Immatics (NASDAQ: IMTX) deepens Q1 2026 loss but keeps cash runway into 2028

Rhea-AI Filing Summary

Immatics N.V. reported a wider net loss of €57.8 million for the three months ended March 31, 2026, compared with €39.9 million a year earlier, or €0.43 loss per share. Revenue from collaboration agreements declined to €7.6 million from €18.6 million, mainly due to lower cost-based progress on the Moderna and BMS partnerships. Research and development expenses rose to €59.2 million, driven by increased spending on PRAME-focused TCR cell therapies and bispecifics, particularly the SUPRAME Phase 3 trial for anzu-cel. Immatics ended the quarter with cash, cash equivalents and other financial assets totaling €453.6 million ($521.5 million), and projects its cash reach into 2028 while advancing multiple PRAME-targeted clinical programs and preparing for a potential first commercial launch of anzu-cel in 2027.

Insights

Biotech equity analyst

Higher R&D spend deepens losses, but cash runway into 2028 supports an aggressive PRAME strategy.

Immatics is intensifying investment in its PRAME franchise. Q1 2026 revenue from collaborations fell to €7.6 million from €18.6 million, while research and development expenses increased to €59.2 million, reflecting ramp-up of the SUPRAME Phase 3 trial and other PRAME programs.

Net loss widened to €57.8 million, yet the balance sheet remains strong with €453.6 million in cash and other financial assets as of March 31, 2026. Management indicates this funding supports operations into 2028, giving room to execute multiple late-stage and early-stage studies without immediate financing pressure.

Key upcoming catalysts disclosed include SUPRAME Phase 3 interim and final analyses expected in 2026, an ASCO data readout for IMA203CD8 in gynecologic cancers, and Phase 1b data for IMA402 monotherapy and combination in 2H 2026. Actual value creation will depend on these data readouts and the timing of the planned anzu-cel BLA submission in the first half of 2027.

Key Figures

Collaboration revenue Q1 2026: €7.6 million Research and development expenses: €59.2 million Net loss: €57.8 million +5 more

8 metrics

Collaboration revenue Q1 2026 €7.6 million Three months ended March 31, 2026; down from €18.6 million in 2025

Research and development expenses €59.2 million Three months ended March 31, 2026; up from €41.9 million in 2025

Net loss €57.8 million Three months ended March 31, 2026; compared with €39.9 million in 2025

Loss per share €0.43 basic and diluted Three months ended March 31, 2026; compared with €0.33 in 2025

Cash and cash equivalents €301.3 million As of March 31, 2026

Other financial assets €152.2 million As of March 31, 2026; short-term deposits and similar

Total cash and financial assets €453.6 million ($521.5 million) As of March 31, 2026; cash reach projected into 2028

ATM shares issued 2,500,000 ordinary shares at €8.68 At-the-market offering on March 12, 2026; €21.6 million gross proceeds

Key Terms

PRAME, TCR bispecific, at-the-market offering program, progression-free survival, +1 more

5 terms

PRAME medical

"We are a clinical-stage biotechnology company and the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers."

TCR bispecific medical

"our off-the-shelf, next-generation, half-life extended IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor"

at-the-market offering program financial

"the Group issued 2,500,000 ordinary shares according to the At-the-Market Offering Program ("ATM") with Leerink Partners LLC"

An at-the-market offering program lets a company sell newly issued shares directly into the open market at current trading prices through a broker, rather than issuing a large block of stock all at once. It matters to investors because it provides the company a flexible way to raise cash over time, which can dilute existing shares gradually and affect earnings per share and stock price depending on how much and when shares are sold—think of it as a faucet the company can open or close to add supply to the market.

progression-free survival medical

"Primary endpoint for seeking full approval is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS)."

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

IFRS 18 regulatory

"In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities."

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

May 12, 2026

Commission File Number: 001-39363

IMMATICS N.V.

Paul-Ehrlich-Straße 15

72076 Tübingen, Federal Republic of Germany

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On May 12, 2026, Immatics N.V. (the “Company”) issued an interim report for the three-month period ended March 31, 2026, which is attached hereto as Exhibit 99.1, and issued a press release announcing the first quarter 2026 financial results and business update for the Company, which is attached hereto as Exhibit 99.2.

INCORPORATION BY REFERENCE

This Report on Form 6-K (other than Exhibit 99.2 hereto) including Exhibit 99.1 hereto, shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration Nos. 333-249408, 333-265820, 333-280935 and 333-288466) and the registration statements on Form F-3 (Registration Nos. 333-240260, 333-274218 and 333-286151) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBITS

Exhibit Number	Description
99.1	Immatics N.V. interim report for the three-month period ended March 31, 2026.
99.2	Press release dated May 12, 2026.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		IMMATICS N.V.
Date: May 12, 2026		by:	/s/ Harpreet Singh
			Harpreet Singh
			Chief Executive Officer

3

Exhibit 99.1

PRELIMINARY NOTE

The unaudited interim condensed Consolidated Financial Statements for the three-month period ended March 31, 2026, 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, our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; 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, 2025, filed with the Securities and Exchange Commission on March 05, 2026 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.

1

Unaudited Interim Condensed Consolidated Statement of Loss of Immatics N.V.

				Three months ended March 31,
		Notes		2026				2025
				(Euros in thousands, except per share data)
Revenue from collaboration agreements		4			7,612				18,582
Research and development expenses					(59,186	)			(41,908	)
General and administrative expenses					(14,514	)			(12,067	)
Other income					24				19
Operating result					(66,064	)			(35,374	)
Change in fair value of liabilities for warrants		5			—				1,597
Other financial income		5			8,748				6,264
Other financial expenses		5			(446	)			(13,336	)
Financial result					8,302				(5,475	)
Loss before taxes					(57,762	)			(40,849	)
Taxes on income		6			(52	)			994
Net loss					(57,814	)			(39,855	)
Net loss per share:		16
Basic					(0.43	)			(0.33	)
Diluted					(0.43	)			(0.33	)

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

2

Unaudited Interim Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

				Three months ended March 31,
		Notes		2026				2025
				(Euros in thousands)
Net loss					(57,814	)			(39,855	)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Currency translation differences from foreign operations					1,875				(2,711	)
Total comprehensive loss for the period					(55,939	)			(42,566	)

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

3

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

				As of
		Notes		March 31, 2026				December 31, 2025
				(Euros in thousands)
Assets
Current assets
Cash and cash equivalents		15			301,332				345,918
Other financial assets		15			152,238				123,419
Accounts receivables		15			4,153				6,099
Other current assets		8			27,114				28,572
Total current assets					484,837				504,008
Non-current assets
Property, plant and equipment		9			41,225				42,111
Intangible assets		9			1,580				1,582
Right-of-use assets		9			12,214				12,786
Other non-current assets		8			3,408				1,850
Total non-current assets					58,427				58,329
Total assets					543,264				562,337
Liabilities and shareholders’ equity
Current liabilities
Provisions		10			2,683				—
Accounts payables		11			31,580				18,832
Deferred revenue		4			13,222				15,816
Lease liabilities		15			2,607				2,757
Other current liabilities		12			5,159				5,607
Total current liabilities					55,251				43,012
Non-current liabilities
Deferred revenue		4			15,879				18,541
Lease liabilities		15			12,474				12,878
Deferred tax liabilities		6			3,859				3,807
Total non-current liabilities					32,212				35,226
Shareholders’ equity
Share capital		13			1,367				1,341
Share premium		13			1,304,953				1,277,338
Accumulated deficit		13			(843,802	)			(785,988	)
Other reserves		13			(6,717	)			(8,592	)
Total shareholders’ equity					455,801				484,099
Total liabilities and shareholders’ equity					543,264				562,337

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

4

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

				Three months ended March 31,
				2026				2025
				(Euros in thousands)
Cash flows from operating activities
Net loss					(57,814	)			(39,855	)
Taxes on income		6			52				(994	)
Loss before tax					(57,762	)			(40,849	)
Adjustments for:
Interest income		5			(3,580	)			(5,463	)
Depreciation and amortization					2,775				3,140
Interest expenses		5			212				249
Equity-settled share-based payment		7			5,910				4,330
Net foreign exchange differences and expected credit losses					(5,469	)			12,248
Change in fair value of liabilities for warrants		5			—				(1,597	)
Loss from disposal of fixed assets					48				40
Changes in:
Decrease in accounts receivables		15			1,946				257
(Increase)/decrease in other assets					1,157				(90	)
Increase/(decrease) in deferred revenue, accounts payables and other liabilities		4,10,11,12			10,400				(16,021	)
Interest received					3,370				14,673
Interest paid		5			(212	)			(249	)
Income tax paid		6			(838	)			(4,874	)
Net cash used in operating activities					(42,043	)			(34,206	)
Cash flows from investing activities
Payments for property, plant and equipment		9			(763	)			(3,075	)
Payments for intangible assets					—				(60	)
Proceeds from disposal of property, plant and equipment					24				47
Payments for investments classified in other financial assets					(70,068	)			(258,644	)
Proceeds from maturity of investments classified in other financial assets					42,723				308,540
Net cash provided by/(used in) investing activities					(28,084	)			46,808
Cash flows from financing activities
Proceeds from issuance of shares to equity holders		13			22,273				—
Transaction costs deducted from equity		13			(542	)			—
Payments of lease liabilities		15			(760	)			(737	)
Net cash provided by/(used in) financing activities					20,971				(737	)
Net increase/(decrease) in cash and cash equivalents					(49,156	)			11,865
Cash and cash equivalents at the beginning of the period					345,918				236,748
Effects of exchange rate changes and expected credit losses on cash and cash equivalents					4,570				(5,769	)
Cash and cash equivalents at the end of the period					301,332				242,844

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

5

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

(Euros in thousands)		Notes		Share capital				Share premium				Accumulated deficit				Other reserves				Total share- holders’ equity
Balance as of January 1, 2025					1,216				1,162,136				(589,541	)			1,031				574,842
Other comprehensive loss					—				—				—				(2,711	)			(2,711	)
Net loss					—				—				(39,855	)			—				(39,855	)
Comprehensive loss for the period					—				—				(39,855	)			(2,711	)			(42,566	)
Equity-settled share-based compensation		7			—				4,330				—				—				4,330
Balance as of March 31, 2025					1,216				1,166,466				(629,396	)			(1,680	)			536,606
Balance as of January 1, 2026					1,341				1,277,338				(785,988	)			(8,592	)			484,099
Other comprehensive income					—				—				—				1,875				1,875
Net loss					—				—				(57,814	)			—				(57,814	)
Comprehensive income/(loss) for the period					—				—				(57,814	)			1,875				(55,939	)
Equity-settled share-based compensation		7			—				5,910				—				—				5,910
Share options exercised		13			1				578				—				—				579
Issue of share capital – net of transaction costs		13			25				21,127				—				—				21,152
Balance as of March 31, 2026					1,367				1,304,953				(843,802	)			(6,717	)			455,801

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

6

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 company that is primarily engaged in the research and development of PRAME-directed immunotherapies that harness the power of T cells for the treatment of cancer patients.

