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interim condensed Consolidated Financial Statements for the three- and nine-month periods ended September 30, 2024, 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, 2023, filed with the Securities and Exchange Commission on March 21, 2024 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 Loss of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
| Notes | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| (Euros in thousands, except per share data) | (Euros in thousands, except per share data) | |||||||||||||||||||
| Revenue from collaboration agreements | 5 | 50,559 | 5,926 | 99,583 | 38,076 | |||||||||||||||
| Research and development expenses | (38,906 | ) | (30,498 | ) | (106,230 | ) | (85,396 | ) | ||||||||||||
| General and administrative expenses | (11,156 | ) | (8,881 | ) | (32,925 | ) | (27,825 | ) | ||||||||||||
| Other income | 17 | 186 | 54 | 1,134 | ||||||||||||||||
| Operating result | 514 | (33,267 | ) | (39,518 | ) | (74,011 | ) | |||||||||||||
| Change in fair value of liabilities for warrants | 6 | 3,833 | (1,395 | ) | 4,228 | (7,103 | ) | |||||||||||||
| Other financial income | 6 | 5,889 | 9,748 | 18,707 | 14,414 | |||||||||||||||
| Other financial expenses | 6 | (12,589 | ) | (1,575 | ) | (5,342 | ) | (4,146 | ) | |||||||||||
| Financial result | (2,867 | ) | 6,778 | 17,593 | 3,165 | |||||||||||||||
| Loss before taxes | (2,353 | ) | (26,489 | ) | (21,925 | ) | (70,846 | ) | ||||||||||||
| Taxes on income | 7 | (6,217 | ) | (7,720 | ) | |||||||||||||||
| Net loss | (8,570 | ) | (26,489 | ) | (29,645 | ) | (70,846 | ) | ||||||||||||
| Net loss per share: | 17 | |||||||||||||||||||
| Basic | (0.08 | ) | (0.32 | ) | (0.29 | ) | (0.90 | ) | ||||||||||||
| Diluted | (0.11 | ) | (0.32 | ) | (0.31 | ) | (0.90 | ) |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial
Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
| Notes | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| (Euros in thousands) | (Euros in thousands) | |||||||||||||||||||
| Net loss | (8,570 | ) | (26,489 | ) | (29,645 | ) | (70,846 | ) | ||||||||||||
| Other comprehensive income/(loss) | ||||||||||||||||||||
| Items that may be reclassified subsequently to profit or loss | ||||||||||||||||||||
| Currency translation differences from foreign operations | (1,377 | ) | 429 | (579 | ) | 769 | ||||||||||||||
| Total comprehensive loss for the year | (9,947 | ) | (26,060 | ) | (30,224 | ) | (70,077 | ) |
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, 2024 | December 31, 2023 | ||||||||||
| (Euros in thousands) | ||||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 16 | 189,199 | 218,472 | |||||||||
| Other financial assets | 16 | 301,321 | 207,423 | |||||||||
| Accounts receivables | 16 | 2,951 | 4,093 | |||||||||
| Other current assets | 9 | 19,306 | 19,382 | |||||||||
| Total current assets | 512,777 | 449,370 | ||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 10 | 48,424 | 43,747 | |||||||||
| Intangible assets | 10 | 1,506 | 1,523 | |||||||||
| Right-of-use assets | 10 | 13,327 | 13,308 | |||||||||
| Other non-current assets | 9 | 1,199 | 2,017 | |||||||||
| Total non-current assets | 64,456 | 60,595 | ||||||||||
| Total assets | 577,233 | 509,965 | ||||||||||
| Liabilities and shareholders equity | ||||||||||||
| Current liabilities | ||||||||||||
| Provisions | 11 | 5,144 | ||||||||||
| Accounts payables | 12 | 22,095 | 25,206 | |||||||||
| Deferred revenue | 5 | 68,928 | 100,401 | |||||||||
| Liabilities for warrants | 16 | 14,765 | 18,993 | |||||||||
| Lease liabilities | 16 | 2,825 | 2,604 | |||||||||
| Other current liabilities | 13 | 15,155 | 9,348 | |||||||||
| Total current liabilities | 128,912 | 156,552 | ||||||||||
| Non-current liabilities | ||||||||||||
| Deferred revenue | 5 | 52,597 | 115,527 | |||||||||
| Lease liabilities | 16 | 13,198 | 12,798 | |||||||||
| Other non-current liabilities | 4 | |||||||||||
| Total non-current liabilities | 65,795 | 128,329 | ||||||||||
