Free cash flow remains consistently negative, with quarterly outflows ranging between $36 million and $60 million, indicating that the firm is currently unable to self-fund its R&D activities.
| Cash from Operations | -184.13M | -169.66M | -158.03M | 18.23M | 100.13M | -81.78M | -85.61M | 70.97M | 20.68M |
| Operating CF Margin % | - | -351.5% | -101.41% | 33.76% | 57.94% | -235.26% | -273.93% | 384.67% | 548.65% |
| Operating CF Growth % | -73.6% | -7.36% | -966.96% | -81.8% | 222.43% | 4.47% | -220.63% | 243.1% | - |
| Net Income | -215.36M | -188.69M | 15.22M | -94.65M | 37.51M | -93.33M | -229.62M | -32.49M | -32.35M |
| Depreciation & Amortization | 12.05M | 11.91M | 12.22M | 7.23M | 6.97M | 5.26M | 4.42M | 3.86M | 2.18M |
| Stock-Based Compensation | 7.38M | 0 | 17.64M | 20.7M | 22.57M | 26.4M | 22.95M | 852K | 1.48M |
| Deferred Taxes | 1.17M | 0 | 6.13M | 0 | 4.52M | 11.15M | -3.96M | 623K | 491K |
| Other Non-Cash Items | 26.46M | 49.36M | -45.37M | 3.31M | -8.7M | 433K | 145.87M | 1.24M | -271K |
| Working Capital Changes | -14.05M | -42.23M | -163.88M | 81.63M | 37.26M | -31.7M | -25.28M | 96.88M | 49.16M |
| Change in Receivables | 1.5M | -232.45K | -1.76M | -2.98M | -429K | 569K | -294K | -563K | -175K |
| Change in Inventory | 0 | 0 | 0 | -84.24M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11.74M | -36.13M | 0 | 84.24M | 45.56M | -31.78M | -23.39M | 98.94M | 43.73M |
| Cash from Investing | 128.77M | 196.7M | -152.39M | -31.39M | -209.79M | 7.49M | -15.95M | -5.06M | -13.51M |
| Capital Expenditures | -4.28M | -6.54M | -16.27M | -30.8M | -6.21M | -5.66M | -7.52M | -2.23M | -507K |
| CapEx % of Revenue | 11.48% | 13.54% | 10.44% | 57.04% | 3.6% | 16.27% | 24.07% | 12.11% | 13.45% |
| Acquisitions | -22.35K | 0 | 0 | 0 | -199.91M | 551K | 104K | 91K | 97.01K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -130K | 0 | -206K | -8K | 199.96M | -551K | -104K | 6K | 94K |
| Cash from Financing | 118.48M | 93.51M | 319.68M | 84.52M | 123.71M | -2.61M | 207.88M | -1.86M | 23.65M |
| Debt Issued (Net) | -1.47M | 0 | -2.01M | -3.85M | -2.84M | -2.71M | -2.1M | -1.86M | 0 |
| Equity Issued (Net) | 121.46M | 96.35M | 343.01M | 90.4M | 134.48M | 94K | 217.92M | 0 | 23.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.5M | -2.84M | -21.31M | -2.04M | -7.93M | 0 | -7.94M | 0 | 0 |
| Net Change in Cash | 51.59M | 137.12M | 18.28M | 69.95M | 15.53M | -74.54M | 104.18M | 63.99M | 30.95M |
| Free Cash Flow | -188.49M | -175.95M | -174.51M | -12.73M | 93.92M | -87.44M | -93.13M | 68.73M | 20.18M |
| FCF Margin % | -505.38% | -364.55% | -111.98% | -23.57% | 54.34% | -251.53% | -298% | 372.56% | 535.2% |
| FCF Growth % | -10.83% | -0.83% | -1270.96% | -113.55% | 207.41% | 6.11% | -235.5% | 240.65% | - |
| FCF per Share | -1.40 | -1.44 | -1.63 | -0.16 | 1.36 | -1.39 | -1.94 | 1.09 | 0.32 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.86x | -10.38x | -0.19x | 2.67x | 0.86x | 0.37x | -2.24x | -0.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -3.02 in 2023Q4 to 10.61 in 2024Q1, illustrating that accounting earnings provide little insight into the actual cash burn of the business.
The extreme volatility in the OCF/NI ratio suggests that net income is heavily influenced by non-cash revenue recognition from historical upfront payments. Investors should prioritize operating cash flow as the primary metric, as the accounting earnings are decoupled from the actual cash requirements of the clinical development pipeline.
Based on the company's reported figures, free cash flow remains consistently negative, with quarterly outflows ranging between $36 million and $60 million, indicating that the firm is currently unable to self-fund its R&D activities through its existing collaboration-based revenue model.
The persistent FCF deficit highlights the structural challenge of funding high-intensity clinical trials without a commercial product. The lack of a clear path to positive FCF suggests that the company will likely remain dependent on external financing or new partnership milestones to maintain its current operational trajectory.
According to recent SEC filings, working capital changes have been a major source of cash flow instability, with a massive $96 million inflow in 2023Q4 followed by a $71.3 million outflow in 2024Q4, reflecting the lumpy nature of milestone-related receivables and deferred revenue adjustments.
These swings in working capital appear to be driven by the timing of milestone payments from partners rather than operational efficiency. This volatility complicates cash flow forecasting and suggests that liquidity management is highly sensitive to the timing of regulatory or clinical events.
As indicated by the provided data, capital expenditures have remained modest, with the CapEx/Revenue ratio fluctuating significantly due to revenue lumpiness, yet absolute spending remains low, suggesting that the company's primary cash drain is R&D operating expenses rather than heavy investment in physical infrastructure.
The relatively low absolute CapEx suggests that the company is not currently burdened by heavy manufacturing asset requirements, which is typical for a clinical-stage firm. However, investors should monitor whether this changes as the company approaches potential commercialization and requires more specialized manufacturing capacity.
Based on the financial data, stock-based compensation has averaged roughly $4 million per quarter in recent periods, which effectively masks the true cash-burn rate by reducing the reported operating expenses without providing a corresponding cash inflow to the company's treasury.
While SBC is a standard tool for talent retention in biotechnology, it represents a non-cash expense that obscures the true economic cost of the R&D organization. Analysts should adjust the reported cash burn to account for this dilution to better understand the true runway of the firm.
Quick answers to the most common questions about buying IMTX stock.
Immatics N.V. (IMTX) generated $-169.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Immatics N.V. (IMTX) reported negative free cash flow of $176.0M in 2025, indicating capital requirements exceeded cash from operations.
Immatics N.V. (IMTX) spent $6.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.