[Preliminary Note](index=1&type=section&id=PRELIMINARY%20NOTE) This section outlines the basis of preparation for the unaudited interim condensed consolidated financial statements, including adherence to IAS 34 and presentation in euros [General Information](index=1&type=section&id=General%20Information) This section outlines the basis of preparation for the unaudited interim condensed consolidated financial statements, including adherence to IAS 34 and presentation in euros - **Financial statements** prepared in accordance with **International Accounting Standard 34** (Interim Financial Reporting) and presented in **euros**[2](index=2&type=chunk) - Report contains **forward-looking statements** subject to **risks and uncertainties**, identified by words such as 'anticipate', 'believe', 'expect', 'will'[3](index=3&type=chunk) - Company owns various **trademarks** including Immatics®, XPRESIDENT®, ACTengine®, ACTallo®, ACTolog®, XCEPTOR®, TCER®, AbsQuant®, IMADetect®[4](index=4&type=chunk) [Unaudited Interim Condensed Consolidated Statement of Loss](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Loss%20of%20Immatics%20N.V.) This statement presents the Group's financial performance, detailing revenue, expenses, and net loss for the three months ended March 31 Consolidated Statement of Loss (Three months ended March 31) | Metric | 2025 (Euros in thousands) | 2024 (as restated) (Euros in thousands) | | :--- | :--- | :--- | | Revenue from collaboration agreements | 18,582 | 30,269 | | Research and development expenses | (41,908) | (32,108) | | General and administrative expenses | (12,067) | (11,642) | | Operating result | (35,374) | (13,469) | | Financial result | (5,475) | 11,747 | | Loss before taxes | (40,849) | (1,722) | | Net loss | (39,855) | (2,240) | | Net loss per share (Basic) | (0.33) | (0.02) | | Net loss per share (Diluted) | (0.33) | (0.03) | [Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Loss%20of%20Immatics%20N.V.) This statement details the Group's net loss and other comprehensive income/loss components, including currency translation differences, for the three months ended March 31 Consolidated Statement of Comprehensive Loss (Three months ended March 31) | Metric | 2025 (Euros in thousands) | 2024 (as restated) (Euros in thousands) | | :--- | :--- | :--- | | Net loss | (39,855) | (2,240) | | Currency translation differences from foreign operations | (2,711) | 336 | | Total comprehensive loss for the period | (42,566) | (1,904) | [Unaudited Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20of%20Immatics%20N.V.) This statement provides a snapshot of the Group's assets, liabilities, and shareholders' equity as of March 31, 2025, and December 31, 2024 Consolidated Statement of Financial Position (As of March 31, 2025 and December 31, 2024) | Metric | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 242,844 | 236,748 | | Other financial assets | 300,914 | 367,704 | | Total current assets | 573,563 | 629,555 | | Total non-current assets | 68,129 | 66,591 | | Total assets | 641,692 | 696,146 | | **Liabilities and Shareholders' Equity** | | | | Total current liabilities | 55,770 | 67,987 | | Total non-current liabilities | 49,316 | 53,317 | | Total shareholders' equity | 536,606 | 574,842 | | Total liabilities and shareholders' equity | 641,692 | 696,146 | [Unaudited Interim Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20of%20Immatics%20N.V.) This statement summarizes the Group's cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31 Consolidated Statement of Cash Flows (Three months ended March 31) | Cash Flow Activity | 2025 (Euros in thousands) | 2024 (as restated) (Euros in thousands) | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | (34,206) | (32,605) | | Net cash provided by/(used in) investing activities | 46,808 | (241,818) | | Net cash provided by/(used in) financing activities | (737) | 174,645 | | Net increase/(decrease) in cash and cash equivalents | 11,865 | (99,778) | | Cash and cash equivalents at the end of the period | 242,844 | 122,093 | [Unaudited Interim Condensed Consolidated Statement of Changes in Shareholders' Equity](index=7&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20equity%20of%20Immatics%20N.V.) This statement outlines the changes in the Group's share capital, share premium, accumulated deficit, and other reserves for the three months ended March 31 Consolidated Statement of Changes in Shareholders' Equity (Three months ended March 31) | Metric | Balance as of Jan 1, 2025 (Euros in thousands) | Balance as of Mar 31, 2025 (Euros in thousands) | Balance as of Jan 1, 2024 (as restated) (Euros in thousands) | Balance as of Mar 31, 2024 (as restated) (Euros in thousands) | | :--- | :--- | :--- | :--- | :--- | | Share capital | 1,216 | 1,216 | 847 | 1,031 | | Share premium | 1,162,136 | 1,166,466 | 823,166 | 1,001,402 | | Accumulated deficit | (589,541) | (629,396) | (604,759) | (607,000) | | Other reserves | 1,031 | (1,680) | (1,636) | (1,300) | | Total shareholders' equity | 574,842 | 536,606 | 217,618 | 394,133 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20of%20Immatics%20N.V.) [1. Group Information](index=8&type=section&id=1.%20Group%20information) Immatics N.V. is a biotechnology group focused on T cell redirecting immunotherapies for cancer, comprising its Dutch parent, German subsidiary (Immatics Biotechnologies GmbH), and U.S. subsidiary (Immatics US Inc.) - **Immatics N.V.** and its subsidiaries (Immatics GmbH, Immatics US Inc.) operate as a **biotechnology group** focused on **T cell redirecting immunotherapies** for cancer[15](index=15&type=chunk) - **Interim condensed consolidated financial statements** for Q1 2025 were authorized for issue by the Audit Committee on May 13, 2025[16](index=16&type=chunk) [2. Material Accounting Policies](index=8&type=section&id=2.%20Material%20accounting%20policies) This section details the basis of presentation for the interim financial statements, prepared in accordance with IAS 34, and highlights the restatement of previously issued interim financial statements due to a correction in deferred tax liabilities and income tax paid [2.1 Basis of Presentation](index=8&type=section&id=2.1%20Basis%20of%20presentation) - **Interim financial statements** prepared on a **going concern basis** in accordance with **IAS 34** and should be read in conjunction with the annual financial statements for December 31, 2024[17](index=17&type=chunk)[18](index=18&type=chunk) - Presented in **Euros**, the functional and reporting currency of **Immatics N.V.