IMTX

MKT CAP:$2B

Immatics N.V.

Market Cap

$2B

Healthcare·Biotechnology·🇩🇪 Germany·NASDAQ

Healthcare·Biotechnology·🇩🇪·NASDAQ

Stock Price

$11.15+$0.70 (+6.70%)

Apr 23, 2026

Company Details

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 immunoth...

CEO

Harpreet Singh

IPO Date

Dec 12, 2018

Website

www.immatics.com

Key Metrics TTM

Revenue

$152M

+83.2% YoY

Net Income

-$86M

EPS (Diluted)

-$0.65

Free Cash Flow

-$204M

Revenue / Share

$1.25

Gross Margin

100.0%

Operating Margin

-66.9%

Net Margin

-56.8%

FCF Margin

-134.2%

P/S

10.0x

P/E

—

Earnings Reports

Q3 2025

May 12, 2026

PENDING

FY 2025

Mar 5, 2026

$56M-69.0%EPS -$1.80

Q2 2025

Aug 13, 2025

$6M-74.7%EPS -$0.68

Q1 2025

May 13, 2025

$22M-39.0%EPS -$0.39

FY 2024

Mar 27, 2025

$182MEPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$9M	-$18M	-$28M
Q2 21	$6M	-$18M	-$27M
Q4 21	$18M	-$8M	-$19M
Q1 22	$120M	$91M	$80M
Q2 22	$20M	-$9M	-$19M
Q3 22	$18M	-$16M	-$26M
Q4 22	$44M	$11M	$10M
Q2 23	$26M	-$6M	-$17M
Q3 23	$7M	-$29M	-$39M
Q4 23	$19M	-$20M	-$32M
Q1 24	$36M	-$2M	-$16M
Q2 24	$22M	$22M	-$31M
Q3 24	$59M	$59M	$601.0K
Q4 24	$66M	$66M	$1M
Q1 25	$22M	$22M	-$41M
Q2 25	$6M	$6M	-$62M

Valuation

Quarter	P/S	P/E
Q1 21	21.1x	—
Q2 21	21.3x	—
Q4 21	18.3x	—
Q1 22	3.1x	17.4x
Q2 22	3.4x	15.5x
Q3 22	3.9x	17.4x
Q4 22	3.3x	15.1x
Q2 23	9.0x	—
Q3 23	9.6x	—
Q4 23	11.2x	—
Q1 24	13.4x	—
Q2 24	15.3x	—
Q3 24	8.9x	—
Q4 24	4.0x	41.1x
Q1 25	2.8x	—
Q2 25	4.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$19M	-$20M
Q2 21	-$23M	-$25M
Q4 21	-$31M	-$33M
Q1 22	$128M	$126M
Q2 22	$64M	$63M
Q3 22	-$38M	-$39M
Q4 22	-$37M	-$40M
Q2 23	-$8M	-$20M
Q3 23	-$36M	-$43M
Q4 23	$92M	$82M
Q1 24	-$38M	-$49M
Q2 24	-$39M	-$42M
Q3 24	-$39M	-$43M
Q4 24	-$68M	-$70M
Q1 25	-$40M	-$44M
Q2 25	-$46M	-$47M

Capital Expenditures

Quarter	CapEx
Q1 21	$667.6K
Q2 21	$2M
Q4 21	$2M
Q1 22	$1M
Q2 22	$950.5K
Q3 22	$2M
Q4 22	$3M
Q2 23	$13M
Q3 23	$8M
Q4 23	$11M
Q1 24	$11M
Q2 24	$3M
Q3 24	$3M
Q4 24	$2M
Q1 25	$4M
Q2 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+104.2%	+204.4%
Q2 21	-3.6%	+143.8%
Q4 21	+99.8%	+19.2%
Q1 22	+989.4%	+16.8%
Q2 22	+132.5%	+8.4%
Q3 22	+190.2%	+29.4%
Q4 22	+139.4%	-9.0%
Q2 23	-78.3%	+6.5%
Q3 23	-65.6%	+15.7%
Q4 23	+5.7%	+18.0%
Q1 24	-19.1%	+52.1%
Q2 24	-16.1%	+23.6%
Q3 24	+753.2%	+27.7%
Q4 24	+253.3%	+26.8%
Q1 25	-39.0%	+22.6%
Q2 25	-74.7%	+27.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$10M	112.2%
Q2 21	$9M	153.5%
Q4 21	$6M	30.1%
Q1 22	$7M	5.5%
Q2 22	$7M	32.3%
Q3 22	$6M	36.3%
Q4 22	$7M	15.5%
Q2 23	$6M	24.7%
Q3 23	$5M	79.0%
Q4 23	$5M	27.7%
Q1 24	$5M	14.1%
Q2 24	$0	0.0%
Q3 24	$5M	8.9%
Q4 24	$5M	8.1%
Q1 25	$5M	23.3%
Q2 25	$5M	87.4%

OpEx Breakdown

Quarter	R&D	G&A
Q1 21	$27M	$10M
Q2 21	$24M	$10M
Q4 21	$27M	$10M
Q1 22	$29M	$11M
Q2 22	$29M	$10M
Q3 22	$33M	$10M
Q4 22	$33M	$11M
Q2 23	$32M	$8M
Q3 23	$36M	$10M
Q4 23	$39M	$12M
Q1 24	$38M	$14M
Q2 24	$41M	$12M
Q3 24	$45M	$13M
Q4 24	$49M	$16M
Q1 25	$49M	$14M
Q2 25	$53M	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$289M	$6M	$296M
Q2 22	$310M	$69M	$379M
Q3 22	$208M	$153M	$362M
Q4 22	$174M	$250M	$423M
Q1 23	$138M	$248M	$386M
Q2 23	$152M	$254M	$406M
Q3 23	$98M	$330M	$428M
Q4 23	$255M	$243M	$498M
Q1 24	$143M	$517M	$660M
Q2 24	$185M	$436M	$621M
Q3 24	$221M	$352M	$574M
Q4 24	$277M	$430M	$707M
Q1 25	$284M	$352M	$636M
Q2 25	$300M	$259M	$559M
Q3 25	$392M	$112M	$504M
Q4 25	$404M	$144M	$549M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	63M	0.0%	+0.0%
Q2 21	63M	+0.0%	+0.0%
Q4 21	63M	+0.8%	+0.8%
Q1 22	63M	0.0%	+0.8%
Q2 22	65M	+2.4%	+3.2%
Q3 22	66M	+1.1%	+4.3%
Q4 22	68M	+3.9%	+7.6%
Q2 23	77M	+13.3%	+21.9%
Q3 23	83M	+7.9%	+28.5%
Q4 23	85M	+1.5%	+29.0%
Q1 24	99M	+16.6%	+44.8%
Q2 24	106M	+7.4%	+37.1%
Q3 24	110M	+4.0%	+32.3%
Q4 24	107M	-3.2%	+26.1%
Q1 25	122M	+13.8%	+23.1%
Q2 25	122M	+0.0%	+14.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$101.8K	85
Q2 21	$71.4K	85
Q4 21	$145.9K	126
Q1 22	$954.9K	126
Q2 22	$159.7K	126
Q3 22	$139.7K	126
Q4 22	$297.4K	148
Q2 23	$176.6K	148
Q3 23	$46.8K	148
Q4 23	$98.0K	190
Q1 24	$187.4K	190
Q2 24	$115.4K	190
Q3 24	$311.1K	190
Q4 24	$255.9K	257
Q1 25	$84.5K	257
Q2 25	$21.6K	257

Revenue / Employee