-
Phase 1a data update from clinical
ACTengine® programs demonstrated first anti-tumor activity at early
phases of dose escalation in heavily pre-treated solid cancer
patients
- Enrollment across clinical ACTengine®
IMA200 trial series continues to scale
up
- Cash and cash equivalents as well as
other financial assets of $285 million1
(€232 million)
as of December 31, 2020 provide cash reach into
2023
Tuebingen, Germany and Houston, TX,
March 30, 2021 – Immatics N.V. (NASDAQ: IMTX; “Immatics”),
a clinical-stage biopharmaceutical company active in the discovery
and development of T cell redirecting cancer immunotherapies, today
provided an update on its corporate progress and reported financial
results for the quarter and full year ended December 31, 2020.
Harpreet Singh, Ph.D., CEO of Immatics
commented, “The past year was exceptional for Immatics with the
advancement of our pipeline programs, expansion of our leadership
team and scientific advisory board and the completion of our
listing on the Nasdaq. Building on this foundation, we have
recently delivered encouraging data from three clinical TCR-T
studies demonstrating first anti-tumor activity in heavily
pre-treated solid cancer patients. This early data also constitutes
a first clinical validation for our differentiated TCR therapeutics
platform. We look forward to reporting further data from our Phase
1 ACTengine® TCR-T trials as well as the progress in our TCR
Bispecifics programs (TCER®) in the latter part of this year.”
Fourth Quarter 2020 and Subsequent
Company Progress
Adoptive Cell Therapy Programs
- ACTengine® IMA200 series - Immatics provided a clinical data
update from three ongoing ACTengine® Phase 1 trials for its
engineered Adoptive Cell Therapy approach (also known as TCR-T) in
March. The combined data readout during early phases of dose
escalation for the ACTengine® programs, IMA201, IMA202 and IMA203,
indicated first anti-tumor activity with tumor shrinkage observed
in 8 out of 10 patients including one unconfirmed partial response
as of data cut-off. This was consistent with the observed robust
engraftment, persistence and tumor infiltration of infused
ACTengine® T cells. Overall, all product candidates demonstrated a
manageable safety and tolerability profile. An additional Phase 1a
read-out for IMA201 and IMA203 and initial Phase 1b data for IMA202
from the dose expansion cohort is planned for H2 2021. Submission
of a clinical trial application (CTA) for the fourth IMA200 series
program, IMA204, remains anticipated for H2 2021. The company
presented the first preclinical data for the program in September
2020, which is directed at a novel target, COL6A3 exon 6 that is
expressed in the tumor stroma of a variety of solid cancers.
TCR
Bispecifics Programs
- IMA401 – Immatics presented preclinical proof-of-concept data
from its lead TCER® program, IMA401, at the European Antibody
Congress 2020 in November. IMA401 is an antibody-like,
“off-the-shelf” biologic directed against a high-density peptide
target derived from MAGEA4/8. Submission of a CTA for IMA401
remains on track by the end of 2021.
- IMA402 – Immatics plans to announce preclinical
proof-of-concept data for its second TCER® program, IMA402 in Q2
2021. GMP process development activities are targeted to begin at
the same time to advance this program towards the Investigational
New Drug (IND) stage and clinical development.
Corporate Developments
Scientific Advisory Board
Update
- Immatics has established a new Scientific Advisory Board (SAB)
comprised of several leaders and scientific pioneers in
immuno-oncology, adoptive cell therapies, clinical oncology and
cancer biology. The members of the new SAB include Gwendolyn
Binder, Dirk Busch, Christoph Huber, Patrick Hwu, Roland
Kontermann, Crystal Mackall, Hidde Ploegh, Hans-Georg Rammensee,
and Cassian Yee. Patrick Hwu and Crystal Mackall will co-chair the
SAB. Additional information about the members can be found on the
Immatics website.
Amendment to Resale Registration Statement
- In connection with the filing of the Annual Report on Form
20-F, Immatics will file an amendment to its existing resale
registration statement on Form F-1 to update certain information.
This registration statement relates solely to the resale of shares
by certain stockholders, and the filing of the amendment is not
necessarily indicative of any sales by the holders of their shares.
No shares will be issued or sold by Immatics pursuant to the
registration statement.
