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Sep 30, 2025
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Immatics Q3 2025 Earnings Report
Immatics reported a net loss for Q3 2025 as revenues from collaboration agreements dropped significantly year-over-year.
Key Takeaways
Immatics experienced a sharp decline in revenue compared to the prior year due to lower activity levels in its collaboration agreements with Moderna and BMS. The company reported a net loss of €50.5 million for the quarter amid rising research and development expenses, driven by increased clinical trial activities.
Revenue for Q3 2025 was €5.2 million, down from €50.6 million in Q3 2024.
Net loss for the quarter was €50.5 million, compared to €5.3 million in Q3 2024.
Operating expenses rose due to increased investments in clinical trials and commercialization preparations.
Cash and financial assets stood at €430.8 million, providing a cash runway into 2H 2027.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Immatics expects continued investment in its PRAME-directed therapies, with a strong cash position expected to fund operations into the second half of 2027.
Positive Outlook
- Strong clinical progress in PRAME cell therapy and bispecifics.
- Ongoing Phase 3 SUPRAME trial targeting advanced melanoma.
- Phase 2 cohort initiated for uveal melanoma with anzu-cel.
- Bispecifics IMA402 and IMA401 showed clinical proof-of-concept.
- Cash runway extended into 2H 2027.
Challenges Ahead
- Significant decline in collaboration revenues vs. prior year.
- Increased R&D spending amid pipeline development.
- Foreign currency losses impacted financial results.
- No milestone or royalty payments recorded in the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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