Immatics N.V 6-K, filed May 12, 2026
Immatics N.V. (IMTX)
About this 6-K
Immatics N.V filed this 6-K on May 12, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
May 12, 2026
Commission File Number: 001-39363
IMMATICS N.V.
Paul-Ehrlich-Straße 15
72076 Tübingen, Federal Republic of Germany
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On May 12, 2026, Immatics N.V. (the “Company”) issued an interim report for the three-month period ended March 31, 2026, which is attached hereto as Exhibit 99.1, and issued a press release announcing the first quarter 2026 financial results and business update for the Company, which is attached hereto as Exhibit 99.2.
INCORPORATION BY REFERENCE
This Report on Form 6-K (other than Exhibit 99.2 hereto) including Exhibit 99.1 hereto, shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration Nos. 333-249408, 333-265820, 333-280935 and 333-288466) and the registration statements on Form F-3 (Registration Nos. 333-240260, 333-274218 and 333-286151) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBITS
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Exhibit Number |
Description |
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Immatics N.V. interim report for the three-month period ended March 31, 2026. |
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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: May 12, 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-month period ended March 31, 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, 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 March 31, |
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Notes |
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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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Revenue from collaboration agreements |
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4 |
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7,612 |
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18,582 |
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Research and development expenses |
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(59,186 |
) |
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(41,908 |
) |
General and administrative expenses |
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(14,514 |
) |
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(12,067 |
) |
Other income |
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24 |
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19 |
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Operating result |
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(66,064 |
) |
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(35,374 |
) |
Change in fair value of liabilities for warrants |
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5 |
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— |
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1,597 |
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Other financial income |
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5 |
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8,748 |
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6,264 |
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Other financial expenses |
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5 |
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(446 |
) |
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(13,336 |
) |
Financial result |
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8,302 |
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(5,475 |
) |
Loss before taxes |
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(57,762 |
) |
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(40,849 |
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Taxes on income |
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6 |
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(52 |
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994 |
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Net loss |
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(57,814 |
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(39,855 |
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Net loss per share: |
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16 |
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Basic |
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(0.43 |
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(0.33 |
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Diluted |
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(0.43 |
) |
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(0.33 |
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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 March 31, |
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Notes |
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2026 |
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2025 |
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(Euros in thousands) |
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Net loss |
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(57,814 |
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(39,855 |
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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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1,875 |
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(2,711 |
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Total comprehensive loss for the period |
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(55,939 |
) |
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(42,566 |
) |
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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March 31, 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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301,332 |
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345,918 |
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Other financial assets |
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15 |
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152,238 |
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123,419 |
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Accounts receivables |
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15 |
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4,153 |
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6,099 |
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Other current assets |
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8 |
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27,114 |
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28,572 |
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Total current assets |
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484,837 |
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504,008 |
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Non-current assets |
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Property, plant and equipment |
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9 |
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41,225 |
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42,111 |
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Intangible assets |
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9 |
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1,580 |
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1,582 |
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Right-of-use assets |
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9 |
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12,214 |
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12,786 |
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Other non-current assets |
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8 |
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3,408 |
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1,850 |
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Total non-current assets |
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58,427 |
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58,329 |
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Total assets |
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543,264 |
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562,337 |
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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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2,683 |
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— |
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Accounts payables |
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11 |
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31,580 |
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18,832 |
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Deferred revenue |
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4 |
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13,222 |
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15,816 |
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Lease liabilities |
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15 |
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2,607 |
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2,757 |
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Other current liabilities |
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12 |
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5,159 |
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5,607 |
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Total current liabilities |
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55,251 |
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43,012 |
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Non-current liabilities |
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Deferred revenue |
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4 |
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15,879 |
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18,541 |
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Lease liabilities |
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15 |
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12,474 |
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12,878 |
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Deferred tax liabilities |
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6 |
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3,859 |
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3,807 |
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Total non-current liabilities |
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32,212 |
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35,226 |
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Shareholders’ equity |
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Share capital |
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13 |
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1,367 |
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1,341 |
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Share premium |
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13 |
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1,304,953 |
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1,277,338 |
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Accumulated deficit |
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13 |
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(843,802 |
) |
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(785,988 |
) |
Other reserves |
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13 |
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(6,717 |
) |
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(8,592 |
) |
Total shareholders’ equity |
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455,801 |
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484,099 |
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Total liabilities and shareholders’ equity |
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543,264 |
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562,337 |
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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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Three months ended March 31, |
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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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(57,814 |
) |
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(39,855 |
) |
Taxes on income |
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6 |
