Immatics (IMTX) AI Stock Analysis

• Market Cap: $1.30B
• Dividend Yield: N/A
• Average Volume (3M): 521.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: -27.61%
• EPS Growth: -69.49%
• Country: US
• Employees: 554
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.32
• Shares Outstanding: 134,063,830
• 10 Day Avg. Volume: 810,561
• 30 Day Avg. Volume: 521,618
• PEG Ratio: <0.01
• Price to Book (P/B): 2.26
• Price to Sales (P/S): 22.65
• P/FCF Ratio: -6.21
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: 16.60
• Enterprise Value/Gross Profit: 16.60
• Enterprise Value/Ebitda: -4.15
• 1Y Price Target: $20.17
• Price Target Upside: 108.37% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.56
• Revenue Forecast (FY): $40.33M

• Rating: 51 Neutral
• Price Target: $10.00 ▲(3.31% Upside)
• Action: Reiterated Date: 03/08/26
• Date: Action: Reiterated 03/08/26

The score is held back primarily by weak and volatile financial performance—especially ongoing cash burn and the sharp 2025 downturn—despite a comparatively strong, low-leverage balance sheet. Technicals are broadly neutral and do not offset the fundamental risk, while valuation support is limited given losses and no dividend.

Positive Factors

PRAME franchise leadership & pipeline breadth

Immatics' concentrated PRAME franchise (anzu-cel Phase 3, IMA203CD8, IMA402) creates a durable competitive position in a defined antigen target set. Multiple modalities and staged indications reduce single-program risk and increase odds of commercial success across solid tumors if pivotal readouts and approvals succeed.

Strengthened balance sheet and material cash reserves

A sizable cash position and low leverage provide multi-year funding visibility for late‑stage development, regulatory filing prep and early commercialization activities. This materially lowers near‑term refinancing risk and supports executing Phase 3/SUPRAME milestones and planned indication expansions.

Strategic partnerships and external validation

Partnerships (e.g., Moderna collaboration) validate Immatics' platform, spread R&D cost and provide development/commercial expertise. Such alliances can accelerate trials, enable combination strategies, and strengthen go‑to‑market potential—improving resource efficiency and strategic optionality over multiple years.

Negative Factors

Ongoing cash burn and negative operating cash flow

Sustained negative operating and free cash flow in 2024–2025 demonstrates ongoing burn to fund trials and R&D. Even with material cash, continued high burn erodes reserves, increasing the probability of future equity raises or partnership dependence, which can dilute shareholders and distract management.

Sharp revenue decline and earnings volatility

A steep revenue drop and a swing to a large net loss in 2025 highlight volatile commercial and collaboration receipts. This inconsistency undermines predictability of margins and return on invested capital, complicating planning and increasing reliance on milestone timing for near‑term financial stability.

Business model dependency on clinical and regulatory success

As a clinical‑stage biotech, Immatics' future revenue depends on successful trials, regulatory approvals and milestone captures. Clinical setbacks, delays or unfavorable readouts can materially reduce near‑term cash inflows and force dilution or cutbacks, making execution risk central to long‑term value realization.

Immatics Business Overview & Revenue Model

Company Description

Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the discovery and development of T cell receptor (TCR) based immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. Its ACTengine product candidates are in Phase I clinical trials, which include IMA201 that targets melanoma-associated antigen 4 or 8 in patients with solid tumors; IMA202 that targets melanoma-associated antigen 1 in patients with various solid tumors, including squamous non-small cell lung carcinoma and hepatocellular carcinoma; and IMA203 that targets preferentially expressed antigen in melanoma in adult patients with relapsed and/or refractory solid tumors, as well as IMA204, which is in preclinical studies that targets tumor stroma cell. The company's TCR Bispecifics product candidates, which are in preclinical studies include IMA401, a cancer testis antigen for the treatment of solid tumors; and IMA402 for the treatment of solid tumors. It also develops IMA101 for the treatment of cancer; and IMA301, an allogenic cellular therapy product candidate. The company has a strategic collaboration agreement with GlaxoSmithKline Intellectual Property Development Limited to develop novel adoptive cell therapies targeting multiple cancer indications; MD Anderson Cancer Center to develop multiple T cell and TCR-based adoptive cellular therapies; Celgene Switzerland LLC to develop novel adoptive cell therapies targeting multiple cancers; and Genmab A/S to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications. Immatics N.V. is headquartered in Tübingen, Germany.

