Immatics NV
IMTXHealthcare|Biotechnology|Germany
$9.68
-0.28 (-2.81%)
Tangible Book
$3.84
Financials
Financial Snapshot
Market Cap
$1.32B
Enterprise Value
$506.9M
Revenue (TTM)
$43.5M
Net Income (TTM)
$-249.1M
Cash & Equivalents
—
Net Cash/Share
$3.10
Free Cash Flow (TTM)
$-220.0M
Operating CF (TTM)
$-214.8M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$53.7M
Monthly Burn
$17.9M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $0.00 | $132.6M | $282.2M | $164.0M | $383.7M | $464.4M | $632.9M | $549.6M | $524.4M | |
| Operating Cash Flow | $23.5M | $78.9M | $-98.2M | $-95.8M | $106.1M | $19.9M | $-165.5M | $-206.8M | $-214.8M | |
| Free Cash Flow | $23.0M | $76.4M | $-107.3M | $-102.2M | $99.5M | $-13.9M | $-182.7M | $-214.8M | $-220.0M | |
| Capital Expenditure | $-577.0K | $-2.5M | $-9.2M | $-6.4M | $-6.6M | $-33.8M | $-17.3M | $-8.0M | $-5.2M | |
| Financing Cash Flow | $26.9M | $-2.1M | $252.9M | $-3.0M | $131.0M | $92.2M | $334.7M | $114.0M | $139.1M |
R&D Spending
R&D (TTM)
$233.9M
R&D Intensity
537.9%
R&D Growth YoY
+8.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3M | $20.5M | $38.0M | $39.3M | $183.1M | $58.9M | $163.2M | $56.5M | $43.5M | |
| R&D Expense | $38.6M | $44.5M | $81.6M | $99.0M | $113.1M | $129.4M | $155.1M | $215.3M | $233.9M | |
| R&D % of Revenue | 901.1% | 217.3% | 214.6% | 251.9% | 61.8% | 219.8% | 95.0% | 380.9% | 537.9% | |
| SG&A | $8.7M | $13.1M | $41.6M | $38.2M | $38.3M | $41.7M | $48.6M | $59.9M | $62.4M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3M | $20.5M | $38.0M | $39.3M | $183.1M | $58.9M | $163.2M | $56.5M | $43.5M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $4.3M | $20.5M | $38.0M | $39.3M | $183.1M | $58.9M | $163.2M | $56.5M | $43.5M | |
| R&D | $38.6M | $44.5M | $81.6M | $99.0M | $113.1M | $129.4M | $155.1M | $215.3M | $233.9M | |
| SG&A | $8.7M | $13.1M | $41.6M | $38.2M | $38.3M | $41.7M | $48.6M | $59.9M | $62.4M | |
| Operating Income | $-39.1M | $-36.7M | $-84.8M | $-97.5M | $31.7M | $-110.9M | $-40.4M | $-213.1M | $-247.3M | |
| Interest Expense | $-18.0K | $-189.0K | $-352.0K | $-640.0K | $-1.1M | $-906.0K | $-928.0K | $-1.1M | $-1.1M | |
| Pretax Income | $-36.8M | $-36.1M | $-257.7M | $-105.5M | $44.5M | $-105.8M | $22.4M | $-232.4M | $-250.2M | |
| Net Income | $-35.8M | $-35.1M | $-257.0M | $-105.5M | $29.3M | $-103.2M | $15.9M | $-230.0M | $-249.1M | |
| EPS (Diluted) | -0.57 | -0.56 | -5.35 | -1.67 | 0.42 | -1.29 | 0.15 | -1.89 | -2.00 | |
| EBITDA | $-34.3M | $-31.6M | $-252.0M | $-98.9M | $53.0M | $-97.0M | $36.1M | $-216.7M | $-235.1M | |
| Shares Out. (M) | 62.91 | 62.91 | 48.00 | 62.91 | 68.83 | 80.55 | 106.80 | 122.35 | 134.65 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0.00 | $114.8M | $252.5M | $150.3M | $157.3M | $238.2M | $247.9M | $405.1M | $348.4M | |
| Marketable Securities | $0.00 | $17.8M | $29.7M | $13.7M | $226.4M | $226.2M | $385.0M | $144.5M | $176.0M | |
| Total Current Assets | $0.00 | $137.8M | $290.7M | $172.0M | $399.5M | $490.0M | $659.2M | $590.2M | $560.5M | |
| Total Assets | $0.00 | $149.2M | $309.8M | $197.3M | $432.0M | $556.1M | $728.9M | $658.5M | $628.1M | |
| Total Current Liabilities | $0.00 | $77.0M | $94.3M | $107.5M | $112.8M | $170.7M | $71.2M | $50.4M | $63.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | - | $194.6M | $203.5M | $170.2M | $216.6M | $318.8M | $127.0M | $91.6M | $101.1M | |
| Stockholders' Equity | $0.00 | $-46.5M | $106.3M | $27.2M | $215.4M | $237.3M | $601.9M | $566.9M | $526.9M | |
| Retained Earnings | $0.00 | $-259.1M | $-540.7M | $-607.7M | $-540.4M | $-659.5M | $-617.3M | $-920.4M | $-975.5M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.5M | $78.9M | $-98.2M | $-95.8M | $106.1M | $19.9M | $-165.5M | $-206.8M | $-214.8M | |