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52 |
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(994 |
) |
Loss before tax |
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(57,762 |
) |
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(40,849 |
) |
Adjustments for: |
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Interest income |
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5 |
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(3,580 |
) |
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(5,463 |
) |
Depreciation and amortization |
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2,775 |
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3,140 |
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Interest expenses |
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5 |
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|
212 |
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|
249 |
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Equity-settled share-based payment |
|
7 |
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5,910 |
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4,330 |
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Net foreign exchange differences and expected credit losses |
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(5,469 |
) |
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12,248 |
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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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(1,597 |
) |
Loss from disposal of fixed assets |
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|
48 |
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|
40 |
|
Changes in: |
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Decrease in accounts receivables |
|
15 |
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|
1,946 |
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|
257 |
|
(Increase)/decrease in other assets |
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1,157 |
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(90 |
) |
Increase/(decrease) in deferred revenue, accounts payables and other liabilities |
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4,10,11,12 |
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10,400 |
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(16,021 |
) |
Interest received |
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3,370 |
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|
14,673 |
|
Interest paid |
|
5 |
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(212 |
) |
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(249 |
) |
Income tax paid |
|
6 |
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(838 |
) |
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(4,874 |
) |
Net cash used in operating activities |
|
|
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(42,043 |
) |
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(34,206 |
) |
Cash flows from investing activities |
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|
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|
|
|
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Payments for property, plant and equipment |
|
9 |
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(763 |
) |
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|
(3,075 |
) |
Payments for intangible assets |
|
|
|
|
— |
|
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(60 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
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|
24 |
|
|
|
47 |
|
Payments for investments classified in other financial assets |
|
|
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|
(70,068 |
) |
|
|
(258,644 |
) |
Proceeds from maturity of investments classified in other financial assets |
|
|
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|
42,723 |
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|
308,540 |
|
Net cash provided by/(used in) investing activities |
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|
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(28,084 |
) |
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46,808 |
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Cash flows from financing activities |
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Proceeds from issuance of shares to equity holders |
|
13 |
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|
22,273 |
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|
|
— |
|
Transaction costs deducted from equity |
|
13 |
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|
(542 |
) |
|
|
— |
|
Payments of lease liabilities |
|
15 |
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|
(760 |
) |
|
|
(737 |
) |
Net cash provided by/(used in) financing activities |
|
|
|
|
20,971 |
|
|
|
(737 |
) |
Net increase/(decrease) in cash and cash equivalents |
|
|
|
|
(49,156 |
) |
|
|
11,865 |
|
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 |
|
|
|
|
4,570 |
|
|
|
(5,769 |
) |
Cash and cash equivalents at the end of the period |
|
|
|
|
301,332 |
|
|
|
242,844 |
|
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 |
|
|
|
|
1,216 |
|
|
|
1,162,136 |
|
|
|
(589,541 |
) |
|
|
1,031 |
|
|
|
574,842 |
|
Other comprehensive loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,711 |
) |
|
|
(2,711 |
) |
Net loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
(39,855 |
) |
|
|
— |
|
|
|
(39,855 |
) |
Comprehensive loss for the period |
|
|
|
|
— |
|
|
|
— |
|
|
|
(39,855 |
) |
|
|
(2,711 |
) |
|
|
(42,566 |
) |
Equity-settled share-based compensation |
|
7 |
|
|
— |
|
|
|
4,330 |
|
|
|
— |
|
|
|
— |
|
|
|
4,330 |
|
Balance as of March 31, 2025 |
|
|
|
|
1,216 |
|
|
|
1,166,466 |
|
|
|
(629,396 |
) |
|
|
(1,680 |
) |
|
|
536,606 |
|
Balance as of January 1, 2026 |
|
|
|
|
1,341 |
|
|
|
1,277,338 |
|
|
|
(785,988 |
) |
|
|
(8,592 |
) |
|
|
484,099 |
|
Other comprehensive income |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,875 |
|
|
|
1,875 |
|
Net loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
(57,814 |
) |
|
|
— |
|
|
|
(57,814 |
) |
Comprehensive income/(loss) for the period |
|
|
|
|
— |
|
|
|
— |
|
|
|
(57,814 |
) |
|
|
1,875 |
|
|
|
(55,939 |
) |
Equity-settled share-based compensation |
|
7 |
|
|
— |
|
|
|
5,910 |
|
|
|
— |
|
|
|
— |
|
|
|
5,910 |
|
Share options exercised |
|
13 |
|
|
1 |
|
|
|
578 |
|
|
|
— |
|
|
|
— |
|
|
|
579 |
|
Issue of share capital – net of transaction costs |
|
13 |
|
|
25 |
|
|
|
21,127 |
|
|
|
— |
|
|
|
— |
|
|
|
21,152 |
|
Balance as of March 31, 2026 |
|
|
|
|
1,367 |
|
|
|
1,304,953 |
|
|
|
(843,802 |
) |
|
|
(6,717 |
) |
|
|
455,801 |
|
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.
The Group manages its operations as a single 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.
These unaudited interim condensed consolidated financial statements of the Group for the three months ended March 31, 2026, were authorized for issue by the Audit Committee of Immatics N.V. on May 12, 2026.
2. Material accounting policies
2.1 Basis of presentation
The unaudited interim condensed consolidated financial statements of the Group as of March 31, 2026 and for the three months ended March 31, 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 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 following exchange rates from the European Central Bank are used for the unaudited interim condensed consolidated financial statements of the Group as of March 31 and for the three months ended March 31:
|
Euros per U.S. Dollar |
|
||||
|
2026 |
|
2025 |
|
||
Spot rate as of March 31, |
|
0.8697 |
|
|
0.9246 |
|
Spot rate as of December 31, |
|
— |
|
|
0.8511 |
|
Average rate three months ended March 31, |
|
0.8545 |
|
|
0.9503 |
|
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 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 months ended March 31, 2026.
7
In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 “Presentation of Financial Statements”, impacts the presentation of primary financial statements and notes, including the statement of profit or loss where companies will be required to present separate categories of income and expense for operating, investing and financing activities with prescribed subtotals for each new category. The standard will also require certain management-defined performance measures to be explained, reconciled and included in a separate note within the consolidated financial statements.
The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements and requires retrospective application. The Company is currently assessing the impact of the new standard. We anticipate that the implementation will influence the level of detail in the Consolidated Statement of Profit or Loss and related notes, particularly through enhanced requirements for how expense items are aggregated, classified and presented. In the Consolidated Statement of Profit or Loss we expect the financial result to be presented in operating, investing and financing activities. In the Consolidated Statement of Cash Flows we expect the interest income and interest expense to be presented in investing and financing activities.
Estimates and assumptions have to be made in the unaudited interim condensed consolidated financial statements as of March 31, 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.
3. Segment information
The Group manages its operations as a single 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 March 31, 2026, the Group had two revenue-generating strategic collaboration agreements in place, one with Bristol-Myers-Squibb (“BMS”) and one agreement with ModernaTX, Inc. (“Moderna”).
Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration agreements represent one or more combined performance obligations, the determination of the transaction price and the allocation of the transaction price to identified performance obligations.
Revenue from collaboration agreements was realized with the following partners:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Revenue from collaboration agreements: |
|
|
|
|
|
|
||
Moderna, United States |
|
|
7,425 |
|
|
|
14,403 |
|
BMS, United States |
|
|
187 |
|
|
|
4,179 |
|
Total |
|
|
7,612 |
|
|
|
18,582 |
|
As of March 31, 2026, other than the achievement and recognition of a €4.3 million ($5.0 million) milestone for Advanced TCER Activities related to the Moderna agreement in December 2025, the Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones and the successful commercialization of a product. As of March 31, 2026, Immatics had not received any royalty payments in connection with the collaboration agreements.
8
The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract.
The revenue for the three months ended March 31, 2026 from the remaining collaboration agreements with BMS and Moderna is recognized over time on a cost-to-cost basis. During the three months ended March 31, 2026 and March 31, 2025, €7.4 million and €14.4 million revenue was recognized for the Moderna collaboration agreement, respectively. For the collaboration agreement with BMS revenue of €0.2 million and €4.2 million was recognized during the three months ended March 31, 2026 and March 31, 2025, respectively.
Deferred revenue related to the collaboration agreements consists of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Current |
|
|
13,222 |
|
|
|
15,816 |
|
Non-current |
|
|
15,879 |
|
|
|
18,541 |
|
Total |
|
|
29,101 |
|
|
|
34,357 |
|
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 March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Change in fair value of liabilities of warrants |
|
|
— |
|
|
|
1,597 |
|
Interest income |
|
|
3,580 |
|
|
|
5,463 |
|
Foreign currency gains |
|
|
5,168 |
|
|
|
51 |
|
Gains on other financial instruments |
|
|
— |
|
|
|
750 |
|
Other financial income |
|
|
8,748 |
|
|
|
6,264 |
|
Interest expenses |
|
|
(212 |
) |
|
|
(249 |
) |
Foreign currency losses |
|
|
(204 |
) |
|
|
(13,087 |
) |
Loss on other financial instruments |
|
|
(30 |
) |
|
|
— |
|
Other financial expenses |
|
|
(446 |
) |
|
|
(13,336 |
) |
Financial result |
|
|
8,302 |
|
|
|
(5,475 |
) |
The Company’s public warrants expired on July 1, 2025. As a result, the related warrant liabilities were derecognized from the Consolidated Statement of Financial Position with a respective impact on the Statement of Profit or Loss on that date.
For the three months ended March 31, 2025, changes in the fair value of the liabilities for warrants resulted in a decrease of €1.6 million, with a corresponding income, as the fair value decreased from €0.24 ($0.25) per warrant as of December 31, 2024, to €0.02 ($0.02) as of March 31, 2025.
Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.
Foreign currency gains and losses mainly consist of realized and unrealized 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.
