
||
Average rate three months ended March 31, |
|
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|
|
||
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, 2025. The new and amended standards and interpretations applicable for the first time as of January 1, 2026, as disclosed in the
7
notes to the consolidated financial statements for the year ended December 31, 2025, had no impact on the unaudited interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2026.
Estimates and assumptions have to be made in the unaudited interim condensed consolidated financial statements as of June 30, 2026. 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, 2025. New developments may result in amounts deviating from the original estimates. These possible developments are outside the sphere of influence of the management.
New Standards
In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” (hereinafter ”IFRS 18“) was issued to achieve comparability of the financial performance of similar entities. In the first half of fiscal year 2026, the Group continued its project to implement IFRS 18. IFRS 18 replaces the previous standard, IAS 1, ”Presentation of Financial Statements“ (hereinafter ”IAS 1"). The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements and requires retrospective application. The Group does not intend to early adopt IFRS 18 and will apply the standard for the first time in its consolidated financial statements for the fiscal year beginning January 1, 2027.
With the introduction of IFRS 18, the future structure of the Group’s Consolidated Statement of Profit or Loss and related notes will change significantly – while the classification of expenses according to their function within the Group will remain fundamentally unchanged. In the future, the Group’s revenues and expenses will be categorized based on new definitional requirements, including the three main categories: “operating activities,” “investing activities,” and “financing activities.”
Due to the definitional requirements of the relevant main categories under IFRS 18, there will be shifts within the categories compared to the previous breakdown of the income statement into “Operating result” and “Financial result”. This applies, for example, to foreign currency effects and income from cash and cash equivalents. In addition to the resulting reclassifications within the categories, the Group’s Consolidated Statement of Profit or Loss must report the two subtotals defined in IFRS 18 – “Operating profit or loss” and “'Profit or loss before financing and income tax” – beginning with the fiscal year 2027.
In addition to the structural changes in the Group’s Consolidated Statement of Profit or Loss, current estimates indicate that there may also be minor changes regarding the presentation of the Consolidated Statement of Financial Position and the Consolidated Statement of Cash Flows. In the Consolidated Statement of Cash Flows we expect the interest received and interest paid to be presented in investing and financing activities.
IFRS 18 also establishes, for the first time, disclosure requirements for so-called management-defined performance measures (MPMs). The standard will also require certain MPMs to be explained, reconciled and included in a separate note within the consolidated financial statements. Management is currently assessing the requirement for MPMs for the Group according to IFRS 18.
3. Segment information
The Group manages its operations as a segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of PRAME-directed immunotherapies that harness the power of T cells 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, 2026, the Group had two revenue-generating strategic collaboration agreements in place, one with ModernaTX, Inc. (“Moderna”) and one agreement with Bristol-Myers-Squibb (“BMS”).
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.
8
Revenue from collaboration agreements was realized with the following partners:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Revenue from collaboration agreements: |
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|
|
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|
||||
Moderna, United States |
|
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|
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|
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|
|
|
||||
BMS, United States |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of June 30, 2026, other than the achievement and recognition of a €
Deferred revenue related to the collaboration agreements consists of the following:
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Current |
|
|
|
|
|
|
||
Non-current |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Change in fair value of liabilities of warrants |
|
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|
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|
||||
Interest income |
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|
||||
Foreign currency gains |
|
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|
||||
Gains on other financial instruments |
|
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|
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|
||||
Other financial income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Foreign currency losses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Other financial expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Financial result |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
9
The Company’s public warrants expired on July 1, 2025. As a result, the related liabilities for warrants were derecognized from the Consolidated Statement of Financial Position with a respective impact on the Consolidated Statement of Loss on that date.
The fair value of the warrants decreased from €
Interest income mainly results from short-term deposits as well as cash and cash equivalents. Interest expenses mainly result from leases.
Foreign currency gains and losses mainly consist of gains and losses in connection with our USD holdings of cash and cash equivalents as well as short-term deposits in Immatics N.V. and Immatics GmbH.
Gains on other financial instruments include expected credit income on cash and cash equivalents and other financial assets for the three and six months ended June 30, 2026 and 2025.
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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Current income tax |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deferred income tax |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxes on income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
During the three and six months ended June 30, 2026 and 2025, the Group generated a net loss. Correspondingly the Group did
During the three months ended June 30, 2026 and 2025, the deferred tax liability decreased by €
Immatics paid income tax of €
Immatics did not receive an income tax refund during the six months ended June 30, 2026, related to income tax prepayments made in prior periods.
The Group calculated the current income tax expense based on the taxable income for the respective period. The Group took into account the tax losses carried forward that can be used to offset the taxable income generated for the purpose of income tax calculation for each entity. In accordance with §10d para 2 EStG (German income tax code),
Since Immatics N.V., Immatics GmbH and Immatics US, Inc. did not generate taxable income during the three and six months ended June 30, 2026 and 2025,
During the three and six months ended June 30, 2026 and 2025, the Group’s German operations were subject to a statutory tax rate of
10
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.
11
7. Share-based payments
Immatics N.V. has five 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”). At the Annual General Meeting on June 18, 2026, Immatics shareholders approved the Company’s 2026 stock option and incentive plan (“2026 Equity Plan”). The 2026 Equity Plan allows the company to grant additional options and restricted stock units.
Under the 2020 Equity Plan, the 2022 Equity Plan, the 2024 Equity Plan and the 2025 Equity Plan, directors, management and employees have been granted different types of options, all of which are equity-settled transactions. As of June 30, 2026,
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, 2026 and 2025, respectively.
Service Options
Under the 2020 Equity Plan, the 2022 Equity Plan, the 2024 Equity Plan, and the 2025 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 quarterly vesting schedule with a one-year cliff period. Under the 2022 Equity Plan and the 2024 Equity Plan, service options granted based on initial election to the Board will vest on a three-year time-based quarterly vesting schedule and annual service options for members of the Board 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.
|
|
Three months ended June 30, 2026 |
|
|
Six months ended June 30, 2026 |
|
||
Exercise price in USD |
|
$ |
|
|
$ |
|
||
Underlying share price in USD |
|
$ |
|
|
$ |
|
||
Volatility |
|
|
% |
|
|
% |
||
Time period (years) |
|
|
|
|
|
|
||
Risk-free rate |
|
|
% |
|
|
% |
||
Dividend yield |
|
|
% |
|
|
% |
||
Service Options outstanding as of June 30, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Service Options outstanding on January 1, 2026 |
|
|
|
|
|
|
||
Service Options granted in 2026 |
|
|
|
|
|
|
||
Service Options forfeited in 2026 |
|
|
|
|
|
|
||
Service Options exercised in 2026 |
|
|
|
|
|
|
||
Service Options expired in 2026 |
|
|
|
|
|
|
||
Service Options outstanding on June 30, 2026 |
|
|
|
|
|
|
||
Service Options exercisable on June 30, 2026 |
|
|
|
|
|
|
||
Weighted average remaining contract life (years) |
|
|
|
|
|
|
||
12
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 $
The Company did
PSUs outstanding as of June 30, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
PSUs outstanding on January 1, 2026 |
|
|
|
|
|
|
||
PSUs granted in 2026 |
|
|
|
|
|
|
||
PSUs forfeited in 2026 |
|
|
|
|
|
|
||
PSUs outstanding on June 30, 2026 |
|
|
|
|
|
|
||
PSUs exercisable on June 30, 2026 |
|
|
|
|
|
|
||
Weighted average remaining contract life (years) |
|
|
|
|
|
|
||
Restricted Stock Units ("RSUs")
Under the 2025 Equity Plan, Immatics issues employee RSUs with a service requirement to obtain shares of Immatics N.V. The RSUs for all employees will vest in four equal annual installments upon satisfaction of service requirements.
During the three and six months ended June 30, 2026, Immatics granted
RSUs outstanding as of June 30, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
RSUs outstanding on January 1, 2026 |
|
|
|
|
|
|
||
RSUs granted in 2026 |
|
|
|
|
|
|
||
RSUs outstanding on June 30, 2026 |
|
|
|
|
|
|
||
Weighted average remaining contract life (years) |
|
|
|
|
|
|
||
Total share-based compensation expenses:
The Group recognized total employee-related share-based compensation expenses from all plans, during the three and six months ended June 30, 2026 and 2025 as set out below:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|||||||||||||
Research and development expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
General and administrative expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Total share-based compensation expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
13
Additional fully vested outstanding awards
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
Matching Stock Options outstanding as of June 30, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Matching Stock Options outstanding on January 1, 2026 |
|
|
|
|
|
|
||
Matching Stock Options forfeited in 2026 |
|
|
|
|
|
|
||
Matching Stock Options exercised in 2026 |
|
|
|
|
|
|
||
Matching Stock Options expired in 2026 |
|
|
|
|
|
|
||
Matching Stock Options outstanding on June 30, 2026 |
|
|
|
|
|
|
||
Matching Stock Options exercisable on June 30, 2026 |
|
|
|
|
|
|
||
Weighted average remaining contract life (years) |
|
|
|
|
|
|
||
Converted Options outstanding as of June 30, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Converted Options outstanding on January 1, 2026 |
|
|
|
|
|
|
||
Converted Options forfeited in 2026 |
|
|
|
|
|
|
||
Converted Options exercised in 2026 |
|
|
|
|
|
|
||
Converted Options expired in 2026 |
|
|
|
|
|
|
||
Converted Options outstanding on June 30, 2026 |
|
|
|
|
|
|
||
Converted Options exercisable on June 30, 2026 |
|
|
|
|
|
|
||
Weighted average remaining contract life (years) |
|
|
|
|
|
|
||
8. Other current and non-current assets
Other current assets consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
|
|
|
|
||
Value added tax receivables |
|
|
|
|
|
|
||
Other assets |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Other assets include capitalized capital gains tax and tax research allowance of €
14
Other non-current assets consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
|
|
|
|
||
Other assets |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
9. Property, plant and equipment, intangible assets and Right-of-use assets
During the six months ended June 30, 2026 and June 30, 2025, the Group acquired property, plant and equipment and intangible assets in the amount of €
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 €
During the six months ended June 30, 2026, there was
The unpaid investments decreased from €
10. Provisions
Provisions consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Provision for bonuses |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
This balance sheet item relates to 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 |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Trade payables |
|
|
|
|
|
|
||
Accrued liabilities |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
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.
15
12. Other current liabilities
Other current liabilities consist of the following:
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Accrual for vacation and overtime |
|
|
|
|
|
|
||
Payroll tax |
|
|
|
|
|
|
||
Income tax liability |
|
|
|
|
|
|
||
Other liabilities |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Other current liabilities are non-interest-bearing and are due within
13. Shareholders’ equity
As of June 30, 2026 and December 31, 2025, the total number of ordinary shares of Immatics N.V. outstanding is
On March 12, 2026, the Group issued
Additionally, the number of ordinary shares increased during the six months ended June 30, 2026, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €
The number of ordinary shares increased during the six months ended June 30, 2025, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €
Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s U.S. operations.
14. Related party disclosures
During the six months ended June 30, 2026, 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
Edward Sturchio stepped down as the General Counsel and Corporate Secretary and Jim Pepin was appointed as General Counsel and Corporate Secretary on July 20, 2026.
16
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, 2026 |
|
|
Financial liabilities as of June 30, 2026 |
|
|
|
|
|
|
|
||||||||||||
(Euros in thousands) |
|
At fair value |
|
|
At amortized |
|
|
At fair value |
|
|
At amortized |
|
|
IFRS 7 not |
|
|
June 30, 2026 |
|
||||||
Current/non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Short-term deposits* |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Accounts receivables |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other current/non-current assets* |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|||
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Total |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||
|
|
Carrying amount per measurement category |
|
|
|
|
|
|
|
|||||||||||||||
|
|
Financial assets as of December 31, |
|
|
Financial liabilities as of December 31, |
|
|
|
|
|
|
|
||||||||||||
(Euros in thousands) |
|
At fair value |
|
|
At amortized |
|
|
At fair value |
|
|
At amortized |
|
|
IFRS 7 not |
|
|
December 31, 2025 |
|
||||||
Current/non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Short-term deposits* |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Accounts receivables |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other current/non-current assets* |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|||
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Total |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
*“Short-term deposits” are classified within the line item “other financial assets”. Other current/non-current assets classified as financial instruments comprise mainly of deposits.
The book value of financial assets and liabilities other than lease liabilities represent a reasonable approximation of the fair value.
16. Earnings and Loss per Share
The Group reported basic and diluted loss per share during the three and six months ended June 30, 2026 and 2025. 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 for the three and six months ended June 30, 2026 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 for which the exercise price exceeds the Group’s weighted average share price for the three and six months ended June 30, 2026, are excluded from the calculation of diluted weighted average number of ordinary shares.
17
The Group was loss-making during the three and six months ended June 30, 2026 and June 30, 2025, respectively, therefore all instruments under the 2020, 2022, 2024 and 2025 Equity Plan are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding.
The
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands, except share and per share data) |
|
|
(Euros in thousands, except share and per share data) |
|
||||||||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Adjustments of loss |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss available to common shareholders |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effect of potentially dilutive warrants / shares option |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss per share - Basic |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Loss per share - Diluted |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
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, 2025 have not materially changed.
18. Events occurring after the interim reporting period
In collaboration, Moderna and Immatics discovered a cancer antigen therapeutic candidate under the Database Program, incorporating targets identified using Immatics’ target discovery and validation platform and its bioinformatics and AI platform. The first patient in the clinical trial sponsored by Moderna was dosed in July, 2026, which marked a key clinical milestone and triggered a milestone payment to Immatics.
The Company evaluated subsequent events for recognition or disclosure through August 18, 2026 and did not identify additional material subsequent events.
18
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, 2026 and 2025 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, 2025, and the notes thereto, in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on March 05, 2026 (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 includes multiple product candidates, therapeutic modalities, indications and combination approaches: anzu-cel (anzutresgene autoleucel; IMA203) and IMA203CD8, both PRAME-directed cell therapies, and IMA402, a PRAME-directed bispecific. Combination approaches include IMA402 with immune checkpoint inhibitors, IMA402 with the MAGEA4/8-directed bispecific IMA401, and anzu-cel in combination with Moderna’s PRAME mRNA therapy designed to enhance the cell therapy response. 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.
We are also driving innovation beyond PRAME with 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 aim of making a meaningful impact on the lives of 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 704 and 656 FTEs as of June 30, 2026 and December 31, 2025, respectively.
Through June 30, 2026 we have raised €1.6 billion cash and cash equivalents through licensing payments from our collaborators and through private placements and public offerings of securities. We hold cash and cash equivalents and other financial assets of €393.4 million as of June 30, 2026. We believe that we have sufficient capital resources to fund our operations through at least the next 12 months.
