The stock is a binary catalyst play on SUPRAME topline (H1 2027). The slower-than-expected event accumulation introduces uncertainty but does not alter the final PFS analysis timeline. The planned enrollment increase for OS power is a positive for commercial profile but adds trial cost. Cash reach into 2028 provides buffer. Near-term price action will be driven by pipeline updates at ESMO in fall 2026. The 94% analyst bullish consensus reflects conviction in the PRAME franchise, but the stock has a history of negative drift on prior bull calls (avg T+20 -7.13%). Consider scaling into any weakness ahead of ESMO data.
Price Chart
Executive Summary
Immatics reported Q2 2026 financial results showing a net loss of €62.5M ($71.2M) on collaboration revenue of €9.1M ($10.4M), with R&D expenses rising sharply to €62.4M ($71.1M) as the Phase 3 SUPRAME trial accelerates. Enrollment remains on track to complete by year-end, but PFS events are occurring slower than modeled, prompting a streamlined final analysis (topline H1 2027) and adding ~90 patients for OS power. Cash and financial assets stood at €393.4M ($448.2M), projected into 2028.
Key Facts
- Q2 2026 revenue: €9.1M ($10.4M) from collaboration agreements (Moderna €6.5M, BMS €2.7M)
- Q2 2026 net loss: €62.5M ($71.2M), improved from €70.3M ($80.1M) in Q2 2025
- Cash and financial assets: €393.4M ($448.2M) as of June 30, 2026; cash reach projected into 2028
- SUPRAME enrollment on track to complete randomizations by year-end; PFS events occurring slower than modeled
- Company plans streamlined final PFS analysis (topline H1 2027) with 90% power, adding ~90 patients for OS
- BLA submission planned in 2027 following PFS topline
- Phase 1b anzu-cel data at ASCO 2026: 56% cORR, 14.6 mo mDOR, 6.1 mo mPFS, 16.2 mo mOS in melanoma
- IMA203CD8 Phase 1 data in gynecologic cancers: 63% ORR, 50% cORR at clinically relevant doses
- IMA402 bispecific Phase 1b data at RP2D range expected at ESMO 2026
- First patient dosed in Moderna collaboration trial (mRNA-4200) in July 2026, triggering milestone payment
- R&D expenses Q2 2026: €62.4M (up 38% YoY from €45.1M), driven by SUPRAME trial costs
- Net cash used in operations H1 2026: €102.5M vs €73.3M in H1 2025
Financial Impact
Net loss of €62.5M in Q2 2026, operating cash burn of €102.5M in H1 2026, cash runway into 2028
Risk Factors
- SUPRAME PFS topline data (H1 2027) could miss expectations if slower event rate signals lower separation from standard of care
- R&D burn is accelerating (€121.6M in H1 2026 vs €87.0M in H1 2025) with no near-term product revenue
- Competitive landscape for cell therapies in melanoma (lifileucel, RP1, etc.) could narrow market opportunity
- Reliance on collaboration revenue (Moderna, BMS) for near-term cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-354715 |
| Document: imtx-ex99_2.htm | 0001193125-26-354715 |
| Document: imtx-20260630.htm | 0001193125-26-354715 |
| Document: imtx-ex99_3.htm | 0001193125-26-354715 |
| Document: 0001193125-26-354715-index-headers.html | 0001193125-26-354715 |
| Document: 0001193125-26-354715-index.html | 0001193125-26-354715 |
| Document: 0001193125-26-354715.txt | 0001193125-26-354715 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Insider Buy | $9.45 $8.50 | ▼ −10.05% | ▼ −10.31% | $7.71 (−18.41%) |
Aug 26, 2026 5w ago | 6-K | $9.36 $8.33 | ▲ +11.00% | ▲ +10.50% | $7.71 (+17.63%) |
Aug 18, 2026 6w ago | 6-K | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.71 (−15.18%) |
Aug 18, 2026 6w ago | Press Release | $9.09 $8.82 | ▼ −2.97% | ▼ −1.98% | $7.71 (−15.18%) |
Jun 2, 2026 17w ago | 6-K | $10.04 $9.85 | ▼ −1.89% | ▼ −0.33% | $7.71 (−23.21%) |
Jun 1, 2026 17w ago | 6-K | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.71 (−30.79%) |
Jun 1, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.71 (−30.79%) |
May 31, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.71 (−30.79%) |
May 30, 2026 17w ago | Press Release | $11.14 $10.13 | ▼ −9.07% | ▼ −7.77% | $7.71 (−30.79%) |
May 12, 2026 20w ago | 6-K | $11.39 $8.87 | ▲ +22.12% | ▲ +20.40% | $7.71 (+32.31%) |
US Market Status
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