GlobeNewswire Inc | Dec 2, 2020 07:00AM EST

December 02, 2020

-- ACTengine IMA200 clinical trial series continues scaling globally; initial analysis for patients in ACTengine dose escalation is on track for Q1 2021

-- Expansion of UTHealth partnership secures cell therapy manufacturing capacities until end of 2024

-- Positive pre-clinical data updates on ACTengine IMA204 and first TCR Bispecifics (TCER) program IMA401

-- Strengthened leadership team with appointment of Arnd Christ as Chief Financial Officer and addition of Eliot Forster to Immatics Board of Directors

-- Cash and cash equivalents as well as other financial assets of 259.3 million ($303.6 million1) as of September 30, 2020 provide cash reach into 2023



Tuebingen, Germany and Houston, TX, December 2, 2020 Immatics N.V. (NASDAQ: IMTX; Immatics), a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies, today reported financial results and provided a business update for the quarter ended September 30, 2020.

The third quarter was highlighted by meaningful progress in our ACTengine IMA200 clinical trial series. Seven clinical sites in Germany and the US are now initiated and screening patients. These advancements mark critical steps towards delivering our clinical milestones for the coming year including reporting on initial data for ACTengine patients in dose escalation in Q1, said Harpreet Singh, Ph.D., CEO of Immatics. In conjunction with our clinical and operational progress, we are pleased to further strengthen the Companys capabilities with the appointments of both Eliot Forster to the Board and Arnd Christ as Chief Financial Officer.

Third Quarter 2020 and Subsequent Company Progress

Adoptive Cell Therapy Programs

-- ACTengine IMA200 Series Immatics continued to select and initiate additional clinical trial sites in Germany and the US. The increased patient enrollment seen at sites in Germany was able to mitigate the impact of the global COVID-19 pandemic at US sites. These patients are expected to be treated within the fourth quarter this year, moving Immatics towards delivering the clinical milestones for ACTengine in the coming year. Combined initial data readout for ACTengine programs, IMA201, IMA202 and IMA203, continues to be expected in Q1 2021. Reported initial data will focus on safety and pharmacodynamic data including engraftment level, persistence and molecular phenotype of infused T cells as well as clinical change of target tumor lesions.

-- ACTengine IMA204 Immatics presented preclinical data from the ACTengine cell therapy program targeting the tumor microenvironment on September 10. IMA204 is directed at a novel target, COL6A3 exon 6, which is highly expressed in the tumor stroma of a variety of solid cancers. An affinity-enhanced TCR candidate directed to this target demonstrated full functionality in CD8+ and CD4+ T cells indicating that this TCR could be employed in a next-generation ACTengine approach without the need of CD8 co-receptor transduction. Submission of an Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) for IMA204 remains anticipated for 2021.

-- ACTolog IMA101 On November 10, Immatics presented topline data from its clinical pilot trial IMA101, a personalized multi-target ACT approach using the patients own, non-engineered T cells. The trial demonstrated feasibility and tolerability of this approach as well as very high persistence of endogenous T cells directed against defined pHLA targets. Clinical course observations in patients treated with T cells directed at the tumor stroma target COL6A3 exon 6 warrant further exploration of this target within ACTengine. The results also support further development of a multi-target approach using multiple engineered TCRs simultaneously in ACTengine.

TCR Bispecifics Programs

-- IMA401 A preclinical data update from Immatics first TCR Bispecifics (TCER) program on October 29, delivered pre-clinical proof-of-concept for IMA401 demonstrating complete remission of transplanted human tumors in mice as well as favorable CMC characteristics. The IMA401 cancer target, an HLA-A*02-bound peptide derived from both MAGEA4 and MAGEA8, showed more than 5-fold higher target copy numbers per tumor cell than a commonly used target peptide derived from MAGEA4. Submission of the IMA401 IND/IMPD application remains expected by the end of 2021.

Corporate Development

Management and Board of Directors Updates

-- Eliot Forster, Ph.D., joined Immatics Board of Directors as a new member in September 2020. He brings to Immatics extensive experience, including leadership of trailblazing biopharmaceutical companies in the field of immuno-oncology as well as other therapeutic areas.

-- In October 2020, Arnd Christ joined Immatics leadership team as Chief Financial Officer (CFO). He was previously the CFO of Nasdaq-listed InflaRx and brings nearly two decades of experience serving as the CFO of both private and public biotechnology companies.

