Slide 1: IMA402 PRAME Bispecific & IMA401 MAGEA4/8 Bispecific Phase 1a Data Update
© Immatics. Not for further reproduction or distribution. © Immatics. Not for further reproduction or distribution. IMA402 PRAME Bispecific & IMA401 MAGEA4/8 Bispecific Phase 1a Dose Escalation Clinical Data Update and Next Development Steps November 12, 2025
Slide 2: Disclaimer
Disclaimer 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 respective control pers
Slide 3: Immatics' PRAME Franchise Spanning Two Distinct Modalities
IMA401 MAGEA4/8 Bispecific Beyond PRAME Immatics ’ PRAME Franchise Spanning Two Distinct Modalities Anzutresgene autoleucel ( anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to RNAseq and/or IHC d
Slide 4: Immatics' TCR-based Bispecific T Cell Engager (TCER)
Immatics ’ TCR - based Bispecific T Cell Engager (TCER®) 1 see appendix for potency assessment of proprietary TCR Bispecific f ormat (TCER®) ; 2 median half - life IMA402: ~7 days, IMA401: >14 days, see appendix; pHLA : peptide - human leukocyte antigen; q2w: every 2 weeks; TCR: T cell receptor. CD3
Slide 5: Clinical Proof-of-Concept of Immatics' Bispecifics
Clinical Proof - of - Concept of Immatics ’ Bispecifics Pipeline Summary of Today’s Update on IMA402 and IMA401 5 Favorable tolerability in RP2D range with no high - grade CRS no ICANS 30 % (6/20) cORR across all indications, incl. melanoma & ovarian carcinoma 1 IMA402: 10 - 30 mg, IMA401: 1 - 2.5 m
Slide 6: IMA402 - PRAME Bispecific
IMA402 - PRAME Bispecific PRAME Franchise Clinical Proof - of - Concept of PRAME Bispecific 6
Slide 7: 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 7 Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific Eu
Slide 8: Demographics and Baseline Characteristics
Demographics and Baseline Characteristics IMA402 PRAME Bispecific 8 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 9: IMA402 Shows a Favorable Tolerability Profile
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile 9 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 fr
Slide 10: 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 11: Deep and Durable Responses at RP2D Range
Deep and Durable Responses at RP2D Range 11 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 IMA402 Complete metabolic response at 12 mg PD SD cPR Ongoing response/ disease control Ongoing treatment BOR (RECIST 1.1) All indications Melanoma Ovarian ca
Slide 12: 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 13: 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 14: 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 15: IMA401 - MAGEA4/8 Bispecific
IMA401 – MAGEA4/8 Bispecific Beyond PRAME Maximizing the Potential of Bispecifics Combination 15
Slide 16: Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific
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 17: 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 18: 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 19: 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 IMA401 sqNSCLC Melanoma 1 H&N BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 M elanoma i ncludes cu
Slide 20: 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 IMA401 Scans courtesy of treating physician Dr. Martin Wermke , TU Dresden; BOR: best overall re
Slide 21: 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 22: Special Thanks to Study Participants and Caregivers
Special Thanks to Study Participants and Caregivers University Hospital Würzburg Anja Gesierich University Medical Center Utrecht Eelke H. Gort Marien Hospital Dusseldorf Stefanie Gröpper Mühlenkreiskliniken (AöR); Johannes Wesling Klinikum Minden; Ruhr Universität Ralf Gutzmer Klinikum Chemnitz gGm
Slide 23: Immatics PRAME Franchise - Spanning Two Clinically Active Modalities
