PRELIMINARY NOTE The unaudited condensed Consolidated Financial Statements for the three-month period ended

condensed Consolidated Financial Statements for the three-month period ended March 31, 2022, included herein, have been prepared in accordance with International Accounting Standard 34 ( Interim Financial Reporting ), as issued by the

International Accounting Standards Board ( IASB ). The Consolidated Financial Statements are presented in euros. All references in this interim report to $, and U.S. dollars mean U.S. dollars and all references to

and euros mean euros, unless otherwise noted.

This interim report, including Management s Discussion and

Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended

(the Securities Act ). All statements other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercial strategy, potential market opportunities,

products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives

of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this interim report can be identified by the use of forward-looking words such as anticipate, believe,

could, expect, should, plan, intend, estimate, will and potential, among others. Forward-looking statements are based on our management s beliefs

and assumptions and on information available to our management at the time such statements are made. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the

forward-looking statements due to various factors, including, but not limited to: the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; inconclusive

clinical trial results or clinical trials failing to achieve one or more endpoints, early data not being repeated in ongoing or future clinical trials, failures to secure required regulatory approvals, disruptions from failures by third-parties on

whom we rely in connection with our clinical trials, delays or negative determinations by regulatory authorities, changes or increases in oversight and regulation; increased competition; manufacturing delays or problems, inability to achieve

enrollment targets, disagreements with our collaboration partners or failures of collaboration partners to pursue product candidates, legal challenges, including product liability claims or intellectual property disputes, commercialization factors,

including regulatory approval and pricing determinations, disruptions to access to raw materials or starting material, proliferation and continuous evolution of new technologies; disruptions to Immatics business; management changes;

dislocations in the capital markets; and other important factors described under Risk Factors in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities

and Exchange Commission on March 23, 2022 and those described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they were made. Because forward-looking statements are

inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in

an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or

revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

various trademark registrations and applications, and unregistered trademarks, including Immatics , XPRESIDENT , ACTengine , ACTallo , ACTolog ,

XCEPTOR , TCER , AbsQuant , IMADetect and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this interim report are the property of their respective owners. Solely for

convenience, the trademarks and trade names in this interim report may be referred to without the and symbols, but such

references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies trademarks and trade names

to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

As used in this interim report, the terms

Immatics, we, our, us, the Group and the Company refer to Immatics N.V. and its subsidiaries, taken as a whole, unless the context otherwise requires. The unaudited condensed

consolidated financial statements and Management s Discussion & Analysis of Financial Condition and Results of Operations in this interim report are related to Immatics N.V. and its German subsidiary Immatics Biotechnologies GmbH as

well as its U.S. subsidiary Immatics U.S. Inc.

Unaudited Condensed Consolidated Statement of Financial Position of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Profit/(Loss) of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Cash Flows of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Changes in Shareholders equity of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Notes to the Unaudited Condensed Consolidated Financial Statements of Immatics N.V.

1. Group information

Immatics N.V, together with its

German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US Inc., ( Immatics or the Group ) is a biotechnology group that is primarily engaged in the research and development of T cell redirecting

immunotherapies for the treatment of cancer. Immatics N.V., a Dutch public limited liability company, was converted on July 1, 2020 from Immatics B.V., a Dutch company with limited liability. Immatics Biotechnologies GmbH and Immatics US Inc.

became subsidiaries of Immatics N.V. as part of the ARYA Merger on July 1, 2020.

Immatics N.V is registered with the commercial register at the

Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 T bingen, Germany.

These interim condensed consolidated financial statements of the Group for the three months ended March 31, 2022, were authorized for issue by the Audit

Committee of Immatics N.V. on June 2, 2022.

2. Significant events and changes in the current reporting period

The following significant events or transactions occurred during during the three months ended March 31, 2022.

License, Development and Commercialization agreement with BMS

On December 10, 2021, Immatics Biotechnologies GmbH entered into a License, Development and Commercialization agreement (the BMS agreement )

with Bristol-Myer-Squibb Company ( BMS ). The BMS agreement became effective on January 26, 2022 after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on January 25, 2022.

