Q3 2026 and nine months 2026
Filed Nov 10, 2026Immatics reports Q3 2026 net loss of €(76,022) thousand as R&D expense rises on SUPRAME Phase 3 activity
Quarterly collaboration revenue rose to €6,923 thousand and the company completed a financing, but the net loss widened to €(76,022) thousand from €(50,545) thousand, R&D expense rose to €(70,270) thousand, and nine-month collaboration revenue fell to €23,679 thousand after the BMS agreement ended. The filing reports no guidance figures.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue from collaboration agreements, Q3 2026other | €6.92M | – | increased by €1.7 million |
| Revenue from collaboration agreements, nine months 2026other | €23.68M | – | decreased by €4.8 million |
| Research and development expenses, Q3 2026other | −€70.27M | – | – |
| Research and development expenses, nine months 2026other | −€191.9M | – | – |
| General and administrative expenses, Q3 2026other | −€15.81M | – | – |
| General and administrative expenses, nine months 2026other | −€44.26M | – | – |
| Other income, Q3 2026other | €615K | – | – |
| Other income, nine months 2026other | €639K | – | – |
| Operating result, Q3 2026other | −€78.54M | – | – |
| Operating result, nine months 2026other | −€211.8M | – | – |
| Change in liabilities for warrants, Q3 2026other | −€3.26M | – | – |
| Change in liabilities for warrants, nine months 2026other | −€3.26M | – | – |
| Other financial income, Q3 2026other | €5.82M | – | – |
| Other financial income, nine months 2026other | €18.97M | – | – |
| Other financial expenses, Q3 2026other | −€440K | – | – |
| Other financial expenses, nine months 2026other | −€858K | – | – |
| Financial result, Q3 2026other | €2.11M | – | – |
| Financial result, nine months 2026other | €14.85M | – | – |
| Loss before taxes, Q3 2026other | −€76.43M | – | – |
| Loss before taxes, nine months 2026other | −€197.0M | – | – |
| Taxes on income (benefit), Q3 2026other | €407K | – | – |
| Taxes on income (benefit), nine months 2026other | €629K | – | – |
| Net loss, Q3 2026other | −€76.02M | – | – |
| Net loss, nine months 2026other | −€196.3M | – | – |
| Net loss per share, basic and diluted, Q3 2026other | (0.50) | – | – |
| Net loss per share, basic and diluted, nine months 2026other | (1.39) | – | – |
| Net cash used in operating activities, nine months 2026other | −€163.2M | – | – |
| Net cash used in investing activities, nine months 2026other | −€70.90M | – | – |
| Net cash provided by financing activities, nine months 2026other | €158.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Moderna collaboration revenue, Q3 2026Prior-year Q3 2025 figure printed as €4,231 thousand. Company attributes the increase to a received milestone payment of €1.1 million and a higher proportion of costs incurred relative to the overall project budget within the quarter. | €6.92M | – | – |
| Moderna collaboration revenue, nine months 2026Prior-year nine-month figure printed as €22,428 thousand. Company attributes the decrease to a lower proportion of costs incurred relative to the overall project budget, partially offset by received milestone payments of €1.6 million. | €20.84M | – | – |
| BMS collaboration revenue, Q3 2026Prior-year Q3 2025 figure printed as €956 thousand. The BMS collaboration agreement ended in August 2026, and the remaining deferred revenue was recognized in the second quarter of 2026. | nil (dash in filing) | – | – |
| BMS collaboration revenue, nine months 2026Prior-year nine-month figure printed as €6,077 thousand. Company states the BMS agreement ended in August 2026 and remaining deferred revenue was fully recognized during the nine months. | €2.84M | – | – |
Capital returns
- No share repurchases or dividends are reported in the filing.
- On August 26, 2026 the company closed an offering of 15,535,100 ordinary shares at €7.45 ($8.69) per share, with gross proceeds of €115.7 million ($135.0 million) less transaction costs of €7.3 million ($8.5 million).
- On August 26, 2026 the company issued 4,315,304 pre-funded warrants at €7.446 ($8.689) per warrant share, with gross proceeds of €32.1 million ($37.5 million) less transaction costs of €2.0 million ($2.2 million).
