Immatics N.V.
IMTX evidence brief
What we can confirm
- Market Cap:
- $1.39B
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 German biopharmaceutical company developing cell therapy and bispecific T-cell engaging receptor (TCER®) product candidates targeting PRAME and other tumor antigens, with a lead program (IMA203) in a Phase 3 registration-enabling trial for melanoma and a parallel Phase 2 cohort in uveal melanoma.
Key risk: Phase 3 trial execution risk
Market Cap
$1.39B
Cash Runway
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Lead Asset
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Next Catalyst
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Tracking 4 clinical trials for Immatics N.V..
Immatics N.V. is a German biopharmaceutical company developing cell therapy and bispecific T-cell engaging receptor (TCER®) product candidates targeting PRAME and other tumor antigens, with a lead program (IMA203) in a Phase 3 registration-enabling trial for melanoma and a parallel Phase 2 cohort in uveal melanoma.
- Lead cell therapy IMA203 is in a Phase 3 registration-enabling trial (SUPRAME) for second-line or later metastatic cutaneous melanoma, with a primary endpoint of median PFS [sec · filed 2024-10-10].
- A Phase 2 cohort for IMA203 in metastatic uveal melanoma is ongoing and intended to support a potential label expansion following initial approval in cutaneous melanoma [sec · filed 2026-06-01].
- Immatics has deprioritized preclinical development of IMA204 (COL6A3-targeting cell therapy) and its allogeneic cell therapy platform ACTallo to focus resources on clinical-stage candidates [sec · filed 2025-11-12].
- The company has a ~100,000 square foot GMP manufacturing facility with modular design for scalable production, expected to start GMP manufacturing for cell therapy products [sec · filed 2024-10-10].
- IMA203 cell therapy products are manufactured within 7-8 days with a 95% success rate to achieve target dose as of April 7, 2025 [sec · filed 2025-06-02].
What works
- IMA203 has a clear registration path: the SUPRAME Phase 3 trial is designed with FDA input, targeting a primary endpoint of median PFS in a 360-patient randomized study [sec · filed 2024-10-10].
- Manufacturing speed and reliability are differentiated: IMA203 products are made in 7-8 days with a 95% success rate, and a new GMP facility supports scale-up [sec · filed 2025-06-02].
- The company is pursuing parallel late-stage development for both cutaneous and uveal melanoma, expanding the potential addressable patient population [sec · filed 2025-10-20].
What to weigh
- The company has deprioritized two preclinical programs (IMA204 and ACTallo), indicating resource constraints or strategic refocusing [sec · filed 2025-11-12].
- The Phase 3 SUPRAME trial is still ongoing with no reported completion date; BLA submission is targeted for early 2027, leaving a multi-year gap before potential revenue [sec · filed 2024-10-10].
- The bispecific TCER® programs (IMA401, IMA402) are still in Phase 1a dose escalation, with no registration-enabling data yet [sec · filed 2025-11-12].
From the filings
Quoted directly from source documents.
IMA203 Phase 3 trial design and endpoint
“SUPRAME will evaluate IMA203 targeting PRAME in 360 HLA-A*02:01-positive patients with second-line or later (2L+) unresectable or metastatic melanoma who have received prior treatment with a checkpoint inhibitor. Patients will be randomized 1:1 for IMA203 or investigator's choice of selected approved treatments in the 2L+ setting. Based on the Company's discussions with the FDA, the primary endpoint for full approval will be median PFS.”
SEC filings · October 10, 2024
Uveal melanoma cohort for label expansion
“2 cohort in metastatic uveal melanoma is ongoing and intended to support a potential label expansion for anzu-cel following expected initial approval in cutaneous melanoma.”
SEC filings · June 1, 2026
Manufacturing success rate and timeline
“IMA203 PRAME cell therapy products are manufactured from a patient's leukapheresis (with no surgery required) within 7-8 days, followed by 7-day QC release testing at 95% success rate as of April 7, 2025 to achieve the target dose (1-10x10”
SEC filings · June 2, 2025
Deprioritization of preclinical programs
“The Company has deprioritized preclinical development of IMA204 cell therapy targeting COL6A3 and preclinical development of its allogeneic cell therapy platform, ACTallo, to focus resources on the clinical development of its other cell therapy and bispecifics candidates.”
SEC filings · November 12, 2025
Catalyst timeline
- 2019-05-14 · Phase 2 start for IMA203 in uveal melanoma — Phase 1/2 study of genetically modified autologous T cells targeting a cancer/germline antigen, as monotherapy or with nivolumab, in recurrent/refractory solid tumors.
- 2022-05-19 · Phase 1 start for IMA401 (bispecific TCER) — First-in-human trial of IMA401 as monotherapy or with checkpoint inhibitor in recurrent/refractory solid tumors.
- 2023-08-09 · Phase 2 start for IMA402 (bispecific TCER) — First-in-human trial of IMA402, a bispecific T cell engaging receptor molecule.
Risks & what to watch (3)›
Key risks
- Phase 3 trial execution risk — SUPRAME Phase 3 trial is ongoing; any delays or negative data could derail BLA submission targeted for early 2027 [sec · filed 2024-10-10].
- Resource reallocation — Deprioritization of IMA204 and ACTallo suggests limited resources; may reduce pipeline diversity [sec · filed 2025-11-12].
- Early-stage bispecific programs — IMA401 and IMA402 are still in Phase 1a; no registration data yet, adding long-term uncertainty [sec · filed 2025-11-12].
What to watch
- Data readouts from the Phase 2 uveal melanoma cohort of IMA203, which could support label expansion [sec · filed 2025-10-20].
- Completion of the SUPRAME Phase 3 trial and subsequent BLA submission for IMA203 in cutaneous melanoma [sec · filed 2024-10-10].
- Progress of Phase 1a dose escalation for bispecific candidates IMA401 and IMA402 [sec · filed 2025-11-12].
- GMP manufacturing start at the new ~100,000 sq ft facility, which is key for commercial supply [sec · filed 2024-10-10].
Sources: Catalysts · SEC filings · Generated October 2, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
83
Total value held
$844.1M
| Holder | Shares | Value |
|---|---|---|
| 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 |
| perceptive advisors llc | 10,383,456 | $102.2M |
| toronto dominion bank | 7,436,342 | $73.2M |
| vestal point capital, lp | 6,175,000 | $60.8M |
| jefferies financial group inc. | 5,059,551 | $49.8M |
| sofinnova investments, inc. | 3,630,454 | $35.7M |
| morgan stanley | 2,149,082 | $21.1M |
| citadel advisors llc | 1,851,963 | $18.2M |
Showing top 10 of 83 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 German biopharmaceutical company developing cell therapy and bispecific T-cell engaging receptor (TCER®) product candidates targeting PRAME and other tumor antigens, with a lead program (IMA203) in a Phase 3 registration-enabling trial for melanoma and a parallel Phase 2 cohort in uveal melanoma.
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.