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 Tübingen, Germany.

The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of PRAME-directed immunotherapies that harness the power of T cells 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.

These unaudited interim condensed consolidated financial statements of the Group for the three months ended March 31, 2026, were authorized for issue by the Audit Committee of Immatics N.V. on May 12, 2026.

2. Material accounting policies

2.1 Basis of presentation

The unaudited interim condensed consolidated financial statements of the Group as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 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”).

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, 2025, 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, 2025.

The functional currency of Immatics N.V. and Immatics GmbH is the Euro and the functional currency of Immatics US, Inc. is the U.S. dollar. Transactions in foreign currencies are initially recorded by the Group’s entities at the spot exchange rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency at the closing rate at the reporting date. Non‑monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Non‑monetary items measured at fair value are translated using the exchange rate at the date when the fair value was determined. Exchange differences arising on the settlement or translation of monetary items are recognized in profit or loss. For purpose of translating the results and financial position of Immatics US, Inc. into Euro, assets and liabilities are translated at the closing rate at the reporting date, income and expenses are translated at average exchange rates for the period and equity components are translated at historical exchange rates. Resulting exchange differences are recognized in other comprehensive income.

The following exchange rates from the European Central Bank are used for the unaudited interim condensed consolidated financial statements of the Group as of March 31 and for the three months ended March 31:

	Euros per U.S. Dollar
	2026			2025
Spot rate as of March 31,		0.8697			0.9246
Spot rate as of December 31,		—			0.8511
Average rate three months ended March 31,		0.8545			0.9503

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, 2025. The new and amended standards and interpretations applicable for the first time as of January 1, 2026, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2025, had no impact on the unaudited interim condensed consolidated financial statements of the Group for the three months ended March 31, 2026.

7

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 profit or loss 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 certain management-defined performance measures to be explained, reconciled 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. We anticipate that the implementation will influence the level of detail in the Consolidated Statement of Profit or Loss and related notes, particularly through enhanced requirements for how expense items are aggregated, classified and presented. In the Consolidated Statement of Profit or Loss we expect the financial result to be presented in operating, investing and financing activities. In the Consolidated Statement of Cash Flows we expect the interest income and interest expense to be presented in investing and financing activities.

Estimates and assumptions have to be made in the unaudited interim condensed consolidated financial statements as of March 31, 2026. 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, 2025. New developments may result in amounts deviating from the original estimates. These possible developments are outside the sphere of influence of the management.

3. Segment information

The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of PRAME-directed immunotherapies that harness the power of T cells 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.

4. Revenue from collaboration agreements

The Group currently earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of March 31, 2026, the Group had two revenue-generating strategic collaboration agreements in place, one with Bristol-Myers-Squibb (“BMS”) and one agreement with ModernaTX, Inc. (“Moderna”).

Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration agreements represent one or more combined performance obligations, the determination of the transaction price and the allocation of the transaction price to identified performance obligations.

Revenue from collaboration agreements was realized with the following partners:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Revenue from collaboration agreements:
Moderna, United States			7,425				14,403
BMS, United States			187				4,179
Total			7,612				18,582

As of March 31, 2026, other than the achievement and recognition of a €4.3 million ($5.0 million) milestone for Advanced TCER Activities related to the Moderna agreement in December 2025, the Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones and the successful commercialization of a product. As of March 31, 2026, Immatics had not received any royalty payments in connection with the collaboration agreements.

8

The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract.

The revenue for the three months ended March 31, 2026 from the remaining collaboration agreements with BMS and Moderna is recognized over time on a cost-to-cost basis. During the three months ended March 31, 2026 and March 31, 2025, €7.4 million and €14.4 million revenue was recognized for the Moderna collaboration agreement, respectively. For the collaboration agreement with BMS revenue of €0.2 million and €4.2 million was recognized during the three months ended March 31, 2026 and March 31, 2025, respectively.

Deferred revenue related to the collaboration agreements consists of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Current			13,222				15,816
Non-current			15,879				18,541
Total			29,101				34,357

Deferred revenues are contract liabilities within the scope of IFRS 15.

5. Financial result

Financial income and financial expenses consist of the following:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Change in fair value of liabilities of warrants			—				1,597
Interest income			3,580				5,463
Foreign currency gains			5,168				51
Gains on other financial instruments			—				750
Other financial income			8,748				6,264
Interest expenses			(212	)			(249	)
Foreign currency losses			(204	)			(13,087	)
Loss on other financial instruments			(30	)			—
Other financial expenses			(446	)			(13,336	)
Financial result			8,302				(5,475	)

The Company’s public warrants expired on July 1, 2025. As a result, the related warrant liabilities were derecognized from the Consolidated Statement of Financial Position with a respective impact on the Statement of Profit or Loss on that date.

For the three months ended March 31, 2025, changes in the fair value of the liabilities for warrants resulted in a decrease of €1.6 million, with a corresponding income, as the fair value decreased from €0.24 ($0.25) per warrant as of December 31, 2024, to €0.02 ($0.02) as of March 31, 2025.

Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.

Foreign currency gains and losses mainly consist of realized and unrealized gains and losses in connection with our USD holdings of cash and cash equivalents as well as short-term deposits in Immatics N.V. and Immatics GmbH.

Losses and gains on other financial instruments include expected credit losses and expected credit income on cash and cash equivalents and other financial assets for the three months ended March 31, 2026 and 2025.

6. Income Tax

The following table illustrates the current and deferred taxes for the periods indicated:

9

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Current income tax			—				—
Deferred income tax			(52	)			994
Taxes on income			(52	)			994

During the three months ended March 31, 2026 and 2025, the Group generated a net loss. Correspondingly the Group did not recognize a current income tax expense and no equivalent current tax liability for the three months ended March 31, 2026 and 2025.

During the three months ended March 31, 2026, the deferred tax liability increased by €0.1 million, due to an increase in temporary differences and correspondingly the Group recognized a deferred income tax expense.

During the three months ended March 31, 2025, the deferred tax liability decreased by €1.0 million due to a decrease in temporary differences and correspondingly the Group recognized a deferred income tax benefit.

Immatics paid income tax of €0.8 million during the three months ended March 31, 2026, for income tax prepayments that the Group expects to claim back in full.

Immatics did not receive an income tax refund during the three months ended March 31, 2026, as a result of income tax prepayments made in prior periods.

The Group calculated the current income tax expense based on the taxable income for the respective period. The Group took into account the tax losses carried forward that can be used to offset the taxable income generated for the purpose of income tax calculation for each entity. In accordance with §10d para 2 EStG (German income tax code), 70% (corporate tax) / 60% (trade tax) of income of a given year can be offset with tax losses carried forward. Accordingly, 30% / 40% of the income before tax is subject to income tax.

Since Immatics N.V., Immatics GmbH and Immatics US, Inc. did not generate taxable income during the three months ended March 31, 2026 and March 31, 2025, no current income tax expense is recognized, respectively.

Due to the limitations on ability to offset deferred tax liabilities with tax losses carried forward in accordance with §10d para 2 EStG, Immatics N.V. and Immatics GmbH need to account for all deferred tax liabilities for taxable temporary differences whereas deferred tax assets on losses carried forward can only be recognized to a certain percentage.

During the three months ended March 31, 2026 and 2025, the Group’s German operations were subject to a statutory tax rate of 30.6%, and the Group’s U.S. operations were subject to a federal corporate income tax rate of 21%.

Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.

7. Share-based payments

Immatics N.V. has four share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan (“2020 Equity Plan”). This plan was complemented by the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”) which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company’s 2024 stock option and incentive plan (“2024 Equity Plan”). At the

10

Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company’s 2025 stock option and incentive plan (“2025 Equity Plan”). The 2025 Equity Plan allows the company to grant additional options and restricted stock units.

Under the 2020 Equity Plan, the 2022 Equity Plan, the 2024 Equity Plan and the 2025 Equity Plan, directors, management and employees have been granted different types of options, all of which are equity-settled transactions.

Under the plans, the Company has the settlement choice for all options granted and has no present obligation to settle in cash, therefore, all options are treated as equity-settled transactions.

Granted options shall accelerate and become vested and exercisable in full immediately prior to and subject to the consummation of a sale event, which was not deemed probable as of March 31, 2026 and 2025, respectively.

Service Options

Under the 2020 Equity Plan, the 2022 Equity Plan, the 2024 Equity Plan, and the 2025 Equity Plan, Immatics issues employee stock options with a service requirement (“Service Options”) to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based quarterly vesting schedule with a one-year cliff period. Under the 2022 Equity Plan and the 2024 Equity Plan, service options granted based on initial election to the Board will vest on a three-year time-based quarterly vesting schedule and annual service options for members of the Board will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, which were accounted for using the respective grant date fair value.

Immatics applied a Black-Scholes pricing model to determine the fair value of the Service Options, with a weighted average fair value of $6.68 per Service Option granted during the three months ended March 31, 2026 and used the following weighted average assumptions:

		Three months ended March 31, 2026
Exercise price in USD		$	9.32
Underlying share price in USD		$	9.32
Volatility			80.51	%
Time period (years)			6.11
Risk-free rate			3.82	%
Dividend yield			0.00	%

Service Options outstanding as of March 31, 2026:

		2026
		Weighted average exercise price in USD				Number
Service Options outstanding on January 1, 2026			9.35				11,889,848
Service Options granted in 2026			9.32				3,118,400
Service Options forfeited in 2026			6.83				68,952
Service Options exercised in 2026			6.83				97,842
Service Options expired in 2026			11.09				11,539
Service Options outstanding on March 31, 2026			9.37				14,829,915
Service Options exercisable on March 31, 2026			9.97				7,494,966
Weighted average remaining contract life (years)			7.31

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Performance-Based Options (“PSUs”)

In addition, at the initial listing on Nasdaq, certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options (“PSUs”), vesting based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively.