- On March 12, 2026 the company issued 2,500,000 ordinary shares under its ATM program with Leerink Partners LLC at €8.68 ($10.02) per share, for gross proceeds of €21.6 million ($25.0 million) less transaction costs of €0.5 million ($0.6 million).
- There were no ATM sales during the three months ended September 30, 2026.
What drove it
- Company explanation for TCR T-cell therapy direct external R&D increase: increased activities in clinical trials for anzu-cel (IMA203), predominantly for SUPRAME. Q3 2026 was €30,026 thousand versus €13,971 thousand in Q3 2025.
- Company explanation for TCR bispecific direct external R&D increase: increased clinical trial activities related to development of IMA402. Q3 2026 was €7,333 thousand versus €5,970 thousand in Q3 2025.
- Company explanation for personnel-related R&D increase: headcount growth from increased R&D activity, particularly clinical trials. Q3 2026 was €21,811 thousand versus €16,628 thousand in Q3 2025.
- Company explanation for G&A increase: increased engagement in commercialization preparation activities for anzu-cel (IMA203), affecting personnel-related and professional and consulting fees.
- Company explanation for other financial income increase in Q3 2026: higher foreign exchange gains, partially offset by lower interest income due to lower interest rates and lower balances of cash and cash equivalents and other financial assets.
- Company explanation for lower nine-month other financial expenses: lower foreign exchange losses. Nine-month 2025 was €(36,151) thousand.
- Change in liabilities for warrants in Q3 2026 of €(3,263) thousand includes a €1.3 million increase in the value of pre-funded warrant liabilities and €2.0 million of underwriting discount fully amortized, per the filing.
- Company states the BMS collaboration agreement ended in August 2026 and remaining deferred revenue was recognized in Q2 2026.
- Headcount was 721 full-time equivalent employees as of September 30, 2026, compared with 656 as of December 31, 2025, per the MD&A.
Concerns
- Net loss widened to €(76,022) thousand in Q3 2026 from €(50,545) thousand in Q3 2025, and nine-month net loss was €(196,328) thousand versus €(160,749) thousand.
- Operating result for nine months 2026 was €(211,809) thousand versus €(143,135) thousand in nine months 2025.
- Nine-month collaboration revenue fell to €23,679 thousand from €28,505 thousand as the BMS agreement ended in August 2026.
- Net cash used in operating activities rose to €(163,204) thousand for nine months 2026 from €(117,961) thousand.
- Accumulated deficit reached €(982,316) thousand as of September 30, 2026.
- Total shareholders' equity declined to €438,499 thousand from €484,099 thousand at December 31, 2025, despite equity raises.
- Liabilities for warrants of €33,363 thousand are newly recognized and are measured at amortized cost, with the company noting judgments on pre-funded warrant classification and earnings per share calculation.
- Accounts payables increased to €40,275 thousand from €18,832 thousand, including accrued liabilities of €31,087 thousand.
What to watch
- SUPRAME Phase 3: the company states enrollment is on track to complete required randomizations by year-end 2026 to support the final primary endpoint analysis.
- Company expects to disclose topline data from the final PFS analysis of SUPRAME in the first half of 2027, followed by a BLA submission in 2027.
- Revenue from the Moderna collaboration, which is recognized over time on a cost-to-cost basis and includes remaining deferred revenue of €22,035 thousand in total.
- Liabilities for warrants: changes in the valuation of pre-funded warrants flow through the statement of loss as change in liabilities for warrants.
- IFRS 18 adoption from January 1, 2027 with restated presentation of the statement of loss and cash flow categories, per the filing.
- Cash runway: company cites sufficiency through at least 12 months and holds €472.3 million in cash, cash equivalents and other financial assets.
Balance sheet and cash flow
- Cash and cash equivalents: €276,614 thousand as of September 30, 2026, compared with €345,918 thousand as of December 31, 2025.
- Cash, cash equivalents and other financial assets: €472.3 million as of September 30, 2026, per the MD&A.
- Other financial assets (short-term deposits): €195,655 thousand as of September 30, 2026, compared with €123,419 thousand as of December 31, 2025.
- Total assets: €565,723 thousand as of September 30, 2026, compared with €562,337 thousand as of December 31, 2025.
