6-K
Immatics N.V. (IMTX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGNPRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
November 12, 2025
Commission File Number: 001-39363
IMMATICS N.V.
Paul-Ehrlich-Straße 15
72076 Tübingen, Federal Republic of Germany
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | ☒ | Form 40-F | ☐ |
|---|
INFORMATION CONTAINED IN THIS REPORT ON FORM6-K
On November 12, 2025, Immatics N.V. (the “Company” or “Immatics”) provided updated data on the Phase 1a dose escalation of IMA402 PRAME Bispecific and updated data on the Phase 1a dose escalation of IMA401 MAGEA4/8 Bispecific, as well as next steps for clinical development.
IMA402 PRAME Bispecific Phase 1a Dose Escalation Data
As of the data cutoff on September 26, 2025, 80 heavily pre-treated patients (median of three prior systemic treatments) with recurrent and/or refractory solid tumors^1^ were treated with escalating dose levels of IMA402 monotherapy ranging from 0.02 mg to 30 mg. The safety population includes all 80 patients treated with IMA402. 29 patients received doses in the recommended Phase 2 dose (RP2D range) (10 to 30 mg) and, thereof, 20 patients were efficacy-evaluable^2^ including 14 patients with melanoma (12 cutaneous, 1 uveal, 1 unknown primary), 3 patients with ovarian carcinoma and 3 patients with other solid cancers^3^.
IMA402 showed favorable tolerability across a wide dose range in the 80 patients treated. The most frequent treatment-related adverse events (AEs) were expected and transient lymphopenia, consistent with the mechanism of action, and low-grade cytokine release syndrome (CRS): Grade 1: 33%, Grade 2: 5%, Grade 3: 0%, Grade 4: 1%. No ICANS or IMA402-related Grade 5 events occurred. Tolerability across all doses was consistent with tolerability at the RP2D range.
Phase 1a dose escalation in the monotherapy setting has been completed. The maximum tolerated dose (MTD) has not been reached. The provisional RP2D range has been identified at 10 to 30 mg. The Phase 1b dose expansion is ongoing at two distinct doses within the RP2D range, and the evaluation of IMA402 in combination with an immune checkpoint inhibitor has been initiated.
Anti-tumor Activity and Durability. IMA402 showed a clear dose-response relationship across three different dose groups.
^1^ Cutaneous melanoma, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian cancer, squamous non-small cell lung cancer.
^2^ Efficacy-evaluable patients: All patients treated as of June 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose).
^3^ N=2 endometrioid carcinoma, n=1 synovial sarcoma.
^^
^1^ Melanoma includes cutaneous melanoma,melanoma of unknown primary, uveal melanoma;
^2^ Other indications include endometrioidcarcinoma, synovial sarcoma and one patient with sqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR: confirmed objectiveresponse rate; cPR: confirmed partial response; PD: progressive disease; PR: partial response; SD: stable disease; RECIST: response evaluationcriteria in solid tumors; RP2D: recommended phase 2 dose
Several patients dosed with IMA402 at the RP2D range were observed to have deep and durable responses. All 6 confirmed objective responses were ongoing as of data cutoff, including two complete metabolic responses in cutaneous and uveal melanoma, ongoing at 8 and 18 months, respectively, as well as one confirmed partial response in ovarian carcinoma with -100% reduction in target lesions. All responders with ovarian carcinoma were platinum-resistant, and all responders with melanoma were immune checkpoint inhibitor-resistant.
BL: baseline; cPR: confirmed partial response;PD: progressive disease; PR: partial response; SD: stable disease
Deep and durable responses at RP2D range(RECIST 1.1)
| All<br><br> <br>Indications | Melanoma | Ovarian<br><br> <br>Carcinoma | |
|---|---|---|---|
| cORR | 30% (6/20) | 29% (4/14) | 2/3 |
| mDOR,<br><br> <br>mFU month | Not reached<br><br>4.2 | Not reached<br><br>7.3 | Not reached<br><br>2.2 |
| Tumor shrinkage | 55% (11/20) | 57% (8/14) | 2/3 |
| DCR (at week 6) | 65% (13/20) | 71% (10/14) | 2/3 |
mDOR: median duration of response; mFU: medianfollow-up; DCR: disease control rate
For patients across all indications treated within the RP2D range early, promising progression-free survival (PFS) and overall survival (OS) were observed:
| - | Median PFS was 4.8 months at a mFU of 6.8 months; 6-month PFS rate was 45% |
|---|---|
| - | Median<br> iPFS^4^ was not reached at a mFU of 6.3 months; 6-month iPFS rate was 58% |
| --- | --- |
| - | Median OS was not reached at a mFU of 5.4 months; 1-year OS rate was 94% |
| --- | --- |
Clinical Development Opportunities. Based on the promising Phase 1a dose escalation data, Immatics is advancing its IMA402 PRAME Bispecific into Phase 1b dose expansion at two distinct doses to determine the final RP2D, both as a monotherapy and in combination with an immune checkpoint inhibitor with a focus on melanoma and gynecologic cancers in 2026. Depending on the outcomes of these Phase 1b cohorts, the Company would seek to convert existing Phase 1b cohorts into Phase 2 trials, which will then have the potential to become registration-directed. As part of its strategy to maximize the IMA402 opportunity, the Company is also exploring the option to initiate additional Phase 1b cohorts in 2026 to determine the monotherapy and combination potential of IMA402 with immune checkpoint inhibitors and standard of care in late as well as earlier treatment lines. As an additional opportunity, the Company is exploring the potential combination of IMA402 with IMA401 MAGEA4/8 in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.
IMA401 MAGEA4/8 Bispecific Phase 1a Data
As of the data cutoff on September 26, 2025, 55 heavily pretreated patients (median of four prior systemic treatments) with recurrent and/or refractory solid tumors^5^ were treated with escalating dose levels of IMA401 ranging from 0.0066 mg to 2.5 mg with or without an immune checkpoint inhibitor (ICI, pembrolizumab). The safety population includes all 55 patients treated with IMA401 as monotherapy (n=46) or in combination with pembrolizumab (n=9). 44 patients were treated with doses from 1 to 2.5 mg, and thereof 38 were evaluable for efficacy^6^. All efficacy-evaluable patients treated with IMA401 in combination with pembrolizumab (n=4) had progressed on prior immune checkpoint inhibitor treatments.
^4^ iRECIST, developed by the RECIST Working Group, adapts the RECIST 1.1 definition for progression of immunotherapies by introducing unconfirmed (iUPD) and confirmed (iCPD) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST. PFS (according to RECIST 1.1) and iPFS (according to iRECIST) are prospectively defined co-secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy.
^5^ Basket trial with >15 different tumor indications.
^6^ Efficacy-evaluable patients: All patients treatedas of June 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression ordeath), and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses).
The most frequent and relevant treatment-related adverse events (AEs) across all 55 patients treated with IMA401 were low-grade cytokine release syndrome (CRS) (24% G1, 11% G2, no ≥ Grade 3), mostly at the first step dose, expected and transient lymphopenia, consistent with the mechanism of action, as well as neutropenia, which was mostly transient, not re-occurring after resolution under continued treatment and well-manageable at the RP2D range of 1-2 mg. Notably, no ICANS was observed. The tolerability of IMA401 in combination with pembrolizumab is consistent with the tolerability of IMA401 monotherapy.
The maximum tolerated dose (MTD) has not been reached; three dose-limiting events were observed at 2.5 mg. The Phase 1a dose escalation has been completed, and the provisional RP2D range has been identified at 1-2 mg. At RP2D, the tolerability profile was favorable.
Anti-tumor Activity and Durability. Set forth below is the observed anti-tumor activity in three focus indications for patients treated with ≥1 mg IMA401 as a monotherapy or in combination with pembrolizumab:
| - | Head and neck cancer: cORR of 25% (2/8), disease control rate of 63% (5/8) |
|---|---|
| - | Melanoma: cORR of 29% (2/7), disease control rate of 57% (4/7) |
| --- | --- |
| - | Squamous non-small-cell lung cancer: 1 partial response at first scan for a heavily pre-treated,<br>ICI-resistant patient, 1 patient with stable disease for >4 months and overall survival of approximately 16 months, 1 patient with<br>progressive disease with shrinkage of liver target lesions |
| --- | --- |
The duration of all confirmed responses was longer than 6 months post treatment, with the longest response ongoing over 2 years in a patient with advanced cutaneous melanoma.
Clinical Development Opportunity. Consistent with Immatics’ focus on advancing its PRAME franchise, the Company is exploring IMA401 in combination with IMA402, starting with squamous non-small cell lung cancer (sqNSCLC). Based on the clinical proof-of-concept of both bispecific candidates, including the initial promising activity of IMA401 in head and neck cancer and sqNSCLC, as well as preclinical proof-of-concept data, Immatics is well positioned to assess the synergistic potential of combining two different bispecifics, IMA402 targeting PRAME and IMA401 targeting MAGEA4/8, with and without a checkpoint inhibitor. As over 90% of patients with sqNSCLC are positive for PRAME and/or MAGEA4/8, a potential IMA402 and IMA401 combination treatment could provide broad treatment coverage for this patient population. Approximately 60% of patients with sqNSCLC are positive for both targets, which could boost anti-tumor activity and counteract potential tumor escape mechanisms. The current addressable patient population for metastatic sqNSCLC in the United States and EU5 includes an estimated 40,000 patients per year.
Pipeline Update: The Company has deprioritized preclinical development of IMA204 cell therapy targeting COL6A3 and preclinical development of its allogeneic cell therapy platform, ACTallo, to focus resources on the clinical development of its other cell therapy and bispecifics candidates.
* * *
In connection with the foregoing, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1, and made available a presentation and an updated corporate presentation, copies of which are attached hereto as Exhibit 99.2 and Exhibit 99.3.
INCORPORATION BY REFERENCE
This Report on Form 6-K (other than the Exhibits 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.
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release dated November 12, 2025 |
| 99.2 | TCER Data Presentation |
| 99.2 | Corporate presentation dated November 12, 2025 |
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.
| IMMATICS N.V. | ||
|---|---|---|
| Date: November 12, 2025 | ||
| By: | /s/ Harpreet Singh | |
| Name: | Harpreet Singh | |
| Title: | Chief Executive Officer |
Exhibit 99.1
PRESS RELEASE
Immatics Achieves Clinical Proof-of-Concept ofits Next-Generation TCR Bispecific (TCER^®^) Pipeline with Data on IMA402 (PRAME) and IMA401 (MAGEA4/8)and Announces Next Development Steps
Company to host conference call and webcasttoday, November 12, at 8:30 am EST/2:30 pm CET
| · | IMA402 and IMA401 TCR Bispecifics showed favorable tolerability at RP2D as well as deep and durable responses<br>in heavily pre-treated, last-line patients with a range of solid tumors |
|---|---|
| · | IMA402 PRAME Bispecific at RP2D range resulted in a 30% cORR (6/20) across all indications, including<br>29% (4/14) in melanoma and 2/3 confirmed responses in ovarian carcinoma |
| --- | --- |
| · | IMA401 MAGEA4/8 Bispecific at ≥1 mg resulted in a 25% cORR (2/8) in head and neck cancer, 29% cORR<br>(2/7) in melanoma and promising clinical activity in sqNSCLC |
| --- | --- |
| · | Phase 1a dose escalation completed for both trials; data support IMA402 PRAME Bispecific development opportunities<br>in cutaneous melanoma, gynecologic cancers and in combination with IMA401 MAGEA4/8 Bispecific in sqNSCLC |
| --- | --- |
| · | Phase 1b dose expansion for IMA402 initiated |
| --- | --- |
| · | Conference call and webcast can be accessed here |
| --- | --- |
Houston,Texas and Tuebingen, Germany, November 12, 2025 – Immatics N.V. (NASDAQ: IMTX, “Immatics” or the “Company”), a clinical-stage biopharmaceutical company and the global leader in precision targeting of PRAME, today announced updated Phase 1a dose escalation data from both product candidates in its TCR Bispecifics (TCER^®^) pipeline, IMA402 PRAME Bispecific and IMA401 MAGEA4/8 Bispecific, as well as next steps for clinical development.
| Immatics Press Release November 12, 2025 | 1 | 10 |
| --- | --- |
“Our off-the-shelf TCR Bispecifics have a proprietary next-generation format with half-life extension that is designed to combine optimized tolerability and potent anti-tumor activity while supporting patient-convenient dosing,” said Carsten Reinhardt, M.D., Ph.D., Chief Development Officer at Immatics. “We have now achieved clinical proof-of-concept for both product candidates and seen their potential to make a meaningful impact on patients with limited treatment options through deep and durable responses. We look forward to continuing to drive the development of our bispecifics to advance accessible, innovative therapies that can reach more patients and make a lasting difference in cancer care.”
“Today marks the beginning of a new phase for Immatics, expanding our reach beyond cell therapy and establishing a leading position in the TCR Bispecifics field, with a clear commitment to advancing the clinical development of our bispecifics pipeline,” said Harpreet Singh, Ph.D., CEO and Co-Founder of Immatics. “Building on these data, we are excited to evaluate our IMA402 PRAME Bispecific now across multiple targeted cancer patient populations with significant unmet treatment needs and in potentially synergistic combinations. We are especially enthusiastic about the potential for profound benefit by combining IMA402 with IMA401, our MAGEA4/8 Bispecific, in patients with squamous non-small cell lung cancer, a large, highly underserved and difficult-to-treat indication.”
Carsten Reinhardt, M.D., Ph.D., and Harpreet Singh, Ph.D., will present the complete TCR Bispecifics dataset and next development steps during a conference call and webcast today, November 12, at 8:30 am EST/2:30 pm CET. The presentation is accessible on the ‘Events & Presentations’ page on the Investors & Media section of the Company’s website.
IMA402 PRAME Bispecific Phase 1a Dose Escalation Data Summary
Patient Population: Advanced metastaticsolid tumors with no available treatment options
As of the data cutoff on September 26, 2025, 80 heavily pre-treated patients (median of three prior systemic treatments) with recurrent and/or refractory solid tumors^1^ were treated with escalating dose levels of IMA402 monotherapy ranging from 0.02 mg to 30 mg. The safety population includes all 80 patients treated with IMA402. 29 patients received doses in the recommended Phase 2 dose (RP2D range) (10 to 30 mg) and, thereof, 20 patients were efficacy-evaluable^2^, including 14 patients with melanoma (12 cutaneous, 1 uveal, 1 unknown primary), 3 patients with ovarian carcinoma and 3 patients with other solid cancers^3^.
^1^ Cutaneous melanoma, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian cancer, squamous non-small cell lung cancer.
^2^ Efficacy-evaluable patients: All patients treated as of June 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose).
^3^ N=2 endometrioid carcinoma, n=1 synovial sarcoma.
| Immatics Press Release November 12, 2025 | 2 | 10 |
| --- | --- |
Safety: Treatment with IMA402 showedfavorable tolerability
IMA402 showed favorable tolerability across a wide dose range in the 80 patients treated. The most frequent treatment-related adverse events (AEs) were expected and transient lymphopenia, consistent with the mechanism of action, and low-grade cytokine release syndrome (CRS): Grade 1: 33%, Grade 2: 5%, Grade 3: 0%, Grade 4: 1%. No ICANS or IMA402-related Grade 5 events occurred. Tolerability across all doses was consistent with tolerability at the RP2D range.
Phase 1a dose escalation in the monotherapy setting has been completed. The maximum tolerated dose (MTD) has not been reached. The provisional RP2D range has been identified at 10 to 30 mg. The Phase 1b dose expansion is ongoing at two distinct doses within the RP2D range, and the evaluation of IMA402 in combination with an immune checkpoint inhibitor has been initiated.
Anti-tumor Activity and Durability: Deep and durable responsesobserved at RP2D range
IMA402 showed a clear dose-response relationship across three different dose groups.
| Immatics Press Release November 12, 2025 | 3 | 10 |
| --- | --- |
^1^ Melanoma includes cutaneous melanoma,melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one patient withsqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR: confirmed objective response rate; cPR: confirmed partial response;PD: progressive disease; PR: partial response; SD: stable disease; RECIST: response evaluation criteria in solid tumors; RP2D: recommendedphase 2 dose
Several patients dosed with IMA402 at the RP2D range were observed to have deep and durable responses. All 6 confirmed objective responses were ongoing as of data cutoff, including two complete metabolic responses in cutaneous and uveal melanoma, ongoing at 8 and 18 months, respectively, as well as one confirmed partial response in ovarian carcinoma with -100% reduction in target lesions. All responders with ovarian carcinoma were platinum-resistant, and all responders with melanoma were immune checkpoint inhibitor-resistant.
| Immatics Press Release November 12, 2025 | 4 | 10 |
| --- | --- |
BL: baseline; cPR: confirmed partial response;PD: progressive disease; PR: partial response; SD: stable disease
Deep and durable responses at RP2D range(RECIST 1.1)
| All<br><br> <br>Indications | Melanoma | Ovarian<br><br> <br>Carcinoma | |
|---|---|---|---|
| cORR | 30% (6/20) | 29% (4/14) | 2/3 |
| mDOR,<br><br> <br>mFU month | Not reached<br><br>4.2 | Not reached<br><br>7.3 | Not reached<br><br>2.2 |
| Tumor shrinkage | 55% (11/20) | 57% (8/14) | 2/3 |
| DCR (at week 6) | 65% (13/20) | 71% (10/14) | 2/3 |
mDOR: median duration of response; mFU: medianfollow-up; DCR: disease control rate
For patients across all indications treated within the RP2D range early, promising progression-free survival (PFS) and overall survival (OS) were observed:
| - | Median PFS was 4.8 months at a mFU of 6.8 months; 6-month PFS rate was 45% |
|---|---|
| - | Median iPFS^4^ was not reached<br> at a mFU of 6.3 months; 6-month iPFS rate was 58% |
| --- | --- |
^4^ iRECIST, developed by the RECIST Working Group, adapts the RECIST 1.1 definition for progression of immunotherapies by introducing unconfirmed (iUPD) and confirmed (iCPD) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST. PFS (according to RECIST 1.1) and iPFS (according to iRECIST) are prospectively defined co-secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy.
| Immatics Press Release November 12, 2025 | 5 | 10 |
| --- | --- |
| - | Median OS was not reached at a mFU of 5.4 months; 1-year OS rate was 94% |
|---|
Clinical Development Opportunities for IMA402 PRAME Bispecific
Based on the promising Phase 1a dose escalation data, Immatics is advancing its IMA402 PRAME Bispecific into Phase 1b dose expansion at two distinct doses to determine the final RP2D, both as a monotherapy and in combination with an immune checkpoint inhibitor with a focus on melanoma and gynecologic cancers in 2026. Depending on the outcomes of these Phase 1b cohorts, the Company would seek to convert existing Phase 1b cohorts into Phase 2 trials, which will then have the potential to become registration-directed. As part of its strategy to maximize the IMA402 opportunity, the Company is also exploring the option to initiate additional Phase 1b cohorts in 2026 to determine the monotherapy and combination potential of IMA402 with immune checkpoint inhibitors and standard of care in late as well as earlier treatment lines. As an additional opportunity, the Company is exploring the potential combination of IMA402 with IMA401 MAGEA4/8 in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.
IMA401 MAGEA4/8 Bispecific Phase 1a Data Summary
Patient Population: Heavily pre-treatedpatients with a broad range of tumor types with no available treatment options
As of the data cutoff on September 26, 2025, 55 heavily pretreated patients (median of four prior systemic treatments) with recurrent and/or refractory solid tumors^5^ were treated with escalating dose levels of IMA401 ranging from 0.0066 mg to 2.5 mg with or without an immune checkpoint inhibitor (ICI, pembrolizumab). The safety population includes all 55 patients treated with IMA401 as a monotherapy (n=46) or in combination with pembrolizumab (n=9). 44 patients were treated with doses from 1 to 2.5 mg, and thereof 38 were evaluable for efficacy^6^. All efficacy-evaluable patients treated with IMA401 in combination with pembrolizumab (n=4) had progressed on prior immune checkpoint inhibitor treatments.