19
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 is expected to 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 as monotherapy vs. investigator's choice in patients with unresectable or metastatic melanoma who have received prior treatment with a PD-1 immune checkpoint inhibitor. Anzu-cel received FDA Orphan Drug Designation and FDA RMAT designation, which includes all benefits of FDA Breakthrough Therapy Designation. SUPRAME is designed to be an adequate and well-controlled clinical trial to generate the data supporting full regulatory approval of anzu-cel. The primary endpoint for SUPRAME is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Key secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes measuring quality of life. Enrollment in SUPRAME, currently ongoing in North America and Europe, remains on track to complete required randomizations by year-end to support final analysis for the primary endpoint. The aggregate number of PFS events (progressive disease or death) in the SUPRAME trial is occurring more slowly than originally modeled. As a result, Immatics intends to replace the previously planned interim and final PFS analyses with a single streamlined final analysis, now based on a lower prespecified number of PFS events while maintaining a robust power of 90% for the primary endpoint. At the same time, Immatics intends to increase the statistical power for the secondary endpoint of OS by enrolling approximately 90 additional patients, bringing the total trial size to approximately 450 patients. This aims to further strengthen the commercial product profile of anzu-cel. The increased number of events needed for the final OS analysis has no impact on the timing of the final PFS analysis. These planned protocol amendments are based on feedback from the FDA following recent interaction with the agency, with whom Immatics continues to engage. The Company expects to disclose topline data from the final PFS analysis in the first half of 2027, followed by a BLA submission in 2027. The Company continues to build the commercial infrastructure for the anticipated launch of anzu-cel after obtaining BLA approval. A Phase 2 cohort to treat approximately 30 patients with uveal melanoma is ongoing and being conducted at select centers in the U.S. and Germany with expertise in uveal melanoma. Data from the ongoing single-arm Phase 1b trial as well as the Phase 2 cohort in metastatic uveal melanoma are intended to support a potential label expansion for anzu-cel following expected initial approval in unresectable or metastatic melanoma.
IMA203CD8 is our PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, we intend to pursue the clinical development of this product with a tumor-agnostic approach, including gynecologic cancers (ovarian and uterine).
To expand the PRAME opportunity to earlier-line PRAME cancers, we are developing our off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, as monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, we are exploring the combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC), and potentially other solid tumor indications.
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
20
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 to date consists of upfront payments, milestone payments and reimbursement of research and development expenses.
Upfront payments allocated to the obligation to perform research and development services are initially recorded on our Consolidated 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, with BMS, 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 from the TCER part (“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”). During the year ended December 31, 2025, Immatics entered into an amendment to the Moderna master agreement to conduct a clinical trial for the Advanced TCER Activities, which is accounted for as a separate distinct performance obligation.
All collaboration agreements resulted in a total of €530.5 million of payments through June 30, 2026.
During the three and six months ended June 30, 2026, we received a €0.5 million milestone from our collaboration partner Moderna. During the year 2025, we achieved a €4.3 million ($5.0 million) milestone from our collaboration partner Moderna in December 2025, related to a contract modification.
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 such milestone events is subject to certain conditions outside the influence of the Company and other risk factors, future milestone revenue is considered a variable consideration that is currently uncertain.
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.
21
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:
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:
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.
22
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 the early stages of our commercial activities 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 personnel-related expenses and other 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 or 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 and foreign exchange losses.
Results of Operations
Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025
The following table summarizes our consolidated statements of operations for each period presented:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands, except per share data) |
|
|
(Euros in thousands, except per share data) |
|
||||||||||
Revenue from collaboration agreements |
|
|
9,144 |
|
|
|
4,737 |
|
|
|
16,756 |
|
|
|
23,318 |
|
Research and development expenses |
|
|
(62,411 |
) |
|
|
(45,106 |
) |
|
|
(121,597 |
) |
|
|
(87,014 |
) |
General and administrative expenses |
|
|
(13,937 |
) |
|
|
(12,780 |
) |
|
|
(28,450 |
) |
|
|
(24,847 |
) |
Other income |
|
|
— |
|
|
|
22 |
|
|
|
24 |
|
|
|
41 |
|
Operating result |
|
|
(67,204 |
) |
|
|
(53,127 |
) |
|
|
(133,267 |
) |
|
|
(88,502 |
) |
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
133 |
|
|
|
— |
|
|
|
1,730 |
|
Other financial income |
|
|
4,802 |
|
|
|
4,421 |
|
|
|
13,341 |
|
|
|
10,685 |
|
Other financial expenses |
|
|
(364 |
) |
|
|
(22,776 |
) |
|
|
(602 |
) |
|
|
(36,113 |
) |
Financial result |
|
|
4,438 |
|
|
|
(18,222 |
) |
|
|
12,739 |
|
|
|
(23,698 |
) |
Loss before taxes |
|
|
(62,766 |
) |
|
|
(71,349 |
) |
|
|
(120,528 |
) |
|
|
(112,200 |
) |
Taxes on income |
|
|
274 |
|
|
|
1,001 |
|
|
|
222 |
|
|
|
1,996 |
|
Net loss |
|
|
(62,492 |
) |
|
|
(70,348 |
) |
|
|
(120,306 |
) |
|
|
(110,204 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
(0.46 |
) |
|
|
(0.58 |
) |
|
|
(0.89 |
) |
|
|
(0.91 |
) |
Diluted |
|
|
(0.46 |
) |
|
|
(0.58 |
) |
|
|
(0.89 |
) |
|
|
(0.91 |
) |
23
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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Moderna, United States |
|
|
6,488 |
|
|
|
3,795 |
|
|
|
13,913 |
|
|
|
18,197 |
|
BMS, United States |
|
|
2,656 |
|
|
|
942 |
|
|
|
2,843 |
|
|
|
5,121 |
|
Total |
|
|
9,144 |
|
|
|
4,737 |
|
|
|
16,756 |
|
|
|
23,318 |
|
Our revenue from collaboration agreements increased by €4.4 million from €4.7 million for the three months ended June 30, 2025 to €9.1 million for the three months ended June 30, 2026. Under our collaboration agreement with Moderna revenue increased from €3.8 million for the three months ended June 30, 2025 to €6.5 million for the three months ended June 30, 2026. For our collaboration with BMS revenue increased from €0.9 million for the three months ended June 30, 2025 to €2.7 million for the three months ended June 30, 2026. For both, the increase is primarily attributable to a higher proportion of costs incurred relative to the overall project budget within the quarter.
Our revenue from collaboration agreements decreased by €6.5 million from €23.3 million for the six months ended June 30, 2025 to €16.8 million for the six months ended June 30, 2026. Under our collaboration agreement with Moderna revenue decreased from €18.2 million during the six months ended June 30, 2025 to €13.9 million during the six months ended June 30, 2026. Revenue decreased for our collaboration with BMS from €5.1 million during the six months ended June 30, 2025 to €2.8 million during the six months ended June 30, 2026. For both, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project budget during the six months ended June 30, 2026.
Other than the achieved milestone of €0.5 million from our collaboration partner Moderna in June 2026, 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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Direct external research and development expenses by program: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
TCR T-cell therapy Programs |
|
|
(23,954 |
) |
|
|
(11,007 |
) |
|
|
(47,931 |
) |
|
|
(20,976 |
) |
TCR Bispecific Programs |
|
|
(4,641 |
) |
|
|
(4,653 |
) |
|
|
(8,237 |
) |
|
|
(7,779 |
) |
Other programs |
|
|
(631 |
) |
|
|
(916 |
) |
|
|
(1,144 |
) |
|
|
(1,461 |
) |
Sub-total direct external expenses |
|
|
(29,226 |
) |
|
|
(16,576 |
) |
|
|
(57,312 |
) |
|
|
(30,216 |
) |
Indirect research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel related (excluding share-based compensation) |
|
|
(22,053 |
) |
|
|
(17,507 |
) |
|
|
(41,238 |
) |
|
|
(34,802 |
) |
Share-based compensation expenses |
|
|
(3,050 |
) |
|
|
(2,066 |
) |
|
|
(6,191 |
) |
|
|
(4,221 |
) |
IP expenses |
|
|
(491 |
) |
|
|
(725 |
) |
|
|
(945 |
) |
|
|
(1,371 |
) |
Facility and depreciation |
|
|
(3,522 |
) |
|
|
(2,729 |
) |
|
|
(7,389 |
) |
|
|
(5,890 |
) |
Other indirect expenses |
|
|
(4,069 |
) |
|
|
(5,503 |
) |
|
|
(8,522 |
) |
|
|
(10,514 |
) |
Sub-total indirect expenses |
|
|
(33,185 |
) |
|
|
(28,530 |
) |
|
|
(64,285 |
) |
|
|
(56,798 |
) |
Total |
|
|
(62,411 |
) |
|
|
(45,106 |
) |
|
|
(121,597 |
) |
|
|
(87,014 |
) |
24
Direct external research and development expenses for our TCR T-cell therapy Programs increased from €11.0 million for the three months ended June 30, 2025 to €24.0 million for the three months ended June 30, 2026. This increase mainly resulted from increased activities in our clinical trials for anzu-cel (IMA203), predominantly for SUPRAME and to a lesser extent for Uveal Melanoma. Direct external research and development expenses for our TCR bispecific programs were €4.6 million for the three months ended June 30, 2026, compared to €4.7 million for the three months ended June 30, 2025. Expenses for our TCR bispecific programs are related to our continued development of IMA402 and IMA401.
Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements decreased from €0.9 million for the three months ended June 30, 2025 to €0.6 million for the three months ended June 30, 2026.
Direct external research and development expenses for our TCR T-cell therapy Programs increased from €21.0 million for the six months ended June 30, 2025 to €47.9 million for the six months ended June 30, 2026. This increase mainly resulted from increased activities in our clinical trials for anzu-cel (IMA203), predominantly for SUPRAME and to a lesser extent for Uveal Melanoma. Direct external research and development expenses for our TCR bispecific programs increased from €7.8 million for the six months ended June 30, 2025 to €8.2 million for the six months ended June 30, 2026. This increase mainly resulted from increased clinical trial activities related to our continued development of IMA402 and IMA401.
Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements decreased from €1.5 million for the six months ended June 30, 2025 to €1.1 million for the six months ended June 30, 2026.
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 €17.5 million for the three months ended June 30, 2025 to €22.1 million for the three months ended June 30, 2026. This increase resulted from our headcount growth due to our increased research and development activities particularly clinical trials. Share-based compensation expenses increased from €2.1 million for the three months ended June 30, 2025 to €3.1 million for the three months ended June 30, 2026. The increase is mainly related to the vesting of grants issued during the first quarter. IP expenses decreased from €0.7 million for the three months ended June 30, 2025 to €0.5 million for the three months ended June 30, 2026. Facility and depreciation expenses increased from €2.7 million for the three months ended June 30, 2025 to €3.5 million for the three months ended June 30, 2026. This increase is mainly related to increased maintenance on our manufacturing facility. Other indirect expenses decreased from €5.5 million for the three months ended June 30, 2025 to €4.1 million for the three months ended June 30, 2026.
Personnel-related expenses increased from €34.8 million for the six months ended June 30, 2025 to €41.2 million for the six months ended June 30, 2026. This increase resulted from our headcount growth due to our increased research and development activities particularly clinical trials. Share-based compensation expenses increased from €4.2 million for the six months ended June 30, 2025 to €6.2 million for the six months ended June 30, 2026. The increase is mainly related to the vesting of grants issued during the six months ended June 30, 2026. IP expenses decreased from €1.4 million for the six months ended June 30, 2025 to €0.9 million for the six months ended June 30, 2026. Facility and depreciation expenses increased from €5.9 million for the six months ended June 30, 2025 to €7.4 million for the six months ended June 30, 2026. This increase is mainly related to increased maintenance on our manufacturing facility. Other indirect expenses decreased from €10.5 million for the six months ended June 30, 2025 to €8.5 million for the six months ended June 30, 2026.
25
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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
(Euros in thousands) |
|
||||||||||
Personnel related (excluding share-based compensation) |
|
|
(5,504 |
) |
|
|
(4,583 |
) |
|
|
(10,160 |
) |
|
|
(8,990 |
) |
Share-based compensation expenses |
|
|
(2,018 |
) |
|
|
(2,075 |
) |
|
|
(4,786 |
) |
|
|
(4,250 |
) |
Professional and consulting fees |
|
|
(2,884 |
) |
|
|
(2,686 |
) |
|
|
(5,921 |
) |
|
|
(4,227 |
) |
Other external general and administrative expenses |
|
|
(3,531 |
) |
|
|
(3,436 |
) |
|
|
(7,583 |
) |
|
|
(7,380 |
) |
Total |
|
|
(13,937 |
) |
|
|
(12,780 |
) |
|
|
(28,450 |
) |
|
|
(24,847 |
) |
Share-based compensation expenses decreased from €2.1 million for the three months ended June 30, 2025 to €2.0 million for the three months ended June 30, 2026.
Personnel related general and administrative expenses, excluding share-based compensation, increased from €4.6 million for the three months ended June 30, 2025 to €5.5 million for the three months ended June 30, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).
Professional and consulting fees increased from €2.7 million for the three months ended June 30, 2025 to €2.9 million for the three months ended June 30, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).
Other external expenses increased from €3.4 million for the three months ended June 30, 2025 to €3.5 million for the three months ended June 30, 2026. The increase in other expenses mainly resulted from increased software expenses.
Share-based compensation expenses increased from €4.3 million for the six months ended June 30, 2025 to €4.8 million for the six months ended June 30, 2026. The increase is mainly related to the grants issued during the six months ended June 30, 2026.
Personnel related general and administrative expenses, excluding share-based compensation, increased from €9.0 million for the six months ended June 30, 2025 to €10.2 million for the six months ended June 30, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).
Professional and consulting fees increased from €4.2 million for the six months ended June 30, 2025 to €5.9 million for the six months ended June 30, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).
Other external expenses increased from €7.4 million for the six months ended June 30, 2025 to €7.6 million for the six months ended June 30, 2026. The increase in other expenses mainly resulted from increased software expenses.
26
Change in Fair Value of Warrant Liabilities
There were 7,187,500 warrants outstanding as of June 30, 2025, which were classified as financial liabilities through profit or loss. The warrants entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share. 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 Consolidated Statement of Financial Position on that date.
There was no impact on the Consolidated Statement of Profit or Loss nor Consolidated Statement of Financial Position for the three and six months ended June 30, 2026.
For the three and six months ended June 30, 2025, 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.
