Immatics reports Q4 net loss of $41.6M, revenue hits $23M

Immatics (NASDAQ:IMTX), a Tübingen, Germany-based clinical-stage biopharmaceutical company developing T cell receptor (TCR)-based immunotherapies for the treatment of solid tumors, on Thursday reported a net loss of $41.6 million for its fourth quarter ended December 31, 2025.

The company said it had a loss of 34 cents per share.

Revenue for the period totaled $23 million, primarily from collaboration agreements, milestone payments and research funding tied to its partnered programs with Bristol Myers Squibb and other strategic collaborators.

For the full year 2025, Immatics reported a net loss of $222.2 million, or $1.82 per share.

Revenue reached $54.6 million, reflecting contributions from ongoing collaborations, milestone achievements and early license-related income.

The results reflect continued substantial investment in research and development activities, including advancement of the company's proprietary TCR platform, clinical trials for lead candidates such as IMA203 (targeting PRAME) in multiple solid tumor indications, IMA401 (MAGEA4/8) and other pipeline programs, as well as manufacturing scale-up and regulatory preparations.

Operating expenses remained elevated due to these clinical and preclinical efforts, partially offset by collaboration revenue.