Slide 1: Immatics Corporate Presentation December 11, 2025
© Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation December 11, 2025
Slide 2: Forward-Looking Statement
Forward - Looking Statement This presentation (“Presentation”) is provided by Immatics N . V . (“Immatics” or the “Company”) for informational purposes only . The information contained herein does not purport to be all - inclusive and none of Immatics, any of its affiliates, any of its or their resp
Slide 3: PRAME Is Expressed in More Than 50 Cancers
PRAME Is Expressed in More Than 50 Cancers 295 % 210 % Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary initial mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 1
Slide 4: Immatics Is the Global Leader in Precision Targeting of PRAME
Immatics Is the Global Leader in Precision Targeting of PRAME • PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules 1 • The PRAME peptide can be targeted by T - cell receptors (TCRs) engineered by Immatics, thus overcoming limitations of classical
Slide 5: Mo d ality Indication T a r g e t Cell therapy Cell therapy
Mo d ality Indication T a r g e t Cell therapy Cell therapy 2L melanoma 2 Uveal melanoma Product c a ndida t e Anzu - cel (IMA 203 ) Anzu - cel (IMA 203 ) Anzu - cel (IMA 203 ) + mRNA - 4203 Cell therapy Solid cancers IMA203CD8 Cell therapy I MA402 Bispecific IMA402 + ICI Bispecific Gynecologic canc
Slide 6: Immatics has the Broadest PRAME Franchise
Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #2 PRAME Wave #3 Anzutresgene autoleucel (anzu - cel, formerly IMA203), All patient numbers refer to PRAME+/HLA - A*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and F
Slide 7: Immatics has the Broadest PRAME Franchise: Status and Milestones
Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 >230K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 p.a. Anzu - cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecif
Slide 8: Target product profile (TPP)
8 P R AME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”) for development beyond Ph1b. Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. SOC: standard of care LYM
Slide 9: Anzu-cel (IMA203) PRAME Cell Therapy Market Entry in Advanced Melanoma
Anzu - cel (IMA203) PRAME Cell Therapy Market Entry in Advanced Melanoma PRAME Wave #1 9 Anzutresgene autoleucel (anzu - cel, formerly IMA203)
Slide 10: Anzu-cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma
Anzu - cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma 10 Anzu - cel (IMA203) Opportunity ~7.3K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 ~1.3K addressable PRAME + /HLA - A*02:01 + patients in the US & EU5 Anzutresgene autoleucel (anzu - cel, formerly IMA203),
Slide 11: Summary: Anzu-cel PRAME Cell Therapy in Advanced Melanoma
SUPRAME: Phase 3 randomized trial of anzu - cel vs. investigator choice in 2L cutaneous melanoma* ongoing (#NCT06743126) Phase 2 single arm cohort of anzu - cel in metastatic uveal melanoma ongoing (#NCT03686124) mDOR: median duration of response; mPFS: median progression - free survival; OS: overal
Slide 12: Ph 1b Study of Anzu-cel in Advanced Melanoma
Ph 1b Study of Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma 12 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Gragert et al. 2013 and census numbers; HLA - A*02:01 prevalence in Immatics’ clinical trials: US 65% and Germany 55% as of March 2025; 2 30 mg/m 2 Fludarabine and 5
Slide 13: Ph 1b Study of Anzu-cel: Baseline Characteristics & Treatment Experience
Ph 1b Study of Anzu - cel (IMA203): Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; MM, mucosal melanoma; TCR, T - cell receptor; UkM, melanoma of unknown primary; UM, uvea
Slide 14: Anzu-cel Safety: Adverse Events in ≥20% of Patients
Anzu - cel (IMA203) PRAME Cell Therapy Safety: Adverse Events in 220% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) 14 Anzutresgene autoleucel (anzu - cel, formerly IMA203), Patients are counted only once per adverse event and severity classification. 1 Two
Slide 15: Anzu-cel: BOR in Melanoma Efficacy Population
