Immatics N.V. (IMTX)

Price$9.37Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because cash cushions losses while success remains far from assured.

Using roughly 156.5 million ordinary shares and near-share-equivalent pre-funded warrants after the August financing, the observed quote implies a market value near $1.37 billion. June cash and other financial assets were $448.2 million, and the financing added $161.1 million net. After modest debt, enterprise value—the business value left after cash and debt—is roughly $780 million. That is neither an obvious bargain nor clear excess: it assigns substantial value to unapproved medicines, balanced by a large funding cushion and encouraging clinical evidence.

Big pictureCollaboration income swings sharply, while rising research spending keeps the business deeply loss-making.

Immatics has no approved product sales. Collaboration revenue swung from €172.8 million in 2022 to €54.0 million in 2023, €155.8 million in 2024, and €48.3 million in 2025, reflecting milestone and accounting timing rather than economic cycles. The 2025 operating loss was €182.0 million. Free cash flow—cash left after operations and investment—was about negative €183.2 million. In the first half of 2026, operating cash outflow plus equipment spending reached about €104.1 million. The funding pool improves durability, but spending is rising.

Business strengthPromising cancer responses and a late-stage trial offer upside, but proof is still limited.

Anzu-cel’s Phase 1b study treated 33 heavily pretreated melanoma patients at the intended dose. Its confirmed response rate—the share with tumor shrinkage verified on a later scan—was 56%, while the median response lasted 14.6 months. A randomized late-stage trial now targets about 450 patients, offering meaningful validation. The bull case is a successful first commercial therapy plus a broader pipeline; the bear case is that small, non-randomized studies exaggerate benefit while manufacturing and launch spending begins before approval.

What could change the storyA successful melanoma trial could justify today's premium, while failure would expose dilution risk.

The decisive evidence should be anzu-cel’s late-stage melanoma results expected in the first half of 2027. A clear delay in disease progression, acceptable safety, and a timely approval application would support the pipeline value embedded in the shares. Failure would leave earlier programs carrying most of the roughly $780 million enterprise value. Capital allocation is aggressive: no dividends or repurchases, and the share count rose from 84.7 million at 2023 year-end to roughly 156.5 million after the latest financing, an increase near 85%.

AI: News

Phase 3 plan refinedImmatics preserved its main trial timeline while expanding evidence needed for a stronger commercial case.

On August 18, Immatics said disease progression and deaths in the SUPRAME melanoma trial were accumulating more slowly than modeled. It replaced separate interim and final reviews with one final analysis, retained 90% statistical power, and added about 90 patients for roughly 450 total. Results measuring time before progression remain expected in the first half of 2027. Slower events may be encouraging, but blinded trial data cannot yet show whether anzu-cel caused the pattern.

Large financing completedThe completed share sale strengthened funding but reduced each existing holder's ownership percentage.

On August 26, Immatics completed an offering of 15.54 million ordinary shares plus warrants representing another 4.32 million shares. Net proceeds were approximately $161.1 million, earmarked for trials, manufacturing, possible commercialization, and general operations. The new securities increased the effective share count about 14.5% from the June level. The stock closed roughly 2% higher on completion day, although price timing alone does not show that the financing caused the move.

Melanoma responses enduredLonger follow-up supported anzu-cel's promise, though the evidence still came from a small early trial.

On June 1, Immatics reported longer follow-up from 33 heavily pretreated melanoma patients receiving anzu-cel at the intended dose. The confirmed response rate was 56%; median response duration was 14.6 months, median survival without disease progression was 6.1 months, and median overall survival was 16.2 months. These figures support the biological case behind SUPRAME, but the study lacked a randomized comparison group and therefore cannot establish the benefit expected in the late-stage trial.

Broader tumor signals emergedEarly results suggested the newer cell therapy could work beyond melanoma, widening its possible market.

On May 30, Immatics reported that IMA203CD8 produced confirmed responses in 9 of 18 evaluable gynecologic-cancer patients treated at clinically relevant doses. In synovial sarcoma, 7 of 11 evaluable patients had confirmed responses, with the longest response approaching three years. These are notable signals in heavily treated patients and could broaden future sales opportunities. However, the groups were very small, several durability measures remained immature, and larger controlled studies are needed before assigning substantial value.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	€48.3M	€155.8M	€54.0M	€172.8M	—	—	—	—
Research & development	€183.8M	€148.1M	€118.7M	€106.8M	€87.6M	€67.1M	€40.1M	€34.0M
Operating expenses	€230.3M	€194.4M	€155.7M	€142.9M	—	—	—	—
Operating income	−€182.0M	−€38.6M	−€101.7M	€30.0M	−€86.3M	−€69.7M	−€33.0M	−€34.4M
Operating margin	−377.11%	−24.78%	−188.39%	17.33%	—	—	—	—
EBITDA	−€169.6M	−€26.4M	−€94.5M	€36.9M	−€81.0M	−€65.3M	−€29.2M	−€32.2M
EBITDA margin	−351.42%	−16.93%	−174.99%	21.36%	—	—	—	—
Net income	−€196.4M	€15.2M	−€94.6M	€27.7M	−€93.3M	−€211.8M	−€32.5M	−€32.4M
Net profit margin	−407.01%	9.77%	−175.29%	16.03%	—	—	—	—
Basic EPSper basic share	-€1.61	€0.14	-€1.18	€0.41	-€1.48	-€4.40	-€0.95	-€0.95
Diluted EPSper diluted share	-€1.61	€0.14	-€1.18	€0.40	-€1.48	-€4.40	-€0.95	-€0.95

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of IMTX
Holder	Shares held
T. Rowe Price Investment Management, Inc.	22.37M
RTW INVESTMENTS, LP	12.95M
MONTANOVA CAPITAL, LLC	11.19M
PERCEPTIVE ADVISORS LLC	10.38M
BAKER BROS. ADVISORS LP	9.51M
Jefferies Financial Group Inc.	6.51M
Vestal Point Capital, LP	6.18M
Sofinnova Investments, Inc.	3.67M
MORGAN STANLEY	2.19M
CITADEL ADVISORS LLC	1.81M
WELLINGTON MANAGEMENT GROUP LLP	1.65M
Point72 Asset Management, L.P.	1.45M
Woodline Partners LP	900.74K
SPHERA FUNDS MANAGEMENT LTD.	720.06K
UNIVERSITY OF TEXAS/TEXAS AM INVESTMENT MANAGEMENT CO	697.43K
Aberdeen Group plc	653.6K
Qube Research & Technologies Ltd	523.22K
Boxer Capital Management, LLC	475K
TD Asset Management Inc	449.35K
WASATCH ADVISORS LP	441.51K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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