Full Year 2020 Financial
Results
Cash Position: Cash and cash equivalents as well
as other financial assets total €232.0 million ($284.7 million1) as
of December 31, 2020 compared to €119.4 million ($146.5 million1)
as of December 31, 2019. The increase is mainly the result of the
business combination with ARYA Sciences Acquisition Corporation
completed in July 2020 (ARYA merger) and the concurrent PIPE
Financing. Revenue:
Total revenue, consisting of revenue from collaboration agreements,
was €31.3 million ($38.4 million1) for the year ended December 31,
2020, compared to €18.4 million ($22.6 million1) for the year ended
December 31, 2019.
Research and Development Expenses: R&D
expenses were €67.1 million ($82.3 million1) for the year ended
December 31, 2020, compared to €40.1 million ($49.2 million1) for
the year ended December 31, 2019. The increase is mainly due to an
increase in preclinical and clinical development expenses and an
increase in share-based compensation (€14.5 million; $17.8 million1
for the year ended December 31, 2020 compared to €1.6 million; $1.9
million for the year ended December 31, 2019).
General
and Administrative Expenses: G&A expenses were €34.2 million
($42.0 million1) for the year ended December 31, 2020, compared to
€11.8 million ($14.5 million1) for the year ended December 31,
2019. The increase is mainly due to an increase in share-based
compensation (€10.9 million; $13.4 million1 for the year ended
December 31, 2020 compared to €0.5 million; $0.6 million for the
year ended December 31, 2019) as well as one-time transaction costs
of the NASDAQ listing in connection with the ARYA merger in July.
Net
Loss: Net loss was €229.6 million ($281.7 million1) for the year
ended December 31, 2020, compared to €32.5 million ($39.9 million1)
for the year ended December 31, 2019, of which €152.8 million
($187.5 million1) resulted from a one-time, non-cash expense in
connection with the ARYA merger. The main part of this €152.8
million ($187.5 million1) non-cash expense resulted from the share
price increase between signing and closing of the ARYA merger.
Full financial statements can be found in the
Annual Report on Form 20-F filed with the Securities and Exchange
Commission (SEC) and published on the SEC website under
www.sec.gov.
1 All amounts translated using the exchange rate
published by the European Central Bank in effect as of December 31,
2020 (1 EUR = 1.2271 USD).
Upcoming Investor Conferences
- Kempen Life Science – April 28, 2021
- Bank of America Healthcare Conference – May 11-13, 2021
- Jefferies Virtual Healthcare Conference – June 1-3, 2021
To see the
full list of events and presentations, visit
www.investors.immatics.com/events-presentations.
About ImmaticsImmatics combines
the discovery of true targets for cancer immunotherapies with the
development of the right T cell receptors with the goal of enabling
a robust and specific T cell response against these targets. This
deep know-how is the foundation for our pipeline of Adoptive Cell
Therapies and TCR Bispecifics as well as our partnerships with
global leaders in the pharmaceutical industry. We are committed to
delivering the power of T cells and to unlocking new avenues for
patients in their fight against cancer.
Immatics intends to use its website
www.immatics.com as a means of disclosing material non-public
information. For regular updates you can also follow us on Twitter
and LinkedIn.
Forward-Looking
StatementsCertain statements in this press release may be
considered forward-looking statements. Forward-looking statements
generally relate to future events or Immatics’ future financial or
operating performance. For example, statements concerning the
timing of product candidates and Immatics’ focus on partnerships to
advance its strategy are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as
“may”, “should”, “expect”, “intend”, “will”, “estimate”,
“anticipate”, “believe”, “predict”, “potential” or “continue”, or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Immatics and its management, are inherently
uncertain. New risks and uncertainties may emerge from time to
time, and it is not possible to predict all risks and
uncertainties. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to, various factors beyond management's control including general
economic conditions and other risks, uncertainties and factors set
forth in filings with the SEC. Nothing in this presentation should
be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Immatics undertakes no duty to update these
forward-looking statements.
