Immatics (IMTX) Q1 2025 earnings summary

Executive summary

• Advanced lead PRAME cell therapy (IMA203) into Phase 3 SUPRAME trial for advanced melanoma, with enrollment expected to complete in 2026 and BLA submission targeted for 1Q 2027.

• Ongoing clinical trials for IMA203 in uveal melanoma, IMA203CD8 (GEN2) in solid tumors, and IMA402 PRAME Bispecific, with multiple data updates planned in 2025.

• FDA granted IND clearance for a Phase 1 trial combining IMA203 with Moderna's PRAME adaptive immune modulating therapy.

• Strong cash position of $588.1 million as of March 31, 2025, with cash reach into 2H 2027.

Financial highlights

• Revenue for Q1 2025 was $20.1 million, down from $32.8 million in Q1 2024, mainly due to one-time revenue from Genmab collaboration termination in prior year.

• R&D expenses increased to $45.3 million from $34.7 million year-over-year, reflecting clinical trial advancement.

• Net loss widened to $43.2 million from $2.4 million year-over-year, driven by lower revenue and unrealized FX losses.

• Cash and equivalents plus other financial assets totaled $588.1 million as of March 31, 2025, down from $653.8 million at year-end 2024.

Outlook and guidance

• Enrollment for the SUPRAME Phase 3 trial expected to complete in 2026, with interim PFS analysis after ~200 events and BLA submission planned for 1Q 2027.

• Multiple clinical data updates for IMA203, IMA203CD8, IMA402, and IMA401 expected throughout 2025.

• Cash runway projected into the second half of 2027.