Losses and gains on other financial instruments include expected credit losses and expected credit income on cash and cash equivalents and other financial assets for the three months ended March 31, 2026 and 2025.
6. Income Tax
The following table illustrates the current and deferred taxes for the periods indicated:
9
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Current income tax |
|
|
— |
|
|
|
— |
|
Deferred income tax |
|
|
(52 |
) |
|
|
994 |
|
Taxes on income |
|
|
(52 |
) |
|
|
994 |
|
During the three months ended March 31, 2026 and 2025, the Group generated a net loss. Correspondingly the Group did not recognize a current income tax expense and no equivalent current tax liability for the three months ended March 31, 2026 and 2025.
During the three months ended March 31, 2026, the deferred tax liability increased by €0.1 million, due to an increase in temporary differences and correspondingly the Group recognized a deferred income tax expense.
During the three months ended March 31, 2025, the deferred tax liability decreased by €1.0 million due to a decrease in temporary differences and correspondingly the Group recognized a deferred income tax benefit.
Immatics paid income tax of €0.8 million during the three months ended March 31, 2026, for income tax prepayments that the Group expects to claim back in full.
Immatics did not receive an income tax refund during the three months ended March 31, 2026, as a result of 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), 70% (corporate tax) / 60% (trade tax) of income of a given year can be offset with tax losses carried forward. Accordingly, 30% / 40% of the income before tax is subject to income tax.
Since Immatics N.V., Immatics GmbH and Immatics US, Inc. did not generate taxable income during the three months ended March 31, 2026 and March 31, 2025, no current income tax expense is recognized, respectively.
Due to the limitations on ability to offset deferred tax liabilities with tax losses carried forward in accordance with §10d para 2 EStG, Immatics N.V. and Immatics GmbH need to account for all deferred tax liabilities for taxable temporary differences whereas deferred tax assets on losses carried forward can only be recognized to a certain percentage.
During the three months ended March 31, 2026 and 2025, the Group’s German operations were subject to a statutory tax rate of 30.6%, and the Group’s U.S. operations were subject to a federal corporate income tax rate of 21%.
Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.
7. Share-based payments
Immatics N.V. has four share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan (“2020 Equity Plan”). This plan was complemented by the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”) which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company’s 2024 stock option and incentive plan (“2024 Equity Plan”). At the
10
Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company’s 2025 stock option and incentive plan (“2025 Equity Plan”). The 2025 Equity Plan allows the company to grant additional options 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.
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 March 31, 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.
Immatics applied a Black-Scholes pricing model to determine the fair value of the Service Options, with a weighted average fair value of $6.68 per Service Option granted during the three months ended March 31, 2026 and used the following weighted average assumptions:
|
|
Three months ended March 31, 2026 |
|
|
Exercise price in USD |
|
$ |
9.32 |
|
Underlying share price in USD |
|
$ |
9.32 |
|
Volatility |
|
|
80.51 |
% |
Time period (years) |
|
|
6.11 |
|
Risk-free rate |
|
|
3.82 |
% |
Dividend yield |
|
|
0.00 |
% |
Service Options outstanding as of March 31, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Service Options outstanding on January 1, 2026 |
|
|
9.35 |
|
|
|
11,889,848 |
|
Service Options granted in 2026 |
|
|
9.32 |
|
|
|
3,118,400 |
|
Service Options forfeited in 2026 |
|
|
6.83 |
|
|
|
68,952 |
|
Service Options exercised in 2026 |
|
|
6.83 |
|
|
|
97,842 |
|
Service Options expired in 2026 |
|
|
11.09 |
|
|
|
11,539 |
|
Service Options outstanding on March 31, 2026 |
|
|
9.37 |
|
|
|
14,829,915 |
|
Service Options exercisable on March 31, 2026 |
|
|
9.97 |
|
|
|
7,494,966 |
|
Weighted average remaining contract life (years) |
|
|
7.31 |
|
|
|
|
|
11
Performance-Based Options (“PSUs”)
In addition, at the initial listing on Nasdaq, certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options (“PSUs”), vesting based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively.
The Company did not grant PSUs during the three months ended March 31, 2026.
PSUs outstanding as of March 31, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
PSUs outstanding on January 1, 2026 |
|
|
10.10 |
|
|
|
3,668,000 |
|
PSUs granted in 2026 |
|
|
— |
|
|
|
— |
|
PSUs forfeited in 2026 |
|
|
— |
|
|
|
— |
|
PSUs outstanding on March 31, 2026 |
|
|
10.10 |
|
|
|
3,668,000 |
|
PSUs exercisable on March 31, 2026 |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
4.35 |
|
|
|
|
|
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 months ended March 31, 2026, Immatics granted 1,070,080 RSUs, which are accounted for using the respective grant date fair value.
RSUs outstanding as of March 31, 2026:
|
|
2026 |
|
|||||
|
|
Grant date fair value in USD |
|
|
Number |
|
||
RSUs outstanding on January 1, 2026 |
|
|
— |
|
|
|
— |
|
RSUs granted in 2026 |
|
|
9.32 |
|
|
|
1,070,080 |
|
RSUs forfeited in 2026 |
|
|
— |
|
|
|
— |
|
RSUs outstanding on March 31, 2026 |
|
|
9.32 |
|
|
|
1,070,080 |
|
RSUs exercisable on March 31, 2026 |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
3.78 |
|
|
|
|
|
Total share-based compensation expenses:
The Group recognized total employee-related share-based compensation expenses from all plans, during the three months ended March 31, 2026 and 2025 as set out below:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Research and development expenses |
|
|
(3,142 |
) |
|
|
(2,155 |
) |
General and administrative expenses |
|
|
(2,768 |
) |
|
|
(2,175 |
) |
Total share-based compensation |
|
|
(5,910 |
) |
|
|
(4,330 |
) |
12
Additional outstanding awards fully vested
Immatics GmbH previously issued share-based awards to employees under former Equity plans. As part of the initial listing on Nasdaq, all outstanding awards were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. These awards are fully vested and no additional expense is recognized.