- Total shareholders' equity: €438,499 thousand as of September 30, 2026, compared with €484,099 thousand as of December 31, 2025.
- Liabilities for warrants: €33,363 thousand as of September 30, 2026, compared with nil as of December 31, 2025.
- Accounts payables: €40,275 thousand as of September 30, 2026, compared with €18,832 thousand as of December 31, 2025.
- Accumulated deficit: €(982,316) thousand as of September 30, 2026, compared with €(785,988) thousand as of December 31, 2025.
- Deferred revenue (current plus non-current): €22,035 thousand as of September 30, 2026, compared with €34,357 thousand as of December 31, 2025.
- Net cash used in operating activities for nine months 2026 is €163.2 million; the company cites a loss before tax of €197.0 million, offset by non-cash share-based compensation of €16.9 million and a working capital increase of €13.2 million.
- Company states it believes existing cash, cash equivalents and other financial assets are sufficient to fund operations through at least the next 12 months, and the statements are prepared on a going concern basis.
Analysis
Immatics reported a net loss of €(76,022) thousand for the third quarter of 2026, against €(50,545) thousand a year earlier, and €(196,328) thousand for the nine months against €(160,749) thousand. The loss was driven by operating costs rather than by financial items. R&D expense for the quarter was €(70,270) thousand against €(47,176) thousand, with direct external TCR T-cell therapy spending rising to €30,026 thousand from €13,971 thousand. The company attributes this to clinical activity for anzu-cel (IMA203), predominantly SUPRAME. G&A rose to €(15,810) thousand from €(12,673) thousand, which the company links to commercialization preparation for anzu-cel.
Collaboration revenue moved in the opposite direction over the nine months. Revenue was €23,679 thousand against €28,505 thousand, following the end of the BMS agreement in August 2026. Quarterly revenue of €6,923 thousand was higher than the €5,187 thousand of Q3 2025, which the company explains by a €1.1 million milestone payment and a higher proportion of costs incurred relative to the project budget. Moderna remains the only revenue-generating collaboration as of September 30, 2026, and nine-month Moderna revenue fell to €20,836 thousand from €22,428 thousand.
Below the operating line, the financial result turned positive for the quarter at €2,113 thousand, against €3,961 thousand a year earlier, with other financial income of €5,816 thousand and a change in liabilities for warrants of €(3,263) thousand. The company explains the higher other financial income by foreign exchange gains, partly offset by lower interest income. Nine-month other financial expenses fell to €(858) thousand from €(36,151) thousand, which the company attributes to lower foreign exchange losses.
Capital allocation in the period was funded externally. The company closed an offering of 15,535,100 ordinary shares and issued 4,315,304 pre-funded warrants on August 26, 2026, and it issued 2,500,000 shares under its ATM program in March 2026. Net cash from financing was €158,196 thousand for nine months, while operating cash outflow was €(163,204) thousand. Cash and cash equivalents fell to €276,614 thousand from €345,918 thousand at year-end 2025. Including other financial assets of €195,655 thousand, the company reports €472.3 million in liquidity and states this is sufficient for at least 12 months. The filing contains no guidance figures, so no comparison to prior outlook is possible.
The figures that deserve attention are the widening operating loss, the €33,363 thousand liability for warrants recognized on the pre-funded warrants, and the trajectory of R&D headcount and clinical spend ahead of SUPRAME topline data expected in the first half of 2027.
Not in the filing
stated, not guessed- No guidance, outlook or forward-looking financial targets are provided in the filing; guidance field is null.
- No prior-quarter (Q2 2026) income statement columns are printed, so prior_quarter and qoq_change fields are null.
- Prior-year percentage changes for most income statement lines are not printed; yoy_change fields are null unless the MD&A states the change in euro amounts.
- Prior-year comparison for cash and cash equivalents and total assets is the December 31, 2025 balance rather than a prior-year period; prior_year fields for these balance sheet items are null.
- No executive quotes are included in the document.
- No gross margin, cost of sales or non-GAAP measures are reported.
- Operating cash flow prior-period comparison exists but no percentage change is printed.
- Share price reaction, consensus estimates and analyst expectations are not provided in the document.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.