Other Financial Income and Other Financial Expenses
Other financial income increased from €4.4 million for the three months ended June 30, 2025 to €4.8 million for the three months ended June 30, 2026. The increase mainly resulted from higher foreign exchange gains partially offset by lower interest income mainly due to lower interest rates and lower balances of cash and cash equivalents and other financial assets.
Other financial expenses decreased from €22.8 million for the three months ended June 30, 2025 to €0.4 million for the three months ended June 30, 2026. The decrease mainly resulted from lower foreign exchange losses.
Other financial income increased from €10.7 million for the six months ended June 30, 2025 to €13.3 million for the six months ended June 30, 2026. The increase mainly resulted from higher foreign exchange gains partially offset by lower interest income mainly due to lower interest rates and lower balances of cash and cash equivalents and other financial assets.
Other financial expenses decreased from €36.1 million for the six months ended June 30, 2025 to €0.6 million for the six months ended June 30, 2026. The decrease mainly resulted from lower foreign exchange losses.
Taxes on income
Taxes on income increased from a benefit of €1.0 million for the three months ended June 30, 2025 to a benefit of €0.3 million for the three months ended June 30, 2026. The income tax benefit during the three months ended June 30, 2026 and June 30, 2025, is mainly related to a decrease in temporary differences resulting in a decrease in deferred tax liability with a corresponding income. Immatics did not generate a taxable profit for the three months ended June 30, 2026 or for the three months ended June 30, 2025, correspondingly no current income tax was recognized.
Taxes on income increased from a benefit of €2.0 million for the six months ended June 30, 2025 to a benefit of €0.2 million for the six months ended June 30, 2026. The income tax benefit during the three months ended June 30, 2026 and June 30, 2025, is mainly related to a decrease in temporary differences resulting in a decrease in deferred tax liability with a corresponding income. Immatics did not generate a taxable profit for the six months ended June 30, 2026 or for the six months ended June 30, 2025, correspondingly no current income tax was recognized.
27
Liquidity and Capital Resources
Cash and cash equivalents decreased from €345.9 million as of December 31, 2025 to €232.5 million as of June 30, 2026.
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, 2026, we had an accumulated deficit of €906.3 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.
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 on March 27, 2025, relating to the ATM offering program with an aggregate offering price of $150 million. There were no sales under the ATM program during the three months ended June 30, 2026.
On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the ATM offering program with Leerink Partners LLC with a price of €8.68 ($10.02) per ordinary share. The Group received gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million), resulting in an increase in share capital of €25.0 thousand and share premium of €21.1 million.
In the year ended December 31, 2025, we received €107.2 million ($125.0 million) gross proceeds less transaction costs of €7.0 million ($8.0 million) in connection with our public offering of 12,500,000 ordinary shares on December 8, 2025.
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 consists 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, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Net cash provided by / (used in): |
|
|
|
|
|
|
||
Operating activities |
|
|
(102,504 |
) |
|
|
(73,261 |
) |
Investing activities |
|
|
(36,237 |
) |
|
|
111,056 |
|
Financing activities |
|
|
20,305 |
|
|
|
(1,464 |
) |
Total |
|
|
(118,436 |
) |
|
|
36,331 |
|
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, 2026 was €102.5 million. This was comprised of a loss before tax of €120.5 million, net foreign exchange differences and expected credit losses of €6.9 million and other effects of €1.1 million, partially offset by non-cash charges from equity-settled share-based compensation expenses for employees of €11.0
28
million, a decrease in working capital of €9.2 million and depreciation and amortization charge of €5.8 million. The decrease in working capital mainly resulted from an increase in deferred revenue, accounts payables and other liabilities of €9.9 million and a decrease in accounts receivable of €0.6 million, partially offset by an increase in other assets and prepayments of €1.3 million.
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 net foreign exchange differences and expected credit losses of €34.2 million, non-cash charges from equity-settled share-based compensation expenses for employees of €8.5 million, depreciation and amortization charge of €6.1 million and other effects of €3.7 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payables and other liabilities of €15.5 million and an increase in other assets and prepayments of €0.3 million, partially offset by a decrease in accounts receivable of €3.9 million.
Investing Activities
Our net outflow of cash from investing activities for the six months ended June 30, 2026 was €36.2 million. This consisted primarily of cash paid in the amount of €140.2 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €1.5 million cash paid for new equipment and intangible assets, partially offset by cash received from maturity of short-term deposits of €105.5 million.
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.
Financing Activities
For the six months ended June 30, 2026, net cash received from financing activities amounted to €20.3 million.
On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the ATM program with Leerink Partners LLC with a price of €8.68 ($10.02) per ordinary share. The Group received gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million), resulting in an increase in share capital of €25.0 thousand and share premium of €21.1 million 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.
Additionally, the number of ordinary shares increased 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 €0.6 million.
For the six months ended June 30, 2026 the Group paid €1.5 million for lease agreements.
For the six months ended June 30, 2025, the Group paid €1.5 million for 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 €906.3 million as of June 30, 2026. 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:
29
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 a number of 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 will seek additional capital, which may be 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 the three and six month period ended June 30, 2026 and 2025, 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 in accordance with IFRS for the year ended December 31, 2025 and for the three and six month period ended June 30, 2026, respectively, required the use of estimates and assumptions by the management
30
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.
Our material accounting policies are more fully discussed in our consolidated financial statements included in our Annual Report filed with the Securities and Exchange Commission on March 5, 2026.
Recently Issued and Adopted Accounting Pronouncement
For information on the standards applied for the first time as of January 1, 2026 and 2025 please refer to our Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2026.
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 the Group’s financial instruments are market risk and liquidity risk. The Board reviews and agrees on policies for managing these risks as summarized below. The Group also monitors the market price risk arising from all financial instruments.
Interest rate risk
Our exposure of the Group to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits.
Regarding the assets and liabilities shown in the Consolidated Statement of Financial Position, the Group is currently not subject to 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 six financial institutions in Germany and two in the United States. Our accounts receivables are denominated in U.S. dollars.
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 Consolidated 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.
31
Our cash and cash equivalents were €232.5 million as of June 30, 2026. Approximately 83% of our cash and cash equivalents were held in Germany, of which approximately 36% were denominated in Euros and 64% were denominated in U.S. Dollars. 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 €55.4 million and U.S. Dollars in the amount of €105.5 million as of June 30, 2026.
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.
32
Exhibit 99.2
PRESS RELEASE
Immatics Announces Second Quarter 2026
Financial Results and Business Update
Immatics Press Release August 18, 2026 1 | 14
Houston, Texas and Tuebingen, Germany, August 18, 2026 – Immatics N.V. (NASDAQ: IMTX, “Immatics” or the “Company”), the global leader in precision targeting of PRAME with multiple clinical-stage programs spanning cell therapies and bispecifics, today provided a business update and reported financial results for the quarter ended June 30, 2026.
“The Phase 3 SUPRAME trial continues to enroll patients on schedule across sites in North America and Europe. In parallel, the data from the Phase 1b anzu-cel study continue to mature. We are now observing that aggregate progression and death events in the SUPRAME trial are occurring more slowly than originally modeled. Based on these results and FDA feedback, we plan to proceed directly to a streamlined final analysis, while maintaining robust statistical power for the primary PFS endpoint,” said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. “We believe this approach provides the most efficient path to generating definitive data for regulatory approval and look forward to reporting topline results in the first half of 2027. We continue to build the foundation for the commercial launch to bring anzu-cel to patients who urgently need new treatment options, while advancing the PRAME franchise across our pipeline.”
Second Quarter 2026 and Subsequent Company Progress
PRAME Franchise – Cell Therapy
Anzu-cel (IMA203) PRAME Cell Therapy – First Market Entry in Advanced Melanoma
Anzu-cel (anzutresgene autoleucel), previously called IMA203, is Immatics’ lead PRAME cell therapy and is expected to 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) advanced cutaneous melanoma, as well as metastatic uveal melanoma includes ~9,000 patients2.
1 All amounts converted using the exchange rate published by the European Central Bank in effect as of June 30, 2026 (1 EUR = 1.1394 USD).
2 Refers to PRAME+/HLA-A*02:01+ patients per year in the U.S. and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast.
Immatics Press Release August 18, 2026 2 | 14
Phase 3 trial, SUPRAME, for anzu-cel (IMA203) in previously treated, advanced melanoma
Immatics Press Release August 18, 2026 3 | 14
Phase 1/2 trial for anzu-cel (IMA203) in previously treated, metastatic melanoma
Phase 2 cohort for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic uveal melanoma
IMA203CD8 PRAME Cell Therapy – Expansion to All Advanced PRAME Cancers
IMA203CD8 is the Company’s PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, the Company intends to pursue the clinical development of this product candidate with a tumor-agnostic approach, including gynecologic cancers (ovarian and uterine).
Immatics Press Release August 18, 2026 4 | 14
PRAME Franchise - Bispecifics
IMA402 PRAME Bispecific – Expansion to Earlier-Line PRAME Cancers
To expand the PRAME opportunity to earlier-line PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, as a monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, Immatics is exploring the combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.
3 Mair K, et al. N Engl J Med. 2026;395:721-724
Immatics Press Release August 18, 2026 5 | 14
Corporate Development:
Second Quarter 2026 Financial Results
Cash Position: Cash and cash equivalents, as well as other financial assets, total $448.2 million1 (€393.4 million) as of June 30, 2026, compared to $534.7 million1 (€469.3 million) as of December 31, 2025. The decrease is the result of ongoing research and development activities, partially offset by the net proceeds of an at-the-market offering of $24.2 million1 (€21.2 million) as well as changes in net working capital and foreign exchange rate differences.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was $10.4 million1 (€9.1 million) for the three months ended June 30, 2026, compared to $5.4 million1 (€4.7 million) for the three months ended June 30, 2025. The increase is mainly due to a higher level of activity and proportion of costs incurred relative to the overall plan of collaboration activities within the quarter.
Research and Development Expenses: R&D expenses were $71.1 million1 (€62.4 million) for the three months ended June 30, 2026, compared to $51.4 million1 (€45.1 million) for the three months ended June 30, 2025. The increase mainly resulted from costs associated with advancing the product candidates in clinical trials, particularly the SUPRAME trial.
Immatics Press Release August 18, 2026 6 | 14
General and Administrative Expenses: G&A expenses were $15.8 million1 (€13.9 million) for the three months ended June 30, 2026, compared to $14.6 million1 (€12.8 million) for the three months ended June 30, 2025. The increase mainly results from activities in preparation for commercialization.
Net Profit and Loss: Net loss was $71.2 million1 (€62.5 million) for the three months ended June 30, 2026, compared to a net loss of $80.1 million1 (€70.3 million) for the three months ended June 30, 2025. The decrease is mainly driven by unrealized non-cash foreign exchange rate losses during the three months ended June 30, 2025, and to a lesser extent by higher collaboration revenue, partially offset by higher costs associated with the SUPRAME trial in the three months ended June 30, 2026.
Full financial statements can be found in our Report on Form 6-K filed with the Securities and Exchange Commission (SEC) on August 18, 2026, and published on the SEC website under www.sec.gov.
Upcoming Investor Conferences
To see the full list of events and presentations, visit: https://investors.immatics.com/events-presentations.
About PRAME
PRAME is a tumor-associated target expressed in more than 50 cancers. Immatics’ PRAME franchise includes multiple product candidates, therapeutic modalities, indications and combination approaches: anzu-cel (anzutresgene autoleucel; IMA203) and IMA203CD8, both PRAME-directed cell therapies, and IMA402, a PRAME-directed bispecific. Combination approaches include IMA402 with immune checkpoint inhibitors, IMA402 with the MAGEA4/8-directed bispecific IMA401, and anzu-cel in combination with Moderna’s PRAME mRNA therapy designed to enhance the cell therapy response.
About Immatics
Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.
Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates, you can also follow us on LinkedIn and Instagram.