Matching Stock Options outstanding as of March 31, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Matching Stock Options outstanding on January 1, 2026 |
|
|
10.00 |
|
|
|
1,290,682 |
|
Matching Stock Options forfeited in 2026 |
|
|
— |
|
|
|
— |
|
Matching Stock Options exercised in 2026 |
|
|
— |
|
|
|
— |
|
Matching Stock Options expired in 2026 |
|
|
10.00 |
|
|
|
140 |
|
Matching Stock Options outstanding on March 31, 2026 |
|
|
10.00 |
|
|
|
1,290,542 |
|
Matching Stock Options exercisable on March 31, 2026 |
|
|
10.00 |
|
|
|
1,290,542 |
|
Weighted average remaining contract life (years) |
|
|
4.25 |
|
|
|
|
|
Converted Options outstanding as of March 31, 2026:
|
|
2026 |
|
|||||
|
|
Weighted |
|
|
Number |
|
||
Converted Options outstanding on January 1, 2026 |
|
|
2.97 |
|
|
|
457,715 |
|
Converted Options forfeited in 2026 |
|
|
— |
|
|
|
— |
|
Converted Options exercised in 2026 |
|
|
1.10 |
|
|
|
3,887 |
|
Converted Options expired in 2026 |
|
|
— |
|
|
|
— |
|
Converted Options outstanding on March 31, 2026 |
|
|
2.99 |
|
|
|
453,828 |
|
Converted Options exercisable on March 31, 2026 |
|
|
2.99 |
|
|
|
453,828 |
|
Weighted average remaining contract life (years) |
|
|
1.76 |
|
|
|
|
|
8. Other current and non-current assets
Other current assets consist of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
8,862 |
|
|
|
12,920 |
|
Value added tax receivables |
|
|
662 |
|
|
|
782 |
|
Other assets |
|
|
17,590 |
|
|
|
14,870 |
|
Total |
|
|
27,114 |
|
|
|
28,572 |
|
Prepaid expenses include expenses for the supply of lentiviral vector of €1.0 million as of March 31, 2026 and €2.7 million as of December 31, 2025, respectively, of which €0.9 million is attributable to an upfront payment pursuant to the execution of a commercial supply agreement for anzu-cel. In addition, prepaid expenses include expenses for licenses and software of €3.2 million as of March 31, 2026 and €3.4 million as of December 31, 2025 and prepaid maintenance expenses of €1.0 million as of March 31, 2026 and €1.0 million as of December 31, 2025.
The remaining prepaid expenses of €3.7 million as of March 31, 2026 and €5.8 million as of December 31, 2025 are mainly prepayments for clinical research organizations, insurance and other services.
Other assets include receivables from capital gains tax and tax research allowance of €14.6 million as of March 31, 2026 and €13.0 million as of December 31, 2025.
13
Other non-current assets consist of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Prepaid expenses |
|
|
2,710 |
|
|
|
1,081 |
|
Other assets |
|
|
698 |
|
|
|
769 |
|
Total |
|
|
3,408 |
|
|
|
1,850 |
|
9. Property, plant and equipment, intangible assets and Right-of-use assets
During the three months ended March 31, 2026 and 2025, the Group acquired property, plant and equipment and intangible assets in the amount of €0.5 million and €3.5 million, respectively.
The Group’s additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €0.3 million and €2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
During the three months ended March 31, 2026, there were no material addition in right-of-use assets and corresponding lease liability.
During the three months ended March 31, 2025, there was an increase in right-of-use assets and corresponding lease liability of €3.2 million mainly related to the expansion of our facilities.
The unpaid investments decreased from €0.5 million as of December 31, 2025 to €0.2 million as of March 31, 2026 which is accounted for in accounts payable.
10. Provisions
Provisions consist of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Provision for bonuses |
|
|
2,683 |
|
|
|
— |
|
Total |
|
|
2,683 |
|
|
|
— |
|
These amounts include provisions for the Group’s annual employee bonuses, which are paid at year end.
14
11. Accounts payables
Accounts payables consist of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Trade payables |
|
|
8,053 |
|
|
|
340 |
|
Accrued liabilities |
|
|
23,527 |
|
|
|
18,492 |
|
Total |
|
|
31,580 |
|
|
|
18,832 |
|
Accounts payables are non-interest-bearing and are due within one year. The carrying amounts of accounts payables represent fair values due to their short-term nature.
12. Other current liabilities
Other current liabilities consist of the following:
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Accrual for vacation and overtime |
|
|
2,017 |
|
|
|
1,707 |
|
Payroll tax |
|
|
766 |
|
|
|
2,318 |
|
Income tax liability |
|
|
31 |
|
|
|
32 |
|
Other liabilities |
|
|
2,345 |
|
|
|
1,550 |
|
Total |
|
|
5,159 |
|
|
|
5,607 |
|
Other current liabilities are non-interest-bearing and are due within one year. The carrying amounts of other current liabilities represent fair values due to their short-term nature.
13. Shareholders’ equity
As of March 31, 2026 and December 31, 2025, the total number of ordinary shares of Immatics N.V. outstanding is 136,673,161 and 134,071,432 with a par value of €0.01, respectively.
On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the At-the-Market Offering Program ("ATM") 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.
Additionally, the number of ordinary shares increased by 101,729 during the three months ended March 31, 2026, 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.
The number of ordinary shares has not changed during the three months ended March 31, 2025 compared to the year ended December 31, 2024, as no shares were issued nor share options exercised.
Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s U.S. operations.
14. Related party disclosures
During the three months ended March 31, 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 1,993,750 service options to purchase ordinary shares and the granting of 477,500 RSUs to Immatics’ key management personnel who are members of the Executive Committee but not Directors.
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.
15
|
|
Carrying amount per measurement category |
|
|
|
|
|
|
|
|||||||||||||||
|
|
Financial assets as of March 31, 2026 |
|
|
Financial liabilities as of March 31, 2026 |
|
|
|
|
|
|
|
||||||||||||
(Euros in thousands) |
|
At fair value |
|
|
At amortized |
|
|
At fair value |
|
|
At amortized |
|
|
IFRS 7 not |
|
|
March 31, 2026 |
|
||||||
Current/non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
|
— |
|
|
|
301,332 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
301,332 |
|
Short-term deposits* |
|
|
— |
|
|
|
152,238 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
152,238 |
|
Accounts receivables |
|
|
— |
|
|
|
4,153 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,153 |
|
Other current/non-current assets* |
|
|
— |
|
|
|
3,450 |
|
|
|
— |
|
|
|
— |
|
|
|
27,071 |
|
|
|
30,521 |
|
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,580 |
|
|
|
— |
|
|
|
31,580 |
|
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
5,109 |
|
|
|
5,159 |
|
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,081 |
|
|
|
15,081 |
|
Total |
|
|
— |
|
|
|
461,173 |
|
|
|
— |
|
|
|
31,630 |
|
|
|
47,261 |
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
|
345,918 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
345,918 |
|
Short-term deposits* |
|
|
— |
|
|
|
123,419 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123,419 |
|
Accounts receivables |
|
|
— |
|
|
|
6,099 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,099 |
|
Other current/non-current assets* |
|
|
— |
|
|
|
2,388 |
|
|
|
— |
|
|
|
— |
|
|
|
28,034 |
|
|
|
30,422 |
|
Current/non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,832 |
|
|
|
— |
|
|
|
18,832 |
|
Other current liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
5,557 |
|
|
|
5,607 |
|
Lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,635 |
|
|
|
15,635 |
|
Total |
|
|
— |
|
|
|
477,824 |
|
|
|
— |
|
|
|
18,882 |
|
|
|
49,226 |
|
|
|
|
|
*“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 months ended March 31, 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 months ended March 31, 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 and Immatics Warrants for which the exercise price is exceeding the Group’s weighted average share price for the three months ended March 31, 2026, are excluded from the calculation of diluted weighted average number of ordinary shares.
The Group was loss-making during the three months ended March 31, 2026 and March 31, 2025, 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.
16
The 7,187,500 Immatics Warrants issued in 2020 expired on July 1, 2025. Therefore, the warrants are not considered in the calculation for the three months ended March 31, 2026.
The 7,187,500 Immatics Warrants issued in 2020 and outstanding as of March 31, 2025 do not have a dilutive effect for the three months ended March 31, 2025 as the Group’s weighted average share price is below the exercise price for the given period and their conversion to ordinary shares would have decreased loss per share.
