Immatics Announces $125 Million Underwritten Offering

Immatics (NASDAQ: IMTX) agreed to sell 12,500,000 ordinary shares at $10.00 per share in an underwritten offering, generating expected gross proceeds of $125 million before underwriting discounts and offering expenses.

Rhea-AI Summary

Immatics (NASDAQ: IMTX) agreed to sell 12,500,000 ordinary shares at $10.00 per share in an underwritten offering, generating expected gross proceeds of $125 million before underwriting discounts and offering expenses.

The offering is expected to close on December 8, 2025, subject to customary closing conditions; a registration statement was declared effective on April 3, 2025. Jefferies, Leerink Partners and Cantor are joint book‑running managers. The shares are being offered only by prospectus supplement and accompanying prospectus.

Positive

• Gross proceeds of $125 million
• Registration declared effective on April 3, 2025
• Joint book‑running managers named: Jefferies, Leerink, Cantor

Negative

• Sale of 12,500,000 shares will dilute existing shareholders
• Gross proceeds are before underwriting discount and offering expenses

Argus Dec 5 session

-14.24% close to close Open Argus

Details

News Market Reaction – IMTX

On Dec 5, the day this news came out, IMTX closed 14.24% below the previous close.

Data tracked by StockTitan Argus for the Dec 5 session.

Key Figures

Offering size: 12,500,000 shares Offering price: $10.00 per share Gross proceeds: $125 million +2 more

Offering size

12,500,000 shares

Ordinary shares in underwritten offering

Offering price

$10.00 per share

Fixed price for underwritten offering

Gross proceeds

$125 million

Before underwriting discount and expenses

Offering closing date

December 8, 2025

Expected closing, subject to conditions

Registration effective date

April 3, 2025

SEC effectiveness of registration statement

Historical Context

5 past events · Latest: Nov 17

5 events

1. Nov 17

   Earnings and update

   24h Move

   -7.2%

   Q3 2025 results with net loss and clinical pipeline update.

2. Nov 12

   Clinical data update

   24h Move

   +16.1%

   Phase 1a IMA402 and IMA401 bispecific data and next steps.

3. Oct 27

   Leadership change

   24h Move

   +3.9%

   Appointment of Chief People Officer to support growth.

4. Oct 20

   Clinical data update

   24h Move

   +11.0%

   Updated Phase 1b anzu-cel data in metastatic uveal melanoma.

5. Oct 01

   Leadership change

   24h Move

   +5.6%

   Appointment of experienced CFO ahead of potential launch.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

underwritten offering, joint book-running managers, registration statement, U.S. Securities and Exchange Commission, +2 more

6 terms

underwritten offering financial

"agreed to sell 12,500,000 ordinary shares at $10.00 per share in an underwritten offering."

An underwritten offering is when a bank or group of banks agrees to buy all of a company's new shares or bonds and then resell them to outside investors, guaranteeing the company will raise a specific amount of money. It matters to investors because it adds certainty that the funding will close while increasing the number of shares or debt in the market, which can lower the price per share and change each existing owner's ownership percentage—think of a wholesaler buying an entire shipment from a maker before it reaches stores.

joint book-running managers financial

"Jefferies, Leerink Partners and Cantor are acting as joint book-running managers for the offering."

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

registration statement regulatory

"A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

U.S. Securities and Exchange Commission regulatory

"filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

prospectus supplement regulatory

"The offering is being made only by means of a prospectus supplement and accompanying prospectus."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

prospectus regulatory

"prospectus supplement and accompanying prospectus relating to the offering may be obtained free of charge"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Houston, Texas and Tuebingen, Germany, December 05, 2025 – Immatics N.V. (NASDAQ: IMTX, “Immatics” or the “Company”), a clinical-stage biopharmaceutical company and the global leader in precision targeting of PRAME, announced today that it has agreed to sell 12,500,000 ordinary shares at $10.00 per share in an underwritten offering. The gross proceeds from the offering, before deducting the underwriting discount and offering expenses, are expected to be $125 million. The offering is expected to close on December 8, 2025, subject to customary closing conditions.  

Jefferies, Leerink Partners and Cantor are acting as joint book-running managers for the offering.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on April 3, 2025. The offering is being made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained free of charge from

• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com;
• Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, telephone: (800) 808-7525, ext. 6105, email: syndicate@leerink.com;
• Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, e-mail: prospectus@cantor.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Immatics
Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements, including statements regarding the securities offering. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.

For more information, please contact:

Media
Trophic Communications
Phone: +49 151 74416179
immatics@trophic.eu

Immatics N.V. 
Jordan Silverstein
Head of Strategy
Phone: +1 346 319-3325
InvestorRelations@immatics.com  

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Immatics (IMTX) selling in the December 2025 offering?

Immatics is selling 12,500,000 ordinary shares at $10.00 per share in an underwritten offering.

How much gross capital will Immatics (IMTX) raise from the offering?

The offering is expected to generate $125 million in gross proceeds before deducting underwriting discounts and expenses.

When is the Immatics (IMTX) offering expected to close?

The offering is expected to close on December 8, 2025, subject to customary closing conditions.

Who are the joint book‑running managers for Immatics (IMTX) offering?

Jefferies, Leerink Partners and Cantor are acting as joint book‑running managers.

Was Immatics (IMTX) registered to offer these securities?

Yes. A registration statement relating to the securities was declared effective on April 3, 2025.

Will the offering reduce Immatics (IMTX) net proceeds?

Yes. The stated $125 million figure is gross proceeds before underwriting discounts and offering expenses.