For more information, please
contact:
For Media Inquiries |
Investor
Relations Contact |
Jacob Verghese or Stephanie May |
John
Graziano |
Trophic Communications |
Solebury
Trout |
Phone: +49 89 2388 7731 |
Phone: +1 646 378
2942 |
immatics@trophic.eu |
jgraziano@soleburytrout.com |
Immatics N.V. |
|
Anja Heuer |
Jordan Silverstein |
Corporate Communications |
Head of Strategy |
Phone: +49 89 540415-606 |
Phone: +1 281 810
7545 |
media@immatics.com |
InvestorRelations@immatics.com |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position
of Immatics N.V.
|
|
|
As of |
|
|
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
(Euros in thousands) |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
|
207,530 |
|
103,353 |
Other financial assets |
|
|
24,448 |
|
16,023 |
Accounts receivable |
|
|
1,250 |
|
957 |
Other current assets |
|
|
5,763 |
|
3,667 |
Total current
assets |
|
|
238,991 |
|
124,000 |
Non-current
assets |
|
|
|
|
|
Property, plant and equipment |
|
|
7,868 |
|
4,720 |
Intangible assets |
|
|
914 |
|
1,008 |
Right-of-use assets |
|
|
6,149 |
|
3,287 |
Other non-current assets |
|
|
724 |
|
1,262 |
Total non-current
assets |
|
|
15,655 |
|
10,277 |
Total assets |
|
|
254,646 |
|
134,277 |
Liabilities and shareholders'
deficit |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Provisions |
|
|
51 |
|
50 |
Accounts payable |
|
|
10,052 |
|
7,082 |
Deferred revenue |
|
|
46,600 |
|
59,465 |
Lease liabilities |
|
|
1,881 |
|
1,411 |
Other current liabilities |
|
|
2,025 |
|
1,288 |
Total current
liabilities |
|
|
60,609 |
|
69,296 |
Non-current
liabilities |
|
|
|
|
|
Deferred revenue |
|
|
85,475 |
|
101,909 |
Lease liabilities |
|
|
4,306 |
|
1,823 |
Other non-current liabilities |
|
|
- |
|
2,084 |
Total non-current
liabilities |
|
|
89,781 |
|
105,816 |
Shareholders' equity
(deficit) |
|
|
|
|
|
Share capital |
|
|
629 |
|
1,164 |
Share premium |
|
|
573,339 |
|
190,945 |
Accumulated deficit |
|
|
(462,253) |
|
(233,194) |
Other reserves |
|
|
(7,459) |
|
(770) |
Total equity
(deficit) attributable to shareholders of the parent |
|
104,256 |
|
(41,855) |
Non-controlling interest |
|
|
- |
|
1,020 |
Total shareholders' equity
(deficit) |
|
|
104,256 |
|
(40,835) |
Total liabilities and
shareholders' equity (deficit) |
|
|
254,646 |
|
134,277 |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics
N.V.
|
|
Year ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
|
|
(Euros in thousands, except share and per share
data) |
Revenue from collaboration
agreements |
|
31,253 |
|
18,449 |
|
3,770 |
Research and development expenses |
|
(67,085) |
|
(40,091) |
|
(33,971) |
General and administrative
expenses |
|
(34,186) |
|
(11,756) |
|
(7,666) |
Other income |
|
303 |
|
385 |
|
3,458 |
Operating result |
|
(69,715) |
|
(33,013) |
|
(34,409) |
Financial income |
|
2,949 |
|
790 |
|
2,215 |
Financial expenses |
|
(10,063) |
|
(264) |
|
(161) |
Share listing expense |
|
(152,787) |
|
- |
|
- |
Financial result |
|
(159,901) |
|
526 |
|
2,054 |
Loss before taxes |
|
(229,616) |
|
(32,487) |
|
(32,355) |
Taxes on income |
|
- |
|
- |
|
- |
Net loss |
|
(229,616) |
|
(32,487) |
|
(32,355) |
Attributable to: |
|
|
|
|
|
|
Equity holders of the parent |
|
(229,059) |
|
(31,571) |
|
(31,444) |
Non-controlling interest |
|
(557) |
|
(916) |
|
(911) |
Net loss |
|
(229,616) |
|
(32,487) |
|
(32,355) |
Net loss per share - basic and
diluted |
|
(4.77) |
|
(0.95) |
|
(0.95) |
Weighted average shares outstanding -
basic and diluted |
|
48,001,228 |
|
33,093,838 |
|
33,093,838 |
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss
of Immatics N.V.