The Company did not grant PSUs during the three months ended March 31, 2026.

PSUs outstanding as of March 31, 2026:

		2026
		Weighted average exercise price in USD				Number
PSUs outstanding on January 1, 2026			10.10				3,668,000
PSUs granted in 2026			—				—
PSUs forfeited in 2026			—				—
PSUs outstanding on March 31, 2026			10.10				3,668,000
PSUs exercisable on March 31, 2026			—				—
Weighted average remaining contract life (years)			4.35

Restricted Stock Units ("RSUs")

Under the 2025 Equity Plan, Immatics issues employee RSUs with a service requirement to obtain shares of Immatics N.V. The RSUs for all employees will vest in four equal annual installments upon satisfaction of service requirements.

During the three months ended March 31, 2026, Immatics granted 1,070,080 RSUs, which are accounted for using the respective grant date fair value.

RSUs outstanding as of March 31, 2026:

		2026
		Grant date fair value in USD				Number
RSUs outstanding on January 1, 2026			—				—
RSUs granted in 2026			9.32				1,070,080
RSUs forfeited in 2026			—				—
RSUs outstanding on March 31, 2026			9.32				1,070,080
RSUs exercisable on March 31, 2026			—				—
Weighted average remaining contract life (years)			3.78

Total share-based compensation expenses:

The Group recognized total employee-related share-based compensation expenses from all plans, during the three months ended March 31, 2026 and 2025 as set out below:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Research and development expenses			(3,142	)			(2,155	)
General and administrative expenses			(2,768	)			(2,175	)
Total share-based compensation			(5,910	)			(4,330	)

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Additional outstanding awards fully vested

Immatics GmbH previously issued share-based awards to employees under former Equity plans. As part of the initial listing on Nasdaq, all outstanding awards were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. These awards are fully vested and no additional expense is recognized.

Matching Stock Options outstanding as of March 31, 2026:

		2026
		Weighted average exercise price in USD				Number
Matching Stock Options outstanding on January 1, 2026			10.00				1,290,682
Matching Stock Options forfeited in 2026			—				—
Matching Stock Options exercised in 2026			—				—
Matching Stock Options expired in 2026			10.00				140
Matching Stock Options outstanding on March 31, 2026			10.00				1,290,542
Matching Stock Options exercisable on March 31, 2026			10.00				1,290,542
Weighted average remaining contract life (years)			4.25

Converted Options outstanding as of March 31, 2026:

		2026
		Weighted average exercise price in USD				Number
Converted Options outstanding on January 1, 2026			2.97				457,715
Converted Options forfeited in 2026			—				—
Converted Options exercised in 2026			1.10				3,887
Converted Options expired in 2026			—				—
Converted Options outstanding on March 31, 2026			2.99				453,828
Converted Options exercisable on March 31, 2026			2.99				453,828
Weighted average remaining contract life (years)			1.76

8. Other current and non-current assets

Other current assets consist of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Prepaid expenses			8,862				12,920
Value added tax receivables			662				782
Other assets			17,590				14,870
Total			27,114				28,572

Prepaid expenses include expenses for the supply of lentiviral vector of €1.0 million as of March 31, 2026 and €2.7 million as of December 31, 2025, respectively, of which €0.9 million is attributable to an upfront payment pursuant to the execution of a commercial supply agreement for anzu-cel. In addition, prepaid expenses include expenses for licenses and software of €3.2 million as of March 31, 2026 and €3.4 million as of December 31, 2025 and prepaid maintenance expenses of €1.0 million as of March 31, 2026 and €1.0 million as of December 31, 2025.

The remaining prepaid expenses of €3.7 million as of March 31, 2026 and €5.8 million as of December 31, 2025 are mainly prepayments for clinical research organizations, insurance and other services.

Other assets include receivables from capital gains tax and tax research allowance of €14.6 million as of March 31, 2026 and €13.0 million as of December 31, 2025.

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Other non-current assets consist of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Prepaid expenses			2,710				1,081
Other assets			698				769
Total			3,408				1,850

9. Property, plant and equipment, intangible assets and Right-of-use assets

During the three months ended March 31, 2026 and 2025, the Group acquired property, plant and equipment and intangible assets in the amount of €0.5 million and €3.5 million, respectively.

The Group’s additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €0.3 million and €2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

During the three months ended March 31, 2026, there were no material addition in right-of-use assets and corresponding lease liability.

During the three months ended March 31, 2025, there was an increase in right-of-use assets and corresponding lease liability of €3.2 million mainly related to the expansion of our facilities.

The unpaid investments decreased from €0.5 million as of December 31, 2025 to €0.2 million as of March 31, 2026 which is accounted for in accounts payable.

10. Provisions

Provisions consist of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Provision for bonuses			2,683				—
Total			2,683				—

These amounts include provisions for the Group’s annual employee bonuses, which are paid at year end.

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11. Accounts payables

Accounts payables consist of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Trade payables			8,053				340
Accrued liabilities			23,527				18,492
Total			31,580				18,832

Accounts payables are non-interest-bearing and are due within one year. The carrying amounts of accounts payables represent fair values due to their short-term nature.

12. Other current liabilities

Other current liabilities consist of the following:

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Accrual for vacation and overtime			2,017				1,707
Payroll tax			766				2,318
Income tax liability			31				32
Other liabilities			2,345				1,550
Total			5,159				5,607

Other current liabilities are non-interest-bearing and are due within one year. The carrying amounts of other current liabilities represent fair values due to their short-term nature.

13. Shareholders’ equity

As of March 31, 2026 and December 31, 2025, the total number of ordinary shares of Immatics N.V. outstanding is 136,673,161 and 134,071,432 with a par value of €0.01, respectively.

On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the At-the-Market Offering Program ("ATM") with Leerink Partners LLC with a price of €8.68 ($10.02) per ordinary share. The Group received gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million), resulting in an increase in share capital of €25.0 thousand and share premium of €21.1 million.

Additionally, the number of ordinary shares increased by 101,729 during the three months ended March 31, 2026, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €1 thousand and share premium of €0.6 million.

The number of ordinary shares has not changed during the three months ended March 31, 2025 compared to the year ended December 31, 2024, as no shares were issued nor share options exercised.

Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s U.S. operations.

14. Related party disclosures

During the three months ended March 31, 2026, the Group did not enter into any new related-party transactions with its key management personnel or with related entities other than the granting of 1,993,750 service options to purchase ordinary shares and the granting of 477,500 RSUs to Immatics’ key management personnel who are members of the Executive Committee but not Directors.

15. Financial Instruments

Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the unaudited interim condensed consolidated financial statements.

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		Carrying amount per measurement category
		Financial assets as of March 31, 2026								Financial liabilities as of March 31, 2026
(Euros in thousands)		At fair value through profit or loss				At amortized cost				At fair value through profit or loss				At amortized cost				IFRS 7 not applicable and IFRS 16				March 31, 2026
Current/non-current assets
Cash and cash equivalents			—				301,332				—				—				—				301,332
Short-term deposits*			—				152,238				—				—				—				152,238
Accounts receivables			—				4,153				—				—				—				4,153
Other current/non-current assets*			—				3,450				—				—				27,071				30,521
Current/non-current liabilities
Accounts payables			—				—				—				31,580				—				31,580
Other current liabilities			—				—				—				50				5,109				5,159
Lease liabilities			—				—				—				—				15,081				15,081
Total			—				461,173				—				31,630				47,261

		Carrying amount per measurement category
		Financial assets as of December 31, 2025								Financial liabilities as of December 31, 2025
(Euros in thousands)		At fair value through profit or loss				At amortized cost				At fair value through profit or loss				At amortized cost				IFRS 7 not applicable and IFRS 16				December 31, 2025
Current/non-current assets
Cash and cash equivalents			—				345,918				—				—				—				345,918
Short-term deposits*			—				123,419				—				—				—				123,419
Accounts receivables			—				6,099				—				—				—				6,099
Other current/non-current assets*			—				2,388				—				—				28,034				30,422
Current/non-current liabilities
Accounts payables			—				—				—				18,832				—				18,832
Other current liabilities			—				—				—				50				5,557				5,607
Lease liabilities			—				—				—				—				15,635				15,635
Total			—				477,824				—				18,882				49,226

*“Short-term deposits” are classified within the line item “other financial assets”. Other current/non-current assets classified as financial instruments comprise mainly of deposits.

The book value of financial assets and liabilities other than lease liabilities represent a reasonable approximation of the fair value.

16. Earnings and Loss per Share

The Group reported basic and diluted loss per share during the three months ended March 31, 2026 and 2025. Basic earnings and loss per share are calculated by dividing the net profit or loss by the weighted-average number of ordinary shares outstanding for the reporting period.

Diluted earnings and loss per share for the three months ended March 31, 2026 are calculated by adjusting the weighted-average number of ordinary shares outstanding for any dilutive effects resulting from equity awards granted to the Board and employees of the Group as well as from publicly traded Immatics Warrants. The Group’s equity awards and Immatics Warrants for which the exercise price is exceeding the Group’s weighted average share price for the three months ended March 31, 2026, are excluded from the calculation of diluted weighted average number of ordinary shares.

The Group was loss-making during the three months ended March 31, 2026 and March 31, 2025, therefore all instruments under the 2020, 2022, 2024 and 2025 Equity Plan are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding.

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The 7,187,500 Immatics Warrants issued in 2020 expired on July 1, 2025. Therefore, the warrants are not considered in the calculation for the three months ended March 31, 2026.

The 7,187,500 Immatics Warrants issued in 2020 and outstanding as of March 31, 2025 do not have a dilutive effect for the three months ended March 31, 2025 as the Group’s weighted average share price is below the exercise price for the given period and their conversion to ordinary shares would have decreased loss per share.

		Three months ended March 31,
		2026				2025
		(Euros in thousands, except share and per share data)
Numerator:
Net loss			(57,814	)			(39,855	)
Adjustments of loss			—				—
Net loss available to common shareholders			(57,814	)			(39,855	)
Denominator:
Weighted average shares outstanding - Basic			134,644,947				121,550,169
Effect of potentially dilutive warrants / shares option			—				—
Weighted average shares outstanding - Diluted			134,644,947				121,550,169
Loss per share - Basic			(0.43	)			(0.33	)
Loss per share - Diluted			(0.43	)			(0.33	)

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17. Commitments and contingencies

The statements regarding contingent liabilities and other financial liabilities described in the consolidated financial statements of the Group for the year ended December 31, 2025 have not materially changed.

