Immatics N.V. posted third‑quarter 2025 revenue of $6.1 million, a 90 % decline from $56.7 million in the same period last year, and a net loss of $59.3 million. Cash and cash equivalents stood at $505.8 million at September 30, 2025, down from $709.7 million at the end of 2024, but still sufficient to fund the company’s clinical pipeline through the second half of 2027.
The sharp revenue drop is almost entirely attributable to the loss of a one‑time collaboration payment from the termination of the IMA401 partnership with Bristol Myers Squibb. In Q3 2024 the company recorded $56.7 million in collaboration revenue, whereas the current quarter generated only $5.2 million in collaboration revenue, leaving a $51.5 million shortfall that explains the 90 % year‑over‑year decline.
Earnings per share fell to $-0.6, missing the consensus estimate of $-0.5 by $0.1. The miss reflects the combination of a $6.2 million revenue shortfall and higher operating costs, with research and development expenses rising to $55.4 million from $38.9 million in Q3 2024 and general and administrative costs increasing to $14.9 million from $11.2 million.
The increase in R&D spending underscores Immatics’ continued investment in its lead assets, anzu‑cel (IMA203) and the next‑generation bispecific IMA402. General and administrative costs grew as the company expanded its commercial and regulatory teams to support the accelerated development schedule. Despite the higher expenses, the company’s cash balance remains robust, providing a runway that extends well beyond the current fiscal year.
CEO Harpreet Singh highlighted the quarter’s clinical milestones, noting that anzu‑cel is advancing through Phase 3 for advanced melanoma and that the PRAME franchise is expanding with the second‑generation IMA203CD8. “In the last months, we have achieved significant clinical milestones and solidified Immatics’ position as the PRAME leader across two modalities, cell therapies and bispecifics,” Singh said.
While the company did not issue new financial guidance, management emphasized confidence in the long‑term trajectory of its pipeline and the strength of its cash position. The results reinforce the view that Immatics is investing heavily in development while maintaining a solid liquidity base that should support operations through the second half of 2027.
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