Safety: Treatment with IMA401 showedfavorable tolerability at RP2D
^5^ Basket trial with >15 different tumor indications.
^6^ Efficacy-evaluable patients: All patients treated as of June 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression or death), and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses).
| Immatics Press Release November 12, 2025 | 6 | 10 |
| --- | --- |
The most frequent and relevant treatment-related adverse events (AEs) across all 55 patients treated with IMA401 were low-grade cytokine release syndrome (CRS) (24% G1, 11% G2, no ≥ Grade 3), mostly at the first step dose, expected and transient lymphopenia, consistent with the mechanism of action, as well as neutropenia, which was mostly transient, not re-occurring after resolution under continued treatment and well-manageable at the RP2D range of 1-2 mg. Notably, no ICANS was observed. The tolerability of IMA401 in combination with pembrolizumab is consistent with the tolerability of IMA401 monotherapy.
The maximum tolerated dose (MTD) has not been reached; three dose-limiting events were observed at 2.5 mg. The Phase 1a dose escalation has been completed, and the provisional RP2D range has been identified at 1-2 mg. At RP2D, the tolerability profile was favorable.
Anti-tumor Activity and Durability: Promisingclinical activity and deep and durable responses were observed in patients with head and neck cancer, melanoma and lung cancer treatedat ≥1 mg
Patients in three focus indications treated with ≥1 mg of IMA401 as a monotherapy or in combination with pembrolizumab demonstrated clinical activity:
| - | Head and neck cancer: cORR of 25% (2/8), disease control rate of 63% (5/8) |
|---|---|
| - | Melanoma: cORR of 29% (2/7), disease control rate of 57% (4/7) |
| --- | --- |
| - | Squamous non-small-cell lung cancer: 1 partial response at first scan for a heavily pre-treated,<br>ICI-resistant patient, 1 patient with stable disease for >4 months and overall survival of approximately 16 months, 1 patient with<br>progressive disease with shrinkage of liver target lesions |
| --- | --- |
The duration of all confirmed responses was longer than 6 months post treatment, with the longest response ongoing over 2 years in a patient with advanced cutaneous melanoma.
Clinical Development Opportunity for IMA401 MAGEA4/8 Bispecific
Consistent with Immatics’ focus on advancing its PRAME franchise, the Company is exploring IMA401 in combination with IMA402, starting with squamous non-small cell lung cancer (sqNSCLC). Based on the clinical proof-of-concept of both bispecific candidates, including the initial promising activity of IMA401 in head and neck cancer and sqNSCLC, as well as preclinical proof-of-concept data, Immatics is well-positioned to assess the synergistic potential of combining two different bispecifics, IMA402 targeting PRAME and IMA401 targeting MAGEA4/8, with and without a checkpoint inhibitor. As over 90% of patients with sqNSCLC are positive for
| Immatics Press Release November 12, 2025 | 7 | 10 |
| --- | --- |
PRAME and/or MAGEA4/8, a potential IMA402 and IMA401 combination treatment could provide broad treatment coverage for this patient population. Approximately 60% of patients with sqNSCLC are positive for both targets, which could boost anti-tumor activity and counteract potential tumor escape mechanisms. The current addressable patient population for metastatic sqNSCLC in the United States and EU5 includes an estimated 40,000 patients per year.
About Immatics TCR Bispecifics (TCER^®^)
Immatics’ next-generation half-life extended TCER^®^ molecules are antibody-like “off-the-shelf” biologics that leverage the body’s immune system by redirecting and activating T cells towards cancer cells expressing a specific tumor target. The design of the TCER^®^ molecules enables the activation of any T cell in the body to attack the tumor, regardless of the T cells’ intrinsic specificity. Immatics’ proprietary biologics are engineered with two binding regions: a TCR domain and a T cell recruiter domain. The TCER^®^ format is designed to maximize efficacy while minimizing toxicities in patients. It contains a high-affinity TCR domain that is designed to bind specifically to the cancer target peptide on the cell surface presented by an HLA molecule. The antibody-derived, low-affinity T cell recruiter domain is directed against the TCR/CD3 complex and recruits a patient’s T cells to the tumor to attack the cancer cells. With a low-affinity recruiter aiming for optimized biodistribution and enrichment of the molecule at the tumor site instead of the periphery, TCER^®^ are engineered to reduce the occurrence of immune-related adverse events, such as cytokine release syndrome. In addition, the TCER^®^ format consists of an Fc-part conferring half-life extension, stability, and manufacturability. TCER^®^ are “off-the-shelf” biologics and thus immediately available for patient treatment. They can be distributed through standard pharmaceutical supply chains and provide the opportunity to reach a large patient population without the need for specialized medical centers.
About PRAME
PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and a combination therapy that target PRAME: anzu-cel (IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific, anzu-cel in combination with Moderna’s PRAME cell therapy enhancer.
About IMA402 PRAME Bispecific
IMA402 is a molecule from Immatics’ TCR Bispecifics (TCER^®^) pipeline directed against an HLA-A*02:01-presented peptide derived from PRAME
| Immatics Press Release November 12, 2025 | 8 | 10 |
| --- | --- |
IMA402 is currently being evaluated in a Phase 1 trial in patients with solid tumors expressing PRAME. IMA402 is part of Immatics’ strategy to leverage the full clinical potential of targeting PRAME, one of the most promising targets for TCR-based therapies.
About IMA401 MAGEA4/8 Bispecific
IMA401 is a molecule from Immatics’ TCR Bispecifics pipeline that targets an HLA-A*02:01-presented peptide derived from two different cancer-associated proteins, melanoma-associated antigen 4 and/or 8 (“MAGEA4/8”). The MAGEA4/8 peptide has been identified and validated by Immatics’ proprietary mass spectrometry-based target discovery platform XPRESIDENT^®^ and is presented at a 5-fold higher target density (copy number per tumor cell) than the MAGEA4 peptide targeted in other clinical trials.
IMA401 is currently being evaluated in a Phase 1 basket trial in patients with MAGEA4/8-positive solid tumors. The MAGEA4/8 peptide has a high prevalence in several solid tumor indications such as head and neck squamous cell carcinoma (HNSCC), squamous cell non-small cell lung cancer (sqNSCLC), as well as melanoma and other solid cancer types.
About Immatics
Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.
Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates, you can also follow us on LinkedIn and Instagram.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, observations from the Company’s clinical trials, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company’s focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “target”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject
| Immatics Press Release November 12, 2025 | 9 | 10 |
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to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. All the scientific and clinical data presented within this press release are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.
For more information, please contact:
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| Trophic Communications |
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| Immatics N.V. |
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| Jordan Silverstein |
| Head of Strategy |
| Phone: +1 346 319-3325 |
| InvestorRelations@immatics.com |
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Immatics Press Release November 12, 2025 10 10
Exhibit 99.2
© Immatics. Not for further reproduction or distribution. © Immatics. Not for further reproduction or distribution. IMA402 PRAME Bispecific & IMA401 MAGEA4/8 Bispecific Phase 1a Dose Escalation Clinical Data Update and Next Development Steps November 12, 2025
Disclaimer This presentation (“Presentation”) is provided by Immatics N . V . (“Immatics” or the “Company”) for informational purposes only . The information contained herein does not purport to be all inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation . Forward - Looking Statements . Certain statements in this presentation may be considered forward - looking statements . Forward - looking statements generally relate to future events or the Company’s future financial or operating performance . For example, statements concerning timing of data read - outs for product candidates, observations from the Company’s clinical trials, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration - enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company’s focus on partnerships to advance its strategy, and other metrics are forward - looking statements . In some cases, you can identify forward - looking statements by terminology such as “may”, “should”, “expect”, “plan”, “target”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology . Such forward - looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements . These forward - looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain . New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties . Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 20 - F and other filings with the Securities and Exchange Commission (SEC) . Nothing in this presentation should be regarded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved . You should not place undue reliance on forward - looking statements, which speak only as of the date they are made . The Company undertakes no duty to update these forward - looking statements . No Offer or Solicitation . This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , as amended, or in an offering exempt from registration . Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company’s own internal estimates and research . In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions . Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source . All the scientific and clinical data presented within this presentation are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification . 2
IMA401 MAGEA4/8 Bispecific Beyond PRAME Immatics ’ PRAME Franchise Spanning Two Distinct Modalities Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to RNAseq and/or IHC dat a (approximate values, values between 95 - 100% shown as 95%); anzu - cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials 2 T PP in monotherapy in 2L or later settings post SOC at RP2D. Other factors such as median progression - free survival ( mPFS ) and median overall survival ( mOS ) may also be considered; cORR : confirmed objective response rate; IHC: immunohistochemistry; mDOR : median duration of response; NSCLC: non - small cell lung cancer; RP2D: recommended phase 2 dose; SOC: standard of care; TPP: target product profile ≥95 % ≥10 % Cancer Cell Death IMA402 PRAME Bispecific a nzu - cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) PRAME is expressed in more than 50 cancers % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 Indication Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…) Today’s Focus Bispecifics offer unique opportunities • “Off - the - shelf” availability • Targeted outpatient administration, hospitals and community centers • Positioning in earlier lines, incl. frontline or (neo)adjuvant setting (in combination with SOC) • TPP at RP2D for development beyond Ph1b 2 : ≥20% cORR , ≥6 months mDOR (monotherapy, last line) PRAME
Immatics ’ TCR - based Bispecific T Cell Engager (TCER®) 1 see appendix for potency assessment of proprietary TCR Bispecific f ormat (TCER®) ; 2 median half - life IMA402: ~7 days, IMA401: >14 days, see appendix; pHLA : peptide - human leukocyte antigen; q2w: every 2 weeks; TCR: T cell receptor. CD3/TCR Activated T cell Tumor Cell PRAME IMA402 x Anti - tumor Activity High - affinity and specificity TCR domain targeting tumor pHLA molecules x Antibody - like format with half - life extension (HLE) Long half life of 1 - 2 weeks 2 allows for q2w or longer dosing intervals Bispecifics 4 x Optimized tolerability Low - affinity T cell recruiter against CD3/TCR allows higher dosing Proprietary Format Combines Superior Potency 1 with Long Half - life
Clinical Proof - of - Concept of Immatics ’ Bispecifics Pipeline Summary of Today’s Update on IMA402 and IMA401 5 Favorable tolerability in RP2D range with no high - grade CRS no ICANS 30 % (6/20) cORR across all indications, incl. melanoma & ovarian carcinoma 1 IMA402: 10 - 30 mg, IMA401: 1 - 2.5 mg; cORR: confirmed objective response rate; Gyn - Onc : gynecologic cancers; H&N: head and neck cancer; RP2D: recommended Phase 2 dose; sqNSCLC : squamous cell non - small cell lung cancer. 29% (2/7) cORR in melanoma IMA402 IMA402 IMA402 (PRAME) IMA401 (MAGEA4/8) Bispecific Safety Anti - Tumor Activity 1 Development Opportunities IMA402 Melanoma Gyn - Onc 25% (2/8) cORR in H&N P romising early activity in sqNSCLC Bispecifics sqNSCLC + others Solid tumors with high unmet medical need IMA401 Heavily pre - treated last - line patients IMA402 Other solid tumors Data cutoff Sep 26, 2025
IMA402 - PRAME Bispecific PRAME Franchise Clinical Proof - of - Concept of PRAME Bispecific 6
• Ph1a dose escalation completed, MTD not reached at 30 mg • Provisional RP2D range identified at 10 to 30 mg • Ph1b dose expansion ongoing at two distinct doses within RP2D range • Combination with immune checkpoint inhibitor started 7 Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific EudraCT No. 2022 - 503133 - 54 - 00; NCT05958121; 1 Cutaneous melanoma, melanoma of unknown primary, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian carcinoma, sq uamous non - small cell lung cancer; 2 Based on preclinical in vitro and in vivo data; 3 Step dosing introduced at 0.36 mg, optimized step dosing currently being applied: 0.03 mg/0.3 mg/6 mg/target dose, low - dose dexa methasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Ability to increase dose to previously cleared dose levels; BLRM: bayesian logistic regression model; MABEL: minimum anticipated biological effect level ; MTD: maximum tolerated dose; q1w: every week; q2w: every 2 weeks; RP2D: recommended phase 2 dose. Key Eligibility Criteria Objectives Primary: • Determine MTD and/or RP2D • Assess safety and tolerability Secondary: • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST ) • Assess pharmacokinetics • Recurrent and/or refractory solid tumors expressing PRAME 1 • No prospective PRAME testing required • HLA - A*02:01 positive • ECOG performance status 0 - 1 • Received or not eligible for all available indicated standard of care treatments Total safety population (N=80) • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • q1w step dosing (3 doses) up to target dose 3 • q2w dosing planned based on favorable PK and already applied for individual patients 0.36 mg 0.8 m g 3 m g 5 m g 0.12 mg 1.6 mg 0.06 mg 0.02 mg 8 mg 4 mg 12 mg 20 mg 30 m g 10 m g RP2D range Sub - therapeutic dose 2 IMA402 Data cutoff Sep 26, 2025
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 8 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/ 0.3 mg/6 mg, and 1 target dose); Baseline characteristics for melanoma and ovarian carcinoma are listed in the appendix; ECOG: e astern cooperative oncology group ; LDH: Lactate dehydrogenase; RP2D: recommended phase 2 dose; ULN: upper limit of normal. Efficacy population (N=57) 1 Safety population (N=80) RP2D range, ≥10 mg ( n=20) 3 – 8 mg ( n=22) ≤1.6 mg ( n=15) 0.02 - 30 mg 56 (37, 74) 55 (34, 74) 61 (28, 82) 59 (21, 82) Age Median (min, max) 11 (55) 9 (45) 11 (50) 11 (50) 6 (40) 9 (60) 47 (59) 33 (41) ECOG performance status 0, n (%) 1, n (%) 3 (1, 6) 3 (1, 5) 3 (2, 7) 3 (1, 7) Prior lines of systemic treatment Median (min, max) 14 (70) 6 (30) 0 (0) 11 (50) 11 (50) 0 (0) 5 (33) 9 (60) 1 (7) 39 (49) 40 (50) 1 (1) LDH at baseline ≤ 1xULN, n ( %) 1 - 2xULN, n ( %) > 2xULN, n ( %) 76 (21, 255) 68 (25, 258) 80 (46, 398) 80 (16, 398) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (2, 11) 6 (30) 3 (15) 6 (1, 15) 8 (36) 1 (5) 4 (2, 10) 8 (53) 1 (7) 4 (1, 15) 33 (41) 6 (8) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) IMA402 Heavily pre - treated patient population with comparable baseline characteristics across dose groups Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile 9 Safety Population (N=80) ≥ Grade 3 All Grades TEAEs, n (%) 48 (60) 78 (98) Any 42 (53) 76 ( 95) Treatment - related • Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) • Most frequent/relevant related AEs were • Expected and transient lymphopenia, consistent with the mechanism of action • Low - grade CRS (33% G1, 5% G2, 0% G3, 1% G4) mostly at first step dose • One CRS G4 event in patient at 0.08 mg starting dose only; no further CRS G4 events after step dose optimization • No ICANS observed • No IMA402 - related Grade 5 events • MTD not reached 2 at 30 mg ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 30 (38) 40 (50) Lymphopenia 1 (1) 31 (39) Cytokine release syndrome 1 (1) 21 (26) Arthralgia 19 (24) Fatigue 7 (9) 16 (20) Alanine aminotransferase increased 5 (6) 14 (18) Aspartate aminotransferase increased 13 (16) Rash 11 (14) Pruritus 11 (14) Pyrexia 2 (3) 10 (13) Anaemia 1 (1) 10 (13) Myalgia 9 (11) Nausea 3 (4) 8 (10) Gamma - glutamyltransferase increased 7 (9) Lipase increased 7 (9) Abdominal pain 2 (3) 3 (4) Hypertension 2 (3) 2 (3) Neutropenia 1 (1) 2 (3) Blood creatinine increased 1 (1) 2 (3) Stomatitis 1 (1) 2 (3) Tumour pain 1 (1) 1 (1) Acute kidney injury 1 (1) 1 (1) Electrocardiogram abnormal 1 (1) 1 (1) Herpes zoster 1 (1) 1 (1) Immune - mediated arthritis 1 (1) 1 (1) Liver function test increased 1 (1) 1 (1) Tumour lysis syndrome 1 All treatment - emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to IMA402 infusion with Grade 1 - 2 occurring in at least 7% of patients and all events with ≥ G rade 3, one additional patient treated with IMA402 at first step dose + pembrolizumab is not included in the safety population/table and had the following AEs: lymphopenia G3, erythema G1 , TSH decrease G1; 2 Two dose - limiting toxicities (DLTs) at 0.08 mg and 0.3 mg; AE: adverse event; CRS: cytokine release s yndrome; G: grade; ICANS: immune e ffector c ell - associated n eurotoxicity s yndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose . IMA402 Data cutoff Sep 26, 2025
