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Immatics

IMTX Lead: Phase 3 7 Biotech Distilled articles ↓ 24 filings & releases ↓ Cash €346M (Dec 31, 2025) ↓ 7 verdicts ↓ 3 timing quotes ↓
Oncology CellProtein

Market cap $968M 152.2M shares (vendor count, Nov 7, 2026) × $6.36 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-05

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. IMA203CD8 Ph2 readout2026IMA203CD8 Ph2 readout, 2026, notable
  2. IMA402 Ph1 interim2026IMA402 Ph1 interim, 2026, notable
  3. anzu-cel SUPRAME Ph3 interim1H 2027anzu-cel SUPRAME Ph3 interim, 1H 2027, major
  4. anzu-cel commercial launch2027anzu-cel commercial launch, 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (8 active programs)

Technology platforms

XPRESIDENT

Mass spectrometry-based target discovery and characterization platform for identifying tumor-specific intracellular targets presented as peptides on cell surface via HLA molecules; integrates high-throughput mass spectrometry with genome, proteome and transcriptome data; focus: oncology (solid tumors, multiple cancer indications); expandable to HLA class II and autoimmune diseases

XCEPTOR

Proprietary TCR discovery, characterization, optimization and engineering platform for development of cell therapy and bispecific product candidates with high affinity and specificity for pHLA targets; guided by XPRESIDENT peptide target database; focus: oncology (solid tumors)

XCUBE

AI-powered in silico immunoinformatics platform integrating multi-dimensional biological data from XPRESIDENT and XCEPTOR to transform large-scale target and TCR datasets into actionable therapeutic knowledge; focus: oncology

ACTallo

Proprietary off-the-shelf allogeneic cell therapy platform adaptable across different T-cell subtypes from healthy donors, including gamma-delta T cells; designed to eliminate personalized manufacturing and enable scalable multi-dose production; focus: next-generation CAR and TCR T-cell therapies in oncology

TCER

TCR bispecific (TCER) platform — half-life extended, off-the-shelf antibody-like biologics that redirect T cells to cancer cells via a high-affinity TCR domain and a low-affinity CD3/TCR-recruiter domain; designed for solid tumor indications including lung cancer, head and neck cancer, and melanoma

Targets: MAGEA4/8, PRAME, CD3

XPRESIDENT · Moderna

Target discovery and validation platform used to identify cancer antigen targets; contributed to identification of targets incorporated into mRNA-4200 under collaboration with Moderna

XCUBE · Moderna

Bioinformatics and AI platform used in conjunction with XPRESIDENT for target identification and validation in oncology

Capital (as filed)

Cash
€346M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−€44.2M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
€448M cash, runway 2028 per the update of Aug 25, 2026 — the company's own words as read there, not the filed figure; stated in EUR

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (7)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (7 calls)

Every verdict Biotech Distilled has published on Immatics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-01 Buy core Immatics (IMTX): Scientific Due Diligence for Lead and Pipeline Products Biology is de-risked with 56% response rate in melanoma and ovarian cancer breakthrough; $500M+ cash caps downside while Phase 3 SUPRAME readout and M&A optionality drive upside.
  2. 2026-03-07 Buy core UPDATE: Immatics (IMTX) – Execution on Autopilot, Runway Extended Balance sheet extended to 2028, pivotal SUPRAME trial on schedule, and next-gen pipeline advancing — execution confirms the original buy thesis.
  3. 2026-06-02 Buy core UPDATE: Immatics (IMTX) — The ASCO Trifecta Lands ASCO data strengthened all three pillars: anzu-cel durability compounding, IMA203CD8 broke ovarian cancer with 50% cORR, and IMA401 Nature Medicine publication elevates the bispecific franchise.
  4. 2026-08-19 Hold UPDATE: Immatics (IMTX) - The Interim Analysis Just Vanished Loss of the 2026 SUPRAME interim analysis removes the near-term de-risking event, extending uncertainty to 1H 2027, though science and balance sheet remain intact.
  5. 2026-08-25 Hold UPDATE: Immatics (IMTX) - They Took the Money at $8.69 The $150M raise at a discounted price absorbs 12.6% dilution but funds the balance sheet through the 1H 2027 SUPRAME readout and BLA; thesis unchanged despite no near-term catalyst.
  6. 2026-10-24 Hold UPDATE: Immatics (IMTX) - The Ovarian Durability Check IMA203CD8 confirmed response rate held but 5.8-month median PFS shows durability well short of June implications; core thesis still rests on anzu-cel SUPRAME readout with funded balance sheet.
  7. 2026-10-27 Hold UPDATE: Immatics (IMTX) - The Bispecific Gets Its Report Card IMA402 cleared its own efficacy bar with clean safety but modest 3.1-month median PFS; thesis remains dependent on the single SUPRAME Phase 3 PFS readout in 1H 2027.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (24)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Apr 17, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

6 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)