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Jun 30
Immatics Q2 2025 Earnings Report
Immatics reported a wider net loss in Q2 2025 due to increased R&D and FX losses, despite maintaining a strong cash position and advancing its PRAME pipeline.
Key Takeaways
Immatics' Q2 2025 revenue fell year-over-year as milestone income declined, while R&D investments increased to support PRAME clinical programs. The company retains over $560M in cash and continues progressing multiple pipeline assets across trials.
Total revenue from collaboration agreements was $5.5 million, down from $22.0 million YoY.
R&D expenses rose to $52.9 million, driven by clinical advancements in PRAME programs.
Net loss expanded to $82.4 million, affected by FX-related non-cash losses.
Cash and financial assets totaled $560.5 million, supporting runway into 2H 2027.
Immatics
Immatics
Immatics Revenue by Segment
Revenue by Segment
Collaboration Agreements Revenue
CapyFin.com Forward Guidance
Immatics is advancing multiple PRAME and non-PRAME programs, with key data updates across IMA203CD8, IMA402, and IMA401 expected in Q4 2025. Cash runway extends into 2H 2027.
Positive Outlook
- SUPRAME Phase 3 trial for anzu-cel progressing with interim analysis in 2026.
- Next-gen PRAME cell therapy IMA203CD8 data expected in Q4 2025.
- Off-the-shelf bispecific IMA402 trials enrolling and update expected late 2025.
- Cash and financial assets exceed $560M, enabling funding into 2H 2027.
- Milestone from Moderna collaboration contributes to revenue in Q2.
Challenges Ahead
- Q2 revenue declined significantly YoY due to lower collaboration recognition.
- Net loss expanded to $82.4M driven by R&D and FX losses.
- Unrealized FX losses of $41.7M impacted financial result.
- Higher G&A expenses tied to strategic expansion.
- Operating cash burn remains elevated due to clinical investment.