Immatics N.V. (NASDAQ:IMTX – Get Free Report) shot up 3.9% on Wednesday . The stock traded as high as $10.42 and last traded at $10.4630. 130,449 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 764,094 shares. The stock had previously closed at $10.07. Get Immatics alerts: Wall Street Analyst Weigh InIMTX has been the subject of several recent research reports. Chardan Capital reissued a “buy” rating and set a $25.00 price target on shares of Immatics in a res ...

Core Viewpoint - The optimistic outlook on Immatics (IMTX) is based on the successful execution of the company's three-wave strategy aimed at commercializing its products [1] Group 1: Company Strategy - The first wave of the strategy focuses on establishing a systematic approach to product commercialization [1] Group 2: Investment Perspective - There is a strong inclination towards investing in high-growth companies, particularly in sectors expected to experience exponential growth [1] - The analysis emphasizes the importance of understanding and investing in disruptive technologies and innovative enterprises [1] - The investment approach combines fundamental analysis with predictions of future trends, highlighting the potential for substantial returns through innovation [1]

Core Viewpoint - The optimistic outlook on Immatics (IMTX) is based on the successful execution of the company's three-wave strategy for product commercialization [1] Group 1: Company Strategy - The first wave of the strategy focuses on establishing a systematic approach to commercializing the company's products [1] Group 2: Investment Philosophy - There is a strong inclination towards investing in high-growth companies, particularly in sectors expected to experience exponential expansion [1] - The investment approach combines fundamental analysis with predictions of future trends, emphasizing the potential of innovation to generate substantial returns [1]

Core Insights - Immatics N.V. announced updated Phase 1a dose escalation data for its second-generation PRAME cell therapy, IMA203CD8, targeting difficult-to-treat solid tumors expressing PRAME, including ovarian cancer [1][3][4] Patient Population - The ongoing Phase 1a trial enrolled 78 heavily pre-treated patients with advanced solid tumors expressing PRAME, with a median of three prior systemic treatments [4] - The efficacy-evaluable population included 69 patients, comprising 42 with melanoma, 11 with ovarian carcinoma, 11 with synovial sarcoma, and 5 with other tumor types [4] Safety Profile - IMA203CD8 demonstrated manageable tolerability, with the most common treatment-emergent adverse events being cytopenias associated with lymphodepletion [5][7] - Cytokine release syndrome (CRS) was mostly Grade 1 to 2, with Grade 1 at 35%, Grade 2 at 50%, Grade 3 at 9%, and Grade 4 at 1% [5] Anti-Tumor Activity - Initial results showed deep and durable objective responses in PRAME-positive advanced solid tumors, with a one-time infusion of IMA203CD8 leading to a 36% confirmed objective response rate (cORR) and a 46% overall response rate (ORR) [10][12] - In patients with ovarian carcinoma, a promising dose-dependent signal was observed, with two confirmed partial responses and one ongoing metabolic complete response at the highest dose level [11] Clinical Development - The company aims to complete the Phase 1a dose escalation and determine the recommended Phase 2 dose (RP2D) by 2026, including data on the two highest dose levels [15] - IMA203CD8 is positioned to target advanced PRAME cancers beyond melanoma, starting with gynecologic cancers, and may not require post-infusion low-dose IL-2 in the future [14][16] Company Overview - Immatics is a leader in precision targeting of PRAME, with a broad franchise that includes multiple product candidates and therapeutic modalities targeting PRAME across various cancers [17][18]

Core Viewpoint - Immatics N.V. has announced an underwritten offering of 12,500,000 ordinary shares at a price of $10.00 per share, aiming to raise gross proceeds of $125 million before expenses [1]. Company Overview - Immatics is a clinical-stage biopharmaceutical company focused on precision targeting of PRAME, a target expressed in over 50 types of cancer. The company boasts a robust clinical pipeline and the broadest PRAME franchise, which includes TCR T-cell therapies and TCR bispecifics [4]. Offering Details - The offering is expected to close on December 8, 2025, subject to customary closing conditions [1]. - Jefferies, Leerink Partners, and Cantor are acting as joint book-running managers for the offering [2]. - A registration statement for the securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on April 3, 2025 [3].

