Detailed financial statements for Immatics N.V. (IMTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Immatics N.V. is a clinical-stage biopharmaceutical firm dedicated to discovering and advancing T-cell receptor (TCR) based immunotherapies aimed at combating cancer, primarily within the United States. Its therapeutic strategy centers on targeted immunotherapies for solid tumors, utilizing two distinct approaches: adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. The company's ACTengine™ portfolio features several candidates in Phase I clinical trials.
Analysis Summary
Immatics N.V. reported revenue of $48.3M in the most recent fiscal year, growing at a 5-year CAGR of 9.1%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -5.4%, net margin -495.3%.
At the current price of $8.64, IMTX has negative trailing earnings (P/E not meaningful) and an ROE of -47.04%. Market capitalisation stands at $1.2B.
Balance sheet quality for IMTX: current ratio of 11.7, net cash position of $453.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M | $18.4M | $31.3M | $34.8M | $172.8M | $54.0M | $155.8M | $48.3M |
| Cost of Revenue | $34.0M | $40.1M | $67.1M | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$30.2M | -$21.6M | -$35.8M | $34.8M | $172.8M | $54.0M | $155.8M | $48.3M |
| Research & Development | $34.0M | $40.1M | $67.1M | $87.6M | $106.8M | $118.7M | $148.1M | $183.8M |
| Selling, General & Admin | $7.7M | $11.8M | $34.2M | $33.8M | $36.1M | $38.2M | $46.4M | $51.2M |
| Operating Expenses | $38.2M | $51.5M | $33.9M | $121.1M | $142.9M | $155.7M | $194.4M | $230.3M |
| Operating Income | -$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 |
| Interest Expense | $16000 | $170000 | 0 | $566000 | $1.0M | $831000 | $886000 | $946000 |
| Pre-tax Income | -$32.4M | -$32.5M | -$211.8M | -$93.3M | $42.0M | -$97.0M | $21.3M | -$198.4M |
| Income Tax | 0 | 0 | 0 | 0 | $14.3M | -$2.3M | $6.1M | -$2.0M |
| Net Income | -$31.4M | -$31.7M | -$211.3M | -$93.3M | $27.7M | -$94.6M | $15.2M | -$196.4M |
| EPS | $-0.50 | $-0.50 | $-4.40 | $-1.48 | $0.56 | $-1.18 | $0.14 | $-1.54 |
| EPS (Diluted) | $-0.50 | $-0.50 | $-4.40 | $-1.48 | $0.55 | $-1.18 | $0.14 | $-1.54 |
| Shares Outstanding (Diluted) | $62.9M | $62.9M | $48.0M | $62.9M | $68.2M | $80.5M | $106.8M | $122.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.2M | $19.8M | $7.6M | $9.1M |
| Gross Profit | $5.2M | $19.8M | $7.6M | $9.1M |
| Operating Income | -$54.6M | -$38.9M | -$66.1M | -$67.2M |
| EBITDA | -$47.4M | -$32.2M | -$54.8M | -$59.5M |
| Net Income | -$50.5M | -$35.7M | -$57.8M | -$62.5M |
| EPS | $-0.42 | $-0.28 | $-0.43 | $-0.46 |
| EPS (Diluted) | $-0.42 | $-0.28 | $-0.43 | $-0.46 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $39.4M | $103.4M | $207.5M | $133.0M | $148.5M | $218.5M | $236.7M | $345.8M |
| Short-term Investments | $13.1M | $16.0M | $24.4M | $12.1M | $213.7M | $207.4M | $367.7M | $123.4M |
| Receivables | $1.8M | $2.7M | $2.9M | $2.4M | $1.1M | $5.7M | $6.7M | $6.9M |
| Inventory | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $55.3M | $124.0M | $239.0M | $152.2M | $377.2M | $449.4M | $629.6M | $503.8M |
| Property, Plant & Equipment | $4.0M | $8.0M | $14.0M | $20.5M | $26.5M | $57.1M | $63.7M | $54.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.0M | $1.0M | $913000 | $1.3M | $1.6M | $1.5M | $1.6M | $1.6M |
| Total Assets | $61.3M | $134.3M | $254.6M | $174.6M | $407.8M | $510.0M | $696.1M | $562.1M |
| Accounts Payable | $4.8M | $4.9M | $2.6M | $3.0M | $13.1M | $7.7M | $10.1M | $339855 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $26.8M | $69.3M | $77.5M | $95.1M | $106.5M | $156.6M | $68.0M | $43.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $70.5M | $175.1M | $167.3M | $150.6M | $204.5M | $292.3M | $121.3M | $78.2M |
| Retained Earnings | -$201.6M | -$233.2M | -$444.5M | -$537.8M | -$510.1M | -$604.8M | -$589.5M | -$785.7M |
