Immatics (IMTX) Q4 2025 earnings summary

Executive summary

• Advanced PRAME cell therapy programs progressed, with anzu-cel Phase 3 SUPRAME trial ongoing in advanced melanoma and timelines for interim/final analyses and BLA submission unchanged, targeting commercial launch in 2H 2027.

• Orphan Drug and RMAT designations received for anzu-cel in cutaneous and uveal melanoma; combination trials with Moderna and expansion into gynecologic and lung cancers underway.

• Significant pipeline updates include IMA203CD8 (GEN2) and IMA402 bispecifics, with multiple data readouts and trial initiations planned for 2026.

• $125 million public offering completed in December 2025, extending cash reach into 2028.

Financial highlights

• Cash and equivalents plus other financial assets totaled $551.4 million (€469.3 million) as of December 31, 2025, down from $710.3 million (€604.5 million) a year earlier, mainly due to R&D spending and FX losses, partially offset by public offering proceeds.

• Revenue was $56.8 million (€48.3 million) for 2025, down from $183.1 million (€155.8 million) in 2024, reflecting the absence of prior year one-time non-cash revenue from terminated collaborations.

• R&D expenses rose to $216.0 million (€183.8 million) from $174.0 million (€148.1 million) year-over-year, driven by clinical advancement costs.

• Net loss was $230.8 million (€196.4 million) for 2025, compared to a net profit of $17.9 million (€15.2 million) in 2024, due to lower revenue and higher clinical costs.

Outlook and guidance

• Interim and final analyses for SUPRAME Phase 3 trial expected in 2026; BLA submission planned for 1H 2027 and commercial launch in 2H 2027.

• Data updates for IMA203CD8 in ovarian cancer and IMA401/IMA402 bispecifics expected at major conferences in 2026.

• Cash runway extended into 2028, supporting ongoing and planned clinical programs.