Immatics Announces Second Quarter 2024 Financial Results and Business Update

Core Insights - Immatics N.V. reported a confirmed objective response rate of 55% for its ACTengine® IMA203 targeting PRAME in a Phase 1 trial involving 30 heavily pre-treated metastatic melanoma patients, with a median duration of response of 13.5 months [1][4][5] - The company plans to initiate a registration-enabling randomized Phase 2/3 trial for ACTengine® IMA203 in 2024 and will present further data updates in the second half of 2024 [1][2][3] - Immatics has a strong cash position of €531.1 million ($568.5 million) as of June 30, 2024, which is expected to fund operations into 2027 [1][15] Clinical Development - The IMA203 monotherapy demonstrated a disease control rate of 90% and tumor shrinkage in 87% of patients [4][5] - The next data update for IMA203 and IMA203CD8 (GEN2) is scheduled for the second half of 2024, focusing on translational and clinical data [1][5][6] - Immatics is expanding its clinical focus beyond melanoma to include ovarian and uterine cancers [6] TCR Bispecific Programs - Immatics is developing next-generation T cell engaging receptor (TCER®) candidates, including IMA401 and IMA402, designed to enhance efficacy while minimizing toxicities [7][13] - Initial clinical data for TCER® IMA401 will be presented at the ESMO Congress on September 16, 2024 [8][9] - IMA402 is currently in a Phase 1/2 trial targeting PRAME and is focused on multiple solid tumors, including ovarian and lung cancers [13] Corporate Developments - Alise Reicin, M.D., was appointed to the Board of Directors, bringing extensive experience in clinical development [14] - The company reported total revenue of €18.8 million ($20.1 million) for Q2 2024, a decrease from €22.4 million ($24.0 million) in Q2 2023, primarily due to a one-time revenue in the previous year [16] - Research and development expenses increased to €35.2 million ($37.7 million) in Q2 2024, reflecting ongoing advancements in the clinical pipeline [17] Financial Performance - Immatics reported a net loss of €18.0 million ($19.3 million) for Q2 2024, an improvement from a net loss of €24.6 million ($26.3 million) in Q2 2023 [19] - The company’s cash position increased from €425.9 million ($455.9 million) at the end of 2023 to €531.1 million ($568.5 million) by June 30, 2024, mainly due to a public offering [15][16] - Total assets as of June 30, 2024, were €626.97 million, up from €509.97 million at the end of 2023 [26]