Immatics (IMTX) Q2 2026 earnings summary

Executive summary

• Enrollment in the SUPRAME Phase 3 trial for anzu-cel remains on track, with final PFS analysis expected in H1 2027 and BLA submission planned for 2027.

• Updated Phase 1b data for anzu-cel in metastatic melanoma showed 56% confirmed ORR, 14.6 months mDOR, 6.1 months mPFS, and 16.2 months mOS, with a 2-year OS rate of 46%.

• IMA203CD8 demonstrated 63% ORR and 50% confirmed ORR in gynecologic cancers, supporting broad applicability across solid tumors.

• IMA402 bispecific therapy advanced to Phase 1b, with data across multiple cancers to be presented at ESMO Congress 2026.

• Cash position of $448.2 million as of June 30, 2026, with cash reach projected into 2028.

Financial highlights

• Cash and cash equivalents plus other financial assets totaled $448.2 million as of June 30, 2026, down from $534.7 million at year-end 2025.

• Revenue for Q2 2026 was $10.4 million, up from $5.4 million in Q2 2025, driven by increased collaboration activity.

• R&D expenses rose to $71.1 million in Q2 2026 from $51.4 million in Q2 2025, mainly due to clinical trial advancement.

• Net loss for Q2 2026 was $71.2 million, an improvement from $80.1 million in Q2 2025, primarily due to lower non-cash FX losses and higher revenue.

Outlook and guidance

• SUPRAME Phase 3 trial enrollment to complete by year-end 2026, with topline PFS data in H1 2027.

• BLA submission for anzu-cel planned for 2027, with commercial infrastructure preparations underway.

• Additional data from IMA203CD8 and IMA402 expected at ESMO Congress 2026; first combination data for IMA402/IMA401 in sqNSCLC anticipated in 2027.