Anzu - cel (IMA203) PRAME Cell Therapy: BOR in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma 15 Anzutresgene autoleucel (anzu - cel, formerly IMA203), *Maximum change of target lesions and RECIST1.1 response at different timepo
Slide 16: Anzu-cel: DOR in Melanoma Efficacy Population
Anzu - cel (IMA203) PRAME Cell Therapy: DOR in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment 16 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew co
Slide 17: Anzu-cel: Survival Outcomes in Melanoma Efficacy Population
Anzu - cel (IMA203) PRAME Cell Therapy: Survival Outcomes in Melanoma Efficacy Population 17 Median Progression Free Survival Median Overall Survival C utaneous Melanoma n=14 Uveal Melanoma n=16 All 1 Melanoma n=33 mPFS [mo] (range) mFU [mo] 6.0 (1.4 , 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.1 (1.4, 34.0+
Slide 18: Anzu-cel in Melanoma: Overview of Studies
Anzu - cel (IMA203) PRAME Cell Therapy in Melanoma: Overview of Studies PFS and OS Data in Melanoma Cohorts mOS (months) mPFS (months) Prior lines of therapies Melanoma patient population N Phase Drug Product 15.9 6.1 3% n=0, 24% n=1, 30% n=2, 24% n=3:, 6% n=4, 6% n=5, 6% n=6 82% received prior ICI
Slide 19: Anzu-cel Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses
Anzu - cel (IMA203) PRAME Cell Therapy Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses Data cut - off Apr 07, 2025 19 • 42% (14/33) patients in dose expansion have a deep response (250% tumor reduction) • This subgroup of patients has highly medically meaningful mPFS of more than 1
Slide 20: SUPRAME: A Randomized Ph3 Trial of Anzu-cel
SUPRAME: A Randomized Ph3 Trial of Anzu - cel (IMA203) PRAME - directed TCR T - cell Therapy vs Investigator’s Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >65 Sites Planned across North America and Europe 20 Anzu - cel (IMA203) n=180 Investigator’s choice n=180 Primary
Slide 21: Cell Therapy Manufacturing Facility To Support Anzu-cel BLA and Commercialization
Cell Therapy Manufacturing Facility To Support Anzu - cel BLA and Commercialization 21 • ~100,000 sq ft state - of - the - art research & GMP manufacturing facility • Modular design for efficient and cost - effective scalability - total of 8 manufacturing suites, plus further expansion space • Capac
Slide 22: IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers
IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers PRAME Wave #2 22
Slide 23: IMA203CD8: Expansion of Commercial Opportunity to all Advanced PRAME Cancers
IMA203CD8 PRAME Cell Therapy (GEN2): Expansion of Commercial Opportunity to all Advanced PRAME Cancers 23 All patient numbers refer to PRAME + /HLA - A*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom 1 B
Slide 24: Dose escalation and RP2D determination on track for 2026
Dose escalation and determination of RP2D on track to be completed in 2026 to unlock the full clinical potential of IMA203CD8 Efficacy readouts including patients treated at the two highest dose levels (DL6 and DL7) expected in 2026 AE: adverse event; cPR: confirmed partial response; RP2D: recommend
Slide 25: Study Schema: IMA203CD8 in Solid Tumors Expressing PRAME
Study Schema: IMA203CD8 in Solid Tumors Expressing PRAME Ongoing Phase 1a Dose Escalation Study 25 Busse et al., ESMO - IO 2025 PRAME Testing a Biopsy or archived tissue Inclusion of PRAME - positive patients IMA203CD8 manu f a cturing (~2 weeks) Lymphodepletion Fludarabine 30mg/m 2 Cyclophosphamide
Slide 26: IMA203CD8: Baseline Characteristics & Prior Treatment
IMA203CD8 PRAME Cell Therapy (GEN2): Baseline Characteristics & Prior Treatment 26 Efficacy evaluable Population 2 Safety Population 1 O the r 4 n=5 Synovial Sarcoma n=11 Ovarian Carcinoma n=11 Melanoma 3 n=42 All Indications N=78 54 (38, 71) 40 (20, 66) 60 (35, 75) 62 (23, 85) 60 (20, 85) Age , med
Slide 27: IMA203CD8: Tolerability in Advanced Solid Tumors
IMA203CD8 PRAME Cell Therapy (GEN2): Tolerability in Advanced Solid Tumors Overall Manageable Tolerability Profile 27 TEAEs in 220% of patients Adverse events of special interest N=78 a Grade 23 Any grade Preferred term, n (%) 66 (85) 67 (86) Neutropenia 40 (51) 61 (78) Anaemia 25 (32) 55 (71) Throm
