Full Press Release Details
interim condensed Consolidated Financial Statements for the three and nine-month periods ended September 30, 2023, 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 macro-economic environment; 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, 2022, filed with the Securities and Exchange Commission on March 22, 2023 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.
We own 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 interim 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 US Inc.
Unaudited Interim Condensed Consolidated Statement of Profit/(Loss) of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
| Notes | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| (Euros in thousands, except per share data) | (Euros in thousands, except per share data) | |||||||||||||||||||
| Revenue from collaboration agreements | 5 | 5,926 | 15,060 | 38,076 | 135,183 | |||||||||||||||
| Research and development expenses | (30,498 | ) | (28,572 | ) | (85,396 | ) | (78,933 | ) | ||||||||||||
| General and administrative expenses | (8,881 | ) | (8,422 | ) | (27,825 | ) | (26,383 | ) | ||||||||||||
| Other income | 186 | 9 | 1,134 | 42 | ||||||||||||||||
| Operating result | (33,267 | ) | (21,925 | ) | (74,011 | ) | 29,909 | |||||||||||||
| Change in fair value of liabilities for warrants | 6 | (1,395 | ) | (5,865 | ) | (7,103 | ) | 7,877 | ||||||||||||
| Other financial income | 6 | 9,748 | 7,839 | 14,414 | 16,613 | |||||||||||||||
| Other financial expenses | 6 | (1,575 | ) | (426 | ) | (4,146 | ) | (1,950 | ) | |||||||||||
| Financial result | 6,778 | 1,548 | 3,165 | 22,540 | ||||||||||||||||
| Profit/(loss) before taxes | (26,489 | ) | (20,377 | ) | (70,846 | ) | 52,449 | |||||||||||||
| Taxes on income | 7 | (558 | ) | (1,703 | ) | |||||||||||||||
| Net profit/(loss) | (26,489 | ) | (20,935 | ) | (70,846 | ) | 50,746 | |||||||||||||
| Net profit/(loss) per share: | 17 | |||||||||||||||||||
| Basic | (0.32 | ) | (0.32 | ) | (0.90 | ) | 0.79 | |||||||||||||
| Diluted | (0.32 | ) | (0.32 | ) | (0.90 | ) | 0.78 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Unaudited Interim Condensed Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
| Notes | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| (Euros in thousands) | (Euros in thousands) | |||||||||||||||||||
| Net profit/(loss) | (26,489 | ) | (20,935 | ) | (70,846 | ) | 50,746 | |||||||||||||
| Other comprehensive income/(loss) | ||||||||||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||||||||||
| Currency translation differences from foreign operations | 14 | 429 | (211 | ) | 769 | 1,127 | ||||||||||||||
| Total comprehensive income/(loss) for the year | (26,060 | ) | (21,146 | ) | (70,077 | ) | 51,873 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Unaudited Interim Condensed Consolidated Statement of Financial Position of Immatics N.V.
| As of | ||||||||||||
| Notes | September 30, 2023 | December 31, 2022 | ||||||||||
| (Euros in thousands) | ||||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 16 | 83,446 | 148,519 | |||||||||
| Other financial assets | 16 | 282,574 | 213,686 | |||||||||
| Accounts receivables | 16 | 514 | 1,111 | |||||||||
| Other current assets | 9 | 18,473 | 13,838 | |||||||||
| Total current assets | 385,007 | 377,154 | ||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 10 | 34,847 | 13,456 | |||||||||
| Intangible assets | 10 | 1,633 | 1,632 | |||||||||
| Right-of-use assets | 10 | 14,302 | 13,033 | |||||||||
| Other non-current assets | 9 | 1,661 | 2,545 | |||||||||
| Total non-current assets | 52,443 | 30,666 | ||||||||||
| Total assets | 437,450 | 407,820 | ||||||||||
| Liabilities and shareholders equity | ||||||||||||
| Current liabilities | ||||||||||||
| Provisions | 11 | 4,851 | ||||||||||
| Accounts payables | 12 | 19,829 | 13,056 | |||||||||
| Deferred revenue | 5 | 62,049 | 64,957 | |||||||||
| Liabilities for warrants | 16 | 24,017 | 16,914 | |||||||||
| Lease liabilities | 16 | 2,789 | 2,159 | |||||||||
| Other current liabilities | 13 | 7,613 | 9,366 | |||||||||
| Total current liabilities | 121,148 | 106,452 | ||||||||||
| Non-current liabilities | ||||||||||||
| Deferred revenue | 5 | 54,860 | 75,759 | |||||||||
| Lease liabilities | 16 | 13,671 | 12,403 | |||||||||
| Other non-current liabilities | 20 | 42 | ||||||||||
| Total non-current liabilities | 68,551 | 88,204 | ||||||||||
| Shareholders equity | ||||||||||||
| Share capital | 14 | 847 | 767 | |||||||||
| Share premium | 14 | 818,761 | 714,177 | |||||||||
| Accumulated deficit | 14 | (571,145 | ) | (500,299 | ) | |||||||
| Other reserves | 14 | (712 | ) | (1,481 | ) | |||||||
| Total shareholders equity | 247,751 | 213,164 | ||||||||||
| Total liabilities and shareholders equity | 437,450 | 407,820 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Unaudited Interim Condensed Consolidated Statement of Cash Flows of Immatics N.V.