Pursuant to the BMS agreement, the Group received a 133 million ($150 million) upfront cash payment related to the performance obligations under the contract. The Group identified the transfer of a global exclusive IMA401 license

including technology transfer and the contractually agreed clinical trial services including participation in Joint Steering Committee meetings as distinct performance obligations. The Group is eligible to receive up to $770 million

development, regulatory and commercial milestone payments, in addition to low double-digit royalty payments on net sales of IMA401. Immatics retains the options to co-fund U.S. development in exchange for

enhanced U.S. royalty payments and/or to co-promote IMA401 in the US. In November 2021, Immatics filed a Clinical Trial Application (CTA) with Paul-Ehrlich-Institute (PEI), the German federal regulatory

authority, for the development of IMA401. The clinical trial, which commenced in the second quarter of 2022, will enroll patients across various solid tumor types.

Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the BMS agreement represent one performance obligation,

combined performance obligations or multiple performance obligations, the allocation of the transaction price to identified performance obligations, and the determination of whether milestone payments should be included in the transaction price.

The Group concluded that BMS is a customer since the BMS agreement does contain elements of traditional sales even though it is a collaboration

agreement, where to some degree both risks and benefits are shared between the Group and BMS. The BMS agreement clearly states deliverables to be delivered by the Group and BMS as mentioned below and creates enforceable rights and obligations.

The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it

does not modify the underlying product. The manufacturing of the product for the trial is already completed. The clinical trial is testing efficacy and safety of the product but there is no modification planned as part of this. With the end of the pre-clinical phase, there was no further enhancement of the products planned. We therefore concluded that BMS can benefit from each performance obligation on its own and they are separately identifiable from other

promises in the BMS agreement. The Group concluded that there were two distinct performance obligations under the BMS agreement, the granted license and the conduct of clinical trial services.

At inception of the BMS agreement, the Group determined the transaction price. We evaluated inclusion of the milestones as part of the transaction price under

the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant

reversal in the amount of cumulative revenue recognized will not occur. The contractual agreed milestone payments with BMS relate to the license. It is not highly probable that the Group will receive any of these milestone payments. Based on that

the Group concludes that no variable consideration is considered as transaction price at contract inception. At the end of each reporting period, the Group re-evaluates the probability of achievement of

milestones and, if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties will only be recognized as sales occur since the license is the predominant item to which the royalty relates.

The Group is required to allocate the determined transaction price of 133 million ($150 million) to the two separate identified performance

obligations of the BMS agreement, based on the standalone selling price of each performance obligation as the upfront payment of 133 million ($150 million) covers the cost of clinical trial services as well as an initial payment for the

Since the BMS agreement consist of two performance obligations, the Group determined the underlying

stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price included estimates regarding forecasted cost for future services, profit

margins and development timelines.

The most reasonable estimation method for the performance obligation related to clinical trial services is the

expected cost method, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. On top of the forecast of expected costs, the Group added an appropriate profit margin based on

average company profit margins for clinical trial services.

To estimate a stand-alone selling price for the performance obligation related to the IMA401

license, the Group concluded to use the residual approach due to the fact that the license is a unique license and there is no available market price for the license and hence no specific stand alone selling price apart from the residual amount was

identified. The Group concluded following transaction price allocation of the 133 million ($150 million) upfront payment as of March 31, 2022:

The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over the granted license is

transferred at a point in time, after BMS obtains the rights to use the license at the effective date of the agreement. The performance obligation related to promised clinical trial services is satisfied over time. The Group transfers control of

these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method.

For the three months ended March 31, 2022, the Group recognized 91 million of revenue related to the license for IMA 401. At inception of the

BMS agreement, 42 million were initially deferred on the Groups Consolidated Statement of Financial Position. For the three months ended March 31, 2022, 1.5 million revenue is recognized based on the cost-to-cost method.

In December 2019, a novel strain of coronavirus ( COVID-19 ) emerged. In response, many countries

and businesses still institute travel restrictions, quarantines, and office closures. The extent of the pandemic and governmental responses may impact our ability to obtain raw materials and equipment used for research and development, obtain

sufficient additional funds to finance our operations, and conduct clinical trials, any of which could materially and adversely affect our business.

Management enacted significant measures to protect the Group s supply chain, employees, and the execution of clinical trials and continues to monitor the

situation and. To date, the pandemic has not significantly impacted the Group. The ongoing spread of COVID-19 may in the future negatively impact the Group s ability to conduct clinical trials, including

potential delays and restrictions on the Group s ability to recruit and retain patients, and the availability of principal investigators and healthcare employees. COVID-19 could also affect the operations

of contract research organizations, which may also result in delays or disruptions in the supply of product candidates. Given the current situation we do not expect significant negative impacts on the Group s activities in the future, but

variants of COVID-19 could limit the impact of vaccines and lead to negative impacts on the Group s activities.