Immatics’ losses rise to $86.3 million in third quarter as clinical spending increases
Key Facts
Immatics reported on November 10, 2026, a net loss of $86.3 million, or €76.0 million, for the three months ended September 30, compared with a loss of $57.3 million, or €50.5 million, a year earlier. The company attributed the wider loss mainly to higher costs for SUPRAME, a Phase 3 clinical trial. Its financial results showed basic and diluted loss per share of €0.50, compared with €0.42 in the corresponding period of 2025. In the first nine months of 2026, net loss was €196.328 million, compared with €160.749 million in the same period a year earlier. The company said the increase in trial costs came alongside the progress of its drug candidates in clinical studies.
Research and development expenses rose in the third quarter to $79.8 million, or €70.3 million, from $53.6 million, or €47.2 million, a year earlier. Immatics said the increase mainly reflected costs of advancing drug candidates through clinical trial stages, particularly the SUPRAME trial. General and administrative expenses also increased to $17.9 million, or €15.8 million, from $14.4 million, or €12.7 million. The company attributed most of that increase to activities to prepare for the commercialization of anzu-cel. It is building the commercial infrastructure needed for a potential launch of the treatment, which remains subject to U.S. Food and Drug Administration approval.
In contrast, revenue from collaboration agreements increased to $7.8 million, or €6.9 million, in the third quarter, from $5.9 million, or €5.2 million, a year earlier. The company said the increase was mainly due to the recognition of a higher milestone payment. It added that higher activity and increased cost sharing in collaboration programs contributed to revenue. The revenue did not offset the increase in research and development and administrative expenses, according to the figures reported by the company. Revenue growth therefore coincided with an increase in net loss during the period.
Cash and cash equivalents, together with other financial assets, totaled $536.3 million, or €472.3 million, on September 30, 2026. The total was $532.9 million, or €469.3 million, on December 31, 2025. The company said its cash resources were expected to last through the fourth quarter of 2028. The resources included gross proceeds of $172.5 million from a public offering and $25 million from an at-the-market offering through the end of September. Those proceeds were partly offset by ongoing research and development spending, according to the company’s statement.
On its trials, Immatics said patient enrollment in the Phase 3 SUPRAME trial was on track to complete the required randomization by the end of 2026. The company expects to announce topline results from the final progression-free survival analysis in the first half of 2027. It said submission of a biologics license application for the treatment would follow later in 2027. In an update issued in August 2026, it said disease progression and deaths in SUPRAME were occurring more slowly than assumed in the original models. It had planned a streamlined final progression-free survival analysis while maintaining statistical power for the trial’s primary endpoint.
The company’s clinical updates included data presented in October on its drug candidates. In gynecological cancers, data for IMA203CD8 announced on October 23 showed a confirmed response rate of 55% and a median duration of response of 8.4 months at clinically relevant doses. In patients with advanced melanoma and high PRAME levels, data for IMA402 announced on October 24 showed a confirmed response rate of 32%. Median duration of response in those data was 12.5 months, while one-year overall survival was 91%. The company also said the first data from the combination cohort of IMA402 and IMA401 in lung cancer were expected during 2027.
Immatics shares closed at $6.43 in the November 9 session, according to EL7 data. That came as investors awaited the quarterly results announcement the following day, while the company’s stated path centers on the SUPRAME trial and its expected readout. The company’s cash resources and its forecast that they would last through the fourth quarter of 2028 remain part of the funding picture for its trials and commercial preparations. The company is targeting 2027 for the biologics license application, after announcing topline results from the final analysis in the first half of the same year. The company is simultaneously advancing its clinical programs and preparing for a potential launch of anzu-cel, subject to regulatory approval.