olivlawolivlaw

olivLaw · US equity research

Immatics N.V. IMTX

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

6.91USD−2.33% · 1 dayClose 04 Nov 2026

Immatics N.V. is a clinical-stage biopharmaceutical company focused on PRAME-directed immunotherapies for more than 50 cancers. It is preparing its first product, anzu-cel, for advanced melanoma in the U.S., with a launch planned for the second half of 2027 if approval is obtained, while collaboration revenue fell in fiscal 2025 and the net loss reached 196,447 thousand EUR.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Immatics N.V. (IMTX) stock was 6.91 USD (−2.33% on the day), with beta 1.37, 52-week range 6.73–11.87 USD. Latest reported quarter (Q4 2024): net income of 40.8 m USD, diluted EPS 0.38 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -1.61 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.37
Volatility (1y) 57%
52-week range
6.7311.87

Price history

Loading chart…

Technical reading

RSI (14)
37.0
weak (30–45)
Bollinger (20, 2)
6.73 – 7.68
in the lower half of the band · %B 0.19 · band width 13.2%
SMA 50 / 200
8.13 / 9.55
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.27 / -0.30
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.6%−1.1%−9.5 pp—
3 months−29.3%−0.5%−28.8 pp—
6 months−40.0%+4.4%−44.4 pp—
Year to date−34.2%+12.3%−46.5 pp—
1 year−25.3%+13.5%−38.8 pp+8.1%
3 years−28.1%+76.4%−104.5 pp+3.1%
5 years−44.7%+63.7%−108.4 pp—
Max drawdown (1y)
−43.3%
04 Dec 2025 → 16 Oct 2026
Max drawdown (5y)
−74.1%
06 Jun 2024 → 04 Apr 2025
Compound annual growth (5y)
−11.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2024 · 31 Dec 2024

Revenue
unavailable EUR
unavailable YoY
Net income
40.8 m EUR
unavailable YoY
Diluted EPS
0.38
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · EUR

Fiscal yearQ1 '20Q2 '20Q1 '24Q2 '24Q3 '24Q4 '24
Pre-tax income——-1.7 m-17.9 m-2.4 m43.3 m
Net income——-2.2 m-18.0 m-5.3 m40.8 m
Diluted EPS——-0.03-0.17-0.080.38 ≈
Operating cash flow-11.5 m-16.3 m ≈-32.6 m-33.2 m ≈-33.7 m ≈-58.5 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income-31.4 m-31.6 m-211.3 m-93.3 m27.7 m-94.6 m15.2 m-196.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailable−441.7%unavailable−1,390.9%
Diluted EPSunavailableunavailable-4.40-1.480.40-1.180.14-1.61
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable−395.0%unavailable−1,250.0%
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow20.3 m68.8 m-88.1 m-89.9 m94.4 m-12.6 m-174.3 m-183.2 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
345.9 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
484.1 m EUR
Total assets
562.3 m EUR
Debt / equity
unavailable
Current ratio
11.72x
ROE
-37.1%
ROA
-31.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Income statement · EUR

