Immatics (IMTX) Q1 2026 earnings summary

Executive summary

• Advancing toward first commercial launch in 2027 with lead PRAME cell therapy, anzu-cel, following pivotal Phase 3 SUPRAME trial interim and final analyses expected in 2026.

• Multiple clinical data readouts anticipated in 2026 across cell therapy and bispecific candidates targeting various solid tumors, including melanoma, gynecologic, and head and neck cancers.

• Commercial readiness activities underway, supported by a diversified late- and mid-stage clinical portfolio.

Financial highlights

• Cash and cash equivalents plus other financial assets totaled $521.5 million (€453.6 million) as of March 31, 2026, with cash reach projected into 2028.

• Revenue from collaboration agreements was $8.7 million (€7.6 million) for Q1 2026, down from $21.4 million (€18.6 million) in Q1 2025, mainly due to lower project progress.

• R&D expenses rose to $68.1 million (€59.2 million) from $48.2 million (€41.9 million) year-over-year, reflecting increased clinical trial activity.

• Net loss was $66.5 million (€57.8 million) for Q1 2026, compared to a net profit of $45.9 million (€39.9 million) in Q1 2025, driven by higher R&D costs and lower non-cash revenue recognition.

Outlook and guidance

• Interim and final analyses for the Phase 3 SUPRAME trial of anzu-cel expected in 2026, with BLA submission planned for H1 2027 and commercial launch in H2 2027.

• Multiple Phase 1 and 1b data readouts across PRAME cell therapy and bispecific programs scheduled for 2026, including presentations at the 2026 ASCO Annual Meeting.

• Cash runway projected into 2028, supporting ongoing and planned clinical development and commercialization activities.