Immatics N.V.(IMTX) - 2024 Q4 - Annual Report

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]