Tuebingen, Germany and Houston, Texas, November 17, 2022 – 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 a business update and reported financial results for the quarter ended September 30, 2022.
“The initial results from our Phase 1a and Phase 1b cohort A showed a highly encouraging confirmed objective response rate of 50% for patients treated at or above target dose. Early data from cohort A alone have shown a confirmed objective response rate of 80%. With these encouraging results, we have built momentum for our multi-cohort strategy designed to leverage the full clinical potential of targeting PRAME,” commented Harpreet Singh, Ph.D., CEO and Co-Founder of Immatics. “We look forward to sharing the next data readouts from all three Phase 1b expansion cohorts in 2023, as well as initiating the Phase 1/2 clinical trial of our TCR Bispecific candidate, TCER® IMA402, targeting PRAME. With the recent addition of new capital, we have the resources to deliver on our corporate objectives for 2023 and to fund operations into 2025.”
Third Quarter 2022 and Subsequent Company Progress
Adoptive Cell Therapy Programs
2) IND = Investigational New Drug
3) Clinical Trial Application (CTA) is the equivalent of an Investigational New Drug (IND) application in Europe
Corporate Developments
In October 2022, Immatics successfully completed the underwritten public offering of 10,905,000 ordinary shares at a price of $10.09 per ordinary share, raising approximately $110 million before deducting underwriting discount and offering expenses. The offering included participation from investors including Armistice Capital Master Fund Ltd., Dellora Investments, EcoR1 Capital, Nantahala Capital, Perceptive Advisors, Rock Springs Capital, RTW Investments, LP, Samsara BioCapital, SilverArc Capital, Sofinnova Investments, Wellington Management, 683 Capital and other specialist biotech investors.
On October 24, 2022, GSK provided Immatics with notice of its decision to terminate their collaboration. Initially announced on February 20, 2020, the terms of the agreement included a €45 Million (~$50 Million) upfront payment to Immatics and the potential for additional milestone and royalty payments in return for access to two of Immatics’ TCR-T programs. As communicated to Immatics, GSK’s decision was made unrelated to the programs and the progress achieved in the collaboration to date. The termination will be effective on December 26, 2022.
Third Quarter 2022 Financial Results
Cash Position: Cash and cash equivalents as well as other financial assets total €309.3 million ($301.5 million1) as of September 30, 2022 compared to €324.4 million ($316.2 million1) as of June 30, 2022. The decrease is mainly due to our ongoing research and development activities. This does not include $110 million gross proceeds from our public offering in October 2022. Adding those proceeds, the Company projects a cash runway into 2025.
Revenue: Total revenue, consisting of revenue from collaboration agreements, was €15.1 million ($14.7 million1) for the three months ended September 30, 2022, compared to €6.4 million ($6.2 million1) for the three months ended September 30, 2021. The increase is mainly related to the increased recognition of revenue for the multiple ongoing collaboration agreements.
Research and Development Expenses: R&D expenses were €28.6 million ($27.9 million1) for the three months ended September 30, 2022, compared to €21.2 million ($20.7 million1) for the three months ended September 30, 2021. The increase is mainly related to increased expenses for clinical trials.
General and Administrative Expenses: G&A expenses were €8.4 million ($8.2 million1) for the three months ended September 30, 2022, compared to €8.3 million ($8.1 million1) for the three months ended September 30, 2021.
Net Income/Loss: Net loss was €20.9 million ($20.4 million1) for the three months ended September 30, 2022, compared to a net loss of €27.2 million ($26.5 million1) for the three months ended September 30, 2021. The decrease was primarily the result of the increased revenue from multiple collaboration agreements.
Full financial statements can be found in the current report on Form 6-K 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 September 30, 2022 (1 EUR = 0.9748 USD).
To see the full list of events and presentations, visit https://investors.immatics.com/events-presentations
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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.
For regular updates about Immatics, visit www.immatics.com. You can also follow us on Instagram, 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. All the scientific and clinical data presented within this press release are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.
