The widening operating loss and revenue decline are negative signals for a pre-revenue biotech, but the cash runway into 2028 and upcoming SUPRAME data catalysts provide a binary event framework. Traders should watch for SUPRAME interim analysis triggers in 2026 as the primary catalyst — positive data could reverse sentiment, while delays or negative readouts would pressure the stock significantly given the elevated burn rate.
Price Chart
Executive Summary
Immatics reported Q1 2026 financial results showing a net loss of €57.8 million ($66.5 million) on revenue of €7.6 million ($8.7 million), compared to a net loss of €39.9 million on revenue of €18.6 million in Q1 2025. Revenue declined 59% YoY due to lower cost recognition on collaboration agreements, while R&D expenses surged 41% to €59.2 million driven by the SUPRAME Phase 3 trial. Cash and equivalents plus other financial assets stood at €453.6 million ($521.5 million), with cash runway projected into 2028. The company reiterated key 2026 catalysts including SUPRAME interim/final analysis triggers and multiple ASCO data presentations, but the widening operating loss and revenue decline overshadow pipeline progress.
Key Facts
- Net loss widened to €57.8 million in Q1 2026 from €39.9 million in Q1 2025, a 45% increase
- Revenue from collaboration agreements fell 59% to €7.6 million from €18.6 million YoY
- R&D expenses increased 41% to €59.2 million, primarily from SUPRAME Phase 3 trial costs
- Operating loss deepened to €66.1 million from €35.4 million YoY
- Cash and equivalents plus other financial assets: €453.6 million ($521.5 million) as of March 31, 2026
- Cash runway projected into 2028; ATM offering raised €21.2 million net in March 2026
- Accumulated deficit reached €843.8 million as of March 31, 2026
- SUPRAME Phase 3 interim and final analyses expected to be triggered in 2026; BLA submission targeted for H1 2027
- Multiple clinical data readouts expected at 2026 ASCO meeting across cell therapy and bispecific programs
- Moderna collaboration achieved IND submission milestone triggering a milestone payment to Immatics
Financial Impact
Revenue declined €11.0 million YoY (59% decrease); operating loss increased €30.7 million (87% increase); net loss increased €18.0 million (45% increase)
Risk Factors
- Revenue decline of 59% YoY with no product sales and collaboration revenue dependent on cost recognition timing
- Operating cash burn of €42.0 million in Q1 2026, up 23% from €34.2 million in Q1 2025
- Clinical trial risk: SUPRAME Phase 3 interim/final analysis outcomes are binary and unpredictable
- No approved products; entirely dependent on clinical trial success and regulatory approvals
- Dilution risk: $150 million ATM program remains available for future capital raises
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-218152 |
| Document: imtx-ex99_2.htm | 0001193125-26-218152 |
| Document: immatics_n.v._6-k_q126.htm | 0001193125-26-218152 |
| Document: 0001193125-26-218152-index-headers.html | 0001193125-26-218152 |
| Document: 0001193125-26-218152-index.html | 0001193125-26-218152 |
| Document: 0001193125-26-218152.txt | 0001193125-26-218152 |
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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