**, with foreign operations translated at prevailing exchange rates for assets/liabilities and average rates for the **statement of loss**[19](index=19&type=chunk) - New and amended standards applicable from January 1, 2025, had **no impact** on the Q1 2025 **interim financial statements**, but the company is assessing the **impact of IFRS 18** (effective Jan 1, 2027) and other amendments effective Jan 1, 2026[20](index=20&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [2.2 Restatement of Previously Issued Interim Financial Statements](index=10&type=section&id=2.2%20Restatement%20of%20previously%20issued%20interim%20financial%20statements) - **Restatement** corrected an understatement of **deferred tax liabilities** and an overstatement of **income tax expenses** for Q1 2024 due to limitations of **German tax law** on recovering tax losses carried forward[28](index=28&type=chunk) - Adjusted presentation of 'Income tax paid' in the **cash flow statement**, with **no impact** on 'Net cash provided by/(used in) operating activities'[29](index=29&type=chunk) Impact of Restatement on Consolidated Statement of Profit and Loss (Three months ended March 31, 2024) | Metric | As previously reported (Euros in thousands) | Adjustment (Euros in thousands) | As restated (Euros in thousands) | | :--- | :--- | :--- | :--- | | Net loss | (3,054) | 814 | (2,240) | | Taxes on income | (1,332) | 814 | (518) | | Net loss per share (Basic) | (0.03) | 0.01 | (0.02) | | Net loss per share (Diluted) | (0.04) | 0.01 | (0.03) | [3. Segment Information](index=12&type=section&id=3.%20Segment%20information) The Group operates as a single segment, focusing on the research and development of T cell redirecting immunotherapies for cancer, with the CEO serving as the chief operating decision maker - The Group manages its operations as a **single segment**, focused on **R&D** of **T cell immunotherapies** for cancer[31](index=31&type=chunk) [4. Revenue from Collaboration Agreements](index=12&type=section&id=4.%20Revenue%20from%20collaboration%20agreements) Revenue is generated from strategic collaboration agreements, primarily with Moderna and BMS. Total revenue decreased significantly due to the termination of the Genmab collaboration in March 2024, despite increased activities with Moderna - **Revenue** is derived from **strategic collaboration agreements** with Bristol-Myers-Squibb (**BMS**) and ModernaTX, Inc., both in pre-clinical stage[32](index=32&type=chunk) Revenue from Collaboration Agreements (Three months ended March 31) | Partner | 2025 (Euros in thousands) | 2024 (Euros in thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Moderna, United States | 14,403 | 9,583 | +4,820 | | BMS, United States | 4,179 | 5,735 | -1,556 | | Genmab, Denmark | — | 14,951 | -14,951 | | Total | 18,582 | 30,269 | -11,687 | - The **collaboration with Genmab** was terminated in March 2024, leading to **no revenue recognized** from Genmab in Q1 2025, contributing significantly to the overall **revenue decrease**[35](index=35&type=chunk) Deferred Revenue Related to Collaboration Agreements | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Current | 25,295 | 35,908 | | Non-current | 29,165 | 34,161 | | Total | 54,460 | 70,069 | [5. Financial Result](index=13&type=section&id=5.%20Financial%20result) The financial result shifted from a gain of €11.7 million in Q1 2024 to a loss of €5.5 million in Q1 2025, primarily due to a significant increase in foreign currency losses and a decrease in other financial income Financial Income and Expenses (Three months ended March 31) | Metric | 2025 (Euros in thousands) | 2024 (Euros in thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Change in fair value of liabilities of warrants | 1,597 | 1,043 | +554 | | Other financial income | 6,264 | 11,381 | -5,117 | | Other financial expenses | (13,336) | (677) | -12,659 | | Financial result | (5,475) | 11,747 | -17,222 | - **Foreign currency losses** increased significantly to **€13.087 million** in Q1 2025 from **€0.017 million** in Q1 2024, mainly from **USD holdings**[37](index=37&type=chunk)[39](index=39&type=chunk) - **Fair value of warrants** decreased from **€0.24** per warrant (Dec 31, 2024) to **€0.02** per warrant (Mar 31, 2025), resulting in a **€1.6 million income**[37](index=37&type=chunk) [6. Income Tax](index=13&type=section&id=6.%20Income%20Tax) The Group recognized an income tax benefit of €1.0 million in Q1 2025, compared to an expense of €0.5 million in Q1 2024. This shift is due to a net loss across the Group in 2025 and a decrease in deferred tax liability, whereas in 2024, Immatics GmbH generated taxable income from a collaboration termination Current and Deferred Taxes (Three months ended March 31) | Metric | 2025 (Euros in thousands) | 2024 (as restated) (Euros in thousands) | | :--- | :--- | :--- | | Current income tax | — | (1,332) | | Deferred income tax | 994 | 814 | | Taxes on income | 994 | (518) | - **No current income tax expense** in Q1 2025 due to **net loss across the Group**; a **deferred income tax benefit** of **€0.994 million** was recognized due to a **decrease in deferred tax liability**[41](index=41&type=chunk)[42](index=42&type=chunk) - In Q1 2024, **Immatics GmbH** generated **net income** from the **Genmab collaboration termination**, leading to a **€1.3 million current income tax expense**, subject to **German tax law limitations** on tax loss carryforwards[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) [7. Share-based Payments](index=14&type=section&id=7.%20Share-based%20payments) Immatics N.V. operates three equity incentive plans (2020, 2022, 2024 Equity Plans) for directors, management, and employees, granting equity-settled Service Options and Performance-Based Options (PSUs). Total share-based compensation expenses remained stable at approximately €4.3 million for Q1 2025 and Q1 2024 [Service Options](index=14&type=section&id=Service%20Options) - **Service Options** for employees and management vest on a four-year time-based schedule, while annual **service options** for Board members vest entirely after one year[51](index=51&type=chunk) - **Weighted average fair value** of **Service Options** granted in Q1 2025 was **$5.51** per option, estimated using a **Black-Scholes pricing model**[52](index=52&type=chunk) Service Options Outstanding (March 31, 2025) | Metric | Number | Weighted average exercise price (USD) | | :--- | :--- | :--- | | Service Options outstanding on January 1 | 10,089,474 | 9.94 | | Service Options granted in 2025 | 1,014,400 | 5.51 | | Service Options forfeited | 30,432 | 11.02 | | Service Options outstanding on March 31 | 11,060,119 | 9.53 | | Service Options exercisable on March 31 | 5,366,201 | 10.12 | [Performance-Based Options (PSUs)](index=15&type=section&id=Performance-Based%20Options%20(%22PSUs%22)) - **PSUs** vest based on achieving **market capitalization** milestones (**$1.5B**, **$2B**, **$3B**) and a four-year time-based vesting schedule[54](index=54&type=chunk) - **No PSUs** were granted