The stock reaction may be muted due to the expected nature of the revenue decline and strong cash position. Traders should focus on upcoming clinical catalysts in 2026, particularly data readouts for IMA203CD8 and IMA402, which could drive sentiment despite current financial losses.
Price Chart
Executive Summary
Immatics reported full-year 2025 financial results with a significant revenue decline to $56.8 million and a net loss of $230.8 million, driven by the prior year's one-time collaboration revenue. The company maintains a strong cash position of $551.4 million, extending its runway into 2028, and continues to advance its PRAME-targeted oncology pipeline with key milestones expected in 2026 and 2027, including pivotal data readouts and BLA submission for anzu-cel in melanoma.
Key Financial Metrics
Key Facts
- Revenue declined to $56.8 million in 2025 from $183.1 million in 2024, primarily due to the absence of one-time collaboration revenue from Bristol Myers Squibb.
- Net loss was $230.8 million in 2025 compared to a net profit of $17.9 million in 2024.
- Cash and financial assets totaled $551.4 million as of December 31, 2025, following a $125 million public offering, supporting operations into 2028.
- Phase 3 SUPRAME trial for anzu-cel in melanoma remains on track with interim and final analyses expected in 2026, BLA submission in 1H 2027, and commercial launch in 2H 2027.
- Multiple clinical data updates expected in 2026 for IMA203CD8 (ovarian cancer) and IMA402 (melanoma, gynecologic cancers), with combination trials planned.
Financial Impact
Revenue down $126.3 million YoY; net loss widened by $248.7 million; R&D spend increased to $216.0 million from $174.0 million.
Risk Factors
- High cash burn rate with R&D and G&A expenses increasing, though offset by strong cash reserves.
- Clinical trial delays or negative data in upcoming readouts could impact valuation, particularly for the pivotal SUPRAME trial.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250021 |
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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