Research & development
2023
118.7 m
2024
148.1 m
2025
183.8 m

SEC (XBRL)· 05 Mar 2026verified

Operating income
2023
-101.7 m
2024
-38.6 m
2025
-182.0 m

SEC (XBRL)· 05 Mar 2026verified

Interest expense
2023
7.0 m
2024
1.3 m
2025
36.7 m

SEC (XBRL)· 05 Mar 2026verified

Pre-tax income
2023
-97.0 m
2024
21.3 m
2025
-198.4 m

SEC (XBRL)· 05 Mar 2026verified

Net income
2023
-94.6 m
2024
15.2 m
2025
-196.4 m

SEC (XBRL)· 05 Mar 2026verified

Diluted EPS
2023
-1.18
2024
0.14
2025
-1.61

SEC (XBRL)· 05 Mar 2026verified

Weighted average diluted shares
2023
80.5 m
2024
106.8 m
2025
122.3 m

SEC (XBRL)· 05 Mar 2026verified

Balance sheet · EUR

Cash
2023
218.5 m
2024
236.7 m
2025
345.9 m

SEC (XBRL)· 05 Mar 2026verified

Current assets
2023
449.4 m
2024
629.6 m
2025
504.0 m

SEC (XBRL)· 05 Mar 2026verified

Property, plant & equipment, net
2023
43.7 m
2024
50.4 m
2025
42.1 m

SEC (XBRL)· 05 Mar 2026verified

Intangibles (excl. goodwill)
2023
1.5 m
2024
1.6 m
2025
1.6 m

SEC (XBRL)· 05 Mar 2026verified

Total assets
2023
510.0 m
2024
696.1 m
2025
562.3 m

SEC (XBRL)· 05 Mar 2026verified

Current liabilities
2023
156.6 m
2024
68.0 m
2025
43.0 m

SEC (XBRL)· 05 Mar 2026verified

Total liabilities
2023
292.3 m
2024
—
2025
—

SEC (XBRL)· 27 Mar 2025verified

Equity
2023
217.6 m
2024
574.8 m
2025
484.1 m

SEC (XBRL)· 05 Mar 2026verified

Shares outstanding at year end
2023
84.7 m
2024
121.6 m
2025
134.1 m

SEC (XBRL)· 05 Mar 2026verified

Cash flow · EUR

Operating cash flow
2023
18.2 m
2024
-158.0 m
2025
-176.6 m

SEC (XBRL)· 05 Mar 2026verified

Capex
2023
30.8 m
2024
16.3 m
2025
6.6 m

SEC (XBRL)· 05 Mar 2026verified

Free cash flow
2023
-12.6 m ≈
2024
-174.3 m ≈
2025
-183.2 m ≈

SEC (XBRL)· 05 Mar 2026derived

Investing cash flow
2023
-31.4 m
2024
-152.4 m
2025
204.8 m

SEC (XBRL)· 05 Mar 2026verified

Financing cash flow
2023
84.5 m
2024
319.7 m
2025
97.4 m

SEC (XBRL)· 05 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-1,390.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-1,250.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
-37.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-31.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-35.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-5.0x
computed by olivLawFY 2025

Liquidity

Current ratio
11.7x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
8.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-176.6 m EUR
computed by olivLawFY 2025
Capital expenditure
6.6 m EUR
computed by olivLawFY 2025
Free cash flow
-183.2 m EUR
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 10.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.91 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-37.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
input data missing

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 05 Mar 2026
verified 216derived 5

Score by group

10% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-5.0x0 (on a fixed band)60%
Current ratio · Balance sheet11.7x100 (on a fixed band)40%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Immatics N.V. (IMTX). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: ROE -37.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 11.7x

What contradicts it

  • Interest coverage: -5.0x

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 27.0x
EV/EBITDA
—
vertical median 18.0x
P/S
—
vertical median 9.4x
P/B
—
vertical median 3.0x
ROE
-37.1%
vertical median -52.7%
above median
Net margin
—
vertical median -199.5%
EBIT margin
—
vertical median -200.7%
Revenue YoY
—
vertical median 4.0%
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 0.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.258.8 bn27.778.4%24.1%+10.0%+39% / +77%
GILDGilead Sciences, Inc.216.4 bn—-22.3%-12.5%+2.4%+39% / +128%
MRNAModerna, Inc.103.2 bn—-39.0%-141.4%−39.9%+895% / +233%
ARGXArgenx Se57.6 bn47.620.2%—+254.4%+2% / +107%
RVMDRevolution Medicines, Inc.43.2 bn—-93.6%-946.8%unavailable+157% / +756%
BIIBBiogen Inc.37.6 bn108.81.9%3.4%+2.2%+40% / +9%
EXELExelixis, Inc.17.8 bn21.744.3%35.5%+7.0%+65% / +234%
TECHBio-Techne Corp11.4 bn62.79.0%15.0%−0.4%+13% / +16%
QGENQiagen N.V.11.0 bn26.211.6%20.3%+5.7%+6% / +20%
IBRXImmunitybio, Inc.9.5 bn——-598.6%+668.3%+278% / +143%
BEAMBeam Therapeutics Inc.2.9 bn—-11.3%-73.9%+120.0%+10% / −1%
RXRXRecursion Pharmaceuticals, Inc.2.4 bn—-48.7%-697.1%+26.9%−16% / −43%
NVAXNovavax Inc1.8 bn——-59.9%+64.7%+51% / +94%
TSHATaysha Gene Therapies, Inc.1.4 bn—-47.1%-2,728.0%+17.3%−8% / +148%
INBXInhibrx Biosciences, Inc.1.3 bn—-1,773.6%—+550.0%+3% / unavailable
EVAXEvaxion A1.2 bn—-100.2%-102.4%+125.1%−50% / −93%
GLUEMonte Rosa Therapeutics, Inc.923.1 m—-42.7%-560.9%+63.5%−33% / +249%
PRMEPrime Medicine, Inc.901.4 m—-373.3%-4,056.4%+55.3%+30% / −32%
SLDBSolid Biosciences Inc.727.7 m—-76.9%—−40.6%+20% / +131%
CCCCC4 Therapeutics, Inc.383.8 m—-48.1%-289.4%+1.0%+15% / +91%
AUTLAutolus Therapeutics plc367.3 m—-133.0%-238.7%+644.9%−2% / −68%
AGENAgenus Inc313.8 m2.6—69.3%+10.4%+53% / −55%
SABSSab Biotherapeutics, Inc.289.3 m—-11.3%—−100.0%−19% / −67%
FATEFate Therapeutics Inc250.4 m—-60.7%-1,941.1%−51.2%+83% / −16%
DTILPrecision Biosciences Inc226.8 m—-112.7%-85.6%−50.1%+49% / −24%