in Q1 2025; **fair value** is measured at grant date using a **Monte-Carlo simulation model**[55](index=55&type=chunk) PSUs Outstanding (March 31, 2025) | Metric | Number | Weighted average exercise price (USD) | | :--- | :--- | :--- | | PSUs outstanding on January 1 | 3,680,000 | 10.09 | | PSUs outstanding on March 31 | 3,680,000 | 10.09 | | PSUs exercisable on March 31 | — | — | [Total Share-based Compensation Expenses](index=17&type=section&id=Total%20Share-based%20Compensation%20Expenses) Total Employee-Related Share-based Compensation Expenses (Three months ended March 31) | Category | 2025 (Euros in thousands) | 2024 (Euros in thousands) | | :--- | :--- | :--- | | Research and development expenses | (2,155) | (2,268) | | General and administrative expenses | (2,175) | (2,029) | | Total share-based compensation | (4,330) | (4,297) | [Additional Outstanding Awards Fully Vested](index=17&type=section&id=Additional%20outstanding%20awards%20fully%20vested) - All outstanding awards from previous Immatics GmbH plans were replaced by cash payments and 2020 Equity Plan awards at **Nasdaq listing**, which are now fully vested with **no additional expense recognized**[57](index=57&type=chunk) [Matching Stock Options Outstanding](index=17&type=section&id=Matching%20Stock%20Options%20outstanding%20as%20of%20March%2031,%202025) Matching Stock Options Outstanding (March 31, 2025) | Metric | Number | Weighted average exercise price (USD) | | :--- | :--- | :--- | | Matching Stock Options outstanding on January 1 | 1,315,798 | 10.00 | | Matching Stock Options forfeited | 4,950 | 10.00 | | Matching Stock Options expired | 1,520 | 10.00 | | Matching Stock Options outstanding on March 31 | 1,309,328 | 10.00 | | Matching Stock Options exercisable on March 31 | 1,309,328 | 10.00 | [Converted Options Outstanding](index=18&type=section&id=Converted%20Options%20outstanding%20as%20of%20March%2031,%202025) Converted Options Outstanding (March 31, 2025) | Metric | Number | Weighted average exercise price (USD) | | :--- | :--- | :--- | | Converted Options outstanding on January 1 | 477,842 | 2.90 | | Converted Options forfeited | 2,275 | 1.50 | | Converted Options expired | 254 | 1.17 | | Converted Options outstanding on March 31 | 475,313 | 2.90 | | Converted Options exercisable on March 31 | 475,313 | 2.90 | [8. Other Current and Non-Current Assets](index=18&type=section&id=8.%20Other%20current%20and%20non-current%20assets) Other current assets increased to €24.2 million as of March 31, 2025, primarily driven by an increase in receivables from pre-paid income tax. Other non-current assets saw a slight decrease Other Current Assets (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Prepaid expenses | 11,964 | 12,048 | | Value added tax receivables | 976 | 888 | | Other assets | 11,265 | 6,310 | | Total | 24,205 | 19,246 | - **Other assets** include receivables from pre-paid income tax, which increased from **€5.9 million** (Dec 31, 2024) to **€10.8 million** (Mar 31, 2025)[61](index=61&type=chunk) Other Non-Current Assets (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Prepaid expenses | 225 | 333 | | Other assets | 907 | 917 | | Total | 1,132 | 1,250 | [9. Property, Plant and Equipment, Intangible Assets and Right-of-use Assets](index=18&type=section&id=9.%20Property,%20plant%20and%20equipment,%20intangible%20assets%20and%20Right-of-use%20assets) The Group acquired €3.5 million in property, plant, and equipment and intangible assets in Q1 2025, a decrease from €7.5 million in Q1 2024. Right-of-use assets increased by €3.2 million, mainly due to facility expansion - Acquisitions of **property, plant and equipment** and **intangible assets** decreased from **€7.5 million** in Q1 2024 to **€3.5 million** in Q1 2025[63](index=63&type=chunk) - Additions include leasehold improvements, lab, office, and computer equipment for the Houston **R&D** and **GMP manufacturing facility**, totaling **€2.7 million** in Q1 2025[64](index=64&type=chunk) - **Right-of-use assets** and corresponding **lease liabilities** increased by **€3.2 million** in Q1 2025, primarily due to facility expansion[65](index=65&type=chunk) [10. Provisions](index=19&type=section&id=10.%20Provisions) Provisions as of March 31, 2025, totaled €2.257 million, entirely consisting of provisions for annual employee bonuses, compared to no provisions at December 31, 2024 Provisions (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Provision for bonuses | 2,257 | — | | Total | 2,257 | — | [11. Accounts Payables](index=19&type=section&id=11.%20Accounts%20payables) Accounts payables decreased to €18.4 million as of March 31, 2025, from €20.7 million at December 31, 2024, driven by a reduction in trade payables, partially offset by an increase in accrued liabilities Accounts Payables (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Trade payables | 5,857 | 10,112 | | Accrued liabilities | 12,538 | 10,581 | | Total | 18,395 | 20,693 | [12. Other Current Liabilities](index=19&type=section&id=12.%20Other%20current%20liabilities) Other current liabilities remained stable at €6.6 million as of March 31, 2025, compared to €6.8 million at December 31, 2024, with changes in payroll tax and other liabilities offsetting each other Other Current Liabilities (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Accrual for vacation and overtime | 1,779 | 1,579 | | Income tax liability | 1,761 | 1,761 | | Payroll tax | 731 | 2,008 | | Other liabilities | 2,373 | 1,457 | | Total | 6,644 | 6,805 | [13. Shareholders' Equity](index=20&type=section&id=13.%20Shareholders'%20equity) The total number of ordinary shares outstanding remained unchanged at 121,550,169 as of March 31, 2025, with no new shares issued or options exercised during the period. Other reserves are primarily related to foreign currency translation amounts from U.S. operations - **Total ordinary shares outstanding** remained at **121,550,169** as of March 31, 2025, with **no changes** from December 31, 2024[69](index=69&type=chunk) - **Other reserves** are related to accumulated **foreign currency translation amounts** from the Group's U.S. operations[70](index=70&type=chunk) [14. Related Party Disclosures](index=20&type=section&id=14.%20Related%20party%20disclosures) During the three months ended March 31, 2025, the Group did not engage in any new related-party transactions with key management personnel or related entities, nor did it grant new service options to its Board of Directors - **No new related-party transactions** with key management personnel or related entities, and **no new service options** granted to the Board of Directors in Q1 2025[71](index=71&type=chunk) [15. Financial Instruments](index=21&type=section&id=15.