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IMTX

Immatics N.V.

IMTX

Immatics N.V. • NASDAQ
$10.69 ▲ 0.75% (+0.08)
Market Cap $1.30 B
52w High $11.25
52w Low $3.30
Dividend Yield 0%
P/E -9.9
Volume 599.80K
Outstanding Shares 121.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.187M ▲ $59.82M ▲ $-50.545M ▲ -974.455% ▲ $-0.42 ▲ $-47.376M ▲
Q2-2025 $4.737M ▼ $57.864M ▲ $-70.348M ▼ -1.485K% ▼ $-0.58 ▼ $-68.079M ▼
Q1-2025 $18.582M ▼ $53.956M ▼ $-39.855M ▼ -214.482% ▼ $-0.33 ▼ $-37.46M ▼
Q4-2024 $56.252M ▲ $55.349M ▲ $44.863M ▲ 79.754% ▲ $0.46 ▲ $46.579M ▲
Q3-2024 $50.559M $50.045M $-8.57M -16.95% $-0.081 $915K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $430.837M ▼ $518.557M ▼ $101.878M ▼ $416.679M ▼
Q2-2025 $478.186M ▼ $567.302M ▼ $102.728M ▼ $464.574M ▼
Q1-2025 $543.758M ▼ $641.692M ▼ $105.086M ▼ $536.606M ▼
Q4-2024 $604.452M ▲ $696.146M ▲ $121.304M ▼ $574.842M ▲
Q3-2024 $490.52M $577.233M $194.707M $382.526M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-52.668M ▲ $-44.7M ▼ $122.651M ▲ $-734K ▼ $78.287M ▲ $-45.785M ▼
Q2-2025 $-70.349M ▼ $-39.055M ▼ $64.248M ▲ $-727K ▲ $13.791M ▲ $-40.613M ▼
Q1-2025 $-39.855M ▼ $-34.206M ▲ $46.808M ▲ $-737K ▼ $6.096M ▼ $-37.341M ▲
Q4-2024 $44.863M ▲ $-58.476M ▼ $-47.407M ▼ $146.358M ▲ $47.549M ▲ $-60.21M ▼
Q3-2024 $-8.57M $-33.729M $67.013M $-753K $31.056M $-36.53M

Five-Year Company Overview

Income Statement

Income Statement Immatics’ income statement shows the profile of an early-stage biotech that is starting to hit some milestones but remains volatile. Revenue is still relatively small and bumpy from year to year, largely driven by partnerships and milestone payments rather than product sales. Profitability has swung between losses and small profits, with a clear improvement in the most recent year as both gross profit and net income turned positive again. This improvement is encouraging, but it is not yet a stable, recurring earnings base and will likely remain uneven until a product is approved and commercialized.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a clinical-stage biotech. Total assets have grown steadily, and cash has been replenished over time, giving the company a meaningful financial cushion to fund its pipeline. Debt is very low, so the business is not heavily burdened by interest payments or near-term repayment pressure. Shareholders’ equity has risen sharply, reflecting both capital raised and the recent move back into profitability, which together provide a stronger financial foundation to absorb setbacks. The main risk is that continued clinical investment will gradually draw down cash unless additional funding or partnerships are secured.

Cash Flow

Cash Flow Cash flow tells a more cautious story than the income statement. Operating cash flow has flipped between positive and negative, with the latest period back in outflow territory as R&D and clinical spending ramp up. Free cash flow is consistently negative, which is normal for a company still developing drugs but underscores dependence on existing cash reserves and external financing. Capital spending is modest, so most cash use is in research and clinical programs rather than heavy infrastructure. Overall, the company appears to have adequate liquidity for now, but it is still a cash-consuming business rather than a cash-generating one.

Competitive Edge

Competitive Edge Immatics operates in a highly competitive area of cancer immunotherapy but has built a focused niche. Its strength lies in its proprietary platforms for discovering very specific cancer targets and matching them with tailored T-cell receptors, which could translate into more precise and potentially safer treatments. The broad PRAME franchise and dual approach—personalized cell therapies and off‑the‑shelf TCR bispecifics—give it multiple shots on goal across several tumor types. Partnerships with large pharmaceutical companies add external validation and strategic support. The flip side is intense competition from other T‑cell and antibody-based therapies, regulatory uncertainty, and the fact that Immatics is still pre-commercial, with no approved product yet to secure a durable market position.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Immatics’ story. The company has built a sophisticated three-pillar technology stack (XPRESIDENT, XCEPTOR, XCUBE) that systematically finds cancer-specific targets and designs matching T-cell receptors, supported by data science. Its pipeline is broad and advancing: a lead PRAME-targeted cell therapy moving toward late-stage trials, enhanced next-generation variants, off-the-shelf bispecific TCR drugs, and additional novel targets in solid tumors. Early clinical data, especially in melanoma and other PRAME-positive cancers, look promising and support continued heavy R&D investment. However, every program still faces the usual biotech risks—clinical setbacks, safety findings, regulatory delays, and the need to prove benefit in larger, controlled trials.

Summary

Immatics is a clinical-stage biotech with improving but still inconsistent financial performance, backed by a stronger balance sheet and a sizable cash buffer relative to its current scale. The business remains cash-consuming, with negative free cash flow reflecting substantial investment in research and clinical development. Competitively, the company is differentiated by its deep target-discovery platforms, strong position in PRAME, and dual strategy of cell therapies and bispecific antibodies, plus meaningful pharma partnerships. Its value hinges heavily on the success of a few key programs approaching pivotal stages over the next several years, particularly in melanoma and other solid tumors. For observers, the key things to watch are: durability of cash runway, progress and safety signals in mid‑ and late‑stage trials, the ability to convert technology into approved products, and whether Immatics can maintain its edge as the T‑cell oncology field continues to crowd and evolve.

NEWS

November 17, 2025 · 7:00 AM UTC

Immatics Announces Third Quarter 2025 Financial Results and Business Update

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November 12, 2025 · 7:00 AM UTC

Immatics Achieves Clinical Proof-of-Concept of its Next-Generation TCR Bispecific (TCER®) Pipeline with Data on IMA402 (PRAME) and IMA401 (MAGEA4/8) and Announces Next Development Steps

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October 27, 2025 · 7:00 AM UTC

Immatics Appoints Amie Krause as Chief People Officer

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October 20, 2025 · 10:30 AM UTC

Immatics Highlights Compelling Anti-Tumor Activity of Anzu-cel PRAME Cell Therapy in Metastatic Uveal Melanoma at the ESMO 2025 Presidential Symposium

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