Immatics Press Release August 18, 2026 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 and outcomes of IND, CTA or BLA filings or commercial launches, 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 18, 2026 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 18, 2026 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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands, except per share data) |
|
|
|
(Euros in thousands, except per share data) |
|
||||||||||
Revenue from collaboration agreements |
|
|
9,144 |
|
|
|
4,737 |
|
|
|
|
16,756 |
|
|
|
23,318 |
|
Research and development expenses |
|
|
(62,411 |
) |
|
|
(45,106 |
) |
|
|
|
(121,597 |
) |
|
|
(87,014 |
) |
General and administrative expenses |
|
|
(13,937 |
) |
|
|
(12,780 |
) |
|
|
|
(28,450 |
) |
|
|
(24,847 |
) |
Other income |
|
|
— |
|
|
|
22 |
|
|
|
|
24 |
|
|
|
41 |
|
Operating result |
|
|
(67,204 |
) |
|
|
(53,127 |
) |
|
|
|
(133,267 |
) |
|
|
(88,502 |
) |
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
133 |
|
|
|
|
— |
|
|
|
1,730 |
|
Other financial income |
|
|
4,802 |
|
|
|
4,421 |
|
|
|
|
13,341 |
|
|
|
10,685 |
|
Other financial expenses |
|
|
(364 |
) |
|
|
(22,776 |
) |
|
|
|
(602 |
) |
|
|
(36,113 |
) |
Financial result |
|
|
4,438 |
|
|
|
(18,222 |
) |
|
|
|
12,739 |
|
|
|
(23,698 |
) |
Loss before taxes |
|
|
(62,766 |
) |
|
|
(71,349 |
) |
|
|
|
(120,528 |
) |
|
|
(112,200 |
) |
Taxes on income |
|
|
274 |
|
|
|
1,001 |
|
|
|
|
222 |
|
|
|
1,996 |
|
Net loss |
|
|
(62,492 |
) |
|
|
(70,348 |
) |
|
|
|
(120,306 |
) |
|
|
(110,204 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
(0.46 |
) |
|
|
(0.58 |
) |
|
|
|
(0.89 |
) |
|
|
(0.91 |
) |
Diluted |
|
|
(0.46 |
) |
|
|
(0.58 |
) |
|
|
|
(0.89 |
) |
|
|
(0.91 |
) |
Immatics Press Release August 18, 2026 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, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Euros in thousands) |
|
|
|
(Euros in thousands) |
|
||||||||||
Net loss |
|
|
(62,492 |
) |
|
|
(70,348 |
) |
|
|
|
(120,306 |
) |
|
|
(110,204 |
) |
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Currency translation differences from foreign operations |
|
|
1,191 |
|
|
|
(5,833 |
) |
|
|
|
3,066 |
|
|
|
(8,544 |
) |
Total comprehensive loss for the period |
|
|
(61,301 |
) |
|
|
(76,181 |
) |
|
|
|
(117,240 |
) |
|
|
(118,748 |
) |
Immatics Press Release August 18, 2026 11 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
|
|
As of |
|
|||||
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
232,459 |
|
|
|
345,918 |
|
Other financial assets |
|
|
160,891 |
|
|
|
123,419 |
|
Accounts receivables |
|
|
5,629 |
|
|
|
6,099 |
|
Other current assets |
|
|
30,213 |
|
|
|
28,572 |
|
Total current assets |
|
|
429,192 |
|
|
|
504,008 |
|
Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
39,981 |
|
|
|
42,111 |
|
Intangible assets |
|
|
1,562 |
|
|
|
1,582 |
|
Right-of-use assets |
|
|
11,717 |
|
|
|
12,786 |
|
Other non-current assets |
|
|
3,283 |
|
|
|
1,850 |
|
Total non-current assets |
|
|
56,543 |
|
|
|
58,329 |
|
Total assets |
|
|
485,735 |
|
|
|
562,337 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Provisions |
|
|
5,901 |
|
|
|
— |
|
Accounts payables |
|
|
33,155 |
|
|
|
18,832 |
|
Deferred revenue |
|
|
9,567 |
|
|
|
15,816 |
|
Lease liabilities |
|
|
2,666 |
|
|
|
2,757 |
|
Other current liabilities |
|
|
5,664 |
|
|
|
5,607 |
|
Total current liabilities |
|
|
56,953 |
|
|
|
43,012 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Deferred revenue |
|
|
13,632 |
|
|
|
18,541 |
|
Lease liabilities |
|
|
11,940 |
|
|
|
12,878 |
|
Deferred tax liabilities |
|
|
3,585 |
|
|
|
3,807 |
|
Total non-current liabilities |
|
|
29,157 |
|
|
|
35,226 |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Share capital |
|
|
1,367 |
|
|
|
1,341 |
|
Share premium |
|
|
1,310,078 |
|
|
|
1,277,338 |
|
Accumulated deficit |
|
|
(906,294 |
) |
|
|
(785,988 |
) |
Other reserves |
|
|
(5,526 |
) |
|
|
(8,592 |
) |
Total shareholders’ equity |
|
|
399,625 |
|
|
|
484,099 |
|
Total liabilities and shareholders’ equity |
|
|
485,735 |
|
|
|
562,337 |
|
Immatics Press Release August 18, 2026 12 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
|
|
Six months ended June 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
|
(120,306 |
) |
|
|
(110,204 |
) |
Taxes on income |
|
|
(222 |
) |
|
|
(1,996 |
) |
Loss before tax |
|
|
(120,528 |
) |
|
|
(112,200 |
) |
Adjustments for: |
|
|
|
|
|
|
||
Interest income |
|
|
(6,867 |
) |
|
|
(9,719 |
) |
Depreciation and amortization |
|
|
5,777 |
|
|
|
6,166 |
|
Interest expenses |
|
|
415 |
|
|
|
493 |
|
Equity-settled share-based payment |
|
|
10,977 |
|
|
|
8,471 |
|
Net foreign exchange differences and expected credit losses |
|
|
(6,833 |
) |
|
|
34,241 |
|
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
(1,730 |
) |
Loss from disposal of fixed assets |
|
|
48 |
|
|
|
40 |
|
Changes in: |
|
|
|
|
|
|
||
Decrease in accounts receivables |
|
|
610 |
|
|
|
3,894 |
|
Increase in other assets |
|
|
(1,260 |
) |
|
|
(277 |
) |
Increase/(decrease) in deferred revenue, accounts payables and other liabilities |
|
|
9,876 |
|
|
|
(15,534 |
) |
Interest received |
|
|
7,022 |
|
|
|
18,012 |
|
Interest paid |
|
|
(415 |
) |
|
|
(493 |
) |
Income tax paid |
|
|
(1,326 |
) |
|
|
(5,445 |
) |
Income tax refunded |
|
|
— |
|
|
|
820 |
|
Net cash used in operating activities |
|
|
(102,504 |
) |
|
|
(73,261 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Payments for property, plant and equipment |
|
|
(1,634 |
) |
|
|
(4,503 |
) |
Payments for intangible assets |
|
|
— |
|
|
|
(190 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
27 |
|
|
|
47 |
|
Payments for investments classified in other financial assets |
|
|
(140,165 |
) |
|
|
(280,651 |
) |
Proceeds from maturity of investments classified in other financial assets |
|
|
105,535 |
|
|
|
396,353 |
|
Net cash provided by/(used in) investing activities |
|
|
(36,237 |
) |
|
|
111,056 |
|
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from issuance of shares to equity holders |
|
|
22,330 |
|
|
|
9 |
|
Transaction costs deducted from equity |
|
|
(542 |
) |
|
|
— |
|
Payments of lease liabilities |
|
|
(1,483 |
) |
|
|
(1,473 |
) |
Net cash provided by/(used in) financing activities |
|
|
20,305 |
|
|
|
(1,464 |
) |
Net increase/(decrease) in cash and cash equivalents |
|
|
(118,436 |
) |
|
|
36,331 |
|
Cash and cash equivalents at the beginning of the period |
|
|
345,918 |
|
|
|
236,748 |
|
Effects of exchange rate changes and expected credit losses on cash and cash equivalents |
|
|
4,977 |
|
|
|
(16,444 |
) |
Cash and cash equivalents at the end of the period |
|
|
232,459 |
|
|
|
256,635 |
|
Immatics Press Release August 18, 2026 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, 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 |
|
Balance as of January 1, 2026 |
|
|
1,341 |
|
|
|
1,277,338 |
|
|
|
(785,988 |
) |
|
|
(8,592 |
) |
|
|
484,099 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,066 |
|
|
|
3,066 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(120,306 |
) |
|
|
— |
|
|
|
(120,306 |
) |
Comprehensive income/(loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
(120,306 |
) |
|
|
3,066 |
|
|
|
(117,240 |
) |
Equity-settled share-based compensation |
|
|
— |
|
|
|
10,977 |
|
|
|
— |
|
|
|
— |
|
|
|
10,977 |
|
Share options exercised |
|
|
1 |
|
|
|
636 |
|
|
|
— |
|
|
|
— |
|
|
|
637 |
|
Issue of share capital – net of transaction costs |
|
|
25 |
|
|
|
21,127 |
|
|
|
— |
|
|
|
— |
|
|
|
21,152 |
|
Balance as of June 30, 2026 |
|
|
1,367 |
|
|
|
1,310,078 |
|
|
|
(906,294 |
) |
|
|
(5,526 |
) |
|
|
399,625 |
|
Immatics Press Release August 18, 2026 14 | 14
© Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation August 18, 2026 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 or commercial launches 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 initial mass spec-guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95-100% shown as 95%); anzu-cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials; NSCLC: Non-small cell lung cancer ≥95 % ≥10 % Cancer Cell Death IMA402 PRAME Bispecific anzu-cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy 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 NSCLC 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 NSCLC 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 melanoma2 Anzu-cel (IMA203) Cell therapy Uveal melanoma Anzu-cel (IMA203) + mRNA-4203 Cell therapy Solid cancers IMA203CD8 Cell therapy Gynecologic cancers Other solid cancers IMA402 Bispecific Melanoma, gynecologic cancers, others IMA402 + ICI3 Bispecific Melanoma, gynecologic cancers, others IMA402 + IMA401 Bispecific sqNSCLC IMA401 ± ICI Bispecific HNSCC, sqNSCLC, others MAGEA4/8 Undisclosed4 Bispecific Undisclosed other Preclinical 1a1 1b1 2 3 SUPRAME Phase Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Phase 1a: Dose escalation, Phase 1b: Dose expansion; 2 2L melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior PD-1 inhibitor; 3 In combination with immune checkpoint inhibitor (pembrolizumab or nivolumab/relatlimab; 4 mRNA-enabled in vivo expressed TCER® molecules; HNSCC: head and neck squamous cell carcinoma; ICI: immune checkpoint inhibitor; sqNSCLC: squamous non-small-cell lung cancer PRAME Franchise PRAME Product Candidates Therapeutic Modalities 3 2 3 Combinations PRAME PRAME PRAME PRAME PRAME PRAME PRAME PRAME / MAGEA4/8 Immatics has the Broadest PRAME Franchise with 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; a 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior PD-1 inhibitor; ICI: Immune checkpoint inhibitor; SOC: standard of care; sqNSCLC: squamous non-small-cell lung cancer >230K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 p.a. IMA203CD8 PRAME Cell Therapy IMA402 PRAME Bispecific Market entry in advanced melanoma ~9K addressable patients p.a. Expansion to all advanced PRAME cancers >75K addressable patients p.a. Expansion to earlier-line PRAME cancers >145K addressable patients p.a. IMA402 Anzu-cel will be Immatics’ first PRAME therapy to enter the market First target indications: 2L unresectable or metastatic melanomaa; metastatic uveal melanoma Anzu-cel (IMA203) PRAME Wave #1 Anzu-cel (IMA203) PRAME Cell Therapy PRAME Next-gen half-life extended bispecific as monotherapy or ICI/SOC combo in earlier and later treatment lines First target indications: melanoma, gynecologic cancers, sqNSCLC (IMA402/IMA401 combination) Enhanced pharmacology provides potential to expand to tumor-agnostic label in 2L PRAME solid cancers beyond melanoma First target indications: ovarian cancer, endometrial cancer IMA203CD8 Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities
Immatics has the Broadest PRAME Franchise with 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 IMA402 PRAME Bispecific Ph1a data update with focus on ovarian cancer at relevant doses at a major medical conference: ASCO 2026 Ph1a dose escalation completed: 2026 Updated data across multiple PRAME-positive tumors: ESMO 2026 EXPECTED MILESTONES STATUS STATUS STATUS GEN2 PRAME cell therapy leveraging CD8 and CD4 T cells Enhanced pharmacology Phase 1 study ongoing Off-the-shelf Bispecific Next-gen, half-life extended format Phase 1b dose expansion ongoing Orphan Drug and RMAT designation1 by FDA Phase 3 SUPRAME trial in patients with advanced melanoma post PD-1 inhibitor ongoing; Primary endpoint: PFS Phase 2 cohort in patients with metastatic uveal melanoma ongoing PRAME Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Includes all benefits of Breakthrough Therapy Designation; 2 Pre-specified final analysis expected to be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death); ICI: immune checkpoint inhibitor; sqNSCLC: squamous non-small-cell lung cancer Data update from Ph1/2 trial in unresectable or metastatic melanoma and metastatic uveal melanoma: ASCO 2026 Ph3 SUPRAME disclosure of topline data for final analysis2: 1H 2027 BLA submission: 2027 EXPECTED MILESTONES EXPECTED MILESTONES Initiation of addtl. Ph1b/Ph2 expansion cohorts in melanoma and gyn-onc: 2026 Initiation of IMA402/IMA401 combo in sqNSCLC: 2026 Ph1b data update at RP2D range: ESMO 2026 Completion of Ph1b dose expansion with focus on melanoma and gyn-onc to determine the final RP2D: 2026
PRAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”) for development beyond Ph1b. Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. SOC: standard of care 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) bispecific T cell engager (TCER®) Application: Repeat dose Positioning: Primarily in earlier lines incl. frontline or (neo)adjuvant setting (in combination with SOC) Deployment: Outpatient administration, hospitals and community centers TPP at RP2D1: ≥20% cORR, ≥6 months mDOR (monotherapy, 2L or later) 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, 2L or later) Cell Therapy TCER® Immatics has the Broadest PRAME Franchise with 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 Metastatic Cutaneous Melanoma* ~7.3K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 ~1.3K addressable 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 immune checkpoint inhibitor; EU5: France, Germany, Italy, Spain, United Kingdom PRAME Wave #1: anzu-cel US EU5 ~3.7K ~3.6K Metastatic Uveal Melanoma US EU5 ~0.6K ~0.7K ANZU-CEL (IMA203)
