Immatics (IMTX) Q3 2025 earnings summary

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.