Tuebingen, Germany and Houston, TX, March 21, 2023 – Immatics N.V. (NASDAQ: IMTX; “Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, today provided a business update and reported financial results for the quarter and full year ended December 31, 2022.
Harpreet Singh, Ph.D., CEO and Co-Founder of Immatics commented, “Our ACTengine® IMA203 clinical trial has gained significant traction over the past year with promising data for our monotherapy candidate targeting PRAME. As we continue demonstrating the potential of our first- and second-generation product candidates in patients, we have commenced establishing our in-house GMP cell therapy manufacturing facility in Houston, TX. This positions us to scale our cell therapies for registration-directed trials and commercial supply. In addition, we have significantly advanced our clinical TCR Bispecifics pipeline with one TCER® program targeting MAGEA4/8 now in the clinic and a second TCER® program targeting PRAME commencing clinical studies this year. We demonstrated our ability to execute and deliver on our goals in 2022 and look forward to continuing on this path in 2023.”
Full Year 2022 and Subsequent Company Progress
Adoptive Cell Therapy Programs
IMA203 TCR-T monotherapy (Cohort A):
IMA203 TCR-T in combination with nivolumab (Cohort B):
IMA203CD8 2nd-generation TCR-T monotherapy (Cohort C):
Autologous TCR-T pipeline
Immatics’ TCER® candidates are next-generation, half-life extended TCR Bispecific molecules designed to maximize efficacy while minimizing toxicities in patients through its proprietary format using a low-affinity T cell recruiter and a high-affinity TCR domain.
Corporate Development
Full Year 2022 Financial Results
Cash Position: Cash and cash equivalents as well as other financial assets total €362.2 million ($386.3 million2) as of December 31, 2022 compared to €145.1 million ($154.8 million2) as of December 31, 2021. The increase is mainly due to our public offering and upfront payments for collaborations, partly offset by our ongoing research and development activities. The Company projects a cash runway into 2025.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was €172.8 million ($184.3 million2) for the year ended December 31, 2022, compared to €34.8 million ($37.1 million2) for the year ended December 31, 2021.
Research and Development Expenses: R&D expenses were €106.8 million ($113.9 million2) for the year ended December 31, 2022, compared to €87.6 million ($93.4 million2) for the year ended December 31, 2021. The increase mainly resulted from higher costs associated with the advancement of the clinical and pre-IND pipeline of ACTengine® and TCER® candidates.
General and Administrative Expenses: G&A expenses were €36.1 million ($38.5 million2) for the year ended December 31, 2022, compared to €33.8 million ($36.1 million2) for the year ended December 31, 2021.
Net Profit and Loss: Net profit was €37.5 million ($40.0 million2) for the year ended December 31, 2022, compared to a net loss of €93.3 million ($99.5 million2) for the year ended December 31, 2021. The improvement resulted mainly from the one-time license fee income in connection with the IMA401 collaboration with Bristol Myers Squibb, as well as the recognition of remaining deferred revenue in connection with the termination of the GSK collaboration.
Full financial statements can be found in the Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) and published on the SEC website under www.sec.gov.
2 All amounts translated using the exchange rate published by the European Central Bank in effect as of December 31, 2022 (1 EUR = 1,0666 USD).
Upcoming Investor Conferences
Kempen Life Sciences Conference, Amsterdam – April 25-26, 2023
Bank of America Health Care Conference, Las Vegas (NV) – May 9-11, 2023
Jefferies Global Healthcare Conference, New York (NY) – June 7-9, 2023
To see the full list of events and presentations, visit www.investors.immatics.com/events-presentations.
About Immatics
Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.
Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates you can also follow us on Twitter, Instagram and LinkedIn.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Immatics’ future financial or operating performance. For example, statements concerning the timing of product candidates and Immatics’ focus on partnerships to advance its strategy are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.
For more information, please contact:
| Media and Investor Relations Contact | |
| Jacob Verghese or Eva Mulder | |
| Trophic Communications | |
| Phone: +49 151 7441 6179 | |
| immatics@trophic.eu |
| Immatics N.V. | |
| Anja Heuer | Jordan Silverstein |
| Senior Director Corporate Communications | Head of Strategy |
| Phone: +49 89 540415-606 | Phone: +1 281 810 7545 |
| media@immatics.com | InvestorRelations@immatics.com |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Profit/(Loss) of Immatics N.V.