18. Events occurring after the interim reporting period

The Company evaluated subsequent events for recognition or disclosure through May 12, 2026 and did not identify additional material subsequent events.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis is based on the financial information of Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US, Inc. (“Immatics”, the “Company”, the “Group”, “we”, “our”). You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements for the three month period ended March 31, 2026 and 2025 included in this interim report. You should also read our operating and financial review and prospects and our Consolidated Financial Statements for the year ended December 31, 2025, and the notes thereto, in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on March 05, 2026 (the “Annual Report”). The following discussion is based on the financial information of Immatics prepared in accordance with International Financial Reporting Standards (“IFRS”), which may differ in material respects from generally accepted accounting principles in other jurisdictions, including U.S. generally accepted accounting principles.

Overview

We are a clinical-stage biotechnology company and 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. Our mission is to make a meaningful impact on the lives of patients with cancer and high unmet
medical needs by producing novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We strive to become an
industry-leading, fully integrated global biopharmaceutical company engaged in developing, manufacturing and commercializing
PRAME immunotherapies for the benefit of cancer patients, our shareholders, our employees and our partners.

PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules. The PRAME peptide
can be targeted by T-cell receptors (“TCRs”) engineered by Immatics, thus overcoming the limitations of classical antibodies and
CAR T-cell therapies not able to access intracellular targets. Our PRAME franchise currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), our off-the-shelf, next-generation, half-life extended IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor as well as anzu-cel in combination with Moderna’s PRAME cell therapy enhancer (mRNA-4203). Each modality targeting PRAME, cell therapy and bispecific, is designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for the targeted cancer patient populations.

In addition, we are exploring a potential combination of IMA401 MAGE4/8 bispecific with IMA402 PRAME bispecific, in
patients with squamous non-small cell lung cancer (sqNSCLC) and potentially other indications. We are also driving innovation beyond PRAME with several proprietary and partnered preclinical product candidates targeting multiple indications.

Since our inception, we have focused on developing our technologies and executing our preclinical and clinical research
programs with the aim of making a meaningful impact on the lives of patients with cancer. We do not have any products approved for
sale. We have funded our operations primarily through equity financing and through payments from our collaboration partners.

We have assembled a team of 678 and 656 FTEs as of March 31, 2026 and December 31, 2025, respectively.

Through March 31, 2026 we have raised €1.6 billion cash and cash equivalents through licensing payments from our collaborators and through private placements and public offerings of securities. We hold cash and cash equivalents and other financial assets of €453.6 million as of March 31, 2026. We believe that we have sufficient capital resources to fund our operations through at least the next 12 months.

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Our Strategy

Our mission is to deliver a meaningful impact on the lives of patients with cancer and unmet medical needs by producing novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We seek to execute the following strategy to further this mission, reinforce our position as the global PRAME leader and maximize the value of our PRAME franchise:

•Anzu-cel (IMA203) PRAME Cell Therapy: First Market Entry in Advanced Melanoma

Anzu-cel (anzutresgene autoleucel), previously called IMA203, is our lead PRAME cell therapy and will be our first PRAME therapy to enter the market in advanced melanoma. The current addressable patient population for anzu-cel’s first target indications, second-line or later (2L) cutaneous melanoma as well as metastatic uveal melanoma, includes ~9,000 patients1. Immatics’ global, randomized, controlled, multi-center Phase 3 clinical trial, SUPRAME, is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel PRAME cell therapy as monotherapy vs. investigator's choice in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a PD-1 immune checkpoint inhibitor. SUPRAME is designed to be an adequate and well-controlled clinical trial intended to generate data to support regulatory approval of anzu-cel. Primary endpoint for seeking full approval is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes measuring quality of life. Pre-specified interim and final data analyses remain expected to be triggered in 2026 upon the occurrence of a defined number of events for PFS (progressive disease or death). The Company continues to expect BLA submission in the first half of 2027 and commercial launch of anzu-cel in the second half of 2027. Patient recruitment is currently ongoing in North America and Europe. We will also continue to evaluate anzu-cel in patients with metastatic uveal melanoma. A Phase 2 cohort to treat approximately 30 additional patients is ongoing and being conducted at select centers in the U.S. and Germany with expertise in uveal melanoma. Data from the ongoing single-arm Phase 1b trial as well as the Phase 2 cohort in metastatic uveal melanoma are intended to support a potential label expansion for anzu-cel following expected initial approval in cutaneous melanoma.

•IMA203CD8 PRAME Cell Therapy (GEN2): Expansion to all Advanced PRAME Cancers

IMA203CD8 is our second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, once the target dose is reached, we intend to pursue the clinical development of this product with a tumor-agnostic approach, starting with gynecologic cancers (ovarian and uterine).

•IMA402 PRAME Bispecific: Expansion to Earlier-Line PRAME Cancers

To expand the PRAME opportunity to earlier-line PRAME cancers, we are developing our off-the-shelf, next-generation, half-life extended TCR Bispecific, IMA402, as monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, we are exploring the potential combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC), and potentially other solid tumor indications.

•IMA401 MAGEA4/8 Bispecific: Maximizing the Potential of Bispecifics Combinations

IMA401 is the Company’s off-the-shelf, next-generation, half-life extended TCR bispecific targeting MAGEA4/8. Consistent with Immatics’ focus on advancing its PRAME Franchise, the Company is exploring IMA401 in combination with IMA402, starting in sqNSCLC. This opportunity with potentially synergistic clinical activity has the potential to address >90% of patients with sqNSCLC.

•Unlock the full potential of strategic collaborations.

We have entered strategic collaborations with key industry partners to maintain and expand our global PRAME leadership position and actively seek to enter additional partnerships. These collaborations enable us to develop transformative therapeutics through the combination of synergistic capabilities and technologies, while providing non-dilutive capital through upfront and potential milestone payments, as well as royalties.

(1) Refers to PRAME+/HLA-A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast

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Components of Operating Results

Revenue from Collaboration Agreements

To date, we have not generated any revenue from the sale of pharmaceutical products. Our revenue has been solely derived from our collaboration agreements, such as with BMS and Moderna. Our revenue from collaboration agreements to date consists of upfront payments, milestone payments and reimbursement of research and development expenses.

Upfront payments allocated to the obligation to perform research and development services are initially recorded on our Consolidated Statement of Financial Position as deferred revenue and are subsequently recognized as revenue on a cost-to-cost measurement basis, in accordance with our accounting policy as described further under “Critical Accounting Estimates.”

As part of the collaboration arrangements, we grant exclusive licensing rights for the development and commercialization of future product candidates, developed for specified targets defined in the respective collaboration agreement. We carry out our research activities using our proprietary technology and know-how, participate in joint steering committees, and prepare data packages. In one of our two current revenue generating collaboration agreements, with BMS, these commitments represent one combined performance obligation, because the research activities are mutually dependent and the collaborator is unable to derive significant benefit from our access to these targets without our research activities, which are highly specialized and cannot be performed by other organizations. For the collaboration signed with Moderna in September 2023, the Group identified the following distinct performance obligations: initial early pre-clinical TCER targets (“Early TCER Activities”), one initial advanced pre-clinical TCER target from the TCER part (“Advanced TCER Activities”) and four distinct performance obligations which, due to their identical accounting treatment as license accesses, are jointly accounted for as if they were one performance obligation (“Database Activities”). During the year ended December 31, 2025, Immatics entered into an amendment to the Moderna master agreement to conduct a clinical trial for the Advanced TCER Activities, which is accounted for as a separate distinct performance obligation.

All collaboration agreements resulted in a total of €530.0 million of payments through March 31, 2026. We received a €113.0 million ($120.0 million) upfront payment in connection with the strategic collaboration agreement with Moderna and a €13.7 million ($15.0 million) Opt-in payment from our collaboration partner BMS in 2023. We achieved a €4.3 million ($5.0 million) milestone from our collaboration partner Moderna in December 2025, related to a contract modification.

Under each of our revenue generating collaboration agreements, we are entitled to receive payments for certain development and commercial milestone events, in addition to royalty payments upon successful commercialization of a product. Since the achievement of such milestone events is subject to certain conditions outside the influence of the Company and other risk factors, future milestone revenue is considered a variable consideration that is currently uncertain.

Our ability to generate revenue from sales of pharmaceutical products and to become profitable depends on the successful
commercialization of product candidates by us and/or by our collaboration partners, following successful clinical trials and approval
for sale. To the extent that existing or potential future collaborations generate revenue, our revenue may vary due to many
uncertainties in the development of our product candidates and other factors.

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Research and Development Expenses

Research and development expenses consist primarily of personnel-related costs (including share-based compensation) for the various research and development departments, intellectual property (“IP”) expenses, facility-related costs and amortization as well as direct expenses for clinical and preclinical programs.

Our core business is focused on the following initiatives with the goal of providing novel PRAME-directed immunotherapies to
patients with cancer:

•Anzu-cel (IMA203) PRAME Cell Therapy: First Market Entry in Advanced Melanoma;

•IMA203CD8 PRAME Cell Therapy (GEN2): Expansion to all Advanced PRAME Cancers;

•IMA402 PRAME bispecific: Expansion to Earlier-Line PRAME Cancers; and

•Unlock the full potential of strategic collaborations.

Research expenses are defined as costs incurred for current or planned investigations undertaken with the prospect of gaining new scientific or technical knowledge and understanding. All research and development costs are expensed as incurred due to scientific uncertainty.

We expect our research and development expenses may increase in the future as we advance existing and future proprietary
product candidates into and through clinical studies and pursue regulatory approval. The process of conducting the necessary clinical
studies to obtain regulatory approval is costly and time-consuming. We expect our headcount may increase to support our continued
research activities and to advance the development of our product candidates. Clinical studies generally become larger and more costly to conduct as they advance into later stages and, in the future, we will be required to make estimates for expense accruals related to clinical study expenses. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of any product candidates that we develop from our programs. We must demonstrate our products’ safety and efficacy through extensive clinical testing. We may experience numerous unforeseen events during, or as a result of, the testing process that could delay or prevent commercialization of our products, including but not limited to the following:

•after reviewing trial results, we or our collaborators may abandon projects previously believed to be promising;

•we, our collaborators, or regulators may suspend or terminate clinical trials if the participating subjects or patients are being exposed to unacceptable health risks;

•our potential products may not achieve the desired effects or may include undesirable side effects or other characteristics that preclude regulatory approval or limit their commercial use if approved;

•contract manufacturing may not meet the necessary standards for the production of the product candidates or may not be able to supply the product candidates in a sufficient quantity;

•regulatory authorities may find that our clinical trial design or conduct does not meet the applicable approval requirements; and

•safety and efficacy results in various human clinical trials reported in scientific and medical literature may not be indicative of results we obtain in our clinical trials.

