GlobeNewswire Inc | Mar 30, 2021 07:00AM EDT

March 30, 2021

-- Phase 1a data update from clinical ACTengine programs demonstrated first anti-tumor activity at early phases of dose escalation in heavily pre-treated solid cancer patients

-- Enrollment across clinical ACTengine IMA200 trial series continues to scale up

-- Cash and cash equivalents as well as other financial assets of $285 million1 (232 million) as of December 31, 2020 provide cash reach into 2023

Tuebingen, Germany and Houston, TX, March 30, 2021 Immatics N.V. (NASDAQ: IMTX; Immatics), a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies, today provided an update on its corporate progress and reported financial results for the quarter and full year ended December 31, 2020.

Harpreet Singh, Ph.D., CEO of Immatics commented, The past year was exceptional for Immatics with the advancement of our pipeline programs, expansion of our leadership team and scientific advisory board and the completion of our listing on the Nasdaq. Building on this foundation, we have recently delivered encouraging data from three clinical TCR-T studies demonstrating first anti-tumor activity in heavily pre-treated solid cancer patients. This early data also constitutes a first clinical validation for our differentiated TCR therapeutics platform. We look forward to reporting further data from our Phase 1 ACTengine TCR-T trials as well as the progress in our TCR Bispecifics programs (TCER) in the latter part of this year.

Fourth Quarter 2020 and Subsequent Company Progress

Adoptive Cell Therapy Programs

-- ACTengine IMA200 series - Immatics provided a clinical data update from three ongoing ACTengine Phase 1 trials for its engineered Adoptive Cell Therapy approach (also known as TCR-T) in March. The combined data readout during early phases of dose escalation for the ACTengine programs, IMA201, IMA202 and IMA203, indicated first anti-tumor activity with tumor shrinkage observed in 8 out of 10 patients including one unconfirmed partial response as of data cut-off. This was consistent with the observed robust engraftment, persistence and tumor infiltration of infused ACTengine T cells. Overall, all product candidates demonstrated a manageable safety and tolerability profile. An additional Phase 1a read-out for IMA201 and IMA203 and initial Phase 1b data for IMA202 from the dose expansion cohort is planned for H2 2021. Submission of a clinical trial application (CTA) for the fourth IMA200 series program, IMA204, remains anticipated for H2 2021. The company presented the first preclinical data for the program in September 2020, which is directed at a novel target, COL6A3 exon 6 that is expressed in the tumor stroma of a variety of solid cancers.

TCR Bispecifics Programs

-- IMA401 Immatics presented preclinical proof-of-concept data from its lead TCER program, IMA401, at the European Antibody Congress 2020 in November. IMA401 is an antibody-like, off-the-shelf biologic directed against a high-density peptide target derived from MAGEA4/8. Submission of a CTA for IMA401 remains on track by the end of 2021. -- IMA402 Immatics plans to announce preclinical proof-of-concept data for its second TCER program, IMA402 in Q2 2021. GMP process development activities are targeted to begin at the same time to advance this program towards the Investigational New Drug (IND) stage and clinical development.

Corporate Developments

Scientific Advisory Board Update

-- Immatics has established a new Scientific Advisory Board (SAB) comprised of several leaders and scientific pioneers in immuno-oncology, adoptive cell therapies, clinical oncology and cancer biology. The members of the new SAB include Gwendolyn Binder, Dirk Busch, Christoph Huber, Patrick Hwu, Roland Kontermann, Crystal Mackall, Hidde Ploegh, Hans-Georg Rammensee, and Cassian Yee. Patrick Hwu and Crystal Mackall will co-chair the SAB. Additional information about the members can be found on the Immatics website.



Amendment to Resale Registration Statement

-- In connection with the filing of the Annual Report on Form 20-F, Immatics will file an amendment to its existing resale registration statement on Form F-1 to update certain information. This registration statement relates solely to the resale of shares by certain stockholders, and the filing of the amendment is not necessarily indicative of any sales by the holders of their shares. No shares will be issued or sold by Immatics pursuant to the registration statement.

Full Year 2020 Financial Results

Cash Position: Cash and cash equivalents as well as other financial assets total 232.0 million ($284.7 million1) as of December 31, 2020 compared to 119.4 million ($146.5 million1) as of December 31, 2019. The increase is mainly the result of the business combination with ARYA Sciences Acquisition Corporation completed in July 2020 (ARYA merger) and the concurrent PIPE Financing.

Revenue: Total revenue, consisting of revenue from collaboration agreements, was 31.3 million ($38.4 million1) for the year ended December 31, 2020, compared to 18.4 million ($22.6 million1) for the year ended December 31, 2019.

Research and Development Expenses: R&D expenses were 67.1 million ($82.3 million1) for the year ended December 31, 2020, compared to 40.1 million ($49.2 million1) for the year ended December 31, 2019. The increase is mainly due to an increase in preclinical and clinical development expenses and an increase in share-based compensation (14.5 million; $17.8 million1 for the year ended December 31, 2020 compared to 1.6 million; $1.9 million for the year ended December 31, 2019).