| Year ended December 31, | |||
| 2022 | 2021 | 2020 | |
| (Euros in thousands, except share and per share data) | |||
| Revenue from collaboration agreements | 172,831 | 34,763 | 31,253 |
| Research and development expenses | (106,779) | (87,574) | (67,085) |
| General and administrative expenses | (36,124) | (33,808) | (34,186) |
| Other income | 26 | 325 | 303 |
| Operating result | 29,954 | (86,294) | (69,715) |
| Change in fair value of liabilities for warrants | 10,945 | (10,990) | 17,775 |
| Share listing expense | — | — | (152,787) |
| Other financial income | 9,416 | 5,675 | 2,949 |
| Other financial expenses | (8,279) | (1,726) | (10,063) |
| Financial result | 12,082 | (7,041) | (142,126) |
| Profit/(loss) before taxes | 42,036 | (93,335) | (211,841) |
| Taxes on income | (4,552) | — | — |
| Net profit/(loss) | 37,514 | (93,335) | (211,841) |
| Attributable to: | |||
| Equity holders of the parent | 37,514 | (93,335) | (211,284 ) |
| Non-controlling interest | — | (557) | |
| Net profit/(loss) per share: | |||
| Basic | 0.56 | (1.48) | (4.40) |
| Diluted | 0.55 | (1.48) | (4.40) |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.
| Year ended December 31, | |||
| 2022 | 2021 | 2020 | |
| (Euros in thousands) | |||
| Net profit/(loss) | 37,514 | (93,335) | (211,841) |
| Other comprehensive income/(loss) | |||
| Items that may be reclassified subsequently to profit or loss | |||
| Currency translation differences from foreign operations | 2,464 | 3,514 | (6,689 ) |
| Total comprehensive income/(loss) for the year | 39,978 | (89,821) | (218,530) |
| Attributable to: | |||
| Equity holders of the parent | 39,978 | (89,821) | (217,973 ) |
| Non-controlling interest | — | — | (557) |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
| As of | ||
| December 31, 2022 | December 31, 2021 | |
| (Euros in thousands) | ||
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 148,519 | 132,994 |
| Other financial assets | 213,686 | 12,123 |
| Accounts receivables | 1,111 | 682 |
| Other current assets | 13,838 | 6,408 |
| Total current assets | 377,154 | 152,207 |
| Non-current assets | ||
| Property, plant and equipment | 13,456 | 10,506 |
| Intangible assets | 1,632 | 1,315 |
| Right-of-use assets | 13,033 | 9,982 |
| Other non-current assets | 2,545 | 636 |
| Total non-current assets | 30,666 | 22,439 |
| Total assets | 407,820 | 174,646 |
| Liabilities and shareholders’ equity | ||
| Current liabilities | ||
| Accounts payables | 13,056 | 11,624 |
| Deferred revenue | 64,957 | 50,402 |
| Liabilities for warrants | 16,914 | 27,859 |
| Lease liabilities | 2,159 | 2,711 |
| Other current liabilities | 9,366 | 2,552 |
| Total current liabilities | 106,242 | 95,148 |
| Non-current liabilities | ||
| Deferred revenue | 75,759 | 48,225 |
| Lease liabilities | 12,403 | 7,142 |
| Other non-current liabilities | 42 | 68 |
| Total non-current liabilities | 88,204 | 55,435 |
| Shareholders’ equity | ||
| Share capital | 767 | 629 |
| Share premium | 714,177 | 565,192 |
| Accumulated deficit | (500,299) | (537,813) |
| Other reserves | (1,481) | (3,945) |
| Total shareholders’ equity | 213,164 | 24,063 |
| Total liabilities and shareholders’ equity | 407,820 | 174,646 |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
| Year ended December 31, | ||||
| 2022 | 2021 | 2020 | ||
| (Euros in thousands) | ||||
| Cash flows from operating activities | ||||
| Net profit/(loss) | 37,514 | (93,335) | (211,841) | |
| Taxes on income | 4,522 | — | — | |
| Profit/(loss) before tax | 42,340 | (93,335) | (211,841) | |
| Adjustments for: | ||||
| Interest income | (2,476) | (133) | (850) | |
| Depreciation and amortization | 6,967 | 5,260 | 4,424 | |
| Interest expenses | 1,038 | 566 | 289 | |
| Share listing expense | — | — | 152,787 | |
| Equity settled share-based payment | 22,570 | 26,403 | 22,908 | |
| MD Anderson compensation expense | — | — | 45 | |
| (Decrease) Increase in other liabilities resulting from share appreciation rights | — | — | (2,036) | |
| Payment related to share-based compensation awards previously classified as equity-settled | — | — | (4,322) | |
| Net foreign exchange differences and expected credit losses | 2,953 | (2,408) | 437 | |
| Change in fair value of liabilities for warrants | (10,945) | 10,990 | (17,775) | |
| Changes in: | ||||
| (Increase)/decrease in accounts receivables | (429) | 569 | (294) | |
| (Increase) in other assets | (7,872) | (483) | (1,600) | |
| Increase/(decrease) in deferred revenue, accounts payables and other liabilities | 45,559 | (31,784) | (23,387) | |
| Interest received | 1,649 | 175 | 808 | |
| Interest paid | (695) | (566) | (289) | |
| Income tax paid | (224) | — | — | |
| Net cash provided by/(used in) operating activities | 100,131 | (84,746) | (80,696) | |
| Cash flows from investing activities | ||||
| Payments for property, plant and equipment | (5,738) | (5,106) | (7,420) | |
| Payments for investments classified in Other financial assets | (216,323) | (11,298) | (58,087) | |
| Proceeds from maturity of investments classified in Other financial assets | 12,695 | 24,448 | 49,662 | |
| Payments for intangible assets | (477) | (551) | (104) | |
| Proceeds from disposal of property, plant and equipment | 52 | — | — | |
| Net cash (used in)/provided by investing activities | (209,791) | 7,493 | (15,949) | |
| Cash flows from financing activities | ||||
| Proceeds from issuance of shares to equity holders | 134,484 | 94 | 217,918 | |
| Transaction costs deducted from equity | (7,931) | — | (7,939) | |
| Repayment of lease liabilities | (2,843) | (2,707) | (2,096) | |
| Net cash provided by/(used in) financing activities | 123,710 | (2,613) | 207,883 | |
| Net increase/(decrease) in cash and cash equivalents | 14,050 | (79,866) | 111,238 | |
| Cash and cash equivalents at beginning of the year | 132,994 | 207,530 | 103,353 | |
| Effects of exchange rate changes on cash and cash equivalents and expected credit losses | 1,475 | 5,330 | (7,061) | |
| Cash and cash equivalents at end of the year | 148,519 | 132,994 | 207,530 | |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in Shareholders’ equity (deficit) of Immatics N.V.
