Immatics N.V.(IMTX) - 2025 Q3 - Quarterly Report

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]