How the Company Makes Money

Immatics generates revenue primarily through strategic collaborations and partnerships with pharmaceutical and biotechnology companies, which often involve milestone payments and royalties on future sales of products developed through these collaborations. The company may also receive funding from government grants and research contracts aimed at advancing its therapeutic candidates. Additionally, Immatics could potentially generate revenue from the commercialization of its own proprietary products once they receive regulatory approval and enter the market.

Immatics Financial Statement Overview

Summary

Balance sheet strength (low leverage and substantial equity) is a clear positive, but it is outweighed by inconsistent profitability and significant recent deterioration (sharp 2025 loss and revenue decline). Cash flow is the biggest drag, with negative operating and free cash flow in 2024–2025 indicating ongoing cash burn.

Income Statement

Results are highly volatile. After a profitable 2022 and 2024 (positive net income with healthy margins in 2024), performance deteriorated sharply in 2025 with a large net loss and a steep revenue decline versus the prior year. Earlier years (2020–2021 and 2023) also showed sizable losses and weak/negative profitability, indicating limited earnings consistency and elevated operating risk despite occasional strong years.

Balance Sheet

The balance sheet is a relative strength: leverage appears low across years (debt-to-equity remained modest when provided), and equity is substantial in 2024–2025, supporting financial flexibility. The main weakness is profitability of capital: return on equity swings significantly (strongly negative in multiple loss years), and equity declined from 2024 to 2025 alongside the return to losses.

Cash Flow

Cash generation is a key concern. Operating cash flow is negative in most recent years (2024 and 2025 especially), and free cash flow is also negative in those periods, suggesting ongoing cash burn. While 2022 showed strong positive operating and free cash flow, the subsequent reversal and continued negative free cash flow growth in 2024–2025 reduce confidence in near-term self-funding capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	48.27M	155.84M	54.00M	172.83M	34.76M
Gross Profit	48.27M	155.84M	-64.67M	66.05M	-52.81M
EBITDA	-167.47M	34.46M	-88.93M	50.04M	-87.30M
Net Income	-188.69M	15.22M	-96.99M	37.51M	-95.06M
Balance Sheet
Total Assets	562.10M	696.15M	509.96M	407.82M	174.65M
Cash, Cash Equivalents and Short-Term Investments	469.14M	604.45M	425.89M	362.20M	145.12M
Total Debt	15.63M	16.20M	15.40M	14.56M	9.85M
Total Liabilities	78.20M	121.30M	284.88M	194.66M	150.58M
Stockholders Equity	483.89M	574.84M	225.08M	213.16M	24.06M
Cash Flow
Free Cash Flow	-175.95M	-174.51M	-12.73M	93.92M	-87.44M
Operating Cash Flow	-169.66M	-158.03M	18.23M	100.13M	-81.78M
Investing Cash Flow	196.70M	-152.39M	-31.39M	-209.79M	7.49M
Financing Cash Flow	93.51M	319.68M	84.52M	123.71M	-2.61M

Immatics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMTX, the sentiment is Negative. The current price of 9.68 is below the 20-day moving average (MA) of 9.99, below the 50-day MA of 9.83, and above the 200-day MA of 8.34, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 47.08 is Neutral, neither overbought nor oversold. The STOCH value of 43.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMTX.

