Immatics Announces Full Year 2025 Financial Results and Business Update

Core Insights - Immatics N.V. is advancing its PRAME cell therapy franchise with multiple high-impact milestones expected in 2026, including the progression of anzu-cel towards approval and the expansion of IMA203CD8 and IMA402 therapies [2][3] Company Progress - Anzu-cel (IMA203) is the lead PRAME cell therapy expected to enter the market for advanced melanoma, targeting an addressable patient population of approximately 9,000 [3] - The ongoing Phase 3 trial, SUPRAME, aims to evaluate the efficacy and safety of anzu-cel in previously treated advanced melanoma, with timelines for interim and final analyses expected in 2026 and a BLA submission planned for the first half of 2027 [6][7] - IMA203CD8, a second-generation PRAME cell therapy, is being developed to target all advanced PRAME cancers, with data updates expected in 2026 [8][12] - IMA402, a PRAME bispecific therapy, is being explored in combination with immune checkpoint inhibitors and is expected to have data updates in 2026 [9][13] Financial Results - As of December 31, 2025, the company reported cash and cash equivalents of $551.4 million (€469.3 million), a decrease from $710.3 million (€604.5 million) in 2024, primarily due to operational cash usage of $234.9 million (€199.9 million) [14] - Total revenue for the year ended December 31, 2025, was $56.8 million (€48.3 million), a significant decrease from $183.1 million (€155.8 million) in 2024, attributed to the termination of collaborations [15] - Research and development expenses increased to $216.0 million (€183.8 million) in 2025 from $174.0 million (€148.1 million) in 2024, reflecting ongoing clinical trial advancements [16] - The net loss for the year was $230.8 million (€196.4 million), compared to a net profit of $17.9 million (€15.2 million) in 2024, driven by lower revenue and increased R&D costs [18] Upcoming Developments - The company plans to present data updates from ongoing clinical trials at major medical conferences in 2026, focusing on ovarian cancer and other advanced PRAME cancers [12][13] - A collaboration with Moderna has been expanded, with the first patient dosed in a Phase 1 trial combining anzu-cel with Moderna's mRNA-4203, which is expected to enhance anti-tumor activity [11][12]