| Shareholders equity | ||||||||||||
| Share capital | 14 | 1,031 | 847 | |||||||||
| Share premium | 14 | 1,010,648 | 823,166 | |||||||||
| Accumulated deficit | 14 | (626,938 | ) | (597,293 | ) | |||||||
| Other reserves | 14 | (2,215 | ) | (1,636 | ) | |||||||
| Total shareholders equity | 382,526 | 225,084 | ||||||||||
| Total liabilities and shareholders equity | 577,233 | 509,965 |
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, | ||||||||
| 2024 | 2023 | |||||||
| (Euros in thousands) | ||||||||
| Cash flows from operating activities | ||||||||
| Net loss | (29,645 | ) | (70,846 | ) | ||||
| Taxes on income | 7,720 | |||||||
| Loss before tax | (21,925 | ) | (70,846 | ) | ||||
| Adjustments for: | ||||||||
| Interest income | (18,185 | ) | (8,993 | ) | ||||
| Depreciation and amortization | 9,149 | 5,432 | ||||||
| Interest expenses | 654 | 620 | ||||||
| Equity-settled share-based payment | 13,112 | 16,299 | ||||||
| Loss from disposal of fixed assets | 1 | |||||||
| Net foreign exchange differences and expected credit losses | 4,018 | (760 | ) | |||||
| Change in fair value of liabilities for warrants | (4,228 | ) | 7,103 | |||||
| Changes in: | ||||||||
| Decrease in accounts receivables | 1,142 | 596 | ||||||
| Decrease/(increase) in other assets | (2,623 | ) | 658 | |||||
| (Decrease) in deferred revenue, accounts payables and other liabilities | (91,113 | ) | (15,641 | ) | ||||
| Interest received | 11,098 | 4,904 | ||||||
| Interest paid | (654 | ) | (221 | ) | ||||
| Income tax paid | ||||||||
| Net cash used in operating activities | (99,554 | ) | (60,849 | ) | ||||
| Cash flows from investing activities | ||||||||
| Payments for property, plant and equipment | (14,598 | ) | (21,506 | ) | ||||
| Payments for intangible assets | (148 | ) | (158 | ) | ||||
| Payments for investments classified in other financial assets | (356,596 | ) | (299,018 | ) | ||||
| Proceeds from maturity of investments classified in other financial assets | 266,361 | 229,557 | ||||||
| Proceeds from disposal of property, plant and equipment | 1 | |||||||
| Net cash used in investing activities | (104,980 | ) | (91,125 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of shares to equity holders | 174,554 | 90,404 | ||||||
| Transaction costs deducted from equity | (2,039 | ) | ||||||
| Repayments related to lease liabilities | (1,228 | ) | (2,877 | ) | ||||
| Net cash provided by financing activities | 173,326 | 85,488 | ||||||
| Net decrease in cash and cash equivalents | (31,208 | ) | (66,486 | ) | ||||
| Cash and cash equivalents at beginning of the year | 218,472 | 148,519 | ||||||
| Effects of exchange rate changes, expected credit losses and accrued interest on cash and cash equivalents | 1,935 | 1,413 | ||||||
| Cash and cash equivalents at end of the year | 189,199 | 83,446 |
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, 2023 | 767 | 714,177 | (500,299 | ) | (1,481 | ) | 213,164 | |||||||||||||||||
| Other comprehensive income/(loss) | 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 | 14 | 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 | |||||||||||||||||
| Balance as of January 1, 2024 | 847 | 823,166 | (597,293 | ) | (1,636 | ) | 225,084 | |||||||||||||||||
| Other comprehensive income/(loss) | (579 | ) | (579 | ) | ||||||||||||||||||||
| Net loss | (29,645 | ) | (29,645 | ) | ||||||||||||||||||||
| Comprehensive loss for the year | (29,645 | ) | (579 | ) | (30,224 | ) | ||||||||||||||||||
| Equity-settled share-based compensation | 8 | 13,112 | 13,112 | |||||||||||||||||||||
| Share options exercised | 14 | 1 | 1,113 | 1,114 | ||||||||||||||||||||
| Issue of share capital net of transaction costs | 14 | 183 | 173,257 | 173,440 | ||||||||||||||||||||
| Balance as of September 30, 2024 | 1,031 | 1,010,648 | (626,938 | ) | (2,215 | ) | 382,526 |
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 ( Immatics 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. 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.
