Immatics Extends Cash Runway to 2028 with $551M Balances and 2026 Catalysts
Immatics closed a $125m public offering in December, holding $551.4m in cash and equivalents as of December 31, 2025, extending its cash runway into 2028. The company outlined key 2026 catalysts including SUPRAME Phase 3 interim analysis, IMA203CD8 and IMA402 data updates, and NSCLC bispecific trial initiation.
1. Financial Performance and Cash Runway
Immatics completed a $125 million public offering on December 8, 2025 and reported cash and cash equivalents of $551.4 million as of December 31, 2025. This liquidity extends the company’s operational runway into 2028, reducing near-term financing risk and supporting ongoing development programs.
2. SUPRAME Phase 3 Trial Progress
The global, randomized, controlled SUPRAME trial of anzu-cel in previously treated advanced cutaneous melanoma remains on track for interim and final analyses in 2026. Immatics continues to expect BLA submission in the first half of 2027, followed by a potential commercial launch in the second half of 2027.
3. Upcoming Data Readouts and Collaborations
Key 2026 milestones include a data update for IMA203CD8 in ovarian and gynecologic cancers in 1H 2026, RP2D determination and clinical data for IMA402 in 2H 2026, and initiation of a NSCLC bispecific combination trial. The Moderna collaboration has dosed its first patient in the anzu-cel plus mRNA-4203 trial (3Q 2025) and triggered a milestone payment in January 2026 under the expanded TCER® partnership.