The company maintains a conservative debt profile with a debt-to-equity ratio of 0.03, though this is offset by an accumulated deficit that reached $844.7 million by 2026Q1.
| Total Current Assets | 485.34M | 503.79M | 629.55M | 449.37M | 377.15M | 152.21M | 238.99M | 124M | 55.29M |
| Cash & Short-Term Investments | 454.04M | 469.14M | 604.45M | 425.89M | 362.2M | 145.12M | 231.98M | 119.38M | 52.47M |
| Cash Only | 301.65M | 345.77M | 236.75M | 218.47M | 148.52M | 132.99M | 207.53M | 103.35M | 39.37M |
| Short-Term Investments | 152.4M | 123.37M | 367.7M | 207.42M | 213.69M | 12.12M | 24.45M | 16.02M | 13.1M |
| Accounts Receivable | 4.82M | 6.88M | 6.75M | 5.74M | 1.11M | 2.36M | 2.92M | 2.72M | 1.82M |
| Days Sales Outstanding | 48.12 | 52.01 | 15.8 | 38.78 | 2.35 | 24.77 | 34.14 | 53.87 | 176.01 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | 1.24M | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | 17.97 | 11.25 | - |
| Other Current Assets | 17.61M | 14.86M | 6.31M | 7.12M | 13.84M | 950K | 1.7M | 665K | 1M |
| Total Non-Current Assets | 58.49M | 58.3M | 66.59M | 60.59M | 30.67M | 22.44M | 15.65M | 10.28M | 6.03M |
| Property, Plant & Equipment | 53.49M | 54.87M | 63.71M | 57.05M | 26.49M | 20.49M | 14.02M | 8.01M | 4.01M |
| Fixed Asset Turnover | 0.63x | 0.88x | 2.45x | 0.95x | 6.52x | 1.70x | 2.23x | 2.30x | 0.94x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.58M | 1.58M | 1.63M | 1.52M | 1.63M | 1.31M | 913K | 1.01M | 1.04M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.41M | 1.85M | 1.25M | 2.02M | 2.54M | 636K | 726K | 1.26M | 984K |
| Total Assets | 543.83M | 562.1M | 696.15M | 509.96M | 407.82M | 174.65M | 254.65M | 134.28M | 61.32M |
| Asset Turnover | 0.07x | 0.09x | 0.22x | 0.11x | 0.42x | 0.20x | 0.12x | 0.14x | 0.06x |
| Asset Growth % | -38.47% | -19.26% | 36.51% | 25.05% | 133.51% | -31.42% | 89.64% | 118.98% | - |
| Total Current Liabilities | 55.31M | 42.99M | 67.99M | 156.55M | 106.45M | 95.15M | 60.61M | 69.3M | 26.84M |
| Accounts Payable | 8.06M | 339.86K | 10.11M | 7.67M | 4.03M | 3.01M | 2.55M | 4.87M | 4.8M |
| Days Payables Outstanding | - | - | - | 23.58 | 13.76 | 12.54 | 13.9 | 44.3 | 51.6 |
| Short-Term Debt | 2.61M | 2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 83.47M | 15.81M | 35.91M | 100.4M | 64.96M | 50.4M | 46.6M | 59.63M | 21.75M |
| Other Current Liabilities | 29.35M | 22.35M | 4.77M | 20.48M | 17.88M | 28.04M | 212K | 65K | 888K |
| Current Ratio | 8.78x | 11.72x | 9.26x | 2.87x | 3.54x | 1.60x | 3.94x | 1.79x | 2.06x |
| Quick Ratio | 8.78x | 11.72x | 9.26x | 2.87x | 3.54x | 1.60x | 3.89x | 1.77x | 2.06x |
| Cash Conversion Cycle | 48.12 | - | - | - | - | - | 38.21 | 20.82 | - |
| Total Non-Current Liabilities | 32.25M | 35.21M | 53.32M | 128.33M | 88.2M | 55.44M | 89.78M | 105.82M | 43.65M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 55.33M | 12.87M | 13.35M | 12.8M | 12.4M | 7.14M | 4.31M | 1.82M | 0 |
| Deferred Tax Liabilities | 15.8M | 3.81M | 5.8M | 0 | 0 | 0 | -4.31M | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 115.53M | 42K | 68K | 4.31M | 2.08M | 220K |
| Total Liabilities | 87.55M | 78.2M | 121.3M | 284.88M | 194.66M | 150.58M | 150.39M | 175.11M | 70.49M |
| Total Debt | 15.1M | 15.63M | 16.2M | 15.4M | 14.56M | 9.85M | 6.19M | 3.23M | 0 |
| Net Debt | -286.55M | -330.14M | -220.54M | -203.07M | -133.96M | -123.14M | -201.34M | -100.12M | -39.37M |
| Debt / Equity | 0.03x | 0.03x | 0.03x | 0.07x | 0.07x | 0.41x | 0.06x | - | - |
| Debt / EBITDA | -0.07x | - | - | - | 0.40x | - | - | - | - |
| Net Debt / EBITDA | 1.42x | - | - | - | -3.64x | - | - | - | - |
| Interest Coverage | -237.61x | -208.76x | 25.09x | -115.72x | 41.50x | -163.90x | -732.01x | -190.10x | -2021.19x |
| Total Equity | 456.28M | 483.89M | 574.84M | 225.08M | 213.16M | 24.06M | 104.26M | -40.84M | -9.17M |