Slide 28: IMA203CD8: Tumor Reduction During Dose Escalation
28 n=69 a, b Me lanoma (n=42 a ) Ovarian Carcinoma (n=11 b ) Synovial Sarcoma (n=11) Othe r c (n=5) 1 . 6 2 . 3 1 . 6 All (n=69) 36% (23/64) cORR 46% (32/69) OR R 78% (54/69) Tumor reduction 84% (58/69) DCR (at week 6) 9.2 mo (1.5, 36.4+) mDOR, (range) 14 mo mFU IMA203CD8 PRAME Cell Therapy (GEN2):
Slide 29: IMA203CD8: Changes in Tumor Size Over Time During Dose Escalation
IMA203CD8 PRAME Cell Therapy (GEN2): Changes in Tumor Size Over Time During Dose Escalation Data cutoff Oct 27, 2025 29 Busse et al., ESMO - IO 2025 Deep and Durable Responses for up to 3+ Years 5 patients without post - baseline scan not depicted in plot: n=2 with melanoma deceased prior to first s
Slide 30: IMA203CD8 in Patients with Ovarian Carcinoma
IMA203CD8 PRAME Cell Therapy (GEN2) in Patients with Ovarian Carcinoma Dose Escalation at Higher Doses (2DLS) Ongoing to Unlock Full Potential of IMA203CD8 30 Dose - dependent promising signal at higher doses 2DLS with 2 cPRs and 1 PR (all DL shown) Deep confirmed objective responses at higher doses
Slide 31: IMA402 PRAME Bispecific Expansion to Earlier-Line PRAME Cancers
IMA402 PRAME Bispecific Expansion to Earlier - Line PRAME Cancers PRAME Wave #3
Slide 32: IMA402 Opportunity
32 IMA402 Opportunity 1 median half - life IMA402: ~7 days; All patient numbers refer to PRAME + /HLA - A*02:01 + patients in the US and EU5 in 2025 based on initial threshold for all indications except for sqNSCLC (optimized threshold considered for further development due to IMA401 combination pot
Slide 33: IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study Phase 1b dose expansion ongoing with & w/o ICI to identify final RP2D T ole r a bility Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and expected & transient lymphopenia Promising clin
Slide 34: Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific
• Ph1a dose escalation completed, MTD not reached at 30 mg • Provisional RP2D range identified at 10 to 30 mg • Ph1b dose expansion ongoing at two distinct doses within RP2D range • Combination with immune checkpoint inhibitor started Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific Eudr
Slide 35: Demographics and Baseline Characteristics IMA402
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not / 2 0 0 /0.3
Slide 36: IMA402 Shows a Favorable Tolerability Profile
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile Safety Population (N=80) TEAEs, n (%) All Grades 2 Grade 3 Any 78 (98) 48 (60) Treatment - related 76 (95) 42 (53) • Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) • Most frequ
Slide 37: Clinical Proof-of-Concept of IMA402 across Various Indications
Clinical Proof - of - Concept of IMA402 PRAME Bispecific across Various Indications Dose - Response Relationship in Monotherapy Setting 1 Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one pa
Slide 38: Deep and Durable Responses at RP2D Range
Deep and Durable Responses at RP2D Range 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 Complete metabolic response at 12 mg BOR (RECIST 1.1) PD SD cPR Ongoing response/ disease control Ongoing treatment All indications Melanoma Ovarian carcinoma 2/
Slide 39: Early Promising PFS and OS Snapshot for IMA402 at RP2D Range
Early Promising PFS and OS Snapshot for IMA402 at RP2D Range Survival Outcomes Across All Indications at All Dose Levels Median OS Median PFS Median iPFS 1 210 mg Not reached 3 – 8 mg 13.9 1.6 mg 10.3 mOS (mo) 210 mg Not reached 3 – 8 mg 2.1 1.6 mg miPFS (mo) 1.4 210 mg 4.8 3 – 8 mg 1.5 1.6 mg 1.4 m
Slide 40: Patient Case: Ongoing PET-based Complete Metabolic Response in Cutaneous Melanoma
Patient Case: Ongoing PET - based Complete Metabolic Response in Cutaneous Melanoma Patient Characteristics & Outcomes 68 - year - old female with ICI - resistant cutaneous melanoma; initial diagnosis in 2004 Patient & Diagnosis • Target lesions: 2 peritoneal, 1 abdominal • Non - target lesions: bra
Slide 41: IMA402 Ph1a Dose Escalation Summary and Next Steps
