Immatics N.v. · NASDAQ:IMTX
Immatics — Investor Presentation (November 2025)
52 slides from Immatics's investor presentation, Nov 12, 2025
Slide 1: Immatics Corporate Presentation
© Immatics. Not for further reproduction or distribution. © Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation November 12, 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 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 - 100% shown a
Slide 4: Immatics Is the Global Leader in Precision Targeting of PRAME
Immatics Is the Global Leader in Precision Targeting of PRAME • P RAME is an intracellular protein pre sented 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 classica
Slide 5: Pipeline by target indication, modality and product candidate
Target Indication Modality Product candidate 2L melanoma 2 Cell therapy Anzu - cel (IMA203) Uveal melanoma Cell therapy Anzu - cel (IMA203) Cutaneous melanoma, synovial sarcoma Cell therapy Anzu - cel (IMA203) + mRNA - 4203 Gynecologic cancers Cell therapy IMA203CD8 Other so lid cancers Melanoma, gy
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 D isease Landscape and
Slide 7: Broadest PRAME Franchise: Status and Expected 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 C ell T herapy (GEN2) IMA402 PRAME Bispe
Slide 8: PRAME Target Product Profile (TPP)
8 PRAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”) for develop me nt 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 2L Unresectable or Metastatic Cutaneous Melanoma * ~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 Anzu
Slide 11: Positive Data and High Unmet Need
Positive Data and High Unmet Need 11 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) Anzutresgene autoleucel ( anzu - cel, formerly IMA
Slide 12: Ph 1b Study of Anzu-cel: Patient Journey
Ph 1b Study of Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Patient Journey 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
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 dehydrogenas e; MM, mucosal melanoma; TCR, T - cell receptor; UkM , melanoma of unknown primary; UM, uv
Slide 14: Anzu-cel Safety: Adverse Events in ≥20% of Patients
Anzu - cel (IMA203) PRAME Cell Therapy Safety: Adverse Events in ≥20% 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 Tw
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 time
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
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 All Melanoma 1 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 6.1 (1.4, 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.0 (1.4 , 34.0+) 14.4 mPFS [mo] (range) mF
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 M elanoma 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 Patients with Deep Responses
Anzu - cel (IMA203) PRAME Cell Therapy Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses 19 Data cut - off Apr 07, 2025 • 42% (14/33) patients in dose expansion have a deep response ( ≥ 50% tumor reduction) • This subgroup of patients has highly medically meaningful mPFS of more than
Slide 20: SUPRAME: 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 s tate - of - the - art research & GMP manufacturing facility • Modular design for efficient and cost - effective scalability - total of 8 manufacturing suites, plus further expansion space • Capa
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 IMA203CD8 Opportunity 2L Solid Tumors 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, Ger
Slide 24: IMA203CD8 PRAME Cell Therapy (GEN2)
IMA203CD8 PRAME Cell Therapy (GEN2) 24 Data cut - off Sep 30, 2024 Araujo et al., SITC 2024 Dose escalation ongoing to investigate full clinical potential in hard - to - treat solid tumors outside of melanoma Tolerability Manageable tolerability ≥Grade 3 AEs mainly expected cytopenia DLTs at DL4b le
Slide 25: IMA203CD8 – Patient Characteristics
IMA203CD8 PRAME Cell Therapy (GEN2) – Patient Characteristics 25 1 DL4a cleared in Dec 2023; 2 DLTs at DL4b triggered modifications of the eligibility criteria, adapted patient population is treated with DL4c; 3 As of May 13, 2025 4 All patients who started lymphodepletion. 5 All infused patients wi
Slide 26: Tolerability of IMA203CD8
Tolerability of IMA203CD8 PRAME Cell Therapy (GEN2) 26 All ≥Grade 3 Adverse Events (N=44) ≥ Grade 3 Adverse event % No. ( System organ class , preferred term) 100.0 44 Patients with any adverse event 15.9 7 Adverse events of special interest 13.6 6 Cytokine release syndrome 1 2.3 1 Immune effector c
Slide 27: Clinical Anti-Tumor Activity of IMA203CD8
Clinical Anti - Tumor Activity of IMA203CD8 PRAME Cell Therapy (GEN2) (N=41) Ongoing Dose Escalation 27 41% (14/34) cORR 9.2 months 2.0+, 23.5+ 13.1 months median DOR (min, max) mFU 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11
Slide 28: Duration of IMA203CD8 Therapy Responses
Duration of IMA203CD8 PRAME Cell Therapy (GEN2) Therapy Responses (N=41) Ongoing Dose Escalation 28 1 Metabolic complete response (CR) according to PET - CT 2 Patients off study at data - cut; 3 three patients excluded from tumor shrinkage analysis and figures due to lack of post - treatment assessm
Slide 29: Opportunity of IMA203CD8 in Medium-Level PRAME Expressing Indications
