Immatics N.V.(IMTX) - 2025 Q2 - Quarterly Report

Financial Performance - Revenue from collaboration agreements for Q2 2025 was €4,737,000, a decrease of 74.8% compared to €18,755,000 in Q2 2024[7] - Net loss for the six months ended June 30, 2025, was €110,204,000, compared to a net loss of €20,233,000 for the same period in 2024, representing a 444.5% increase[9] - Total comprehensive loss for Q2 2025 was €76,181,000, significantly higher than €17,530,000 in Q2 2024, marking a 334.5% increase[9] - The company reported a basic and diluted net loss per share of €0.58 for Q2 2025, compared to €0.17 for Q2 2024[7] - The Group reported a net loss of €70.3 million for the three months ended June 30, 2025, compared to a net loss of €18.0 million for the same period in 2024[89] - Loss before taxes for the six months ended June 30, 2025, was €112.2 million, significantly higher than €19.6 million in the same period of 2024[126] Revenue and Collaboration Agreements - Revenue from collaboration agreements totaled €525.7 million through June 30, 2025, including €113.0 million upfront payment from Moderna[114] - Revenue from collaboration agreements decreased by €14.1 million from €18.8 million in Q2 2024 to €4.7 million in Q2 2025, primarily due to lower project cost proportions[128] - Total revenue from collaboration agreements for the six months ended June 30, 2025, was €23.3 million, down €25.7 million from €49.0 million in the same period of 2024[129] - The collaboration agreement with Genmab was terminated in March 2024, resulting in the recognition of remaining deferred revenue of €14,951 thousand[37] - Immatics N.V. had two active collaboration agreements as of June 30, 2025, with Bristol-Myers-Squibb and Moderna, both in pre-clinical stages[33] Expenses - Research and development expenses increased to €45,106,000 in Q2 2025, up 28.1% from €35,216,000 in Q2 2024[7] - General and administrative expenses increased from €10.1 million in Q2 2024 to €12.8 million in Q2 2025, reflecting higher commercialization preparation activities[140] - Personnel-related expenses increased from €14.1 million in Q2 2024 to €17.5 million in Q2 2025 due to headcount growth[137] - Share-based compensation expenses for Q2 2025 were €2.1 million, up from €1.7 million in Q2 2024[141] - Direct external research and development expenses for TCR T-cell therapy programs rose from €6.8 million in Q2 2024 to €11.0 million in Q2 2025[132] Assets and Liabilities - Total assets decreased to €567,302,000 as of June 30, 2025, down from €696,146,000 at the end of 2024, a decline of 18.5%[13] - The company’s total current liabilities decreased to €57,247,000 as of June 30, 2025, from €67,987,000 at the end of 2024, a reduction of 15.7%[13] - The balance of accumulated deficit increased to €699,745 thousand as of June 30, 2025, from €624,992 thousand as of June 30, 2024[18] - The total shareholders' equity increased to €464,574 thousand as of June 30, 2025, from €381,265 thousand as of June 30, 2024[18] Cash Flow and Liquidity - Cash and cash equivalents increased to €256,635,000 as of June 30, 2025, compared to €236,748,000 at the beginning of the period, reflecting a net increase of €36,331,000[15] - The company reported a net cash outflow from operating activities of €73.3 million for the six months ended June 30, 2025, compared to €65.8 million for the same period in 2024[166][168] - Cash and cash equivalents amounted to €256.6 million as of June 30, 2025, with approximately 93% held in Germany[198] - The net inflow of cash from investing activities for the six months ended June 30, 2025 was €111.1 million, primarily from the maturity of short-term deposits[169] Financial Risks and Management - The main risks from financial instruments include market risk and liquidity risk, with policies reviewed by the Board of Management[193] - Currency risk management aims to match cash inflows and outflows in Euros and U.S. Dollars to control exposure[197] - Significant management judgment is required to estimate the level of effort and period for completing performance obligations, which can materially affect recognized revenue[185] Future Plans and Developments - The ongoing Phase 3 clinical trial, SUPRAME, for anzu-cel targets approximately 9,000 patients with unresectable or metastatic cutaneous melanoma, with a planned BLA submission in 1H 2027 and launch in 2H 2027[105] - Immatics is developing IMA203CD8, a second-generation PRAME cell therapy, aiming to expand into all advanced PRAME cancers with a tumor-agnostic approach[106] - The company plans to utilize existing cash primarily to fund research and development initiatives and continue clinical trials[163] - General and administrative expenses are expected to increase due to planned growth in research and development activities and potential regulatory approvals[124] Management Changes - The Chief Financial Officer, Arnd Christ, will transition out of the company, ensuring a smooth transition until the end of Q1 2026[111]