Clinical Proof - of - Concept of IMA402 PRAME Bispecific across Various Indications Dose - Response Relationship in Monotherapy Setting 1 Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one patient with sqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR : confirmed objective response rate; cPR : confirmed partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; SD: stable disease; PR: partial resp ons e; RECIST: response evaluation criteria in solid tumors ; RP2D: recommended phase 2 dose . Melanoma 1 Other Indications 2 Ovarian Carcinoma Indications • All responders with ovarian carcinoma were platinum resistant • All responders with melanoma were ICI - resistant IMA402 cORR 30% RP2D ≥10 mg 3 - 8 mg ≤ 1.6 mg 10 Data cutoff Sep 26, 2025 N=57
Deep and Durable Responses at RP2D Range 11 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 IMA402 Complete metabolic response at 12 mg PD SD cPR Ongoing response/ disease control Ongoing treatment BOR (RECIST 1.1) All indications Melanoma Ovarian carcinoma 2/3 29% (4/14) 30% (6/20) cORR not reached 2.2 not reached 7.3 not reached 4.2 mDOR (mo) mFU (mo) 2/3 57% (8/14) 55% (11/20) Tumor shrinkage 2/3 71% (10/14) 65% (13/20) DCR (at week 6) RECIST 1.1 BL: baseline; BOR: best overall response; cPR : confirmed partial response; cORR: confirmed objective response rate; DCR: disease control rate ; mDOR : median duration of response; mFU : median follow - up; PD: progressive disease; PR: partial response; RP2D: recommended phase 2 dose; SD: stable disease. Complete metabolic response at 12 mg Data cutoff Sep 26, 2025 N=20
Early Promising PFS and OS Snapshot for IMA402 at RP2D Range Survival Outcomes Across All Indications at All Dose Levels Median PFS Median OS ≥10 mg 3 – 8 mg ≤ 1.6 mg Not reached 5.4 13.9 12.1 10.3 NA mOS (mo) mFU (mo) 94% 63% 33% 1y - OS rate ≥10 mg 3 – 8 mg ≤ 1.6 mg 4.8 6.8 1.5 NA 1.4 NA mPFS (mo) mFU (mo) 45% 5% 0% 6m PFS rate Median iPFS 1 ≥10 mg 3 – 8 mg ≤ 1.6 mg Not reached 6.3 2.1 NA 1.4 NA miPFS (mo) mFU (mo) 58% 14% 0% 6m iPFS rate IMA402 12 Efficacy population n=15 ≤1.6 mg n=22 3 - 8 mg n=20 ≥10 mg 1 iRECIST , developed by the RECIST Working Group, adapts RECIST 1.1 definition for progression for immunotherapies by introducing unco nfi rmed ( iUPD ) and confirmed ( iCPD ) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST . PFS (according to RECIST 1.1) and iPFS (according to iRECIST ), are prospectively defined co - secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy; mFU : median follow - up; (m)PFS: (median) progression - free survival; (m)OS: (median) overall survival; RP2D: recommended phase 2 dose ; 6m: 6 months; 1y: 1 year. Data cutoff Sep 26, 2025
Patient Case: Ongoing PET - based Complete Metabolic Response in Cutaneous Melanoma Patient Characteristics & Outcomes 68 - year - old female with ICI - resistant cutaneous melanoma; i nitial diagnosis in 2004 Patient & Diagnosis • Target lesions: 2 peritoneal, 1 abdominal • Non - target lesions: brain and lung (left and right) • I ntensive i mmune - related previous medical history Disease at Baseline 3 prior lines of therapy: • Adjuvant: nivolumab • Ipilimumab + nivolumab, discontinued due to toxicity • Lenvatinib + pembrolizumab, BOR: PD Prior systemic therapy Initial dose: 5 mg, escalated to 20 mg Bi - weekly treatment 9 months post treatment start Study Treatment • First assessment (6 weeks): PR • Complete response in brain lesion • Ongoing cPR with - 68% tumor reduction and PET scan with c omplete metabolic response at 8 months after switch to 12 mg Response Assessment Scans courtesy of Dr. Dirk Schadendorf , University Hospital Essen BOR: best overall response; (c)PR: (confirmed) partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; P ET: p ositron emission tomography. 13 IMA402 Baseline 6 weeks 3 months 5 months Peritoneum incl. ovaries Peritoneum Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific Ph1a Dose Escalation Summary and Next Steps Expansion to Earlier - Line PRAME Cancers Promising Monotherapy & High Potential in Combination x Favorable tolerability profile x Deep & durable responses x Promising early PFS/ iPFS and OS Development Opportunities Initial Focus Indications IMA402 1L advanced: ICI combo IMA402 2L ICI - resistant 1 : monotherapy or ICI combo Cut. melanoma IMA402 PSOC: SOC combo IMA402 PROC 1 : monotherapy or non - platinum SOC combo IMA402 2L EC: ICI combo Gyn - Onc IMA402 + IMA401 with or without ICI sqNSCLC Development Opportunities in 2026 » Ph1b d ose expansion completion (RP2D with & w/o ICI) » Initiation of additional Ph1b/Ph2 expansion cohorts in focus indications IMA402 1 Potential to become registration - directed subject to Ph1b data; 1L: first line or later, 2L: second line or later; cut. melanoma: cutaneous melanoma; EC: endometrial carcinoma; Gyn - Onc : gynecologic cancers; ICI: immune checkpoint inhibitor; OS: overall survival; PFS: progression - free survival; PROC: platinum - resistant ovarian cancer; PSOC: platinum - sensitive ovarian cancer; RP2D: recommended phase 2 dose; SOC: standard of care; sqNSCLC : squamous cell non - small cell lung cancer. 14 Data cutoff Sep 26, 2025
IMA401 – MAGEA4/8 Bispecific Beyond PRAME Maximizing the Potential of Bispecifics Combination 15
Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific Key Eligibility Criteria Objectives Primary: • Determine MTD and/or RP2D in monotherapy and in combination with ICI Secondary: • Assess safety and tolerability • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST ) • Assess pharmacokinetics • Recurrent and/or refractory solid tumors 1 • HLA - A*02:01 positive • MAGEA4/8 - positive • ECOG performance status 0 - 2 • Received or not eligible for all available indicated standard of care treatments EudraCT No 2021 - 004326 - 30 ; NCT05359445; 1 Basket trial with >15 different tumor indications 2 Step dosing introduced at 1.2 mg, l ow - dose dexamethasone partially used as preventive measure for initial doses as applied for other bispecific T cell engagers ; Ability to increase dose to previously cleared dose levels; 3 q2w: once every two weeks, weekly (q1w) IMA401 dosing was applied up to 0.54 mg ; BLRM: Bayesian logistic regression model; ICI: immune checkpoint inhibitor; ( i )RECIST: ( immune) response evaluation criteria in solid tumors ; MABEL: minimum anticipated biological effect level; MTD: maximum tolerated dose, Ph1a: phase 1 a; RP2D: recommended phase 2 dose; P ts : patients. 0.18 m g 0.54 mg 1.8 m g 2.5 mg 0.06 mg 1.2 mg Total safety population (N=55) 0.02 mg 0.0066 mg • MTD not reached, provisional RP2D range 1 to 2 mg • Ph1a dose escalation completed • Basket trial with >15 different tumor indications in last - line • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • Initial q1w step dosings 2 (2 - 3 doses) up to target dose, q2w after reaching target dose 3 2.0 mg 1.0 mg 1.5 mg 1.0 mg + Pembrolizumab 1.5 mg + Pembrolizumab Monotherapy IMA401 + ICI RP2D range IMA401 16 Data cutoff Sep 26, 2025
IMA401 MAGEA4/8 Bispecific – Tolerability Profile Across All Doses Safety Population (N=55) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab • Most frequent/relevant related AEs were • Low - grade CRS ( 24% G1, 11% G2, 0% G3, 0% G4 ), mostly at first step dose • Expected and transient lymphopenia, consistent with the mechanism of action • Neutropenia, mostly transient and not re - occurring after resolution under continued treatment 2 ; well manageable at RP2D • No ICANS observed • Tolerability of IMA401 in combination with pembrolizumab consistent with IMA401 monotherapy • MTD not reached (3 DLTs observed at 2.5 mg) 3 • RP2D range determined at 1 - 2 mg • Favorable tolerability observed at RP2D range of 1 - 2 mg (see appendix) 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1 - 2 occurring in at least 7% of patients and all events with ≥ grade 3; 2 O ne possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported, patient was treated outside RP2D range with 2.5 mg IMA401 and di d not receive dexamethasone pre - medication; 3 Three dose - limiting events at 2.5 mg (DLT), neutropenia observed in patients with and without dexamethasone pre - medication; AE: adverse event; CRS: cytokine release syndrome; DLT: dose - limiting toxicity; ICANS: immune e ffector c ell - associated n eurotoxicity s yndrome ; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose . IMA401 ≥ Grade 3 All Grades TEAEs, n (%) 39 (71) 54 (98) Any 27 (49) 48 (87) Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 0 19 (35) Cytokine release syndrome 13 (24) 16 (29) Lymphopenia 10 (18) 16 (29) Neutropenia 2 (4) 8 (15) Thrombocytopenia 2 (4) 8 (15) Headache 3 (5) 7 (13) Leukopenia 2 (4) 7 (13) Facial pain 5 (9) 7 (13) Anaemia 1 (2) 6 (11) Alanine aminotransferase increased 0 6 (11) Fatigue 0 6 (11) Pyrexia 2 (4) 4 (7) Hypertension 2 (4) 4 (7) Aspartate aminotransferase increased 0 4 (7) Nausea 1 (2) 2 (4) Hypoxia 1 (2) 2 (4) Gamma - glutamyltransferase increased 1 (2) 2 (4) Arthralgia 1 (2) 1 (2) Febrile neutropenia 1 (2) 1 (2) Pneumonia 1 (2) 1 (2) Sinus tachycardia 17 Data cutoff Sep 26, 2025
PR -100 -50 0 50 100 -69 -50 -43 -15 -6 13 62 -39 -19 0 -62 -54 -22 5 13 1919 38 -66 -25 -20 -19 -14 -12 -11 -6 0 1 3 18 20 22 29 40 56 96 B e s t % C h a n g e i n S u m o f L o n g e s t D i a m e t e r o f T a r g e t L e s i o n s f r o m B a s e l i n e a n d B O R ( R E C I S T 1 . 1 ) BL BOR (RECIST 1.1) Ongoing response /disease control PD PR cPR SD ⯈ Pembro combo ⯈ • • • • • ⯈ SD SD Promising Clinical Activity of IMA401 in H&N, Melanoma and Lung Cancer Efficacy Population 1 with ≥1 mg as Monotherapy or in Combination with Pembrolizumab 29% (2/7) cORR 57% (4/7) DCR Melanoma (n=7) 25% (2/8) cORR 63% (5/8) DCR H&N (n=8) sqNSCLC (n=3) IMA401 • 1 PR ( patient died in biopsy procedure at ~week 7) • 1 SD for >4 months and OS ~16 months • 1 PD with shrinkage of liver target lesions 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due t o disease progression or death) and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/ 0.6 mg/1 mg, and 1 target doses ) ; 2 Includes cutaneous melanoma and one patient with mucosal melanoma; 3 Includes gallbladder adenocarcinoma, triple - negative breast cancer, gastric cancer, small - cell lung cancer, esophageal large - cell neuroendocrine carcinoma and others, two patients in “Others” not shown in plot due to clinical progression before post - infusion scan; BOR: best overall response; BL: baseline; (c)O RR: (confirmed) objective response rate; cPR : confirmed partial response; DCR: disease control rate; H&N: head and neck cancer; mDOR : median duration of response; mFU : median follow - up; OS: overall survival; PD: progressive disease; PR: partial response; RECIST: response evaluation criteria in solid tumors ; SD: stable disease; sqNSCLC : squamous non - small cell lung cancer. H&N sqNSCLC Melanoma 2 Other 3 ( n =20, >10 different indications) LCNEC Esophageal SCLC TNBC SCLC Syn. Sarcoma Ovarian Carcinoma TNBC Urothelial Carcinoma Syn. Sarcoma LCNEC Lung Gallbladder Adenocarcinoma Gastric Adenocarcinoma Syn. Sarcoma Ovarian Carcinoma adNSCLC Ovarian Carcinoma Bladder Carcinoma NET CUP BOR (RECIST 1.1) PD SD PR cPR Ongoing response /disease control Pembrolizumab combo 18 Data cutoff Sep 26, 2025
Deep and Durable Responses Observed in Focus Indications at ≥1 mg Duration of All Confirmed Responses Beyond 6 Months post Infusion, Longest Response Ongoing >2 Years IMA401 sqNSCLC Melanoma 1 H&N BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 M elanoma i ncludes cutaneous melanoma and one patient with mucosal melanoma ; H&N: head and neck cancer; sqNSCLC : squamous non - small cell lung cancer; PD: progressive disease; RECIST: response evaluation criteria in solid tumors ; SD: stable disease. 0 6 12 18 24 30 -100 -50 0 50 100 Months post First IMA401 Infusion C h a n g e i n S u m o f L o n g e s t D i a m e t e r o f T a r g e t L e s i o n s f r o m B a s e l i n e [ % ] BL PR Data cut-off: 15-Oct-2025 Ongoing treatment BOR (RECIST 1.1) Ongoing response /disease control PD PR cPR SD ⯈ ⯈ ⯈ Palliative Radiotherapy + + + Target Lesion removed treatment ongoing +18m Target Lesion removed treatment until14m Target lesion removed; treatment until month 14 with 3/4 non - target lesions absent Target lesion removed; treatment ongoing +18m Palliative radiotherapy 19 Data cutoff Sep 26, 2025 N=18
Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC Lung Baseline 7 weeks Jaw Head Head PR with IMA401 in 5 th line ICI - resistant sqNSCLC patient with shrinkage of all target lesions IMA401 Scans courtesy of treating physician Dr. Martin Wermke , TU Dresden; BOR: best overall response; CRS: cytokine release syndrome; ALT: alanine aminotransferase; AST: aspartate amino tra nsferase; G: grade; ICI: immune checkpoint inhibitor; PR: partial response; Pt: patient; Q6W: once every 6 weeks; SD: stable disease; sqNSCLC : squamous non - small cell lung cancer Patient Characteristics & Outcome 63 - year - old male with ICI - resistant sqNSCLC ; initial diagnosis in July 2018 Patient & Diagnosis Multiple metastases i n lymph nodes, skin, lung and bone Disease at Baseline 4 prior lines of systemic therapy with BOR SD • Adjuvant: cisplatin, vinorelbine • carboplatin, ipilimumab, nivolumab, paclitaxel, BOR: SD • docetaxel, ramucirumab, BOR: SD • carboplatin, gemcitabine, BOR: SD, discontinued due to toxicity Prior systemic therapy 1 mg IMA401 + 400 mg pembrolizumab Q6W; Pt died during a biopsy due to pulmonary haemorrhage Study Treatment PR at first scan post IMA401 treatment start with - 39% tumor reduction Response Assessment 20 Data cutoff Sep 26, 2025
Expands addressable market as first step in sqNSCLC , potential for many other indications like HNSCC, TNBC, endometrial carcinoma, ovarian carcinoma, melanoma, sarcoma and other s as next steps Bispecifics Combination with Increased Commercial Potential PRAME+ or MAGEA4/8+ i ncluding 60% double positive > 90% Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402 Dual Targeting 21 Data on file - dot plot: PRAME and MAGEA4/8 mRNA expression in stage III/IV sqNSCLC TCGA samples (TPM, log - scale), PRAME and MAGEA4/8 target prevalences are based on an optimized proprietary target expression threshold applied to TCGA data ; Bar graph: In vitro LDH - killing assay, A375 tumor cell line with low target density of PRAME (~50 copies per cell) and medium target density of MAGEA4/8 (~25 0 c opies per cell), TCER® concentration: 1nM IMA401 and 10 nM IMA402; 3 Refers to addressable 1L advanced HLA - A*02:01/target+ patients in the US & EU5 in 2025, Source: Clarivate Disease Landscape and Forecast; HNSCC: head and neck squamous cell carcinoma; sqNSCLC : squamous non - small cell lung cancer. >90% of patients with sqNSCLC are targetable, potentially unlocking broad treatment coverage for ~40K patients with sqNSCLC in the US and EU per year 3 Expanded Patient Reach Dual targeting has the potential to improve depth and durability of tumor response by counteracting tumor heterogeneity and escape ~ 6 0% of patients with sqNSCLC express both targets Synergistic Anti - Tumor Activity In vitro model of PRAME and MAGEA4/8 double positive tumor PRAME MAGEA4/8 w / o T C E R I M A 4 0 2 I M A 4 0 1 I M A 4 0 1 + I M A 4 0 2 0.0 0.2 0.4 0.6 0.8 Tumor cell killing [OD 490 nm - 650 nm ] Combination
Special Thanks to Study Participants and Caregivers University Hospital Würzburg Anja Gesierich University Medical Center Utrecht Eelke H. Gort Marien Hospital Dusseldorf Stefanie Gröpper Mühlenkreiskliniken (AöR); Johannes Wesling Klinikum Minden; Ruhr Universität Ralf Gutzmer Klinikum Chemnitz gGmbH Mathias Hänel Ev. Kliniken Essen - Mitte Philipp Harter National Center for Tumor Diseases Heidelberg Jessica C. Hassel University Hospital Regensburg Daniel Heudobler University Medical Center Groningen Hilde Jalving Nuremberg General Hospital Stefan Knop Leiden University Medical Center Judith Kroep University Medical Centre Mannheim Frederik Marmé Comprehensive Cancer Center Ulm Brigitte Rack University Hospital Essen Dirk Schadendorf The Netherlands Cancer Institute Tim Schutte University Hospital Erlangen Silvia Spörl University Cancer Center Leipzig Gertraud Stocker University Hospital Magdeburg Thomas Tueting University Hospital TU Dresden Martin Wermke Clinical Trial Sites IMA402 IMA401 University Hospital Freiburg Heiko Becker University Hospital Münster Annalen Bleckmann Thoraxklinik Heidelberg gGmbH Farastuk Bozorgmehr University Hospital Würzburg Manik Chatterjee Marien Hospital Dusseldorf Stefanie Gröpper Klinikum Chemnitz gGmbH Mathias Hänel University Hospital Tübingen Max - Felix Häring TUM Klinikum Rechts der Isar Munich Judith Hecker University Hospital Regensburg Daniel Heudobler University Hospital Bonn Moritz Kleemiß National Center for Tumor Diseases Heidelberg Dirk Jäger Nuremberg General Hospital Stefan Knop Ulm University Medical Center Simon Laban University Hospital Schleswig - Holstein Kiel Anne Letsch Charité Comprehensive Cancer Center Berlin Sebastian Ochsenreither University Hospital Frankfurt Martin Sebastian University Hospital Erlangen Silvia Spörl University Hospital TU Dresden Martin Wermke Treating physicians in alphabetical order 22
© Immatics. Not for further reproduction or distribution. www.immatics.com CELL THERAPY Anzu - cel Ph3 trial and Ph2 trial in cutaneous & uveal melanoma ongoing IMA203CD8 Ph1 trial in PRAME cancers ongoing BISPECIFICS IMA402 Ph1b trial ongoing, additional cohorts planned Exploration of IMA402 + IMA401 combination IMMATICS PRAME FRANCHISE - Spanning Two Clinically Active Modalities Tumor cell HLA PRAME peptide
• IMA402 PRAME Bispecific • IMA401 MAGEA4/8 Bispecific • Proprietary TCER® Format TCER APPENDIX • ICI Combination Rationale ICI 24
IMA402 - PRAME Bispecific APPENDIX 25
