Estados financieros detallados de Immatics N.V. (IMTX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Immatics N.V. registró ingresos de $48.3M en el último ejercicio fiscal, con un CAGR de 5 años del 9.1%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo -5.4%, margen neto -495.3%.
Al precio actual de $8.64, IMTX presenta beneficios negativos (P/E no significativo) y un ROE del -47.04%. La capitalización bursátil es de $1.2B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $3.8M | $18.4M | $31.3M | $34.8M | $172.8M | $54.0M | $155.8M | $48.3M |
| Coste de Ventas | $34.0M | $40.1M | $67.1M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$30.2M | -$21.6M | -$35.8M | $34.8M | $172.8M | $54.0M | $155.8M | $48.3M |
| I+D | $34.0M | $40.1M | $67.1M | $87.6M | $106.8M | $118.7M | $148.1M | $183.8M |
| Generales y Administrativos | $7.7M | $11.8M | $34.2M | $33.8M | $36.1M | $38.2M | $46.4M | $51.2M |
| Gastos Operativos | $38.2M | $51.5M | $33.9M | $121.1M | $142.9M | $155.7M | $194.4M | $230.3M |
| Beneficio Operativo | -$34.4M | -$33.0M | -$69.7M | -$86.3M | $30.0M | -$101.7M | -$38.6M | -$182.0M |
| EBITDA | -$31.7M | -$28.5M | -$67.5M | -$87.5M | $50.0M | -$88.9M | $34.5M | -$185.1M |
| Gastos por Intereses | $16000 | $170000 | 0 | $566000 | $1.0M | $831000 | $886000 | $946000 |
| Beneficio Antes de Impuestos | -$32.4M | -$32.5M | -$211.8M | -$93.3M | $42.0M | -$97.0M | $21.3M | -$198.4M |
| Impuestos | 0 | 0 | 0 | 0 | $14.3M | -$2.3M | $6.1M | -$2.0M |
| Beneficio Neto | -$31.4M | -$31.7M | -$211.3M | -$93.3M | $27.7M | -$94.6M | $15.2M | -$196.4M |
| BPA | $-0.50 | $-0.50 | $-4.40 | $-1.48 | $0.56 | $-1.18 | $0.14 | $-1.54 |
| BPA Diluido | $-0.50 | $-0.50 | $-4.40 | $-1.48 | $0.55 | $-1.18 | $0.14 | $-1.54 |
| Acciones en Circulación (Diluidas) | $62.9M | $62.9M | $48.0M | $62.9M | $68.2M | $80.5M | $106.8M | $122.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $5.2M | $19.8M | $7.6M | $9.1M |
| Beneficio Bruto | $5.2M | $19.8M | $7.6M | $9.1M |
| Beneficio Operativo | -$54.6M | -$38.9M | -$66.1M | -$67.2M |
| EBITDA | -$47.4M | -$32.2M | -$54.8M | -$59.5M |
| Beneficio Neto | -$50.5M | -$35.7M | -$57.8M | -$62.5M |
| BPA | $-0.42 | $-0.28 | $-0.43 | $-0.46 |
| BPA Diluido | $-0.42 | $-0.28 | $-0.43 | $-0.46 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $39.4M | $103.4M | $207.5M | $133.0M | $148.5M | $218.5M | $236.7M | $345.8M |
| Inversiones a Corto | $13.1M | $16.0M | $24.4M | $12.1M | $213.7M | $207.4M | $367.7M | $123.4M |
| Cuentas por Cobrar | $1.8M | $2.7M | $2.9M | $2.4M | $1.1M | $5.7M | $6.7M | $6.9M |
| Inventario | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $55.3M | $124.0M | $239.0M | $152.2M | $377.2M | $449.4M | $629.6M | $503.8M |
| Inmovilizado Material | $4.0M | $8.0M | $14.0M | $20.5M | $26.5M | $57.1M | $63.7M | $54.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $1.0M | $1.0M | $913000 | $1.3M | $1.6M | $1.5M | $1.6M | $1.6M |
| Activos Totales | $61.3M | $134.3M | $254.6M | $174.6M | $407.8M | $510.0M | $696.1M | $562.1M |
| Cuentas por Pagar | $4.8M | $4.9M | $2.6M | $3.0M | $13.1M | $7.7M | $10.1M | $339855 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $26.8M | $69.3M | $77.5M | $95.1M | $106.5M | $156.6M | $68.0M | $43.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $70.5M | $175.1M | $167.3M | $150.6M | $204.5M | $292.3M | $121.3M | $78.2M |
| Reservas | -$201.6M | -$233.2M | -$444.5M | -$537.8M | -$510.1M | -$604.8M | -$589.5M | -$785.7M |
| Patrimonio Neto | -$10.4M | -$41.9M | $87.4M | $24.1M | $203.4M | $217.6M | $574.8M | $483.9M |
| Deuda Total | 0 | $3.2M | $6.2M | $9.9M | $14.6M | $15.4M | $16.2M | $15.6M |