| (Euros in thousands) | Share capital | Share premium | Accumulated deficit | Other reserves | Total equity (deficit) attributable to shareholders of the parent | Non- controlling interest | Total share- holders’ equity (deficit) |
| Balance as of January 1, 2020 | 1,164 | 190,945 | (233,194) | (770) | (41,855) | 1,020 | (40,835) |
| Other comprehensive loss | — | — | — | (6,689) | (6,689) | — | (6,689) |
| Net loss | — | — | (211,284) | — | (211,284) | (557) | (211,841) |
| Comprehensive loss for the year | — | — | (211,284) | (6,689) | (217,973) | (557) | (218,530) |
| Reorganization | (833) | 833 | — | — | — | — | — |
| Issue of share capital | |||||||
| MD Anderson Share Exchange | 7 | 501 | — | — | 508 | (508) | — |
| PIPE Financing, net of transaction costs | 104 | 89,973 | — | — | 90,077 | — | 90,077 |
| ARYA Merger, net of transaction costs | 180 | 237,864 | — | — | 238,044 | — | 238,044 |
| SAR conversion | 7 | (7) | — | — | — | — | — |
| Total issuance of share capital | 298 | 328,331 | — | — | 328,629 | (508) | 328,121 |
| Equity-settled share-based compensation | — | 22,908 | — | — | 22,908 | — | 22,908 |
| Payments related to share-based compensation awards previously classified as equity-settled | — | (4,322) | — | — | (4,322) | — | (4,322) |
| MD Anderson milestone compensation expense | — | — | — | — | — | 45 | 45 |
| Balance as of December 31, 2020 | 629 | 538,695 | (444,478) | (7,459) | 87,387 | — | 87,387 |
| Balance as of January 1, 2021 | 629 | 538,695 | (444,478) | (7,459) | 87,387 | — | 87,387 |
| Other comprehensive income | — | — | — | 3,514 | 3,514 | — | 3,514 |
| Net loss | — | — | (93,335) | — | (93,335) | — | (93,335) |
| Comprehensive loss for the year | — | — | (93,335) | 3,514 | (89,821) | — | (89,821) |
| Equity-settled share-based compensation | — | 26,403 | — | — | 26,403 | — | 26,403 |
| Share options exercised | — | 94 | — | — | 94 | — | 94 |
| Balance as of December 31, 2021 | 629 | 565,192 | (537,813) | (3,945) | 24,063 | — | 24,063 |
| Balance as of January 1, 2022 | 629 | 565,192 | (537,813) | (3,945) | 24,063 | — | 24,063 |
| Other comprehensive income | — | — | — | 2,464 | 2,464 | — | 2,464 |
| Net profit | — | — | 37,514 | — | 37,514 | — | 37,514 |
| Comprehensive income for the year | — | — | 37,514 | 2,464 | 39,978 | — | 39,978 |
| Equity-settled share-based compensation | — | 22,570 | — | — | 22,570 | — | 22,570 |
| Share options exercised | — | 311 | — | — | 311 | — | 311 |
| Issue of share capital – net of transaction costs | 138 | 126,104 | — | — | 126,242 | — | 126,242 |
| Balance as of December 31, 2022 | 767 | 714,177 | (500,299) | (1,481) | 213,164 | — | 213,164 |
1 Clinical Trial Application (CTA) is the European equivalent of an Investigational New Drug (IND) application
2 All amounts translated using the exchange rate published by the European Central Bank in effect as of December 31, 2022 (1 EUR = 1,0666 USD).
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