Immatics N.V.
IMTX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for IMTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IMTX
Immatics N.V. is a clinical-stage biotechnology company developing T cell receptor (TCR)-based immunotherapies for solid tumors, with a focus on intracellular cancer targets and a pipeline including adoptive cell therapy and bispecific T cell engagers.
Key risk: Operating losses and profitability uncertainty
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
Tracking 4 clinical trials · 1 catalyst for Immatics N.V..
Immatics N.V. is a clinical-stage biotechnology company developing T cell receptor (TCR)-based immunotherapies for solid tumors, with a focus on intracellular cancer targets and a pipeline including adoptive cell therapy and bispecific T cell engagers.
- Clinical-stage company dedicated to TCR-based immunotherapies for solid tumors with high unmet medical need [sec · filed 2025-03-27].
- Cash and cash equivalents of €345.9M as of December 31, 2025, with management believing this is sufficient to fund operations for at least the next 12 months [sec · filed 2026-03-05].
- Shareholders' equity of $574.8M and total debt of $35.2M as of 2025-12-31 [latest reported financials].
- History of operating losses and expectation of continued losses for the foreseeable future [sec · filed 2026-03-05].
- Relies on third parties for preclinical studies, clinical trials, and manufacturing, which may impact advancement and commercialization [sec · filed 2026-03-05].
What works
- Proprietary TCR platform enables targeting of intracellular cancer antigens not accessible by conventional antibodies, potentially expanding treatable patient populations [sec · filed 2025-03-27].
- Strategic collaborations with industry partners provide upfront payments, milestone payments, and royalties, supporting pipeline development and financial runway [sec · filed 2024-03-21].
- Cash position of €345.9M as of December 31, 2025, provides a runway of at least 12 months to fund operating expenses and capital requirements [sec · filed 2026-03-05].
What to weigh
- History of operating losses and expectation of continued losses; may never achieve or sustain profitability [sec · filed 2026-03-05].
- Dependence on third parties for preclinical studies, clinical trials, and manufacturing introduces risks of delays or failures [sec · filed 2026-03-05].
- Intense competition from other companies developing similar or superior products, treatment methods, or technologies [sec · filed 2026-03-05].
- Uncertainty in clinical development timelines and regulatory approval; milestones may be outside the company's control [sec · filed 2026-03-05].
From the filings
Quoted directly from source documents.
Company is clinical-stage and focused on TCR-based immunotherapies for solid tumors.
“We are a clinical-stage biotechnology company dedicated to the development of T cell receptor ("TCR")- based immunotherapies for patients with solid tumors and high unmet medical needs.”
SEC filings · March 27, 2025
Cash and cash equivalents increased to €345.9M as of December 31, 2025.
“Cash and cash equivalents increased from €236.7 million as of December 31, 2024 to €345.9 million as of December 31, 2025.”
SEC filings · March 5, 2026
Company has a history of operating losses and expects to continue incurring losses.
“We have a history of operating losses and expect to continue to incur losses for the foreseeable future and may never achieve or sustain profitability.”
SEC filings · March 5, 2026
Company relies on third parties for manufacturing and clinical trials.
“We currently rely on third parties for the manufacture of our product candidates. Our dependence on these third parties may impair the clinical advancement and commercialization of our product candidates.”
SEC filings · March 5, 2026
Catalyst timeline
- 2031-10-01 · Phase3_Topline — Phase 3 topline data readout from a prospective, multicenter, open-label, randomized, actively controlled, parallel-group clinical trial.
Risks & what to watch (4)›
Key risks
- Operating losses and profitability uncertainty — History of losses and expectation of continued losses; may never achieve profitability [sec · filed 2026-03-05].
- Dependence on third parties — Reliance on third parties for trials and manufacturing may cause delays or failures [sec · filed 2026-03-05].
- Intense competition — Competitors may develop superior products or technologies before the company [sec · filed 2026-03-05].
- Clinical and regulatory uncertainty — Timelines for trials and approvals are uncertain and may be outside company control [sec · filed 2026-03-05].
What to watch
- Progress of Phase 3 topline data readout expected around 2031-10-01 [upcoming catalysts].
- Ability to manage operating losses and achieve profitability milestones [sec · filed 2026-03-05].
- Outcomes of strategic collaborations and potential new partnerships [sec · filed 2024-03-21].
- Regulatory submissions and approvals for product candidates [sec · filed 2026-03-05].
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Cash runway data unavailable
D/E 0.16
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~1858d
No insider transactions in the last 180 days
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
79
Total value held
$809.9M
| Holder | Shares | Value |
|---|---|---|
| perceptive advisors llc | 20,766,912 | $204.3M |
| rtw investments, lp | 12,869,340 | $126.6M |
| suvretta capital management, llc | 11,190,129 | $110.1M |
| baker bros. advisors lp | 10,916,693 | $107.4M |
| toronto dominion bank | 7,436,342 | $73.2M |
| morgan stanley | 2,149,082 | $21.1M |
| woodline partners lp | 2,001,194 | $19.7M |
| citadel advisors llc | 1,874,563 | $18.4M |
| wellington management group llp | 1,561,892 | $15.4M |
| point72 asset management, l.p. | 1,493,800 | $14.7M |
Showing top 10 of 79 institutional holders of Immatics N.V.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 5.6%
- Days to cover
- 13.2
- Shares short
- 5,128,285
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IMTX short interestFrequently asked questions
What is the AI investment thesis for Immatics N.V.?
Immatics N.V. is a clinical-stage biotechnology company developing T cell receptor (TCR)-based immunotherapies for solid tumors, with a focus on intracellular cancer targets and a pipeline including adoptive cell therapy and bispecific T cell engagers.
What is Immatics N.V.'s next catalyst?
Immatics N.V.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Prospective, Multicenter, Open-label, Randomized, Actively Controlled, Parallel-group Phase 3 Clin" — expected October 1, 2031.
Who is the CEO of Immatics N.V.?
Dr. Harpreet Singh Ph.D. is the chief executive officer of Immatics N.V. (IMTX).
Where is Immatics N.V. headquartered?
Immatics N.V. (IMTX) is headquartered in Tübingen, Germany.
What therapeutic areas does Immatics N.V. focus on?
Immatics N.V. develops therapies across Oncology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.