© Immatics. Not for further reproduction or distribution. www.immatics.com CELL THERAPY Anzu - cel Ph3 trial and Ph2 trial in cutaneous & uveal melanoma ongoing IMA203CD8 Ph1 trial in PRAME cancers ongoing BISPECIFICS IMA402 Ph1b trial ongoing, additional cohorts planned Exploration of IMA402 + IMA4
Slide 24: Appendix
• IMA402 PRAME Bispecific • IMA401 MAGEA4/8 Bispecific • Proprietary TCER® Format TCER APPENDIX • ICI Combination Rationale ICI 24
Slide 25: IMA402 - PRAME Bispecific Appendix
IMA402 - PRAME Bispecific APPENDIX 25
Slide 26: IMA402 Patient Disposition
IMA402 PRAME Bispecific – Patient Disposition Safety Population RP2D Range ≥ 10 mg n = 29 Melanoma n=14 Cutaneous melanoma n=12 Uveal melanoma n=1 Melanoma ( unk . primary) n=1 Ovarian carcinoma n=3 Other cancers n=3 Endometrioid carcinoma n=2 Synovial sarcoma n=1 Efficacy - evaluable 3 Dose group ≥
Slide 27: IMA402 Baseline Characteristics of Melanoma Patients
IMA402 PRAME Bispecific – Baseline Characteristics of Melanoma Patients IMA402 Melanoma Baseline Characteristics Efficacy pop. ≥ 10 mg (n=14) Safety pop. (n=53) n=12 n=1 n=1 n=37 n=3 n=13 Indication Cut. Melanoma Melanoma unknown primary Uveal melanoma 52 (37, 68) 59 (28, 82) Age Median (min, max) 1
Slide 28: IMA402 Baseline Characteristics of Ovarian Carcinoma Patients
IMA402 PRAME Bispecific – Baseline Characteristics of Ovarian Carcinoma Patients Ovarian Carcinoma Baseline Characteristics Efficacy - evaluable ≥10 mg (N=3) Safety population (N=19) 58 (55, 72) 59 [21, 73] Age Median (min, max) 1 (33) 2 (67) 11 (58) 8 (42) ECOG performance status 0, n (%) 1, n (%)
Slide 29: IMA402 Tolerability at RP2D Range
IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile Tolerability at RP2D Range (n=29) ≥ Grade 3 All Grades TEAEs, n (%) 20 (69) 29 ( 100) Any 18 (62) 28 ( 97) Treatment - related IMA402 1 All treatment - emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to I
Slide 30: IMA402 Pharmacokinetics in Patients
IMA402 PRAME Bispecific Pharmacokinetics in Patients Antibody - like TCER® Format with Half - life Extension (HLE) Dose normalized IMA402 serum conc. (ng/ml)/µg IMA402 PRAME Bispecific Median half - life: 7.3 days IMA402 2nd PK profiles close to steady - state shown for patients dosed at ≥ 3 mg (N=2
Slide 31: Patient Case: Ongoing cPR in Platinum-resistant Ovarian Carcinoma
Patient Case: Ongoing cPR in Patient with Platinum - resistant Ovarian Carcinoma Patient Characteristics & Outcomes 72 - y ear - old female with platinum - resistant ovarian high grade serous carcinoma (PROC); initial diagnosis in June 2019 Patient & Diagnosis Target lesions: • 2 lesions in liver •
Slide 32: IMA402 Clinical Responses Across Various Indications
IMA402 PRAME Bispecific: Clinical Responses Across Various Indications Efficacy Population at RP2D Range ≥ 10mg (n=20) Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Highest dose received (mg) PRAME Status List of prior treatment lin
Slide 33: IMA402 Clinical Responses Across Various Indications (continued)
IMA402 PRAME Bispecific: Clinical Responses Across Various Indications Efficacy Population at RP2D Range ≥ 10mg (n=20) Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Highest dose received (mg) PRAME Status List of prior treatment lin
Slide 34: 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 35: IMA401 - MAGEA4/8 Bispecific Appendix
IMA401 - MAGEA4/8 Bispecific APPENDIX 35
Slide 36: IMA401 Patient Disposition
Safety Population (N=55 enrolled patients) IMA401 MAGEA4/8 Bispecific – Patient Disposition Safety Population ≥1 mg n=44 Efficacy Population 1 ≥1 mg N= 38 patients H&N n=8 Melanoma n=7 sqNSCLC n=3 IMA401 Others (> 10 different indications): n=20 Safety Population <1mg n=8 Dose groups according to hi
Slide 37: Demographics and Baseline Characteristics of IMA401 Patients
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 38: IMA401 Monotherapy Only vs. IMA401/Pembro Combo Safety
IMA401 Safety Population IMA401 Monotherapy Only vs. IMA401/ Pembro Combo Safety Population (N=55) Treated with IMA401 Monotherapy (N=46) and in Combination with Pembrolizumab (N=9) IMA401 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion and/or Pembroliz