| Total Equity | -$10.4M | -$41.9M | $87.4M | $24.1M | $203.4M | $217.6M | $574.8M | $483.9M |
| Total Debt | 0 | $3.2M | $6.2M | $9.9M | $14.6M | $15.4M | $16.2M | $15.6M |
| Net Debt | -$52.5M | -$116.1M | -$225.8M | -$135.3M | -$347.6M | -$410.5M | -$588.2M | -$453.5M |
| Working Capital | $28.5M | $54.7M | $161.5M | $57.1M | $270.7M | $292.8M | $561.6M | $460.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $334.9M | $345.9M | $301.6M | $232.4M |
| Total Assets | $518.6M | $562.3M | $543.8M | $485.5M |
| Total Liabilities | $101.9M | $78.2M | $87.6M | $86.1M |
| Total Equity | $416.7M | $484.1M | $456.3M | $399.5M |
| Total Debt | $16.4M | $15.6M | $15.1M | $14.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$32.4M | -$32.5M | -$229.6M | -$93.3M | $37.5M | -$94.6M | $15.2M | -$188.7M |
| Depreciation & Amortization | $2.2M | $3.9M | $4.4M | $5.3M | $7.0M | $7.2M | $12.2M | $11.9M |
| Stock-based Compensation | $1.5M | $852000 | $23.0M | $26.4M | $22.6M | $20.7M | $17.6M | 0 |
| Change in Working Capital | $49.2M | $96.9M | -$25.3M | -$31.7M | $37.3M | $81.6M | -$163.9M | -$42.2M |
| Operating Cash Flow | $20.7M | $71.0M | -$85.6M | -$81.8M | $100.1M | $18.2M | -$158.0M | -$169.7M |
| Capital Expenditure | -$507000 | -$2.2M | -$7.5M | -$5.7M | -$6.2M | -$31.0M | -$16.5M | -$6.3M |
| Acquisitions | $97009 | $91000 | $104000 | $551000 | -$199.9M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $20.2M | $68.7M | -$93.1M | -$87.4M | $93.9M | -$12.7M | -$174.5M | -$176.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$44.7M | -$57.6M | -$42.7M | -$61.2M |
| Capital Expenditure | -$1.1M | -$938576 | -$775544 | -$880611 |
| Free Cash Flow | -$45.8M | -$58.6M | -$43.5M | -$62.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.2M | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +389.4% | +69.4% | +11.2% | +397.2% | -68.8% | +188.6% | -69.0% | |
| Net Income Growth (YoY) | -0.9% | -565.7% | +55.8% | +129.7% | -441.7% | +116.1% | -1390.9% | |
| EPS Growth (YoY) | +0.0% | -780.0% | +66.4% | +137.8% | -310.7% | +111.9% | -1200.0% | |
| Shares Change (YoY) | +0.0% | -23.7% | +31.1% | +8.4% | +18.1% | +32.6% | +14.6% | |
| FCF Growth (YoY) | +240.7% | -235.5% | +6.1% | +207.4% | -113.6% | -1271.0% | -0.8% | |
| Gross Margin | -801.1% | -117.3% | -114.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -912.7% | -178.9% | -223.1% | -248.2% | 17.3% | -188.4% | -24.8% | -377.1% |
| EBITDA Margin | -841.5% | -154.3% | -215.9% | -251.7% | 29.0% | -164.7% | 22.1% | -383.5% |
| Net Margin | -834.1% | -172.0% | -676.0% | -268.5% | 16.0% | -175.3% | 9.8% | -407.0% |
| FCF Margin | 535.2% | 372.6% | -298.0% | -251.5% | 54.3% | -23.6% | -112.0% | -364.6% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 34.1% | 2.4% | 28.7% | 1.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.32 | $1.09 | $-1.94 | $-1.39 | $1.38 | $-0.16 | $-1.63 | $-1.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $62.9M | $62.9M | $48.0M | $62.9M | $67.0M | $80.5M | $106.8M | $122.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -47.04% |
| Return on Invested Capital | -52.53% |
| Return on Assets | -42.54% |
| Gross Margin | 100.00% |
| Operating Margin | -543.79% |
| Net Margin | -495.27% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 7.54 |
Key Ratios (10y)
| Year | 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/B | -51.66 | -13.94 | 4.85 | 30.90 | 2.68 | 3.53 | 1.28 | 2.26 |
| P/S | 142.60 | 31.62 | 13.56 | 21.39 | 3.15 | 14.21 | 4.71 | 22.65 |
| Gross Margin | -801.1% | -117.3% | -114.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -912.7% | -178.9% | -223.1% | -248.2% | 17.3% | -188.4% | -24.8% | -377.1% |
| Net Margin | -834.1% | -172.0% | -676.0% | -268.5% | 16.0% | -175.3% | 9.8% | -407.0% |
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Explore sector: Healthcare · Biotechnology
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