Clinical testing is very expensive, can take many years, and the outcome is uncertain. The data collected from our clinical trials
of our TCR T-cell therapy or TCR bispecific candidates may not be sufficient to support approval by the FDA, the EMA or comparable regulatory authorities of our TCR T-cell therapy or TCR bispecific product candidates for the treatment of solid tumors.
The clinical trials for our products under development may not be completed on schedule, the FDA, EMA or regulatory authorities in
other countries may not view data generated from clinical trials that we designate as “pivotal” or “registration-enabling” as sufficient
support regulatory approval, and the FDA, EMA or regulatory authorities in other countries may not ultimately approve any of our
product candidates for commercial sale. If we fail to adequately demonstrate the safety and effectiveness of any product candidate
under development, we may not receive regulatory approval for those product candidates, which would prevent us from generating
revenues or achieving profitability.

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General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs (including share-based compensation) for
finance, legal, human resources, business development and the early stages of our commercial activities and other administrative and
operational functions, professional fees, accounting and legal services, information technology and facility-related costs. These costs
relate to the operation of the business, unrelated to the research and development function or any individual program.

Due to the possible planned increase in research and development activities as explained above, we also expect that our general
and administrative expenses might increase. We might incur increased accounting, audit, legal, regulatory, compliance, director and
officer insurance costs. Additionally, if and when a regulatory approval of a product candidate appears likely, we anticipate an
increase in personnel-related expenses and other expenses as a result of our preparation for commercial operations.

Financial Result

Financial result consists of income and expenses from changes in fair value of warrant liability as well as both other financial income and other financial expenses. Our warrants are classified as liabilities recorded at fair value through profit or loss. The warrants expired on July 1, 2025 and have not been exercised during their lifetime. Other financial income results primarily from interest income and foreign exchange gains and expected credit income. Other financial expenses consist of interest expenses related to lease liabilities, foreign exchange losses and expected credit losses.

Results of Operations

Comparison of the Three Months Ended March 31, 2026 and March 31, 2025

The following table summarizes our consolidated statements of operations for each period presented:

		Three months ended March 31,
		2026				2025
		(Euros in thousands, except per share data)
Revenue from collaboration agreements			7,612				18,582
Research and development expenses			(59,186	)			(41,908	)
General and administrative expenses			(14,514	)			(12,067	)
Other income			24				19
Operating result			(66,064	)			(35,374	)
Change in fair value of liabilities for warrants			—				1,597
Other financial income			8,748				6,264
Other financial expenses			(446	)			(13,336	)
Financial result			8,302				(5,475	)
Loss before taxes			(57,762	)			(40,849	)
Taxes on income			(52	)			994
Net loss			(57,814	)			(39,855	)
Net loss per share:
Basic			(0.43	)			(0.33	)
Diluted			(0.43	)			(0.33	)

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Revenue from Collaboration Agreements

The following table summarizes our collaboration revenue for the periods indicated:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Moderna, United States			7,425				14,403
BMS, United States			187				4,179
Total			7,612				18,582

Our revenue from collaboration agreements decreased by €11.0 million from €18.6 million for the three months ended March 31, 2025 to €7.6 million for the three months ended March 31, 2026. Under our collaboration agreement with Moderna revenue decreased from €14.4 million for the three months ended March 31, 2025 to €7.4 million for the three months ended March 31, 2026. For our collaboration with BMS revenue decreased from €4.2 million for the three months ended March 31, 2025 to €0.2 million for the three months ended March 31, 2026. For both, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project progress within the quarter.

We did not achieve any material milestones or receive any royalty payments in connection with our collaboration agreements during the presented periods.

Research and Development Expenses

The following table summarizes our research and development expenses for the periods indicated:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Direct external research and development expenses by program:
TCR T-cell therapy Programs			(23,977	)			(9,969	)
TCR Bispecific Programs			(3,596	)			(3,126	)
Other programs			(513	)			(545	)
Sub-total direct external expenses			(28,086	)			(13,640	)
Indirect research and development expenses:
Personnel related (excluding share-based compensation)			(19,070	)			(17,295	)
Share-based compensation expenses			(3,142	)			(2,155	)
IP expenses			(454	)			(646	)
Facility and depreciation			(3,867	)			(3,161	)
Other indirect expenses			(4,567	)			(5,011	)
Sub-total indirect expenses			(31,100	)			(28,268	)
Total			(59,186	)			(41,908	)

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Direct external research and development expenses for our TCR T-cell therapy Programs increased from €10.0 million for the three months ended March 31, 2025 to €24.0 million for the three months ended March 31, 2026. This increase mainly resulted from increased activities in our clinical trials for anzu-cel (IMA203), predominantly for SUPRAME and to a lesser extent for Uveal Melanoma. Direct external research and development expenses for our TCR bispecific programs increased from €3.1 million for the three months ended March 31, 2025 to €3.6 million for the three months ended March 31, 2026. This increase mainly resulted from activities related to our continued development of IMA402 and IMA401.

Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements remained at €0.5 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

We do not allocate indirect research and development expenses by program, as our research and development personnel work across programs. Our intellectual property expenses are incurred for the protection of cancer antigen targets, T cell receptors, antibodies, bispecific molecules, and antigen discovery platforms which are beneficial to the whole research and development group rather than for specific programs. Our programs use common research and development facilities and laboratory equipment, and we also incur other costs such as general laboratory material or maintenance expenses that are incurred for commonly used activities within the whole research and development group.

Personnel-related expenses increased from €17.3 million for the three months ended March 31, 2025 to €19.1 million for the three months ended March 31, 2026. This increase resulted from our headcount growth due to our increased research and development activities particularly clinical trials. Share-based compensation expenses increased from €2.2 million for the three months ended March 31, 2025 to €3.1 million for the three months ended March 31, 2026. The increase is mainly related to the grants issued during the three months ended March 31, 2026. IP expenses decreased from €0.6 million for the three months ended March 31, 2025 to €0.5 million for the three months ended March 31, 2026. Facility and depreciation expenses increased from €3.2 million for the three months ended March 31, 2025 to €3.9 million for the three months ended March 31, 2026. This increase is mainly related to increased maintenance on our manufacturing facility. Other indirect expenses decreased from €5.0 million for the three months ended March 31, 2025 to €4.6 million for the three months ended March 31, 2026.

General and Administrative Expenses

The following table summarizes our general and administrative expenses for the periods indicated:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Personnel related (excluding share-based compensation)			(4,656	)			(4,407	)
Share-based compensation expenses			(2,768	)			(2,175	)
Professional and consulting fees			(3,037	)			(1,541	)
Other external general and administrative expenses			(4,053	)			(3,944	)
Total			(14,514	)			(12,067	)

General and administrative expenses increased from €12.1 million for the three months ended March 31, 2025 to €14.5 million for the three months ended March 31, 2026.

Share-based compensation expenses increased from €2.2 million for the three months ended March 31, 2025 to €2.8 million for the three months ended March 31, 2026. The increase is mainly related to the grants issued during the three months ended March 31, 2026.

Personnel related general and administrative expenses, excluding share-based compensation, increased from €4.4 million for the three months ended March 31, 2025 to €4.7 million for the three months ended March 31, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203) and to a lesser extent from additional headcount in finance, IT, human resources and communications functions.

Professional and consulting fees increased from €1.5 million for the three months ended March 31, 2025 to €3.0 million for the three months ended March 31, 2026. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203).

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Other external expenses increased from €3.9 million for the three months ended March 31, 2025 to €4.1 million for the three months ended March 31, 2026. The increase in other expenses mainly resulted from higher software expenses, depreciation and facility expenses.

Change in Fair Value of Warrant Liabilities

There were 7,187,500 warrants outstanding at March 31, 2025, which were classified as financial liabilities through profit or loss. The warrants entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share. The Company’s public warrants expired on July 1, 2025, without any being exercised during their lifetime. As a result, the related warrant liabilities were derecognized from the Consolidated Statement of Financial Position on that date.

There was no impact on the Consolidated Statement of Profit or Loss nor Consolidated Statement of Financial Position for the three months ended March 31, 2026.

For the three months ended March 31, 2025, the fair value of the warrants decreased from €0.24 ($0.25) per warrant as of December 31, 2024 to €0.02 ($0.02) as of March 31, 2025 due to a decline in our stock price. The result is a decrease in fair value of liabilities for warrants of €1.6 million with a corresponding income.

Other Financial Income and Other Financial Expenses

Other financial income increased from €6.3 million for the three months ended March 31, 2025 to €8.7 million for the three months ended March 31, 2026. The increase mainly resulted from higher unrealized foreign exchange gains partially offset by lower interest income mainly due to lower interest rates and lower balances of cash and cash equivalents and other financial assets.

Other financial expenses decreased from €13.3 million for the three months ended March 31, 2025 to €0.4 million for the three months ended March 31, 2026. The decrease mainly resulted from lower unrealized foreign exchange losses.

Taxes on income

Taxes on income increased from a benefit of €1.0 million for the three months ended March 31, 2025 to an expense of €0.1 million for the three months ended March 31, 2026. The increase is mainly related to increased temporary differences resulting in an increase in deferred tax liability of €0.1 million with a corresponding expense. Immatics did not generate a taxable profit for the three months ended March 31, 2026 and for the three months ended March 31, 2025, correspondingly no current income tax was recognized.

26

Liquidity and Capital Resources

Cash and cash equivalents decreased from €345.9 million as of December 31, 2025 to €301.3 million as of March 31, 2026.

We believe our existing Cash, cash equivalents and Other financial assets will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months. We may consider raising additional capital to pursue strategic investments, to take advantage of financing opportunities or for other reasons.

Sources and Uses of Liquidity

We have incurred losses since inception, with the exception of the year ended December 31, 2022 and the year ended December 31, 2024. As of March 31, 2026, we had an accumulated deficit of €843.8 million.