1- and 3-year price returns: for IMTX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (26 Oct 2026), 6-K (23 Oct 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026), 6-K (18 Jun 2026), 6-K (02 Jun 2026).

In brief

Immatics N.V. is a clinical-stage biopharmaceutical company focused on PRAME-directed immunotherapies for more than 50 cancers. It is preparing its first product, anzu-cel, for advanced melanoma in the U.S., with a launch planned for the second half of 2027 if approval is obtained, while collaboration revenue fell in fiscal 2025 and the net loss reached 196,447 thousand EUR 1.

SWOT

Strengths

  • Leading position in PRAME targeting, with the broadest set of indications and modalities in the field, supported by a proprietary scientific platform 1.
  • In-house manufacturing and a proprietary GMP facility that allow a short turnaround time and greater process control 1.
  • Collaborations with major partners that bring upfront and potential milestone payments without direct dilution 1.

Weaknesses

  • Recurring operating losses and no product sales revenue, which make profitability difficult to reach 1.
  • Dependence on external capital and market conditions, with additional funding possibly dilutive or restrictive 1.
  • High costs of clinical trials and patient-specific manufacturing, which could exceed initial estimates 1.

Opportunities

  • Extending anzu-cel and IMA203CD8 to multiple solid cancers could substantially enlarge the addressable population 1.
  • Moving IMA402 into earlier lines of treatment could open a broader market 1.
  • Monetizing strategic collaborations could bring non-dilutive capital through payments and royalties 1.

Threats

  • Delays or failures in clinical trials could postpone or prevent product approvals 1.
  • Competition from other therapies and companies could outpace the company's efforts 1.
  • Changes in regulatory requirements could generate additional costs or delays 1.

Risks

  • Persistent operating losseshigh

    The company does not expect meaningful commercial revenue for several years and may never achieve profitability 1.

  • Need for additional capitalhigh

    Without a committed external source of funds, financing could be obtained on unfavorable terms, diluting existing shareholders 1.

  • Clinical trial riskshigh

    Failure, delay or suspension of clinical trials could change approval timelines and program costs 1.

  • Reliance on third parties for manufacturingmedium

    Production of product candidates depends on external suppliers, which could affect product quality or availability 1.

  • Currency exposurelow

    Euro fluctuations against the U.S. dollar could affect reported financial results 1.

Investment thesis

What would need to be true (bull case)

  • If anzu-cel obtains approval in the U.S., the company could become the first PRAME product on the market, with a broad portfolio covering several cancer types 1.
  • The confirmed response rate reported in the phase 1b trial could support a competitive position in advanced melanoma 1.
  • Collaborations with large partners could bring payments and milestones that ease pressure on equity capital 1.

What would break the thesis

  • The company has no approved product, and collaboration revenue fell in fiscal 2025, which could prolong the period of losses 1.
  • Funding needs could lead to share issuance or loans with restrictive terms, affecting existing shareholders 1.
  • Phase 3 studies and regulation could delay the launch, while competition could reach the market earlier 1.

What to watch

  • Submission of the anzu-cel Biologics License Application1H 2027
  • Interim and final results of the SUPRAME phase 3 trial2026
  • Data update for IMA402 and determination of the RP2D dose2H 2026
  • Trend in collaboration revenue and milestone paymentsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 05 Mar 2026; since then the company filed 6-K (26 Oct 2026), 6-K (23 Oct 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026), 6-K (18 Jun 2026), 6-K (02 Jun 2026).