| Nine months ended September 30, | ||||||||
| 2023 | 2022 | |||||||
| (Euros in thousands) | ||||||||
| Cash flows from operating activities | ||||||||
| Net profit/(loss) | (70,846 | ) | 50,746 | |||||
| Taxes on income | 1,703 | |||||||
| Profit/(loss) before tax | (70,846 | ) | 52,449 | |||||
| Adjustments for: | ||||||||
| Interest income | (8,993 | ) | (606 | ) | ||||
| Depreciation and amortization | 5,432 | 5,218 | ||||||
| Interest expenses | 620 | 748 | ||||||
| Equity-settled share-based payment | 16,299 | 16,725 | ||||||
| Net foreign exchange differences and expected credit losses | (760 | ) | (11,974 | ) | ||||
| Change in fair value of liabilities for warrants | 7,103 | (7,877 | ) | |||||
| Changes in: | ||||||||
| Decrease/(increase) in accounts receivables | 596 | (457 | ) | |||||
| Decrease/(increase) in other assets | 658 | (6,523 | ) | |||||
| (Decrease)/increase in deferred revenue, accounts payables and other liabilities | (15,641 | ) | 84,185 | |||||
| Interest received | 4,904 | 213 | ||||||
| Interest paid | (221 | ) | (521 | ) | ||||
| Income tax paid | ||||||||
| Net cash (used in)/provided by operating activities | (60,849 | ) | 131,580 | |||||
| Cash flows from investing activities | ||||||||
| Payments for property, plant and equipment | (21,506 | ) | (3,390 | ) | ||||
| Payments for intangible assets | (158 | ) | (220 | ) | ||||
| Proceeds from disposal of property, plant and equipment | 53 | |||||||
| Payments for investments classified in Other financial assets | (299,018 | ) | (128,726 | ) | ||||
| Proceeds from maturity of investments classified in Other financial assets | 229,557 | 12,695 | ||||||
| Net cash (used in)/provided by investing activities | (91,125 | ) | (119,588 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of shares to equity holders | 90,404 | 21,009 | ||||||
| Transaction costs deducted from equity | (2,039 | ) | (626 | ) | ||||
| Repayment of lease liabilities | (2,877 | ) | (2,162 | ) | ||||
| Net cash provided by/(used in) financing activities | 85,488 | 18,221 | ||||||
| Net (decrease)/increase in cash and cash equivalents | (66,486 | ) | 30,213 | |||||
| Cash and cash equivalents at beginning of the year | 148,519 | 132,994 | ||||||
| Effects of exchange rate changes and expected credit losses on cash and cash equivalents | 1,413 | 14,840 | ||||||
| Cash and cash equivalents at end of the year | 83,446 | 178,047 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Unaudited Interim Condensed Consolidated Statement of Changes in Shareholders equity of Immatics
| (Euros in thousands) | Notes | Share capital | Share premium | Accumulated deficit | Other reserves | Total share- holders equity | ||||||||||||||||||
| Balance as of January 1, 2022 | 629 | 565,192 | (537,813 | ) | (3,945 | ) | 24,063 | |||||||||||||||||
| Other comprehensive income | 1,127 | 1,127 | ||||||||||||||||||||||
| Net profit | 50,746 | 50,746 | ||||||||||||||||||||||
| Comprehensive income for the year | 50,746 | 1,127 | 51,873 | |||||||||||||||||||||
| Equity-settled share-based compensation | 8 | 16,725 | 16,725 | |||||||||||||||||||||
| Share options exercised | 202 | 202 | ||||||||||||||||||||||
| Issue of share capital net of transaction costs | 14 | 28 | 20,153 | 20,181 | ||||||||||||||||||||
| Balance as of September 30, 2022 | 657 | 602,272 | (487,067 | ) | (2,818 | ) | 113,044 | |||||||||||||||||
| Balance as of January 1, 2023 | 767 | 714,177 | (500,299 | ) | (1,481 | ) | 213,164 | |||||||||||||||||
| Other comprehensive income | 769 | 769 | ||||||||||||||||||||||
| Net loss | (70,846 | ) | (70,846 | ) | ||||||||||||||||||||
| Comprehensive loss for the year | (70,846 | ) | 769 | (70,077 | ) | |||||||||||||||||||
| Equity-settled share-based compensation | 8 | 16,299 | 16,299 | |||||||||||||||||||||
| Share options exercised | 140 | 140 | ||||||||||||||||||||||
| Issue of share capital net of transaction costs | 14 | 80 | 88,145 | 88,225 | ||||||||||||||||||||
| Balance as of September 30, 2023 | 847 | 818,761 | (571,145 | ) | (712 | ) | 247,751 |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Notes to the Unaudited Interim 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 ( Immatics
GmbH ) and Immatics US Inc. became wholly-owned subsidiaries of Immatics N.V. as part of the ARYA Merger on July 1, 2020.