We have funded our operations primarily from public offerings and private placements of our equity securities as well as upfront and other payments from collaboration agreements.

We have established an at-the-market (“ATM”) offering program pursuant to which we may, from time to time, issue and sell shares. We filed a prospectus supplement and accompanying prospectus on March 27, 2025, relating to the ATM offering program with an aggregate offering price of $150 million.

On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the ATM offering program with Leerink Partners LLC with a price of €8.68 ($10.02) per ordinary share. The Group received gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million), resulting in an increase in share capital of €25.0 thousand and share premium of €21.1 million.

In the year ended December 31, 2025, we received €107.2 million ($125.0 million) gross proceeds less transaction costs of €7.0 million ($8.0 million) in connection with our public offering of 12,500,000 ordinary shares on December 8, 2025.

We plan to utilize the existing Cash, cash equivalents and Other financial assets on hand primarily to fund our operating activities associated with our research and development initiatives to continue or commence clinical trials and seek regulatory approval for our product candidates. We also expect to continue investing in laboratory and manufacturing equipment and operations to support our anticipated development. Cash in excess of immediate requirements is invested in accordance with our investment policy with an emphasis on liquidity and capital preservation and consists primarily of cash in banks and short-term deposits.

Cash Flows

The following table summarizes our cash flows for each period presented:

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Net cash provided by / (used in):
Operating activities			(42,043	)			(34,206	)
Investing activities			(28,084	)			46,808
Financing activities			20,971				(737	)
Total			(49,156	)			11,865

Operating Activities

We primarily derive cash from our collaboration agreements. Our cash used in operating activities is significantly influenced by our use of cash for operating expenses and working capital to support the business. Historically we experienced negative cash flows from operating activities as we have invested in the development of our technologies and in our clinical and preclinical development of our product candidates.

Our net cash outflow from operating activities for the three months ended March 31, 2026 was €42.0 million. This was comprised of a loss before tax of €57.8 million, net foreign exchange differences and expected credit losses of €5.5 million and other effects of €0.9 million, partially offset by a decrease in working capital of €13.5 million, depreciation and amortization charge of €2.8 million and non-cash charges from equity-settled share-based compensation expenses for employees of €5.9 million. The decrease in working capital mainly resulted from a decrease in accounts receivable of €1.9 million, a decrease in other assets and prepayments of €1.2 million and an increase in deferred revenue, accounts payable and other liabilities of €10.4 million.

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Our net cash outflow from operating activities for the three months ended March 31, 2025 was €34.2 million. This was comprised of a loss before tax of €40.8 million, an increase in working capital of €15.8 million, a non-cash income of €1.6 million related to the change in fair value of the warrants, partially offset by other effects of €4.4 million, net foreign exchange differences and expected credit losses of €12.2 million, depreciation and amortization charge of €3.1 million and non-cash charges from equity-settled share-based compensation expenses for employees of €4.3 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €16.0 million and an increase in other assets and prepayments of €0.1 million, partly offset by a decrease in accounts receivable of €0.3 million.

Investing Activities

Our net outflow of cash from investing activities for the three months ended March 31, 2026 was €28.1 million. This consisted primarily of cash paid in the amount of €70.1 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €0.7 million cash paid for new equipment and intangible assets, partially offset by cash received from maturity of short-term deposits of €42.7 million.

Our net inflow of cash from investing activities for the three months ended March 31, 2025 was €46.8 million. This consisted primarily of cash received from maturity of short-term deposits of €308.5 million, partially offset by cash paid in the amount of €258.6 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to finance the company and €3.1 million cash paid for new equipment and intangible assets.

Financing Activities

For the three months ended March 31, 2026, net cash received from financing activities amounted to €21.0 million.

On March 12, 2026, the Group issued 2,500,000 ordinary shares according to the At-the-Market Offering Program "ATM" with Leerink Partners LLC with a price of €8.68 ($10.02) per ordinary share. The Group received gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million), resulting in an increase in share capital of €25.0 thousand and share premium of €21.1 million and intends to use the net proceeds from this offering to fund the continued research and development of the Group’s pipeline, the manufacturing and production of product candidates and for working capital. Additionally, the number of ordinary shares increased by 101,729 during the three months ended March 31, 2026, due to exercised share options from the Group’s equity incentive plan, resulting in an increase in share capital of €1 thousand and share premium of €0.6 million. For the three months ended March 31, 2026, the Group paid €0.8 million for lease agreements.

For the three months ended March 31, 2025, the Group paid €0.7 million for lease agreements.

Operation and Funding Requirements

Historically, we have incurred significant losses due to our substantial research and development expenses. We have an accumulated deficit of €843.8 million as of March 31, 2026. We expect our expenses to increase in connection with our ongoing activities, particularly as we continue the research and development of, continue or commence clinical trials including GMP manufacturing of, and seek regulatory approval for and, if approved, commercialize our product candidates. We believe that we have sufficient financial resources available to fund our projected operating requirements for at least the next twelve months. Because the outcome of our current and planned clinical trials is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of our product candidates. For example, our costs will increase if we experience any delays in our current and planned clinical trials. Our future funding requirements will depend on many factors, including, but not limited to:

•progress, timing, scope and costs of our clinical trials, including the ability to timely initiate clinical sites, enroll patients and manufacture TCR T-cell therapy and TCR bispecific product candidates for our ongoing, planned and potential future clinical trials;

•time and cost to conduct IND- or CTA-enabling studies for our preclinical programs;

•time and costs required to perform research and development to identify and characterize new product candidates from our research programs;

•time and cost necessary to obtain regulatory authorizations and approvals that may be required by regulatory authorities to execute clinical trials or commercialize our products;

•our ability to successfully commercialize our product candidates, if approved;

•our ability to have clinical and commercial products successfully manufactured consistent with FDA, the EMA and comparable regulatory authorities’ regulations;

28

•amount of sales and other revenues from product candidates that we may commercialize, any royalty or other payment obligations we have with respect to such sales (such as our tiered low single digit percentage to less than one percentage royalty obligation for certain of our product candidates), the selling prices for such potential products, and the availability of adequate third party coverage and reimbursement for patients;

•sales and marketing costs associated with commercializing our products, if approved, including the cost and timing of building our marketing and sales capabilities;

•cost of building, staffing and validating our manufacturing processes, which may include capital expenditure;

•terms and timing of our current and any potential future collaborations, licensing or other arrangements that we have established or may establish;

•cash requirements of any future acquisitions or the development of other product candidates;

•costs of operating as a public company;

•time and cost necessary to respond to technological, regulatory, political and market developments;

•costs of filing, prosecuting, defending and enforcing any patent claims and other IP rights; and

•costs associated with any potential business or product acquisitions, strategic collaborations, licensing agreements or other arrangements that we may establish.

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain regulatory approval and commercialize our product candidates. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.

Unless and until we can generate sufficient revenue to finance our cash requirements, which may never happen, we may seek additional capital through a variety of means, including through public and private equity offerings and debt financings, credit and loan facilities and additional collaborations. If we raise additional capital through the sale of equity or convertible debt securities, our existing shareholders’ ownership interest will be diluted, and the terms of such equity or convertible debt securities may include liquidation or other preferences that are senior to or otherwise adversely affect the rights of our existing shareholders. If we raise additional capital through the sale of debt securities or through entering into credit or loan facilities, we may be restricted in our ability to take certain actions, such as incurring additional debt, making capital expenditures, acquiring or licensing IP rights, declaring dividends or encumbering our assets to secure future indebtedness. Such restrictions could adversely impact our ability to conduct our operations and execute our business plan. If we raise additional capital through collaborations with third parties, we may be required to relinquish valuable rights to our IP or product candidates or we may be required to grant licenses for our IP or product candidates on unfavorable terms. If we are unable to raise additional capital when needed, we may be required to delay, limit, reduce or terminate our product development efforts or we may be required to grant rights to third parties to develop and market our product candidates that we would otherwise prefer to develop and market ourselves. For more information as to the risks associated with our future funding needs, see “Risk Factors—Risks Related to Our Financial Position.”

Critical Accounting Estimates

Our unaudited interim condensed consolidated financial statements for the three month period ended March 31, 2026 and 2025, respectively, have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting), as issued by the International Accounting Standards Board.

The preparation of the consolidated financial statements for the year ended December 31, 2025 and the three months ended March 31, 2026 in accordance with IFRS required the use of estimates and assumptions by the management that affect the value of assets and liabilities – as well as contingent assets and liabilities – as reported on the balance sheet date, and revenues and expenses arising during the year. The main areas in which assumptions, estimates and the exercising of a degree of discretion are appropriate relate to the determination of revenue recognition, research and development expenses, and share-based compensations as well as income taxes.

Our estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances, and parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond our control. Hence, our estimates may vary from the actual values.

29

Our material accounting policies are more fully discussed in our consolidated financial statements included in our Annual Report filed with the Securities and Exchange Commission on March 5, 2026.

Recently Issued and Adopted Accounting Pronouncement

For information on the standards applied for the first time as of January 1, 2026 and 2025 please refer to our Unaudited Interim Condensed Consolidated Financial Statements as of March 31, 2026.

Quantitative and Qualitative Disclosures about Market Risk

We are exposed to various risks in relation to financial instruments. Our principal financial instruments comprise cash and cash equivalents, short-term deposits and accounts receivables. The main purpose of these financial instruments is to invest the proceeds of capital contributions and upfront payments from collaboration agreements. We have various other financial instruments such as other receivables and trade accounts payables, which arise directly from our operations.

The main risks arising from the Group’s financial instruments are market risk and liquidity risk. The Board reviews and agrees on policies for managing these risks as summarized below. The Group also monitors the market price risk arising from all financial instruments.

Interest rate risk

Our exposure of the Group to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits.

Regarding the assets and liabilities shown in the Consolidated Statement of Financial Position, the Group is currently not subject to interest rate risks.

Credit risk

Financial instruments that potentially subject us to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents, accounts receivables and short-term deposits. Our cash and cash equivalents and short-term deposits are denominated in euros and U.S. dollars and maintained with six financial institutions in Germany and two in the United States. Our accounts receivables are denominated in U.S. dollars.

We continually monitor our positions with, and the credit quality of, the financial institutions and corporation, which are counterparts to our financial instruments and we are not anticipating non-performance. The maximum default risk corresponds to the carrying amount of the financial assets shown in the Consolidated Statement of Financial Position. We monitor the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets, as well as expected cash flows from equity measures.

Currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. In particular, it poses a threat if the value of the currency in which liabilities are priced appreciates relative to the currency of the assets. Our business transactions are generally conducted in Euros and U.S. Dollars. We aim to match Euro cash inflows with Euro cash outflows and U.S. Dollar cash inflows with U.S. Dollar cash outflows where possible. Our objective of currency risk management is to identify, manage and control currency risk exposures within acceptable parameters.

Our cash and cash equivalents were €301.3 million as of March 31, 2026. Approximately 93% of our cash and cash equivalents were held in Germany, of which approximately 34% were denominated in Euros and 66% were denominated in U.S. Dollars. The remainder of our cash and cash equivalents are held in the United States and denominated in U.S. Dollars. Additionally, we have short-term deposits classified as Other financial assets denominated in Euros in the amount of €55.1 million and U.S. Dollars in the amount of €97.1 million as of March 31, 2026.

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OTHER INFORMATION

Legal Proceedings

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. As of the date of this Report, we do not believe that we are party to any claim or litigation, the outcome of which would, individually or in the aggregate, be reasonably expected to have a material adverse effect on our business.

Risk Factors

There have been no material changes from the risk factors described in the section titled “Risk Factors” in our Annual Report.

31

Exhibit 99.2

PRESS RELEASE

Immatics Announces First Quarter 2026

Financial Results and Business Update

•SUPRAME Phase 3 interim and final analysis for PRAME cell therapy, anzu-cel, expected to be triggered in 2026, advancing toward the Company’s first commercial launch planned in 2027

•Multiple key clinical data sets expected in 2026 across the portfolio, including four clinical-stage cell therapy and bispecific candidates targeting cutaneous and uveal melanoma, gynecologic cancers (ovarian and uterine), head and neck cancer, and other solid tumor indications

•Phase 1 data readout with second-generation PRAME cell therapy, IMA203CD8, to be presented at 2026 ASCO meeting, focusing on anti-tumor activity in gynecologic cancers

•Phase 1b clinical data from PRAME bispecific, IMA402, as monotherapy and initial data in combination with an immune checkpoint inhibitor at RP2D range expected in 2H 2026

•First Phase 1 trial evaluating the combination of Immatics’ TCR bispecifics, IMA402 targeting PRAME and IMA401 targeting MAGEA4/8 in sqNSCLC, expected to begin in mid-2026

•Cash and cash equivalents as well as other financial assets of $521.5 million1(€453.6 million) as of March 31, 2026; cash reach projected into 2028

1 All amounts converted using the exchange rate published by the European Central Bank in effect as of March 31, 2026 (1 EUR = 1.1498 USD).

Immatics Press Release May 12, 2026 1 | 14

Houston, Texas and Tuebingen, Germany, May 12, 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, today provided a business update and reported financial results for the quarter ended March 31, 2026.

“Immatics is entering a pivotal period as we continue to progress toward the pre-specified interim and final analyses from the Phase 3 SUPRAME trial of anzu-cel and actively prepare for commercialization in 2027,” said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. “At the same time, we expect multiple meaningful clinical readouts across our PRAME franchise in 2026 that continue to validate PRAME as an important target across multiple solid cancers, extending well beyond melanoma, and across two different therapeutic modalities. Immatics today is a company defined not only by compelling science, but by a diversified late- and mid-stage clinical portfolio, growing commercial readiness, and a clear strategy to translate innovation into meaningful patient impact.”

First Quarter 2026 and Subsequent Company Progress

PRAME Franchise – Cell Therapy

Anzu-cel (IMA203) PRAME Cell Therapy – First Market Entry in Advanced Melanoma

Anzu-cel (anzutresgene autoleucel), previously called IMA203, is Immatics’ lead PRAME cell therapy and is expected to be the Company’s first PRAME therapy to enter the market in advanced melanoma. The current addressable patient population for anzu-cel’s first target indications, second-line or later (2L) advanced cutaneous melanoma, as well as metastatic uveal melanoma includes ~9,000 patients2.

•Anzu-cel received Orphan Drug Designation and RMAT designation3 from the U.S. Food and Drug Administration (FDA) for the treatment of both cutaneous and uveal melanoma.

•Secondary analyses of Phase 1b clinical data on anzu-cel in advanced cutaneous and uveal melanoma will be presented during the Oral Abstract Session - Melanoma/Skin Cancers at the 2026 ASCO Annual Meeting, with a focus on characterizing response dynamics.

2 Refers to PRAME+/HLA-A*02:01+ patients per year in the U.S. and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast.

3 Includes all benefits of Breakthrough Therapy Designation.

Immatics Press Release May 12, 2026 2 | 14

Phase 3 trial, SUPRAME, for anzu-cel (IMA203) in previously treated, advanced cutaneous melanoma

•Immatics’ global, randomized, controlled, multi-center Phase 3 clinical trial, SUPRAME, is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel PRAME cell therapy as monotherapy vs. investigator's choice in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a PD-1 immune checkpoint inhibitor.

•SUPRAME is designed to be an adequate and well-controlled clinical trial intended to generate data to support regulatory approval of anzu-cel.

•Primary endpoint for seeking full approval is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes measuring quality of life.

•Pre-specified interim and final data analyses are expected to be triggered in 2026 upon the occurrence of a defined number of events for PFS (progressive disease or death).

•The Company continues to expect BLA submission in the first half of 2027 and commercial launch of anzu-cel in the second half of 2027.

•Patient recruitment is currently ongoing in North America and Europe.

Phase 2 cohort for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic uveal melanoma

•A Phase 2 cohort to treat approximately 30 additional metastatic uveal melanoma patients is ongoing and being conducted at select centers in the U.S. and Germany with expertise in uveal melanoma.

•Data from the ongoing single-arm Phase 1b trial as well as the Phase 2 cohort in metastatic uveal melanoma are intended to support a potential label expansion for anzu-cel following expected initial approval in cutaneous melanoma.

IMA203CD8 PRAME Cell Therapy (GEN2) – Expansion to all Advanced PRAME Cancers

IMA203CD8 is the Company’s second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its enhanced pharmacology profile, once the target dose is reached, the Company intends to pursue the clinical development of this product candidate with a tumor-agnostic approach, starting with gynecologic cancers (ovarian and uterine).

Immatics Press Release May 12, 2026 3 | 14

•Updated Phase 1a dose-escalation and Phase 1b dose-expansion data in gynecologic cancers at clinically relevant dose levels will be presented during the Rapid Oral Abstract Session – Gynecological Cancer at the 2026 ASCO Annual Meeting.

•The Company is on track to complete Phase 1a dose escalation and determine the recommended Phase 2 dose (RP2D) in 2026.

Further Updates on PRAME Cell Therapies

•PRAME cell therapy beyond melanoma and gynecologic cancers: updated Phase 1 data on PRAME cell therapies (anzu-cel or IMA203CD8 GEN2) in synovial sarcoma, further demonstrating the potential to address diverse tumor types beyond melanoma and gynecologic cancers, will be presented during the Rapid Oral Abstract Session - Sarcoma at the 2026 ASCO Annual Meeting.

•PRAME cell therapy using Immatics’ TCR in a pediatric patient with cancer: a late-breaking poster on a PRAME-directed TCR T-cell therapy using Immatics’ PRAME TCR administered under named-patient use in a heavily pretreated pediatric patient with extensive, multifocal nephroblastoma was presented at AACR Annual Meeting 2026. PRAME is expressed across multiple pediatric cancers, and these findings highlight the therapeutic potential of PRAME cell therapy in pediatric patients with solid tumors.

PRAME Franchise - Bispecifics

IMA402 PRAME Bispecific – Expansion to Earlier-Line PRAME Cancers

To expand our PRAME opportunity to earlier-line PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, as a monotherapy or in combination with standard of care, with a focus on melanoma and gynecologic cancers. In addition, Immatics is exploring the potential combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.

•IMA402 PRAME bispecific showed clinical proof-of-concept during the Phase 1a dose escalation trial in heavily pre-treated patients with solid tumors, including melanoma and ovarian cancer.

•Immatics expects to determine the final RP2D and present a clinical data update from a larger patient population, with an initial focus on melanoma and gynecologic cancers treated with IMA402 monotherapy or combination with an immune checkpoint inhibitor, in the second half of 2026. As part of its strategy to maximize the IMA402 opportunity, the Company is in the process of opening additional Phase 1b cohorts in mid-2026 across both earlier and later treatment lines.

Immatics Press Release May 12, 2026 4 | 14

•Based on the initial promising activity of IMA401 in head and neck cancer and sqNSCLC, Immatics believes it is uniquely positioned to assess the synergistic potential of combining two different bispecifics, IMA402 targeting PRAME and IMA401 targeting MAGEA4/8, with and without a checkpoint inhibitor. The Phase 1 trial evaluating the combination of IMA401/IMA402 in sqNSCLC is expected to commence mid-2026.

IMA401 MAGEA4/8 Bispecific – Maximizing the Potential of Bispecifics Combinations

•Updated results for IMA401 targeting MAGEA4/8 across multiple cancers will be presented during the Developmental Therapeutics – Immunotherapy Oral Abstract Session at the 2026 ASCO Annual Meeting.

•IMA401 clinical development will focus on a combination approach with the Company’s PRAME bispecific, IMA402, to exploit synergistic potential and expanded patient reach.

•The Phase 1 trial evaluating the combination of IMA401/IMA402 is expected to commence with sqNSCLC in mid-2026.

Corporate Development:

In collaboration, Moderna and Immatics developed a cancer antigen therapeutic candidate under the Database Program, incorporating targets identified using Immatics’ XPRESIDENT® target discovery and validation platform and its bioinformatics and AI platform XCUBE®. The shared antigen therapeutic candidate owned by Moderna was submitted for IND, marking a key regulatory milestone under the Collaboration Agreement and triggering a milestone payment to Immatics.

Immatics Press Release May 12, 2026 5 | 14

First Quarter 2026 Financial Results

Cash Position: Cash and cash equivalents, as well as other financial assets, total $521.5 million1 (€453.6 million) as of March 31, 2026, compared to $539.6 million1 (€469.3 million) as of December 31, 2025. The decrease is the result of ongoing research and development activities, partially offset by the net proceeds of an at-the-market offering of $24.4 million1 net (€21.2 million) as well as changes in net working capital and foreign exchange rate differences.

