Immatics N.V. (IMTX) | Investment Case

1. Company Snapshot

1.a. Company Description

Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the discovery and development of T cell receptor (TCR) based immunotherapies for the treatment of cancer in the United States.The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics.Its ACTengine product candidates are in Phase I clinical trials, which include IMA201 that targets melanoma-associated antigen 4 or 8 in patients with solid tumors; IMA202 that targets melanoma-associated antigen 1 in patients with various solid tumors, including squamous non-small cell lung carcinoma and hepatocellular carcinoma; and IMA203 that targets preferentially expressed antigen in melanoma in adult patients with relapsed and/or refractory solid tumors, as well as IMA204, which is in preclinical studies that targets tumor stroma cell.

The company's TCR Bispecifics product candidates, which are in preclinical studies include IMA401, a cancer testis antigen for the treatment of solid tumors; and IMA402 for the treatment of solid tumors.It also develops IMA101 for the treatment of cancer; and IMA301, an allogenic cellular therapy product candidate.The company has a strategic collaboration agreement with GlaxoSmithKline Intellectual Property Development Limited to develop novel adoptive cell therapies targeting multiple cancer indications; MD Anderson Cancer Center to develop multiple T cell and TCR-based adoptive cellular therapies; Celgene Switzerland LLC to develop novel adoptive cell therapies targeting multiple cancers; and Genmab A/S to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications.

Immatics N.V. is headquartered in Tübingen, Germany.

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1.b. Last Insights on IMTX

Immatics N.V.'s recent performance was driven by a strong analyst consensus, with a mean price target indicating a 174.5% upside. The company's first-quarter 2025 financial results showed a solid business update, with a favorable tolerability profile and durable responses in patients with metastatic melanoma. The presentation of expanded data from the Phase 1b clinical trial evaluating IMA203 PRAME cell therapy demonstrated consistent and favorable tolerability, as well as durable responses with a confirmed ORR of 56%. Additionally, the company provided details from a Trial in Progress poster on SUPRAME, the ongoing Phase 3 clinical trial evaluating IMA203 in patients with unresectable or metastatic cutaneous melanoma.

1.c. Company Highlights

Last Price	10.18
Change Percentage	-14.24%
Open	10.89
Previous Close	11.87
Market Cap ( Millions)	1238
Volume	1649444
Year High	12.41
Year Low	3.3
M A 50	9.89
M A 200	6.48

FCF Yield	-17.31%
Dividend Yield	0.00%
ROE	-23.26%
Debt / Equity	3.93%
Net Debt / EBIDTA	299.56%
Price To Book	2.55
Price Earnings Ratio	-9.17
Price To FCF	-5.78
Price To sales	12.54
EV / EBITDA	-7.0

2. Transcript Summary

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3. NewsRoom

Immatics N.V. (NASDAQ:IMTX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Nov -19

Source: defenseworld.net

Immatics (IMTX) Reports Q3 Loss, Misses Revenue Estimates

Nov -17

Source: zacks.com

Immatics Announces Third Quarter 2025 Financial Results and Business Update

Nov -17

Source: globenewswire.com

Immatics Achieves Clinical Proof-of-Concept of its Next-Generation TCR Bispecific (TCER®) Pipeline with Data on IMA402 (PRAME) and IMA401 (MAGEA4/8) and Announces Next Development Steps

Nov -12

Source: globenewswire.com

Immatics Appoints Amie Krause as Chief People Officer

Oct -27

Source: globenewswire.com

Immatics Highlights Compelling Anti-Tumor Activity of Anzu-cel PRAME Cell Therapy in Metastatic Uveal Melanoma at the ESMO 2025 Presidential Symposium

Oct -20

Source: globenewswire.com

Immatics: Multiple Clinical Catalysts In Q4'25 And 2026

Oct -10

Source: seekingalpha.com

New Strong Sell Stocks for August 15th

Aug -18

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.00%)

6. Segments

T Cell Redirecting Immunotherapies

Expected Growth: 10.0%

Immatics N.V.'s T Cell Redirecting Immunotherapies growth is driven by increasing adoption in cancer treatment, strong clinical trial results, and strategic partnerships. Rising cancer incidence, growing demand for targeted therapies, and expanding pipeline of novel targets also contribute to the 10.0% growth.

7. Detailed Products

ACTengine

A proprietary cell therapy platform that leverages gamma delta T cells to target and kill cancer cells

TCR-T cell therapy

A type of immunotherapy that uses T cells engineered to recognize and target specific tumor antigens

Target Warehouse

A comprehensive database of tumor-specific targets and peptides for cancer immunotherapy

XPRESIDENT

A proprietary platform for the discovery and validation of novel tumor-specific targets and peptides

8. Immatics N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Immatics N.V. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the field of immunotherapy.

Bargaining Power Of Customers

Immatics N.V. has a diverse customer base, and no single customer has significant bargaining power, reducing the threat of customer bargaining power.

Bargaining Power Of Suppliers

Immatics N.V. relies on a few key suppliers for raw materials and equipment, giving them some bargaining power, but the company's strong relationships with suppliers mitigate this threat.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market, posing a significant threat to Immatics N.V.'s market share.

Intensity Of Rivalry

The immunotherapy market is highly competitive, with many established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	6.40%
Debt Cost	5.35%
Equity Weight	93.60%
Equity Cost	7.37%
WACC	7.24%
Leverage	6.84%

11. Quality Control: Immatics N.V. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Idorsia

A-Score: 5.1/10

Value: 8.4

Growth: 6.8

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

Genus

A-Score: 3.9/10

Value: 1.7

Growth: 3.9

Quality: 4.7

Yield: 1.9

Momentum: 8.0

Volatility: 3.0

1-Year Total Return ->

Barinthus Bio

A-Score: 3.5/10

Value: 8.4

Growth: 4.8

Quality: 3.4

Yield: 0.0

Momentum: 4.5

Volatility: 0.0

1-Year Total Return ->

Immatics

A-Score: 3.5/10

Value: 6.8

Growth: 6.1

Quality: 4.1

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

1-Year Total Return ->

AC Immune

A-Score: 3.2/10

Value: 6.4

Growth: 4.0

Quality: 5.0

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

1-Year Total Return ->

Ryvu Therapeutics

A-Score: 2.6/10

Value: 6.2

Growth: 2.6

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

17.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.24%

Immatics N.V. - NL0015285941

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IMTX

1.c. Company Highlights

Lower Quality

Medium Volatility

Average Yield

Earnings Beats

Revenues Beats

Fairly Valued

Average Quality

Higher Growth

Cheaper

Weak Momentum

Revenues Miss

More Volatile

Earnings Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.00%)

6. Segments

T Cell Redirecting Immunotherapies

Expected Growth: 10.0%

7. Detailed Products

ACTengine

TCR-T cell therapy

Target Warehouse

XPRESIDENT

8. Immatics N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Immatics N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.18$

Current Price

10.18$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA