Revenue remains highly erratic and project-dependent, with quarterly figures plummeting from $56.3 million in 2024Q4 to $7.6 million in 2026Q1, while R&D expenses continue to escalate to $60.2 million.
| Sales/Revenue | 37.3M | 48.27M | 155.84M | 54M | 172.83M | 34.76M | 31.25M | 18.45M | 3.77M |
| Revenue Growth % | -74.13% | -69.03% | 188.6% | -68.76% | 397.17% | 11.23% | 69.4% | 389.36% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 118.66M | 106.78M | 87.57M | 67.08M | 40.09M | 33.97M |
| COGS % of Revenue | - | - | - | 219.76% | 61.78% | 251.92% | 214.65% | 217.31% | 901.09% |
| Gross Profit | 37.3M | 48.27M | 155.84M | -64.67M | 66.05M | -52.81M | -35.83M | -21.64M | -30.2M |
| Gross Margin % | 100% | 100% | 100% | -119.76% | 38.22% | -151.92% | -114.65% | -117.31% | -801.09% |
| Gross Profit Growth % | - | -69.03% | 340.98% | -197.9% | 225.07% | -47.38% | -65.57% | 28.34% | - |
| Operating Expenses | 250M | 230.28M | 194.45M | 155.72M | 142.88M | 121.05M | 100.97M | 51.46M | 38.18M |
| OpEx % of Revenue | - | 477.11% | 124.78% | 288.39% | 82.67% | 348.22% | 323.07% | 278.94% | 1012.71% |
| Selling, General & Admin | 51.05M | 51.18M | 46.45M | 38.2M | 36.12M | 33.81M | 34.19M | 11.76M | 7.67M |
| SG&A % of Revenue | - | 106.05% | 29.81% | 70.74% | 20.9% | 97.25% | 109.38% | 63.72% | 203.34% |
| Research & Development | 202.08M | 183.83M | 148.08M | 118.66M | 106.78M | 87.57M | 67.08M | 40.09M | 33.97M |
| R&D % of Revenue | - | 380.87% | 95.02% | 219.76% | 61.78% | 251.92% | 214.65% | 217.31% | 901.09% |
| Other Operating Expenses | -51K | -4.73M | -78K | -1.14M | -26K | -332K | -303K | -385K | -3.46M |
| Operating Income | -213.82M | -182.02M | -38.62M | -101.72M | 29.95M | -86.29M | -69.72M | -33.01M | -34.41M |
| Operating Margin % | -573.28% | -377.11% | -24.78% | -188.39% | 17.33% | -248.24% | -223.07% | -178.94% | -912.71% |
| Operating Income Growth % | - | -371.36% | 62.04% | -439.6% | 134.71% | -23.78% | -111.17% | 4.06% | - |
| EBITDA | -201.74M | -169.62M | -26.39M | -94.49M | 36.8M | -80.82M | -65.59M | -29.17M | -32.16M |
| EBITDA Margin % | -540.89% | -351.42% | -16.93% | -174.99% | 21.29% | -232.5% | -209.88% | -158.09% | -853.14% |
| EBITDA Growth % | -318.8% | -542.73% | 72.07% | -356.8% | 145.53% | -23.22% | -124.89% | 9.32% | - |
| D&A (Non-Cash Add-back) | 12.08M | 12.4M | 12.22M | 7.23M | 6.84M | 5.47M | 4.12M | 3.85M | 2.25M |
| EBIT | -224.06M | -197.49M | 22.23M | -96.16M | 43.07M | -92.77M | -211.55M | -32.32M | -32.34M |
| Net Interest Income | 14.41M | 16.23M | 24.11M | 13.01M | 1.44M | -433K | 561K | 620K | 491K |
| Interest Income | 15.35M | 17.18M | 25M | 13.85M | 2.48M | 133K | 850K | 790K | 507K |
| Interest Expense | 942.98K | 946K | 886K | 831K | 1.04M | 566K | 289K | 170K | 16K |
| Other Income/Expense | -2.48M | -16.42M | 59.96M | 4.73M | 12.08M | -7.04M | -142.13M | 526K | 2.05M |
| Pretax Income | -216.3M | -198.44M | 21.35M | -96.99M | 42.04M | -93.33M | -229.62M | -32.49M | -32.35M |
| Pretax Margin % | -579.93% | -411.13% | 13.7% | -179.63% | 24.32% | -268.49% | -734.7% | -176.09% | -858.22% |
| Income Tax | -941.15K | -1.99M | 6.13M | 0 | 4.55M | 0 | -268K | 0 | 0 |
| Effective Tax Rate % | 0.44% | 1% | 28.71% | 0% | 10.83% | 0% | 0.12% | 0% | 0% |
| Net Income | -215.36M | -196.45M | 15.22M | -96.99M | 37.51M | -95.06M | -229.35M | -31.74M | -31.44M |
| Net Margin % | -577.41% | -407.01% | 9.77% | -179.63% | 21.71% | -273.45% | -733.84% | -172.05% | -834.06% |
| Net Income Growth % | -897.76% | -1390.89% | 115.69% | -358.55% | 139.46% | 58.55% | -622.56% | -0.94% | - |
| Net Income (Continuing) | -215.36M | -196.45M | 15.22M | -96.99M | 37.51M | -93.33M | -211.84M | -32.49M | -32.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 1.24M |
| EPS (Diluted) | -1.60 | -1.54 | 0.14 | -1.20 | 0.54 | -1.51 | -4.78 | -0.50 | -0.50 |
| EPS Growth % | -1040% | -1200% | 111.67% | -322.22% | 135.76% | 68.41% | -856% | 0% | - |
| EPS (Basic) | - | -1.54 | 0.14 | -1.20 | 0.55 | -1.51 | -4.78 | -0.50 | -0.50 |