General and Administrative Expenses: G&A expenses were 34.2 million ($42.0 million1) for the year ended December 31, 2020, compared to 11.8 million ($14.5 million1) for the year ended December 31, 2019. The increase is mainly due to an increase in share-based compensation (10.9 million; $13.4 million1 for the year ended December 31, 2020 compared to 0.5 million; $0.6 million for the year ended December 31, 2019) as well as one-time transaction costs of the NASDAQ listing in connection with the ARYA merger in July.

Net Loss: Net loss was 229.6 million ($281.7 million1) for the year ended December 31, 2020, compared to 32.5 million ($39.9 million1) for the year ended December 31, 2019, of which 152.8 million ($187.5 million1) resulted from a one-time, non-cash expense in connection with the ARYA merger. The main part of this 152.8 million ($187.5 million1) non-cash expense resulted from the share price increase between signing and closing of the ARYA merger.

Full financial statements can be found in the Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) and published on the SEC website under www.sec.gov.

1 All amounts translated using the exchange rate published by the European Central Bank in effect as of December 31, 2020 (1 EUR = 1.2271 USD).

Upcoming Investor Conferences

-- Kempen Life Science April 28, 2021 -- Bank of America Healthcare Conference May 11-13, 2021 -- Jefferies Virtual Healthcare Conference June 1-3, 2021

To see the full list of events and presentations, visit www.investors.immatics.com/events-presentations.

About ImmaticsImmatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.

Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates you can also follow us on Twitter and LinkedIn.

Forward-Looking StatementsCertain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Immatics future financial or operating performance. For example, statements concerning the timing of product candidates and Immatics focus on partnerships to advance its strategy are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential or continue, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Immatics undertakes no duty to update these forward-looking statements.

For more information, please contact:

For Media Inquiries Investor Relations ContactJacob Verghese or Stephanie May John GrazianoTrophic Communications Solebury TroutPhone: +49 89 2388 7731 Phone: +1 646 378 2942immatics@trophic.eu jgraziano@soleburytrout.com

Immatics N.V. Anja Heuer Jordan SilversteinCorporate Communications Head of StrategyPhone: +49 89 540415-606 Phone: +1 281 810 7545 InvestorRelations@immatics.commedia@immatics.com

Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Financial Position of Immatics N.V.

As of

December 31, December 2020 31,2019 (Euros in thousands)Assets Current assets Cash and cash equivalents 207,530 103,353Other financial assets 24,448 16,023Accounts receivable 1,250 957Other current assets 5,763 3,667Total current assets 238,991 124,000Non-current assets Property, plant and equipment 7,868 4,720Intangible assets 914 1,008Right-of-use assets 6,149 3,287Other non-current assets 724 1,262Total non-current assets 15,655 10,277Total assets 254,646 134,277Liabilities and shareholders' deficit Current liabilities Provisions 51 50Accounts payable 10,052 7,082Deferred revenue 46,600 59,465Lease liabilities 1,881 1,411Other current liabilities 2,025 1,288Total current liabilities 60,609 69,296Non-current liabilities Deferred revenue 85,475 101,909Lease liabilities 4,306 1,823Other non-current liabilities - 2,084Total non-current liabilities 89,781 105,816Shareholders' equity (deficit) Share capital 629 1,164Share premium 573,339 190,945Accumulated deficit (462,253) (233,194)Other reserves (7,459) (770)Total equity (deficit) attributable to 104,256 (41,855)shareholders of the parentNon-controlling interest - 1,020Total shareholders' equity (deficit) 104,256 (40,835)Total liabilities and shareholders' equity 254,646 134,277(deficit)



Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Loss of Immatics N.V.

Year ended December 31, 2020 2019 2018 (Euros in thousands, except share and per share data)Revenue from collaboration agreements 31,253 18,449 3,770Research and development expenses (67,085) (40,091) (33,971)General and administrative expenses (34,186) (11,756) (7,666)Other income 303 385 3,458Operating result (69,715) (33,013) (34,409)Financial income 2,949 790 2,215Financial expenses (10,063) (264) (161)Share listing expense (152,787) - -Financial result (159,901) 526 2,054Loss before taxes (229,616) (32,487) (32,355)Taxes on income - - -Net loss (229,616) (32,487) (32,355)Attributable to: Equity holders of the parent (229,059) (31,571) (31,444)Non-controlling interest (557) (916) (911)Net loss (229,616) (32,487) (32,355)Net loss per share - basic and (4.77) (0.95) (0.95)dilutedWeighted average shares outstanding - 48,001,228 33,093,838 33,093,838basic and diluted



Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

Year ended December 31, Notes 2020 2019 2018 (Euros in thousands)Net Loss (229,616) (32,487) (32,355)Other comprehensive loss Items that may be reclassifiedsubsequently to profit or loss, - - -net of taxCurrency translation differences (6,689) (29) 313from foreign operationsTotal comprehensive loss for the (236,305) (32,516) (32,042)period Attributable to: Equity holders of the parent (235,748) (31,600) (31,131)Non-controlling interest 20 (557) (916) (911)Total comprehensive loss for the (236,305) (32,516) (32,042)period



Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Cash Flows of Immatics N.V.