%20Financial%20Instruments) The Group's financial instruments include cash, short-term deposits, accounts receivables, accounts payables, liabilities for warrants, and lease liabilities. Liabilities for warrants are measured at fair value through profit and loss using Level 1 inputs (quoted prices on Nasdaq) Financial Instruments Carrying Amounts (As of March 31, 2025 and December 31, 2024) | Category | March 31, 2025 (Euros in thousands) | December 31, 2024 (Euros in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 242,844 | 236,748 | | Short-term deposits | 300,914 | 367,704 | | Accounts receivables | 5,600 | 5,857 | | Accounts payables | 18,395 | 20,693 | | Liabilities for warrants | 133 | 1,730 | | Lease liabilities | 18,387 | 16,203 | - **Liabilities for warrants** are classified as **financial liabilities** at **fair value** through profit and loss, measured using **Level 1 inputs** (**Nasdaq** closing price)[75](index=75&type=chunk)[76](index=76&type=chunk) [16. Earnings and Loss per Share](index=22&type=section&id=16.%20Earnings%20and%20Loss%20per%20Share) The Group reported basic and diluted loss per share of €(0.33) for Q1 2025, significantly higher than €(0.02) basic and €(0.03) diluted in Q1 2024. Due to the loss-making periods, all equity awards and warrants were anti-dilutive in Q1 2025, unlike Q1 2024 where warrants had a dilutive effect Net Loss and Loss per Share (Three months ended March 31) | Metric | 2025 (Euros in thousands, except per share data) | 2024 (as restated) (Euros in thousands, except per share data) | | :--- | :--- | :--- | | Net loss | (39,855) | (2,240) | | Net loss available to common shareholders | (39,855) | (3,283) | | Weighted average shares outstanding - basic | 121,550,169 | 98,740,222 | | Effect of potentially dilutive warrants / shares option | — | 7,187,500 | | Weighted average shares outstanding - diluted | 121,550,169 | 105,927,722 | | Loss per share - basic | (0.33) | (0.02) | | Loss per share - diluted | (0.33) | (0.03) | - All equity awards and Immatics Warrants were **anti-dilutive** in Q1 2025 due to the Group being **loss-making** and the weighted average share price being below the exercise price for warrants[79](index=79&type=chunk)[80](index=80&type=chunk) [17. Commitments and Contingencies](index=22&type=section&id=17.%20Commitments%20and%20contingencies) There have been no material changes to the contingent liabilities and other financial liabilities described in the Group's annual financial statements for the year ended December 31, 2024 - Statements regarding **contingent liabilities** and other **financial liabilities** remain essentially unchanged from the 2024 annual financial statements[82](index=82&type=chunk) [18. Events Occurring After the Interim Reporting Period](index=22&type=section&id=18.%20Events%20occurring%20after%20the%20interim%20reporting%20period) After March 31, 2025, Immatics received an immaterial milestone payment from Moderna, triggered by the initiation of a Phase 1 clinical trial for a product candidate. No other material subsequent events were identified through May 13, 2025 - Immatics received a financially **immaterial milestone payment** from Moderna after March 31, 2025, for the initiation of a **Phase 1 clinical trial**[83](index=83&type=chunk) - **No additional material subsequent events** were identified through May 13, 2025[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) [Overview](index=23&type=section&id=Overview) Immatics is a clinical-stage biotechnology company developing TCR-based immunotherapies for solid tumors, aiming to become a fully integrated biopharmaceutical company. It utilizes two modalities, ACTengine and TCER, with four clinical-stage product candidates and several preclinical ones. The company has raised €1.5 billion and holds €543.8 million in cash and financial assets, sufficient for the next 12 months - **Immatics** is a **clinical-stage biotechnology company** focused on **T cell receptor (TCR)-based immunotherapies** for **solid tumors**, aiming to deliver tangible clinical benefits[85](index=85&type=chunk) - Develops product candidates in two therapeutic modalities: **autologous TCR-engineered adoptive T cell therapies (ACTengine)** and **antibody-like TCR Bispecifics (TCER)**[87](index=87&type=chunk) - Current pipeline includes four **clinical-stage TCR-based product candidates** (**ACTengine IMA203**, **ACTengine IMA203CD8**, **TCER IMA402**, **TCER IMA401**) and several **preclinical candidates**[89](index=89&type=chunk) - Raised **€1.5 billion** through March 31, 2025, and holds **€543.8 million** in **cash and financial assets**, **sufficient to fund operations for at least the next 12 months**[91](index=91&type=chunk) [Our Strategy](index=24&type=section&id=Our%20Strategy) Immatics' strategy focuses on obtaining regulatory approval for PRAME cell therapy (IMA203) in 2L cutaneous melanoma, preparing commercial manufacturing, expanding PRAME opportunities to other cancers and earlier lines (IMA203CD8, IMA402), leveraging its bispecific platform (IMA401, mRNA-encoded TCERs), and unlocking strategic collaborations for non-dilutive capital - Primary **strategy** is to obtain **regulatory approval** for and commercialize **PRAME cell therapy (IMA203)** in 2L cutaneous melanoma, with a **Phase 3 trial** ('SUPRAME') targeting **BLA submission** in 1Q 2027[93](index=93&type=chunk) - Preparing in-house **manufacturing capabilities** at its Houston facility to support late-stage clinical development and commercial supply, aiming for efficient, cost-effective scalability and high success rates[93](index=93&type=chunk) - Expanding **PRAME commercial opportunity** to uveal melanoma (**IMA203**) and other solid cancers (gynecologic, NSCLC, breast, head and neck) with second-generation **IMA203CD8** and **TCR Bispecific IMA402**[93](index=93&type=chunk) - Leveraging its **bispecific platform** with **TCER IMA401** for NSCLC, head and neck, bladder cancer, and advancing mRNA-encoded **TCERs** in collaboration with Moderna[93](index=93&type=chunk) - Actively seeking additional **strategic collaborations** to combine synergistic capabilities, provide **non-dilutive capital**, and generate potential **milestone payments and royalties**[93](index=93&type=chunk) [Components of Operating Results](index=26&type=section&id=Components%20of%20Operating%20Results) This section details the accounting policies and factors influencing key components of the operating results: revenue from collaboration agreements, research and development expenses, general and administrative expenses, and financial result [Revenue from Collaboration Agreements](index=26&type=section&id=Revenue%20from%20Collaboration%20Agreements_Components) - **Revenue** is solely derived from **collaboration agreements** (e.g., BMS, Moderna), consisting of **upfront payments** and **R&D expense reimbursements**[94](index=94&type=chunk) - **Upfront payments** for **R&D services** are deferred and recognized as **revenue** on a **cost-to-cost basis**[95](index=95&type=chunk) - **Total payments** from **collaboration agreements** reached **€525.7 million** through March 31, 2025, including **€113.0 million** from Moderna and **€13.7 million** from BMS in 2023[96](index=96&type=chunk) - **Milestone and royalty payments** are potential future **revenue streams**, but their achievement is uncertain[97](index=97&type=chunk) [Research and Development Expenses](index=26&type=section&id=Research%20and%20Development%20Expenses_Components) - **R&D expenses** primarily include **personnel costs** (including **share-based compensation**), **IP expenses**, **facility costs**, and direct clinical/preclinical program expenses[99](index=99&type=chunk) - All **research and development costs** are expensed as incurred due to **scientific uncertainty**[100](index=100&type=chunk) - Expect **R&D expenses** to **increase** as product candidates advance through clinical studies and **regulatory approval**, with potential for delays and unforeseen events[102](index=102&type=chunk)[103](index=103&type=chunk) [General and Administrative Expenses](index=28&type=section&id=General%20and%20Administrative%20Expenses_Components) - **G&A expenses** cover **personnel costs** (including **share-based compensation**) for finance, legal, HR, business development, professional fees, IT, and facility-related costs[104](index=104&type=chunk) - Anticipate **increased G&A expenses** due to **scaling operations**, potential **regulatory approval** preparations, and **public company costs**[105](index=105&type=chunk) [Financial Result](index=28&type=section&id=Financial%20Result_Components) - **Financial result** includes **income**/expenses from changes in **fair value of warrant liability**, **interest income**, **foreign exchange gains/losses**, and **expected credit losses**[106](index=106&type=chunk) - Warrants are classified as **liabilities** recorded at **fair value** through profit and loss[106](index=106&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) The Group's net loss significantly widened to €39.9 million in Q1 2025 from €2.2 million in Q1 2024, driven by a substantial decrease in collaboration revenue (due to Genmab termination), increased R&D expenses, and a negative shift in financial results primarily from higher foreign exchange losses [Overall Financial Performance](index=30&type=section&id=Overall%20Financial%20Performance) Consolidated Statements of Operations Summary (Three months ended March 31) | Metric | 2025 (Euros in thousands) | 2024 (as restated) (Euros in thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue from collaboration agreements | 18,582 | 30,269 | (11,687) | | Research and development expenses | (41,908) | (32,108) | (9,800) | | General and administrative expenses | (12,067) | (11,642) | (425) | | Operating result | (35,374) | (13,469) | (21,905) | | Financial result | (5,475) | 11,747 | (17,222) | | Net loss | (39,855) | (2,240) | (37,615) | | Net loss per share (Basic) | (0.33) | (0.02) | (0.31) | [Revenue from Collaboration Agreements Analysis](index=30&type=section&id=Revenue%20from%20Collaboration%20Agreements_Analysis) - **Revenue decreased** by **€11.7 million** (**38.6%**) from **€30.3 million** in Q1 2024 to **€18.6 million** in Q1 2025[109](index=109&type=chunk) - **Moderna collaboration revenue increased** by **€4.8 million** to **€14.4 million**, while **BMS revenue decreased** by **€1.6 million** to **€4.2 million**[109](index=109&type=chunk) - The **termination of the Genmab collaboration** in Q1 2024 accounted for a **€14.9 million decrease** in **revenue** for Q1 2025[109](index=109&type=chunk) [Research and Development Expenses Analysis](index=31&type=section&id=Research%20and%20Development%20Expenses_Analysis) - **Total R&D expenses increased** by **€9.8 million** (**30.5%**) to **€41.9 million** in Q1 2025 from **€32.1 million** in Q1 2024[111](index=111&type=chunk) - Direct external **R&D expenses** for ACT programs **increased** by **€5.2 million** to **€10.0 million**, mainly due to **increased IMA203 clinical trial activities**[111](index=111&type=chunk) - **Personnel-related expenses** (excluding **share-based compensation**) **increased** by **€3.9 million** to **€17.3 million** due to **headcount growth**[114](index=114&type=chunk) - **IP expenses decreased** by **€1.2 million** to **€0.6 million** due to **fewer patent activities**[114](index=114&type=chunk) [General and Administrative Expenses Analysis](index=32&type=section&id=General%20and%20Administrative%20Expenses_Analysis) - **Total G&A expenses increased** by **€0.4 million** (**3.7%**) to **€12.1 million** in Q1 2025 from **€11.6 million** in Q1 2024[115](index=115&type=chunk) - **Personnel-related G&A expenses increased** by **€0.6 million** to **€4.4 million** due to **headcount growth** in finance, IT, HR, and communications[117](index=117&type=chunk) - Professional and consulting fees **decreased** by **€0.5 million** to **€1.5 million**[118](index=118&type=chunk) [Change in Fair Value of Warrant Liabilities](index=32&type=section&id=Change%20in%20Fair%20Value%20of%20Warrant%20Liabilities) - **Fair value of warrants decreased** from **€0.24** per warrant (Dec 31, 2024) to **€0.02** per warrant (Mar 31, 2025) due to **stock price decline**, resulting in a **€1.6 million income**[121](index=121&type=chunk) [Other Financial Income and Expenses Analysis](index=32&type=section&id=Other%20Financial%20Income%20and%20Other%20Financial%20Expenses) - **Other financial income decreased** by **€5.1 million** to **€6.3 million**, mainly due to **lower unrealized foreign exchange gains**[122](index=122&type=chunk) - **Other financial expenses increased significantly** by **€12.6 million** to **€13.3 million**, mainly due to **higher unrealized foreign exchange losses**[122](index=122&type=chunk) [Taxes on Income Analysis](index=32&type=section&id=Taxes%20on%20income_Analysis) - **Taxes on income shifted** from an **expense** of **€0.5 million** in Q1 2024 to a **benefit** of **€1.0 million** in Q1 2025[123](index=123&type=chunk) - The shift is primarily due to **Immatics GmbH** not generating taxable profit in Q1 2025 and a **€1.0 million decrease** in **deferred tax liabilities** resulting in a **deferred income tax benefit**[123](index=123&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Immatics' cash and cash equivalents increased to €242.8 million as of March 31, 2025, and the company believes it has sufficient capital for the next 12 months. Operations have historically incurred losses, funded by equity financing and collaboration payments. Cash flows from operating activities remained negative, while