Collaborations and Strategic Alliances

-- On August 6, Immatics announced the extension of its strategic alliance with UTHealth. The continued collaboration will provide Immatics exclusive access to three cGMP suites enabling manufacturing and supply of its ACT products for current and upcoming Phase 1 clinical trials in the US and Europe for an additional four years until end of 2024.



Third Quarter 2020 Financial Results

Cash Position: Cash and cash equivalents as well as other financial assets sum up to 259.3 million ($303.6 million1) as of September 30, 2020 compared to 86.1 million ($100.8 million1) as of June 30. The increase is mainly due to 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 7.8 million ($9.1 million1) for the three months ended September 30, 2020, compared to 5.1 million ($6.0 million1) for the three months ended September 30, 2019.

Research and Development Expenses: R&D expenses were 17.5 million ($20.5 million1) for the three months ended September 30, 2020, compared to 10.2 million ($11.9 million1) for the three months ended September 30, 2019. The increase is mainly due to increased share-based compensation (4.6 million; $5.4 million1).

General and Administrative Expenses: G&A expenses were 9.2 million ($10.8 million1) for the three months ended September 30, 2020, compared to 2.7 million ($3.2 million1) for the three months ended September 30, 2019. The increase is mainly due to increased share-based compensation (3.6 million; $4.2 million1) as well as one-time transaction costs of the NASDAQ listing in connection with the ARYA merger in July.

Net Loss: Net loss was 177.1 million ($207.3 million1) for the three months ended September 30, 2020, compared to 5.0 million ($5.9 million1) for the three months ended September 30, 2019 of which 152.8 million ($178.9 million1) resulted from a one-time, non-cash expense in connection with the ARYA merger. The main part of this 152.8 million ($178.9 million1) non-cash expense resulted from the share price increase between signing and closing of the ARYA merger. For detailed information, please refer to Note 9 of the Notes to the Financial Statements.

Upcoming Investor Conferences

-- Piper Sandler Healthcare Conference December 1-3, 2020 -- 10th Annual SVB Leerink Global Healthcare Conference February 24-26, 2021



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

Full financial statements can be found in the current report on Form 6-K filed with the Securities and Exchange Commission (SEC) and published on the SEC website under https://www.sec.gov/.

1 All amounts translated using the exchange rate published by the European Central Bank in effect as of September 30, 2020 (1 EUR = 1.1708 USD).

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 7545media@immatics.com InvestorRelations@immatics.com



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

As of

September 30, December 31, 2020 2019 (Euros in thousands)Assets Current assets Cash and cash equivalents 233,676 103,353Other financial assets 25,624 16,023Accounts receivable 1,049 957Other current assets 6,518 3,667Total current assets 266,867 124,000Non-current assets Property, plant and equipment 7,753 4,720Intangible assets 969 1,008Right-of-use assets 6,814 3,287Other non-current assets 632 1,262Total non-current assets 16,168 10,277Total assets 283,035 134,277Liabilities and shareholders' deficit Current liabilities Provisions 2,038 50Accounts payable 9,743 7,082Deferred revenue 60,614 59,465Lease liabilities 1,939 1,411Other current liabilities 1,856 1,288Total current liabilities 76,190 69,296Non-current liabilities Deferred revenue 80,295 101,909Lease liabilities 4,891 1,823Other non-current liabilities - 2,084Total non-current liabilities 85,186 105,816Shareholders' equity (deficit) Share capital 629 1,164Share premium 564,852 190,945Accumulated deficit (439,665) (233,194)Other reserves (4,157) (770)Total equity (deficit) attributable to 121,659 (41,855)shareholders of the parentNon-controlling interest - 1,020Total shareholders' equity (deficit) 121,659 (40,835)Total liabilities and shareholders' equity 283,035 134,277(deficit)



Immatics N.V. and subsidiariesUnaudited Condensed Consolidated Statement of Loss of Immatics N.V.

Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 (Euros in thousands, (Euros in thousands, except share and per except share and per share data) share data)

Revenue from 7,871 5,056 21,807 14,065 collaborationagreementsResearch and development (17,485) (10,233) (46,236) (27,964) expensesGeneral and administrative (9,215) (2,769) (25,488) (7,147) expensesOther income 32 190 232 315 Operating result (18,797) (7,756) (49,685) (20,731)Financial income 1,188 2,844 1,943 3,339Financial (6,717) (61) (6,499) expenses (158)Share listing (152,787) - (152,787) expense - Financial result (158,316) 2,783 (157,343) (3,181) Loss before taxes (177,113) (4,973) (207,028) (17,550)Taxes on income - - - - -Net loss (177,113) (4,973) (207,028) (17,550)Attributable to: Equity holders of (177,113) (4,711) (206,471) the parent (16,859)Non-controlling - (262) (557) interest (691)Net loss (177,113) (4,973) (207,028) (17,550)Net loss pershare?basic and (2.82) (0.14) (4.80) (0.51) dilutedWeighted averageshares 62,908,617 33,093,838 43,032,098 33,093,838 outstanding?basicand diluted



