Immatics N.V. (IMTX): Financial results for H1 2026
Immatics N.V. (IMTX) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 PRELIMINARY NOTE The unaudited interim condensed Consolidated Financial Statements for the three- and six-month period ended June 30, 2026, included herein, have been prepared in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as
How this was made
The 30-second read
Why it matters
The disclosed loss and low revenue suggest cash‑flow pressure, but future trial milestones could alter outlook.
Market read
Primary earnings disclosure for a niche biotech; relevance mainly to investors with exposure to IMTX.
What to watch
Potential pipeline milestones and partnership revenues not reflected in interim numbers.
H1 2026 collaboration revenue declined to €16,756 thousand while research and development expense rose to €121,597 thousand, resulting in a net loss of €120,306 thousand; cash, cash equivalents and other financial assets were €393.4 million.
Second-quarter collaboration revenue increased versus the prior-year quarter and financial-result volatility eased sharply, but H1 collaboration revenue declined while clinical-development spending, operating cash use and the net loss increased. The company funded the period with an ATM issuance and stated that its existing capital resources are sufficient for at least the next 12 months.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue from collaboration agreementsother | €16,756 thousand | – | – |
| Revenue from collaboration agreements, three months ended June 30other | €9,144 thousand | – | – |
| Moderna collaboration revenueother | €13,913 thousand | – | – |
| BMS collaboration revenueother | €2,843 thousand | – | – |
| Research and development expensesother | €(121,597) thousand | – | – |
| Direct external research and development expenses, TCR T-cell therapy Programsother | €(47,931) thousand | – | – |
| Direct external research and development expenses, TCR Bispecific Programsother | €(8,237) thousand | – | – |
| Direct external research and development expenses, Other programsother | €(1,144) thousand | – | – |
| Personnel-related research and development expenses excluding share-based compensationother | €(41,238) thousand | – | – |
| Research and development share-based compensation expensesother | €(6,191) thousand | – | – |
| Facility and depreciation research and development expensesother | €(7,389) thousand | – | – |
| General and administrative expensesother | €(28,450) thousand | – | – |
| Operating resultother | €(133,267) thousand | – | – |
| Other financial incomeother | €13,341 thousand | – | – |
| Other financial expensesother | €(602) thousand | – | – |
| Financial resultother | €12,739 thousand | – | – |
| Loss before taxesother | €(120,528) thousand | – | – |
| Taxes on incomeother | €222 thousand | – | – |
| Net lossother | €(120,306) thousand | – | – |
| Net loss, three months ended June 30other | €(62,492) thousand | – | – |
| Basic loss per shareother | €(0.89) | – | – |
| Diluted loss per shareother | €(0.89) | – | – |
| Basic loss per share, three months ended June 30other | €(0.46) | – | – |
| Diluted loss per share, three months ended June 30other | €(0.46) | – | – |
| FTEsother | 704 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Moderna, United StatesRevenue decreased because of a lower proportion of costs incurred relative to the overall project budget during the six months ended June 30, 2026. | €13,913 thousand | – | – |
| BMS, United StatesRevenue decreased because of a lower proportion of costs incurred relative to the overall project budget during the six months ended June 30, 2026. | €2,843 thousand | – | – |
Forward-looking disclosures as of August 18, 2026 outlook
- NoteEnrollment in SUPRAME remains on track to complete required randomizations by year-end.
- NoteThe Company expects to disclose topline data from the final PFS analysis in the first half of 2027, followed by a BLA submission in 2027.
- NoteExisting Cash, cash equivalents and Other financial assets will be sufficient to fund operating expenses and capital expenditure requirements through at least the next 12 months.
- NoteThe Company intends to increase the statistical power for the secondary endpoint of OS by enrolling approximately 90 additional patients, bringing the total trial size to approximately 450 patients.
What drove it
- Second-quarter collaboration revenue increased to €9,144 thousand from €4,737 thousand. Moderna revenue was €6,488 thousand and BMS revenue was €2,656 thousand during the three months ended June 30, 2026.
- The company received a €0.5 million Moderna milestone during the three and six months ended June 30, 2026.
- The increase in TCR T-cell therapy direct external expense was primarily driven by increased anzu-cel clinical-trial activities, predominantly SUPRAME and to a lesser extent uveal melanoma.
- The increase in TCR Bispecific Programs expense was driven by continued clinical-trial activities for IMA402 and IMA401.
- Personnel-related R&D costs increased with headcount growth supporting research and development activities, particularly clinical trials.
- General and administrative personnel costs and professional and consulting fees increased primarily with commercialization-preparation activities for anzu-cel.
- Other financial income increased principally from higher foreign-exchange gains, partly offset by lower interest income resulting from lower interest rates and lower cash, cash equivalents and other financial-asset balances.
- Other financial expenses decreased primarily because of lower foreign-exchange losses.
Concerns
- H1 collaboration revenue was €16,756 thousand versus €23,318 thousand in the prior-year period, and the company has not generated revenue from sales of pharmaceutical products.
- The net loss was €(120,306) thousand and net cash used in operating activities was €(102,504) thousand for H1 2026.
- SUPRAME PFS events are occurring more slowly than originally modeled. The company intends to replace previously planned interim and final PFS analyses with a single final analysis based on a lower prespecified number of PFS events.
- The company does not have any products approved for sale and states that additional financing may be needed to achieve its business objectives.
- The company issued 2,500,000 ordinary shares under its ATM program during H1 2026.
What to watch
- Completion of required SUPRAME randomizations by year-end.