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands, except share and per share data) |
|
|||||
Numerator: |
|
|
|
|
|
|
||
Net loss |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
Adjustments of loss |
|
|
— |
|
|
|
— |
|
Net loss available to common shareholders |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
|
|
|
|
|
|
|
||
Denominator: |
|
|
|
|
|
|
||
Weighted average shares outstanding - Basic |
|
|
134,644,947 |
|
|
|
121,550,169 |
|
Effect of potentially dilutive warrants / shares option |
|
|
— |
|
|
|
— |
|
Weighted average shares outstanding - Diluted |
|
|
134,644,947 |
|
|
|
121,550,169 |
|
|
|
|
|
|
|
|
||
Loss per share - Basic |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
Loss per share - Diluted |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
17
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
The Company evaluated subsequent events for recognition or disclosure through May 12, 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 month period ended March 31, 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 currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), our off-the-shelf, next-generation, half-life extended IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor as well as anzu-cel in combination with Moderna’s PRAME cell therapy enhancer (mRNA-4203). Each modality targeting PRAME, cell therapy and bispecific, is designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for the targeted cancer patient populations.
In addition, we are exploring a potential combination of IMA401 MAGE4/8 bispecific with IMA402 PRAME bispecific, in
patients with squamous non-small cell lung cancer (sqNSCLC) and potentially other indications. 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 678 and 656 FTEs as of March 31, 2026 and December 31, 2025, respectively.
Through March 31, 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 €453.6 million as of March 31, 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 will be our first PRAME therapy to enter the market in advanced melanoma. The current addressable patient population for anzu-cel’s first target indications, second-line or later (2L) cutaneous melanoma as well as metastatic uveal melanoma, includes ~9,000 patients1. Immatics’ global, randomized, controlled, multi-center Phase 3 clinical trial, SUPRAME, is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel PRAME cell therapy as monotherapy vs. investigator's choice in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a PD-1 immune checkpoint inhibitor. SUPRAME is designed to be an adequate and well-controlled clinical trial intended to generate data to support regulatory approval of anzu-cel. Primary endpoint for seeking full approval is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes measuring quality of life. Pre-specified interim and final data analyses remain expected to be triggered in 2026 upon the occurrence of a defined number of events for PFS (progressive disease or death). The Company continues to expect BLA submission in the first half of 2027 and commercial launch of anzu-cel in the second half of 2027. Patient recruitment is currently ongoing in North America and Europe. We will also continue to evaluate anzu-cel in patients with metastatic uveal melanoma. A Phase 2 cohort to treat approximately 30 additional patients 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 cutaneous melanoma.
IMA203CD8 is our second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, once the target dose is reached, we intend to pursue the clinical development of this product with a tumor-agnostic approach, starting with gynecologic cancers (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 potential combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC), and potentially other solid tumor indications.
IMA401 is the Company’s off-the-shelf, next-generation, half-life extended TCR bispecific targeting MAGEA4/8. Consistent with Immatics’ focus on advancing its PRAME Franchise, the Company is exploring IMA401 in combination with IMA402, starting in sqNSCLC. This opportunity with potentially synergistic clinical activity has the potential to address >90% of patients with sqNSCLC.
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 €530.0 million of payments through March 31, 2026. We received a €113.0 million ($120.0 million) upfront payment in connection with the strategic collaboration agreement with Moderna and a €13.7 million ($15.0 million) Opt-in payment from our collaboration partner BMS in 2023. 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 and expected credit income. Other financial expenses consist of interest expenses related to lease liabilities, foreign exchange losses and expected credit losses.
Results of Operations
Comparison of the Three Months Ended March 31, 2026 and March 31, 2025
The following table summarizes our consolidated statements of operations for each period presented:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands, except per share data) |
|
|||||
Revenue from collaboration agreements |
|
|
7,612 |
|
|
|
18,582 |
|
Research and development expenses |
|
|
(59,186 |
) |
|
|
(41,908 |
) |
General and administrative expenses |
|
|
(14,514 |
) |
|
|
(12,067 |
) |
Other income |
|
|
24 |
|
|
|
19 |
|
Operating result |
|
|
(66,064 |
) |
|
|
(35,374 |
) |
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
1,597 |
|
Other financial income |
|
|
8,748 |
|
|
|
6,264 |
|
Other financial expenses |
|
|
(446 |
) |
|
|
(13,336 |
) |
Financial result |
|
|
8,302 |
|
|
|
(5,475 |
) |
Loss before taxes |
|
|
(57,762 |
) |
|
|
(40,849 |
) |
Taxes on income |
|
|
(52 |
) |
|
|
994 |
|
Net loss |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
Net loss per share: |
|
|
|
|
|
|
||
Basic |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
Diluted |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
23
Revenue from Collaboration Agreements
The following table summarizes our collaboration revenue for the periods indicated:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Moderna, United States |
|
|
7,425 |
|
|
|
14,403 |
|
BMS, United States |
|
|
187 |
|
|
|
4,179 |
|
Total |
|
|
7,612 |
|
|
|
18,582 |
|
Our revenue from collaboration agreements decreased by €11.0 million from €18.6 million for the three months ended March 31, 2025 to €7.6 million for the three months ended March 31, 2026. Under our collaboration agreement with Moderna revenue decreased from €14.4 million for the three months ended March 31, 2025 to €7.4 million for the three months ended March 31, 2026. For our collaboration with BMS revenue decreased from €4.2 million for the three months ended March 31, 2025 to €0.2 million for the three months ended March 31, 2026. For both, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project progress within the quarter.
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 March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Direct external research and development expenses by program: |
|
|
|
|
|
|
||
TCR T-cell therapy Programs |
|
|
(23,977 |
) |
|
|
(9,969 |
) |
TCR Bispecific Programs |
|
|
(3,596 |
) |
|
|
(3,126 |
) |
Other programs |
|
|
(513 |
) |
|
|
(545 |
) |
Sub-total direct external expenses |
|
|
(28,086 |
) |
|
|
(13,640 |
) |
Indirect research and development expenses: |
|
|
|
|
|
|
||
Personnel related (excluding share-based compensation) |
|
|
(19,070 |
) |
|
|
(17,295 |
) |
Share-based compensation expenses |
|
|
(3,142 |
) |
|
|
(2,155 |
) |
IP expenses |
|
|
(454 |
) |
|
|
(646 |
) |
Facility and depreciation |
|
|
(3,867 |
) |
|
|
(3,161 |
) |
Other indirect expenses |
|
|
(4,567 |
) |
|
|
(5,011 |
) |
Sub-total indirect expenses |
|
|
(31,100 |
) |
|
|
(28,268 |
) |
Total |
|
|
(59,186 |
) |
|
|
(41,908 |
) |
24
Direct external research and development expenses for our TCR T-cell therapy Programs increased from €10.0 million for the three months ended March 31, 2025 to €24.0 million for the three months ended March 31, 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 €3.1 million for the three months ended March 31, 2025 to €3.6 million for the three months ended March 31, 2026. This increase mainly resulted from 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 remained at €0.5 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
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 €17.3 million for the three months ended March 31, 2025 to €19.1 million for the three months ended March 31, 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 €2.2 million for the three months ended March 31, 2025 to €3.1 million for the three months ended March 31, 2026. The increase is mainly related to the grants issued during the three months ended March 31, 2026. IP expenses decreased from €0.6 million for the three months ended March 31, 2025 to €0.5 million for the three months ended March 31, 2026. Facility and depreciation expenses increased from €3.2 million for the three months ended March 31, 2025 to €3.9 million for the three months ended March 31, 2026. This increase is mainly related to increased maintenance on our manufacturing facility. Other indirect expenses decreased from €5.0 million for the three months ended March 31, 2025 to €4.6 million for the three months ended March 31, 2026.