| Diluted Shares Outstanding | 134.64M | 122.35M | 106.8M | 80.55M | 68.82M | 62.91M | 48M | 62.91M | 62.91M |
| Basic Shares Outstanding | 134.64M | 122.35M | 108.7M | 80.55M | 67.22M | 62.91M | 48M | 62.91M | 62.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As reported in recent financial filings, Immatics' revenue trajectory remains highly erratic, with quarterly figures fluctuating from a peak of $56.3 million in 2024Q4 to just $7.6 million in 2026Q1, reflecting the inherent unpredictability of milestone-based income rather than consistent commercial product demand.
The absence of recurring revenue streams forces a reliance on sporadic partnership payments, which complicates long-term financial forecasting. Investors should interpret these revenue swings as indicators of clinical progress rather than operational growth, as the underlying business model lacks a stable commercial foundation.
Based on the company's income statement, R&D expenses have trended upward to $60.2 million in 2026Q1, consistently dwarfing the volatile revenue streams and highlighting the significant capital requirements necessary to sustain the current pipeline of ACTengine and TCER clinical development programs.
The persistent rise in R&D spending suggests that management is prioritizing clinical acceleration over near-term expense discipline. This cost structure appears to be a structural necessity for a pre-commercial biotech, yet it leaves the firm highly vulnerable to funding gaps if milestone payments fail to materialize.
According to historical income data, Immatics' operating margin has remained deeply negative, reaching -8.8% in 2026Q1, which underscores the firm's inability to achieve operating leverage while its primary revenue sources remain tied to non-recurring, project-based collaboration milestones rather than scalable commercial operations.
The lack of operating leverage is a direct consequence of the high fixed-cost base required for specialized cell therapy manufacturing and clinical trial infrastructure. Until a product reaches commercialization, the company will likely continue to exhibit a disconnect between revenue recognition and operational profitability.
Financial statements indicate that the 100% gross margin observed in several periods is an accounting artifact of milestone recognition, which obscures the true underlying costs of clinical development and fails to provide a reliable indicator of future commercial profitability or sustainable unit economics.
The reliance on milestone-based revenue recognition makes traditional earnings metrics like EPS largely irrelevant for assessing the company's fundamental health. Analysts should focus on cash burn rates and the timing of future partnership payments to better understand the firm's actual financial runway.
As evidenced by the recent decline in quarterly revenue to $7.6 million, the company's reliance on external partnership milestones presents a significant risk, as any delay in clinical trial readouts could severely restrict the non-dilutive capital required to fund ongoing operations.
Short-term volatility in revenue suggests that the current business model may be unsustainable without continuous, successful clinical validation to trigger new payments. Investors should monitor the potential for future equity dilution if the current pace of R&D spending continues to outstrip the inflow of partnership-derived cash.
Quick answers to the most common questions about buying IMTX stock.
For fiscal year 2025, Immatics N.V. (IMTX) reported total revenue of $48.3M. This represents a 1180.3% increase compared to $3.8M in 2018.
Immatics N.V. (IMTX) reported a net loss of $196.4M for the fiscal year ending 2025.
Immatics N.V. (IMTX) reported an operating income of $-182.0M, resulting in an operating profit margin of -377.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Immatics N.V. (IMTX) generated $48.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.