investing activities saw a net inflow in Q1 2025 due to short-term deposit maturities. Future funding requirements are substantial and depend on clinical trial progress and commercialization success [Cash and Capital Position](index=33&type=section&id=Cash%20and%20Capital%20Position) - **Cash and cash equivalents increased** from **€236.7 million** (Dec 31, 2024) to **€242.8 million** (Mar 31, 2025)[124](index=124&type=chunk) - Believes existing **cash**, **cash equivalents**, and other **financial assets** (**€543.8 million** as of Mar 31, 2025) are **sufficient to fund operations for at least the next 12 months**[91](index=91&type=chunk)[124](index=124&type=chunk) - **Accumulated deficit** of **€629.5 million** as of March 31, 2025, with **operations primarily funded by equity financing** and **collaboration payments**[125](index=125&type=chunk) [Sources and Uses of Liquidity](index=33&type=section&id=Sources%20and%20Uses%20of%20Liquidity) - In 2024, received **€185.0 million gross proceeds** from a **public offering** in January, **€137.9 million** from an October **public offering**, and **€19.0 million** from an additional purchase option[126](index=126&type=chunk) - Established an **at-the-market (ATM) offering program** for up to **$150 million**, with **no sales made to date**[127](index=127&type=chunk) - Plans to utilize capital for **R&D initiatives**, **clinical trials**, **regulatory approval**, and investments in **manufacturing equipment and operations**[128](index=128&type=chunk) [Cash Flows Analysis](index=33&type=section&id=Cash%20Flows) Summary of Cash Flows (Three months ended March 31) | Cash Flow Activity | 2025 (Euros in thousands) | 2024 (Euros in thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Operating activities | (34,206) | (32,605) | (1,601) | | Investing activities | 46,808 | (241,818) | 288,626 | | Financing activities | (737) | 174,645 | (175,382) | | Total net increase/(decrease) in cash and cash equivalents | 11,865 | (99,778) | 111,643 | - **Net cash outflow from operating activities increased** slightly to **€34.2 million** in Q1 2025 from **€32.6 million** in Q1 2024, driven by **loss before tax and working capital changes**[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - **Net cash inflow from investing activities** was **€46.8 million** in Q1 2025 (vs. **€241.8 million outflow** in Q1 2024), primarily due to **€308.5 million proceeds from maturity of short-term deposits** offsetting **€258.6 million** in **new investments**[133](index=133&type=chunk)[134](index=134&type=chunk) - **Net cash used in financing activities** was **€0.7 million** in Q1 2025 (vs. **€174.6 million inflow** in Q1 202

Core Insights - Immatics N.V. is focused on advancing its clinical-stage PRAME cell therapy, IMA203, through ongoing trials and aims for commercialization in melanoma treatment [2][3][6] - The company reported a significant net loss of $43.2 million for Q1 2025, attributed to lower revenue and increased R&D expenses [19][16][17] Company Progress - The SUPRAME Phase 3 trial for IMA203 in advanced melanoma is ongoing, with enrollment expected to complete in 2026 [6][7] - Immatics is preparing its manufacturing facility to support the commercial supply of IMA203 and plans to expand its application to uveal melanoma [3][5] - The addressable patient population for PRAME therapies in the US and EU5 is approximately 8,600, including 7,300 for cutaneous melanoma and 1,300 for uveal melanoma [3] Clinical Trials - IMA203 is currently in a randomized-controlled Phase 3 trial, with primary endpoints focused on progression-free survival [7] - A Phase 1b trial for IMA203 in solid tumors, particularly uveal melanoma, is also ongoing [5][6] - The FDA has granted IND clearance for a Phase 1 trial combining IMA203 with Moderna's PRAME adaptive immune modulating therapy [10] Financial Results - As of March 31, 2025, the company reported cash and cash equivalents of $588.1 million, a decrease from $653.8 million at the end of 2024 [15] - Total revenue for Q1 2025 was $20.1 million, down from $32.8 million in Q1 2024, primarily due to the termination of a collaboration agreement [16] - R&D expenses increased to $45.3 million in Q1 2025 from $34.7 million in Q1 2024, reflecting the advancement of clinical programs [17] Upcoming Events - Immatics will present updates on its clinical trials at the 2025 ASCO Annual Meeting, including data on IMA203 and its combination therapies [2][12]

Core Insights - Immatics N.V. is set to present data on its lead product candidate, IMA203 TCR T-cell therapy, at the 2025 ASCO Annual Meeting from May 30 to June 3, 2025 [1] - The presentations will include updated data from the Phase 1b trial of IMA203 in metastatic melanoma patients, with longer follow-up and additional data from uveal melanoma patients [2] - A trial-in-progress poster on the ongoing Phase 3 clinical trial, SUPRAME, will also be presented, evaluating IMA203 in patients with unresectable or metastatic cutaneous melanoma [3] Presentation Details - Oral presentation titled "Phase 1 clinical update of IMA203, an autologous TCR-T targeting PRAME in patients with PD1 refractory metastatic melanoma" will be held on May 31, 2025 [4] - Poster presentation titled "SUPRAME: A phase 3 trial comparing IMA203 vs investigator's choice in patients with previously treated advanced cutaneous melanoma" will take place on June 2, 2025 [4] Product Information - IMA203 is an engineered T-cell receptor therapy targeting PRAME, an intracellular protein with minimal expression on healthy tissues, demonstrating a favorable clinical profile [5] - The therapy has a turnaround time of approximately 14 days and is currently being evaluated in a registration-enabling randomized controlled Phase 3 trial [6] Company Overview - Immatics focuses on discovering true targets for cancer immunotherapies and developing specific T-cell receptors to enhance T-cell responses against these targets [7] - The company aims to deliver effective T-cell therapies and explore new treatment avenues for cancer patients [7]

Company Overview - Immatics is a small German company specializing in T-cell biology and developing TCR-based immunotherapies aimed at solid tumors [1] Services Offered - The Total Pharma Tracker provides tools for DIY investors, including a software that allows users to enter any ticker for extensive curated research material [3] - In-house experts at Total Pharma Tracker assist investors by identifying the best investible stocks along with buy/sell strategies and alerts [3] Promotional Offer - Total Pharma Tracker is currently offering a free trial for users to access their tools at no cost [4]