|
|
|
|
Year ended December 31, |
|
Notes |
|
|
2020 |
|
2019 |
|
2018 |
|
|
|
|
(Euros in thousands) |
Net Loss |
|
|
|
(229,616) |
|
(32,487) |
|
(32,355) |
Other comprehensive
loss |
|
|
|
|
|
|
|
|
Items that may be reclassified
subsequently to profit or loss, net of tax |
|
|
|
- |
|
- |
|
- |
Currency translation differences from
foreign operations |
|
|
|
(6,689) |
|
(29) |
|
313 |
Total comprehensive loss for
the period |
|
|
|
(236,305) |
|
(32,516) |
|
(32,042) |
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
Equity holders of the parent |
|
|
|
(235,748) |
|
(31,600) |
|
(31,131) |
Non-controlling interest |
20 |
|
|
(557) |
|
(916) |
|
(911) |
Total comprehensive loss for
the period |
|
|
|
(236,305) |
|
(32,516) |
|
(32,042) |
|
|
|
|
|
|
|
|
|
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of
Immatics N.V.
|
Year ended December 31, |
|
2020 |
|
2019 |
|
2018 |
|
(Euros in thousands) |
|
|
|
|
|
|
Cash flows from operating
activities |
|
|
|
|
|
Loss before
taxation |
(229,616) |
|
(32,487) |
|
(32,355) |
Adjustments for: |
|
|
|
|
|
Interest income |
(850) |
|
(790) |
|
(507) |
Depreciation and amortization |
4,424 |
|
3,858 |
|
2,176 |
Interest expense |
289 |
|
170 |
|
16 |
Share listing expense |
152,787 |
|
- |
|
- |
Equity settled share-based payment |
22,908 |
|
152 |
|
118 |
MD Anderson compensation expense |
45 |
|
700 |
|
1,360 |
(Decrease)
Increase in other liabilities resulting from share appreciation
rights |
(2,036) |
|
1,864 |
|
220 |
Payment related to share-based
compensation awards previously classified as equity-settled |
(4,322) |
|
- |
|
- |
Net foreign exchange differences |
(4,477) |
|
3 |
|
- |
Changes in working
capital |
|
|
|
|
|
Increase in accounts receivable |
(294) |
|
(563) |
|
(175) |
Increase in other assets |
(1,600) |
|
(1,497) |
|
5,608 |
(Increase) decrease in accounts payable
and other current liabilities |
(23,387) |
|
98,937 |
|
43,732 |
Interest received |
808 |
|
790 |
|
507 |
Interest paid |
(289) |
|
(170) |
|
(16) |
Net cash provided by/(used in)
operating activities |
(85,610) |
|
70,967 |
|
20,684 |
Cash flows from investing
activities |
|
|
|
|
|
Payments for property, plant and
equipment |
(7,420) |
|
(2,143) |
|
(429) |
Cash paid for investments in Other
financial assets |
(82,930) |
|
(20,473) |
|
(13,101) |
Cash received from maturity of
investments classified in Other financial assets |
74,505 |
|
17,551 |
|
- |
Payments for intangible assets |
(104) |
|
(91) |
|
(78) |
Proceeds from disposal of property,
plant and equipment |
- |
|
97 |
|
94 |
Net cash provided by/(used in)
investing activities |
(15,949) |
|
(5,059) |
|
(13,514) |
Cash flows from financing
activities |
|
|
|
|
|
Proceeds from issuance of shares to
equity holders of the parent |
217,918 |
|
- |
|
23,648 |
Transaction cost deducted from
equity |
(7,939) |
|
|
|
|
Payments for leases |
(2,096) |
|
(1,862) |
|
- |
Net cash provided by/(used in)
financing activities |
207,883 |
|
(1,862) |
|
23,648 |
Net increase in cash and cash
equivalents |
106,324 |
|
64,046 |
|
30,818 |
Cash and cash equivalents at
beginning of period |
103,353 |
|
39,367 |
|
8,415 |
Effects of exchange rate changes on
cash and cash equivalents |
(2,147) |
|
(60) |
|
134 |
Cash and cash equivalents at
end of period |
207,530 |
|
103,353 |
|
39,367 |
|
|
|
|
|
|
Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in
Shareholders’ equity (deficit) of Immatics N.V.