Core Insights - Immatics (IMTX) reported a quarterly loss of $0.49 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.50, but worse than a loss of $0.12 per share a year ago, indicating an earnings surprise of +2.00% [1] - The company generated revenues of $6.06 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 50.71% and down from $55.57 million in the same quarter last year [2] - Immatics shares have increased approximately 43.5% year-to-date, outperforming the S&P 500's gain of 14.5% [3] Earnings Outlook - The future performance of Immatics' stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is -$0.51 on revenues of $12.3 million, and for the current fiscal year, it is -$1.80 on revenues of $42.01 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Immatics belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Another company in the same industry, CureVac N.V. (CVAC), is expected to report a quarterly loss of $0.17 per share, reflecting a year-over-year decline of -110.3%, with revenues anticipated to be $14.52 million, down 97.3% from the previous year [9]

Financial Performance - Revenue from collaboration agreements for Q3 2025 was €5,187 thousand, a decrease of 89.7% compared to €50,559 thousand in Q3 2024[6] - Net loss for Q3 2025 was €50,545 thousand, compared to a net loss of €5,305 thousand in Q3 2024, representing an increase of 853.5%[8] - Total comprehensive loss for the nine months ended September 30, 2025, was €169,887 thousand, compared to €26,116 thousand for the same period in 2024, an increase of 550.5%[8] - Operating result for Q3 2025 was a loss of €54,633 thousand, compared to a profit of €514 thousand in Q3 2024[6] - Basic net loss per share for Q3 2025 was €0.42, compared to €0.05 in Q3 2024[6] - As of September 30, 2025, Immatics N.V. reported a net loss of €160.75 million, compared to a net loss of €25.54 million for the same period in 2024[17] - Basic loss per share for the nine months ended September 30, 2025, was €1.32, compared to €0.25 for the same period in 2024, indicating a deterioration in performance[91] Revenue and Collaboration Agreements - Revenue from collaboration agreements for the three months ended September 30, 2025, was €5.19 million, a decrease from €50.56 million in the same period of 2024[34] - Revenue from collaboration agreements for the nine months ended September 30, 2025, totaled €28.51 million, down from €99.58 million in 2024[34] - The collaboration with Genmab was terminated in March 2024, resulting in the recognition of remaining deferred revenue of €14.9 million[36] - Immatics has two active collaboration agreements with Bristol-Myers Squibb and Moderna, both at the pre-clinical stage[32] - The company recognized €4.23 million in revenue from the Moderna collaboration and €0.96 million from BMS during the three months ended September 30, 2025[36] - Revenue from collaboration agreements decreased by €45.4 million from €50.6 million in Q3 2024 to €5.2 million in Q3 2025, primarily due to lower project progress costs[132] - For the nine months ended September 30, 2025, revenue from collaboration agreements decreased by €71.1 million from €99.6 million in 2024 to €28.5 million, with significant declines from both Moderna and BMS collaborations[133] Expenses and Costs - Research and development expenses increased to €47,176 thousand in Q3 2025, up 21.5% from €38,906 thousand in Q3 2024[6] - General and administrative expenses increased from €11.2 million in Q3 2024 to €12.7 million in Q3 2025, attributed to rising operational costs[128] - Personnel-related expenses increased from €13.7 million in Q3 2024 to €16.6 million in Q3 2025 due to headcount growth for research and development activities[141] - Research and development expenses increased from €38.9 million in Q3 2024 to €47.2 million in Q3 2025, driven by higher costs in TCR T-cell therapy and TCR Bispecific programs[135] - Personnel-related expenses increased from €41.2 million for the nine months ended September 30, 2024 to €51.4 million for the nine months ended September 30, 2025, reflecting headcount growth due to increased R&D activities[142] - General and administrative expenses rose from €32.9 million for the nine months ended September 30, 2024 to €37.5 million for the nine months ended September 30, 2025[147] Assets and Liabilities - Total assets decreased to €518,557 thousand as of September 30, 2025, down 25.5% from €696,146 thousand at the end of 2024[11] - Total current liabilities decreased to €62,258 thousand as of September 30, 2025, down from €67,987 thousand at the end of 2024[11] - Total equity as of September 30, 2025, increased to €416.68 million from €379.17 million as of September 30, 2024[17] - The total accumulated deficit as of September 30, 2025, was €750.29 million, an increase from €630.30 million as of September 30, 2024[17] - Accounts payables increased to €22.532 million as of September 30, 2025, from €20.693 million as of December 31, 2024, representing an increase of 8.1%[73] - The Group's accrued liabilities rose to €19.728 million as of September 30, 2025, compared to €10.581 million as of December 31, 2024, indicating an increase of 86.5%[73] Cash Flow and Liquidity - Cash and cash equivalents increased to €334,922 thousand at the end of Q3 2025, up 41.4% from €236,748 thousand at the beginning of the period[14] - The company reported a net cash used in operating activities of €117,961 thousand for the nine months ended September 30, 2025, compared to €99,554 thousand for the same period in 2024[14] - Cash and cash equivalents rose to €334.922 million as of September 30, 2025, compared to €236.748 million as of December 31, 2024, marking an increase of 41.4%[82] - The company plans to utilize existing cash primarily to fund R&D initiatives and continue clinical trials[165] - The net cash provided by investing activities for the nine months ended September 30, 2025 was €233.7 million, primarily from cash received from maturity of short-term deposits[170] Strategic Initiatives and Future Outlook - The ongoing Phase 3 clinical trial SUPRAME for anzu-cel (IMA203) targets approximately 9,000 patients with unresectable or metastatic cutaneous melanoma, with a planned BLA submission in 1H 2027 and launch in 2H 2027[104] - Immatics is exploring strategic collaborations to enhance its PRAME leadership and secure non-dilutive capital through milestone payments and royalties[108] - The company has deprioritized the preclinical development of IMA204 and ACTallo to focus on clinical candidates[114] - Future funding requirements will depend on the progress and costs of clinical trials, regulatory approvals, and commercialization efforts[174] - The company may seek additional capital through public and private equity offerings, debt financings, and collaborations[176] Tax and Regulatory Matters - The Group's German operations were subject to a statutory tax rate of 30.2%, while U.S. operations faced a federal corporate income tax rate of 21% for the periods ended September 30, 2025[49] - Immatics received an income tax refund of €3.9 million during the three months ended September 30, 2025, from prior income tax prepayments[43] Market Risks - The company is exposed to market risk, liquidity risk, interest rate risk, credit risk, and currency risk[194] - Approximately 42% of cash and cash equivalents are denominated in Euros, while 58% are in U.S. Dollars[199]