General and Administrative Expenses
The following table summarizes our general and administrative expenses for the periods indicated:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Personnel related (excluding share-based compensation) |
|
|
(4,656 |
) |
|
|
(4,407 |
) |
Share-based compensation expenses |
|
|
(2,768 |
) |
|
|
(2,175 |
) |
Professional and consulting fees |
|
|
(3,037 |
) |
|
|
(1,541 |
) |
Other external general and administrative expenses |
|
|
(4,053 |
) |
|
|
(3,944 |
) |
Total |
|
|
(14,514 |
) |
|
|
(12,067 |
) |
General and administrative expenses increased from €12.1 million for the three months ended March 31, 2025 to €14.5 million for the three months ended March 31, 2026.
Share-based compensation expenses increased from €2.2 million for the three months ended March 31, 2025 to €2.8 million for the three months ended March 31, 2026. The increase is mainly related to the grants issued during the three months ended March 31, 2026.
Personnel related general and administrative expenses, excluding share-based compensation, increased from €4.4 million for the three months ended March 31, 2025 to €4.7 million for the three months ended March 31, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203) and to a lesser extent from additional headcount in finance, IT, human resources and communications functions.
Professional and consulting fees increased from €1.5 million for the three months ended March 31, 2025 to €3.0 million for the three months ended March 31, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).
25
Other external expenses increased from €3.9 million for the three months ended March 31, 2025 to €4.1 million for the three months ended March 31, 2026. The increase in other expenses mainly resulted from higher software expenses, depreciation and facility expenses.
Change in Fair Value of Warrant Liabilities
There were 7,187,500 warrants outstanding at March 31, 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 months ended March 31, 2026.
For the three months ended March 31, 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 due to a decline in our stock price. The result is a decrease in fair value of liabilities for warrants of €1.6 million with a corresponding income.
Other Financial Income and Other Financial Expenses
Other financial income increased from €6.3 million for the three months ended March 31, 2025 to €8.7 million for the three months ended March 31, 2026. The increase mainly resulted from higher unrealized 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 €13.3 million for the three months ended March 31, 2025 to €0.4 million for the three months ended March 31, 2026. The decrease mainly resulted from lower unrealized foreign exchange losses.
Taxes on income
Taxes on income increased from a benefit of €1.0 million for the three months ended March 31, 2025 to an expense of €0.1 million for the three months ended March 31, 2026. The increase is mainly related to increased temporary differences resulting in an increase in deferred tax liability of €0.1 million with a corresponding expense. Immatics did not generate a taxable profit for the three months ended March 31, 2026 and for the three months ended March 31, 2025, correspondingly no current income tax was recognized.
26
Liquidity and Capital Resources
Cash and cash equivalents decreased from €345.9 million as of December 31, 2025 to €301.3 million as of March 31, 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 March 31, 2026, we had an accumulated deficit of €843.8 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.
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:
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Net cash provided by / (used in): |
|
|
|
|
|
|
||
Operating activities |
|
|
(42,043 |
) |
|
|
(34,206 |
) |
Investing activities |
|
|
(28,084 |
) |
|
|
46,808 |
|
Financing activities |
|
|
20,971 |
|
|
|
(737 |
) |
Total |
|
|
(49,156 |
) |
|
|
11,865 |
|
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 three months ended March 31, 2026 was €42.0 million. This was comprised of a loss before tax of €57.8 million, net foreign exchange differences and expected credit losses of €5.5 million and other effects of €0.9 million, partially offset by a decrease in working capital of €13.5 million, depreciation and amortization charge of €2.8 million and non-cash charges from equity-settled share-based compensation expenses for employees of €5.9 million. The decrease in working capital mainly resulted from a decrease in accounts receivable of €1.9 million, a decrease in other assets and prepayments of €1.2 million and an increase in deferred revenue, accounts payable and other liabilities of €10.4 million.
27
Our net cash outflow from operating activities for the three months ended March 31, 2025 was €34.2 million. This was comprised of a loss before tax of €40.8 million, an increase in working capital of €15.8 million, a non-cash income of €1.6 million related to the change in fair value of the warrants, partially offset by other effects of €4.4 million, net foreign exchange differences and expected credit losses of €12.2 million, depreciation and amortization charge of €3.1 million and non-cash charges from equity-settled share-based compensation expenses for employees of €4.3 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €16.0 million and an increase in other assets and prepayments of €0.1 million, partly offset by a decrease in accounts receivable of €0.3 million.
Investing Activities
Our net outflow of cash from investing activities for the three months ended March 31, 2026 was €28.1 million. This consisted primarily of cash paid in the amount of €70.1 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €0.7 million cash paid for new equipment and intangible assets, partially offset by cash received from maturity of short-term deposits of €42.7 million.
Our net inflow of cash from investing activities for the three months ended March 31, 2025 was €46.8 million. This consisted primarily of cash received from maturity of short-term deposits of €308.5 million, partially offset by cash paid in the amount of €258.6 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €3.1 million cash paid for new equipment and intangible assets.
Financing Activities
For the three months ended March 31, 2026, net cash received from financing activities amounted to €21.0 million.
On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the At-the-Market Offering Program "ATM" 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 by 101,729 during the three months ended March 31, 2026, 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 three months ended March 31, 2026, the Group paid €0.8 million for lease agreements.
For the three months ended March 31, 2025, the Group paid €0.7 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 €843.8 million as of March 31, 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:
28
Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain regulatory approval and commercialize our product candidates. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.
Unless and until we can generate sufficient revenue to finance our cash requirements, which may never happen, we may seek additional capital through a variety of means, including through public and private equity offerings and debt financings, credit and loan facilities and additional collaborations. If we raise additional capital through the sale of equity or convertible debt securities, our existing shareholders’ ownership interest will be diluted, and the terms of such equity or convertible debt securities may include liquidation or other preferences that are senior to or otherwise adversely affect the rights of our existing shareholders. If we raise additional capital through the sale of debt securities or through entering into credit or loan facilities, we may be restricted in our ability to take certain actions, such as incurring additional debt, making capital expenditures, acquiring or licensing IP rights, declaring dividends or encumbering our assets to secure future indebtedness. Such restrictions could adversely impact our ability to conduct our operations and execute our business plan. If we raise additional capital through collaborations with third parties, we may be required to relinquish valuable rights to our IP or product candidates or we may be required to grant licenses for our IP or product candidates on unfavorable terms. If we are unable to raise additional capital when needed, we may be required to delay, limit, reduce or terminate our product development efforts or we may be required to grant rights to third parties to develop and market our product candidates that we would otherwise prefer to develop and market ourselves. For more information as to the risks associated with our future funding needs, see “Risk Factors—Risks Related to Our Financial Position.”