| Deuda Neta | -$52.5M | -$116.1M | -$225.8M | -$135.3M | -$347.6M | -$410.5M | -$588.2M | -$453.5M |
| Capital Circulante | $28.5M | $54.7M | $161.5M | $57.1M | $270.7M | $292.8M | $561.6M | $460.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $334.9M | $345.9M | $301.6M | $232.4M |
| Activos Totales | $518.6M | $562.3M | $543.8M | $485.5M |
| Pasivos Totales | $101.9M | $78.2M | $87.6M | $86.1M |
| Patrimonio Neto | $416.7M | $484.1M | $456.3M | $399.5M |
| Deuda Total | $16.4M | $15.6M | $15.1M | $14.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$32.4M | -$32.5M | -$229.6M | -$93.3M | $37.5M | -$94.6M | $15.2M | -$188.7M |
| Amortizaciones | $2.2M | $3.9M | $4.4M | $5.3M | $7.0M | $7.2M | $12.2M | $11.9M |
| Compensación en Acciones | $1.5M | $852000 | $23.0M | $26.4M | $22.6M | $20.7M | $17.6M | 0 |
| Cambio en Capital Circulante | $49.2M | $96.9M | -$25.3M | -$31.7M | $37.3M | $81.6M | -$163.9M | -$42.2M |
| Flujo de Caja Operativo | $20.7M | $71.0M | -$85.6M | -$81.8M | $100.1M | $18.2M | -$158.0M | -$169.7M |
| Inversiones (CapEx) | -$507000 | -$2.2M | -$7.5M | -$5.7M | -$6.2M | -$31.0M | -$16.5M | -$6.3M |
| Adquisiciones | $97009 | $91000 | $104000 | $551000 | -$199.9M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $20.2M | $68.7M | -$93.1M | -$87.4M | $93.9M | -$12.7M | -$174.5M | -$176.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$44.7M | -$57.6M | -$42.7M | -$61.2M |
| Inversiones (CapEx) | -$1.1M | -$938576 | -$775544 | -$880611 |
| Flujo de Caja Libre | -$45.8M | -$58.6M | -$43.5M | -$62.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.2M | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +389.4% | +69.4% | +11.2% | +397.2% | -68.8% | +188.6% | -69.0% |
| Crecimiento Beneficio Neto (anual) | | -0.9% | -565.7% | +55.8% | +129.7% | -441.7% | +116.1% | -1390.9% |
| Crecimiento BPA (anual) | | +0.0% | -780.0% | +66.4% | +137.8% | -310.7% | +111.9% | -1200.0% |
| Cambio en Acciones (anual) | | +0.0% | -23.7% | +31.1% | +8.4% | +18.1% | +32.6% | +14.6% |
| Crecimiento FCF (anual) | | +240.7% | -235.5% | +6.1% | +207.4% | -113.6% | -1271.0% | -0.8% |
| Margen Bruto | -801.1% | -117.3% | -114.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | -912.7% | -178.9% | -223.1% | -248.2% | 17.3% | -188.4% | -24.8% | -377.1% |
| Margen EBITDA | -841.5% | -154.3% | -215.9% | -251.7% | 29.0% | -164.7% | 22.1% | -383.5% |
| Margen Neto | -834.1% | -172.0% | -676.0% | -268.5% | 16.0% | -175.3% | 9.8% | -407.0% |
| Margen FCF | 535.2% | 372.6% | -298.0% | -251.5% | 54.3% | -23.6% | -112.0% | -364.6% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | 34.1% | 2.4% | 28.7% | 1.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.32 | $1.09 | $-1.94 | $-1.39 | $1.38 | $-0.16 | $-1.63 | $-1.44 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $62.9M | $62.9M | $48.0M | $62.9M | $67.0M | $80.5M | $106.8M | $122.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -47.04% |
| Rentabilidad sobre capital invertido | -52.53% |
| Rentabilidad sobre activos | -42.54% |
| Margen bruto | 100.00% |
| Margen operativo | -543.79% |
| Margen neto | -495.27% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 7.54 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -17.09 | -18.55 | -2.01 | -7.99 | 14.53 | -8.07 | 49.04 | -5.80 |
| P/VC | -51.66 | -13.94 | 4.85 | 30.90 | 2.68 | 3.53 | 1.28 | 2.26 |
| P/V | 142.60 | 31.62 | 13.56 | 21.39 | 3.15 | 14.21 | 4.71 | 22.65 |
| Margen Bruto | -801.1% | -117.3% | -114.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | -912.7% | -178.9% | -223.1% | -248.2% | 17.3% | -188.4% | -24.8% | -377.1% |
| Margen Neto | -834.1% | -172.0% | -676.0% | -268.5% | 16.0% | -175.3% | 9.8% | -407.0% |