Core Insights - Immatics N.V. has made significant progress in its clinical pipeline, particularly in the development of PRAME-targeted therapies, including cell therapies and bispecifics, positioning itself as a leader in this field [2][9]. Company Progress - The company’s lead PRAME cell therapy, anzu-cel (IMA203), is set to enter the market for advanced melanoma, targeting an addressable patient population of approximately 9,000 patients [3]. - Ongoing clinical trials include a Phase 3 trial (SUPRAME) for anzu-cel in previously treated advanced cutaneous melanoma, with interim and final analyses expected in 2026 [7][8]. - Anzu-cel has shown promising clinical results, including a clinical objective response rate (cORR) of 67% in metastatic uveal melanoma patients [7][13]. - The company is also advancing its second-generation PRAME cell therapy, IMA203CD8, and exploring its application across various advanced PRAME cancers [10]. Financial Results - As of September 30, 2025, Immatics reported cash and cash equivalents totaling $505.8 million (€430.8 million), a decrease from $709.7 million (€604.5 million) at the end of 2024, primarily due to operational cash burn of $162.4 million (€138.3 million) [16]. - Total revenue for the third quarter of 2025 was $6.1 million (€5.2 million), a significant decline from $59.4 million (€50.6 million) in the same period of 2024, attributed to a one-time revenue from a terminated collaboration [17]. - Research and development expenses increased to $55.4 million (€47.2 million) in Q3 2025, compared to $45.7 million (€38.9 million) in Q3 2024, reflecting ongoing clinical trial advancements [18]. - The net loss for Q3 2025 was $59.3 million (€50.5 million), compared to a net loss of $6.2 million (€5.3 million) in Q3 2024, driven by lower revenue and higher clinical development costs [20]. Upcoming Developments - Immatics plans to submit a Biologics License Application (BLA) for anzu-cel in the first half of 2027, with a market launch anticipated in the second half of 2027 [8]. - The company is also exploring the combination of its bispecific therapies, IMA402 and IMA401, to maximize treatment potential for various cancers, including squamous non-small cell lung cancer (sqNSCLC) [12][14].

