IMTX
HealthcareImmatics N.V. · Biotechnology · $2B
What is Immatics N.V.?
Immatics N.V. is a clinical-stage biopharmaceutical company developing T cell receptor-based immunotherapies aimed at treating solid tumors. Headquartered in Tübingen, Germany, the company is working to bring novel cancer treatments to patients through two distinct therapeutic approaches.
Immatics focuses on two treatment modalities: adoptive cell therapies (ACT), where engineered T cells are used to target cancer, and antibody-like TCR Bispecifics, which redirect the immune system toward tumor cells. Its ACTengine candidates are progressing through Phase I clinical trials targeting various solid tumors. The company also maintains strategic collaborations with GlaxoSmithKline and MD Anderson Cancer Center to advance its pipeline across multiple cancer indications.
Immatics was founded in 2018 and is headquartered in Tübingen, Germany.
- ACTengine adoptive cell therapy candidates targeting solid tumors
- TCR Bispecific antibody-like immunotherapy programs
- IMA203 targeting relapsed or refractory solid tumors in Phase I
- Allogenic cellular therapy program IMA301
- Strategic R&D collaboration with GlaxoSmithKline
Is IMTX a Good Stock to Buy?
UQS Score rates IMTX as Poor overall, reflecting the early-stage nature of its pipeline and the financial profile typical of clinical-stage biotechnology companies.
Among the five pillars, Risk registers as Neutral — a relative bright spot suggesting the company's near-term financial exposure is not at the most extreme end for a pre-revenue biotech. This may reflect its collaboration agreements providing some non-dilutive funding.
Quality, Moat, Growth, and Valuation all score at the weaker end of the spectrum. Without approved products or commercial revenue, building durable competitive advantages and demonstrating financial quality remains a future challenge.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does IMTX pay dividends?
No — Immatics N.V. does not currently pay a dividend.
Immatics does not pay a dividend, which is standard for clinical-stage biopharmaceutical companies. All available capital is directed toward research, clinical trials, and pipeline development. Investors in IMTX are typically seeking long-term value through potential drug approvals rather than income distributions.
When does IMTX report earnings?
Immatics reports financial results on a quarterly cadence, consistent with US-listed equities.
As a clinical-stage company, Immatics does not generate product revenue. Quarterly reports focus on pipeline progress, cash runway, and collaboration milestones rather than traditional profitability metrics. Investors should monitor updates on clinical trial advancement and partnership developments.
For the most recent quarter's results, see Immatics N.V.'s investor relations page.
IMTX Price History
-0.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Immatics N.V.?
Based on Immatics N.V.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
IMTX Long-term Outlook
The fundamental outlook for Immatics is shaped by its pre-commercial status. With Growth and Quality pillar labels both rated Weak, near-term financial improvement depends heavily on clinical trial outcomes and potential partnership expansions. The Neutral Risk rating suggests the company has some buffer, but the Elevated Valuation label indicates the market may already be pricing in optimistic pipeline scenarios, leaving limited margin for setbacks.
Growth drivers
- Advancement of ACTengine Phase I candidates toward later-stage trials
- Potential milestone payments or expanded collaboration terms with GlaxoSmithKline
- Broader adoption of TCR-based immunotherapy as a treatment modality
Key risks
- Clinical trial failure or delays across the solid tumor pipeline
- Ongoing cash consumption without commercial revenue to offset costs
- Elevated valuation relative to the current stage of pipeline development
IMTX vs Peers
Immatics operates in a competitive clinical-stage oncology landscape alongside other small-cap biotechs pursuing novel cancer therapies.
Nurix focuses on targeted protein degradation rather than TCR-based approaches, representing a distinct mechanism within oncology drug discovery.
Amylyx targets neurodegenerative diseases rather than cancer, making it a different therapeutic focus within the broader clinical-stage biotech peer group.
Olema concentrates on hormone-driven cancers with small-molecule approaches, contrasting with Immatics' cell therapy and bispecific immunotherapy strategy.
Frequently Asked Questions
What does Immatics N.V. do?
Immatics is a clinical-stage biopharmaceutical company developing T cell receptor-based immunotherapies for cancer. It pursues two modalities — adoptive cell therapies and TCR Bispecifics — with a focus on solid tumors. The company collaborates with GlaxoSmithKline and MD Anderson Cancer Center to advance its pipeline.
Does IMTX pay dividends?
No, Immatics does not pay a dividend. As a clinical-stage company with no commercial products, it reinvests all available resources into research and clinical development. Dividend payments are not typical for companies at this stage of development.
When does IMTX report earnings?
Immatics reports on a quarterly cadence, as is standard for US-listed companies. Because it is pre-revenue, reports center on pipeline updates and cash position rather than traditional earnings. Check Immatics' investor relations page for the latest schedule.