Immatics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RLAY	59 Neutral	$1.77B	―	-43.17%	―	-16.50%	33.02%
GERN	57 Neutral	$992.84M	-10.26	-34.23%	―	522.13%	62.68%
TNGX	55 Neutral	$2.67B	-10.13	-50.30%	―	53.28%	21.77%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMTX	51 Neutral	$1.30B	―	-39.69%	―	-27.61%	-69.49%
IMNM	50 Neutral	$2.33B	-8.83	-57.61%	―	-4.44%	63.58%
SANA	46 Neutral	$835.29M	-4.22	-141.99%	―	―	31.16%

Immatics Corporate Events

Immatics Confirms 2027 Anzu-cel Launch Timeline as PRAME Franchise and Cash Runway Advance

On March 5, 2026, Immatics reported its full-year 2025 results and outlined progress across its PRAME-franchise programs, led by anzu-cel, which is in the global Phase 3 SUPRAME trial for previously treated advanced cutaneous melanoma and holds U.S. Orphan Drug and RMAT designations in cutaneous and uveal melanoma. The company confirmed timelines for interim and final SUPRAME analyses in 2026, a planned BLA filing in the first half of 2027 and a potential commercial launch in the second half of 2027, supported by ongoing Phase 1/2 melanoma studies, a Moderna-backed combination trial, advancing next-generation IMA203CD8 and IMA402 bispecific programs, and a strengthened balance sheet with $551.4 million in cash and equivalents after a $125 million offering, extending its cash runway into 2028.

Immatics also highlighted positive early data for IMA203CD8 in PRAME-positive tumors, including ovarian cancer, and laid out 2026 data catalysts for this second-generation cell therapy and for its IMA402 PRAME bispecific, which is moving toward indication-specific expansion cohorts and a planned combination trial with IMA401 in squamous non-small cell lung cancer. Taken together, the clinical momentum, regulatory designations and extended funding horizon reinforce Immatics’ bid to establish a first-to-market position in PRAME-targeted therapies while broadening its addressable patient population in solid tumors.

The most recent analyst rating on (IMTX) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Immatics stock, see the IMTX Stock Forecast page.

Immatics Publishes Updated PRAME-Focused Investor Presentation on January 12, 2026

On January 12, 2026, Immatics N.V. filed a report with U.S. securities regulators announcing that it had posted an updated corporate investor presentation on its website, formally placing the materials in the public domain. The presentation highlights the company’s expanding pipeline of PRAME‑targeted product candidates, including the TCR‑T cell therapy anzutresgene autoleucel (anzu‑cel, formerly IMA203), its second‑generation IMA203CD8, and the bispecific antibody IMA402, which are being advanced across multiple solid tumor indications and stages of development from Phase 1 through preclinical. By emphasizing its leadership in precision PRAME targeting and outlining a multi‑modality development strategy in melanoma, gynecologic cancers and other solid tumors, Immatics is signaling to investors and partners its intent to consolidate a competitive position in next‑generation cancer immunotherapy, although the company stresses that the information is current only as of the presentation date and may be subject to future change.

The most recent analyst rating on (IMTX) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Immatics stock, see the IMTX Stock Forecast page.

Immatics Reveals Promising Results from IMA203CD8 Phase 1a Trial

On December 11, 2025, Immatics announced updated results from its Phase 1a clinical trial of the IMA203CD8 PRAME cell therapy, which targets heavily pre-treated patients with solid tumors. The data, with a cutoff date of October 27, 2025, revealed that the therapy demonstrated manageable tolerability and promising anti-tumor activity, with a confirmed objective response rate of 36% and a disease control rate of 84% at week 6. The trial’s ongoing dose escalation aims to determine the recommended Phase 2 dose in 2026, potentially positioning IMA203CD8 in a tumor-agnostic setting beyond melanoma, particularly in gynecologic cancers. This development could enhance Immatics’ standing in the biopharmaceutical industry by expanding its therapeutic offerings across a broader spectrum of PRAME-expressing cancers.

The most recent analyst rating on (IMTX) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Immatics stock, see the IMTX Stock Forecast page.

Immatics Completes $116.5 Million Share Offering to Boost R&D

On December 8, 2025, Immatics N.V. completed an offering of 12,500,000 ordinary shares, raising approximately $116.5 million after expenses. The proceeds will support the company’s research and development pipeline, manufacturing, and potential commercialization of its product candidates. This strategic move is expected to bolster Immatics’ position in the biopharmaceutical industry, enhancing its operational capabilities and market presence.

The most recent analyst rating on (IMTX) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Immatics stock, see the IMTX Stock Forecast page.