Summary of Conference Call on Immatics' TCR Bispecifics Company Overview - **Company**: Immatics - **Focus**: Precision targeting of PRAME, a target expressed in over 50 cancers, with a leading franchise in TCR, T-cell therapies, and bispecifics [1][2] Key Products Discussed - **IMA402**: PRAME TCR bispecific - **IMA401**: MAGE4/8 bispecific - Both products are off-the-shelf biologics with antibody-like properties, allowing for immediate patient treatment and broad patient population reach [2][3] Core Points and Arguments Clinical Data and Efficacy - **IMA402**: - Achieved a 30% confirmed objective response rate (ORR) at the recommended phase two dose (RP2D) across all indications, including melanoma and ovarian cancer [5][13] - Favorable tolerability profile observed in 80 patients, with only one high-grade cytokine release syndrome (CRS) event reported [10][11] - Ongoing responses noted, including complete metabolic responses in cutaneous melanoma and uveal melanoma [12][16] - **IMA401**: - Demonstrated a 25% confirmed ORR in head and neck cancer and 29% in melanoma, with promising early signs in squamous non-small cell lung cancer [6][21] - Similar favorable safety profile as IMA402, with no cases of immune effector cell-associated neurotoxicity syndrome (ICANS) [20][21] Development Plans - IMA402 is set to advance into phase one B dose expansion in 2026, focusing on melanoma and gynecological cancers, with potential combinations with immune checkpoint inhibitors [17][18] - IMA401 will also explore combinations with IMA402 for squamous non-small cell lung cancer, targeting a significant patient population [24][25] Safety and Tolerability - Both bispecifics showed a favorable safety profile, with no significant increase in adverse events at higher doses compared to lower doses [34][50] - Prophylactic measures, such as steroids, were implemented to manage potential CRS without impacting clinical efficacy [50] Additional Insights - The bispecifics are designed to be easily combinable with other therapies, making them suitable for frontline settings [41] - The company is considering the potential for neoadjuvant and adjuvant settings, which may enhance treatment efficacy [43] - There is a strategic focus on expanding into earlier treatment lines, as earlier interventions may yield better outcomes [43] Market Potential - Approximately 90% of patients with squamous non-small cell lung cancer are positive for PRAME and/or MAGE4/8, indicating a large addressable market [24][25] - The combination of IMA402 and IMA401 could provide broad treatment coverage for an estimated 40,000 patients with metastatic NSCLC in the US and EU5 annually [24][25] Conclusion - Immatics is positioned to advance its bispecific therapies, IMA402 and IMA401, with promising clinical data and a clear development strategy aimed at addressing significant unmet medical needs in oncology [25]

Core Insights - Immatics N.V. announced updated Phase 1a dose escalation data for its TCR Bispecifics pipeline, specifically IMA402 PRAME Bispecific and IMA401 MAGEA4/8 Bispecific, highlighting their potential in treating advanced metastatic solid tumors with limited treatment options [1][2][3] Summary by Sections Clinical Development - The company has achieved clinical proof-of-concept for both IMA402 and IMA401, indicating their potential to provide meaningful benefits to patients with limited treatment options [2] - IMA402 is advancing into Phase 1b dose expansion, focusing on melanoma and gynecologic cancers, with plans to explore combinations with immune checkpoint inhibitors [11] - IMA401 is also being evaluated for its clinical activity in combination with IMA402, particularly in squamous non-small cell lung cancer (sqNSCLC) [18] Efficacy Data - IMA402 demonstrated a confirmed objective response rate (cORR) of 30% (6/20) across all indications, with specific rates of 29% (4/14) in melanoma and 66.7% (2/3) in ovarian carcinoma [4][10] - IMA401 showed a cORR of 25% (2/8) in head and neck cancer and 29% (2/7) in melanoma, with promising activity in sqNSCLC [20] Safety Profile - IMA402 exhibited favorable tolerability, with the most common treatment-related adverse events being transient lymphopenia and low-grade cytokine release syndrome [5][6] - IMA401 also showed a favorable safety profile, with low-grade cytokine release syndrome and manageable lymphopenia observed [15][16] Patient Population - IMA402 was tested on 80 heavily pre-treated patients with advanced metastatic solid tumors, while IMA401 was evaluated in 55 heavily pre-treated patients across various tumor types [3][14] Future Directions - The company plans to initiate additional Phase 1b cohorts in 2026 to explore the monotherapy and combination potential of IMA402 and IMA401 [11][18] - The addressable patient population for metastatic sqNSCLC in the US and EU5 is estimated at 40,000 patients per year, indicating significant market potential [18]