IMA402 PRAME Bispecific – Patient Disposition Safety Population RP2D Range ≥ 10 mg n = 29 Melanoma n=14 Cutaneous melanoma n=12 Uveal melanoma n=1 Melanoma ( unk . primary) n=1 Ovarian carcinoma n=3 Other cancers n=3 Endometrioid carcinoma n=2 Synovial sarcoma n=1 Efficacy - evaluable 3 Dose group ≥ 10 mg n=20 Safety Population ≤ 1.6 mg n=21 Efficacy - evaluable 3,4 ≤ 1.6 mg n=15 Safety Population 3 - 8 mg n=25 Efficacy - evaluable 3,4 3 - 8 mg n=22 Safety Population 1 (N=80) Dose groups according to highest actual dose received at any time point as initial target dose or via intra - patient dose escalat ion. 1 Does not include one patient treated with IMA402 at first step dose (0.04 mg) + pembrolizumab as of data cutoff; 2 Including one PRAME - negative patient ; 3 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, curre ntl y at 0.03 mg/0.3 mg/6 mg, and 1 target dose); RP2D: recommended phase 2 dose IMA402 Patients not evaluable for efficacy • Received <4 IMA402 infusions (n=4) • PRAME negative (n=2) Patients not evaluable for efficacy • Treated after Jun 26, 2025 (n=1) • Received <4 IMA402 infusions (n=1) 2 • PRAME negative (n=1) Patients not evaluable for efficacy • Treated after Jun 26, 2025 (n=7) 2 • PRAME negative (n=2) • PRAME positive (n=18) • PRAME not tested/not evaluable (n=2) Patients in ongoing early step dosing not yet reached target dose 2 : n=5 26 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific – Baseline Characteristics of Melanoma Patients IMA402 Melanoma Baseline Characteristics Efficacy pop. ≥ 10 mg (n=14) Safety pop. (n=53) n=12 n=1 n=1 n=37 n=3 n=13 Indication Cut. Melanoma Melanoma unknown primary Uveal melanoma 52 (37, 68) 59 (28, 82) Age Median (min, max) 10 (71) 4 (29) 34 (64) 19 (36) ECOG performance status 0, n (%) 1, n (%) 3 (1, 6) 3 (1, 7) Prior lines of systemic treatment Median (min, max) 2 (1, 5) 14 (100) 14 (100) 13 (93) 1 (7) 1 (7) 2 (0, 5) 50 (94) 50 (94) 46 (87) 17 (32) 16 (30) Prior lines of ICI, median (min, max) ≥1 line of ICI treatment, n (%) Anti PD(L) - 1, n (%) Anti - CTLA4, n (%) Prior TCR - based therapy, n (%) Tebentafusp, n (%) 10 (71) 4 (29) 0 (0) 27 (51) 25 (47) 1 (2) LDH at baseline ≤ 1xULN, n ( %) 1 - 2xULN, n ( %) > 2xULN, n ( %) 82 (21, 255) 90 (21, 398) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (2, 11) 4 (29) 3 (21) 5 (1, 15) 23 (43) 5 (9) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) • Patients were heavily pre - treated with median 3 prior lines • All melanoma patients received prior ICI, median 2 prior ICI lines • 93% in efficacy population received ipilimumab/nivolumab • All uveal melanoma patients received prior tebentafusp Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose); CT LA4 : Cytotoxic T - lymphocyte associated protein 4; ECOG: e astern cooperative oncology group ; LDH: lactate dehydrogenase; inhibitors; PD(L) - 1: Programmed cell death protein (ligand) 1; RP2D: recommended phase 2 dose; ULN: upper limit of normal. 27 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific – Baseline Characteristics of Ovarian Carcinoma Patients Ovarian Carcinoma Baseline Characteristics Efficacy - evaluable ≥10 mg (N=3) Safety population (N=19) 58 (55, 72) 59 [21, 73] Age Median (min, max) 1 (33) 2 (67) 11 (58) 8 (42) ECOG performance status 0, n (%) 1, n (%) 4 (3, 5) 3 (100) 3 (3, 3) 2 (67) 3 (100) 2 (67) 1 (33) 4 (1, 6) 19 (100) 2 (1, 5) 9 (47) 14 (74) 10 (53) 4 (21) Prior lines of systemic treatment Median (min, max) Prior platinum containing chemotherapy regimen ≥1 line , n (%) Median number of lines (min, max) ≥1 line of non - p latinum chemotherapy regimen, n (%) Bevacizumab, n (%) PARPi, n (%) ADC, n (%) 1 (33) 2(67) 0 (0) 6 (32) 13 (68) 0 (0) LDH at baseline ≤ 1xULN, n ( %) 1 - 2xULN, n ( %) > 2xULN, n ( %) 77 (22, 95) 77 (16, 150) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (3, 4) 2 (67) 0 (0) 4 (1, 10) 9 (47) 1 (5) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) 1 (33) 4 (21) Ascites, n (%) IMA402 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose); AD C: antibody - drug conjugate; ECOG: e astern cooperative oncology group ; LDH: lactate dehydrogenase; PARPi : Poly (ADP - ribose) polymerase inhibitors; RP2D: recommended phase 2 dose; ULN: upper limit of normal. • Patients were heavily pre - treated • Median of 4 prior lines • All patients were platinum - resistant • Majority had prior bevacizumab and PARPi 28 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile Tolerability at RP2D Range (n=29) ≥ Grade 3 All Grades TEAEs, n (%) 20 (69) 29 ( 100) Any 18 (62) 28 ( 97) Treatment - related IMA402 1 All treatment - emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to IMA402 infusion with grade 1 - 2 occurring in at least 7% of patients and all events with ≥ grade 3 ; 2 Two dose - limiting toxicities (DLTs) at 0.08 mg and 0.3 mg; AEs: adverse events; CRS: cytokine release syndrome; G: grade; MTD: Maximum tolerated dose; RP2D: recommended phase 2 dose. • Favorable tolerability consistent with tolerability across all doses • Most frequent/relevant related AEs were • Expected and transient lymphopenia, consistent with the mechanism of action • Low - grade CRS (21% G1, 7% G2, no ≥ G3) • No ICANS • No IMA402 - related Grade 5 events • MTD not reached 2 at 30 mg ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 13 (45) 16 (55) Lymphopenia 9 (31) Arthralgia 9 (31) Fatigue 8 (28) Cytokine release syndrome 3 (10) 7 (24) Alanine aminotransferase increased 2 (7) 7 (24) Aspartate aminotransferase increased 5 (17) Lipase increased 5 (17) Myalgia 1 (3) 4 (14) Gamma - glutamyltransferase increased 4 (14) Amylase increased 4 (14) Anaemia 4 (14) Erythema 3 (10) Arthritis 3 (10) Blood alkaline phosphatase increased 3 (10) Decreased appetite 3 (10) Diarrhoea 3 (10) Dry skin 3 (10) Nausea 3 (10) Pruritus 3 (10) Rash 2 (7) Abdominal pain 2 (7) Embolism 2 (7) Hypoalbuminaemia 2 (7) Hypokalaemia 2 (7) Hypomagnesaemia 2 (7) Hypophosphataemia 2 (7) Oedema peripheral 2 (7) Periorbital oedema 2 (7) Thrombocytopenia 2 (7) Vitiligo 1 (3) 1 (3) Herpes zoster 1 (3) 1 (3) Hypertension 1 (3) 1 (3) Liver function test increased 29 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific Pharmacokinetics in Patients Antibody - like TCER® Format with Half - life Extension (HLE) Dose normalized IMA402 serum conc. (ng/ml)/µg IMA402 PRAME Bispecific Median half - life: 7.3 days IMA402 2nd PK profiles close to steady - state shown for patients dosed at ≥ 3 mg (N=2 5 ); median and interquartile range shown . Half - li ves from 2nd PK profiles calculated by non - compartmental analysis (NCA; N=22). 30 Status Sep 26, 2025
Patient Case: Ongoing cPR in Patient with Platinum - resistant Ovarian Carcinoma Patient Characteristics & Outcomes 72 - y ear - old female with platinum - resistant ovarian high grade serous carcinoma (PROC); initial diagnosis in June 2019 Patient & Diagnosis Target lesions: • 2 lesions in liver • 1 mediastinal lymph node Disease at Baseline 3 prior lines of therapy • Adjuvant: Carboplatin + Paclitaxel , maintenance with Bevacizumab + Olaparib • Carboplatin + Doxorubicin/Caelyx , maintenance with N iraparib; BOR CR PD • Cisplatin + Gemcitabine ; BOR PD Prior systemic therapy Initial dose: 7 mg , escalated to 20 mg Start of IMA402 treatment : Jun 20 25 Study Treatment • PR at first scan at 12 mg • Ongoing cPR at 3 - months scan at 20 mg with - 51% tumor reduction Response Assessment Baseline 6 weeks 3 months Scans courtesy of treating physician Dr. Brigitte Rack, Comprehensive Cancer Center Ulm; BOR: best overall response; cPR : confirmed partial response; CR: complete response; PD: progressive disease. IMA402 31 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific: Clinical Responses Across Various Indications Efficacy Population at RP2D Range ≥ 10mg (n=20) Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Highest dose received (mg) PRAME Status List of prior treatment lines No of prior treatment lines Indication Yes 7.3 (ongoing) - 77.1 cPR 70 20 Positive Pembrolizumab Ipilimumab/ Nivolumab/ Nivolumab/ Ipilimumab/ Nivolumab Dacarbazin Ipilimumab/ Nivolumab Nivolumab Nivolumab/ Ipilimumab 6 Cut. melanoma Yes 10.0 (ongoing) - 68.1 cPR 90 20 Positive Nivolumab Ipilimumab/ Nivolumab Lenvatinib/ Pembrolizumab 3 Cut. melanoma Yes 3.4 (ongoing) - 43.7 cPR 54 20 Positive Interferone - alpha Nivolumab Ipilimumab/ Nivolumab 3 Cut. melanoma Yes 19.9 (ongoing) - 35 cPR 40 20 Positive Ipilimumab/ Nivolumab Nivolumab Tebentafusp 3 Uveal melanoma Yes 4.8 - 16.8 SD 75 20 Positive Nivolumab Nivolumab/ Ipilimumab Pembrolizumab 3 Cut. melanoma Yes 6.8 (ongoing) - 3.2 SD 126 20 Positive Pembrolizumab Ipilimumab/ Nivolumab Cyclophosphamide/ Fludarabin/ TIL tumorinfiltrating lymphocytes 3 Cut. melanoma Yes 4.7 - 1.5 SD 198 12 Not evaluable Ipilimumab/ Nivolumab/ Braftovi/ Mektovi Ipilimumab/ Nivolumab Braftovi/ Mektovi 3 Cut. melanoma Yes 7.0 (ongoing) - 0.2 SD 255 20 Not evaluable Interferon Nivolumab/ Ipilimumab 3mg/kg body weight Pembrolizumab 3 Melanoma (Unk. Primary) Yes 3.6 (ongoing) 0 SD 122 20 Positive Pembrolizumab Nivolumab/ Ipilimumab Darcabacin 3 Cut. melanoma Yes 5.4 (ongoing) 15.1 SD 135 20 Positive Pembrolizumab/ MK - 7684A Ipilimumab/ Nivolumab Nivolumab 3 Cut. melanoma IMA402 1 Median target lesion sum of diameter; BOR: best overall response; cPR : confirmed partial response; PFS: progression - free survival; PD: progressive disease; RP2D: recommended phase 2 dose; SD: stabl e disease. 32 Data cutoff Sep 26, 2025
IMA402 PRAME Bispecific: Clinical Responses Across Various Indications Efficacy Population at RP2D Range ≥ 10mg (n=20) Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Highest dose received (mg) PRAME Status List of prior treatment lines No of prior treatment lines Indication Yes 1.4 28.6 PD 112 20 Positive Ipilimumab/ Nivolumab 1 Cut. melanoma No 1.4 41.1 PD 21 20 Positive Pembrolizumab / IO102 - 103 ( other investigational drug ) Encorafenib / Binimitinib 2 Cut. melanoma No 1.4 50.9 PD 58 12 Positive Ipilimumab/ Nivolumab/ Nivolumab BNT - 111 ( other study medication )/ Cemiplimab Lenvatinib / Pembrolizumab Dacarbazin 4 Cut. melanoma No 1.4 0 PD 21 20 Positive Ipilimumab/ Nivolumab Nivolumab Cyclophosphamide/ Fludarabine 3 Cut. melanoma Yes 4.7 (ongoing) - 100 cPR 22 20 Positive Carboplatin/ Paclitaxel/ Bevazizumab Carboplatin/ Peg - liposomal doxorubicin Mitoxantron Carboplatin/ Cisplatin 4 Ovarian cancer Yes 3.8 (ongoing) - 50.5 cPR 95 20 Positive Carboplatin auc5/ Paclitaxel/ Avastin/ Olaparib Doxorubicin/ Caelyx/ Niraparib/ Carboplatin auc5 Cisplatin/ Gemcitabine 3 Ovarian cancer Yes 1.4 20.8 PD 77 20 Positive Carboplatin/ Paclitaxel/ Bevacizumab/ Durvalumab/ Olaparib Carboplatin/ Gemcitabine Carboplatin/ Caelyx Raludotatug Paclitaxel 5 Ovarian cancer No 4.7 3.5 SD 68 20 Positive Doxorubicin/ Olaratumab/ Doxorubicin Paclitaxel/ Carboplatin Pembrolizumab Trastuzumab - deruxtecan Paclitaxel 5 Endometrioid carcinoma No 1.4 9.4 PD 32 20 Positive Carboplatin/ Paclitaxel/ Carboplatin/ Paclitaxel Pembrolizumab/ Lenvatinib 2 Endometrioid carcinoma No 1.4 - 24.8 PD 137 12 Positive Doxorubcin/ Ifosfamide 1 Syn. sarcoma IMA402 1 Median target lesion sum of diameter; BOR: best overall response; cPR : confirmed partial response; PD: progressive disease; PFS: progression - free survival; RP2D: recommended phase 2 dose; SD: stabl e disease. 33 Data cutoff Sep 26, 2025
Potential of IMA402 PRAME Bispecific in Solid Cancers PRAME Target Expression and Prevalences in Selected Solid Cancer Types Hukelmann et al., SITC 2022, updated prevalences as of May 2025; 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to TCGA or in - house (SCL C) RNAseq data (approximate values, values between 95 - 100% shown as 95%); 2 PRAME target prevalence in uveal melanoma based on IMADetect® qPCR testing of screening biopsies from clinical trial patients d emonstrates substantial higher prevalence of ~90% compared to prevalence based on TCGA data of 50%, TCGA: early & late - stage pri mary tumor samples, Immatics clinical trials: late - stage/metastatic tumor samples, Role of PRAME in metastasis of uveal melanoma: Field et al. 2016 Clinical Cancer Research; MS: mass spectrometry; NSCLC: non - small cell lung cancer Selected indications Clinical activity shown No clinical activity expected Potential for clinical activity 95% 90% (50% 2 ) 95% 85% 95% 95% 70% 65% 45% 40% 35% 25% 25% 25% 25% 20% 20% Cutaneous Melanoma Uveal Melanoma 2 Uterine Carcinoma Ovarian Carcinoma (serous) Uterine Carcinosarcoma Synovial Sarcoma Squamous Cell NSCLC Triple - negative Breast Carcinoma Small Cell Lung Cancer Kidney Carcinoma (papillary) Cholangiocarcinoma Adenocarcinoma NSCLC Breast Carcinoma (all subtypes) Head & Neck Squamous Cell Carcinoma Esophageal Carcinoma (all subtypes) Hepatocellular Carcinoma Bladder Carcinoma IMA402 Initial threshold to determine PRAME positive patients in current clinical trials 1 Presumed optimized threshold 34
IMA401 - MAGEA4/8 Bispecific APPENDIX 35
Safety Population (N=55 enrolled patients) IMA401 MAGEA4/8 Bispecific – Patient Disposition Safety Population ≥1 mg n=44 Efficacy Population 1 ≥1 mg N= 38 patients H&N n=8 Melanoma n=7 sqNSCLC n=3 IMA401 Others (> 10 different indications): n=20 Safety Population <1mg n=8 Dose groups according to highest actual dose received at any time point as initial target dose or via intra - patient dose escalat ion. 1 All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death) and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses) ; H&N: head and neck cancer; RP2D: recommended phase 2 dose; sqNSCLC : squamous non - small cell lung cancer; TNBC: triple - negative breast cancer. Efficacy Population 1 <1mg n=6 Patients not evaluable for efficacy: • Received < 4 IMA401 infusions: n=2 Patients not evaluable for efficacy • Treated after June 26, 2025: n=3 • Received < 4 IMA401 infusions: n=3 (urothelial carcinoma, TNBC, testicular cancer) 36 Data cutoff Sep 26, 2025 Patients in ongoing early step dosing not yet reached target dose : n=3
Demographics and Baseline Characteristics Patients Treated with IMA401 MAGEA4/8 Bispecific with or without Pembrolizumab Efficacy - evaluable population (N=38) 1 ≥1 mg Safety Population (N=55) 0.0066 mg – 2.5 mg 63 (28, 82) 63 (19, 82) Age Median (min, max) 11 (29) 25 (66) 2 (5) 17 (31) 35 (64) 3 (5) ECOG performance status 0, n (%) 1, n (%) 2, n (%) 4 (1, 9) 4 (1, 9) Prior lines of systemic treatment Median (min, max) 22 (58) 15 (39) 1 (3) 31 (56) 20 (36) 4 (7) LDH at baseline ≤ 1xULN, n (%) 1 - 2xULN, n (%) > 2xULN, n (%) 76 (15, 203) 67 (11, 223) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (1, 10) 9 (24) 3 (8) 4 (1, 10) 14 (25) 4 (7) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) 1 All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due t o disease progression or death) and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses) ; ECOG: e astern cooperative oncology group; LDH: Lactate dehydrogenase; SOC: standard of care; ULN: Upper limit of normal. IMA401 Heavily pre - treated last - line patients with a median of 4 prior treatment lines Heavily pre - treated and highly heterogenous patient population with >15 different indications Efficacy population: • All melanoma patients (n=7) were ICI pretreated • All sqNSCLC patients (n=3) were ICI pretreated and have received ≥2 chemo regimens • Majority of H&N patients have received Cetuximab and ICI (plus various chemotherapies) • All IMA401 + pembrolizumab combo patients have progressed on prior ICI 37 Data cutoff Sep 26, 2025
IMA401 Safety Population IMA401 Monotherapy Only vs. IMA401/ Pembro Combo Safety Population (N=55) Treated with IMA401 Monotherapy (N=46) and in Combination with Pembrolizumab (N=9) IMA401 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion and/or Pembrolizumab infusion with gr ade 1 - 2 occurring in at least 7% of all patients and all events with ≥ grade 3; 2 IMA401 dose in pembrolizumab combo cohort was 1 mg (n=6) or 1.5 mg (n=2) and includes one patient still in ongoing step dosin g at 0.3 mg IMA401; AE: adverse event IMA401/Pembro Combo 2 (N=9) IMA401 Monotherapy (N=46) ≥ Grade 3 All Grades ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 0 3 (33) 0 16 (35) Cytokine release syndrome 0 1 (11) 10 (22) 15 (33) Neutropenia 1 (11) 3 (33) 12 (26) 13 (28) Lymphopenia 0 0 2 (4) 8 (17) Thrombocytopenia 0 0 2 (4) 8 (17) Headache 0 0 2 (4) 7 (15) Facial pain 0 0 5 (11) 7 (15) Anaemia 0 1 (11) 3 (7) 6 (13) Leukopenia 0 1 (11) 0 5 (11) Fatigue 0 2 (22) 1 (2) 4 (9) Alanine aminotransferase increased 0 0 2 (4) 4 (9) Hypertension 0 2 (22) 0 4 (9) Pyrexia 0 0 0 4 (0) Nausea 0 1 (11) 2 (4) 3 (7) Aspartate aminotransferase increased 0 0 1 (2) 2 (4) Hypoxia 0 0 1 (2) 2 (4) Arthralgia 1 (11) 1 (11) 0 1 (2) Gamma - glutamyltransferase increased 0 0 1 (2) 1 (2) Febrile neutropenia 0 0 1 (2) 1 (2) Pneumonia 0 0 1 (2) 1 (2) Sinus tachycardia • No additional toxicities in the combination of IMA401 and pembrolizumab (400mg q6w) observed • Confirmation of RP2D dose for the combination ongoing 38 Data cutoff Sep 26, 2025
IMA401 MAGEA4/8 Bispecific Shows a Favorable Tolerability Profile at RP2D Safety Population (N=37) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab (1 - 2 mg) ≥ Grade 3 All Grades TEAEs, n (%) 24 (65) 36 (97) Any 16 (43) 32 (86) Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 0 14 (38) Cytokine release syndrome 7 (19) 10 (27) Lymphopenia 4 (11) 10 (27) Neutropenia 1 (3) 6 (16) Headache 2 (5) 6 (16) Leukopenia 1 (3) 5 (14) Alanine aminotransferase increased 2 (5) 4 (11) Aspartate aminotransferase increased 0 4 (11) Thrombocytopenia 0 4 (11) Pyrexia 2 (5) 3 (8) Hypertension 0 3 (8) Fatigue 0 3 (8) Pruritus 0 3 (8) Rash maculo - papular 1 (3) 1 (3) Anaemia 1 (3) 1 (3) Gamma - glutamyltransferase increased 1 (3) 1 (3) Sinus tachycardia Dose 0 1 (9) 0 0 1 (9) <1 mg, n (%) 3 (8) 1 (3) 4 (11) 2 (5) 10 (27) 1 - 2 mg, n (%) 4 (57) 1 (14) 0 0 5 (71) >2 mg, n (%) Grade 1 Grade 2 Grade 3 Grade 4 N=11 N=37 N=7 RP2D range All Grades Related Neutropenia by dose range 39 Data cutoff Sep 26, 2025 IMA401 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1 - 2 occurring in at least 7% of patients and all events with ≥ grade 3. • Favorable tolerability observed at RP2D range of 1 - 2 mg • Most frequent/relevant related AEs were • Low - grade CRS ( 24% G1, 14% G2, no ≥ G3 ), mostly at first step dose • Expected and transient lymphopenia, consistent with the mechanism of action • Transient neutropenia, well - manageable and not re - occurring after resolution under continued treatment • No ICANS observed
IMA401 MAGEA4/8 Bispecific Pharmacokinetics in Patients Antibody - like TCER® Format with Half - life Extension (HLE) Median half - life: 19.6 days Dose normalized IMA401 serum conc. (ng/ml)/µg IMA401 MAGEA4/8 Bispecific IMA401 2nd PK profiles close to steady - state shown for patients dosed at ≥ 1 mg (N=2 4 ); median and interquartile range shown . Half - li ves from 2nd PK profiles calculated by non - compartmental analysis (NCA; N=18). 40 Status Sep 26, 2025