Critical Accounting Estimates
Our unaudited interim condensed consolidated financial statements for the three month period ended March 31, 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 for the year ended December 31, 2025 and the three months ended March 31, 2026 in accordance with IFRS required the use of estimates and assumptions by the management that affect the value of assets and liabilities – as well as contingent assets and liabilities – as reported on the balance sheet date, and revenues and expenses arising during the year. The main areas in which assumptions, estimates and the exercising of a degree of discretion are appropriate relate to the determination of revenue recognition, research and development expenses, and share-based compensations as well as income taxes.
Our estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances, and parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond our control. Hence, our estimates may vary from the actual values.
29
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 March 31, 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.
Our cash and cash equivalents were €301.3 million as of March 31, 2026. Approximately 93% of our cash and cash equivalents were held in Germany, of which approximately 34% were denominated in Euros and 66% 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 €55.1 million and U.S. Dollars in the amount of €97.1 million as of March 31, 2026.
30
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.
31
Exhibit 99.2
PRESS RELEASE
Immatics Announces First Quarter 2026
Financial Results and Business Update
1 All amounts converted using the exchange rate published by the European Central Bank in effect as of March 31, 2026 (1 EUR = 1.1498 USD).
Immatics Press Release May 12, 2026 1 | 14
Houston, Texas and Tuebingen, Germany, May 12, 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 March 31, 2026.
“Immatics is entering a pivotal period as we continue to progress toward the pre-specified interim and final analyses from the Phase 3 SUPRAME trial of anzu-cel and actively prepare for commercialization in 2027,” said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. “At the same time, we expect multiple meaningful clinical readouts across our PRAME franchise in 2026 that continue to validate PRAME as an important target across multiple solid cancers, extending well beyond melanoma, and across two different therapeutic modalities. Immatics today is a company defined not only by compelling science, but by a diversified late- and mid-stage clinical portfolio, growing commercial readiness, and a clear strategy to translate innovation into meaningful patient impact.”
First 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.
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.
3 Includes all benefits of Breakthrough Therapy Designation.
Immatics Press Release May 12, 2026 2 | 14
Phase 3 trial, SUPRAME, for anzu-cel (IMA203) in previously treated, advanced cutaneous melanoma
Phase 2 cohort for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic uveal melanoma
IMA203CD8 PRAME Cell Therapy (GEN2) – Expansion to all Advanced PRAME Cancers
IMA203CD8 is the Company’s second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, once the target dose is reached, the Company intends to pursue the clinical development of this product candidate with a tumor-agnostic approach, starting with gynecologic cancers (ovarian and uterine).
Immatics Press Release May 12, 2026 3 | 14
Further Updates on PRAME Cell Therapies
PRAME Franchise - Bispecifics
IMA402 PRAME Bispecific – Expansion to Earlier-Line PRAME Cancers
To expand our PRAME opportunity to earlier-line PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, as a monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, Immatics is exploring the potential combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.
Immatics Press Release May 12, 2026 4 | 14
IMA401 MAGEA4/8 Bispecific – Maximizing the Potential of Bispecifics Combinations
Corporate Development:
In collaboration, Moderna and Immatics developed a cancer antigen therapeutic candidate under the Database Program, incorporating targets identified using Immatics’ XPRESIDENT® target discovery and validation platform and its bioinformatics and AI platform XCUBE®. The shared antigen therapeutic candidate owned by Moderna was submitted for IND, marking a key regulatory milestone under the Collaboration Agreement and triggering a milestone payment to Immatics.
Immatics Press Release May 12, 2026 5 | 14
First Quarter 2026 Financial Results
Cash Position: Cash and cash equivalents, as well as other financial assets, total $521.5 million1 (€453.6 million) as of March 31, 2026, compared to $539.6 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 $24.4 million1 net (€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 $8.7 million1 (€7.6 million) for the three months ended March 31, 2026, compared to $21.4 million1 (€18.6 million) for the three months ended March 31, 2025. The decrease is mainly due to a lower proportion of costs incurred relative to the overall project progress within the quarter.
Research and Development Expenses: R&D expenses were $68.1 million1 (€59.2 million) for the three months ended March 31, 2026, compared to $48.2 million1 (€41.9 million) for the three months ended March 31, 2025. The increase mainly resulted from costs associated with the advancement of the product candidates in clinical trials, particularly the SUPRAME clinical trial.
General and Administrative Expenses: G&A expenses were $16.7 million1 (€14.5 million) for the three months ended March 31, 2026, compared to $13.9 million1 (€12.1 million) for the three months ended March 31, 2025. The increase is driven by costs associated with early commercial activities supporting the planned market launch of anzu-cel (IMA203).
Net Profit and Loss: Net loss was $66.5 million1 (€57.8 million) for the three months ended March 31, 2026, compared to a net profit of $45.9 million1 (€39.9 million) for the three months ended March 31, 2025. The decrease is driven by higher recognition of non-cash revenue in the three months ended March 31, 2025 compared to the three months ended March 31, 2026 and from higher costs associated with the planned advancement of the Company’s PRAME franchise in clinical trials in the three months ended March 31, 2026.
Full financial statements can be found in our Report on Form 6-K filed with the Securities and Exchange Commission (SEC) on May 12, 2026, and published on the SEC website under www.sec.gov.
Immatics Press Release May 12, 2026 6 | 14
Upcoming Investor Conferences
To see the full list of events and presentations, visit: https://investors.immatics.com/events-presentations.
About PRAME
PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor, as well as anzu-cel in combination with Moderna’s PRAME mRNA designed to enhance cell therapy.
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 May 12, 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, 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 May 12, 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 May 12, 2026 9 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics N.V.
