Revenue miss and rising R&D spend are near-term negatives, but the Phase 3 SUPRAME trial progress and strong cash runway through 2028 support the pipeline story. Traders should focus on SUPRAME PFS topline in H1 2027 as the key catalyst; near-term volatility likely on the mixed earnings print.
Price Chart
Executive Summary
Immatics reported Q2 2026 earnings with a narrower-than-expected net loss per share of -$0.46 (€-0.46), beating consensus EPS of -$0.48 by 9.5%, and revenue of $10.4M, below the $12.6M estimate. Key strategic updates include the SUPRAME Phase 3 trial remaining on track to complete enrollment by year-end, with topline PFS data expected H1 2027 and BLA submission in 2027, while aggregate events are occurring slower than modeled, prompting a shift to a single final analysis with enhanced OS power.
Key Financial Metrics
Key Facts
- Q2 2026 EPS of -$0.46 beat consensus of -$0.48 by 9.5%.
- Q2 2026 revenue of $10.4M (€9.1M) missed consensus estimate of $12.6M.
- Net loss narrowed to $71.2M (€62.5M) from $80.1M (€70.3M) in Q2 2025.
- Cash and equivalents stood at $448.2M (€393.4M) as of June 30, 2026, with cash reach into 2028.
- SUPRAME Phase 3 trial enrollment on track; topline PFS data expected H1 2027, BLA submission in 2027.
- Updated Phase 1b anzu-cel data showed 56% cORR, 14.6 months mDOR, 6.1 months mPFS, 16.2 months mOS in metastatic melanoma.
- IMA203CD8 showed 63% ORR and 50% cORR in gynecologic cancers at ASCO 2026.
- First patient dosed in Moderna collaboration (mRNA-4200) triggering a milestone payment.
- R&D expenses rose to $71.1M (€62.4M) from $51.4M (€45.1M) YoY due to SUPRAME trial advancement.
Financial Impact
EPS beat of ~9.5% partially offset by revenue miss of ~17.5% vs consensus; net loss improved YoY by ~11%.
Risk Factors
- Revenue miss and elevated R&D spending could pressure near-term sentiment.
- Phase 3 SUPRAME trial success is binary; slower event accrual adds execution risk.
- Pre-revenue biotech with no approved products; reliance on future trial readouts and regulatory approvals.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3346680 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Insider Buy | $9.45 $8.50 | ▼ −10.05% | ▼ −10.31% | $7.72 (−18.25%) |
Aug 26, 2026 5w ago | 6-K | $9.36 $8.33 | ▲ +11.00% | ▲ +10.50% | $7.72 (+17.47%) |
Aug 18, 2026 6w ago | 6-K | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.72 (−15.02%) |
Aug 18, 2026 6w ago | Press Release | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.72 (−15.02%) |
Jun 2, 2026 17w ago | 6-K | $10.04 $9.85 | ▼ −1.89% | ▼ −0.33% | $7.72 (−23.06%) |
Jun 1, 2026 17w ago | 6-K | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.72 (−30.66%) |
Jun 1, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.72 (−30.66%) |
May 31, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.72 (−30.66%) |
May 30, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.72 (−30.66%) |
May 12, 2026 20w ago | 6-K | $11.39 $8.87 | ▲ +22.12% | ▲ +20.40% | $7.72 (+32.18%) |
US Market Status
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