Tuebingen, Germany and Houston, TX, March 30, 2021 – Immatics N.V. (NASDAQ: IMTX; “Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies, today provided an update on its corporate progress and reported financial results for the quarter and full year ended December 31, 2020.
Harpreet Singh, Ph.D., CEO of Immatics commented, “The past year was exceptional for Immatics with the advancement of our pipeline programs, expansion of our leadership team and scientific advisory board and the completion of our listing on the Nasdaq. Building on this foundation, we have recently delivered encouraging data from three clinical TCR-T studies demonstrating first anti-tumor activity in heavily pre-treated solid cancer patients. This early data also constitutes a first clinical validation for our differentiated TCR therapeutics platform. We look forward to reporting further data from our Phase 1 ACTengine® TCR-T trials as well as the progress in our TCR Bispecifics programs (TCER®) in the latter part of this year.”
Fourth Quarter 2020 and Subsequent Company Progress
Adoptive Cell Therapy Programs
Corporate Developments
Scientific Advisory Board Update
Amendment to Resale Registration Statement
Full Year 2020 Financial Results
Cash Position: Cash and cash equivalents as well as other financial assets total €232.0 million ($284.7 million1) as of December 31, 2020 compared to €119.4 million ($146.5 million1) as of December 31, 2019. The increase is mainly the result of the business combination with ARYA Sciences Acquisition Corporation completed in July 2020 (ARYA merger) and the concurrent PIPE Financing.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was €31.3 million ($38.4 million1) for the year ended December 31, 2020, compared to €18.4 million ($22.6 million1) for the year ended December 31, 2019.
Research and Development Expenses: R&D expenses were €67.1 million ($82.3 million1) for the year ended December 31, 2020, compared to €40.1 million ($49.2 million1) for the year ended December 31, 2019. The increase is mainly due to an increase in preclinical and clinical development expenses and an increase in share-based compensation (€14.5 million; $17.8 million1 for the year ended December 31, 2020 compared to €1.6 million; $1.9 million for the year ended December 31, 2019).
General and Administrative Expenses: G&A expenses were €34.2 million ($42.0 million1) for the year ended December 31, 2020, compared to €11.8 million ($14.5 million1) for the year ended December 31, 2019. The increase is mainly due to an increase in share-based compensation (€10.9 million; $13.4 million1 for the year ended December 31, 2020 compared to €0.5 million; $0.6 million for the year ended December 31, 2019) as well as one-time transaction costs of the NASDAQ listing in connection with the ARYA merger in July.
Net Loss: Net loss was €229.6 million ($281.7 million1) for the year ended December 31, 2020, compared to €32.5 million ($39.9 million1) for the year ended December 31, 2019, of which €152.8 million ($187.5 million1) resulted from a one-time, non-cash expense in connection with the ARYA merger. The main part of this €152.8 million ($187.5 million1) non-cash expense resulted from the share price increase between signing and closing of the ARYA merger.
Full financial statements can be found in the Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) and published on the SEC website under www.sec.gov.
1 All amounts translated using the exchange rate published by the European Central Bank in effect as of December 31, 2020 (1 EUR = 1.2271 USD).
Upcoming Investor Conferences
To see the full list of events and presentations, visit www.investors.immatics.com/events-presentations.
About Immatics
Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.
Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates you can also follow us on Twitter and LinkedIn.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Immatics’ future financial or operating performance. For example, statements concerning the timing of product candidates and Immatics’ focus on partnerships to advance its strategy are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.
For more information, please contact:
| For Media Inquiries | Investor Relations Contact |
| Jacob Verghese or Stephanie May | John Graziano |
| Trophic Communications | Solebury Trout |
| Phone: +49 89 2388 7731 | Phone: +1 646 378 2942 |
| immatics@trophic.eu | jgraziano@soleburytrout.com |
| Immatics N.V. | |
| Anja Heuer | Jordan Silverstein |
| Corporate Communications | Head of Strategy |
| Phone: +49 89 540415-606 | Phone: +1 281 810 7545 |
| media@immatics.com | InvestorRelations@immatics.com
|
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.