The business

Immatics N.V. is a Dutch company headquartered in Amsterdam, with operating offices in Tübingen and Stafford, Texas, that describes itself as the global leader in precision targeting of PRAME, an intracellular target that its TCR therapies can reach unlike classical antibodies and CAR T-cell therapies 1. The company has no product approved for sale and has funded operations mainly through equity financing and partner payments, raising 1.6 billion EUR cumulatively through December 31, 2025 1. Its strategy aims to become a fully integrated biopharmaceutical company that develops, manufactures and commercializes PRAME immunotherapies 1.

Research and development is focused on four initiatives: anzu-cel, IMA203CD8, IMA402 and unlocking strategic collaborations 1. Revenue comes solely from collaboration agreements, such as those with BMS and Moderna, not from product sales 1. Research and development expenses rose to 183,832 thousand EUR in fiscal 2025 from 148,079 thousand EUR in fiscal 2024, and accumulated losses of 786.0 million EUR at December 31, 2025 point to continued need for additional financing 1.

Near-term milestones include submitting a Biologics License Application for anzu-cel in the first half of 2027 and a data update from the SUPRAME phase 3 trial in 2026 1. If these steps proceed on schedule, anzu-cel could become the company's first PRAME product on the market 1.

Segments

Anzu-cel (IMA203), PRAME cell therapy

Anzu-cel is the lead product, a one-time infusion cell therapy for second-line or later advanced cutaneous melanoma and metastatic uveal melanoma; the confirmed response rate in the phase 1b trial is 56%, and the addressable population in the U.S. and EU5 includes about 9,000 patients 1.

IMA402, off-the-shelf bispecific

IMA402 is a half-life extended TCER bispecific with repeat dosing that could be used in earlier lines of treatment, including in combination with immune checkpoint inhibitors 1.

IMA203CD8 (GEN2)

IMA203CD8 is a second-generation PRAME cell therapy designed to extend treatment to multiple advanced solid cancers beyond melanoma, initially focusing on gynecologic cancers 1.

Market context

The company estimates the PRAME approach could address roughly 230,000 patients per year in the U.S. and EU5, and the first anzu-cel indications about 9,000 patients, of which about 4,300 are in the U.S. 1. The market for cell and bispecific immunotherapies in solid tumors is still at an early stage, and commercial access depends on regulatory approvals and clinical success 1.

Collaboration revenue fell to 48,266 thousand EUR in fiscal 2025 from 155,835 thousand EUR in fiscal 2024, reflecting lower payments from BMS and Moderna, which points to continued dependence on new milestones and partner payments 1.

Trends

  • Growing interest in cell and bispecific therapies for cancertailwind

    Therapies targeting intracellular proteins that classical antibodies cannot reach open a new therapeutic space for solid tumors 1.

  • Complexity of patient-specific manufacturingheadwind

    Cell therapies are manufactured individually for each patient, which raises costs and logistical challenges as programs move toward commercial stage 1.

  • Dependence on partners and external fundingmixed

    Revenue depends on collaborations and milestone-based payments, and additional capital could come with dilution or restrictive terms 1.

  • Currency exposuremixed

    The company reports in euros, and fluctuations against the U.S. dollar could affect results, given that a significant part of its activity is linked to the U.S. 1.

Competitive position

Immatics operates in a competitive field where other companies and therapeutic approaches, including tumor-infiltrating lymphocyte therapies and other cell therapies, could reach the market before or more successfully than its products 1.

The company's proposed differentiation rests on rapid manufacturing, single-infusion treatment and a favorable tolerability profile, but these clinical advantages still need to be confirmed in phase 3 studies 1.

  • ModernaMRNA

    Collaboration partner developing a PRAME cell therapy enhancer combined with anzu-cel, and also a potential competitor in messenger RNA-based therapies 1.

  • Bristol Myers SquibbBMY

    Collaboration partner that contributed to the company's revenue in earlier years and runs its own oncology immunotherapy programs 1.

  • Genmab

    Danish partner that contributed collaboration revenue in fiscal 2024 and is active in oncology therapies 1.

  • Tumor-infiltrating lymphocyte therapy developers

    Companies developing cell therapies based on tumor-infiltrating lymphocytes, which the company regards as an alternative approach for solid tumors 1.

News & filings

In the press

The latest news item in our archive is from 24 Oct 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Immatics N.V. · 05 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.