- Topline data from the SUPRAME final PFS analysis expected in the first half of 2027.
- The planned BLA submission for anzu-cel in 2027.
- The protocol amendments to increase SUPRAME enrollment by approximately 90 patients to approximately 450 patients.
- Recognition of deferred revenue, which was €23,199 thousand as of June 30, 2026.
- Future Moderna milestone recognition following the first patient dosed in Moderna's clinical trial in July 2026.
Balance sheet and cash flow
- Cash and cash equivalents were €232,459 thousand as of June 30, 2026, compared with €345,918 thousand as of December 31, 2025.
- Other financial assets were €160,891 thousand as of June 30, 2026, compared with €123,419 thousand as of December 31, 2025.
- Cash, cash equivalents and other financial assets were €393.4 million as of June 30, 2026.
- Net cash used in operating activities was €(102,504) thousand for the six months ended June 30, 2026, compared with €(73,261) thousand for the six months ended June 30, 2025.
- Net cash used in investing activities was €(36,237) thousand for the six months ended June 30, 2026, compared with net cash provided by investing activities of €111,056 thousand for the six months ended June 30, 2025.
- Net cash provided by financing activities was €20,305 thousand for the six months ended June 30, 2026, compared with €(1,464) thousand for the six months ended June 30, 2025.
- The Group issued 2,500,000 ordinary shares on March 12, 2026 at €8.68 ($10.02) per ordinary share, receiving gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million).
- Total lease liabilities were €14,606 thousand as of June 30, 2026, compared with €15,635 thousand as of December 31, 2025.
- Accumulated deficit was €(906,294) thousand as of June 30, 2026, compared with €(785,988) thousand as of December 31, 2025.
- Total shareholders' equity was €399,625 thousand as of June 30, 2026, compared with €484,099 thousand as of December 31, 2025.
Analysis
Immatics reported H1 2026 collaboration revenue of €16,756 thousand, compared with €23,318 thousand in H1 2025. Moderna contributed €13,913 thousand and BMS contributed €2,843 thousand. The company attributed the H1 decline at both partners to a lower proportion of costs incurred relative to overall project budgets. In contrast, second-quarter revenue was €9,144 thousand, compared with €4,737 thousand in the prior-year quarter, aided by higher cost-to-cost revenue recognition and a €0.5 million Moderna milestone.
Development spending accelerated. Research and development expenses were €(121,597) thousand, compared with €(87,014) thousand, led by direct external TCR T-cell therapy program expense of €(47,931) thousand versus €(20,976) thousand. Management attributed that increase primarily to anzu-cel activity, predominantly the SUPRAME study and, to a lesser extent, uveal melanoma. General and administrative expenses rose to €(28,450) thousand from €(24,847) thousand, reflecting commercialization-preparation activities for anzu-cel, professional and consulting fees, personnel costs and software expenses.
The operating result was €(133,267) thousand, compared with €(88,502) thousand. The financial result improved to €12,739 thousand from €(23,698) thousand as other financial expenses declined to €(602) thousand from €(36,113) thousand, principally due to lower foreign-exchange losses. Net loss nevertheless increased to €(120,306) thousand from €(110,204) thousand, while basic and diluted loss per share were each €(0.89), compared with €(0.91).
Liquidity included €232,459 thousand of cash and cash equivalents and €160,891 thousand of other financial assets as of June 30, 2026. Operating cash use was €(102,504) thousand for H1 2026. Financing cash inflow of €20,305 thousand included an ATM issuance of 2,500,000 ordinary shares on March 12, 2026, which generated gross proceeds of €21.6 million ($25.0 million). The company stated that cash, cash equivalents and other financial assets of €393.4 million are sufficient to fund operations through at least the next 12 months.
Operationally, SUPRAME enrollment remains on track to complete required randomizations by year-end, but PFS events are occurring more slowly than originally modeled. Immatics plans a single streamlined final PFS analysis with a lower prespecified number of events, while increasing planned enrollment by approximately 90 patients to approximately 450 patients to raise statistical power for overall survival. The company expects final PFS topline data in the first half of 2027 and a BLA submission in 2027. A Moderna-sponsored clinical trial dosed its first patient in July 2026, triggering a milestone payment to Immatics.
Not in the filing
stated, not guessed- Product revenue was not reported because the company has not generated revenue from the sale of pharmaceutical products.
- Gross profit, cost of revenue and gross margin were not reported.
- Non-GAAP or adjusted financial metrics were not reported.
- Forward revenue, gross-margin, operating-expense and tax-rate guidance was not reported.
- A formal debt balance other than lease liabilities was not reported.
- Share repurchases and dividends were not reported.
- Percentage year-over-year and quarter-over-quarter changes for the reported metrics were not printed.
- Named executive quotes were not included in the filing.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Immatics N.V. is a German biotech focused on cancer immunotherapy, reporting its first half 2026 interim results via SEC Form 6‑K.
Ticker impact
Immatics posted H1 2026 net loss of €62.5M, revenue of €9.1M and a per‑share loss of €0.46.
downward pressure in the near term
Earnings miss and expanding loss are fresh primary data; traders may consider short positions or reduce exposure.
Market effects
Biotech sector may face heightened scrutiny on cash burn and trial funding.
European biotech investors could see a modest pullback.
Limited; impact confined to niche biotech investors.
Counterpoint
If upcoming trial data exceed expectations, the loss may be viewed as temporary.
Key entities
- companyImmatics N.V.
Biotech firm reporting H1 2026 results.
