Slide 1: Immatics Corporate Presentation
Delivering the Power of T cells to Cancer Patients © Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation October 20, 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 ≥95 % ≥10 % Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% show
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: Product candidate pipeline
T a r ge t Indication Modality PRAME PRAME Product candid a t e Anzu - cel (IMA203) Anzu - cel (IMA203) PRAME Cell therapy Cell therapy Cell therapy + mRNA - 4203 Anzu - cel (IMA203) Cell therapy IMA203CD8 PRAME PRAME PRAME 2L melanoma * Uveal melanoma Cutaneous melanoma, synovial sarcoma Gynecologi
Slide 6: Broadest PRAME Franchise with Most Indications and Modalities
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: 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 Cell Therapy (GEN2) IMA402 PRAME Bispecif
Slide 8: PRAME Target Product Profile
8 PRAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose (“RP2D”). Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. LYMPHODEPLETION & INFUSION Tumor cell HLA PRAME pep t i
Slide 9: (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: 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 PRAM E + /HLA - A*02:0 1 + patients in the US & EU5 Anzutresgene autoleucel (anzu - cel, formerly IMA203)
Slide 11: Summary: 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 PRAME Cell Therapy 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: 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: 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 Two
Slide 15: 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: 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: Survival Outcomes in Melanoma Efficacy Population
Anzu - cel (IMA203) PRAME Cell Therapy: Survival Outcomes in Melanoma Efficacy Population 17 All 1 Melanoma Melanoma Melanoma 1 Melanoma Melanoma Melanoma n=33 n=16 n=14 n=33 n=16 n=14 15.9 (2.4, 34.2+) 16.2 (3.2+, 34.2+) 13.9 (2.4, 34.0+) mOS [mo] (range) 6.1 (1.4, 34.0+) 8.5 (1.4, 32.9) 6.0 (1.4 ,
Slide 18: Overview of Studies: PFS and OS Data in Melanoma Cohorts
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: 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 Data cut - off Apr 07, 2025 19 • 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 1
Slide 20: SUPRAME: Randomized Ph3 Trial vs Investigator's Choice
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 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)
IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers PRAME Wave #2 22
Slide 23: IMA203CD8: Expansion to all Advanced PRAME Cancers
IMA203CD8 PRAME Cell Therapy (GEN2): Expansion of Commercial Opportunity to all Advanced PRAME Cancers 23 IMA203CD8 Opportunity 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, Spa
Slide 24: IMA203CD8 Summary: Dose Escalation
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 led to dose adjustment to DL4a Adjustm
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) 11 . 4 5 Musculoskeletal and connective tissue disorders 6.8 4.5 4.5 2.3 3 2 2 1 Bone pain Myalgia Back pain Arthralgia TEAEs by maximum severity for all patients (N=44) ≥ Grade 3 No. % Adverse event ( System o
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 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 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 di
Slide 30: IMA402 PRAME Bispecific
IMA402 PRAME Bispecific Expansion to Early - Stage PRAME Cancers PRAME Wave #3
Slide 31: IMA402 Opportunity
31 IMA402 Opportunity 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; sqNSCLC: squamous cell non - small - cell lung cancer ~145K addressable PRAM E + /HLA
Slide 32: IMA402 Summary: Phase 1 Dose Escalation Study
Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study 32 Dose escalation in advanced stage indications at higher DLs ongoing Tolerability Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and transient lymphopenia Early dose escalation ongoin
Slide 33: Phase 1/2 Clinical Trial to Evaluate IMA402
Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific 360 µg 800 µg 3,000 µg 5,000 µg 120 µg 1,600 µg 60 µg 20 µg D L 1 D L 2 D L 3 D L 4 D L 5 D L 7 D L 9 D L 6 8,000 µg 4,000 µg D L 8 Key Eligibility Criteria Objecti v es Primary: • Determine MTD and/or RP2D • Tolerability Secondary: • Init
Slide 34: IMA402 Tolerability in N=33 Patients
34 IMA402 PRAME Bispecific Demonstrates Favorable Tolerability in N=33 Patients Most Frequent Related AEs were Lymphopenia and CRS Grade 3 ≥ All Grades TEAEs, n [%] 17 [52] 33 [100] Any 15 [45] 32 [97] Treatment - related Grade 3 ≥ All Grades Treatment - related AEs 1 , n [%] 10 [30] 17 [52] Lymphop
Slide 35: Early Signs of Clinical Activity Associated with PRAME and Dose
Positive/NT Ne g a ti v e 7+ * 1 - 6 Across DLs PRAME Status Dose Levels 78% 25% 14% Patients with Tumor Shrinkage Early Signs of Clinical Activity Associated with PRAME Expression and IMA402 Dose 35 BOR (RECIST 1.1) Ongoing response / SD (RECIST1.1/ iRECIST) Data cut - off Nov 6, 2024 * Patients wh
Slide 36: Exemplary Patient Cases Suggesting Dose-Dependent Response
Exemplary Patient Cases Suggesting Dose - Dependent Tumor Response 36 Data cut - off Nov 6, 2024 BOR: Best Overall Response; SD: Stable Disease; cPR: Confirmed Partial Response; arrow: Ongoing response / stable disease (RECIST 1.1/ iRECIST) Patients with Disease Control (RECIST1.1) at Relevant Doses
Slide 37: IMA401 MAGEA4/8 Bispecific
IMA401 MAGEA4/8 Bispecific Driving Innovation beyond PRAME beyond PRAME
Slide 38: Beyond the PRAME Franchise
Beyond the PRAME Franchise 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 Bispecific ~62K addressable MAGEA4/8+ and HLA - A*02:01+ in the US & E
Slide 39: IMA401 Opportunity
IMA401 MAGEA4/8 Bispecific: Driving Innovation beyond PRAME 39 IMA401 Opportunity 1 Target prevalence is based on TCGA RNAseq data combined with a proprietary mass spec - guided RNA expression threshold; All patient numbers refer to MAGEA4/8 + /HLA - A*02:01 + patients in the US and EU5 in 2025; Sou
Slide 40: IMA401 Summary: Phase 1 Dose Escalation Study
Cancer Cell MAG E A4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 40 AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: disease control rate; ICI: immune checkpoint inhibitor; q4w: once every four weeks; H
Slide 41: IMA401-101 Phase 1a Trial Design
41 180 µg 540 µg 1800 µg 1800 µg 2500 µg 2500 µg Key Eligibility Criteria Objecti v es Primary: • Determine MTD and/or RP2D Secondary: • Tolerability • Pharmacokinetics • Initial anti - tumor activity • Recurrent and/or refractory solid tumors • HLA - A*02:01 positive • MAGEA4/8 - positive as confir
Slide 42: IMA401 Demonstrates Manageable Tolerability
42 IMA401 MAGEA4/8 Bispecific Demonstrates Manageable Tolerability (N=35) Most Frequent Related AEs were Lymphopenia, CRS and Neutropenia ≥ Grade 3 All Grades TEAEs, n [%] 26 [74] 19 [54] 32 [91] 28 [80] Any Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n [%] 11 [31] 0 5 [14]
Slide 43: Objective Responses Associated with Target Expression
1 Patients in this analysis had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression above indicated MAGEA4/A8 high qPCR threshold (n=17); PD: Progressive disease; PR: Partial response; cPR: confirmed Partial response; SD: Stable disease. Objective Responses are Associated with T
Slide 44: IMA401 Initial Anti-Tumor Activity in Multiple Tumor Types
IMA401 Demonstrates Initial Anti - Tumor Activity in Multiple Tumor Types 44 * Patients in this analysis are part of the efficacy analysis set with at least one post - treatment tumor assessment and had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression higher than the MAGEA4/8
Slide 45: Appendix
Delivering © Immatics. Not for further reproduction or distribution. www.immatics.com the Power of T cells to Cancer Patients Appendix
Slide 46: Potential of PRAME Therapies in Solid Cancers
Potential of PRAME Therapies in Solid Cancers 46 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 expression threshold applied to TCGA or in - house (SCLC) RNAseq data (approximate values, values betw
Slide 47: Significant Shift in PFS and OS Between Dose Escalation & Expansion
Data cut - off Apr 07, 2025 47 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 2.6 months 11 Dose Escalation 6.1 months 33 Dose Expansio