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 unaudited interim condensed consolidated financial statements of the Group for the three and nine months ended September 30, 2023, were authorized
for issue by the Audit Committee of Immatics N.V. on November 14, 2023.
2. Significant events and changes in the current reporting period
The following significant events or transactions occurred during the three and nine months ended September 30, 2023.
Opt-In of TCR-T Candidate from ongoing collaboration with BMS
Immatics GmbH entered into a License agreement (the BMS Opt-In agreement ) with Bristol-Myer-Squibb Company
( BMS ). The agreement became effective on April 28, 2023. Pursuant to the BMS Opt-In agreement, the Group received an option exercise fee of $15 million ( 13.7 million).
Under the 2019 agreement with BMS, Immatics granted BMS the option to enter into a pre-negotiated license agreement on
a target-by-target basis. Immatics developed individual TCR-T product candidates directed against targets under the terms of that
2019 agreement. Under the BMS Opt-In agreement signed on April 28, 2023, BMS exercised its first option and entered into an exclusive license agreement for one target.
The BMS Opt-In agreement created the right for BMS to receive the exclusive license and the right for Immatics to
receive the Opt-In exercise fee as well as potential future milestones and royalties. Immatics has an additional distinct performance obligation under the Opt-in
agreement which is to issue the license to BMS. The price of the contract increases by an amount of consideration that reflects the entity s stand-alone selling price of the license. The license grants BMS a right to use the license as no
further work from Immatics is required under the agreement.
The potential milestone and royalty payments are accounted for under the most likely method.
No variable payment is considered likely, therefore, no variable payments are considered as part of the transaction price.
For the nine months ended
September 30, 2023, the Group recognized 13.7 million of revenue related to the BMS Opt-In agreement.
Macroeconomic environment
Currently, multiple global
uncertainties are existing.
The conflicts between Russia and Ukraine and the Palestinian-Israeli conflict have resulted, and may further result, in
significant disruption, instability and volatility in global markets, as well as higher energy and other commodity prices. Since the Company is not currently conducting any business or receiving any material services from vendors located in Russia,
Ukraine or Israel, it does not expect that the ongoing conflicts will have a direct impact on its operations in the near term. However, the Company may be indirectly affected by price increases or certain policy changes, such as new tax legislation,
economic sanctions and comparable measures. While the conflicts are currently not expected to have a direct impact on our Company, this may change especially in case of further expansion of the scale of the conflicts. In addition, other geopolitical
instabilities might impact the Group in the future.
During the nine months ended September 30, 2023, Silicon Valley Bank and Credit Suisse, two
large banks, as well as other smaller banks, were subject to liquidity problems. The Group does not hold deposits or securities with any of the affected banks. While the banking system remained stable overall, we will continue to closely monitor the
While there is currently no material direct risk identified for the Group from COVID-19, Immatics will continue to monitor this risk.
3. Significant accounting policies
Basis of presentation
The unaudited interim condensed
consolidated financial statements of the Group as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared on a going concern basis in accordance with International Accounting Standard 34
( Interim Financial Reporting ), as issued by the International Accounting Standards Board ( IASB ) and have not been audited or reviewed by a statutory auditor.
In accordance with IAS 34, the unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in
the annual financial statements and should be read in conjunction with the Group s annual financial statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards
( IFRS ) as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee ( IFRS IC ). In these condensed notes to the consolidated financial statements,
information is provided primarily on the items for which there have been significant changes compared with the consolidated financial statements of the Group for fiscal year 2022.
The unaudited interim condensed consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise
indicated. For technical reasons, the information provided in these financial statements may contain rounding differences of +/- one unit.
policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group s annual consolidated financial statements for the year ended
December 31, 2022. The new and amended standards and interpretations applicable for the first time as of January 1, 2023, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2022, had no
impact on the unaudited interim condensed consolidated financial statements of the Group for the three and nine months ended September 30, 2023.
Estimates and assumptions have to be made in the unaudited interim consolidated financial statements as of September 30, 2023. These have an impact on
the amount and disclosure of the recognized assets and liabilities, income and expenses, and contingent liabilities. The estimates and judgments are essentially unchanged from the circumstances described in the consolidated financial statements of
the Group for the fiscal year 2022. Developments deviating from this may result in the amounts that arise deviating from the original estimates. These possible developments are outside the sphere of influence of the management.
4. Segment information
The Group manages its operations
as a single segment for the purpose of assessing performance and making operating decisions. The Group s focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is
the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group s resources.