Immatics Q1 2025 Earnings Report
Key Takeaways
Immatics reported a significant increase in net loss for Q1 2025 compared to the same period last year, primarily due to lower revenue from collaboration agreements and unrealized foreign exchange losses. The company continues to advance its clinical pipeline, particularly the SUPRAME Phase 3 trial for IMA203, and maintains a strong cash position.
Net loss increased significantly to €39.9 million in Q1 2025 from €2.2 million in Q1 2024.
Revenue decreased to €18.6 million in Q1 2025 from €30.3 million in Q1 2024, mainly due to the termination of the Genmab collaboration.
Research and development expenses increased to €41.9 million in Q1 2025, driven by the advancement of clinical trials.
Cash and cash equivalents and other financial assets were €543.8 million as of March 31, 2025, providing cash reach into the second half of 2027.
Immatics
Immatics
Immatics Revenue by Segment
Forward Guidance
Immatics is focused on advancing its clinical pipeline, particularly the Phase 3 SUPRAME trial for IMA203 in melanoma, with expected completion of enrollment in 2026 and a BLA submission planned for Q1 2027. The company also plans to present updated clinical data for multiple programs throughout 2025 and is expanding its PRAME cell therapy opportunity into uveal melanoma.
Positive Outlook
- SUPRAME Phase 3 trial for IMA203 in melanoma is ongoing and expected to complete enrollment in 2026.
- Updated Phase 1b data for IMA203 in metastatic melanoma and uveal melanoma to be presented at ASCO 2025.
- Phase 1a trials for IMA203CD8 (GEN2) and IMA402 PRAME Bispecific are ongoing with data updates planned in 2025.
- IND clearance granted for a Phase 1 trial evaluating IMA203 in combination with Moderna’s PRAME adaptive immune modulating therapy.
- Strong cash position with reach into 2H 2027 to support clinical development.
Challenges Ahead
- No specific negative forward guidance points were mentioned in the report.
- Clinical trial outcomes are subject to inherent risks and uncertainties.
- Regulatory approval processes can be lengthy and may not result in product approval.
- Competition in the T cell immunotherapy field is intense.
- Future financing may be required depending on the pace of development and commercialization.