|
|
As of | ||||
| December 31, 2020 | December 31, 2019 | ||||
| (Euros in thousands) | |||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 207,530 | 103,353 | |||
| Other financial assets | 24,448 | 16,023 | |||
| Accounts receivable | 1,250 | 957 | |||
| Other current assets | 5,763 | 3,667 | |||
| Total current assets | 238,991 | 124,000 | |||
| Non-current assets | |||||
| Property, plant and equipment | 7,868 | 4,720 | |||
| Intangible assets | 914 | 1,008 | |||
| Right-of-use assets | 6,149 | 3,287 | |||
| Other non-current assets | 724 | 1,262 | |||
| Total non-current assets | 15,655 | 10,277 | |||
| Total assets | 254,646 | 134,277 | |||
| Liabilities and shareholders’ deficit | |||||
| Current liabilities | |||||
| Provisions | 51 | 50 | |||
| Accounts payable | 10,052 | 7,082 | |||
| Deferred revenue | 46,600 | 59,465 | |||
| Lease liabilities | 1,881 | 1,411 | |||
| Other current liabilities | 2,025 | 1,288 | |||
| Total current liabilities | 60,609 | 69,296 | |||
| Non-current liabilities | |||||
| Deferred revenue | 85,475 | 101,909 | |||
| Lease liabilities | 4,306 | 1,823 | |||
| Other non-current liabilities | – | 2,084 | |||
| Total non-current liabilities | 89,781 | 105,816 | |||
| Shareholders’ equity (deficit) | |||||
| Share capital | 629 | 1,164 | |||
| Share premium | 573,339 | 190,945 | |||
| Accumulated deficit | (462,253) | (233,194) | |||
| Other reserves | (7,459) | (770) | |||
| Total equity (deficit) attributable to shareholders of the parent | 104,256 | (41,855) | |||
| Non-controlling interest | – | 1,020 | |||
| Total shareholders’ equity (deficit) | 104,256 | (40,835) | |||
| Total liabilities and shareholders’ equity (deficit) | 254,646 | 134,277 | |||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics N.V.
| Year ended December 31, | ||||||
| 2020 | 2019 | 2018 | ||||
| (Euros in thousands, except share and per share data) | ||||||
| Revenue from collaboration agreements | 31,253 | 18,449 | 3,770 | |||
| Research and development expenses | (67,085) | (40,091) | (33,971) | |||
| General and administrative expenses | (34,186) | (11,756) | (7,666) | |||
| Other income | 303 | 385 | 3,458 | |||
| Operating result | (69,715) | (33,013) | (34,409) | |||
| Financial income | 2,949 | 790 | 2,215 | |||
| Financial expenses | (10,063) | (264) | (161) | |||
| Share listing expense | (152,787) | – | – | |||
| Financial result | (159,901) | 526 | 2,054 | |||
| Loss before taxes | (229,616) | (32,487) | (32,355) | |||
| Taxes on income | – | – | – | |||
| Net loss | (229,616) | (32,487) | (32,355) | |||
| Attributable to: | ||||||
| Equity holders of the parent | (229,059) | (31,571) | (31,444) | |||
| Non-controlling interest | (557) | (916) | (911) | |||
| Net loss | (229,616) | (32,487) | (32,355) | |||
| Net loss per share – basic and diluted | (4.77) | (0.95) | (0.95) | |||
| Weighted average shares outstanding – basic and diluted | 48,001,228 | 33,093,838 | 33,093,838 | |||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.
| Year ended December 31, | ||||||||
| Notes | 2020 | 2019 | 2018 | |||||
| (Euros in thousands) | ||||||||
| Net Loss | (229,616) | (32,487) | (32,355) | |||||
| Other comprehensive loss | ||||||||
| Items that may be reclassified subsequently to profit or loss, net of tax | – | – | – | |||||
| Currency translation differences from foreign operations | (6,689) | (29) | 313 | |||||
| Total comprehensive loss for the period | (236,305) | (32,516) | (32,042) | |||||
| Attributable to: | ||||||||
| Equity holders of the parent | (235,748) | (31,600) | (31,131) | |||||
| Non-controlling interest | 20 | (557) | (916) | (911) | ||||
| Total comprehensive loss for the period | (236,305) | (32,516) | (32,042) | |||||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.