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

Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 (Euros in thousands) (Euros in thousands)Net Loss (177,113) (4,973) (207,028) (17,550)Other comprehensive lossItems that may bereclassified - - - -subsequently to profitor loss, net of taxCurrency translationdifferences from (3,487) (727) (3,387) (735)foreign operationsTotal comprehensive (180,600) (5,700) (210,415) (18,285)loss for the period Attributable to: Equity holders of the (180,600) (5,438) (209,858) (17,594)parentNon-controlling - (262) (557) (691)interestTotal comprehensive (180,600) (5,700) (18,285)loss for the period (210,415)



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

Nine months ended September 30, 2020 2019 (Euros in thousands)Cash flows from operating activities Loss before taxation (207,028) (17,550)Adjustments for: Interest income (1,072) (439)Depreciation and amortization 3,466 2,795Interest expense 188 138Share listing expense 152,787 -Equity settled share-based payment 15,031 116MD Anderson compensation expense 45 503(Decrease) Increase in other liabilities resulting from (1,893) 151share appreciation rightsPayment related to share-based compensation awards (4,322) -previously classified as equity-settledChanges in working capital Decrease (increase) in accounts receivable 328 (720)(Increase) decrease in other assets (2,211) 432(Increase) decrease in accounts payable and other current (16,026) 56,739liabilitiesInterest received 1,030 341Interest paid (188) (138)Net cash provided by/(used in) operating activities (59,865) 42,368Cash flows from investing activities Payments for property, plant and equipment (5,864) (1,403)Cash paid for investments classified in Other financial (58,482) (4,450)assetsCash received from maturity of investments classified in 48,881 17,551Other financial assetsPayments for intangible assets (86) (60)Proceeds from disposal of property, plant and equipment - 97Net cash provided by/(used in) investing activities (15,551) 11,735Cash flows from financing activities Proceeds from issuance of shares to equity holders of the 209,369 -parentPayments for leases (1,633) (1,395)Net cash provided by/(used in) financing activities 207,736 (1,395)Net increase in cash and cash equivalents 132,320 52,708Cash and cash equivalents at beginning of period 103,353 39,367Effects of exchange rate changes on cash and cash (1,997) 16equivalentsCash and cash equivalents at end of period 233,676 92,091



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

Total equity(Euros in Share Share Other attributable Non-controlling Total share-holders'thousands) capital premium Accumulated deficit reserves to interest equity (deficit) shareholders of the parentBalance as of January 1, 1,164 190,793 (201,623) (741) (10,407) 1,236 (9,171)2019Othercomprehensive - - - (735) (735) - (735)lossNet loss - - (16,858) - (16,858) (691) (17,549)Comprehensiveloss for the - - (16,858) (735) (17,593) (691) (18,284)yearEquity-settled - 116 - - 116 - 116tandem awardsMD Andersonmilestone - - - - - 503 503compensationexpenseBalance as ofSeptember 30, 1,164 190,909 (218,481) (1,476) (27,884) 1,048 (26,836)2019 Balance as of January 1, 1,164 190,945 (233,194) (770) (41,855) 1,020 (40,835)2020Other comprehensive - - - (3,387) (3,387) - (3,387)lossNet loss - - (206,471) - (206,471) (557) (207,028)Comprehensiveloss for the - - (206,471) (3,387) (209,858) (557) (210,415)yearReorganization (833) 833 - - - - -Issue of share capitalMD Anderson 7 501 - - 508 (508) Share Exchange -PIPEFinancing, net 104 89,749 - - 89,853 - 89,853of transactioncostsARYA Merger,net of 180 272,122 - - 272,302 - 272,302transactioncostsSAR conversion 7 (7) - - - - -Total issuanceof share 298 362,365 - - 362,663 (508) 362,155capitalEquity-settledshare-based - 15,031 - - 15,031 - 15,031compensationPaymentrelated toshare-basedcompensation - (4,322) - - (4,322) - (4,322)awardspreviouslyclassified asequity-settledMD Andersonmilestone - - - - - 45 45compensationexpenseBalance as ofSeptember 30, 629 564,852 (439,665) (4,157) 121,659 - 121,6592020



Attachment

-- Q3 2020