Positive Data and High Unmet Need SUPRAME: Phase 3 randomized trial of anzu-cel vs. investigator choice in 2L cutaneous melanomad ongoing (#NCT06743126) Phase 2 single arm cohort of anzu-cel in metastatic uveal melanoma ongoing (#NCT03686124) Anzutresgene autoleucel (anzu-cel, formerly IMA203), a Manufacturing success rate for Phase 1; b PRAME+/HLA-A*02:01+ addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; c Includes all benefits of Breakthrough Therapy Designation, RMAT designation received in multiple PRAME expressing cancers, including cutaneous and uveal melanoma; d 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior PD-1 inhibitor; 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; EU5: France, Germany, Italy, Spain, United Kingdom; Summary: Anzu-cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Predictable and Manageable Tolerability Anticipated & manageable cytopenias associated with lymphodepletion Mostly mild to moderate CRS Infrequent ICANS 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 14.6 months mDOR and ongoing responses for up to >3 years mPFS of 6.1 months mPFS 15.9 months in patients with deep responses mOS: 16.2 months Rapid & Robust Manufacturing Fast turnaround time: 7-8 days + 7 days QC release testing 95% manufacturing success rate to reach target dosea Optimized process to achieve desirable cellular functionality Commercial Opportunity ∼9Kb addressable patients in US/EU5 in cutaneous and uveal melanoma, ~4.3K in the US alone Orphan Drug Designation and RMAT designationc received for the treatment of both, cutaneous and uveal melanoma Data cut-off Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel
Ph 1b Study of Anzu-cel (IMA203) PRAME Cell Therapy in Advanced Melanoma 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 SC daily days 1-5 and twice daily SC 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); 4 Manufacturing success rate for Phase 1 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 ~2 weeks 7-8-day manufacturing process applying CD8/CD4 T cell selection 7-day QC release testing PRAME testing in Phase 1 Due to high prevalence, PRAME testing no longer required in SUPRAME trial for cut. melanoma and Phase 2 cohort in uveal melanoma Inclusion by HLA testing only – no PRAME testing required Fast turn-around-time (~2 weeks) and manufacturing success rate of 95%4 Predictable and manageable 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% PRAME Wave #1: anzu-cel
Patients with Metastatic Melanoma in High Unmet Need Settings: PD-1-Relapsed Melanoma and Metastatic Uveal Melanoma a Mucosal melanoma n=2; melanoma of unknown primary n=1. ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; TCR, T-cell receptor; ULN, upper limit of normal. Data cutoff Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel Baseline Characteristics All Melanoma n=33 Cutaneous Melanoma n=14 Uveal Melanoma n=16 Other Melanomaa n=3 Age, median (range) 57 (31, 79) 55 (31, 79) 62 (32, 74) 51 (40, 58) Female, % 48 21 63 100 Baseline ECOG status 1, % 39 36 44 33 Prior lines of systemic treatment, median (range) 2 (0, 6) 2.5 (1, 5) 2 (0, 6) 2 (1, 3) Prior ICI treatment, median (range) 1 (0, 4) 2 (1, 3) 1 (0, 4) 2 (1, 2) ≥1 line of ICI treatment, % (n/N) 82 (27/33) 100 (14/14) 63 (10/16) 100 (3/3) Prior tebentafusp, % (n/N) — — 63 (10/16) — Tumor burden Target lesion SLD, cm, median (range) 10.4 (1.5, 31) 12.1 (1.5, 31) 10.3 (3.1, 21) 8.7 (2.1, 17) Target + non-target lesions, n, median (range) 6 (1, 20) 6 (1, 10) 7 (3, 13) 17 (5, 20) Liver metastasis, % 79 64 94 67 Brain metastasis, % 3 0 0 33 Lung metastasis, % 64 71 50 100 Uveal melanoma: Liver + extrahepatic, n (%) 13 (81) Liver only / extrahepatic only, n (%) 2 (13) / 1 (6) Elevated LDH at baseline, % LDH ULN, median, (range) 58 1 (0.7, 9.1) 64 1.1 (0.7, 9) 56 1.1 (0.7, 9.1) 33 0.9 (0.8, 1.6) Treatment Experience All Melanoma Cutaneous Melanoma Uveal Melanoma Other Melanoma Infused TCR T cell dose (109), median (range) 4.04 (1.30, 10.20) 4.58 (1.30, 10.20) 3.94 (1.62, 8.43) 3.33 (1.73, 7.94)
Anzu-cel (IMA203) PRAME Cell Therapy Demonstrated a Predictable and Manageable Tolerability Profile TEAEs in ≥30% All Melanoma (n=33) Preferred term, n (%) Any grade Grade ≥3 Nausea 22 (67) 0 ALT/AST increased 17 (52) 6 (18) Rasha 14 (42) 3 (9) Fatigue 13 (39) 0 Constipation 12 (36) 0 Hyponatremia 10 (30) 3 (9) Pyrexia 10 (30) 0 AESI All Melanoma (n=33) Preferred term, n (%) Any grade Grade ≥3 CRS 33 (100) 6 (18) ICANS 4 (12) 2 (6) HLH 2 (6) 1 (3) Key Lab Abnormalities All Melanoma (n=33) Any grade Grade ≥3 Preferred term, n (%) Any cytopenia 33 (100) 33 (100) Neutropenia 33 (100) 33 (100) Anemia 33 (100) 17 (52) Thrombocytopenia 31 (94) 13 (39) Leukopenia 33 (100) 33 (100) Lymphopenia 33 (100) 33 (100) a Includes rash and rash maculopapular. Grades were determined according to NCI-CTCAE v5.0. Grades for CRS and ICANS were determined according to CARTOX criteria (Neelapu et al, 2018, for patients enrolled under protocol v11.0 and higher according to Neelapu et al. 2019). All TEAEs regardless of relatedness to study treatment are presented. System Organ Class Blood and lymphatic system disorders excluded from analysis; Adverse events are coded to Preferred Term (PT) according to the MedDRA v24.0. Patients are only counted once per preferred time by the highest severity grade reported in the EDC. AESI, adverse event of special interest; ALT, alanine aminotransferase; AST, aspartate aminotransferase; CRS, cytokine release syndrome; d, day; HLH, haemophagocytic lymphohistiocytosis; ICANS, immune effector cell-associated neurotoxicity syndrome; mo, month; TEAE, treatment-emergent adverse event. Data cutoff Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion Most grade ≥3 cytopenias (any lineage) resolved to grade 2 or better within 30 days of lymphodepletion Immune-mediated AESIs occurred by Day 30 of TCR T-cell infusion Expected and manageable CRS, mostly grade 1/2, consistent with mechanism of action Infrequent, manageable, and mostly mild ICANS
Anzu-cel (IMA203) PRAME Cell Therapy Induced Rapid and Deep Responses in Metastatic PD-1-Relapsed Melanoma and Metastatic Uveal Melanoma Data cutoff Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel c n=14 n=16 n=3 n=33 cORRb 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)a All Melanoma Median time to BOR was 1.4 months (1.2-2.8) Most responders exhibit shrinkage of ≥1 lesion by first scan Responses observed in target and non-target lesions BOR (RECIST 1.1) PD SD PR cPR cCR Ongoing a Includes melanoma (other) n=3: MM n=2, MUP n=1; b Exploratory analysis of confirmed ORR for patients with ≥2 post-BL scans per RECIST 1.1, PD or death at any prior timepoint, those with ongoing unconfirmed PR/CR were excluded. c Patient left study (withdrew consent) with ongoing unconfirmed PR.* Maximum change of target lesions and RECIST1.1 response at different timepoints. Anzu-cel, anzutresgene autoleucel; BOR, best overall response; cCR, confirmed complete response; cORR, confirmed objective response rate; cPR, confirmed partial response; DCR, disease control rate at week 6; PD, progressive disease; PR, partial response; RECIST, Response Evaluation Criteria in Solid Tumors; SD, stable disease.
Change in Sum of Longest Diameter of Target Lesions from Baseline [%] Months Post T-cell Infusion Ongoing response at 39.6 mo Response until 32.9 mo BL PR cCR cPR PR SD PD Ongoing Anzu-cel (IMA203) PRAME Cell Therapy Induced Durable Responses in Metastatic PD-1-Relapsed Melanoma and Metastatic Uveal Melanoma Data cutoff Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel a Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1. Anzu-cel, anzutresgene autoleucel; BL, baseline; cCR, confirmed complete response; cPR, confirmed partial response; mDOR, median duration of response; mFU, median follow-up; mo, month; ND, not defined; PD, progressive disease; PR partial response; RECIST, Response Evaluation Criteria in Solid Tumors; SD, stable disease. Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanomaa n=33 mDOR [mo] (range) 17.9 (4.2, 38.2+) 11 (4.4, 31.6) 14.6 (4.2, 38.2+) mFU [mo] 18.7 ND 18.7
Anzu-cel (IMA203) PRAME Cell Therapy Induced Durable Responses in Metastatic PD-1-Relapsed Melanoma and Metastatic Uveal Melanoma Data cutoff Sep 24, 2025 Davar et al., ASCO 2026 PRAME Wave #1: anzu-cel Median Progression Free Survival Median Overall Survival Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanomaa n=33 mPFS [mo] (range) mFU [mo] 6.0 (1.4 , 39.6+) 20.0 8.5 (1.4, 32.9) 10.4 6.1 (1.4, 39.6+) 20.0 Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanomaa n=33 mOS [mo] (range) mFU [mo] 13.9 (2.4, 39.6+) 20.0 NR (4.5, 34.2) 14.3 16.2 (2.4, 39.6+) 17.3 6-month PFS rate: 55% 100 PFS [%] 0 75 50 25 0 6 12 18 24 30 36 42 Time from Infusion [months] 33 16 8 4 2 2 1 0 0 15 20 23 24 24 25 25 At Risk Events PFS for All Melanoma Indications (n=33) 12-month PFS rate: 37% 24-month OS: 46% 100 OS [%] 0 75 50 25 0 6 12 18 24 30 36 42 Time from Infusion [months] 33 29 17 7 3 3 1 0 0 2 9 14 14 14 14 14 At Risk Events OS for All Melanoma Indications (n=33) 12-month OS: 70% a Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; PFS and OS of ongoing patients censored at data-cut; PFS and OS rates were calculated using Kaplan-Meier method. Anzu-cel, anzutresgene autoleucel; mFU, median follow-up; mOS, median overall survival; mPFS, median progression-free survival; OS, overall survival; PFS, progression-free survival.
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. 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 16.2 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 Registrational Ph2 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 Tudriqev (RP1) + Nivolumab (IGNYTE)4 Registrational Ph2 140 100% cutaneous 100% received prior ICI 3.6 32.2 Data cut-off Sep 24, 2025 Anzutresgene autoleucel (anzu-cel, formerly IMA203), 1 Chesney et al., 2022; 2 Diab et al., 2024; 3 Ascierto et al., 2023; 4 Wong et al. 2025, Wong et al. 2026; PFS: progression-free survival; OS: overall survival; ICI: immune checkpoint inhibitor 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 Sep 24, 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 (including tumor size increase) 19 5.8 17.3 Dose Expansion anzu-cel ≥50% tumor size reduction 14 15.9 39.6 Log-rank: 0.006 Anzutresgene autoleucel (anzu-cel, formerly IMA203), b, billion; ND, not defined; mFU, median follow-up; mPFS, median progression-free survival. PRAME Wave #1: anzu-cel Median dose 0.59b Median dose 3.33b Median dose 5.87b
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 across North America and Europe Anzutresgene autoleucel (anzu-cel, formerly IMA203 1 Pre-specified final analysis will be triggered upon the occurrence of a defined number of events for primary endpoint PFS (progressive disease or death) statistically powered at 90%; 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 PRAME Wave #1: anzu-cel Anzu-cel (IMA203) Investigator’s choice Randomization 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 plus N=90 patients for increased OS power nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab, lifileucel, chemotherapy Expected SUPRAME Trial Analyses Step 2: Final OS analysis additional patients Step 1: Final PFS analysis Topline data disclosure based on final analysis1 for PFS in 1H 2027 Patient enrollment Trial Design BLA Submission in 2027 Primary Endpoint Progression-free survival Key Secondary Endpoint Overall survival Secondary Endpoints Efficacy: ORR Safety: TESAEs, AEs of special interest Quality of life: EORTC QLQ-C30 and EQ-5D-5L
Cell Therapy Manufacturing Facility To Support Planned 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 trial as well as planned initial commercial supply In-house manufacturing and QC allows full control of process, product and costs Located in the Houston, Texas, Metropolitan Area 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
Expansion to all Advanced PRAME Cancers PRAME Wave #2 22 IMA203CD8 PRAME Cell Therapy
IMA203CD8 PRAME Cell Therapy: 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 across a broad range of PRAME expression is >75K per 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 Based on its enhanced pharmacology, IMA203CD8 provides the potential to expand to tumor-agnostic label in 2L PRAME cancers across broad spectrum of PRAME expression level (see appendix for PRAME expression levels) Ovarian carcinoma chosen as initial proof-of-concept US EU5 Ovarian 2K 2K Uterine 4K 4K 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
Towards Proof-of-concept for Tumor-agnostic Targeting of PRAME Cancers with IMA203CD8 Updated data across multiple PRAME-positive solid tumors are planned for presentation at the ESMO Congress 2026 AE: adverse event; cPR: confirmed partial response; RP2D: recommended phase 2 dose. Summary: IMA203CD8 Cell Therapy in PRAME+ Solid Tumors Manageable Tolerability Activity Across PRAME+ Tumors One-time infusion of IMA203CD8 showed clinical anti-tumor activity across multiple PRAME-positive tumor indications with distinct biology and differing levels of PRAME expression Deep & Durable Responses Development Opportunity IMA203CD8 to be positioned in tumor-agnostic setting of advanced PRAME+ cancers beyond melanoma, starting with gynecologic cancers The Phase 1 trial could also support the positioning of IMA203CD8 without the requirement of post-infusion low-dose IL-2 in the future Data cutoff Mar 30, 2026 PRAME Wave #2: IMA203CD8 Anticipated cytopenias associated with lymphodepletion Mostly low-grade CRS Infrequent ICANS Potential for outpatient administration Platinum-resistant ovarian cancer and in uterine cancer at clinically relevant doses (DL4c+): 63% ORR, 50% cORR, incl. 4 complete responses, and longest ongoing response at 12 months Synovial sarcoma at low doses: 67% ORR and 64% cORR, including one complete response, and ongoing responses up to ~3 years across all doses at low median dose Responses were observed ± low-dose IL-2