Financial Performance - Total revenue for the year ended December 31, 2024, was $161.9 million, a significant increase from $56.1 million in 2023, driven by one-time revenue from collaboration terminations[41] - The company reported a net profit of $15.8 million for the year ended December 31, 2024, a turnaround from a net loss of $98.3 million in 2023[44] - The net loss for the year ended December 31, 2023, was €94,649 thousand, compared to a net profit of €27,703 thousand in 2022, indicating a significant decline in profitability[55] - Comprehensive income for the year 2023 was a loss of €94,804 thousand, down from a comprehensive income of €30,167 thousand in 2022[55] - The net profit for the year ending December 31, 2024, is expected to be €15,218 thousand, marking a recovery from the previous year's loss[55] Cash and Equity - As of December 31, 2024, Immatics had cash and cash equivalents totaling $628.0 million (€604.5 million), providing a cash runway into the second half of 2027[4] - Cash and cash equivalents increased to $628.0 million as of December 31, 2024, up from $442.5 million a year earlier, primarily due to public offerings[40] - Total assets increased to $696.1 million as of December 31, 2024, compared to $510.0 million in 2023[53] - As of December 31, 2023, total shareholders' equity increased to €217,618 thousand from €203,353 thousand at the end of 2022, reflecting a growth of approximately 7.4%[55] - As of December 31, 2024, total shareholders' equity is projected to rise to €574,842 thousand, a substantial increase from €217,618 thousand in 2023[55] Research and Development - The Phase 3 trial SUPRAME for IMA203 commenced in December 2024, with the first patient randomized and enrollment continuing as planned, aiming for completion in 2026[12] - The next data update for the Phase 1b trial of IMA203 is planned for 2025, focusing on extended follow-up and additional data from ovarian cancer patients[4] - Immatics is advancing its second-generation TCR-T therapy, IMA203CD8, which has shown a 41% confirmed objective response rate in heavily pretreated patients, with a median duration of response of 9.2 months[26] - The TCER IMA402 program is exploring its potential in various solid tumors, with initial signs of clinical activity observed in a Phase 1 trial involving 33 heavily pretreated patients[28] - The company plans to provide updates on IMA401 Phase 1 data focusing on head and neck cancer in 2025 and on non-small cell lung carcinoma in 2026[37] Clinical Trials and Approvals - Immatics plans to submit a Biologics License Application (BLA) for IMA203 in Q1 2027, with a potential market launch in Q3 2027[12] - The FDA granted IND clearance for a Phase 1 trial of IMA203 in combination with Moderna's therapy in February 2025[43] - Immatics regained full clinical development rights to IMA401 in September 2024, allowing continued progress on the Phase 1 trial[43] Manufacturing and Operations - The manufacturing facility in Houston is designed for efficient scalability, supporting both clinical and commercial supply with a >95% success rate in quality control testing[17] Patient Population and Market Potential - The addressable patient population for IMA203 in the US and EU5 is approximately 8,600, including 7,300 for cutaneous melanoma and 1,300 for uveal melanoma[7] - The company aims to expand IMA203's application to uveal melanoma through ongoing clinical trials, enhancing its therapeutic reach[13] Expenses and Financial Management - Research and development expenses rose to $153.9 million in 2024, compared to $123.3 million in 2023, reflecting costs associated with advancing product candidates in clinical trials[42] - General and administrative expenses increased to $48.2 million in 2024 from $39.7 million in 2023[44] - Equity-settled share-based compensation decreased to €17,642 thousand in 2024 from €20,705 thousand in 2023, indicating a reduction in compensation expenses[55] - The company exercised share options totaling €1,115 thousand in 2024, up from €139 thousand in 2023, indicating increased employee engagement and retention efforts[55]

Financial Performance and Losses - As of December 31, 2024, the company had accumulated consolidated losses of €589.5 million and expects to continue incurring significant operating losses in the foreseeable future[32]. - The company has German federal net operating loss carryforwards of €158.3 million and U.S. federal net operating loss carryforwards of €143.3 million for the year ended December 31, 2024[40]. - The company has no products approved for commercial sale and has not generated revenue from product sales, indicating a reliance on future product development for potential profitability[32]. - The company may need to raise additional capital to fund operations and execute its business plan, with no committed external source of funds currently available[36]. Clinical Trials and Regulatory Risks - Clinical trials are expected to be expensive and time-consuming, with costs likely to be significantly higher per patient than conventional therapeutic technologies[44]. - The company faces risks related to the completion of clinical trials, including potential delays due to regulatory approvals and challenges in patient recruitment[42]. - There is no assurance regarding the outcomes of ongoing or planned clinical trials, and results from earlier-stage trials are particularly unpredictable due to their limited size[53]. - Regulatory authorities may require additional studies or trials before permitting larger clinical trials, which could increase costs and extend timelines for product candidates[58]. - The time required to obtain regulatory approval is uncertain and typically takes many years, with no assurance that any product candidates will receive approval[59]. Manufacturing and Production Challenges - The company may experience manufacturing problems that could delay development or commercialization of its product candidates[38]. - Manufacturing of cellular products is complex and may lead to delays or failures, impacting patient outcomes[87]. - The company faces risks in scaling up manufacturing processes for its allogenic cellular therapy product candidates, which may lead to delays in clinical trials[91]. - The company has completed the construction of a 100,000 square foot GMP manufacturing facility for IMA203 products and future cell therapy candidates, expected to commence manufacturing in 2025 after regulatory approvals[95]. Competition and Market Risks - The company may face substantial competition, which could impact its ability to successfully develop and commercialize its product candidates[38]. - Market acceptance of the company's product candidates is crucial and may be influenced by competition and existing treatment preferences, potentially affecting revenue generation[104][105]. - The potential market for the company's product