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands, except per share data) |
|
|||||
Revenue from collaboration agreements |
|
|
7,612 |
|
|
|
18,582 |
|
Research and development expenses |
|
|
(59,186 |
) |
|
|
(41,908 |
) |
General and administrative expenses |
|
|
(14,514 |
) |
|
|
(12,067 |
) |
Other income |
|
|
24 |
|
|
|
19 |
|
Operating result |
|
|
(66,064 |
) |
|
|
(35,374 |
) |
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
1,597 |
|
Other financial income |
|
|
8,748 |
|
|
|
6,264 |
|
Other financial expenses |
|
|
(446 |
) |
|
|
(13,336 |
) |
Financial result |
|
|
8,302 |
|
|
|
(5,475 |
) |
Loss before taxes |
|
|
(57,762 |
) |
|
|
(40,849 |
) |
Taxes on income |
|
|
(52 |
) |
|
|
994 |
|
Net loss |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
Net loss per share: |
|
|
|
|
|
|
||
Basic |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
Diluted |
|
|
(0.43 |
) |
|
|
(0.33 |
) |
Immatics Press Release May 12, 2026 10 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Net loss |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
Other comprehensive income/(loss) |
|
|
|
|
|
|
||
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
||
Currency translation differences from foreign operations |
|
|
1,875 |
|
|
|
(2,711 |
) |
Total comprehensive loss for the period |
|
|
(55,939 |
) |
|
|
(42,566 |
) |
Immatics Press Release May 12, 2026 11 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
|
|
As of |
|
|||||
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
301,332 |
|
|
|
345,918 |
|
Other financial assets |
|
|
152,238 |
|
|
|
123,419 |
|
Accounts receivables |
|
|
4,153 |
|
|
|
6,099 |
|
Other current assets |
|
|
27,114 |
|
|
|
28,572 |
|
Total current assets |
|
|
484,837 |
|
|
|
504,008 |
|
Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
41,225 |
|
|
|
42,111 |
|
Intangible assets |
|
|
1,580 |
|
|
|
1,582 |
|
Right-of-use assets |
|
|
12,214 |
|
|
|
12,786 |
|
Other non-current assets |
|
|
3,408 |
|
|
|
1,850 |
|
Total non-current assets |
|
|
58,427 |
|
|
|
58,329 |
|
Total assets |
|
|
543,264 |
|
|
|
562,337 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Provisions |
|
|
2,683 |
|
|
|
— |
|
Accounts payables |
|
|
31,580 |
|
|
|
18,832 |
|
Deferred revenue |
|
|
13,222 |
|
|
|
15,816 |
|
Lease liabilities |
|
|
2,607 |
|
|
|
2,757 |
|
Other current liabilities |
|
|
5,159 |
|
|
|
5,607 |
|
Total current liabilities |
|
|
55,251 |
|
|
|
43,012 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Deferred revenue |
|
|
15,879 |
|
|
|
18,541 |
|
Lease liabilities |
|
|
12,474 |
|
|
|
12,878 |
|
Deferred tax liabilities |
|
|
3,859 |
|
|
|
3,807 |
|
Total non-current liabilities |
|
|
32,212 |
|
|
|
35,226 |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Share capital |
|
|
1,367 |
|
|
|
1,341 |
|
Share premium |
|
|
1,304,953 |
|
|
|
1,277,338 |
|
Accumulated deficit |
|
|
(843,802 |
) |
|
|
(785,988 |
) |
Other reserves |
|
|
(6,717 |
) |
|
|
(8,592 |
) |
Total shareholders’ equity |
|
|
455,801 |
|
|
|
484,099 |
|
Total liabilities and shareholders’ equity |
|
|
543,264 |
|
|
|
562,337 |
|
Immatics Press Release May 12, 2026 12 | 14
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
|
|
Three months ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Euros in thousands) |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net loss |
|
|
(57,814 |
) |
|
|
(39,855 |
) |
Taxes on income |
|
|
52 |
|
|
|
(994 |
) |
Loss before tax |
|
|
(57,762 |
) |
|
|
(40,849 |
) |
Adjustments for: |
|
|
|
|
|
|
||
Interest income |
|
|
(3,580 |
) |
|
|
(5,463 |
) |
Depreciation and amortization |
|
|
2,775 |
|
|
|
3,140 |
|
Interest expenses |
|
|
212 |
|
|
|
249 |
|
Equity-settled share-based payment |
|
|
5,910 |
|
|
|
4,330 |
|
Net foreign exchange differences and expected credit losses |
|
|
(5,469 |
) |
|
|
12,248 |
|
Change in fair value of liabilities for warrants |
|
|
— |
|
|
|
(1,597 |
) |
Loss from disposal of fixed assets |
|
|
48 |
|
|
|
40 |
|
Changes in: |
|
|
|
|
|
|
||
Decrease in accounts receivables |
|
|
1,946 |
|
|
|
257 |
|
(Increase)/decrease in other assets |
|
|
1,157 |
|
|
|
(90 |
) |
Increase/(decrease) in deferred revenue, accounts payables and other liabilities |
|
|
10,400 |
|
|
|
(16,021 |
) |
Interest received |
|
|
3,370 |
|
|
|
14,673 |
|
Interest paid |
|
|
(212 |
) |
|
|
(249 |
) |
Income tax paid |
|
|
(838 |
) |
|
|
(4,874 |
) |
Net cash used in operating activities |
|
|
(42,043 |
) |
|
|
(34,206 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
||
Payments for property, plant and equipment |
|
|
(763 |
) |
|
|
(3,075 |
) |
Payments for intangible assets |
|
|
— |
|
|
|
(60 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
24 |
|
|
|
47 |
|
Payments for investments classified in other financial assets |
|
|
(70,068 |
) |
|
|
(258,644 |
) |
Proceeds from maturity of investments classified in other financial assets |
|
|
42,723 |
|
|
|
308,540 |
|
Net cash provided by/(used in) investing activities |
|
|
(28,084 |
) |
|
|
46,808 |
|
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from issuance of shares to equity holders |
|
|
22,273 |
|
|
|
— |
|
Transaction costs deducted from equity |
|
|
(542 |
) |
|
|
— |
|
Payments of lease liabilities |
|
|
(760 |
) |
|
|
(737 |
) |
Net cash provided by/(used in) financing activities |
|
|
20,971 |
|
|
|
(737 |
) |
Net increase/(decrease) in cash and cash equivalents |
|
|
(49,156 |
) |
|
|
11,865 |
|
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 |
|
|
4,570 |
|
|
|
(5,769 |
) |
Cash and cash equivalents at the end of the period |
|
|
301,332 |
|
|
|
242,844 |
|
Immatics Press Release May 12, 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 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,711 |
) |
|
|
(2,711 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(39,855 |
) |
|
|
— |
|
|
|
(39,855 |
) |
Comprehensive loss for the period |
|
|
— |
|
|
|
— |
|
|
|
(39,855 |
) |
|
|
(2,711 |
) |
|
|
(42,566 |
) |
Equity-settled share-based compensation |
|
|
— |
|
|
|
4,330 |
|
|
|
— |
|
|
|
— |
|
|
|
4,330 |
|
Balance as of March 31, 2025 |
|
|
1,216 |
|
|
|
1,166,466 |
|
|
|
(629,396 |
) |
|
|
(1,680 |
) |
|
|
536,606 |
|
Balance as of January 1, 2026 |
|
|
1,341 |
|
|
|
1,277,338 |
|
|
|
(785,988 |
) |
|
|
(8,592 |
) |
|
|
484,099 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,875 |
|
|
|
1,875 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
(57,814 |
) |
|
|
— |
|
|
|
(57,814 |
) |
Comprehensive income/(loss) for the period |
|
|
— |
|
|
|
— |
|
|
|
(57,814 |
) |
|
|
1,875 |
|
|
|
(55,939 |
) |
Equity-settled share-based compensation |
|
|
— |
|
|
|
5,910 |
|
|
|
— |
|
|
|
— |
|
|
|
5,910 |
|
Share options exercised |
|
|
1 |
|
|
|
578 |
|
|
|
— |
|
|
|
— |
|
|
|
579 |
|
Issue of share capital – net of transaction costs |
|
|
25 |
|
|
|
21,127 |
|
|
|
— |
|
|
|
— |
|
|
|
21,152 |
|
Balance as of March 31, 2026 |
|
|
1,367 |
|
|
|
1,304,953 |
|
|
|
(843,802 |
) |
|
|
(6,717 |
) |
|
|
455,801 |
|
Immatics Press Release May 12, 2026 14 | 14