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Immatics (IMTX) investor relations material
Immatics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Nov, 2025
Executive summary
Achieved significant clinical milestones, solidifying leadership in PRAME-targeted cell therapies and bispecifics.
Advanced anzu-cel (IMA203) PRAME cell therapy towards commercialization with ongoing Phase 3 SUPRAME trial in advanced melanoma.
Expanded TCR Bispecifics pipeline with clinical proof-of-concept for IMA402 and IMA401, showing durable responses in solid tumors.
Appointed new Chief Financial Officer and Chief People Officer to strengthen leadership.
Financial highlights
Cash and equivalents plus other financial assets totaled $505.8 million (€430.8 million) as of September 30, 2025, down from $709.7 million (€604.5 million) at year-end 2024.
Revenue for Q3 2025 was $6.1 million (€5.2 million), down from $59.4 million (€50.6 million) in Q3 2024, mainly due to a one-time revenue event in the prior year.
R&D expenses rose to $55.4 million (€47.2 million) from $45.7 million (€38.9 million) year-over-year, reflecting increased clinical activity.
Net loss for Q3 2025 was $59.3 million (€50.5 million), compared to $6.2 million (€5.3 million) in Q3 2024, driven by lower revenue and higher R&D costs.
Outlook and guidance
Cash runway expected to extend into the second half of 2027.
BLA submission for anzu-cel planned for 1H 2027, with potential launch in 2H 2027.
Interim and final analyses for the SUPRAME Phase 3 trial anticipated in 2026.
Next IMA203CD8 data update scheduled for December 2025.
Anzu-cel uveal melanoma regulatory path?
IMA402/IMA401 combination synergy in sqNSCLC?
Key drivers of cash burn to 2H 2027 cash reach?
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Frequently asked questions
Immatics N.V. is a clinical-stage biopharmaceutical company dedicated to the discovery and development of T cell redirecting immunotherapies aimed at treating cancer. The company's innovative approach combines the identification of true targets for cancer immunotherapies with the development of suitable T cell receptors. The company is headquartered in Tübingen, Germany, and its shares are listed on the Nasdaq.
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