IMA402 PRAME Bispecific Ph1a Dose Escalation Summary and Next Steps Expansion to Earlier - Line PRAME Cancers Promising Monotherapy & High Potential in Combination x Favorable tolerability profile x Deep & durable responses x Promising early PFS/iPFS and OS Initial Focus Indications Development Oppo
Slide 42: IMA401 MAGEA4/8 Bispecific
IMA401 MAGEA4/8 Bispecific Maximizing the Potential of Bispecifics Combination Entering the PRAME Franchise
Slide 43: IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study
Cancer Cell M A G E A4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 1 at dose range of 1 - 2.5 mg; AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: diseas e c ontrol rate; ICI: immune checkpoint inhibito
Slide 44: Phase 1 Clinical Trial to Evaluate IMA401
Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific Key Eligibility Criteria Obj e ctiv es Primar y : • Determine MTD and/or RP2D in monotherapy and in combination with ICI Secondary: • Assess safety and tolerability • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST) • Asses
Slide 45: Demographics and Baseline Characteristics IMA401
Demographics and Baseline Characteristics Patients Treated with IMA401 MAGEA4/8 Bispecific with or without Pembrolizumab 63 (28, 82) 63 (19, 82) Age Median (min, max) 11 (29) 25 (66) 2 (5) 17 (31) 35 (64) 3 (5) ECOG performance status 0, n (%) 1, n (%) 2, n (%) 4 (1, 9) 4 (1, 9) Prior lines of syste
Slide 46: IMA401 Tolerability Profile Across All Doses
IMA401 MAGEA4/8 Bispecific – Tolerability Profile Across All Doses Safety Population (N=55) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab • No ICANS observed • Tolerability of IMA401 in combination with pembrolizumab consistent with IMA401 monotherapy • MTD not reached (3 DLT
Slide 47: Promising Clinical Activity of IMA401 in H&N, Melanoma and Lung Cancer
PR - 100 - 50 0 50 100 - 69 - 50 - 43 - 15 - 6 13 62 - 39 - 19 0 - 62 - 54 - 22 5 13 19 19 38 - 66 - 20 - 19 - 14 - 12 - 11 - 6 0 1 3 18 20 22 29 40 56 96 Best % Change in Sum of Longest Diameter of Target Lesions from Baseline and BOR (RECIST1.1) BL • • • • SD SD Promising Clinical Activity of IMA4
Slide 48: Deep and Durable Responses Observed in Focus Indications
Deep and Durable Responses Observed in Focus Indications at 21 mg Duration of All Confirmed Responses Beyond 6 Months post Infusion, Longest Response Ongoing >2 Years H&N sq N S C L C Melanoma 1 BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 Melanoma includes cutane
Slide 49: Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC
L ung Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC Baseline 7 weeks J a w Head Head PR with IMA401 in 5 th line ICI - resistant sqNSCLC patient with shrinkage of all target lesions Scans courtesy of treating physician Dr. Martin Wermke, TU Dresden; BOR: best overall respons
Slide 50: Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402
Expands addressable market as first step in sqNSCLC, potential for many other indications like HNSCC, TNBC, endometrial carcinoma, ovarian carcinoma, melanoma, sarcoma and others as next steps Bispecifics Combination with Increased Commercial Potential including 60% double positive > 90% PRAME+ or M
Slide 51: Appendix
Appendix © Immatics. Not for further reproduction or distribution. www.immatics.com
Slide 52: Potential of IMA402 PRAME Bispecific in Solid Cancers
Potential of IMA402 PRAME Bispecific in Solid Cancers PRAME Target Expression and Prevalences in Selected Solid Cancer Types Hukelmann et al., SITC 2022, updated prevalences as of May 2025; 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression thresh
Slide 53: Anzu-cel: Significant Shift in PFS and OS Between Dose Escalation & Expansion
Data cut - off Apr 07, 2025 53 Dos e Escalatio n 11 Dos e Expansio n 33 Anzu - cel (IMA203): Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population Progression Free Survival Overall Survival N mPFS N mOS 2 . 6 m o
Slide 54: Making A Meaningful Impact On the Lives Of Patients with Cancer
© Immatics. Not for further reproduction or distribution. www.immatics.com Making A Meaningful Impact On the Lives Of Patients with Cancer