Phase 1 Multicenter Trial of IMA203CD8 in PRAME+ Solid Tumors PRAME Testing Biopsy or archived tissue No longer required for indications with high PRAME prevalence, including ovarian and uterine cancer IMA203CD8 Manufacturing (~2 weeks) Lymphodepletion Fludarabine 30mg/m2 Cyclophosphamide 500mg/m2 Days -6 to -3 ± Low Dose IL-2a 1M IU SUBQ QD x 3d, then 1M IU SUBQ BID x 5d Leukapheresis HLA-A*02:01 Testing (blood) Patient Journey SCREENING / MANUFACTURING TREATMENT / OBSERVATION FU IMA203CD8 one-time infusion Enrichment at relevant DLs: ~1.4 – 10 billion total TCR T cells DL3 (n=1) ~0.36 - 0.86 x 109 total TCR T cells DL4a (n=6) ~0.87 - 1.44 x 109 total TCR T cells DL4c (n=2) ~1.45 - 2.16 x 109 total TCR T cells DL5 (n=5) ~2.17 - 3.6 x 109 total TCR T cells DL6 (n=8) ~3.6 - 7.2 x 109 total TCR T cells DL7 (n=5) ~7.2 - 10 x 109 total TCR T cells Dose Escalation Scheme Key Objectives Primary: Tolerability Determination of RP2D Secondary: Efficacy Pharmacokinetics Key Eligibility Criteria Advanced or metastatic solid tumors Age ≥ 18 years ECOG PS 0-1 HLA-A*02:01 positive PRAME positive No available SOC treatment options Measurable disease (RECIST 1.1) Adequate organ function IMA203-101: NCT03686124; Based on initial safety data observed with anzu-cel (IMA203), IMA203CD8 dose escalation was initiated at DL3. Total TCR T cells calculated from defined number of TCR T cells/m2 BSA per dose level x 1.8 m2 BSA; a Dose level ≥ DL4c is evaluated ±IL‑2, starting without IL‑2. If tolerable, add IL‑2 at the same dose or escalate to next dose without IL‑2; outpt IL-2 admin. at investigator’s discretion. BID, twice daily; BSA, body surface area; DL, dose level; ECOG PS, Eastern Cooperative Oncology Group Performance Status; FU, follow-up; IL, interleukin; IU, international unit; PRAME, preferentially expressed antigen in melanoma; QD, daily; SOC, standard of care; SUBQ, subcutaneous; TCR, T-cell receptor. Data cutoff Mar 30, 2026 Busse et al., ASCO 2026 PRAME Wave #2: IMA203CD8
Patients Were Heavily Pretreated with Limited Treatment Options n=27, includes all patients who started lymphodepletion; a Includes 1 patient with endometrial carcinoma; ADC, antibody-drug-conjugate; ECOG PS, Eastern Cooperative Oncology Group Performance Status; LDH, lactate dehydrogenase; na, not applicable; PARPi, PARP inhibitor; SLD, sum of longest diameter(s); TCR, T-cell receptor; ULN, upper limit of normal. Data cutoff Mar 30, 2026 Busse et al., ASCO 2026 PRAME Wave #2: IMA203CD8 Ovarian Carcinoma Uterine Cancera n=24 n=3 Age, median (range) 60 (35, 75) 52 (49, 55) ECOG PS 1, n (%) 10 (42) 0 LDH ≥1 x ULN, n (%) 8 (33) 2 (67) Tumor burden Target lesion SLD [cm], median (range) 6.2 (1.5, 21.6) 8.1 (1.1, 12.4) Number of target tumor lesions, median (range) 2 (1, 5) 4 (1, 4) Cancer subtype, high-grade serous, n (%) 21 (88) 1 (33) Liver metastasis, n (%) 10 (42) 2 (67) Peritoneal disease, n (%) 17 (71) 3 (100) Platinum-resistant, n (%) 19 (79) na Baseline Characteristics Ovarian Carcinoma Uterine Cancera n=24 n=3 Prior treatment, n (%) Radiation Systemic treatment 4 (17) 24 (100) 1 (33) 3 (100) Prior lines of systemic treatment Median, (range) ≥3, n (%) 4 (1, 7) 22 (92) 2 (1, 3) 1 (33) Lines post-platinum resistance, med (range) Chemotherapy, n (%) Lines of chemotherapy, median (range) Platinum-based regimen, n (%) Lines of platinum-based regimen, median (range) Targeted therapies, n (%) Bevacizumab PARPi Checkpoint inhibitors 1 (0, 2) 24 (100) 3 (1, 5) 24 (100) 3 (1, 4) 18 (75) 17 (71) 2 (8) na 3 (100) 1 (1, 1) 3 (100) 1 (1, 1) - - 3 (100) Treatment Experience Dose n=24 n=3 Total infused dose TCR T cells [x109], median (range) 3.3 (0.5, 12.5) 3.2 (1.3, 10.1)
IMA203CD8: Safety in Patients with Gynecologic Indications (n=27a) Tolerability across all indications: Busse et al ESMO-IO, 2025. a Includes all patients who started lymphodepletion; b One grade 5 event at DL4a (~1.4 billion total TCR T cells) was deemed to be unlikely related to IMA203CD8 by investigator. Patient died from sepsis in the setting of IEC-HS. This event led to further modifications of eligibility criteria to exclude patients at higher risk for infectious complications or severe immune-related toxicities, together with IL-2 de-intensification; no further treatment-emergent fatal events were observed with escalating doses up to ~10 billion total TCR T cells. AE, adverse event; CRS, cytokine release syndrome; d, day; DL, dose level; DLT, dose-limiting toxicity; HLH, hemophagocytic lymphohistiocytosis; ICANS, immune effector cell-associated neurotoxicity syndrome; TCR, T-cell receptor; TEAE, treatment-emergent adverse event. Data cutoff Mar 30, 2026 Busse et al., ASCO 2026 PRAME Wave #2: IMA203CD8 Adverse events of special interest TEAEs in ≥25% of patients Any Time Preferred term, n (%) Any grade Grade ≥3 Nausea 22 (81) 0 Neutropenia 20 (74) 20 (74) Anaemia 18 (67) 17 (63) Rash 16 (59) 3 (11) Thrombocytopenia 16 (59) 11 (41) Abdominal pain 13 (48) 2 (7) Vomiting 12 (44) 0 Fatigue 11 (41) 0 Hypokalaemia 10 (37) 1 (4) Constipation 9 (33) 0 Lymphopenia 9 (33) 9 (33) Hypophosphataemia 8 (30) 2 (7) Pyrexia 8 (30) 0 Hypomagnesaemia 7 (26) 1 (4) Hyponatraemia 7 (26) 0 Any Time CRS, any grade, n (%) 26 (96) Grade 1 12 (44) Grade 2 12 (44) Grade 3 2 (7) HLH, any grade, n (%) 2 (7) Grade 1 0 Grade 2 1 (4) Grade 3 0 Grade 4 1 (4) ICANS, any grade, n (%) 2 (7) Grade 1 1 (4) Grade 2 0 Grade 3 1 (4) Overall manageable tolerability profile Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion Expected and manageable CRS, mostly grade 1-2, consistent with mechanism of action 2 DLTs: DL5: Grade 3 ICANS DL7: Grade 4 skin infection MTD not reached No IMA203CD8-related grade 5 eventsb
IMA203CD8: BOR in Patients with Gynecologic Indications at All DL (n=26a) Data cutoff Mar 30, 2026 Busse et al., ASCO 2026 PRAME Wave #2: IMA203CD8 * * + ≥DL4c <DL4c Baseline Tumor reduction: 78% (14/18) Evaluable patients ≥DL4c ORRb 63% (12/19) cORRc 50% (9/18) DCR (at week 6) 68% (13/19) PD Best overall response (RECIST 1.1) SD PR cPR CR cCR Ongoing a Two patients with ovarian cancer at DL4a and DL5 deceased prior to first post-BL scan non-evaluable for assessment of tumor reduction, not depicted in plot but assessed for ORR calculation; b ORR: according to RECIST 1.1 at any post-BL scan, PD or death at any prior timepoint; c Confirmed ORR for patients with ≥2 post-BL scans per RECIST 1.1, PD or death at any prior timepoint, those with ongoing unconfirmed PR/CR were excluded. * For those patients who achieved a (c)CR with <100% changes from baseline, target lesions were lymph nodes that resolved to <10 mm per RECIST 1.1; + Patient had a PR prior to CR. BL, baseline; BOR, best overall response; (c)CR, (confirmed) complete response; DCR, disease control rate; DL, dose level; (c)ORR, (confirmed) objective response rate; PD, progressive disease; (c)PR, (confirmed) partial response; SD, stable disease.
IMA203CD8: Changes in Tumor Size Over Time in Patients with Gynecologic Indications ≥DL4c (n=19a) Data cutoff Mar 30, 2026 Busse et al., ASCO 2026 PRAME Wave #2: IMA203CD8 a One patient with ovarian cancer at DL5 deceased prior to first post-BL scan non-evaluable for assessment of tumor reduction, not depicted in plot but assessed for ORR calculation. For those patients who achieved a (c)CR with <100% changes from baseline, target lesions were lymph nodes that resolved to <10 mm per RECIST 1.1; # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker increase; patient off study at month 8 and receiving further anti-tumor treatment. BOR, best overall response; (c)CR, (confirmed) complete response; DCR, disease control rate; (c)ORR, (confirmed) objective response rate; PD, progressive disease; (c)PR, (confirmed) partial response; SD, stable disease. # Months Post T-cell Infusion # PD Best overall response (RECIST 1.1) SD PR cPR CR cCR Ongoing Ovarian Cancer Indication Uterine Cancer 89% (8/9) of confirmed responses ongoing longest ongoing response at 12 months post infusion (metabolic complete response)
IMA203CD8: Safety in Synovial Sarcoma Data cutoff Mar 30, 2026 Araujo et al., ASCO 2026 PRAME Wave #2: IMA203CD8 a Testicular/scrotal disorders includes grouped terms; b Grade 3 CRS with transient Grade 3 hepatotoxicity improved to Grade 2 within 10 days; CRS resolved completely without need for vasopressors/ventilator support; c Further modification of the inclusion/exclusion criteria and IL-2 scheme allowed continuation of dose escalation from DL4c up to present DL7; CRS, cytokine release syndrome; HLH, hemophagocytic lymphohistiocytosis; ICANS, immune effector cell-associated neurotoxicity syndrome; LD, lymphodepletion; MTD, maximum tolerated dose; TEAE, treatment-emergent adverse event. Adverse events of special interest (AESI) Preferred term, n (%) Any Grade Grade ≥3 Neutropenia 12 (100) 12 (100) Anemia 11 (92) 6 (50) Thrombocytopenia 11 (92) 4 (33) Transaminase elevation 11 (92) 1 (8) Lymphopenia 9 (75) 9 (75) Nausea 8 (67) 0 Fatigue 6 (50) 0 Rash 5 (42) 0 Creatinine elevation 4 (33) 1 (8) Constipation 4 (33) 0 Headache 4 (33) 0 Hyponatremia 4 (33) 0 Hypophosphatemia 4 (33) 1 (8) Pyrexia 4 (33) 0 Testicular/scrotal disordersa 4 (33) 0 Back pain 3 (25) 0 Dyspnoea 3 (25) 0 Hypertension 3 (25) 2 (17) Insomnia 3 (25) 0 Edema peripheral 3 (25) 0 N=12 CRS, any grade, n (%) 12 (100) Grade 1 5 (42) Grade 2 5 (42) Grade 3 2 (17) HLH, any grade, n (%) 0 ICANS, any grade, n (%) 0 TEAEs in ≥25% of patients (N=12) Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion Infrequent long-term (Day ≥ 90) grade ≥3 TEAEs included cytopenias (n=6) and/or hypertension (n=2) AESIs were low-grade (1-2), occurred early, and were transient CRS was mostly low-grade (1-2), expected and manageable No HLH or ICANS 1 DLTb at DL4b (MTD not reachedc)
IMA203CD8: BOR in Patients with Synovial Sarcoma (n=12) Data cutoff Mar 30, 2026 Araujo et al., ASCO 2026 PRAME Wave #2: IMA203CD8 a ORR: according to RECIST 1.1 at any post-BL scan, PD or death at any prior timepoint; cORR: according to RECIST 1.1 for patients with ≥2 post-BL scans, PD or death at any prior timepoint; b Confirmed ORR for patients with ≥2 post-BL scans per RECIST 1.1, PD or death at any prior timepoint, those with ongoing unconfirmed PR/CR were excluded. BL, baseline; BOR, best overall response; (c)CR, (confirmed) complete response; (c)ORR, (confirmed) objective response rate; (c)PR, (confirmed) partial response; DCR, disease control rate; mDOR, median duration of response; mFU, median follow-up; NR, not reached; PD, progressive disease; SD, stable disease; TCR, T-cell receptor. Clinical activity including durable responses observed at all dose levels Median dose: 1.59 x109 total TCR T cells Best overall response (RECIST 1.1) PD SD PR cPR CR cCR Ongoing 25 0 -25 -50 -75 -100 Change in Sum of Longest Diameter of Target Lesions from Baseline (%) 15 -1 -18 -26 -41 -42 -50 -61 -66 -73 -77 -100 BL Tumor reduction: 92% (11/12) DL4a DL3 DL4a DL4b DL7 DL3 DL4a DL4a DL4a DL4a DL4a DL4b ORRa 67% (8/12) cORRb 64% (7/11) DCR (at week 6) 100% (12/12) mDOR (range), months mFU 14.8 (3.7, 31.8+) 31.0
IMA402 PRAME Bispecific Expansion to Earlier-Line PRAME Cancers PRAME Wave #3
IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Earlier-Line PRAME Cancers IMA402 Opportunity 1 median half-life IMA402: ~7 days; All patient numbers refer to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025 based on initial threshold for all indications except for sqNSCLC (optimized threshold considered for further development due to IMA401 combination potential); Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; q2w: once every two weeks; sqNSCLC: squamous cell non-small-cell lung cancer 1L Solid Tumors >145K addressable PRAME+/HLA-A*02:01+ patients in the US & EU5 TCR Bispecifics (TCER®) PRAME Wave #3: IMA402 US EU5 Cut. Melanoma 6K 6K Ovarian 7K 9K Uterine 6K 6K sqNSCLC 16K 23K Breast 7K 10K Others 25K 32K Anti-tumor Activity High-affinity and specificity TCR domain targeting tumor pHLA molecules Antibody-like format with half-life extension (HLE) Long half life of 1-2 weeks1 allows for q2w or longer dosing intervals Optimized tolerability Low-affinity T cell recruiter against CD3/TCR allows higher dosing
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study Tolerability Favorable tolerability profile Most common treatment-related AEs are low-grade CRS and expected & transient lymphopenia Promising clinical activity and deep and durable responses observed at RP2D range during dose escalation 30% (6/20) cORR across all indications, incl. melanoma & ovarian carcinoma Promising early PFS/iPFS, OS Pharmacokinetics Median half-life of ~7 days Potential for bi-weekly dosing or longer dosing intervals offering a more convenient dosing schedule, including combination treatment approaches Activity & Duration of Response1 Development Potential Possible future use in later-lines as monotherapy or combination setting with the potential to expand to earlier lines incl. frontline or (neo)adjuvant setting (in combination with ICI/SOC) Initial focus on cut. melanoma, gyn-onc as well as sqNSCLC (IMA402/IMA401 combo) 1 at doses 10-30 mg; AE: adverse event; CRS: Cytokine release syndrome; ICI: immune checkpoint inhibitor; RP2D: recommended phase 2 dose; SOC: standard of care Data cut-off Sep 26, 2025 PRAME TCER® IMA402 PRAME Wave #3: IMA402 Phase 1b data at RP2D range across multiple cancers planned for presentation at the ESMO Congress 2026 IMA402/IMA401 combination cohort in sqNSCLC enrolling at multiple clinical trial sites, with first data expected in 2027
