Summary of Conference Call on Immatics' TCR Bispecifics Company Overview - **Company**: Immatics - **Focus**: Precision targeting of PRAME, a target expressed in over 50 cancers, with a leading franchise in TCR, T-cell therapies, and bispecifics [1][2] Key Products Discussed - **IMA402**: PRAME TCR bispecific - **IMA401**: MAGE4/8 bispecific - Both products are off-the-shelf biologics with antibody-like properties, allowing for immediate patient treatment and broad patient population reach [2][3] Core Points and Arguments Clinical Data and Efficacy - **IMA402**: - Achieved a 30% confirmed objective response rate (ORR) at the recommended phase two dose (RP2D) across all indications, including melanoma and ovarian cancer [5][13] - Favorable tolerability profile observed in 80 patients, with only one high-grade cytokine release syndrome (CRS) event reported [10][11] - Ongoing responses noted, including complete metabolic responses in cutaneous melanoma and uveal melanoma [12][16] - **IMA401**: - Demonstrated a 25% confirmed ORR in head and neck cancer and 29% in melanoma, with promising early signs in squamous non-small cell lung cancer [6][21] - Similar favorable safety profile as IMA402, with no cases of immune effector cell-associated neurotoxicity syndrome (ICANS) [20][21] Development Plans - IMA402 is set to advance into phase one B dose expansion in 2026, focusing on melanoma and gynecological cancers, with potential combinations with immune checkpoint inhibitors [17][18] - IMA401 will also explore combinations with IMA402 for squamous non-small cell lung cancer, targeting a significant patient population [24][25] Safety and Tolerability - Both bispecifics showed a favorable safety profile, with no significant increase in adverse events at higher doses compared to lower doses [34][50] - Prophylactic measures, such as steroids, were implemented to manage potential CRS without impacting clinical efficacy [50] Additional Insights - The bispecifics are designed to be easily combinable with other therapies, making them suitable for frontline settings [41] - The company is considering the potential for neoadjuvant and adjuvant settings, which may enhance treatment efficacy [43] - There is a strategic focus on expanding into earlier treatment lines, as earlier interventions may yield better outcomes [43] Market Potential - Approximately 90% of patients with squamous non-small cell lung cancer are positive for PRAME and/or MAGE4/8, indicating a large addressable market [24][25] - The combination of IMA402 and IMA401 could provide broad treatment coverage for an estimated 40,000 patients with metastatic NSCLC in the US and EU5 annually [24][25] Conclusion - Immatics is positioned to advance its bispecific therapies, IMA402 and IMA401, with promising clinical data and a clear development strategy aimed at addressing significant unmet medical needs in oncology [25]

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]