Immatics N.V.
IMTX · Price history
Price at last available close
$7.30
−$1.20 (-14.14%) 1M
2026-10-28
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Company & revenue
About Immatics N.V.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
Immatics is a clinical-stage biopharmaceutical company that generates revenue primarily through collaboration and license agreements with pharmaceutical partners. These agreements involve upfront payments, research funding, and potential milestone payments related to the development and commercialization of its T cell-redirecting cancer immunotherapies.
Products & services
The company develops T cell-redirecting immunotherapies, including TCR-based adoptive cell therapies and T cell engaging bispecifics (TCER), designed to target and eliminate cancer cells.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Pharmaceutical and biotechnology companiesSource
Customer concentration
The company's revenue is derived from a limited number of collaboration partners, leading to significant customer concentration as disclosed in the 2025 annual report.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Business relationships & partnerships
- Bristol Myers Squibb — Collaboration for the development of TCER IMA401 targeting solid tumors.Source
- MD Anderson Cancer Center — Strategic collaboration to develop multiple T cell and TCR-based adoptive cellular therapies.Source
- Celgene Corporation — Collaboration to develop novel adoptive cell therapies targeting multiple cancers.Source
- Genmab A/S — Collaboration to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications.Source
Competitors
- Biotechnology and pharmaceutical companies — Companies engaged in the research and development of cancer immunotherapies and cell-based therapies.Source
Strengths
- Proprietary TCR discovery platformSource
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
25
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
39
Poor
Financial Strength
58
Business Quality / Moat
46
Management
40
Growth Quality
0
Risk / Durability
20
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
48
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
54/100
Building Historical Record
Model Score 54/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently moderate.
- •Balance-sheet / debt profile scores strongly
- •Insider activity signal is favorable
- •Debt service risk
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for IMTX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving IMTX's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can IMTX fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is IMTX likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for IMTX to reach sustainable profitability?
- •What future growth or profitability would be needed to justify IMTX's current valuation?
Essential Investment Snapshot
Wall Street Score
25
Opportunity Score
48
Market Cap
$1.09B
P/E Ratio
-4.9
EPS
$-1.80
52-Week High
$12.41
52-Week Low
$8.06
Beta
1.33
Analyst Target
$17.00
Shares Outstanding
122.3M
Total Revenue
$47.3M
Total Debt
$16.6M
Dividend
No current dividend
Liquidation Value / Share
$3.70
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Elevated movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for IMTX
Detected from reported data — verify before acting.Debt service risk
Interest coverage is low (~-192.4x). Earnings may be strained to cover interest expense.
Community Sentiment
0 active · 0 total callsNo personal call yet on IMTX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary TCR discovery platform.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −Dependence on collaboration partners.
- −Clinical trial failure and regulatory uncertainty.
- −Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
25
Aug 14, 2026
Change
+0.1
points
Current Score
25
Oct 1, 2026
Category Changes
IMTX increased 0.1 points because Moat improved by 2.3 points.
Positive Contributors
- + Moat improved by 2.3 points
Projected Score
Projected Score
29
Projected Change
+4.4 points
Preliminary comparable-period financial changes suggest improvement of approximately 4.4 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$7.29
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Large reported revenue change: -69.0%
Revenue changed sharply from 2024 to 2025. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.3M | $54.7M | $176.7M | $61.2M | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $47.3M | $54.7M | $176.7M | $61.2M | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $247.7M | $208.5M | $167.9M | $134.6M | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $62.1M | $58.0M | $52.7M | $43.3M | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $304.5M | $261.1M | $220.5M | $176.6M | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$219.8M | -$209.9M | $39.1M | -$100.8M | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$257.2M | -$206.4M | -$43.8M | -$115.4M | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $984K | $1.1M | $1.0M | $942K | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$234.5M | -$225.0M | $24.2M | -$110.0M | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | -$245K | -$2.3M | $6.9M | -$2.7M | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$234.2M | -$222.8M | $17.3M | -$107.3M | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-1.72 | $-1.75 | $0.16 | $-1.34 | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 137M | 122M | 107M | 80.55M | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 137M | 122M | 107M | 80.55M | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$10.4M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.52
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-14.7%
Cash Change
-9.5%
Margin Change
+801.7 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Debt reduced
What Weakened
- Cash position declined
Potential Score Impact
Positive indicators included revenue growth, debt levels, net income margin. Pressure indicators included EPS growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 93.0%. EPS declined 20.7%. Cash declined 9.5%. Total debt declined 14.7%. Net income margin improved by 801.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · IMTX
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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