Baseline Lung right Lung left 3 months 5 months Patient Case: cPR for 8 Months & Stabilization Post PD with Continued Treatment in HNSCC Patients Characteristics & Outcome 63 - year - old male with HNSCC hypopharynx; Initial diagnosis in Jan 2022 Patient & Diagnosis Several metastases in lung Disease at Baseline 3 prior lines of therapy • Carboplatin, cisplatin, BOR: PD – Toxicity • Carboplatin, fluorouracil (5 - FU), pembrolizumab, BOR: PD – Toxicity • Cetuximab, docetaxel, BOR: SD PD Prior Systemic Therapy Start with 1.8 mg, switched to 2 mg post progression still in treatment >18 months Study Treatment PR at first staging (week 7) with deepening of response to - 62%. cPR for 8 months, continued treatment post progression (PD due to growth of target lesions) with re - stabilization and further decrease of lesions down to - 66.7% Response Assessment IMA401 Scans courtesy of treating physician Dr. med. Max - Felix Häring, University Hospital Tübingen; AEs: adverse events; BOR: Best ove rall response; CRS: cytokine release syndrome; cPR : confirmed partial response; HNSCC: Head and neck squamous cell carcinoma; PD: progressive disease; SD: stable disease . 41 Data cutoff Sep 26, 2025
IMA401 MAGEA4/8 Bispecific: Clinical Responses in H&N, Melanoma, sqNSCLC Patients Treated at ≥1 mg as Monotherapy or in Combination with Pembrolizumab IMA401 Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Pembrolizumab (≥ one dose) Highest dose received (mg) List of prior treatment lines No of prior treatment lines Indication Yes 10.2 - 61.5 cPR 39 2 Cisplatin/ Carboplatin Pembrolizumab/ Fluorouracil/ Carboplatin Cetuximab/ Docetaxel 3 H&N – HNSCC Yes 9.8 (ongoing) - 53.8 cPR 3 2 2 Cisplatin 1 H&N - Salivary gland adenocarcinoma No 2.6 - 22.4 SD 67 1 . 5 Cisplatin/ Carboplatin Nivolumab Cisplatin/ Cetuximab/ Docetaxel 3 H&N – HNSCC No 2.4 4.8 SD 53 1 . 2 Cisplatin Carboplatin/ Paclitaxel/ Cetuximab 2 H&N – HNSCC No 2.2 18.9 SD 53 1 . 5 Cemiplimab 1 H&N - Sq cell carcinoma right lacrimal sac No 1.1 13.4 PD 82 Yes 1 Pembrolizumab/ Cisplatin/ Fluorouracil Cetuximab 2 H&N – HNSCC No 1.4 19.4 PD 129 1 . 2 Pembrolizumab Cetuximab/ Docetaxel 2 H&N – HNSCC No 1.2 37.8 PD 37 1 . 8 Cisplatin Carboplatin/ Paclitaxel Tipifarnib Bicalutamide/ Triptorelin VB - N - 10 - NEO/ Atezolizumab Trastuzumab Deruxtecan Darolutamide Abiraterone Sacituzumab govitecan 9 H&N - HNSCC No 1.4 - 38.8 PR 65 Yes 1 Cisplatin/ Vinorelbine Tartrate Carboplatin/Paclitaxel/Nivolumab/Ipilimumab Docetaxel/ Ramucirumab Carboplatin/ Gemcitabine Hydrochloride 4 sqNSCLC No 4.4 0 .0 SD 84 2.5 (above RP2D) Atezolizumab/ Carboplatin/ Paclitaxel Nanoparticle Albumin - bound Docetaxel/ Ramucirumab 2 sqNSCLC No 1.4 - 19.0 PD 105 Yes 1 Cisplatin/ Vinorelbine Tartrate Carboplatin/ Paclitaxel/ Pembrolizumab Pembrolizumab Docetaxel/ Ramucirumab 4 sqNSCLC 1 Median target lesion sum of diameter; BOR: best overall response; (c)PR: (confirmed) partial response; PD: progressive disease; RP2D: recommended phase 2 dose; SD: st able disease. H&N: head and neck cancer. 42 Data cutoff Sep 26, 2025
IMA401 MAGEA4/8 Bispecific: Clinical Responses in H&N, Melanoma, sqNSCLC Patients Treated at ≥1 mg as Monotherapy or in Combination with Pembrolizumab IMA401 Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Pembrolizumab (≥ one dose) Highest dose received (mg) List of prior treatment lines No of prior treatment lines Indication #N Yes 29.1 (ongoing) - 68.9 cPR 106 1.8 Nivolumab Dabrafenib/ Trametinib Nivolumab/ Encorafenib/ Binimetinib Nivolumab/ Talimogene Laherparepvec/ Ipilimumab Nivolumab 5 Cut. Melanoma 401 - 26 - 009 No 10.2 - 42.6 cPR 61 1.8 Pembrolizumab Ipilimumab/ Nivolumab 2 Cut. Melanoma 401 - 10 - 043 No 6.5 - 50 .0 PR 18 1.8 Nivolumab/ Ipilimumab Nivolumab Imatinib 3 Muc. Melanoma 401 - 26 - 119 Yes 12.0 13.3 SD 15 2 Pembrolizumab Ipilimumab/ Nivolumab Dacarbazine Citrate Ipilimumab/ Nivolumab 4 Cut. Melanoma 401 - 15 - 033 No 0.8 - 14.6 PD 82 1.8 Pembrolizumab Nivolumab/ Ipilimumab 2 Cut. Melanoma 401 - 34 - 028 No 1.4 - 5.9 PD 34 1 . 8 Bempegaldesleukin/ Nivolumab Talimogene Laherparepvec ICT 01 (BTN3A AK)/ Pembrolizumab Other Antineoplastic Agents 4 Cut. Melanoma 401 - 10 - 060 No 0.9 61.8 PD 178 2 . 5 (above RP2D) Vemurafenib/ Cobimetinib Encorafenib/ Binimetinib Nivolumab/ Ipilimumab Binimetinib/ Encorafenib Other Antineoplastic Agents 5 Cut. Melanoma 401 - 10 - 071 1 Median target lesion sum of diameter; BOR: best overall response; (c)PR: (confirmed) partial response; PD: progressive disease; RP2D: recommended phase 2 dose; SD: st able disease; cut. melanoma: cutaneous melanoma, muc . melanoma: mucosal melanoma; sqNSCLC : squamous cell non - small cell lung cancer. 43 Data cutoff Sep 26, 2025
MAGEA4/8: Superior Target Peptide Density and Inducible Upregulation 1 Data on file: Copy number per tumor cell ( CpC ) measured on a paired - sample basis by AbsQuant ®, i.e. comparing MAGEA4 vs. MAGEA4/8 peptide presentation on same sample, student’s paired t - test ; 2 CpC fold change on an A375 tumor cell line measured by AbsQuant ® with and without IFN - γ (100 U/mL) stimulation for 48 h, student’s paired t - test; 3 Jorgovanovic et al., Biomark Res , 2020; pHLA : peptide - human leukocyte antigen; IFN - γ : interferon gamma. MAGEA4 Commonly used peptide MAGEA4/8 Immatics MAGEA4 Commonly used peptide MAGEA4/8 Immatics MAGEA4 and MAGEA4/8 Target Peptide Density in primary and metastatic solid tumors 1 A375 Tumor C ell Line P resenting MAGEA4 and MAGEA4/8 Peptide stimulated with IFN - γ 2 When tumor cells are exposed to immune signals like IFN - γ that can be abundant in the tumor micro - environment 3 , t hey substantially enhance presentation of MAGEA4/8 peptide, whereas the observed effect on the MAGEA4 peptide is 10 - fold weaker . MAGEA4/8 target is presented at >5 - fold higher target density than a commonly used MAGEA4 target peptide Immune activation boosts MAGEA4/8 peptide levels unlocking tumor visibility where it matters most IMA401 p<0.001 p<0.01 44
Potential of IMA401 MAGEA4/8 Bispecific in Solid Cancers MAGEA4/8 Target Expression and Prevalences in Selected Solid Cancer Types 1 Data on file: MAGEA4/8 target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to TCGA RNAseq data (approximate values); HNSCC: Head and neck squamous cell carcinoma; sqNSCLC : s quamous cell non - small cell lung cancer IMA401 Clinical activity shown No clinical activity expected Potential for clinical activity 35 % 30% 25 % 25 % 20 % 50 % Cutaneous melanoma HNSCC Ovarian carcinoma sqNSCLC Esophageal carcinoma Bladder carcinoma Initial threshold to determine MAGEA4/8 positive patients in current clinical trials 1 Presumed optimized threshold 45
IMA402 - PRAME Bispecific APPENDIX IMA401 - MAGEA4/8 Bispecific Combination with Immune Checkpoint Inhibitors ICI ICI: immune checkpoint inhibitor 46
Combinational Targeting PD - L1: Unlocking Potential with ICI Reduced response to IMA402 or IMA401 monotherapy Non - Responders Show High PD - L1 Levels • (Approved) immune checkpoint inhibitors already in use • Strategic next steps: • IMA402 + ICI combination in cutaneous melanoma and OC • IMA402 + IMA401 + ICI combination • Potential to overcome resistance and expand clinical benefit Opportunity in PD - L1 High Tumors : sqNSCLC , HNSCC, melanoma, EC, OC 1 - 5 Data on file: PD - L1 RNA expression (qPCR) in pre - treatment biopsies (fresh - frozen samples) of efficacy - evaluable patients treate d with either IMA402 (≥10 mg) or IMA401 (≥1 mg ) monotherapy ; BOR: best overall response (RECIST 1.1); (c)PR: (confirmed) partial response; EC: endometrial carcinoma; HNSCC: head and neck squamous cell carcinoma; ICI: immune checkpoint in hibitor; OC: ovarian carcinoma; PD: progressive disease; RP2D: recommended phase 2 dose; SD: stable disease sqNSCLC : squamous non - small cell lung cancer. PD /SD PR / cPR 2 - dCT PD - L1 expression in pre - treatment biopsies p<0.05 Combination 1 Dietel M et al., Lung Cancer , 2019 ; 2 Hong MH et al., ESMO Open , 2024 ; 3 Ellebaek E et al, Eur J Cancer, 2024 ; 4 De Tommasi O et al, Clin Med , 2025 ; 5 Alwosaibai K et al, BMC Cancer 23, 2023 Best overall Response 47
Proprietary TCER® Format APPENDIX 48
Potency of Our Proprietary TCR Bispecific Format TCER® • Seven different TCR Bispecific formats were evaluated with a pHLA targeting TCR and the identical T cell recruiting antibody • TCER® format had higher combination of potency and specificity 1 than six alternative TCR Bispecific format designs evaluated Flexible Plug - and - play platform: TCER® format successfully validated for different TCRs & different T cell recruiting antibodies TCER® 2+1 TCR bispecific format: High potency was linked to a significantly reduced specificity profile Killing of target - positive cells by different TCR Bispecifics Data on file: Preclinical data on specificty not shown TCER® 49
TCER® Format Is Designed for Optimized Efficacy and Safety Superior Tumor Control Using a Novel, Low - Affinity Recruiter Widely used T cell recruiting Ab (3 variants) medium to high affinity (single to double digit nM ) n = 6 mice/treatment group, n = 10 mice in vehicle group, 2 donors/group Dose: 0.025 mg/kg Proprietary, low - affinity T cell recruiting region demonstrates superior tumor control compared to analogous TCER® molecules designed with higher - affinity variants of a widely used recruiter Immatics’ T cell recruiting Ab low affinity (triple digit nM ) Tumor Model in Mice Data on file: Hs695T xenograft model in NOG m ice , tumor volume of group means shown. Ab: antibody TCER® 50
Exhibit 99.3
© Immatics. Not for further reproduction or distribution. © Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation November 12, 2025
Forward - Looking Statement This presentation (“Presentation”) is provided by Immatics N . V . (“Immatics” or the “Company”) for informational purposes only . The information contained herein does not purport to be all - inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation . Forward - Looking Statements . Certain statements in this presentation may be considered forward - looking statements . Forward - looking statements generally relate to future events or the Company’s future financial or operating performance . For example, statements concerning timing of data read - outs for product candidates, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration - enabling), the timing of IND or CTA filing for pre - clinical stage product candidates, the timing of BLA filings for clinical stage product candidates, estimated market opportunities of product candidates, manufacturing timetables, capacity and success rates, the Company’s focus on partnerships to advance its strategy, and other metrics are forward - looking statements . In some cases, you can identify forward - looking statements by terminology such as “may”, “should”, “expect”, “plan”, “target”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology . Such forward - looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements . These forward - looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain . New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties . Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 20 - F and other filings with the Securities and Exchange Commission (SEC) . Nothing in this presentation should be regarded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved . You should not place undue reliance on forward - looking statements, which speak only as of the date they are made . The Company undertakes no duty to update these forward - looking statements . No Offer or Solicitation . This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , as amended, or in an offering exempt from registration . Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company’s own internal estimates and research . In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions . Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source . All the scientific and clinical data presented within this presentation are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification . 2
PRAME Is Expressed in More Than 50 Cancers Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary initial mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% shown as 95%); anzu - cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials ; NSCLC: Non - small cell lung cancer ≥95 % ≥10 % Cancer Cell Death IMA402 PRAME Bispecific a nzu - cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) Immatics Is the Global Leader in Precision Targeting of PRAME with 3 clinical product candidates PRAME prevalence in selected indications % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 PRAME Indication Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…)
Immatics Is the Global Leader in Precision Targeting of PRAME • P RAME is an intracellular protein pre sented as a peptide on the surface of tumor cells by HLA molecules 1 • The PRAME peptide can be targeted by T - cell receptors (TCRs) engineered by Immatics, thus overcoming limitations of classical antibodies and CAR T - cell therapies not able to access intracellular targets 1,2 • PRAME has multiple functions in tumor biology enhancing tumor cell survival, tumor proliferation and resistance to apoptosis #, 3,4 • PRAME expression has been associated with poor prognosis incl. shorter survival 5,6,7,8 • PRAME is homogenously expressed in tumor tissue 9 4 s qNSCLC Ovarian Cancer PRAME RNA detection in tumor samples (ISH) Anzutresgene autoleucel ( anzu - cel, formerly IMA203), # Activation of proliferative and survival pathways , including PI3K/AKT/mTOR 3 , and i nhibition of retinoic acid signaling preventing retinoic acid - induced differentiation and apoptosis 4 1 Wermke et al., 2025; 2 Chandran et al., 2019, 3 Yu et al., 2023; 4 Epping et al., 2005; 5 Al - Khadairi & Decock . 2019; 6 Naik et al., 2021 ; 7 Gezgin et al., 2017; 8 Field et al., 2016; 9 Hukelmann et al., SITC 2022. PRAME anzu - cel (IMA203)
Target Indication Modality Product candidate 2L melanoma 2 Cell therapy Anzu - cel (IMA203) Uveal melanoma Cell therapy Anzu - cel (IMA203) Cutaneous melanoma, synovial sarcoma Cell therapy Anzu - cel (IMA203) + mRNA - 4203 Gynecologic cancers Cell therapy IMA203CD8 Other so lid cancers Melanoma, gynecologic cancers, others Bispecific IMA402 Melanoma, gynecologic cancers, others Bispecific IMA402 + ICI MAGEA4/8 HNSCC, sqNSCLC, others Bispecific IMA401 3 other Undisclosed Bispecific Undisclosed 4 other Undisclosed Cell therapy Undisclosed Preclinical 1a 1 1b 1 2 3 SUPRAME P hase 5 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Phase 1a: Dose escalation, Phase 1b: Dose expansion ; 2 2L melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor ; 3 With or without checkpoint inhibitor (pembrolizumab); 4 mRNA - enabled in vivo expressed TCER® molecules ; HNSCC: head and neck squamous cell carcinoma; ICI: immune checkpoint inhibitor; sqNSCLC : squamous non - small - cell lung cancer PRAME Franchise PRAME Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities Product Candidates Therapeutic Modalities 3 2 2 Combinations PRAME PRAME PRAME PRAME PRAME PRAME PRAME
Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #2 PRAME Wave #3 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), All patient numbers refer to PRAME+/HLA - A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate D isease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; * 2L: patients with unresectable or metastatic cutaneous melanoma who have received at least 1 prior immune checkpoint inhibito r ; ICI: Immune checkpoint inhibitor; SOC: standard of care; sqNSCLC : squamous non - small - cell lung cancer >230K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 p.a. IMA203CD8 PRAME C ell T herapy (GEN2) IMA402 PRAME Bispecific Market entry in advanced melanoma ~9K addressable patients p.a. Expansion to all advanced PRAME cancers > 75K addressable patients p.a. Expansion to earlier - line PRAME cancers > 145K addressable patients p.a. • Enhanced pharmacology provides potential to expand to tumor - agnostic label in 2L PRAME solid cancers • First target indications: ovarian cancer, endometrial cancer IMA203CD8 IMA402 • Anzu - cel will be Immatics ’ first PRAME therapy to enter the market – launch targeted in 2027 • First target indications: 2L cutaneous melanoma * , uveal melanoma Anzu - cel (IMA203) PRAME Wave #1 Anzu - cel (IMA203) PRAME Cell Therapy 6 PRAME • Next - gen half - life extended bispecific as monotherapy or ICI/SOC combo in earlier lines • First target indications: melanoma, gynecological cancers • Exploration of IMA402/ IMA401 combination in sqNSCLC
Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 > 230K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 p.a. Anzu - cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME C ell T herapy (GEN2) IMA402 PRAME Bispecific □ Ph1a dose escalation data incl. ovarian cancer, melanoma, synovial sarcoma at ESMO - IO: 4Q 2025 EXPECTED MILESTONES STATUS STATUS STATUS • GEN2 PRAME cell therapy leveraging CD8 and CD4 T cells • Enhanced pharmacology • Phase 1 dose escalation ongoing • Off - the - shelf Bispecific • Next - gen, half - life extended format • Phase 1b dose expansion ongoing • RMAT designation 1 by FDA • Phase 3 SUPRAME trial in patients with advanced melanoma post ICI ongoing; Primary endpoint: PFS • Phase 1b trial with focus on uveal melanoma ongoing; addtl . Phase 2 cohort in patients with uveal melanoma initiated 7 PRAME Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Includes all benefits of Breakthrough Therapy Designation; 2 Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death); ICI: immune checkpoint in hi bitor; sqNSCLC : squamous non - small - cell lung cancer □ Ph1b melanoma update at ASCO 2025, uveal melanoma at ESMO 2025 □ Ph3 interim data analysis 2 : 2026 □ Ph3 final analysis 2 : 2026 □ BLA submission: 1H 2027 □ Launch: 2H 2027 EXPECTED MILESTONES x □ Ph1a dose escalation completed, clinical proof - of - concept of IMA402 □ Completion of Ph1b dose expansion with focus on melanoma and gyn - onc to determine the final RP2D: 2026 EXPECTED MILESTONES x
8 PRAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”) for develop me nt beyond Ph1b. Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. SOC: standard of care LYMPHODEPLETION & INFUSION Tumor cell HLA PRAME peptide ADMINISTRATION TO PATIENT LEUKAPHERESIS GENETIC ENGINEERING & EXPANSION TCER® PRODUCTION “OFF - THE - SHELF” PRODUCT PRAME Bispecific Half - life extended (HLE) bispecific T cell engager (TCER®) Modality: Repeat dose Application : Primarily in earlier lines incl. frontline or (neo)adjuvant setting (in combination with SOC) Positioning: Outpatient administration, hospitals and community centers Deployment : ≥20% cORR , ≥6 months mDOR (monotherapy, last line) TPP at RP2D 1 : PRAME Cell Therapy Autologous TCR T - cell Therapy Modality: Single dose (“one and done”) (no tumor surgery, no high - dose IL - 2) Application: Primarily second line and later monotherapy setting Positioning: Administered in specialized hospitals and medical centers; potential for outpatient administration Deployment : ≥40% cORR , ≥6 months mDOR (monotherapy, last line) TPP at RP2D 1 : Cell Therapy TCER® Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities
Anzu - cel (IMA203) PRAME Cell Therapy Market Entry in Advanced Melanoma PRAME Wave #1 9 Anzutresgene autoleucel ( anzu - cel, formerly IMA203)
Anzu - cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma 10 Anzu - cel (IMA203) Opportunity 2L Unresectable or Metastatic Cutaneous Melanoma * ~7.3K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 ~1.3K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), all patient numbers refer to PRAME+/HLA - A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate D isease Landscape and Forecast; * 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor ; EU5: France, Germany, Italy, Spain, United Kingdom PRAME Wave #1: anzu - cel EU5 US ~3.6K ~3.7K Unresectable or Metastatic Uveal Melanoma EU5 US ~0.7K ~0.6K ANZU - CEL (IMA203)
Positive Data and High Unmet Need 11 SUPRAME: Phase 3 randomized trial of anzu - cel vs. investigator choice in 2L cutaneous melanoma* ongoing (#NCT06743126) Phase 2 single arm cohort of anzu - cel in metastatic uveal melanoma ongoing (#NCT03686124) Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Manufacturing success rate for Phase 1; 2 Includes all benefits of Breakthrough Therapy Designation; # PRAME + /HLA - A*02:01 + addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; CRS: cytokine release syndrome; ICANS: immune effector cell associated neurotoxicity syndrome; cORR : confirmed objective response rate; mDOR : median duration of response; mPFS : median progression - free survival; OS: overall survival ; mFU : median follow - up; * 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor ; EU5: France, Germany, Italy, Spain, United Kingdom; Summary: Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Favorable Tolerability Anticipated cytopenias associated with lymphodepletion Mostly mild to moderate CRS (37% Gr1, 47% Gr2, 11% Gr3) Infrequent ICANS (5.4% Gr1, 4.1% Gr2, 4.1% Gr3) No anzu - cel - related grade 5 events Potential for outpatient administration Compelling Response Rate cORR : 56% (18/32) 42% (14/33) of patients had deep responses (≥50% tumor size reduction) Encouraging activity in both cutaneous melanoma ( cORR 50%) and uveal melanoma ( cORR 67%) Durable Responses 12.1 months mDOR and ongoing responses for up to 2.5+ years mPFS of 6.1 months mPFS 12.9 months in patients with deep responses m OS : 15.9 months Rapid & Robust Manufacturing Fast turnaround time: 7 - 8 days + 7 days QC release testing 95% manufacturing success rate to reach target dose 1 Optimized process to achieve desirable cellular functionality Commercial Opportunity ∼ 9K # addressable patients in US/EU5 in cutaneous and uveal melanoma FDA RMAT designation 2 received in multiple PRAME expressing cancers, including cutaneous and uveal melanoma Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Ph 1b Study of Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Patient Journey 12 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Gragert et al. 2013 and census numbers; HLA - A*02:01 prevalence in Immatics’ clinical trials: US 65% and Germany 55% as of March 2025; 2 30 mg/m 2 Flu darabine and 500 mg/m 2 Cy clophosphamide for 4 days; 3 1m IU SC daily days 1 - 5 and twice daily SC days 6 - 10, total dose is approx. only 5% of the overall dose for high - dose IL - 2 given typically with TIL therapy (Sarnaik et al. 2021 Journal of Clinical Oncology); 4 Manufacturing success rate for Phase 1 HLA - A*02:01 Testing Blood sample Treatment & Observation Phase Long Term Follow - up Screening & Manufacturing Phase Manufacturing by Immatics Anzu - cel (IMA203) One - time infusion Lymphodepletion 2 Low dose IL - 2 3 Safety and efficacy monitoring for 12 months Leukapheresis as source for cell product Process time of ~ 2 weeks 7 - 8 - day manufacturing process applying CD8/CD4 T cell selection 7 - day QC release testing PRAME testing in Phase 1 Due to high prevalence, PRAME testing no longer required in SUPRAME trial for cut. melanoma and Phase 2 cohort in uveal melanoma Inclusion by HLA testing o nly – no PRAME testing required Fast turn - around - time (~2 weeks) and manufacturing success rate of 95% 4 Favorable tolerability profile with potential outpatient administration – no high - dose IL - 2 Standard leukapheresis for product manufacturing – no need for tumor biopsy or surgery Prevalence 1 : US: 41%, EU: 48% Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel
Ph 1b Study of Anzu - cel (IMA203): Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenas e; MM, mucosal melanoma; TCR, T - cell receptor; UkM , melanoma of unknown primary; UM, uveal melanoma. 13 All Melanoma n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 Total Safety Population N=74 Baseline Characteristics 57 (31, 79) 62 (32, 74) 54.5 (31, 79) 54 (18, 79) Age, median (range) 48.5 62.5 21.4 52.7 Female, % 39.4 43.8 35.7 51.4 Baseline ECOG status 1, % 2 (0, 6) 2 (0, 6) 2.5 (1, 5) 3 (0, 10) Prior lines of systemic treatment, median ( range) 1 (0, 4) 81.8/57.6 --- 1 (0, 4) 62.5/43.8 62.5 2 (1, 3) 100/64.3 --- --- --- --- Prior ICI treatment , median (range) ≥1 line of PD1/CTLA4 , % Prior tebentafusp , % 57.6 56.3 64.3 63.5 Elevated LDH at baseline, % 104.0 (15.0, 309.8) 101.6 (30.8, 210.0) 120.5 (15.0, 309.8) 116.1 (15.0, 309.8) Median target lesion sum of diameter, mm (range) 78.8 93.8 64.3 62.2 Patients with liver metastasis, % 3.0 0.0 0.0 12.2 Patients with brain metastasis, % 0.0 100.0 --- --- 0.0 100.0 --- --- Metastatic staging, % (CM, MM, UkM only) IIIb /IIIc/IVM1a IVM1b/c/d --- --- 18.8 81.3 --- --- --- --- Metastatic staging, % (UM only) IVM1a IVM1b/ c/d All Melanoma Uveal Melanoma Cutaneous Melanoma Total Safety Population Treatment Experience 4.04 (1.30, 10.20) 3.94 (1.62, 8.43) 4.58 (1.30, 10.20) 2.34 (0.078, 10.20) Infused TCR T cell dose (x10 9 ), median (range) Melanoma Efficacy Population Heavily Pretreated Patient Population Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Anzu - cel (IMA203) PRAME Cell Therapy Safety: Adverse Events in ≥20% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) 14 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), Patients are counted only once per adverse event and severity classification. 1 Two patients with disease progression after first anzu - cel infusion received exploratory second anzu - cel infusion. They had these ≥ Grade 3 TEAEs only after second infusion, which are included in the table: First patient: CRS, d iarrhea; Second patient: neutropenia, thrombocytopenia. CRS, cytokine release syndrome; ICANS, immune effector cell - associated neurotoxicity syndrome; HLH, hemophagocytic lymphohistiocytosis ; TEAE, treatment - emergent adverse event. N=74 Preferred terms, n (%) Grade ≥3 Any grade 73 (98.6) 73 (98.6) Blood and lymphatic system disorders 67 (90.5) 68 (91.9) Neutropenia 1 38 (51.4) 57 (77.0) Anaemia 27 (36.5) 50 (67.6) Thrombocytopenia 1 38 (51.4) 39 (52.7) Leukopenia 39 (52.7) 39 (52.7) Lymphopenia 2 (2.7) 65 (87.8) Gastrointestinal disorders 0 (0.0) 45 (60.8) Nausea 1 (1.4) 28 (37.8) Diarrhoea 1 1 (1.4) 25 (33.8) Vomiting 0 (0.0) 23 (31.1) Constipation 2 (2.7) 49 (66.2) General disorders and administration site conditions 1 (1.4) 29 (39.2) Fatigue 1 (1.4) 22 (29.7) Pyrexia 0 (0.0) 17 (23.0) Edema peripheral 10 (13.5) 35 (47.3) Investigations 5 (6.8) 29 (39.2) Aspartate aminotransferase increased 7 (9.5) 28 (37.8) Alanine aminotransferase increased 2 (2.7) 15 (20.3) Blood creatinine increased 6 (8.1) 35 (47.3) Skin and subcutaneous tissue disorders 0 (0.0) 18 (24.3) Rash 6 (8.1) 18 (24.3) Rash maculo - popular 6 (8.1) 33 (44.6) Metabolism and nutrition disorders 3 (4.1) 22 (29.7) Hyponatraemia 3 (4.1) 21 (28.4) Hypokalaemia • Tolerability consistent with previous report • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1/2 , consistent with mechanism of action • Infrequent, manageable, and mostly mild ICANS • No anzu - cel - related Grade 5 events • Tolerability in the melanoma subset generally consistent with the full anzu - cel tolerability profile Adverse events of special interest TEAEs in ≥20% of patients N=74 70 (94.6) CRS, any grade, n (%) 27 (36.5) Grade 1 35 (47.3) Grade 2 8 (10.8) Grade 3 1 0 (0.0) Grade 4 0 (0.0) Grade 5 10 (13.5) ICANS, any grade, n (%) 4 (5.4) Grade 1 3 (4.1) Grade 2 3 (4.1) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 2 (2.7) HLH, any grade, n (%) 0 (0.0) Grade 1 1 (1.4) Grade 2 1 (1.4) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025 ; Wermke et al., ASCO 2025 Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Anzu - cel (IMA203) PRAME Cell Therapy : BOR in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma 15 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), *Maximum change of target lesions and RECIST1.1 response at different timepoints. 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; Melanoma efficacy population excludes 1 u veal melanoma patient with ongoing unconfirmed PR from cORR ; BOR: best overall response; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; BL: baseline; (c)CR: (confirmed) co mplete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease. n=33 n=3 n=16 n=14 5 6 % (18/3 2 ) 1/3 6 7 % (10/15) 5 0 % (7/1 4 ) cORR 6 4 % (21/33) 2/3 6 9 % (11/16) 57% (8/14) ORR 91% (30/33) 3/3 8 8 % (14/16) 9 3 % (13/14) DCR Cutaneous Melanoma Uveal Melanoma Melanoma (other) All Melanoma 3 PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Anzu - cel (IMA203) PRAME Cell Therapy : DOR in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment 16 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; (m)DOR, (median) duration of response; mFU , median follow - up; NR, not reached; SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response Scans at approximately week 6, month 3 and then every 3 months Ongoing All Melanoma 3 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 12.1 (1.8+, 32.6+) 13.4 11.0 (1.8+, 31.6) 13.4 NR (4.2, 32.6+) 16.7 mDOR [mo], (range) mFU [mo] PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025; Wermke et al., ASCO 2025 Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Anzu - cel (IMA203) PRAME Cell Therapy : Survival Outcomes in Melanoma Efficacy Population 17 Median Progression Free Survival Median Overall Survival All Melanoma 1 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 6.1 (1.4, 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.0 (1.4 , 34.0+) 14.4 mPFS [mo] (range) mFU [mo] All Melanoma 1 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 15.9 (2.4, 34.2+) 14.4 16.2 (3.2+, 34.2+) 14.5 1 3 .9 (2.4, 34.0+) 14.4 mOS [mo] (range) mFU [mo] 12 - month OS rate: 61% 6 - month PFS rate: 53% 12 - month PFS rate: 27% Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; PFS and OS censored at data - cut; PFS and OS rate shown as % of evaluable patients at indicated timepoint. mFU , median follow - up; mOS , median overall survival; mPFS , median progression - free survival. PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 Updated data ( cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website
Anzu - cel (IMA203) PRAME Cell Therapy in Melanoma: Overview of Studies PFS and OS Data in Melanoma Cohorts mOS (months) mPFS (months) Prior lines of therapies M elanoma patient population N Phase Drug Product 15.9 6.1 3% n=0, 24% n=1, 30% n=2, 24% n=3:, 6% n=4, 6% n=5, 6% n=6 82% received prior ICI (median of 1 prior line of ICI in overall population, median of 2 prior lines of ICI in cut. melanoma) Median of 2 prior lines, median of 2.5 prior lines in cut. melanoma 42% cutaneous 48% uveal 9% other 33 1b (Dose Expansion) Anzu - cel in Melanoma 6.3 2.6 0% n=1, 27% n=2, 73% n>2 prior lines 100% received prior ICI (median of 2 prior lines of ICI, median of 2.5 prior lines of ICI in cut. melanoma) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 73% cutaneous 18% uveal 9% other 11 1a (Dose Escalation) Anzu - cel in Melanoma 5.3 2.5 0% n=1, 16% n=2, 84% n>2 prior lines 100% received prior ICI (median 3 prior lines of ICI) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 63% cutaneous 11% uveal 26% other 19 1a (Dose Escalation) IMA201/202/anzu - cel combined in Melanoma 13.9 4.1 median of 3 prior lines (min/max: 1/9) 100% received prior ICI 54% cutaneous 0% uveal 45% other 153 2 Lifileucel (C - 144 - 01, Cohort 2+4) 1 11.6 2.9 57% n=1, 27% n=2, 12% n>2 prior lines 99% received prior ICI 85% cutaneous 0% uveal 15% other 238 3 Tilsotolimod + Ipilimumab (ILLUMINATE - 301) 2 14.7 2.1 46% n=1, 35% n=2, 19% n≥3 prior lines 99% received prior ICI 68% cutaneous 0% uveal 32% other 354 1/2 Nivolumab + Relatlimab (RELATIVITY - 020, D1 Cohort) 3 18 Data cut - off Apr 7, 2025 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Chesney et al., 2022; 2 Diab et al., 2024; 3 Ascierto et al., 2023 PFS: progression - free survival; OS: overall survival; ICI: immune checkpoint inhibitor These data are derived from different clinical trials at different points in time with differences in trial design and patien t p opulations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted. PRAME Wave #1: anzu - cel
Anzu - cel (IMA203) PRAME Cell Therapy Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses 19 Data cut - off Apr 07, 2025 • 42% (14/33) patients in dose expansion have a deep response ( ≥ 50% tumor reduction) • This subgroup of patients has highly medically meaningful mPFS of more than 1 year • Patients with <50% tumor reduction (including tumor size increase) still observe a more than 2x longer mPFS as compared to patients treated in dose escalation with suboptimal doses mFU mPFS n ND 2.6 11 Dose Escalation anzu - cel 8.7 5.8 19 Dose Expansion anzu - cel <50% tumor size reduction (including tumor size increase) 19.5 12.9 14 Dose Expansion anzu - cel ≥50% tumor size reduction Log - rank: 0.019 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), ND, not defined; mFU , median follow - up; mPFS , median progression - free survival. PRAME Wave #1: anzu - cel
SUPRAME: A Randomized Ph3 Trial of Anzu - cel (IMA203) PRAME - directed TCR T - cell Therapy vs Investigator’s Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >65 Sites Planned across North America and Europe 20 Anzu - cel (IMA203) n=180 Investigator’s choice n=180 Primary Endpoint • PFS Key Secondary Endpoint • Overall survival Randomization 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 nivolumab/ relatlimab , nivolumab, ipilimumab, pembrolizumab, lifileucel, chemotherapy Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Pre - specified interim and final data analyses will be triggered upon the occurrence of a defined number of events for PFS (prog ressive disease or death) ICI: immune checkpoint inhibitor; PFS: progression - free survival; ORR: objective response rate; TESAEs: treatment - emergent serious adverse events; AE: adverse eve nt; EORTC: European Organization for Research and Treatment of Cancer ; QLQ - C30: Core Quality of Life questionnaire; EQ - 5D - 5L: European Quality of Life 5 Dimensions 5 Level Version Secondary Endpoints • Efficacy: ORR • Safety: TESAEs, AEs of special • interest • Quality of life: EORTC QLQ - C30 and EQ - 5D - 5L Expected timelines SUPRAME trial • Interim analysis 1 : 2026 • Final analysis 1 : 2026 2026 • BLA submission: 1H 2027 • Launch: 2H 2027 2027 PRAME Wave #1: anzu - cel
Cell Therapy Manufacturing Facility To Support Anzu - cel BLA and Commercialization 21 • ~100,000 sq ft s tate - of - the - art research & GMP manufacturing facility • Modular design for efficient and cost - effective scalability - total of 8 manufacturing suites, plus further expansion space • Capacity sufficient to serve early - stage and registration - directed clinical trials as well as planned commercial supply • In - house manufacturing and QC allows full control of process, product and costs • Located in the Houston Metropolitan Area, Texas, offering economic labor and operating costs and talent pool highly qualified in cell therapy manufacturing & QC Anzutresgene autoleucel ( anzu - cel, formerly IMA203); BLA: Biologics License Application PRAME Wave #1: anzu - cel
IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers PRAME Wave #2 22
IMA203CD8 PRAME Cell Therapy (GEN2): Expansion of Commercial Opportunity to all Advanced PRAME Cancers 23 IMA203CD8 Opportunity 2L Solid Tumors All patient numbers refer to PRAME + /HLA - A*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, Un it ed Kingdom 1 Bajwa et al. 2021 Journal for Immunotherapy of Cancer; 2 Melenhorst et al. 2022 Nature, Bai et al. 2022 Science Advances; 2L: patients with unresectable or metastatic solid tumors who have received at least 1 prior therapy; sqNSCLC : squamous cell non - small - cell lung cancer, HNSCC: head and neck squamous cell carcinoma The PRAME + /HLA - A*02:01 + addressable patient opportunity incl. indications with both high and medium - level PRAME expression is > 75K per year • Co - transduction of CD8αβ alongside PRAME TCR adds functional CD4 + T cells designed to boost cytotoxicity • Proof of concept from preclinical experiments 1 and CD19 CAR T cell studies in leukemia 2 • First clinical data with IMA203CD8 in Phase 1a dose escalation indicates p otential for deeper responses and targeting both high and medium - level PRAME indications EU5 US 2K 2K Ovarian 4K 4K Uterine 10K 7K sqNSCLC 2K 2K HNSCC 8K 5K Breast 18K 16K Others TUMOR CELL DEATH CD8 - engineered CD4 T CELL Cytotoxic Activity CD8 T CELL T cell Help Cytotoxic Activity CD8 PRAME TCR PRAME Wave #2: IMA203CD8
IMA203CD8 PRAME Cell Therapy (GEN2) 24 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024 Dose escalation ongoing to investigate full clinical potential in hard - to - treat solid tumors outside of melanoma Tolerability Manageable tolerability ≥Grade 3 AEs mainly expected cytopenia DLTs at DL4b led to dose adjustment to DL4a Adjustments to DL4a dosing and criteria enable higher dose exploration Ongoing dose escalation in PRAME+ cancers to reach RP2D Deep and durable objective responses at low doses 41% (14/34) cORR (at presumably suboptimal doses ) 84% (32/38) of patients had tumor shrinkage; two patients with complete response of target lesions 9.2 months mDOR with 3 confirmed responses ongoing at 1+ years Activity & Duration of Response CD8 Development Potential Focus on indications with both high and medium - level PRAME expression starting with gynecologic cancers Pursue tumor - agnostic label in PRAME+ cancers to leverage full breadth of PRAME, incl. NSCLC, triple - negative breast cancer, others Exploring the opportunity to administer IMA203CD8 without post - infusion IL - 2 AE: adverse event; DLT: dose - limiting toxicity; RP2D: recommended phase 2 dose; cORR : confirmed objective response rate; mDOR : median duration of response; NSCLC: non - small - cell lung cancer Summary: Clinical Data & Next Steps PRAME Wave #2: IMA203CD8