Is IMTX a good stock to buy?
UQS Score rates IMTX as Poor overall, driven by Weak ratings across Quality, Moat, and Growth pillars. The Neutral Risk label offers some relative comfort, but the Elevated Valuation label suggests caution. Investors should weigh the speculative nature of clinical-stage biotech carefully before investing.
Is IMTX overvalued?
The UQS Valuation pillar for IMTX is rated Elevated, meaning the current market price may not leave much room for error given the early-stage pipeline. Pre-revenue biotechs are often priced on potential rather than fundamentals, which can create valuation risk if clinical milestones are missed.
How does IMTX compare to its competitors?
Immatics competes in the clinical-stage oncology space alongside companies like Nurix Therapeutics, Amylyx Pharmaceuticals, and Olema Pharmaceuticals. Each pursues different mechanisms and disease areas. IMTX is distinguished by its TCR-based platform targeting solid tumors, supported by a collaboration with GlaxoSmithKline.
What is IMTX's market cap bracket?
Immatics is classified as a small-cap company. This places it in a segment of the market that typically carries higher volatility and liquidity risk compared to large- or mega-cap peers, which is common among clinical-stage biopharmaceutical companies.
Who founded Immatics N.V.?
Immatics was founded in 2018. Detailed founding history and leadership background are publicly available through the company's official website and investor relations materials.
Is IMTX a long-term quality investment?
From a long-term quality perspective, UQS Score currently rates IMTX as Poor, with Weak scores across Quality, Moat, and Growth pillars. Long-term quality indicators typically favor companies with durable competitive advantages and financial strength — attributes that Immatics has yet to establish given its pre-commercial stage.
What is the main competitive advantage of Immatics?
Immatics' differentiation lies in its proprietary TCR-based platform, which targets solid tumors — an area where many immunotherapy approaches have historically struggled. Its collaboration with GlaxoSmithKline provides both scientific validation and non-dilutive funding, though the Moat pillar is currently rated Weak given the lack of approved products.
What sector does IMTX belong to?
Immatics operates in the Healthcare sector, specifically within clinical-stage biopharmaceuticals. It sits in the oncology subsegment, focused on cancer immunotherapy. Investors can explore other [healthcare sector stocks](/sector/healthcare) rated by UQS Score for broader context.
Unlock Full IMTX Analysis
Sign in to unlock the detailed analysis behind the UQS Score.
- ✓View the exact UQS pillar scores for IMTX
- ✓Access full financial metrics and trend data
- ✓Compare IMTX against clinical-stage biotech peers
- ✓Screen for higher-quality healthcare stocks
- ✓Get the complete analyst-style quality breakdown
Pro Analysis
IMTX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 14.7 | 3.7 | 16.0 | 2.1 | 62.6 | 0.0 | +4.2 |
| May 10, 2026 | 10.5 | 0.0 | 16.0 | 4.7 | 36.9 | 0.0 | -0.4 |
| May 9, 2026 | 10.9 | 0.0 | 16.0 | 0.0 | 46.2 | 0.0 | +0.4 |
| May 8, 2026 | 10.5 | 0.0 | 16.0 | 4.7 | 36.9 | 0.0 | -4.3 |
| May 5, 2026 | 14.8 | 3.7 | 16.0 | 4.7 | 59.2 | 0.0 | +0.1 |
| May 2, 2026 | 14.7 | 3.7 | 16.0 | 4.7 | 59.2 | 0.0 | -0.2 |
| Apr 26, 2026 | 14.9 | 3.7 | 16.0 | 5.5 | 59.2 | 0.0 | +1.0 |
| Apr 22, 2026 | 13.9 | 3.7 | 16.0 | 0.4 | 59.2 | 0.0 | -0.5 |
| Apr 17, 2026 | 14.4 | 3.7 | 16.0 | 3.0 | 59.2 | 0.0 | 0.0 |
| Apr 16, 2026 | 14.4 | 3.7 | 16.0 | 2.8 | 59.2 | 0.0 | +0.2 |
IMTX — Pillar Breakdown
Quality
— 3.7/100 (25%)Immatics N.V. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 2.1/100 (20%)Immatics N.V. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 62.6/100 (15%)Immatics N.V. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 0.0/100 (15%)Immatics N.V. appears expensively valued relative to its fundamentals and growth prospects.
Moat
— 16/100 (25%)Immatics N.V. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for IMTX.
Score Composition
Financial Data
More Stock Analysis
How is the IMTX UQS Score Calculated?
The UQS (Unified Quality Score) for Immatics N.V. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Immatics N.V.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Immatics N.V. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.