The EPS beat is overshadowed by the revenue collapse and widening net loss. The key catalyst is the SUPRAME Phase 3 data trigger in 2026 — a positive readout would validate the commercial thesis and could drive a 50%+ move. Monitor ASCO 2026 presentations for IMA203CD8 and IMA402 data as near-term sentiment drivers. The $521.5M cash runway into 2028 provides a long execution window, reducing near-term financing risk.
Price Chart
Executive Summary
Immatics reported Q1 2026 EPS of -$0.29, a 33.9% beat vs consensus of -$0.44, but revenue fell sharply to $8.7M from $21.4M YoY due to lower collaboration cost recognition. The net loss widened to $66.5M from a prior-year net profit of $45.9M, driven by higher R&D spending on the SUPRAME Phase 3 trial and early commercial preparations. The stock's move will hinge on the upcoming SUPRAME interim/final analysis triggers in 2026 and multiple ASCO data readouts, not the mixed quarterly financials.
Key Financial Metrics
Key Facts
- EPS of -$0.29 beat consensus of -$0.44 by 33.9%
- Revenue of $8.7M declined 59.3% YoY from $21.4M due to lower collaboration cost recognition
- Net loss of $66.5M vs net profit of $45.9M in Q1 2025
- Cash and financial assets of $521.5M as of March 31, 2026, with cash reach projected into 2028
- SUPRAME Phase 3 interim and final analyses expected to be triggered in 2026
- BLA submission expected in H1 2027 with commercial launch in H2 2027
- Multiple ASCO 2026 data readouts across PRAME cell therapy and bispecific programs
- R&D expenses rose 41.3% YoY to $68.1M driven by SUPRAME trial costs
- Completed at-the-market offering of $24.4M net proceeds in Q1 2026
Financial Impact
Revenue decline of $12.7M YoY and net loss swing of $112.4M from profit to loss; cash burn of ~$42M in operating cash flow for the quarter
Risk Factors
- SUPRAME Phase 3 trial may fail to meet PFS or OS endpoints, destroying the commercial thesis
- Revenue is lumpy and dependent on collaboration milestones, not recurring
- Net loss is widening rapidly with R&D spend increasing 41% YoY
- Dilution risk from at-the-market offering program
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292675 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Insider Buy | $9.45 $8.50 | ▼ −10.05% | ▼ −10.31% | $7.59 (−19.68%) |
Aug 26, 2026 5w ago | 6-K | $9.36 $8.33 | ▲ +11.00% | ▲ +10.50% | $7.59 (+18.91%) |
Aug 18, 2026 6w ago | 6-K | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.59 (−16.50%) |
Aug 18, 2026 6w ago | Press Release | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.59 (−16.50%) |
Jun 2, 2026 17w ago | 6-K | $10.04 $9.85 | ▼ −1.89% | ▼ −0.33% | $7.59 (−24.40%) |
Jun 1, 2026 17w ago | 6-K | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.59 (−31.87%) |
Jun 1, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.59 (−31.87%) |
May 31, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.59 (−31.87%) |
May 30, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.59 (−31.87%) |
May 12, 2026 20w ago | 6-K | $11.39 $8.87 | ▲ +22.12% | ▲ +20.40% | $7.59 (+33.36%) |
US Market Status
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