IMA203CD8 PRAME Cell Therapy (GEN2) – Patient Characteristics 25 1 DL4a cleared in Dec 2023; 2 DLTs at DL4b triggered modifications of the eligibility criteria, adapted patient population is treated with DL4c; 3 As of May 13, 2025 4 All patients who started lymphodepletion. 5 All infused patients with at least one tumor assessment postbaseline Efficacy Population Total Safety Population N=41 5 N=44 4 Number of patients 3 (0, 8) 3 (0, 8) Prior lines of systemic treatment (median, min, max) 43.9 47.7 LDH at baseline >1 x ULN [% of patients] 83.0 (12.4, 434.4) 84.5 (12.4, 434.4) Baseline tumor burden Median target lesion sum of diameter [mm] (min, max) 43.9 45.5 With liver/brain lesions at baseline [% of patients] DL3: 0.2 - 0.48 DL4a: 0.481 - 0.8 DL4b: 0.801 - 1.2 DL4c 2 : 0.801 - 1.2 DL3: 0.2 - 0.48 DL4a: 0.481 - 0.8 DL4b: 0.801 - 1.2 DL4c 2 : 0.801 - 1.2 Infused dose levels TCR - T cells/m 2 BSA [x10 9 ] 1.47 (0.44, 2.05) 1.48 (0.44, 2.05) Total infused dose TCR - T cells [x10 9 ] (median, min, max) PRAME Wave #2: IMA203CD8 DL3 (N=5) DL4a 1 (N=33) Cleared for safety, defined as provisional MTD Dose escalation with and without IL - 2 ongoing with up to ~8x10 9 total IMA203CD8 TCR T cells (DL6) 3 DL4b (N=4) Phase 1a Dose Escalation DL4c 2 Without IL - 2 DL4c 2 With IL - 2 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024
Tolerability of IMA203CD8 PRAME Cell Therapy (GEN2) 26 All ≥Grade 3 Adverse Events (N=44) ≥ Grade 3 Adverse event % No. ( System organ class , preferred term) 100.0 44 Patients with any adverse event 15.9 7 Adverse events of special interest 13.6 6 Cytokine release syndrome 1 2.3 1 Immune effector cell - associated neurotoxicity syndrome 100.0 44 Blood and lymphatic system disorders 90.9 40 Neutropenia 56.8 25 Anaemia 56.8 25 Lymphopenia 34.1 15 Thrombocytopenia 25.0 11 Leukopenia 4.5 2 Febrile neutropenia 20.5 9 Investigations 11.4 5 Alanine aminotransferase increased 11.4 5 Aspartate aminotransferase increased 4.5 2 Blood creatinine increased 2.3 1 Blood alkaline phosphatase increased 2.3 1 Blood bilirubin increased 2.3 1 Gamma - glutamyltransferase increased 13.6 6 Metabolism and nutrition disorders 4.5 2 Hypophosphataemia 2.3 1 Acidosis 2.3 1 Decreased appetite 2.3 1 Hyperglycaemia 2.3 1 Hypermagnesaemia 2.3 1 Hypoalbuminaemia 11.4 5 General disorders and administration site conditions 11.4 5 Fatigue 2.3 1 Oedema peripheral 11.4 5 Musculoskeletal and connective tissue disorders 6.8 3 Bone pain 4.5 2 Myalgia 4.5 2 Back pain 2.3 1 Arthralgia TEAEs by maximum severity for all patients (N= 44 ) ≥ Grade 3 Adverse event % No. ( System organ class , preferred term) … table continued 9.1 4 Immune system disorders 9.1 4 Haemophagocytic lymphohistiocytosis 2 9.1 4 Infections and infestations 4.5 2 Pneumonia 2.3 1 Infection 2.3 1 Sepsis 3 2.3 1 Systemic candida 6.8 3 Gastrointestinal disorders 4.5 2 Diarrhoea 2.3 1 Abdominal pain 6.8 3 Skin and subcutaneous tissue disorders 4.5 2 Rash 2.3 1 Alopecia 2.3 1 Rash maculo - papular 6.8 3 Vascular disorders 6.8 3 Hypertension 4.5 2 Nervous system disorders 2.3 1 Neurotoxicity 2 2.3 1 Syncope 4.5 2 Renal and urinary disorders 2.3 1 Acute kidney injury 2.3 1 Urinary tract obstruction 2.3 1 Hepatobiliary disorders 2.3 1 Hepatic function abnormal 2.3 1 Reproductive system and breast disorders 2.3 1 Pelvic pain All treatment - emergent adverse events (TEAEs) with ≥ Grade 3 regardless of relatedness to study treatment that occurred in at le ast 1 patient are presented; 1 DLT: Dose limiting toxicity in patient DL4b - 04. 2 DLTs in patient DL4b - 01; CRS: cytokine release syndrome, HLH: hematophagocytic lymphohistiocytosis • Overall manageable tolerability profile • Expected cytopenias • Mostly mild to moderate CRS: 36% (16/44) Grade 1 48% (21/44) Grade 2 11% (5/44) Grade 3 2% (1/44) Grade 4 • DLTs in 2 patients at DL4b as previously reported by the Company: Patient DL4b - 01: high in vivo T cell expansion, Grade 4 neurotoxicity, Grade 4 CRS, Grade 3 HLH Patient DL4b - 04: Grade 3 CRS defined by Grade 3 ALT resolved to Grade 2 within 10 days; no need for vasopressors or ventilation • No IMA203CD8 - related patient death 3 • Consecutive modification of inclusion/exclusion criteria + IL - 2 scheme • Dose escalation ongoing based upon manageable tolerability in patients at DL4a 3 Possibly related Grade 5 event as previously reported was determined by the PI to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), high grade HLH event, the toxicity management and the fast - progr essive disease PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024
Clinical Anti - Tumor Activity of IMA203CD8 PRAME Cell Therapy (GEN2) (N=41) Ongoing Dose Escalation 27 41% (14/34) cORR 9.2 months 2.0+, 23.5+ 13.1 months median DOR (min, max) mFU 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions 41% (17/41) ORR 84% (32/38) Tumor shrinkage 3 85% (34/40) DCR 4 (at week 6) ongoing * Maximum change of target lesions and RECIST1.1 response at different timepoints; 1 Patients off study at data - cut; 2 Metabolic CR according to PET - CT; 3 T hree patients excluded from tumor shrinkage analysis and figures due to lack of post - treatment assessment; 4 One patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR ( cORR ): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut - off. Me dian DOR is analyzed by using the Kaplan - Meier method; Median Follow - up ( mFU ) is analyzed by using the reverse Kaplan - Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR : Confirmed Partial Response; CR: complete response; BL: Baseline ; BOR: Best Overall Response; DCR: disease control rate; NSCLC: non - small - cell lung cancer PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024
Duration of IMA203CD8 PRAME Cell Therapy (GEN2) Therapy Responses (N=41) Ongoing Dose Escalation 28 1 Metabolic complete response (CR) according to PET - CT 2 Patients off study at data - cut; 3 three patients excluded from tumor shrinkage analysis and figures due to lack of post - treatment assessment; 4 one patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. 41% (14/34) cORR 9.2 months 2.0+, 23.5+ 13.1 months median DOR (min, max) mFU 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions 41% (17/41) ORR 84% (32/38) Tumor shrinkage 3 85% (34/40) DCR 4 (at week 6) Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR ( cORR ): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut - off. Median DOR is analyzed by using the Kaplan - Meier method; Median Follow - up ( mFU ) is analyzed by using the reverse Kaplan - Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR : Confirmed Partial Response; BL: Baseline; BOR: Best Overall Response; DOR: Duration of Response; DCR: disease control rate; NSCLC: non - small - cell lung cancer Ongoing PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024
Opportunity of IMA203CD8 in Medium - Level PRAME Expressing Indications 29 Anzutresgene autoleucel ( anzu - cel, formerly IMA203); * Patients treated at RP2D during Ph1b with evaluable post baseline assessments at data - cut off anzu - cel: Aug 23, 2024; BOR: best overall response; PD: progressive disease; SD: stable disease; (c)PR: (confirmed) partial response; sqNSCLC : squamous cell non - small - cell lung cancer N=38 N=39* Number of patients 1.48 (0.443, 2.05) 5.09 (1.0, 10.2) Total infused dose TCR - T cells [x10 9 ] Deep responses with IMA203CD8 at low doses - 30% to - 50% - 50% to - 85% - 85% to - 100% PRAME expression level associates with anzu - cel and IMA203CD8 activity Potential for targeting medium - level PRAME expressing tumors with IMA203CD8 IMA203CD8 offers similar responses at 1.5 x 10 9 total infused dose to those demonstrated by anzu - cel at 3x higher dose. With higher doses currently being explored, IMA203CD8 may offer an enhanced opportunity to treat cancers with both high and medium - level PRAME expression including ovarian cancer, uterine cancer, sqNSCLC , triple - neg. breast cancer and others. Next clinical data update including focus on ovarian cancer in 2025 . PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024 anzu - cel IMA203CD8
IMA402 PRAME Bispecific Expansion to Earlier - Line PRAME Cancers PRAME Wave #3
IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Earlier - Line PRAME Cancers 31 IMA402 Opportunity 1 median half - life IMA402: ~7 days; All patient numbers refer to PRAME + /HLA - A*02:01 + patients in the US and EU5 in 2025 based on initial threshold for all indications except for sqNSCLC (optimized threshold considered for further development due to IMA401 combination potential); Source: Clarivate Disease Landscape and Fo rec ast; EU5: France, Germany, Italy, Spain, United Kingdom; q2w: once every two weeks; sqNSCLC : squamous cell non - small - cell lung cancer 1L Solid Tumors >145K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 TCR Bispecifics (TCER®) PRAME Wave #3: IMA402 EU5 US 6K 6K Cut. Melanoma 9K 7K Ovarian 6K 6K Uterine 23K 16K sqNSCLC 10K 7K Breast 32K 25K Others x Anti - tumor Activity High - affinity and specificity TCR domain targeting tumor pHLA molecules x Antibody - like format with half - life extension (HLE) Long half life of 1 - 2 weeks 1 allows for q2w or longer dosing intervals x Optimized tolerability Low - affinity T cell recruiter against CD3/TCR allows higher dosing
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study 32 Phase 1b dose expansion ongoing with & w/o ICI to identify final RP2D Tolerability Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and expected & transient lymphopenia Promising clinical activity and deep and durable responses observed at RP2D range during dose escalation 30% (6/20) cORR across all indications, incl. melanoma & ovarian carcinoma Promising early PFS/ iPFS , OS Pharmacokinetics Median half - life of ~7 days Potential for: • Bi - weekly dosing • Combination with ICIs or SOC Activity & Duration of Response 1 Development Potential Primarily in earlier lines incl. frontline or (neo)adjuvant setting (in combination with SOC) Development opportunities in cut. melanoma, gyn - onc , sqNSCLC (potential exploration of IMA402 + IMA401 combo) 1 at doses 10 - 30 mg; AE: adverse event; CRS: Cytokine release syndrome; ICI: immune checkpoint inhibitor; RP2D: recommended phase 2 dose; SOC: standard of care Data cut - off Sep 26, 2025 PRAME TCER® IMA402 PRAME Wave #3: IMA402
• Ph1a dose escalation completed, MTD not reached at 30 mg • Provisional RP2D range identified at 10 to 30 mg • Ph1b dose expansion ongoing at two distinct doses within RP2D range • Combination with immune checkpoint inhibitor started 33 Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific EudraCT No. 2022 - 503133 - 54 - 00; NCT05958121; 1 Cutaneous melanoma, melanoma of unknown primary, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian carcinoma, sq uamous non - small cell lung cancer; 2 Based on preclinical in vitro and in vivo data; 3 Step dosing introduced at 0.36 mg, optimized step dosing currently being applied: 0.03 mg/0.3 mg/6 mg/target dose, low - dose dexa methasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Ability to increase dose to previously cleared dos e l evels; BLRM: bayesian logistic regression model; MABEL: minimum anticipated biological effect level ; MTD: maximum tolerated dose; q1w: every week; q2w: every 2 weeks; RP2D: recommended phase 2 dose. Key Eligibility Criteria Objectives Primary: • Determine MTD and/or RP2D • Assess safety and tolerability Secondary: • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST ) • Assess pharmacokinetics • Recurrent and/or refractory solid tumors expressing PRAME 1 • No prospective PRAME testing required • HLA - A*02:01 positive • ECOG performance status 0 - 1 • Received or not eligible for all available indicated standard of care treatments Total safety population (N=80) • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • q1w step dosing (3 doses) up to target dose 3 • q2w dosing planned based on favorable PK and already applied for individual patients 0.36 mg 0.8 mg 3 mg 5 mg 0.12 mg 1.6 mg 0.06 mg 0.02 mg 8 mg 4 mg 12 mg 20 mg 30 mg 10 mg RP2D range Sub - therapeutic dose 2 Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 34 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/ 0.3 mg/6 mg, and 1 target dose); Baseline characteristics for melanoma and ovarian carcinoma are listed in the appendix; ECOG: e astern cooperative oncology group ; LDH: Lactate dehydrogenase; RP2D: recommended phase 2 dose; ULN: upper limit of normal. Efficacy population (N=57) 1 Safety population (N=80) RP2D range, ≥10 mg ( n=20) 3 – 8 mg ( n=22) ≤1.6 mg ( n=15) 0.02 - 30 mg 56 (37, 74) 55 (34, 74) 61 (28, 82) 59 (21, 82) Age Median (min, max) 11 (55) 9 (45) 11 (50) 11 (50) 6 (40) 9 (60) 47 (59) 33 (41) ECOG performance status 0, n (%) 1, n (%) 3 (1, 6) 3 (1, 5) 3 (2, 7) 3 (1, 7) Prior lines of systemic treatment Median (min, max) 14 (70) 6 (30) 0 (0) 11 (50) 11 (50) 0 (0) 5 (33) 9 (60) 1 (7) 39 (49) 40 (50) 1 (1) LDH at baseline ≤ 1xULN, n ( %) 1 - 2xULN, n ( %) > 2xULN, n ( %) 76 (21, 255) 68 (25, 258) 80 (46, 398) 80 (16, 398) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (2, 11) 6 (30) 3 (15) 6 (1, 15) 8 (36) 1 (5) 4 (2, 10) 8 (53) 1 (7) 4 (1, 15) 33 (41) 6 (8) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) Heavily pre - treated patient population with comparable baseline characteristics across dose groups Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile 35 Safety Population (N=80) ≥ Grade 3 All Grades TEAEs, n (%) 48 (60) 78 (98) Any 42 (53) 76 ( 95) Treatment - related • Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) • Most frequent/relevant related AEs were • Expected and transient lymphopenia, consistent with the mechanism of action • Low - grade CRS (33% G1, 5% G2, 0% G3, 1% G4) mostly at first step dose • One CRS G4 event in patient at 0.08 mg starting dose only; no further CRS G4 events after step dose optimization • No ICANS observed • No IMA402 - related Grade 5 events • MTD not reached 2 at 30 mg ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 30 (38) 40 (50) Lymphopenia 1 (1) 31 (39) Cytokine release syndrome 1 (1) 21 (26) Arthralgia 19 (24) Fatigue 7 (9) 16 (20) Alanine aminotransferase increased 5 (6) 14 (18) Aspartate aminotransferase increased 13 (16) Rash 11 (14) Pruritus 11 (14) Pyrexia 2 (3) 10 (13) Anaemia 1 (1) 10 (13) Myalgia 9 (11) Nausea 3 (4) 8 (10) Gamma - glutamyltransferase increased 7 (9) Lipase increased 7 (9) Abdominal pain 2 (3) 3 (4) Hypertension 2 (3) 2 (3) Neutropenia 1 (1) 2 (3) Blood creatinine increased 1 (1) 2 (3) Stomatitis 1 (1) 2 (3) Tumour pain 1 (1) 1 (1) Acute kidney injury 1 (1) 1 (1) Electrocardiogram abnormal 1 (1) 1 (1) Herpes zoster 1 (1) 1 (1) Immune - mediated arthritis 1 (1) 1 (1) Liver function test increased 1 (1) 1 (1) Tumour lysis syndrome 1 All treatment - emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to IMA402 infusion with Grade 1 - 2 occurring in at least 7% of patients and all events with ≥ Grade 3, one additional patient treated with IMA402 at first step dose + pembrolizumab is not included in the safety population/table and had the fol low ing AEs: lymphopenia G3, erythema G1 , TSH decrease G1; 2 Two dose - limiting toxicities (DLTs) at 0.08 mg and 0.3 mg; AE: adverse event; CRS: cytokine release syndrome; G: grade; ICANS: immune effector cell - associated neurotoxicity syndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose . Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Clinical Proof - of - Concept of IMA402 PRAME Bispecific across Various Indications Dose - Response Relationship in Monotherapy Setting 1 Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one patient with sqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR : confirmed objective response rate; cPR : confirmed partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; SD: stable disease; PR: partial response; RECIST: response evaluation criteria in solid tumors ; RP2D: recommended phase 2 dose . Melanoma 1 Other Indications 2 Ovarian Carcinoma Indications • All responders with ovarian carcinoma were platinum resistant • All responders with melanoma were ICI - resistant cORR 30% RP2D ≥10 mg 3 - 8 mg ≤ 1.6 mg 36 Data cutoff Sep 26, 2025 N=57 PRAME Wave #3: IMA402
Deep and Durable Responses at RP2D Range 37 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 Complete metabolic response at 12 mg PD SD cPR Ongoing response/ disease control Ongoing treatment BOR (RECIST 1.1) All indications Melanoma Ovarian carcinoma 2/3 29% (4/14) 30% (6/20) cORR not reached 2.2 not reached 7.3 not reached 4.2 mDOR (mo) mFU (mo) 2/3 57% (8/14) 55% (11/20) Tumor shrinkage 2/3 71% (10/14) 65% (13/20) DCR (at week 6) RECIST 1.1 BL: baseline; BOR: best overall response; cPR : confirmed partial response; cORR: confirmed objective response rate; DCR: disease control rate ; mDOR : median duration of response; mFU : median follow - up; PD: progressive disease; PR: partial response; RP2D: recommended phase 2 dose; SD: stable disease. Complete metabolic response at 12 mg Data cutoff Sep 26, 2025 N=20 PRAME Wave #3: IMA402
Early Promising PFS and OS Snapshot for IMA402 at RP2D Range Survival Outcomes Across All Indications at All Dose Levels Median PFS Median OS ≥10 mg 3 – 8 mg ≤ 1.6 mg Not reached 5.4 13.9 12.1 10.3 NA mOS (mo) mFU (mo) 94% 63% 33% 1y - OS rate ≥10 mg 3 – 8 mg ≤ 1.6 mg 4.8 6.8 1.5 NA 1.4 NA mPFS (mo) mFU (mo) 45% 5% 0% 6m PFS rate Median iPFS 1 ≥10 mg 3 – 8 mg ≤ 1.6 mg Not reached 6.3 2.1 NA 1.4 NA miPFS (mo) mFU (mo) 58% 14% 0% 6m iPFS rate 38 Efficacy population n=15 ≤1.6 mg n=22 3 - 8 mg n=20 ≥10 mg 1 iRECIST , developed by the RECIST Working Group, adapts RECIST 1.1 definition for progression for immunotherapies by introducing unco nfi rmed ( iUPD ) and confirmed ( iCPD ) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST . PFS (according to RECIST 1.1) and iPFS (according to iRECIST ), are prospectively defined co - secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy; mFU : median follow - up; (m)PFS: (median) progression - free survival; (m)OS: (median) overall survival; RP2D: recommended phase 2 dose ; 6m: 6 months; 1y: 1 year. Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