Opportunity of IMA203CD8 in Medium - Level PRAME Expressing Indications 29 Anzutresgene autoleucel ( anzu - cel, formerly IMA203); * Patients treated at RP2D during Ph1b with evaluable post baseline assessments at data - cut off anzu - cel: Aug 23, 2024; BOR: best overall response; PD: progressive d
Slide 30: IMA402 PRAME Bispecific Expansion to Earlier-Line PRAME Cancers
IMA402 PRAME Bispecific Expansion to Earlier - Line PRAME Cancers PRAME Wave #3
Slide 31: IMA402: Expansion of the Commercial Opportunity to Earlier-Line PRAME Cancers
IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Earlier - Line PRAME Cancers 31 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
Slide 32: IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study 32 Phase 1b dose expansion ongoing with & w/o ICI to identify final RP2D Tolerability Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and expected & transient lymphopenia Promising clini
Slide 33: Phase 1/2 Clinical Trial to Evaluate IMA402
• 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 33 Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific E
Slide 34: Demographics and Baseline Characteristics IMA402
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 34 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 tested/not
Slide 35: IMA402 Shows a Favorable Tolerability Profile
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile 35 Safety Population (N=80) ≥ Grade 3 All Grades TEAEs, n (%) 48 (60) 78 (98) Any 42 (53) 76 ( 95) Treatment - related • Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) • Most f
Slide 36: 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 37: Deep and Durable Responses at RP2D Range
Deep and Durable Responses at RP2D Range 37 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 Complete metabolic response at 12 mg PD SD cPR Ongoing response/ disease control Ongoing treatment BOR (RECIST 1.1) All indications Melanoma Ovarian carcinoma
Slide 38: 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 PFS Median OS ≥10 mg 3 – 8 mg ≤ 1.6 mg Not reached 5.4 13.9 12.1 10.3 NA mOS (mo) mFU (mo) 94% 63% 33% 1y - OS rate ≥10 mg 3 – 8 mg ≤ 1.6 mg 4.8 6.8 1.5 NA 1.4 NA mPFS (mo)
Slide 39: 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; i nitial diagnosis in 2004 Patient & Diagnosis • Target lesions: 2 peritoneal, 1 abdominal • Non - target lesions: br
Slide 40: 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 Development Opportunities Initial Focus I
Slide 41: IMA401 MAGEA4/8 Bispecific
IMA401 MAGEA4/8 Bispecific Maximizing the Potential of Bispecifics Combination Entering the PRAME Franchise
Slide 42: IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study
Cancer Cell MAGEA4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 42 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: disease control rate; ICI : immune checkpoint inhibitor;
Slide 43: Phase 1 Clinical Trial to Evaluate IMA401
Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific Key Eligibility Criteria Objectives Primary: • 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 ) • Assess ph
Slide 44: Demographics and Baseline Characteristics IMA401
Demographics and Baseline Characteristics Patients Treated with IMA401 MAGEA4/8 Bispecific with or without Pembrolizumab Efficacy - evaluable population (N=38) 1 ≥1 mg Safety Population (N=55) 0.0066 mg – 2.5 mg 63 (28, 82) 63 (19, 82) Age Median (min, max) 11 (29) 25 (66) 2 (5) 17 (31) 35 (64) 3 (5
Slide 45: 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 • Most frequent/relevant related AEs were • Low - grade CRS ( 24% G1, 11% G2, 0% G3, 0% G4 ), mostly at first step dose • Expected and tra
Slide 46: 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 1919 38 -66 -25 -20 -19 -14 -12 -11 -6 0 1 3 18 20 22 29 40 56 96 B e s t % C h a n g e i n S u m o f L o n g e s t D i a m e t e r o f T a r g e t L e s i o n s f r o m B a s e l i n e a n d B O R ( R E C I S T 1 . 1 ) BL BOR
Slide 47: Deep and Durable Responses Observed in Focus Indications at ≥1 mg
Deep and Durable Responses Observed in Focus Indications at ≥1 mg Duration of All Confirmed Responses Beyond 6 Months post Infusion, Longest Response Ongoing >2 Years sqNSCLC Melanoma 1 H&N BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 M elanoma i ncludes cutaneous
Slide 48: Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC
Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC Lung Baseline 7 weeks Jaw 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 response;
Slide 49: Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402 Dual Targeting
Expands addressable market as first step in sqNSCLC , potential for many other indications like HNSCC, TNBC, endometrial carcinoma, ovarian carcinoma, melanoma, sarcoma and other s as next steps Bispecifics Combination with Increased Commercial Potential PRAME+ or MAGEA4/8+ i ncluding 60% double pos
Slide 50: Appendix
Appendix s © Immatics. Not for further reproduction or distribution. www.immatics.com
Slide 51: 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 52: Anzu-cel: Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion
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 52 Progression Free Survival Data cut - off Apr 07, 2025 Overall Survival mPFS N 2.6 months 11 Dose Escalation 6.1 months 33 Dose Expansio