Ph1a dose escalation completed, MTD not reached at 30 mg Provisional RP2D range identified at 10 to 30 mg Ph1b dose expansion ongoing at two distinct doses within RP2D range Combination with immune checkpoint inhibitor started Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific EudraCT No. 2022-503133-54-00; NCT05958121; 1 Cutaneous melanoma, melanoma of unknown primary, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian carcinoma, squamous non-small cell lung cancer; 2 Based on preclinical in vitro and in vivo data; 3 Step dosing introduced at 0.36 mg, optimized step dosing currently being applied: 0.03 mg/0.3 mg/6 mg/target dose, low-dose dexamethasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Ability to increase dose to previously cleared dose levels; BLRM: bayesian logistic regression model; MABEL: minimum anticipated biological effect level ; MTD: maximum tolerated dose; q1w: every week; q2w: every 2 weeks; RP2D: recommended phase 2 dose. Key Eligibility Criteria Objectives Primary: Determine MTD and/or RP2D Assess safety and tolerability Secondary: Evaluate initial anti-tumor activity (RECIST 1.1 and iRECIST) Assess pharmacokinetics Recurrent and/or refractory solid tumors expressing PRAME1 No prospective PRAME testing required HLA-A*02:01 positive ECOG performance status 0-1 Received or not eligible for all available indicated standard of care treatments Total safety population (N=80) MABEL-based starting dose Dose escalation based on cohorts of 1-6 patients using adaptive design (BLRM model) q1w step dosing (3 doses) up to target dose3 q2w dosing planned based on favorable PK and already applied for individual patients 0.36 mg 0.8 mg 3 mg 5 mg 0.12 mg 1.6 mg 0.06 mg 0.02 mg 8 mg 4 mg 12 mg 20 mg 30 mg 10 mg RP2D range Sub-therapeutic dose2 Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 1 Efficacy-evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose); Baseline characteristics for melanoma and ovarian carcinoma are listed in the appendix; ECOG: eastern cooperative oncology group; LDH: Lactate dehydrogenase; RP2D: recommended phase 2 dose; ULN: upper limit of normal. Safety population (N=80) Efficacy population (N=57)1 0.02-30 mg ≤1.6 mg (n=15) 3 – 8 mg (n=22) RP2D range, ≥10 mg (n=20) Age Median (min, max) 59 (21, 82) 61 (28, 82) 55 (34, 74) 56 (37, 74) ECOG performance status 0, n (%) 1, n (%) 47 (59) 33 (41) 6 (40) 9 (60) 11 (50) 11 (50) 11 (55) 9 (45) Prior lines of systemic treatment Median (min, max) 3 (1, 7) 3 (2, 7) 3 (1, 5) 3 (1, 6) LDH at baseline ≤ 1xULN, n (%) 1-2xULN, n (%) > 2xULN, n (%) 39 (49) 40 (50) 1 (1) 5 (33) 9 (60) 1 (7) 11 (50) 11 (50) 0 (0) 14 (70) 6 (30) 0 (0) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 80 (16, 398) 80 (46, 398) 68 (25, 258) 76 (21, 255) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) 4 (1, 15) 33 (41) 6 (8) 4 (2, 10) 8 (53) 1 (7) 6 (1, 15) 8 (36) 1 (5) 4 (2, 11) 6 (30) 3 (15) Heavily pre-treated patient population with comparable baseline characteristics across dose groups Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile Safety Population (N=80) TEAEs, n (%) All Grades ≥ Grade 3 Any 78 (98) 48 (60) Treatment-related 76 (95) 42 (53) Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) Most frequent/relevant related AEs were Expected and transient lymphopenia, consistent with the mechanism of action Low-grade CRS (33% G1, 5% G2, 0% G3, 1% G4) mostly at first step dose One CRS G4 event in patient at 0.08 mg starting dose only; no further CRS G4 events after step dose optimization No ICANS observed No IMA402-related Grade 5 events MTD not reached2 at 30 mg Treatment-related AEs1, n (%) All Grades ≥ Grade 3 Lymphopenia 40 (50) 30 (38) Cytokine release syndrome 31 (39) 1 (1) Arthralgia 21 (26) 1 (1) Fatigue 19 (24) Alanine aminotransferase increased 16 (20) 7 (9) Aspartate aminotransferase increased 14 (18) 5 (6) Rash 13 (16) Pruritus 11 (14) Pyrexia 11 (14) Anaemia 10 (13) 2 (3) Myalgia 10 (13) 1 (1) Nausea 9 (11) Gamma-glutamyltransferase increased 8 (10) 3 (4) Lipase increased 7 (9) Abdominal pain 7 (9) Hypertension 3 (4) 2 (3) Neutropenia 2 (3) 2 (3) Blood creatinine increased 2 (3) 1 (1) Stomatitis 2 (3) 1 (1) Tumour pain 2 (3) 1 (1) Acute kidney injury 1 (1) 1 (1) Electrocardiogram abnormal 1 (1) 1 (1) Herpes zoster 1 (1) 1 (1) Immune-mediated arthritis 1 (1) 1 (1) Liver function test increased 1 (1) 1 (1) Tumour lysis syndrome 1 (1) 1 (1) 1 All treatment-emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to IMA402 infusion with Grade 1-2 occurring in at least 7% of patients and all events with ≥ Grade 3, one additional patient treated with IMA402 at first step dose + pembrolizumab is not included in the safety population/table and had the following AEs: lymphopenia G3, erythema G1 , TSH decrease G1; 2 Two dose-limiting toxicities (DLTs) at 0.08 mg and 0.3 mg; AE: adverse event; CRS: cytokine release syndrome; G: grade; ICANS: immune effector cell-associated neurotoxicity syndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose. Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Clinical Proof-of-Concept of IMA402 PRAME Bispecific across Various Indications Dose-Response Relationship in Monotherapy Setting 1 Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one patient with sqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR: confirmed objective response rate; cPR: confirmed partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; SD: stable disease; PR: partial response; RECIST: response evaluation criteria in solid tumors; RP2D: recommended phase 2 dose. Melanoma1 Other Indications2 Ovarian Carcinoma Indications All responders with ovarian carcinoma were platinum resistant All responders with melanoma were ICI-resistant cORR 30% ≤1.6 mg 3 - 8 mg RP2D ≥10 mg Data cutoff Sep 26, 2025 N=57 PRAME Wave #3: IMA402
Deep and Durable Responses at RP2D Range 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 Complete metabolic response at 12 mg PD SD cPR Ongoing response/ disease control Ongoing treatment BOR (RECIST 1.1) All indications Melanoma Ovarian carcinoma cORR 30% (6/20) 29% (4/14) 2/3 mDOR (mo) mFU (mo) not reached 4.2 not reached 7.3 not reached 2.2 Tumor shrinkage 55% (11/20) 57% (8/14) 2/3 DCR (at week 6) 65% (13/20) 71% (10/14) 2/3 RECIST 1.1 BL: baseline; BOR: best overall response; cPR: confirmed partial response; cORR: confirmed objective response rate; DCR: disease control rate; mDOR: median duration of response; mFU: median follow-up; PD: progressive disease; PR: partial response; RP2D: recommended phase 2 dose; SD: stable disease. Complete metabolic response at 12 mg Data cutoff Sep 26, 2025 N=20 PRAME Wave #3: IMA402
Early Promising PFS and OS Snapshot for IMA402 at RP2D Range Survival Outcomes Across All Indications at All Dose Levels Median PFS Median OS ≤ 1.6 mg 3 – 8 mg ≥10 mg mOS (mo) mFU (mo) 10.3 NA 13.9 12.1 Not reached 5.4 1y-OS rate 33% 63% 94% ≤ 1.6 mg 3 – 8 mg ≥10 mg mPFS (mo) mFU (mo) 1.4 NA 1.5 NA 4.8 6.8 6m PFS rate 0% 5% 45% Median iPFS1 ≤ 1.6 mg 3 – 8 mg ≥10 mg miPFS (mo) mFU (mo) 1.4 NA 2.1 NA Not reached 6.3 6m iPFS rate 0% 14% 58% Efficacy population ≤1.6 mg n=15 3-8 mg n=22 ≥10 mg n=20 1 iRECIST, developed by the RECIST Working Group, adapts RECIST 1.1 definition for progression for immunotherapies by introducing unconfirmed (iUPD) and confirmed (iCPD) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST. PFS (according to RECIST 1.1) and iPFS (according to iRECIST), are prospectively defined co-secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy; mFU: median follow-up; (m)PFS: (median) progression-free survival; (m)OS: (median) overall survival; RP2D: recommended phase 2 dose; 6m: 6 months; 1y: 1 year. Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Patient Case: Ongoing PET-based Complete Metabolic Response in Cutaneous Melanoma Patient Characteristics & Outcomes Patient & Diagnosis 68-year-old female with ICI-resistant cutaneous melanoma; initial diagnosis in 2004 Disease at Baseline Target lesions: 2 peritoneal, 1 abdominal Non-target lesions: brain and lung (left and right) Intensive immune-related previous medical history Prior systemic therapy 3 prior lines of therapy: Adjuvant: nivolumab Ipilimumab + nivolumab, discontinued due to toxicity Lenvatinib + pembrolizumab, BOR: PD Study Treatment Initial dose: 5 mg, escalated to 20 mg Bi-weekly treatment 9 months post treatment start Response Assessment First assessment (6 weeks): PR Complete response in brain lesion Ongoing cPR with -68% tumor reduction and PET scan with complete metabolic response at 8 months after switch to 12 mg Scans courtesy of Dr. Dirk Schadendorf, University Hospital Essen BOR: best overall response; (c)PR: (confirmed) partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; PET: positron emission tomography. Baseline 6 weeks 3 months 5 months Peritoneum incl. ovaries Peritoneum Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
IMA402 PRAME Bispecific Ph1a Dose Escalation Summary and Next Steps Expansion to Earlier-Line PRAME Cancers Promising Monotherapy & High Potential in Combination Favorable tolerability profile Deep & durable responses Promising early PFS/iPFS and OS Initial Focus Indications Development Opportunities Cut. melanoma IMA402 1L advanced: ICI combo IMA402 2L ICI-resistant1: monotherapy or ICI combo Gyn-Onc IMA402 PSOC: SOC combo IMA402 PROC1: monotherapy or non-platinum SOC combo IMA402 2L EC: ICI combo sqNSCLC IMA402 + IMA401 with or without ICI Development Opportunities in 2026 Ph1b dose expansion completion (RP2D with & w/o ICI) Initiation of additional Ph1b/Ph2 expansion cohorts in focus indications 1 Potential to become registration-directed subject to Ph1b data; 1L: first line or later, 2L: second line or later; cut. melanoma: cutaneous melanoma; EC: endometrial carcinoma; Gyn-Onc: gynecologic cancers; ICI: immune checkpoint inhibitor; OS: overall survival; PFS: progression-free survival; PROC: platinum-resistant ovarian cancer; PSOC: platinum-sensitive ovarian cancer; RP2D: recommended phase 2 dose; SOC: standard of care; sqNSCLC: squamous cell non-small cell lung cancer. Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402 Dual Targeting Data on file - dot plot: PRAME and MAGEA4/8 mRNA expression in stage III/IV sqNSCLC TCGA samples (TPM, log-scale), PRAME and MAGEA4/8 target prevalences are based on an optimized proprietary target expression threshold applied to TCGA data; Bar graph: In vitro LDH-killing assay, A375 tumor cell line with low target density of PRAME (~50 copies per cell) and medium target density of MAGEA4/8 (~250 copies per cell), TCER® concentration: 1nM IMA401 and 10 nM IMA402; 3 Refers to addressable 1L advanced HLA-A*02:01/target+ patients in the US & EU5 in 2025, Source: Clarivate Disease Landscape and Forecast; HNSCC: head and neck squamous cell carcinoma; sqNSCLC: squamous non-small cell lung cancer. IMA402 + IMA401 Combo
IMA401 MAGEA4/8 Bispecific Maximizing the Potential of Bispecifics Combination Entering the PRAME Franchise
Cancer Cell MAGEA4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 1 at RP2D of 1-2 mg; AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; DCR: disease control rate; ICI: immune checkpoint inhibitor; HNSCC: Head and neck squamous cell carcinoma; sqNSCLC: squamous cell non-small-cell lung cancer 29% cORR (4/14) in head and neck cancer 33% cORR (2/6) in melanoma Promising early clinical activity in sqNSCLC Tolerability Activity & Duration of Response1 Opportunity to develop IMA401 in combination with IMA402 in sqNSCLC and other indications Combined target prevalence supports broad patient coverage and potential synergistic activity >90% of patients with sqNSCLC are targetable Development Potential Favorable tolerability at RP2D ±pembrolizumab, suggesting the potential of IMA401 for broad combinability Most frequent clinically relevant TRAE were low-grade cytokine release syndrome (CRS), expected and transient lymphopenia, consistent with the mechanism of action, and manageable neutropenia. Pharmacokinetics Median terminal half-life of >2 weeks Potential for: Flexibility in dosing schedules Combination with IMA402 with or without ICI Phase 1a dose escalation completed IMA401/IMA402 combination cohort in sqNSCLC is now enrolling at multiple clinical trial sites, with first data expected in 2027 TCER® IMA401 MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026
Phase 1 Basket Trial of IMA401 in MAGEA4/8 Solid Tumors EudraCT No 2021-004326-30; NCT05359445; a Step dosing introduced at dose levels ≥1 mg, low-dose dexamethasone partially used as preventive measure for initial doses as applied for other bispecific T-cell engagers; ability to increase dose to previously cleared dose levels; b q2w: once every two weeks, weekly (q1w) IMA401 dosing was applied up to 0.54 mg; c MTD was not reached at 2.5 mg as defined by the adaptive BLRM model specifying probabilities of DLTs at tested doses. BLRM, Bayesian logistic regression model; ICI, immune checkpoint inhibitor; IV, intravenous; MABEL, minimum anticipated biological effect level; MTD, maximum tolerated dose, RP2D, recommended phase 2 dose; q6w, every 6 weeks. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 0.18 mg 0.54 mg 1.8 mg 0.06 mg 1.2 mg 0.02 mg 0.0066 mg 2.0 mg 1.0 mg 1.5 mg 2.5 mg Phase 1a dose escalation completed 1.8 mg 1.2 mg 2.0 mg 1.0 mg 1.5 mg Dose selection: MTD not reached per adaptive BLRM modelc, RP2D defined at 1-2 mg based on optimal risk-benefit-profile 1.0 mg 1.5 mg + Pembrolizumab + Pembrolizumab ICI combination: Pembrolizumab started 1 week before IMA401 (400 mg IV q6w) MABEL-based starting dose Dose escalation based on cohorts of 1-6 patients using adaptive design (BLRM model) Initial q1w step dosinga (2-4 doses) up to target dose, q2w after reaching target doseb Phase 1a Dose Escalation 0.0066 mg - 2.5 mg IMA401 (n=61) RP2D Selection 1.0 - 2.0 mg IMA401 (n=32) ICI Combination at RP2D 1.0 or 1.5 mg IMA401 with Pembrolizumab (n=12) RP2D selection completed IMA401 + ICI completed
