Immatics (NasdaqCM:IMTX) Update / Briefing November 12, 2025 08:30 AM ET Company ParticipantsGraig Suvannavejh - Managing DirectorCarsten Reinhardt - Chief Development OfficerJames Shin - Director of Biopharma Equity ResearchJonathan Chang - Senior Managing DirectorHarpreet Singh - CEOConference Call ParticipantsPaul Jeng - Research AnalystEric Schmidt - Biotechnology AnalystClara Dong - VP and Equity Research Analyst in BiotechnologyNone - AnalystSebastiaan van der Schoot - Equity Research Analyst of Life ...

Core Insights - Immatics N.V. is advancing its PRAME cell therapy, anzu-cel, targeting advanced melanoma, with a focus on the ongoing SUPRAME Phase 3 trial as a top priority for market entry [2][3][7] - The company reported a significant decrease in total revenue for Q2 2025, amounting to $5.5 million, compared to $22.0 million in Q2 2024, primarily due to lower collaboration revenue [14] - Immatics has a strong cash position of $560.5 million as of June 30, 2025, which is expected to sustain operations into the second half of 2027 [6][13] Company Progress - Anzu-cel (IMA203) is set to be the first PRAME therapy to enter the market, targeting approximately 9,000 patients with advanced cutaneous melanoma and metastatic uveal melanoma [3][6] - The Phase 1b trial for anzu-cel demonstrated a clinical objective response rate (cORR) of 56% and a median duration of response (mDOR) of 12.1 months in heavily pretreated patients [6][7] - The SUPRAME trial is designed to evaluate anzu-cel against the investigator's choice in patients with unresectable or metastatic cutaneous melanoma, with primary endpoints focused on progression-free survival [7] Financial Results - Research and development expenses increased to $52.9 million for Q2 2025, up from $41.3 million in Q2 2024, reflecting ongoing clinical trial advancements [15] - The net loss for Q2 2025 was $82.4 million, compared to a net loss of $21.1 million in Q2 2024, attributed to lower revenue and higher unrealized foreign exchange losses [19] - General and administrative expenses rose to $15.0 million in Q2 2025, compared to $11.8 million in Q2 2024, indicating increased operational costs [18] Upcoming Developments - Immatics plans to provide updates on its next-generation PRAME bispecific, IMA402, and second-generation PRAME cell therapy, IMA203CD8, in the upcoming months [2][9] - A Phase 2 cohort for uveal melanoma is set to commence in Q4 2025, with data from the ongoing Phase 1b trial to be presented at the ESMO Congress 2025 [16] - The company is also developing IMA401, targeting MAGEA4/8, with updates expected in Q4 2025 [11][17]