| Capital Expenditure | $-577.0K | $-2.5M | $-9.2M | $-6.4M | $-6.6M | $-33.8M | $-17.3M | $-8.0M | $-5.2M | |
| Free Cash Flow | $23.0M | $76.4M | $-107.3M | $-102.2M | $99.5M | $-13.9M | $-182.7M | $-214.8M | $-220.0M | |
| Investing Cash Flow | $-15.4M | $-5.6M | $-19.4M | $8.5M | $-222.2M | $-34.2M | $-159.6M | $239.8M | $151.7M | |
| Financing Cash Flow | $26.9M | $-2.1M | $252.9M | $-3.0M | $131.0M | $92.2M | $334.7M | $114.0M | $139.1M | |
| Issuance of Stock | $26.9M | $0.00 | $265.1M | $106.0K | $142.5M | $98.6M | $359.2M | $125.7M | $151.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-2.1M | $-2.5M | $-3.1M | $-3.0M | $-4.2M | $-2.1M | $-3.5M | $-3.5M | |
| Stock Based Comp. | $1.7M | $947.0K | $27.9M | $29.8M | $23.9M | $22.6M | $18.5M | $17.6M | $19.3M | |
| Net Change in Cash | $35.2M | $71.1M | $126.7M | $-84.2M | $16.4M | $76.3M | $19.1M | $127.8M | $69.1M |
Dilution Tracker
Shares outstanding grew 114.0% over 5 years — significant dilution
Shares Outstanding
135M
5-Year Share Growth
+114.0%
Stock Issuance (TTM)
$151.4M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 62.91 | 62.91 | 48.00 | 62.91 | 68.83 | 80.55 | 106.80 | 122.35 | 134.65 | |
| YoY Change % | — | 0.0% | -23.7% | 31.1% | 9.4% | 17.0% | 32.6% | 14.6% | 10.1% | |
| Stock Issuance | $26.9M | $0.00 | $265.1M | $106.0K | $142.5M | $98.6M | $359.2M | $125.7M | $151.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.7M | $947.0K | $27.9M | $29.8M | $23.9M | $22.6M | $18.5M | $17.6M | $19.3M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -912.7% | -178.9% | -223.1% | -248.2% | 17.3% | -188.4% | -24.8% | -377.1% | -568.6% | |
| Net Margin % | -834.0% | -171.1% | -676.0% | -268.5% | 16.0% | -175.3% | 9.8% | -407.0% | -572.8% | |
| EBITDA Margin % | -800.1% | -154.3% | -662.7% | -251.7% | 29.0% | -164.7% | 22.1% | -383.5% | -540.6% | |
| FCF Margin % | 535.2% | 372.6% | -282.3% | -260.1% | 54.3% | -23.6% | -112.0% | -380.0% | -505.8% | |
| ROE % | 0.0% | 0.0% | -859.6% | -158.0% | 24.2% | -45.6% | 3.8% | -39.4% | -46.1% | |
| ROA % | - | -23.5% | -112.0% | -41.6% | 9.3% | -20.9% | 2.5% | -33.2% | -38.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 24.45 / 69.61
Industry Med.27.51
P/S27.98
Historical2.41 / 12.38 / 36.44
Industry Med.9.49
P/B2.51
Historical0.73 / 3.49 / 31.11
Industry Med.2.93
EV/EBITDA-3.50
Historical-27.74 / -3.54 / 22.48
Industry Med.13.02
EV/Revenue18.94
Historical-0.92 / 7.58 / 33.05
Industry Med.8.59
P/FCF—
Historical3.79 / 6.65 / 20.26
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$3.84
Net Current Assets
$3.360
Net-Net Working Capital
$3.12
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | 20.54 | At Loss | 48.37 | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 13.62 | 21.54 | 3.27 | 14.40 | 4.65 | 22.73 | 27.98 | |
| PB Ratio | 0.00 | 0.00 | 6.38 | 31.11 | 3.10 | 3.76 | 1.44 | 2.48 | 2.51 | |
| EV/EBITDA | 0.00 | 0.00 | -1.60 | -7.01 | 5.65 | -4.58 | 6.88 | -4.04 | -3.50 | |
| EV/Revenue | 0.00 | 0.00 | 10.63 | 17.64 | 1.64 | 7.54 | 1.52 | 15.51 | 18.94 |
Analyst Estimates & Quality
Altman Z-Score
5.39
Safe
Piotroski F-Score
2
Weak
Beneish M-Score
-1.76
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $45.68M | $52.66M | $115.27M |
| Net Income | $-269.68M | $-292.87M | $-298.15M |
| EPS | -1.98 | -1.94 | -1.71 |
| Book Value per Share | 4.69 | 4.20 | 2.41 |
| Operating Cash Flow per Share | -1.60 | -1.16 | -1.67 |
| Operating CF | $-214.83M | $-156.52M | $-224.45M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Research and development of PRAME-directed immunotherapies that harness the power of T cells for | $48.3M |
By Geography
| Segment | 2025 |
|---|---|
| Moderna, United States | $37.2M |
| Bristol-Myers-Squibb (BMS) United States | $11.0M |