Is the Immatics (IMTX) investment thesis intact?

Yes. Readouts currently rates the Immatics Thesis Intact. SUPRAME remains central; IMA402 responses support a selective, early-stage PRAME opportunity.

What is the next catalyst for Immatics (IMTX)?

The next dated event is Phase 1b results for IMA402, expected H2 2026, as stated by the company. Also ahead: Phase 3 topline results (SUPRAME) for IMA203, expected H1 2027.

How long will Immatics' cash last?

Immatics has said its cash will fund operations into 2028 (guidance as of August 18, 2026).

IMTXImmatics N.V.

Market reactionShares fell 11% on Nov 5.

IntactLast material event Aug 18, 2026 · Updated Oct 29, 2026

SUPRAME remains central; IMA402 responses support a selective, early-stage PRAME opportunity

Immatics develops T-cell therapies and bispecific antibodies targeting PRAME, a protein found on many cancers; its lead, anzu-cel, is in a Phase 3 trial in advanced melanoma, and none of its products is approved.

Immatics' case centers on anzu-cel in advanced melanoma: Phase 1b activity must translate into a randomized SUPRAME progression-free survival benefit. Slower events prompted a single final PFS analysis, with topline expected in the first half of 2027 and a BLA in 2027. IMA203CD8 and IMA402 offer broader PRAME opportunities, but remain early-stage. Cash and investments of €393.4 million at June 30, 2026 supported management's projected reach into 2028, before the $150 million gross offering priced in August.

Thesis checklist

0 risks need attention

Select a row for evidence

What must be trueStateNext proof

SUPRAME shows a progression-free survival benefitAwaiting evidenceFinal PFS topline in 1H 2027.Next: Final PFS topline in 1H 2027.

Why it is in this state

The evidence, what would weaken it and the source filing

Anzu-cel BLA submitted in 2027Awaiting evidenceBLA submission in 2027.Next: BLA submission in 2027.

Why it is in this state

The evidence, what would weaken it and the source filing

IMA203CD8 and IMA402 extend PRAME targeting beyond melanomaAwaiting evidenceUterine cohort completion in 1H 2027; first IMA402 combination data in 2027; further tumor-specific durability and dose selection.Next: Uterine cohort completion in 1H 2027; first IMA402 combination data in 2027; further tumor-specific durability and dose selection.

Why it is in this state

The evidence, what would weaken it and the source filing

Cash reaches the Phase 3 data and BLASupportedNext financial report: cash, investments, spending and offering proceeds.Next: Next financial report: cash, investments, spending and offering proceeds.

Why it is in this state

The evidence, what would weaken it and the source filing

Next decision point

SUPRAME final PFS results

Tests: SUPRAME shows a progression-free survival benefit

1H 2027

Does anzu-cel improve progression-free survival over investigator's choice enough to support a BLA?

Strong, inconclusive and weak outcomes

What to look for in the result and how each would move the checklist

Questions to investigate

History

Price and material events

Select an event marker to read the update below. Marker colors show Thesis status.

IntactCurrentFinancial

+1.8%Aug 18, 2026

SUPRAME remains central; IMA402 responses support a selective, early-stage PRAME opportunity

IntactClinical

-9.9%Jun 1, 2026

Anzu-cel's BLA submission and Phase 3 completion will test whether PRAME-targeted TCR therapy can win regulatory approval in checkpoint inhibitor-failed melanoma

About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.

Pipeline

Cutaneous melanoma· post-checkpoint inhibitor-

IMA203 · 3 upcoming · 1 completed

Phase 3 Enrollment: CompletionSUPRAMEPivotal

Year-end 2026

Phase 3 Data: ToplineSUPRAMEPivotal

2026H1 2027

BLA Submission

2027

Melanoma· gynecologic cancers

IMA402 · 1 upcoming

Phase 1b Data

H2 2026

PRAME-positive pediatric cancers

IMA203CD8 · 1 upcoming

Phase 1/2 Study InitiationIIT

1H 2027

Squamous non-small cell lung cancer

IMA402/IMA401 · 1 upcoming · 1 completed

Phase 1b Data

2027

Uveal melanoma

IMA203 · 1 upcoming

Phase 2 Data

TBD

PRAME-expressing solid tumors

IMA203CD8 · 1 completed

Phase 1a Data

May 31, 2026

Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.

Quick answers

Is the Immatics (IMTX) investment thesis intact?: Yes. Readouts currently rates the Immatics Thesis Intact. SUPRAME remains central; IMA402 responses support a selective, early-stage PRAME opportunity.
What is the next catalyst for Immatics (IMTX)?: The next dated event is Phase 1b results for IMA402, expected H2 2026, as stated by the company. Also ahead: Phase 3 topline results (SUPRAME) for IMA203, expected H1 2027.
How long will Immatics' cash last?: Immatics has said its cash will fund operations into 2028 (guidance as of August 18, 2026).

Other companies we cover in these diseases

Melanoma: CytomX Therapeutics (CTMX)Immunocore (IMCR)Evaxion (EVAX)Neuphoria Therapeutics (NEUP)TransCode Therapeutics (RNAZ)Perspective Therapeutics (CATX)Delcath Systems (DCTH)Replimune Group (REPL)IDEAYA Biosciences (IDYA)
Squamous non-small cell lung cancer: Erasca (ERAS)

Disease areas: Lung cancer, Breast and gynecologic cancers, Other cancers
Catalyst calendar · Upcoming FDA decisions · Thesis changes

Competitive landscape

17 peers tracked

Financial snapshot

Dates and calculation details

Cash: Market-data provider estimate; measurement period unavailable.

Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.

Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.

Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.

Runway: No underlying guidance available.