Immatics Announces $150 Million Underwritten Offering

Immatics (NASDAQ: IMTX) has agreed to a $150 million underwritten offering, selling 12,945,916 ordinary shares at $8.69 per share and pre-funded warrants for 4,315,304 ordinary shares at $8.689 per warrant.

Rhea-AI Summary

Immatics (NASDAQ: IMTX) has agreed to a $150 million underwritten offering, selling 12,945,916 ordinary shares at $8.69 per share and pre-funded warrants for 4,315,304 ordinary shares at $8.689 per warrant. The pre-funded warrant price reflects the share price minus a $0.001 exercise price.

Gross proceeds are expected to total $150 million before underwriting discounts and expenses, with closing targeted for August 26, 2026, subject to customary conditions. Immatics granted underwriters a 30-day option to buy up to 2,589,184 additional shares at the public price, less the underwriting discount. Jefferies, Leerink Partners and Cantor are joint book-running managers, and the SEC registration statement for these securities was declared effective on April 3, 2025.

Positive

• $150 million expected gross proceeds to strengthen Immatics’ balance sheet
• Primary issuance of 12,945,916 shares at a defined price of $8.69
• Additional 2,589,184-share underwriter option for potential extra capital
• Effective SEC shelf registration supports timely capital markets access

Negative

• Issuance of 12,945,916 new shares implies equity dilution for existing holders
• 4,315,304 pre-funded warrants add further potential future share dilution
• Net proceeds will be below the stated $150 million after fees and expenses

News Explained

The agreed financing is not yet closed: issuing the shares and exercising the near-full-price pre-funded warrants would increase total shares and reduce existing holders’ percentage ownership; closing is expected on August 26, 2026.

Argus Aug 25 session 9 alerts

+6.39% close to close 18.7x rel. volume Open Argus

Details

Market move: IMTX +6.39% in the Aug 25 session. $150 million public offering

+8.5% Peak in 1 hr 24 min

$1.35B Market Cap

On Aug 25, the day this news came out, IMTX closed 6.39% above the previous close. Argus tracked a peak move of +8.5% during that session. Our momentum scanner recorded 9 alerts for this stock that day. Relative volume reached 18.7x the daily average during tracking.

Data tracked by StockTitan Argus for the Aug 25 session.

Key Figures

Ordinary Shares Offered: 12,945,916 shares Offering Price: $8.69 per share Pre-Funded Warrants: 4,315,304 warrants +5 more

Ordinary Shares Offered

12,945,916 shares

Underwritten offering

Offering Price

$8.69 per share

Ordinary shares

Pre-Funded Warrants

4,315,304 warrants

Issued in lieu of ordinary shares to certain investors

Warrant Purchase Price

$8.689 per warrant

Pre-funded warrants

Warrant Exercise Price

$0.001 per share

Each pre-funded warrant

Gross Proceeds

$150 million

Before underwriting discount and offering expenses

Expected Closing

August 26, 2026

Subject to customary closing conditions

Underwriter Option

2,589,184 additional shares

30-day option at the public offering price less underwriting discount

Previous Offering Reports

3 past events · Latest: Dec 05

Same Type 3 events

1. Dec 05

   Underwritten offering

   24h Move

   -14.2%

   The $125 million offering was followed by a -14.24% 24-hour reaction.

2. Oct 10

   Public offering

   24h Move

   -0.1%

   The $150 million public offering was followed by a -0.05% 24-hour reaction.

3. Oct 10

   Proposed offering

   24h Move

   -15.6%

   The proposed $150 million offering was followed by a -15.58% 24-hour reaction.

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

Key Terms

pre-funded warrants, underwritten offering, registration statement, prospectus supplement

4 terms

pre-funded warrants financial

"pre-funded warrants to purchase 4,315,304 ordinary shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten offering financial

"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.

registration statement regulatory

"A registration statement relating to the securities has been filed"

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.

prospectus supplement regulatory

"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.

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

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Houston, Texas and Tuebingen, Germany, August 25, 2026 – Immatics N.V. (NASDAQ: IMTX, “Immatics” or the “Company”), the global leader in precision targeting of PRAME with multiple clinical-stage programs spanning cell therapies and bispecifics, announced today that it has agreed to sell 12,945,916 ordinary shares at $8.69 per share and, in lieu of ordinary shares to certain investors, pre-funded warrants to purchase 4,315,304 ordinary shares at a purchase price of $8.689 per pre-funded warrant, which represents the per share offering price less the $0.001 per share exercise price for each pre-funded warrant, in an underwritten offering. The gross proceeds from the offering, before deducting the underwriting discount and offering expenses, are expected to be $150 million. The offering is expected to close on August 26, 2026, subject to customary closing conditions. In addition, Immatics has granted the underwriters a 30-day option to purchase up to 2,589,184 additional shares at the public offering price, less the underwriting discount.

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 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, email: 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 the Company’s Annual Report on Form 20-F and other 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. The Company 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 

Attachment

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FAQ

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

What are the key terms of Immatics (NASDAQ: IMTX) $150 million underwritten offering announced on August 25, 2026?

Immatics agreed to raise approximately $150 million by selling 12,945,916 ordinary shares at $8.69 and pre-funded warrants for 4,315,304 shares at $8.689. According to Immatics, underwriters also received a 30-day option for up to 2,589,184 additional shares.

How many shares and pre-funded warrants is Immatics (IMTX) issuing in this August 2026 offering?

Immatics is issuing 12,945,916 ordinary shares and pre-funded warrants to purchase 4,315,304 ordinary shares. According to Immatics, the warrants are priced at $8.689 each, reflecting the $8.69 offering price minus a $0.001 per share exercise price for the warrants.

What is the expected closing date of Immatics’ $150 million underwritten offering and what conditions apply?

The offering is expected to close on August 26, 2026, subject to customary closing conditions. According to Immatics, Jefferies, Leerink Partners and Cantor act as joint book-running managers, and an effective SEC registration statement underpins the transaction’s regulatory framework.

How could Immatics’ August 2026 underwritten offering affect existing IMTX shareholders?

The offering will increase the number of Immatics shares outstanding, creating dilution for existing shareholders. According to Immatics, 12,945,916 new shares plus 4,315,304 warrant-linked shares, and a potential 2,589,184-share underwriter option, expand the company’s equity base significantly.

What role do the pre-funded warrants play in Immatics (IMTX) August 25, 2026 capital raise?

Pre-funded warrants allow certain investors to purchase Immatics shares with a minimal exercise price of $0.001 per share. According to Immatics, 4,315,304 pre-funded warrants are sold at $8.689 each, economically mirroring the $8.69 ordinary share offering price while deferring share issuance.

Which banks are managing Immatics’ $150 million underwritten offering and how can investors obtain the prospectus?

Jefferies, Leerink Partners and Cantor are joint book-running managers for the Immatics offering. According to Immatics, investors can request the prospectus supplement and base prospectus directly from these firms’ syndicate or prospectus departments via listed postal addresses, emails, or phone contacts.