interim condensed consolidated financial statements of the Group for the three and nine months ended September 30, 2024, were authorized for issue by the Audit Committee of Immatics N.V. on November 18, 2024.
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, 2024.
On January 22, 2024, the Group closed an offering of 18,313,750 ordinary shares with a public offering price of $11.00 ( 10.10) per ordinary share.
The Group received gross proceeds of 185.0 million less transaction costs of 11.6 million, resulting in an increase in share capital of 183.0 thousand and share premium of 173.2 million.
On September 13, 2024, we announced the termination of the collaboration with Bristol Myers Squibb regarding IMA401 ( BMS IMA401 ). The
termination resulted in the recognition of the remaining deferred revenue of 21.0 million from the collaboration during the three and nine months ended September 30, 2024.
Macroeconomic environment
Currently, multiple global
uncertainties are existing.
The conflict between Russia and Ukraine and the conflict in the Middle East 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 in the Middle East, 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 the Company, this may change in case of further expansion of the scale of the conflicts. In addition, other
geopolitical instabilities might impact the Group in the future.
3. Significant accounting policies
Basis of presentation
The unaudited interim condensed
consolidated financial statements of the Group as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 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 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, 2023, which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ( IASB ), taking into account the recommendations of the IFRS Interpretations Committee ( IFRIC Interpretations ). In these notes to the unaudited condensed 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 the year ended December 31, 2023.
The unaudited interim condensed consolidated
financial statements are presented in Euros, which is the functional and reporting currency of the parent, Immatics N.V. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date.
The unaudited interim condensed consolidated statement of loss is translated at average exchange rates. The currency translation differences are recognized in other comprehensive income.
The accounting 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, 2023. The new and amended standards and interpretations applicable for the first time
as of January 1, 2024, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023, had no impact on the unaudited interim condensed consolidated financial statements of the Group for the three
and nine months ended September 30, 2024.
In April 2024, IFRS 18, Presentation and Disclosure in Financial Statements was issued to
achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 Presentation of Financial Statements , impacts the presentation of primary financial statements and notes, including the statement
of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined
performance measures to be explained and included in a separate note within the consolidated financial statements.
The standard is effective for annual
reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard.
In July 2024, the IASB published an IFRIC agenda decision clarifying certain requirements for segment disclosures in accordance with IFRS 8. Since the Company
is operating as one segment, no impact of the agenda decision is expected.
Estimates and assumptions have to be made in the unaudited interim
consolidated financial statements as of September 30, 2024. These have an impact on the amounts and disclosures 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 year ended December 31, 2023. New developments may result in amounts 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.
5. Revenue from collaboration agreements
The Group currently earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of
September 30, 2024, the Group had three revenue-generating strategic collaboration agreements in place, two with Bristol-Myers-Squibb ( BMS ) and one agreement with ModernaTX, Inc. ( Moderna ), excluding BMS IMA401
collaboration for which we received the termination notice on September 13, 2024. The three remaining revenue-generating strategic collaboration agreements are in pre-clinical stage. The collaboration