candidates may be smaller than estimated, affecting financial projections and business prospects[106]. Intellectual Property and Legal Risks - The company is dependent on intellectual property licensed from third parties, and termination of these licenses could harm its business[126]. - The patent position of the company is uncertain, and challenges to its patents could limit the ability to protect its technology and products[129]. - There is a substantial risk of litigation related to intellectual property rights, which could be expensive and time-consuming, impacting the company's operations[139]. - The company may incur significant costs from defending against claims of patent infringement, which could divert management's attention and resources[137]. Compliance and Regulatory Environment - The company faces significant risks related to compliance with healthcare laws, including potential civil, criminal, and administrative penalties if found in violation[181]. - Compliance with healthcare laws is costly and may disrupt operations if the company becomes subject to a corporate integrity agreement or other compliance obligations[181]. - The company must navigate complex data protection regulations, including the GDPR and CCPA, which could increase compliance costs and potential liabilities[174]. Financial Reporting and Governance - The company has identified a material weakness in its internal control over financial reporting related to the recognition, measurement, and disclosure of deferred tax assets and liabilities, leading to restatements of audited consolidated financial statements for 2023 and 2022[198][199]. - The influence of principal shareholders on the Board may delay or prevent changes in corporate control, potentially disadvantaging other shareholders[210][211]. - The company is subject to the Directive (EU) 2022/2464, which will impact its financial and sustainability reporting starting from the financial year 2025[214]. Operational and External Risks - Health epidemics and natural disasters could disrupt the company's operations, affecting clinical trials and manufacturing processes[160]. - Cybersecurity threats are increasing, and breaches could lead to significant monetary losses and disruption of product development programs[188]. - The company faces significant risks associated with conducting business internationally, including differing regulatory requirements and economic instability in foreign markets[195].

Core Viewpoint - Immatics N.V. is advancing its T cell-redirecting cancer immunotherapy portfolio, with significant milestones expected in 2025, including the initiation of a Phase 3 trial for its lead therapy IMA203 and expansion into additional cancer types [2][3]. Group 1: Clinical Development - The SUPRAME trial for IMA203, targeting advanced melanoma, commenced in December 2024, with the first patient randomized and enrollment ongoing [5][6]. - IMA203 has shown promising Phase 1b results, with a confirmed objective response rate (ORR) of 54%, a median duration of response (mDOR) of 12.1 months, and a median progression-free survival (mPFS) of 6 months [4][13]. - The company plans to expand IMA203's application to uveal melanoma through an ongoing Phase 1b trial [9]. Group 2: Financial Performance - As of December 31, 2024, the company reported cash and cash equivalents of $628.0 million (€604.5 million), an increase from $442.5 million (€425.9 million) in 2023, primarily due to public offerings [33]. - Total revenue for 2024 was $161.9 million (€155.8 million), significantly up from $56.1 million (€54.0 million) in 2023, driven by one-time revenue from collaboration terminations [34]. - The company achieved a net profit of $15.8 million (€15.2 million) in 2024, a turnaround from a net loss of $98.3 million (€94.6 million) in 2023 [36]. Group 3: Manufacturing and Supply Chain - Immatics is enhancing its in-house TCR-T manufacturing facility to support commercial supply, with a high manufacturing success rate of over 95% [11][10]. - The manufacturing process allows for the production of IMA203 from a patient's leukapheresis within 7 days, followed by a 7-day quality control release [11]. Group 4: Future Plans and Collaborations - The company aims to submit a Biologics License Application (BLA) for IMA203 in Q1 2027, with a planned launch in Q3 2027 [8]. - Immatics is collaborating with Moderna to evaluate IMA203 in combination with Moderna's therapy, aiming to enhance T cell responses and reduce costs [29].

Core Viewpoint - Immatics (IMTX) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, driven by institutional investors who adjust their valuations based on these estimates [4][6]. Immatics' Earnings Outlook - For the fiscal year ending December 2024, Immatics is expected to earn -$0.80 per share, representing a 38.5% change from the previous year's reported number [8]. - Over the past three months, the Zacks Consensus Estimate for Immatics has increased by 8.4%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - Immatics' upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Viewpoint - Immatics (IMTX) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Immatics' Earnings Outlook - For the fiscal year ending December 2024, Immatics is expected to report earnings of -$0.93 per share, reflecting a 28.5% change from the previous year's reported number [8]. - Over the past three months, the Zacks Consensus Estimate for Immatics has increased by 9.9%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Immatics to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10][11].

Core Insights - Immatics (IMTX) reported a quarterly loss of $0.12 per share, outperforming the Zacks Consensus Estimate of a loss of $0.27, and showing improvement from a loss of $0.35 per share a year ago, resulting in an earnings surprise of 55.56% [1] - The company achieved revenues of $55.57 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 216.62%, compared to revenues of $6.45 million in the same quarter last year [2] - Immatics has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Financial Performance - The company has shown a favorable trend in estimate revisions ahead of the earnings release, currently holding a Zacks Rank 2 (Buy), indicating expected outperformance in the near future [7] - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $17.51 million, and for the current fiscal year, it is -$0.93 on revenues of $89.48 million [8] Industry Context - Immatics operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the top 25% of over 250 Zacks industries, suggesting a positive outlook for the sector [9] - The performance of Immatics' stock may be influenced by the overall industry outlook, as top-ranked industries tend to outperform lower-ranked ones significantly [9]