Year ended December 31, 2020 2019 2018 (Euros in thousands) Cash flows from operating activities Loss before taxation (229,616) (32,487) (32,355)Adjustments for: Interest income (850) (790) (507)Depreciation and amortization 4,424 3,858 2,176Interest expense 289 170 16Share listing expense 152,787 - -Equity settled share-based payment 22,908 152 118MD Anderson compensation expense 45 700 1,360(Decrease) Increase in other liabilities (2,036) 1,864 220resulting from share appreciation rightsPayment related to share-based compensationawards previously classified as (4,322) - -equity-settledNet foreign exchange differences (4,477) 3 -Changes in working capital Increase in accounts receivable (294) (563) (175)Increase in other assets (1,600) (1,497) 5,608(Increase) decrease in accounts payable and (23,387) 98,937 43,732other current liabilitiesInterest received 808 790 507Interest paid (289) (170) (16)Net cash provided by/(used in) operating (85,610) 70,967 20,684activitiesCash flows from investing activities Payments for property, plant and equipment (7,420) (2,143) (429)Cash paid for investments in Other financial (82,930) (20,473) (13,101)assetsCash received from maturity of investments 74,505 17,551 -classified in Other financial assetsPayments for intangible assets (104) (91) (78)Proceeds from disposal of property, plant and - 97 94equipmentNet cash provided by/(used in) investing (15,949) (5,059) (13,514)activitiesCash flows from financing activities Proceeds from issuance of shares to equity 217,918 - 23,648holders of the parentTransaction cost deducted from equity (7,939) Payments for leases (2,096) (1,862) -Net cash provided by/(used in) financing 207,883 (1,862) 23,648activitiesNet increase in cash and cash equivalents 106,324 64,046 30,818Cash and cash equivalents at beginning of 103,353 39,367 8,415periodEffects of exchange rate changes on cash and (2,147) (60) 134cash equivalentsCash and cash equivalents at end of period 207,530 103,353 39,367



Immatics N.V. and subsidiaries

Condensed Consolidated Statement of Changes in Shareholders equity (deficit) of Immatics N.V.

Total equity attributable(Euros in Notes Share Share Accumulated deficit Other to Non-controlling interest Total share-holders'thousands) capital premium reserves shareholders equity (deficit) of the parentBalance as ofJanuary 1, 1,164 167,027 (170,179) (1,054) (3,042) 787 (2,255)2018Othercomprehensive - - - 313 313 - 313lossNet loss - - (31,444) - (31,444) (911) (32,355)Comprehensiveloss for the - - (31,444) 313 (31,131) (911) (32,042)yearEquity-settled 18 - 118 - - 118 - 118tandem awardsIssuance ofordinary 19 - 23,648 - - 23,648 - 23,648sharesMD Andersoncompensation 20 - - - - - 1,360 1,360expenseBalance as ofDecember 31, 1,164 190,793 (201,623) (741) (10,407) 1,236 (9,171)2018 Balance as of January 1, 1,164 190,793 (201,623) (741) (10,407) 1,236 (9,171)2019Othercomprehensive - - - (29) (29) - (29)lossNet loss - - (31,571) - (31,571) (916) (32,487)Comprehensiveloss for the - - (31,571) (29) (31,600) (916) (32,516)yearEquity-settled 18 - 152 - - 152 - 152tandem awardsMD Andersoncompensation 20 - - - - - 700 700expenseBalance as of December 31, 1,164 190,945 (233,194) (770) (41,855) 1,020 (40,835)2019 Balance as of January 1, 1,164 190,945 (233,194) (770) (41,855) 1,020 (40,835)2020Other (6,689) comprehensive - - - (6,689) - (6,689)lossNet loss - - (229,059) - (229,059) (557) (229,616)Comprehensiveloss for the - - (229,059) (6,689) (235,748) (557) (236,305)yearReorganization 3,19 (833) 833 - - - - -Issue of share capitalMD Anderson 3,19 7 501 - - 508 (508) Share Exchange -PIPEFinancing, net 3, 19 104 89,973 - - 90,077 - 90,077of transactioncostsARYA Merger,net of 3,19, 180 272,508 - - 272,688 - 272,688transaction 17costsSAR conversion 18 7 (7) - - - - -Total issuanceof share 298 362,975 - - 363,273 (508) 362,765capitalEquity-settledshare-based 18 - 22,908 - - 22,908 - 22,908compensationPaymentrelated toshare-basedcompensation 18 - (4,322) - - (4,322) - (4,322)awardspreviouslyclassified asequity-settledMD Andersoncompensation 20 - - - - - 45 45expenseBalance as ofDecember 31, 629 573,339 (462,253) (7,459) 104,256 - 104,2562020







Attachment

-- PDF Version