| Year ended December 31, | |||||
| 2020 | 2019 | 2018 | |||
| (Euros in thousands) | |||||
| Cash flows from operating activities | |||||
| Loss before taxation | (229,616) | (32,487) | (32,355) | ||
| Adjustments for: | |||||
| Interest income | (850) | (790) | (507) | ||
| Depreciation and amortization | 4,424 | 3,858 | 2,176 | ||
| Interest expense | 289 | 170 | 16 | ||
| Share listing expense | 152,787 | – | – | ||
| Equity settled share-based payment | 22,908 | 152 | 118 | ||
| MD Anderson compensation expense | 45 | 700 | 1,360 | ||
| (Decrease) Increase in other liabilities resulting from share appreciation rights | (2,036) | 1,864 | 220 | ||
| Payment related to share-based compensation awards previously classified as equity-settled | (4,322) | – | – | ||
| Net foreign exchange differences | (4,477) | 3 | – | ||
| Changes in working capital | |||||
| Increase in accounts receivable | (294) | (563) | (175) | ||
| Increase in other assets | (1,600) | (1,497) | 5,608 | ||
| (Increase) decrease in accounts payable and other current liabilities | (23,387) | 98,937 | 43,732 | ||
| Interest received | 808 | 790 | 507 | ||
| Interest paid | (289) | (170) | (16) | ||
| Net cash provided by/(used in) operating activities | (85,610) | 70,967 | 20,684 | ||
| Cash flows from investing activities | |||||
| Payments for property, plant and equipment | (7,420) | (2,143) | (429) | ||
| Cash paid for investments in Other financial assets | (82,930) | (20,473) | (13,101) | ||
| Cash received from maturity of investments classified in Other financial assets | 74,505 | 17,551 | – | ||
| Payments for intangible assets | (104) | (91) | (78) | ||
| Proceeds from disposal of property, plant and equipment | – | 97 | 94 | ||
| Net cash provided by/(used in) investing activities | (15,949) | (5,059) | (13,514) | ||
| Cash flows from financing activities | |||||
| Proceeds from issuance of shares to equity holders of the parent | 217,918 | – | 23,648 | ||
| Transaction cost deducted from equity | (7,939) | ||||
| Payments for leases | (2,096) | (1,862) | – | ||
| Net cash provided by/(used in) financing activities | 207,883 | (1,862) | 23,648 | ||
| Net increase in cash and cash equivalents | 106,324 | 64,046 | 30,818 | ||
| Cash and cash equivalents at beginning of period | 103,353 | 39,367 | 8,415 | ||
| Effects of exchange rate changes on cash and cash equivalents | (2,147) | (60) | 134 | ||
| Cash and cash equivalents at end of period | 207,530 | 103,353 | 39,367 | ||
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in Shareholders’ equity (deficit) of Immatics N.V.
| (Euros in thousands) | Notes | Share capital | Share premium | Accumulated deficit | Other reserves | Total equity attributable to shareholders of the parent | Non-controlling interest | Total share-holders’ equity (deficit) |
| Balance as of January 1, 2018 | 1,164 | 167,027 | (170,179) | (1,054) | (3,042) | 787 | (2,255) | |
| Other comprehensive loss | – | – | – | 313 | 313 | – | 313 | |
| Net loss | – | – | (31,444) | – | (31,444) | (911) | (32,355) | |
| Comprehensive loss for the year | – | – | (31,444) | 313 | (31,131) | (911) | (32,042) | |
| Equity-settled tandem awards | 18 | – | 118 | – | – | 118 | – | 118 |
| Issuance of ordinary shares | 19 | – | 23,648 | – | – | 23,648 | – | 23,648 |
| MD Anderson compensation expense | 20 | – | – | – | – | – | 1,360 | 1,360 |
| Balance as of December 31, 2018 | 1,164 | 190,793 | (201,623) | (741) | (10,407) | 1,236 | (9,171) | |
| Balance as of January 1, 2019 | 1,164 | 190,793 | (201,623) | (741) | (10,407) | 1,236 | (9,171) | |
| Other comprehensive loss | – | – | – | (29) | (29) | – | (29) | |
| Net loss | – | – | (31,571) | – | (31,571) | (916) | (32,487) | |
| Comprehensive loss for the year | – | – | (31,571) | (29) | (31,600) | (916) | (32,516) | |
| Equity-settled tandem awards | 18 | – | 152 | – | – | 152 | – | 152 |
| MD Anderson compensation expense | 20 | – | – | – | – | – | 700 | 700 |
| Balance as of December 31, 2019 | 1,164 | 190,945 | (233,194) | (770) | (41,855) | 1,020 | (40,835) | |
| Balance as of January 1, 2020 | 1,164 | 190,945 | (233,194) | (770) | (41,855) | 1,020 | (40,835) | |
| Other comprehensive loss | – | – | – | (6,689) | (6,689) | – | (6,689) | |
| Net loss | – | – | (229,059) | – | (229,059) | (557) | (229,616) | |
| Comprehensive loss for the year | – | – | (229,059) | (6,689) | (235,748) | (557) | (236,305) | |
| Reorganization | 3,19 | (833) | 833 | – | – | – | – | – |
| Issue of share capital | ||||||||
| MD Anderson Share Exchange | 3,19 | 7 | 501 | – | – | 508 | (508) | – |
| PIPE Financing, net of transaction costs | 3, 19 | 104 | 89,973 | – | – | 90,077 | – | 90,077 |
| ARYA Merger, net of transaction costs | 3,19, 17 | 180 | 272,508 | – | – | 272,688 | – | 272,688 |
| SAR conversion | 18 | 7 | (7) | – | – | – | – | – |
| Total issuance of share capital | 298 | 362,975 | – | – | 363,273 | (508) | 362,765 | |
| Equity-settled share-based compensation | 18 | – | 22,908 | – | – | 22,908 | – | 22,908 |
| Payment related to share-based compensation awards previously classified as equity-settled | 18 | – | (4,322) | – | – | (4,322) | – | (4,322) |
| MD Anderson compensation expense | 20 | – | – | – | – | – | 45 | 45 |
| Balance as of December 31, 2020 | 629 | 573,339 | (462,253) | (7,459) | 104,256 | – | 104,256 |
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