Patient Case: Ongoing PET - based Complete Metabolic Response in Cutaneous Melanoma Patient Characteristics & Outcomes 68 - year - old female with ICI - resistant cutaneous melanoma; i nitial diagnosis in 2004 Patient & Diagnosis • Target lesions: 2 peritoneal, 1 abdominal • Non - target lesions: brain and lung (left and right) • I ntensive i mmune - related previous medical history Disease at Baseline 3 prior lines of therapy: • Adjuvant: nivolumab • Ipilimumab + nivolumab, discontinued due to toxicity • Lenvatinib + pembrolizumab, BOR: PD Prior systemic therapy Initial dose: 5 mg, escalated to 20 mg Bi - weekly treatment 9 months post treatment start Study Treatment • First assessment (6 weeks): PR • Complete response in brain lesion • Ongoing cPR with - 68% tumor reduction and PET scan with c omplete metabolic response at 8 months after switch to 12 mg Response Assessment Scans courtesy of Dr. Dirk Schadendorf , University Hospital Essen BOR: best overall response; (c)PR: (confirmed) partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; P ET: p ositron emission tomography. 39 Baseline 6 weeks 3 months 5 months Peritoneum incl. ovaries Peritoneum Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
IMA402 PRAME Bispecific Ph1a Dose Escalation Summary and Next Steps Expansion to Earlier - Line PRAME Cancers Promising Monotherapy & High Potential in Combination x Favorable tolerability profile x Deep & durable responses x Promising early PFS/ iPFS and OS Development Opportunities Initial Focus Indications IMA402 1L advanced: ICI combo IMA402 2L ICI - resistant 1 : monotherapy or ICI combo Cut. melanoma IMA402 PSOC: SOC combo IMA402 PROC 1 : monotherapy or non - platinum SOC combo IMA402 2L EC: ICI combo Gyn - Onc IMA402 + IMA401 with or without ICI sqNSCLC Development Opportunities in 2026 » Ph1b d ose expansion completion (RP2D with & w/o ICI) » Initiation of additional Ph1b/Ph2 expansion cohorts in focus indications 1 Potential to become registration - directed subject to Ph1b data; 1L: first line or later, 2L: second line or later; cut. melanoma: cutaneous melanoma; EC: endometrial carcinoma; Gyn - Onc : gynecologic cancers; ICI: immune checkpoint inhibitor; OS: overall survival; PFS: progression - free survival; PROC: platinum - resistant ovarian cancer; PSOC: platinum - sensitive ovarian cancer; RP2D: recommended phase 2 dose; SOC: standard of care; sqNSCLC : squamous cell non - small cell lung cancer. 40 Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402
IMA401 MAGEA4/8 Bispecific Maximizing the Potential of Bispecifics Combination Entering the PRAME Franchise
Cancer Cell MAGEA4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 42 1 at dose range of 1 - 2.5 mg; AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: disease control rate; ICI : immune checkpoint inhibitor; q4w: once every four weeks; HNSCC: Head and neck squamous cell carcinoma; sqNSCLC : squamous cell non - small - cell lung cancer • 25% cORR (2/8) in head and neck cancer • 29% cORR (2/7) in melanoma • Promising clinical activity in sqNSCLC Tolerability Activity & Duration of Response 1 Opportunity to explore potential combination of IMA401 with IMA402, with and without ICIs, in patients with sqNSCLC and other indications >90% of patients with sqNSCLC are targetable Potential to boost anti - tumor activity in ~60% of patients positive with both targets Development Potential Most common treatment - related AEs were low - grade CRS, expected and transient lymphopenia and mostly transient, well - manageable and not re - occurring neutropenia Pharmacokinetics Median terminal half - life of >14 days P otential for: • Flexibility in dosing schedules • Combination with IMA402 with or without ICI Phase 1a dose escalation completed TCER® IMA401 MAGEA4/8 Bispecific IMA401 Data cutoff Sep 26, 2025
Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific Key Eligibility Criteria Objectives Primary: • Determine MTD and/or RP2D in monotherapy and in combination with ICI Secondary: • Assess safety and tolerability • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST ) • Assess pharmacokinetics • Recurrent and/or refractory solid tumors 1 • HLA - A*02:01 positive • MAGEA4/8 - positive • ECOG performance status 0 - 2 • Received or not eligible for all available indicated standard of care treatments EudraCT No 2021 - 004326 - 30 ; NCT05359445; 1 Basket trial with >15 different tumor indications 2 Step dosing introduced at 1.2 mg, l ow - dose dexamethasone partially used as preventive measure for initial doses as applied for other bispecific T cell engagers ; Ability to increase dose to previously cleared dose levels; 3 q2w: once every two weeks, weekly (q1w) IMA401 dosing was applied up to 0.54 mg; BLRM: Bayesian logistic regression model; ICI: immune checkpoint inhibitor; ( i )RECIST: ( immune) response evaluation criteria in solid tumors ; MABEL: minimum anticipated biological effect level; MTD: maximum tolerated dose, Ph1a: phase 1 a; RP2D: recommended phase 2 dose; Pts: patients. 0.18 mg 0.54 mg 1.8 mg 2.5 mg 0.06 mg 1.2 mg Total safety population (N=55) 0.02 mg 0.0066 mg • MTD not reached, provisional RP2D range 1 to 2 mg • Ph1a dose escalation completed • Basket trial with >15 different tumor indications in last - line • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • Initial q1w step dosings 2 (2 - 3 doses) up to target dose, q2w after reaching target dose 3 2.0 mg 1.0 mg 1.5 mg 1.0 mg + Pembrolizumab 1.5 mg + Pembrolizumab Monotherapy IMA401 + ICI RP2D range 43 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401
Demographics and Baseline Characteristics Patients Treated with IMA401 MAGEA4/8 Bispecific with or without Pembrolizumab Efficacy - evaluable population (N=38) 1 ≥1 mg Safety Population (N=55) 0.0066 mg – 2.5 mg 63 (28, 82) 63 (19, 82) Age Median (min, max) 11 (29) 25 (66) 2 (5) 17 (31) 35 (64) 3 (5) ECOG performance status 0, n (%) 1, n (%) 2, n (%) 4 (1, 9) 4 (1, 9) Prior lines of systemic treatment Median (min, max) 22 (58) 15 (39) 1 (3) 31 (56) 20 (36) 4 (7) LDH at baseline ≤ 1xULN, n (%) 1 - 2xULN, n (%) > 2xULN, n (%) 76 (15, 203) 67 (11, 223) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (1, 10) 9 (24) 3 (8) 4 (1, 10) 14 (25) 4 (7) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) 1 All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due t o disease progression or death) and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses) ; ECOG: e astern cooperative oncology group; LDH: Lactate dehydrogenase; SOC: standard of care; ULN: Upper limit of normal. Heavily pre - treated last - line patients with a median of 4 prior treatment lines Heavily pre - treated and highly heterogenous patient population with >15 different indications Efficacy population: • All melanoma patients (n=7) were ICI pretreated • All sqNSCLC patients (n=3) were ICI pretreated and have received ≥2 chemo regimens • Majority of H&N patients have received Cetuximab and ICI (plus various chemotherapies) • All IMA401 + pembrolizumab combo patients have progressed on prior ICI 44 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401
IMA401 MAGEA4/8 Bispecific – Tolerability Profile Across All Doses Safety Population (N=55) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab • Most frequent/relevant related AEs were • Low - grade CRS ( 24% G1, 11% G2, 0% G3, 0% G4 ), mostly at first step dose • Expected and transient lymphopenia, consistent with the mechanism of action • Neutropenia, mostly transient and not re - occurring after resolution under continued treatment 2 ; well manageable at RP2D • No ICANS observed • Tolerability of IMA401 in combination with pembrolizumab consistent with IMA401 monotherapy • MTD not reached (3 DLTs observed at 2.5 mg) 3 • RP2D range determined at 1 - 2 mg • Favorable tolerability observed at RP2D range of 1 - 2 mg (see appendix) 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1 - 2 occurring in at least 7% of patients and all events with ≥ grade 3; 2 One possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported, patient was treated outside RP2D range wit h 2.5 mg IMA401 and did not receive dexamethasone pre - medication; 3 Three dose - limiting events at 2.5 mg (DLT), neutropenia observed in patients with and without dexamethasone pre - medication; AE: adverse event; CRS: cytokine release syndrome; DLT: dose - limiting toxicity; ICANS: immune effector cell - associated neurotoxicity syndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose. ≥ Grade 3 All Grades TEAEs, n (%) 39 (71) 54 (98) Any 27 (49) 48 (87) Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n (%) 0 19 (35) Cytokine release syndrome 13 (24) 16 (29) Lymphopenia 10 (18) 16 (29) Neutropenia 2 (4) 8 (15) Thrombocytopenia 2 (4) 8 (15) Headache 3 (5) 7 (13) Leukopenia 2 (4) 7 (13) Facial pain 5 (9) 7 (13) Anaemia 1 (2) 6 (11) Alanine aminotransferase increased 0 6 (11) Fatigue 0 6 (11) Pyrexia 2 (4) 4 (7) Hypertension 2 (4) 4 (7) Aspartate aminotransferase increased 0 4 (7) Nausea 1 (2) 2 (4) Hypoxia 1 (2) 2 (4) Gamma - glutamyltransferase increased 1 (2) 2 (4) Arthralgia 1 (2) 1 (2) Febrile neutropenia 1 (2) 1 (2) Pneumonia 1 (2) 1 (2) Sinus tachycardia 45 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401
PR -100 -50 0 50 100 -69 -50 -43 -15 -6 13 62 -39 -19 0 -62 -54 -22 5 13 1919 38 -66 -25 -20 -19 -14 -12 -11 -6 0 1 3 18 20 22 29 40 56 96 B e s t % C h a n g e i n S u m o f L o n g e s t D i a m e t e r o f T a r g e t L e s i o n s f r o m B a s e l i n e a n d B O R ( R E C I S T 1 . 1 ) BL BOR (RECIST 1.1) Ongoing response /disease control PD PR cPR SD ⯈ Pembro combo ⯈ • • • • • ⯈ SD SD Promising Clinical Activity of IMA401 in H&N, Melanoma and Lung Cancer Efficacy Population 1 with ≥1 mg as Monotherapy or in Combination with Pembrolizumab 29% (2/7) cORR 57% (4/7) DCR Melanoma (n=7) 25% (2/8) cORR 63% (5/8) DCR H&N (n=8) sqNSCLC (n=3) • 1 PR ( patient died in biopsy procedure at ~week 7) • 1 SD for >4 months and OS ~16 months • 1 PD with shrinkage of liver target lesions 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death) and received ≥4 infusions as defined per protocol (thereof 3 s tep doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses) ; 2 Includes cutaneous melanoma and one patient with mucosal melanoma; 3 Includes gallbladder adenocarcinoma, triple - negative breast cancer, gastric cancer, small - cell lung cancer, esophageal large - cell neuroendocrine carcinoma and others, two patients in “Others” not shown in plot due to clinical progression before post - infusion scan; BOR: best overall resp onse; BL: baseline; (c)ORR: (confirmed) objective response rate; cPR : confirmed partial response; DCR: disease control rate; H&N: head and neck cancer; mDOR : median duration of response; mFU : median follow - up; OS: overall survival; PD: progressive disease; PR: partial response; RECIST: response evaluation criteria in solid tumors ; SD: stable disease; sqNSCLC : squamous non - small cell lung cancer. H&N sqNSCLC Melanoma 2 Other 3 (n=20, >10 different indications) LCNEC Esophageal SCLC TNBC SCLC Syn. Sarcoma Ovarian Carcinoma TNBC Urothelial Carcinoma Syn. Sarcoma LCNEC Lung Gallbladder Adenocarcinoma Gastric Adenocarcinoma Syn. Sarcoma Ovarian Carcinoma adNSCLC Ovarian Carcinoma Bladder Carcinoma NET CUP BOR (RECIST 1.1) PD SD PR cPR Ongoing response /disease control Pembrolizumab combo 46 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401
Deep and Durable Responses Observed in Focus Indications at ≥1 mg Duration of All Confirmed Responses Beyond 6 Months post Infusion, Longest Response Ongoing >2 Years sqNSCLC Melanoma 1 H&N BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 M elanoma i ncludes cutaneous melanoma and one patient with mucosal melanoma ; H&N: head and neck cancer; sqNSCLC : squamous non - small cell lung cancer; PD: progressive disease; RECIST: response evaluation criteria in solid tumors ; SD: stable disease. 0 6 12 18 24 30 -100 -50 0 50 100 Months post First IMA401 Infusion C h a n g e i n S u m o f L o n g e s t D i a m e t e r o f T a r g e t L e s i o n s f r o m B a s e l i n e [ % ] BL PR Data cut-off: 15-Oct-2025 Ongoing treatment BOR (RECIST 1.1) Ongoing response /disease control PD PR cPR SD ⯈ ⯈ ⯈ Palliative Radiotherapy + + + Target Lesion removed treatment ongoing +18m Target Lesion removed treatment until14m Target lesion removed; treatment until month 14 with 3/4 non - target lesions absent Target lesion removed; treatment ongoing +18m Palliative radiotherapy 47 Data cutoff Sep 26, 2025 N=18 MAGEA4/8 Bispecific IMA401
Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC Lung Baseline 7 weeks Jaw Head Head PR with IMA401 in 5 th line ICI - resistant sqNSCLC patient with shrinkage of all target lesions Scans courtesy of treating physician Dr. Martin Wermke , TU Dresden; BOR: best overall response; CRS: cytokine release syndrome; ALT: alanine aminotransferase; AST: aspartate aminotransferase; G: grade; ICI: immune checkpoint inhibitor; PR: partial response; Pt: patient; Q6W: once every 6 weeks; SD: st able disease; sqNSCLC : squamous non - small cell lung cancer Patient Characteristics & Outcome 63 - year - old male with ICI - resistant sqNSCLC ; initial diagnosis in July 2018 Patient & Diagnosis Multiple metastases i n lymph nodes, skin, liver and bone Disease at Baseline 4 prior lines of systemic therapy with BOR SD • Adjuvant: cisplatin, vinorelbine • carboplatin, ipilimumab, nivolumab, paclitaxel, BOR: SD • docetaxel, ramucirumab, BOR: SD • carboplatin, gemcitabine, BOR: SD, discontinued due to toxicity Prior systemic therapy 1 mg IMA401 + 400 mg pembrolizumab Q6W; Pt died during a biopsy due to pulmonary haemorrhage Study Treatment PR at first scan post IMA401 treatment start with - 39% tumor reduction Response Assessment 48 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401
Expands addressable market as first step in sqNSCLC , potential for many other indications like HNSCC, TNBC, endometrial carcinoma, ovarian carcinoma, melanoma, sarcoma and other s as next steps Bispecifics Combination with Increased Commercial Potential PRAME+ or MAGEA4/8+ i ncluding 60% double positive > 90% Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402 Dual Targeting 49 Data on file - dot plot: PRAME and MAGEA4/8 mRNA expression in stage III/IV sqNSCLC TCGA samples (TPM, log - scale), PRAME and MAGEA4/8 target prevalences are based on an optimized proprietary target expression th reshold applied to TCGA data; Bar graph: In vitro LDH - killing assay, A375 tumor cell line with low target density of PRAME (~50 copies per cell) and medium target density of MAGE A4/8 (~250 copies per cell), TCER® concentration: 1nM IMA401 and 10 nM IMA402; 3 Refers to addressable 1L advanced HLA - A*02:01/target+ patients in the US & EU5 in 2025, Source: Clarivate Disease Landscape and Forecast; HNSCC: head and neck squamous cell carcinoma; sqNSCLC : squamous non - small cell lung cancer. >90% of patients with sqNSCLC are targetable, potentially unlocking broad treatment coverage for ~40K patients with sqNSCLC in the US and EU per year 3 Expanded Patient Reach Dual targeting has the potential to improve depth and durability of tumor response by counteracting tumor heterogeneity and escape ~ 6 0% of patients with sqNSCLC express both targets Synergistic Anti - Tumor Activity In vitro model of PRAME and MAGEA4/8 double positive tumor PRAME MAGEA4/8 w / o T C E R I M A 4 0 2 I M A 4 0 1 I M A 4 0 1 + I M A 4 0 2 0.0 0.2 0.4 0.6 0.8 Tumor cell killing [OD 490 nm - 650 nm ] IMA402 + IMA401 Combo
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Potential of IMA402 PRAME Bispecific in Solid Cancers PRAME Target Expression and Prevalences in Selected Solid Cancer Types Hukelmann et al., SITC 2022, updated prevalences as of May 2025; 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to TCGA or in - house (SCL C) RNAseq data (approximate values, values between 95 - 100% shown as 95%); 2 PRAME target prevalence in uveal melanoma based on IMADetect ® qPCR testing of screening biopsies from clinical trial patients demonstrates substantial higher prevalence of ~90% compared to prevalence based on TCGA data of 50%, TCGA: early & late - stage primary tumor samples, Immatics clinical trials: late - stage/metastatic tumor samples, Role of PRAME in metastasis of uveal melanoma: Field et al. 2016 Clinical Cancer Research; MS: mass spectrometry; NSCLC: non - small cell lung cancer Selected indications Clinical activity shown No clinical activity expected Potential for clinical activity 95% 90% (50% 2 ) 95% 85% 95% 95% 70% 65% 45% 40% 35% 25% 25% 25% 25% 20% 20% Cutaneous Melanoma Uveal Melanoma 2 Uterine Carcinoma Ovarian Carcinoma (serous) Uterine Carcinosarcoma Synovial Sarcoma Squamous Cell NSCLC Triple - negative Breast Carcinoma Small Cell Lung Cancer Kidney Carcinoma (papillary) Cholangiocarcinoma Adenocarcinoma NSCLC Breast Carcinoma (all subtypes) Head & Neck Squamous Cell Carcinoma Esophageal Carcinoma (all subtypes) Hepatocellular Carcinoma Bladder Carcinoma Initial threshold to determine PRAME positive patients in current clinical trials 1 Presumed optimized threshold 51 PRAME Wave #3: IMA402
Anzu - cel (IMA203): Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population 52 Progression Free Survival Data cut - off Apr 07, 2025 Overall Survival mPFS N 2.6 months 11 Dose Escalation 6.1 months 33 Dose Expansion mOS N 6.3 months 11 Dose Escalation 15.9 months 33 Dose Expansion • Significant shift in mPFS and mOS between melanoma patients treated during the dose escalation and dose expansion • mPFS in dose escalation is comparable to reported data in 2L+ cut. melanoma population * • mOS in dose escalation is shorter than reported mOS for 2L+ cut. melanoma population * • All patients in the dose escalation group deceased and 17/30 evaluable patients are alive in dose expansion # Log - rank test: p <0.0001 Log - rank test: p <0.0001 Anzutresgene autoleucel ( anzu - cel, formerly IMA203), Overall survival (OS) and progression - free survival (PFS) censored at data - cut; * These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot b e made, and no head - to - head clinical trials have been conducted # 3 patients out of study at data - cut (withdrew consent) PRAME Wave #1: anzu - cel