Immatics N.V. — FY 2023 Form 20-F
Reporting period: Fiscal year ended December 31, 2023; this is an annual report, not a standalone 2023 Q4 filing. Figures are in euros unless stated otherwise. Consolidated statements follow IFRS as issued by the IASB. Immatics is a clinical-stage cancer immunotherapy company with no approved products or product-sale revenue.
Key financial metrics
| Metric | FY 2023 | FY 2022 |
|---|---|---|
| Collaboration revenue | €54.0 million | €172.8 million |
| Research and development expenses | €118.7 million | €106.8 million |
| General and administrative expenses | €38.2 million | €36.1 million |
| Operating result | Loss of €101.7 million | Profit of €30.0 million |
| Net result | Loss of €97.0 million | Profit of €37.5 million |
| Basic loss/earnings per share | (€1.20) | €0.56 |
| Operating cash flow | €18.2 million inflow | €100.1 million inflow |
| Investing cash flow | €31.4 million outflow | €209.8 million outflow |
| Financing cash flow | €84.5 million inflow | €123.7 million inflow |
At December 31, 2023, cash and cash equivalents were €218.5 million and other financial assets were €207.4 million, totaling €425.9 million in available funds. Total assets were €510.0 million; shareholders’ equity was €225.1 million. Lease liabilities were €15.4 million. The filing does not report conventional borrowings in the provided financial statements; warrants were carried as a €19.0 million liability. No product gross margin is reported because the company has no product sales.
Material changes versus FY 2022
- Revenue fell €118.8 million, primarily because FY 2022 included €91.3 million of revenue recognized at the point of transfer for the IMA401 license. FY 2023 included €13.7 million of BMS opt-in revenue and €5.4 million of Moderna collaboration revenue.
- FY 2022’s profit was driven by collaboration accounting, including the IMA401 license recognition; FY 2023 returned to a substantial loss as collaboration revenue no longer covered R&D and administrative costs.
- R&D expense rose 11% to €118.7 million, reflecting increased clinical activity, personnel and facility costs. G&A expense increased to €38.2 million.
- Cash and cash equivalents rose from €148.5 million to €218.5 million, while total cash and other financial assets increased from €362.2 million to €425.9 million.
Business, outlook and material developments
- Lead programs are autologous TCR-T therapies IMA203 and IMA203CD8, both targeting PRAME and in Phase 1b, and off-the-shelf TCR bispecifics IMA401 and IMA402 in early clinical development.
- Management planned to start a randomized, registration-enabling Phase 2/3 trial of IMA203 in second-line-or-later melanoma in 2024. First clinical data for IMA401 and IMA402, and a further IMA203/IMA203CD8 data update, were expected in the second half of 2024. These are forward-looking plans, not reported outcomes.
- Interim data cutoff September 30, 2023: IMA203 in melanoma at the selected dose showed confirmed response in 6 of 12 evaluable patients (50%); IMA203CD8 showed confirmed response in 5 of 9 evaluable patients (56%). These are small, early-stage cohorts and may not predict later trial results.
- Safety remains a significant development risk. Cytopenias and cytokine release syndrome were observed. The filing describes a Grade 5 event after IMA203CD8 treatment reported after the data cutoff, and a death in an IMA401-treated patient following pneumonia amid tumor progression and persistent neutropenia; causality and clinical context should be reviewed in the filing.
- Management reported completion of construction of a roughly 100,000-square-foot Texas research and GMP facility; feasibility work was expected in H2 2024, with registration-trial manufacturing planned after regulatory approvals expected in Q1 2025. The schedule and scale-up remain execution risks.
- Cash runway: management stated that existing cash, cash equivalents and other financial assets were sufficient for at least 12 months from the financial-statement issuance date. A January 2024 public offering, subsequent to year-end, generated approximately $173 million net (€188 million in USD equivalent terms as described in the filing). It adds liquidity but also diluted shareholders; the share count at December 31, 2023 was 84.7 million.
- Collaboration concentration and milestone receipts are uncertain. Moderna paid a $120 million upfront amount and Immatics may qualify for more than $1.7 billion in future milestones. BMS agreements include substantial contingent milestones and royalties. No collaboration milestones or royalties were achieved in the reported years.
- Genmab gave notice on March 14, 2024 that it would terminate its collaboration, effective April 28, 2024. This subsequent event was not reflected in FY 2023 revenue; Immatics stated it would receive no future milestone or royalty payments from that collaboration. The €14.9 million remaining Genmab deferred revenue at year-end was expected to be recognized in Q1 2024.
- Other material risks include continued losses and potential need for capital; clinical, regulatory and manufacturing uncertainty; dependence on third-party manufacturers, trial sites and collaborators; patient-screening and enrollment constraints; competition; intellectual-property exposure; and foreign-exchange sensitivity. U.S. holders also face potential PFIC tax consequences; the company said FY 2023 PFIC status was not believed to apply but future status was uncertain.
Investor verification priorities
- Verify subsequent clinical-trial data, safety updates and whether early response rates persist in larger, controlled studies.
- Track FDA alignment, trial initiation and enrollment for the proposed IMA203 Phase 2/3 program, plus IMA401/IMA402 data and dose schedules.
- Reconcile cash burn and runway against the January 2024 offering proceeds, facility spending and planned clinical expansion.
- Review the Genmab termination’s effect on future funding and pipeline commitments, and confirm the timing of deferred-revenue recognition.
- Assess manufacturing-facility readiness, regulatory approvals, product consistency and capacity before relying on projected trial supply or commercial timelines.
- Check share-count changes, option and warrant dilution, collaboration terms and milestone conditions, and the company’s evolving financing needs.
The independent auditor issued unqualified opinions on the IFRS financial statements and internal control over financial reporting as of December 31, 2023.