Phase 1 Basket Trial of IMA401 in MAGEA4/8 Solid Tumors a Includes small molecule drugs and antibodies. bIMA401 dose in pembrolizumab expansion cohorts were 1 mg (n=8) or 1.5 mg (n=4); adNSCLC, adenocarcinoma non-small cell lung cancer; ECOG, Eastern Cooperative Oncology Group; GCT, germ cell tumor; H&N, head and neck; HNSCC, head and neck squamous cell carcinoma; ICI, immune checkpoint inhibitor; LCNEC, large cell neuroendocrine carcinoma; LDH, lactate dehydrogenase; NET CUP, neuroendocrine tumor of cancer of unknown primary; RP2D, recommended phase 2 dose; SCLC, small cell lung cancer; SLD, sum of longest diameter(s); sqNSCLC, squamous cell non-small cell lung cancer; TNBC, triple-negative breast cancer; ULN, upper limit of normal. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 Baseline Characteristics All Dose Levels RP2D (1-2 mg) IMA401 ± Pembrolizumab n=61 IMA401 (Monotherapy) n=32 IMA401 + Pembrolizumabb n=12 Age (years), median (min, max) 62 (19, 82) 62 (19, 82) 63 (33, 77) Sex, male/female n (%) 39 (64)/ 22 (36) 19 (59)/ 13 (41) 12 (100)/ 0 (0) ECOG performance status 0, n (%) 1, n (%) 2, n (%) 21 (34) 38 (62) 2 (3) 11 (34) 20 (63) 1 (3) 6 (42) 6 (50) 0 LDH at baseline < 1xULN, n (%) 1-2xULN, n (%) > 2xULN, n (%) 36 (59) 21 (34) 4 (7) 17 (53) 14 (44) 1 (3) 8 (67) 4 (33) 0 Baseline tumor burden Target lesion SLD [cm], median (range) 67 (11.3, 202.8) 60 (11.3, 202.8) 63.1 (15.5, 121.0) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) 4 (1, 10) 18 (30) 4 (7) 4 (1, 10) 10 (31) 2 (6) 4.5 (2, 10) 4 (33) 0 Treatment Experience No. of prior lines of systemic treatment median (min, max) 3 (1, 8) 4 (1, 8) 3 (1, 4) Prior treatments, n (%) Chemotherapy ICI Targeted Therapya Hormone Therapy Others 52 (85) 40 (66) 41 (67) 4 (7) 7 (11) 25 (78) 18 (56) 22 (69) 2 (6) 4 (13) 11 (92) 11 (92) 9 (75) 0 0 Highly heterogenous patient population with >15 different indications Different Indications (all dose levels) # of Patients H&N (squamous, adenocarcinoma, others) 16 Melanoma (Cutaneous & Mucosal) 8 Synovial Sarcoma 8 sqNSCLC 4 TNBC 4 adNSCLC 3 Ovarian Carcinoma 3 Gastric Cancer 2 SCLC 2 Urothelial Carcinoma 2 Bladder Carcinoma 1 Esophageal Carcinoma 1 Gallbladder Adenocarcinoma 1 LCNEC Esophageal 1 LCNEC Lung 1 NET CUP 1 Non-melanoma Skin Cancer (Squamous) 1 Penile Cancer 1 Testicular GCT 1
Tolerability of IMA401 Monotherapy a All TRAEs at least possibly related to IMA401 infusion and/or pembrolizumab infusion with grade 1-2 occurring in at least 10% of all patients, all events with ≥ grade 3; b in patients with and without dexamethasone pre-medication, one possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported, patient did not receive dexamethasone pre-medication; ALT, alanine aminotransferase; AST, aspartate aminotransferase; CSF, colony-stimulating factor, CRS, cytokine release syndrome, DLT, dose-limiting toxicity; ICANS, immune effector cell-associated neurotoxicity syndrome; GGT, gamma-glutamyltransferase; MoA, mechanism of action; RP2D, recommended phase 2 dose; TRAE, treatment-related adverse event. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 All treated patients IMA401 (Monotherapy) Treatment-related Adverse Events (safety analysis set) All Dose Levels N=61 1-2 mg (RP2D) n=32 > 2 mg n=7 TRAEsa, n (%) All Grades ≥ Grade 3 All Grades ≥ Grade 3 All Grades ≥ Grade 3 Any TRAE 54 (89) 31 (51) 28 (88) 16 (50) 7 (100) 7 (100) Cytokine release syndrome 23 (38) 0 12 (38) 0 3 (43) 0 Lymphopenia 20 (33) 16 (26) 9 (28) 7 (22) 5 (71) 5 (71) Neutropenia 19 (31) 11 (18) 11 (34) 5 (16) 5 (71) 5 (71) Thrombocytopenia 10 (16) 2 (3) 5 (16) 0 3 (43) 2 (29) Leukopenia 9 (15) 5 (8) 7 (22) 4 (13) 1 (14) 1 (14) Headache 9 (15) 2 (3) 7 (22) 1 (3) 2 (29) 1 (14) Anaemia 8 (13) 7 (11) 2 (6) 2 (6) 4 (57) 3 (43) Facial pain 7 (11) 2 (3) 0 0 4 (57) 1 (14) ALT increased 7 (11) 1 (2) 3 (9) 1 (3) 1 (14) 0 Pyrexia 7 (11) 0 2 (6) 0 1 (14) 0 AST increased 5 (8) 3 (5) 3 (9) 2 (6) 0 0 Hypertension 4 (7) 2 (3) 3 (9) 2 (6) 0 0 GGT increased 2 (3) 1 (2) 0 0 0 0 Hypoxia 2 (3) 1 (2) 0 0 0 0 C-reactive protein increased 1 (2) 1 (2) 1 (3) 1 (3) 0 0 Chest pain 1 (2) 1 (2) 0 0 0 0 Febrile neutropenia 1 (2) 1 (2) 0 0 1 (14) 1 (14) Pneumonia 1 (2) 1 (2) 0 0 1 (14) 1 (14) Sinus tachycardia 1 (2) 1 (2) 1 (3) 1 (3) 0 0 Most common AEs: Low-grade CRS (38% G1-G2, no ≥G3), mainly at first step dose, resolving within 1-3 days Transient, mechanism-related lymphopenia Mostly transient neutropenia, manageable with dexamethasone and G-CSF; not recurring after resolution with continued IMA401 treatment No ICANS observed MTD not reached Neutropenia-related DLTs in 5 patients (incl. 3 at >RP2Db) No DLTs at RP2D with dexamethasone premedication Manageable tolerability profile with mostly transient AEs, consistent with MoA
Tolerability of IMA401 at RP2D ± Pembrolizumab a All TRAEs at least possibly related to IMA401 infusion and/or pembrolizumab infusion with grade 1-2 occurring in at least 10% of all patients, all events with ≥ grade 3 and typical ICI-associated toxicities; b IMA401 dose in pembrolizumab expansion cohorts were 1 mg (n=8) or 1.5 mg (n=4); ICI, immune checkpoint inhibitor; RP2D, recommended phase 2 dose; TRAE, treatment-related adverse event. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 IMA401 (Monotherapy) IMA401 + Pembrolizumab Treatment-related Adverse Events (safety analysis set) 1-2 mg (RP2D) n=32 1-2 mg (RP2D)b n=12 TRAEsa, n (%) All Grades ≥ Grade 3 All Grades ≥ Grade 3 Any TRAE 28 (88) 16 (50) 11 (92) 3 (25) Cytokine release syndrome 12 (38) 0 5 (42) 0 Lymphopenia 9 (28) 7 (22) 4 (33) 2 (17) Neutropenia 11 (34) 5 (16) 1 (8) 0 Thrombocytopenia 5 (16) 0 1 (8) 0 Leukopenia 7 (22) 4 (13) 1 (8) 0 Headache 7 (22) 1 (3) 0 0 Anaemia 2 (6) 2 (6) 0 0 Facial pain 0 0 0 0 Alanine aminotransferase increased 3 (9) 1 (3) 2 (17) 0 Pyrexia 2 (6) 0 3 (25) 0 Aspartate aminotransferase increased 3 (9) 2 (6) 1 (8) 0 Hypertension 3 (9) 2 (6) 0 0 Gamma-glutamyltransferase increased 0 0 1 (8) 1 (8) Hypoxia 0 0 0 0 C-reactive protein increased 1 (3) 1 (3) 0 0 Chest pain 0 0 0 0 Febrile neutropenia 0 0 0 0 Pneumonia 0 0 0 0 Sinus tachycardia 1 (3) 1 (3) 0 0 ICI-associated toxicities Any group analyzed Immune-mediated colitis 0 Immune-mediated pneumonitis 0 Immune-mediated hepatitis 0 Nephritis 0 Adrenal insufficiency 0 Immune-mediated hypophysitis 0 No overlapping and/or additive toxicity observed in the combination cohort, supporting IMA401 combinability with ICIs.
Tolerability of IMA401 at RP2D ± Pembrolizumab Efficacy population: all patients in the safety set who received 4 IMA401 infusions in monotherapy and in addition at least 1 pembrolizumab infusion in combination therapy and had a post-baseline efficacy assessment, including patients with clinical progression; a Two patients not shown in plot due to clinical progression before post-infusion scan. b One patient not shown in plot due to clinical progression before post-infusion scan. BOR, best overall response; (c)ORR, (confirmed) objective response rate; (c)PR, (confirmed) partial response; DCR, disease control rate; H&N, head and neck cancer; PD, progressive disease; PFS, progression-free survival; RECIST, response evaluation criteria in solid tumors; RP2D, recommended phase 2 dose; SD, stable disease; OS, overall survival; mDOR, median duration of response. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 H&Nb (n=14) BOR (RECIST 1.1) PD SD PR cPR Ongoing response /disease control Othera (n=27, 14 different indications) IMA401 monotherapy IMA401 + Pembrolizumab cORR 29% (4/14) DCR 64% (9/14) H&N (n=14) sqNSCLC Cut. Melanoma Cut. Melanoma Muc. Melanoma NET CUP Penile Cancer All H&N responders achieved deep responses with 60% - 100% tumor reduction
Durable Responses to IMA401 ± Pembrolizumab in Patients with H&N Cancer Efficacy population: all patients in the safety set who received 4 IMA401 infusions in monotherapy and in addition at least 1 pembrolizumab infusion in combination therapy and had a post-baseline efficacy assessment, including patients with clinical progression; a One patient not shown in plot due to clinical progression before post-infusion scan. BOR, best overall response; cPR, confirmed partial response; DOR, duration of response; H&N, head and neck cancer; PD, progressive disease; PR, partial response; RECIST, response evaluation criteria in solid tumors; RP2D, recommended phase 2 dose; SD, stable disease. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026
Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC a Treatment start 5 weeks after last prior systemic therapy; scans courtesy of treating physician Prof. Dr. Martin Wermke, TU Dresden; BOR, best overall response; ICI, immune checkpoint inhibitor; PR, partial response; Pt, patient; Q6W, once every 6 weeks; SD, stable disease; sqNSCLC, squamous cell non-small cell lung cancer. MAGEA4/8 Bispecific IMA401 Wermke et al., ASCO 2026 Data cutoff Mar 02, 2026 Lung Baseline 7 weeks Jaw Head Head PR with IMA401 in 5th line ICI-resistant sqNSCLC patient with shrinkage of all target lesions Patient Characteristics & Outcome Patient & Diagnosis 63-year-old male with ICI-resistant sqNSCLC; initial diagnosis in July 2018 Disease at Baseline Multiple metastases in lymph nodes, skin, lung and bone Prior systemic therapy 4 prior lines of systemic therapy with BOR SD Adjuvant: cisplatin, vinorelbine Carboplatin, ipilimumab, nivolumab, paclitaxel, BOR: SD Docetaxel, ramucirumab, BOR: SD Progressed after all prior treatments Carboplatin, gemcitabine, BOR: SD, discontinued early due to toxicity Study Treatmenta 1 mg IMA401 + 400 mg pembrolizumab Q6W; Pt died during a biopsy due to pulmonary haemorrhage Response Assessment PR at first scan post IMA401 treatment start with -39% tumor reduction
v Appendix
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 Sep 24, 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 16.2 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 9/23 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 # 10 patients out of study at data-cut (withdrew consent) PRAME Wave #1: anzu-cel
IMA203CD8 T-cell Persistence in Peripheral Blood in Multiple Indications Sustained persistence of IMA203CD8 T cells beyond 1-year post-infusion represents an important prerequisite for durable clinical benefit in all main indications evaluated Similar kinetics between indications with no significant differences seen in terms of peak expansion, timepoint of peak expansion and persistence at day 30, 60 and 90 post-infusion between indications (data on file) Melanoma Data cutoff March 30, 2026 Synovial Sarcoma Gynecologic Indications Shorter follow-up for gynecologic indications due to later study treatment PRAME Wave #2: IMA203CD8
Opportunity of IMA203CD8 across Broad Range of PRAME+ Indications Data on file; PRAME expression: evaluated biopsies (FFPE tissue) prior to treatment with anzutresgene autoleucel (anzu-cel, formerly IMA203) or IMA203CD8, melanoma: cutaneous melanoma, uveal melanoma, acral melanoma, melanoma of unknown primary, Gyn (gynecologic cancers): ovarian carcinoma and endometrial cancer; Other: head and neck cancer, lung cancer, synovial sarcoma, triple-negative breast cancer and others. IMA203CD8 shows higher number of deep responses at -100% tumor reduction at lower infused dose compared to anzu-cel. IMA203CD8 may offer an enhanced opportunity to treat cancers across a broad spectrum of PRAME expression including ovarian carcinoma, uterine cancer, sqNSCLC, triple-negative breast cancer and others Potential of IMA203CD8 in PRAME-positive tumors with varying expression levels Data cutoff March 30, 2026 PRAME expression relative to threshold p<0.001 ns p<0.001 Deep responses with IMA203CD8 at low doses PRAME Wave #2: IMA203CD8
IMA203CD8 Shows Broad Clinical Activity across Diverse PRAME+ Solid Tumors Clinical Activity in PRAME+ Tumors with Distinct Pathology / Biology Relative PRAME Expression Immunological phenotypea Clinical Activity Melanoma High Hot Uterine cancer High Mixed Synovial sarcoma / Uveal melanoma High Cold Ovarian carcinoma Low Cold Clinical activity to date spans different PRAME levels, tumor biologies and tumor immune phenotypes, supporting broad applicability of IMA203CD8 for PRAME+ solid tumors, beyond the ones investigated a Hot = T cell infiltrated/inflamed; Cold = non-T-cell infiltrated /non-inflamed according to Galon and Bruni, Nat Rev Drug Discov, 2019. Dominant phenotype for a tumor indication shown, intermediate “altered” immunological phenotypes not assessed for simplicity. Mixed: larger fractions of molecular subtypes exist with both, hot and cold immunological phenotype PRAME Wave #2: IMA203CD8 Araujo et al, ASCO 2026 Busse et al, ESMO-IO 2025 Busse et al, ESMO-IO 2025 Busse et al, ASCO 2026 Busse et al, ASCO 2026
Potential of PRAME-Directed 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 initial 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; NSCLC: non-small cell lung cancer Selected indications Clinical activity shown No clinical activity expected Potential for clinical activity 95% 90% (50%2) 95% 85% 95% 95% 70% 65% 45% 40% 35% 25% 25% 25% 25% 20% 20% 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 Initial threshold to determine PRAME positive patients in current clinical trials1 Presumed optimized threshold 58 PRAME
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