| Equity Growth % | 16.97% | -15.82% | 155.39% | 5.59% | 785.86% | -76.92% | 355.31% | -345.26% | - |
| Book Value per Share | 3.39 | 3.96 | 5.38 | 2.79 | 3.10 | 0.38 | 2.17 | -0.65 | -0.15 |
| Total Shareholders' Equity | 456.28M | 483.89M | 574.84M | 225.08M | 213.16M | 24.06M | 104.26M | -41.85M | -10.41M |
| Common Stock | 1.37M | 1.34M | 1.22M | 847K | 767K | 629K | 629K | 1.16M | 1.16M |
| Retained Earnings | -844.68M | -785.65M | -589.54M | -597.29M | -500.3M | -537.81M | -462.25M | -233.19M | -201.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6.72M | -8.59M | 1.03M | -1.64M | -1.48M | -3.94M | -7.46M | -770K | -741K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 1.24M |
Clinical milestone funding dependency
As reported in recent financial filings, Immatics' total assets have contracted from a peak of $696.1 million in 2024Q4 to $543.8 million in 2026Q1, reflecting a steady consumption of capital to fund the ongoing R&D requirements of its ACTengine and TCER clinical platforms.
The downward trend in total assets suggests that the company is actively utilizing its treasury to sustain operations in the absence of consistent commercial revenue. Investors should monitor whether this trajectory stabilizes as the company approaches potential clinical milestones or if further capital raises will be required to maintain the current asset base.
Based on the company's reported figures, cash reserves have fluctuated significantly, ending 2026Q1 at $301.6 million, which provides a necessary buffer against the firm's high quarterly cash burn rate while maintaining a current ratio of 8.78, indicating strong short-term solvency despite the lack of recurring revenue.
The high current ratio is largely supported by the cash position rather than operational efficiency, as the company remains in a pre-commercial phase. While the current liquidity appears adequate for near-term clinical trials, the reliance on milestone-based inflows means that any delay in trial progress could rapidly tighten this liquidity cushion.
According to historical balance sheet data, Immatics' equity base has been heavily impacted by an accumulated deficit of $844.7 million as of 2026Q1, underscoring the significant capital intensity required to advance its proprietary XPRESIDENT platform through the clinical development lifecycle.
The persistent growth of the accumulated deficit is a standard characteristic of clinical-stage biotech firms, yet it highlights the long-term dilution risk for shareholders. The quality of equity remains tied to the potential future value of the pipeline rather than tangible book value, which remains minimal relative to the company's market valuation.
As evidenced by the balance sheet, deferred revenue has declined from a high of $188.1 million in 2024Q1 to $29.1 million in 2026Q1, suggesting that the company is rapidly exhausting its previously received upfront payments from strategic partners to offset current operating expenses.
This drawdown of deferred revenue may artificially inflate reported revenue in the short term, masking the underlying lack of new, cash-generative milestone achievements. Analysts should be cautious, as the depletion of this liability indicates that the company must secure new partnership agreements to avoid a significant funding gap in the coming quarters.
Quick answers to the most common questions about buying IMTX stock.
As of 2025, Immatics N.V. (IMTX) had total assets of $562.1M including $503.8M in current assets.
Immatics N.V. (IMTX) carries total debt of $15.6M, offset by $469.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Immatics N.V. (IMTX) has total shareholders' equity (book value) of $483.9M ($3.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Immatics N.V. (IMTX) reported a current ratio of 11.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.