For more information, please contact:
Media and Investor Relations Contact |
Jacob Verghese or Eva Mulder |
Trophic Communications |
Phone: +49 89 2070 89831 or +31 6 52 33 1579 |
immatics@trophic.eu |
Immatics N.V. | |
Anja Heuer | Jordan Silverstein |
Director, Corporate Communications | Head of Strategy |
Phone: +49 89 540415-606 | Phone: +1 281 810 7545 |
media@immatics.com | InvestorRelations@immatics.com |
Unaudited Condensed Consolidated Statement of Financial Position of Immatics N.V.
As of
|
|||||
September 30, 2022
|
December 31, 2021
|
||||
(Euros in thousands) | |||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 178,047 | 132,994 | |||
Other financial assets | 131,287 | 12,123 | |||
Accounts receivable | 1,139 | 682 | |||
Other current assets | 11,838 | 6,408 | |||
Total current assets | 322,311 | 152,207 | |||
Non-current assets | |||||
Property, plant and equipment | 11,737 | 10,506 | |||
Intangible assets | 1,542 | 1,315 | |||
Right-of-use assets | 14,688 | 9,982 | |||
Other non-current assets | 4,015 | 636 | |||
Total non-current assets | 31,982 | 22,439 | |||
Total assets | 354,293 | 174,646 | |||
Liabilities and shareholders’ equity | |||||
Current liabilities | |||||
Provisions | 4,372 | 51 | |||
Accounts payable | 12,828 | 11,624 | |||
Deferred revenue | 80,150 | 50,402 | |||
Other financial liabilities | 19,982 | 27,859 | |||
Lease liabilities | 2,424 | 2,711 | |||
Other current liabilities | 4,366 | 2,501 | |||
Total current liabilities | 124,122 | 95,148 | |||
Non-current liabilities | |||||
Deferred revenue | 103,215 | 48,225 | |||
Lease liabilities | 13,857 | 7,142 | |||
Other non-current liabilities | 55 | 68 | |||
Total non-current liabilities | 117,127 | 55,435 | |||
Shareholders’ equity | |||||
Share capital | 657 | 629 | |||
Share premium | 602,272 | 565,192 | |||
Accumulated deficit | (487,067) | (537,813) | |||
Other reserves | (2,818) | (3,945) | |||
Total shareholders’ equity | 113,044 | 24,063 | |||
Total liabilities and shareholders’ equity | 354,293 | 174,646 | |||
Unaudited Condensed Consolidated Statement of Profit/(Loss) of Immatics N.V.
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||
2022
|
2021
|
2022
|
2021
|
||||||
(Euros in thousands, except share and per share data) |
(Euros in thousands, except share and per share data) |
||||||||
Revenue from collaboration agreements | 15,060 | 6,443 | 135,183 | 19,036 | |||||
Research and development expenses | (28,572) | (21,225) | (78,933) | (64,613) | |||||
General and administrative expenses | (8,422) | (8,266) | (26,383) | (24,968) | |||||
Other income | 9 | 47 | 42 | 311 | |||||
Operating result | (21,925) | (23,001) | 29,909 | (70,234) | |||||
Financial income | 7,839 | 1,421 | 16,613 | 4,474 | |||||
Financial expenses | (426) | (171) | (1,950) | (1,400) | |||||
Change in fair value of warrant liabilities | (5,865) | (5,452) | 7,877 | (9,388) | |||||
Financial result | 1,548 | (4,202) | 22,540 | (6,314) | |||||
Profit/(loss) before taxes | (20,377) | (27,203) | 52,449 | (76,548) | |||||
Taxes on income | (558) | — | (1,703) | — | |||||
Net profit/(loss) | (20,935) | (27,203) | 50,746 | (76,548) | |||||
Net profit/(loss) per share: | |||||||||
Basic | (0.32) | (0.43) | 0.79 | (1.22) | |||||
Diluted | (0.32) | (0.43) | 0.78 | (1.22) | |||||
Weighted average shares outstanding: | |||||||||
Basic | 65,634,347 | 62,911,465 | 64,508,091 | 62,909,797 | |||||
Diluted | 65,634,347 | 62,911,465 | 65,239,279 | 62,909,797 |
Unaudited Condensed Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.