Slide 39: IMA401 Favorable Tolerability Profile at RP2D
IMA401 MAGEA4/8 Bispecific Shows a Favorable Tolerability Profile at RP2D Safety Population (N=37) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab (1 - 2 mg) ≥ Grade 3 All Grades TEAEs, n (%) 24 (65) 36 (97) Any 16 (43) 32 (86) Treatment - related ≥ Grade 3 All Grades Treatment
Slide 40: IMA401 Pharmacokinetics in Patients
IMA401 MAGEA4/8 Bispecific Pharmacokinetics in Patients Antibody - like TCER® Format with Half - life Extension (HLE) Median half - life: 19.6 days Dose normalized IMA401 serum conc. (ng/ml)/µg IMA401 MAGEA4/8 Bispecific IMA401 2nd PK profiles close to steady - state shown for patients dosed at ≥ 1
Slide 41: Patient Case: cPR for 8 Months in HNSCC
Baseline Lung right Lung left 3 months 5 months Patient Case: cPR for 8 Months & Stabilization Post PD with Continued Treatment in HNSCC Patients Characteristics & Outcome 63 - year - old male with HNSCC hypopharynx; Initial diagnosis in Jan 2022 Patient & Diagnosis Several metastases in lung Diseas
Slide 42: IMA401 Clinical Responses in H&N, Melanoma, sqNSCLC
IMA401 MAGEA4/8 Bispecific: Clinical Responses in H&N, Melanoma, sqNSCLC Patients Treated at ≥1 mg as Monotherapy or in Combination with Pembrolizumab IMA401 Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Pembrolizumab (≥ one dose) H
Slide 43: IMA401 Clinical Responses in H&N, Melanoma, sqNSCLC (continued)
IMA401 MAGEA4/8 Bispecific: Clinical Responses in H&N, Melanoma, sqNSCLC Patients Treated at ≥1 mg as Monotherapy or in Combination with Pembrolizumab IMA401 Ongoing treatment PFS (months) BOR (Max % change of target lesions) BOR (RECIST 1.1) Baseline Tumor Burden (mm) 1 Pembrolizumab (≥ one dose) H
Slide 44: MAGEA4/8: Superior Target Peptide Density and Inducible Upregulation
MAGEA4/8: Superior Target Peptide Density and Inducible Upregulation 1 Data on file: Copy number per tumor cell ( CpC ) measured on a paired - sample basis by AbsQuant ®, i.e. comparing MAGEA4 vs. MAGEA4/8 peptide presentation on same sample, student’s paired t - test ; 2 CpC fold change on an A375
Slide 45: Potential of IMA401 MAGEA4/8 Bispecific in Solid Cancers
Potential of IMA401 MAGEA4/8 Bispecific in Solid Cancers MAGEA4/8 Target Expression and Prevalences in Selected Solid Cancer Types 1 Data on file: MAGEA4/8 target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to TCGA RNAseq data (approximate values); HN
Slide 46: Combination with Immune Checkpoint Inhibitors
IMA402 - PRAME Bispecific APPENDIX IMA401 - MAGEA4/8 Bispecific Combination with Immune Checkpoint Inhibitors ICI ICI: immune checkpoint inhibitor 46
Slide 47: Combinational Targeting PD-L1: Unlocking Potential with ICI
Combinational Targeting PD - L1: Unlocking Potential with ICI Reduced response to IMA402 or IMA401 monotherapy Non - Responders Show High PD - L1 Levels • (Approved) immune checkpoint inhibitors already in use • Strategic next steps: • IMA402 + ICI combination in cutaneous melanoma and OC • IMA402 +
Slide 48: Proprietary TCER Format Appendix
Proprietary TCER® Format APPENDIX 48
Slide 49: Potency of Our Proprietary TCR Bispecific Format TCER
Potency of Our Proprietary TCR Bispecific Format TCER® • Seven different TCR Bispecific formats were evaluated with a pHLA targeting TCR and the identical T cell recruiting antibody • TCER® format had higher combination of potency and specificity 1 than six alternative TCR Bispecific format designs
Slide 50: TCER Format Is Designed for Optimized Efficacy and Safety
TCER® Format Is Designed for Optimized Efficacy and Safety Superior Tumor Control Using a Novel, Low - Affinity Recruiter Widely used T cell recruiting Ab (3 variants) medium to high affinity (single to double digit nM ) n = 6 mice/treatment group, n = 10 mice in vehicle group, 2 donors/group Dose: