Immatics Reports Q2 2024 Financial Results and Business Update

Immatics N.V., a clinical-stage biopharmaceutical firm specializing in T cell-redirecting cancer immunotherapies, has announced significant updates and financial results for the quarter ending June 30, 2024. The company, headquartered in Houston, Texas and Tuebingen, Germany, revealed advancements in its ACTengine® and TCER® programs, alongside notable corporate developments and financial standings.

Clinical Milestones:
Immatics is preparing for pivotal clinical milestones in the latter half of 2024. The highlights include presenting clinical data on the TCR Bispecific, TCER® IMA401, at the European Society for Medical Oncology (ESMO) Congress. The company will also share updates from its cell therapy pipeline and begin the registration-enabling IMA203 clinical trial.

Key Clinical Data:
1. ACTengine® IMA203 and IMA203CD8 (GEN2) - On May 14, 2024, Immatics reported findings from a Phase 1 trial involving the IMA203 monotherapy targeting PRAME. Among the 30 heavily pre-treated metastatic melanoma patients, results showed a 55% confirmed objective response rate (cORR) and a 90% disease control rate (DCR). Tumor shrinkage was evident in 87% of the patients, with a median duration of response lasting 13.5 months. The treatment exhibited a favorable tolerability profile.

2. TCR Bispecifics - The T cell engaging receptor (TCER®) candidates from Immatics are designed for high efficacy and minimal toxicity. IMA401 (MAGEA4/8) data will be presented at ESMO, focusing on safety, pharmacokinetics, and anti-tumor activity. Additionally, IMA402 (PRAME) data from at least 15 patients will be revealed later in 2024.

Progress in IMA203CD8 (GEN2) dose escalation continues, with the goal of determining the optimal dose for further development. The expansion beyond melanoma to include ovarian and uterine cancers is also underway.

Corporate Development:
In a strategic move, Alise Reicin, M.D., joined Immatics' Board of Directors in July 2024, bringing her extensive clinical development expertise. This appointment reflects Immatics' commitment to advancing its TCR-based therapies.

Financial Overview:
As of June 30, 2024, Immatics reported cash and financial assets totaling $568.5 million, ensuring operational funding through 2027. The company's revenue for the quarter was $20.1 million, a decrease from the previous year due to a one-time payment in 2023. Research and development expenses rose to $37.7 million, driven by the progression of clinical pipeline candidates. General and administrative costs were $10.8 million. Despite a net loss of $19.3 million for the quarter, this was an improvement compared to the previous year's $26.3 million loss, attributable to a better financial result.

The company's ongoing public offering in January 2024 positively impacted its financial position, partly offsetting research and development expenditures.

Immatics remains focused on leveraging its proprietary technologies to identify true cancer targets and develop effective T cell therapies. The upcoming clinical and financial milestones underscore its commitment to addressing the needs of patients with advanced solid tumors, aiming to provide transformative therapies that enhance patient outcomes.

In conclusion, Immatics' recent updates highlight significant progress in its clinical programs and a strong financial position, laying a robust foundation for continued advancement in cancer immunotherapy. The company's strategic developments and clinical milestones mark a pivotal phase in its mission to develop transformative cancer treatments.