Three months ended
September 30,
|
Nine months ended September 30,
|
|||
2022
|
2021
|
2022
|
2021
|
|
(Euros in thousands) | (Euros in thousands) | |||
Net profit/(loss) | (20,935) | (27,203) | 50,746 | (76,548) |
Other comprehensive income/(loss) | ||||
Items that may be reclassified subsequently to profit or loss, net of tax | ||||
Currency translation differences from foreign operations | (211) | 1,252 | 1,127 | 2,576 |
Total comprehensive income/(loss) for the period | (21,146) | (25,951) | 51,873 | (73,972) |
Unaudited Condensed Consolidated Statement of Cash Flows of Immatics N.V.
Nine months ended September 30,
|
||
2022 | 2021 | |
(Euros in thousands) | ||
Cash flows from operating activities | ||
Net profit/(loss) | 50,746 | (76,548) |
Adjustments for: | ||
Interest income | (606) | (102) |
Depreciation and amortization | 5,218 | 3,967 |
Interest expense | 748 | 213 |
Equity settled share-based payment | 16,725 | 21,671 |
Net foreign exchange differences* | (11,974) | (3,905) |
Change in fair value of warrant liabilities | (7,877) | 9,388 |
Changes in: | ||
(Increase)/decrease in accounts receivable | (457) | 525 |
(Increase) in other assets | (6,523) | (390) |
Increase/(decrease) in accounts payable and other liabilities | 85,888 | (14,233) |
Interest received | 213 | 144 |
Interest paid | (521) | (213) |
Net cash provided by/(used in) operating activities* | 131,580 | (59,483) |
Cash flows from investing activities | ||
Payments for property, plant and equipment | (3,390) | (3,277) |
Cash paid for investments classified in Other financial assets | (128,726) | (11,362) |
Cash received from maturity of investments classified in Other financial assets | 12,695 | 24,447 |
Payments for intangible assets | (220) | (487) |
Proceeds from disposal of property, plant and equipment | 52 | — |
Net cash (used in)/provided by investing activities | (119,588) | 9,321 |
Cash flows from financing activities | ||
Proceeds from issuance of shares to equity holders | 21,009 | 75 |
Transaction costs deducted from equity | (626) | — |
Payments for leases | (2,162) | (2,102) |
Net cash provided by/(used in) financing activities | 18,221 | (2,027) |
Net increase/(decrease) in cash and cash equivalents* | 30,213 | (52,189) |
Cash and cash equivalents at beginning of period | 132,994 | 207,530 |
Effects of exchange rate changes on cash and cash equivalents* | 14,840 | 5,953 |
Cash and cash equivalents at end of period | 178,047 | 161,294 |
Unaudited Condensed Consolidated Statement of Changes in Shareholders’ equity of Immatics N.V.
(Euros in thousands)
|
Share capital
|
Share premium
|
Accumulated deficit
|
Other reserves
|
Total share- holders’ equity
|
||||||
Balance as of January 1, 2021 | 629 | 538,695 | (444,478) | (7,459) | 87,387 | ||||||
Other comprehensive income | — | — | — | 2,576 | 2,576 | ||||||
Net loss | — | — | (76,548) | — | (76,548) | ||||||
Comprehensive income/(loss) for the year | — | — | (76,548) | 2,576 | (73,972) | ||||||
Equity-settled share-based compensation | — | 21,671 | — | — | 21,671 | ||||||
Share options exercised | — | 75 | — | — | 75 | ||||||
Balance as of September 30, 2021 | 629 | 560,441 | (521,026) | (4,883) | 35,161 | ||||||
Balance as of January 1, 2022 | 629 | 565,192 | (537,813) | (3,945) | 24,063 | ||||||
Other comprehensive income | — | — | — | 1,127 | 1,127 | ||||||
Net profit | — | — | 50,746 | — | 50,746 | ||||||
Comprehensive income for the year | — | — | 50,746 | 1,127 | 51,873 | ||||||
Equity-settled share-based compensation | — | 16,725 | — | — | 16,725 | ||||||
Share options exercised | — | 202 | — | — | 202 | ||||||
Issue of share capital – net of transaction costs | 28 | 20,153 | — | — | 20,181 | ||||||
Balance as of September 30, 2022 | 657 | 602,272 | (487,067) | (2,818) | 113,044 | ||||||
Attachment
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