(Euros in
thousands) |
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other reserves |
Total equity attributable to shareholders of the
parent |
Non-controlling interest |
Total share-holders' equity (deficit) |
Balance as of January 1,
2018 |
|
1,164 |
167,027 |
(170,179) |
(1,054) |
(3,042) |
787 |
(2,255) |
Other comprehensive loss |
|
- |
- |
- |
313 |
313 |
- |
313 |
Net loss |
|
- |
- |
(31,444) |
- |
(31,444) |
(911) |
(32,355) |
Comprehensive loss for the
year |
|
- |
- |
(31,444) |
313 |
(31,131) |
(911) |
(32,042) |
Equity-settled tandem awards |
18 |
- |
118 |
- |
- |
118 |
- |
118 |
Issuance of ordinary shares |
19 |
- |
23,648 |
- |
- |
23,648 |
- |
23,648 |
MD Anderson compensation expense |
20 |
- |
- |
- |
- |
- |
1,360 |
1,360 |
Balance as of December 31,
2018 |
|
1,164 |
190,793 |
(201,623) |
(741) |
(10,407) |
1,236 |
(9,171) |
|
|
|
|
|
|
|
|
|
Balance as of January 1,
2019 |
|
1,164 |
190,793 |
(201,623) |
(741) |
(10,407) |
1,236 |
(9,171) |
Other comprehensive loss |
|
- |
- |
- |
(29) |
(29) |
- |
(29) |
Net loss |
|
- |
- |
(31,571) |
- |
(31,571) |
(916) |
(32,487) |
Comprehensive loss for the
year |
|
- |
- |
(31,571) |
(29) |
(31,600) |
(916) |
(32,516) |
Equity-settled
tandem awards |
18 |
- |
152 |
- |
- |
152 |
- |
152 |
MD Anderson
compensation expense |
20 |
- |
- |
- |
- |
- |
700 |
700 |
Balance as of December 31,
2019 |
|
1,164 |
190,945 |
(233,194) |
(770) |
(41,855) |
1,020 |
(40,835) |
|
|
|
|
|
|
|
|
|
Balance as of January 1,
2020 |
|
1,164 |
190,945 |
(233,194) |
(770) |
(41,855) |
1,020 |
(40,835) |
Other comprehensive loss |
|
- |
- |
- |
(6,689) |
(6,689) |
- |
(6,689) |
Net loss |
|
- |
- |
(229,059) |
- |
(229,059) |
(557) |
(229,616) |
Comprehensive loss for the
year |
|
- |
- |
(229,059) |
(6,689) |
(235,748) |
(557) |
(236,305) |
Reorganization |
3,19 |
(833) |
833 |
- |
- |
- |
- |
- |
Issue of share
capital |
|
|
|
|
|
|
|
|
MD Anderson Share Exchange |
3,19 |
7 |
501 |
- |
- |
508 |
(508) |
- |
PIPE Financing, net of transaction
costs |
3,
19 |
104 |
89,973 |
- |
- |
90,077 |
- |
90,077 |
ARYA Merger, net of transaction
costs |
3,19,
17 |
180 |
272,508 |
- |
- |
272,688 |
- |
272,688 |
SAR conversion |
18 |
7 |
(7) |
- |
- |
- |
- |
- |
Total issuance of share
capital |
|
298 |
362,975 |
- |
- |
363,273 |
(508) |
362,765 |
Equity-settled share-based
compensation |
18 |
- |
22,908 |
- |
- |
22,908 |
- |
22,908 |
Payment related to share-based
compensation awards previously classified as equity-settled |
18 |
- |
(4,322) |
- |
- |
(4,322) |
- |
(4,322) |
MD Anderson compensation expense |
20 |
- |
- |
- |
- |
- |
45 |
45 |
Balance as
of December 31, 2020 |
|
629 |
573,339 |
(462,253) |
(7,459) |
104,256 |
- |
104,256 |
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Immatics NV (NASDAQ:IMTX)
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From Jun 2023 to Jun 2024