Revenue: Total revenue, consisting of revenue from collaboration agreements, was $8.7 million1 (€7.6 million) for the three months ended March 31, 2026, compared to $21.4 million1 (€18.6 million) for the three months ended March 31, 2025. The decrease is mainly due to a lower proportion of costs incurred relative to the overall project progress within the quarter.

Research and Development Expenses: R&D expenses were $68.1 million1 (€59.2 million) for the three months ended March 31, 2026, compared to $48.2 million1 (€41.9 million) for the three months ended March 31, 2025. The increase mainly resulted from costs associated with the advancement of the product candidates in clinical trials, particularly the SUPRAME clinical trial.

General and Administrative Expenses: G&A expenses were $16.7 million1 (€14.5 million) for the three months ended March 31, 2026, compared to $13.9 million1 (€12.1 million) for the three months ended March 31, 2025. The increase is driven by costs associated with early commercial activities supporting the planned market launch of anzu-cel (IMA203).

Net Profit and Loss: Net loss was $66.5 million1 (€57.8 million) for the three months ended March 31, 2026, compared to a net profit of $45.9 million1 (€39.9 million) for the three months ended March 31, 2025. The decrease is driven by higher recognition of non-cash revenue in the three months ended March 31, 2025 compared to the three months ended March 31, 2026 and from higher costs associated with the planned advancement of the Company’s PRAME franchise in clinical trials in the three months ended March 31, 2026.

Full financial statements can be found in our Report on Form 6-K filed with the Securities and Exchange Commission (SEC) on May 12, 2026, and published on the SEC website under www.sec.gov.

Immatics Press Release May 12, 2026 6 | 14

Upcoming Investor Conferences

•Bank of America Healthcare Conference, Las Vegas (NV), USA – May 12 - 14, 2026

•Jefferies Global Healthcare Conference, New York (NY), USA – June 2 - 4, 2026

•Cantor Global Healthcare Conference, New York (NY), USA – September 9 - 11, 2026

To see the full list of events and presentations, visit: https://investors.immatics.com/events-presentations.

About PRAME

PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor, as well as anzu-cel in combination with Moderna’s PRAME mRNA designed to enhance cell therapy.

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.

Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates you can also follow us on LinkedIn and Instagram.

Immatics Press Release May 12, 2026 7 | 14

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing and outcomes of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company’s focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “target”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. 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 Securities and Exchange Commission (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. All the scientific and clinical data presented within this press release are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.

Immatics Press Release May 12, 2026 8 | 14

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

Immatics Press Release May 12, 2026 9 | 14

Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Loss of Immatics N.V.

		Three months ended March 31,
		2026				2025
		(Euros in thousands, except per share data)
Revenue from collaboration agreements			7,612				18,582
Research and development expenses			(59,186	)			(41,908	)
General and administrative expenses			(14,514	)			(12,067	)
Other income			24				19
Operating result			(66,064	)			(35,374	)
Change in fair value of liabilities for warrants			—				1,597
Other financial income			8,748				6,264
Other financial expenses			(446	)			(13,336	)
Financial result			8,302				(5,475	)
Loss before taxes			(57,762	)			(40,849	)
Taxes on income			(52	)			994
Net loss			(57,814	)			(39,855	)
Net loss per share:
Basic			(0.43	)			(0.33	)
Diluted			(0.43	)			(0.33	)

Immatics Press Release May 12, 2026 10 | 14

Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Net loss			(57,814	)			(39,855	)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Currency translation differences from foreign operations			1,875				(2,711	)
Total comprehensive loss for the period			(55,939	)			(42,566	)

Immatics Press Release May 12, 2026 11 | 14

Immatics N.V. and subsidiaries

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

		As of
		March 31, 2026				December 31, 2025
		(Euros in thousands)
Assets
Current assets
Cash and cash equivalents			301,332				345,918
Other financial assets			152,238				123,419
Accounts receivables			4,153				6,099
Other current assets			27,114				28,572
Total current assets			484,837				504,008
Non-current assets
Property, plant and equipment			41,225				42,111
Intangible assets			1,580				1,582
Right-of-use assets			12,214				12,786
Other non-current assets			3,408				1,850
Total non-current assets			58,427				58,329
Total assets			543,264				562,337
Liabilities and shareholders’ equity
Current liabilities
Provisions			2,683				—
Accounts payables			31,580				18,832
Deferred revenue			13,222				15,816
Lease liabilities			2,607				2,757
Other current liabilities			5,159				5,607
Total current liabilities			55,251				43,012
Non-current liabilities
Deferred revenue			15,879				18,541
Lease liabilities			12,474				12,878
Deferred tax liabilities			3,859				3,807
Total non-current liabilities			32,212				35,226
Shareholders’ equity
Share capital			1,367				1,341
Share premium			1,304,953				1,277,338
Accumulated deficit			(843,802	)			(785,988	)
Other reserves			(6,717	)			(8,592	)
Total shareholders’ equity			455,801				484,099
Total liabilities and shareholders’ equity			543,264				562,337

Immatics Press Release May 12, 2026 12 | 14

Immatics N.V. and subsidiaries

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

		Three months ended March 31,
		2026				2025
		(Euros in thousands)
Cash flows from operating activities
Net loss			(57,814	)			(39,855	)
Taxes on income			52				(994	)
Loss before tax			(57,762	)			(40,849	)
Adjustments for:
Interest income			(3,580	)			(5,463	)
Depreciation and amortization			2,775				3,140
Interest expenses			212				249
Equity-settled share-based payment			5,910				4,330
Net foreign exchange differences and expected credit losses			(5,469	)			12,248
Change in fair value of liabilities for warrants			—				(1,597	)
Loss from disposal of fixed assets			48				40
Changes in:
Decrease in accounts receivables			1,946				257
(Increase)/decrease in other assets			1,157				(90	)
Increase/(decrease) in deferred revenue, accounts payables and other liabilities			10,400				(16,021	)
Interest received			3,370				14,673
Interest paid			(212	)			(249	)
Income tax paid			(838	)			(4,874	)
Net cash used in operating activities			(42,043	)			(34,206	)
Cash flows from investing activities
Payments for property, plant and equipment			(763	)			(3,075	)
Payments for intangible assets			—				(60	)
Proceeds from disposal of property, plant and equipment			24				47
Payments for investments classified in other financial assets			(70,068	)			(258,644	)
Proceeds from maturity of investments classified in other financial assets			42,723				308,540
Net cash provided by/(used in) investing activities			(28,084	)			46,808
Cash flows from financing activities
Proceeds from issuance of shares to equity holders			22,273				—
Transaction costs deducted from equity			(542	)			—
Payments of lease liabilities			(760	)			(737	)
Net cash provided by/(used in) financing activities			20,971				(737	)
Net increase/(decrease) in cash and cash equivalents			(49,156	)			11,865
Cash and cash equivalents at the beginning of the period			345,918				236,748
Effects of exchange rate changes and expected credit losses on cash and cash equivalents			4,570				(5,769	)
Cash and cash equivalents at the end of the period			301,332				242,844

Immatics Press Release May 12, 2026 13 | 14

Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Changes in Shareholders’ Equity of Immatics N.V.

(Euros in thousands)		Share capital				Share premium				Accumulated deficit				Other reserves				Total share- holders’ equity
Balance as of January 1, 2025			1,216				1,162,136				(589,541	)			1,031				574,842
Other comprehensive loss			—				—				—				(2,711	)			(2,711	)
Net loss			—				—				(39,855	)			—				(39,855	)
Comprehensive loss for the period			—				—				(39,855	)			(2,711	)			(42,566	)
Equity-settled share-based compensation			—				4,330				—				—				4,330
Balance as of March 31, 2025			1,216				1,166,466				(629,396	)			(1,680	)			536,606
Balance as of January 1, 2026			1,341				1,277,338				(785,988	)			(8,592	)			484,099
Other comprehensive income			—				—				—				1,875				1,875
Net loss			—				—				(57,814	)			—				(57,814	)
Comprehensive income/(loss) for the period			—				—				(57,814	)			1,875				(55,939	)
Equity-settled share-based compensation			—				5,910				—				—				5,910
Share options exercised			1				578				—				—				579
Issue of share capital – net of transaction costs			25				21,127				—				—				21,152
Balance as of March 31, 2026			1,367				1,304,953				(843,802	)			(6,717	)			455,801

Immatics Press Release May 12, 2026 14 | 14

FAQ

How did Immatics (IMTX) perform financially in Q1 2026?

Immatics reported a net loss of €57.8 million in Q1 2026, compared with €39.9 million a year earlier. Collaboration revenue declined to €7.6 million from €18.6 million, mainly due to lower project-cost progress under the Moderna and BMS agreements.

What is Immatics’ cash position and runway as of March 31, 2026?

Immatics held €301.3 million in cash and cash equivalents and €152.2 million in other financial assets, totaling €453.6 million ($521.5 million). The company states this cash reach is projected into 2028, supporting ongoing PRAME-focused clinical development and commercialization preparations.

How are Immatics’ collaboration revenues from Moderna and BMS trending?

Collaboration revenue from Moderna fell to €7.4 million in Q1 2026 from €14.4 million in Q1 2025, while BMS revenue declined to €0.2 million from €4.2 million. Management attributes this mainly to a lower proportion of costs incurred relative to overall project progress in the quarter.

What are the key upcoming clinical milestones for Immatics’ PRAME programs?

Immatics expects SUPRAME Phase 3 interim and final analyses for PRAME cell therapy anzu-cel to be triggered in 2026. Additional 2026 milestones include Phase 1 data for IMA203CD8 at ASCO, Phase 1b IMA402 bispecific data in 2H 2026, and a first combination trial of IMA402 and IMA401 in sqNSCLC.

When does Immatics plan to launch its first PRAME therapy, anzu-cel?

Immatics continues to expect a BLA submission for anzu-cel in the first half of 2027 and a potential commercial launch in the second half of 2027, subject to successful SUPRAME Phase 3 results and regulatory approvals in advanced melanoma indications.

How much is Immatics investing in research and development?

Research and development expenses rose to €59.2 million in Q1 2026 from €41.9 million a year earlier. The increase is driven by higher direct spending on TCR T-cell therapy programs like anzu-cel, expanded work on TCR bispecifics IMA402 and IMA401, and growing personnel-related costs.

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