0001193125-21-099162 | 20-F | XBRL Viewer

€ 207,530

€ 103,353

Property, plant and equipment

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

7,868

4,720

Intangible assets

914

1,008

Other current liabilities

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

Current liabilities

Provisions

Accounts payable

10,052

7,082

Deferred revenue

46,600

59,465

Lease liabilities

1,881

1,411

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

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Consolidated Statement of Loss of Immatics N.V. - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Profit or loss [abstract]

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)

^[1]

(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)

Weighted average shares outstanding—basic and diluted

48,001,228

33,093,838

[1]	See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets

Consolidated Statement of Comprehensive Loss of Immatics N.V. - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of comprehensive income [abstract]
Net Loss	€ (229,616)	€ (32,487)	€ (32,355)
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	(557)	(916)	(911)
Total comprehensive loss for the period	€ (236,305)	€ (32,516)	€ (32,042)

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

Cash flows from operating activities

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2020-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2020-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2020-01-01

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2020-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2020-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2020-01-01

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2020-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2020-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2020-01-01

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_23&doctype=Standard
-URIDate 2020-01-01

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2020-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2020-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2020-01-01

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2020-01-01

+ Details

Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Loss before taxation

€ (229,616)

€ (32,487)

^[1]

€ (32,355)

Adjustments for:

Interest income

(850)

(790)

^[1]

(507)

Depreciation and amortization

4,424

3,858

^[1]

2,176

Interest expense

289

170

^[1]

Share listing expense

152,787

Equity settled share-based payment

22,908

152

^[1]

118

(Decrease) Increase in other liabilities resulting from share appreciation rights

700

^[1]

1,360

(2,036)

1,864

^[1]

220

(4,322)

Net foreign exchange differences

(4,477)

^[1]

Changes in working capital

Increase in accounts receivable

(294)

(563)

^[1]

(175)

Increase (decrease) in other assets

(1,600)

(1,497)

^[1]

5,608

(Increase) decrease in accounts payable and other current liabilities

(23,387)

98,937

^[1]

43,732

Interest received

808

790

^[1]

507

Interest paid

(289)

(170)

^[1]

(16)

Net cash provided by/(used in) operating activities

(85,610)

70,967

^[1]

20,684

Cash flows from investing activities

Payments for property, plant and equipment

(7,420)

(2,143)

^[1]

(429)

Cash paid for investments in Other financial assets

(82,930)

(20,473)

^[1]

(13,101)

Cash received from maturity of investments classified in Other financial assets

74,505

17,551

^[1]

Payments for intangible assets

(104)

(91)

^[1]

(78)

Proceeds from disposal of property, plant and equipment

^[1]

Net cash provided by/(used in) investing activities

(15,949)

(5,059)

^[1]

(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)

Net cash provided by/(used in) financing activities

(2,096)

(1,862)

^[1]

207,883

(1,862)

^[1]

23,648

Net increase in cash and cash equivalents

106,324

64,046

^[1]

30,818

Cash and cash equivalents at beginning of period

103,353

^[2]

39,367

^[1]

8,415

Effects of exchange rate changes on cash and cash equivalents

(2,147)

(60)

^[1]

134

Cash and cash equivalents at end of period

€ 207,530

€ 103,353

^[2]

€ 39,367

^[1]

[1]	See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets
[2]	See Note 2 for details regarding the change in presentation of Other financial assets

Consolidated Statement of Changes in Shareholders' equity (deficit) of Immatics N.V. - EUR (€)
€ in Thousands

Total

Share capital [member]

Share premium [member]

Accumulated deficit [member]

Other reserves [member]

Total equity attributable to shareholders of the parent [member]

Non-controlling interests [member]

Beginning Balance at Dec. 31, 2017

€ (2,255)

€ 1,164

€ 167,027

€ (170,179)

€ (1,054)

€ (3,042)

€ 787

Other comprehensive loss

313

Net Loss

(32,355)

(31,444)

(911)

Comprehensive loss for the year

(32,042)

(31,444)

313

(31,131)

(911)

Equity-settled share-based compensation

118

Issuance of ordinary shares

23,648

Ending Balance at Dec. 31, 2018

1,360

(9,171)

1,164

190,793

(201,623)

(741)

(10,407)

1,236

Other comprehensive loss

(29)

Net Loss

(32,487)

(31,571)

(916)

Comprehensive loss for the year

(32,516)

(31,571)

(29)

(31,600)

(916)

Equity-settled share-based compensation

152

Ending Balance at Dec. 31, 2019

700

(40,835)

^[1]

1,164

190,945

(233,194)

(770)

(41,855)

1,020

Other comprehensive loss

(6,689)

Net Loss

(229,616)

(229,059)

(557)

Comprehensive loss for the year

(236,305)

(229,059)

(6,689)

(235,748)

(557)

Equity-settled share-based compensation

22,908

Reorganization

(833)

833

MD Anderson Share Exchange

501

508

(508)

PIPE Financing, net of transaction costs

90,077

104

89,973

90,077

ARYA Merger, net of transaction costs

272,688

180

272,508

272,688

SAR conversion

(7)

Total issuance of share capital

362,765

298

362,975

363,273

(508)

(4,322)

Ending Balance at Dec. 31, 2020

€ 45

€ 104,256

€ 629

€ 573,339

€ (462,253)

€ (7,459)

€ 104,256

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Group information

12 Months Ended

Dec. 31, 2020

Group information

1.	Group information

Immatics N.V, together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US Inc., (“Immatics” or “the Group”) is a biotechnology company that is primarily engaged in the research and development of T cell redirecting immunotherapies for the treatment of cancer patients. Immatics N.V., a Dutch public limited liability company, was converted on July 1, 2020 from Immatics B.V., a Dutch company with limited liability. Immatics Biotechnologies GmbH and Immatics US Inc. became subsidiaries of Immatics N.V. as part of the ARYA Merger (defined below) on July 1, 2020.

Immatics N.V is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany. Prior to July 1, 2020, Immatics N.V. was a shell company with no active trade or business or subsidiaries and all relevant assets and liabilities as well as income and expenses were borne by Immatics Biotechnologies GmbH and its U.S. subsidiary Immatics US, Inc. Therefore, the comparable consolidated financial statements as of

December 31, 2019

and for the years ended December 31, 2019 and December 31, 2018 represent consolidated financial statements of Immatics Biotechnologies GmbH.

These annual consolidated financial statements of the Group for the year ended December 31, 2020 were authorized for issue by the Management Board of Immatics N.V. on March 30, 2021.

Basis of presentation

12 Months Ended

Dec. 31, 2020

Basis of presentation

2.	Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRS IC”). The consolidated financial statements are presented in Euro. Amounts are stated in thousands of Euros, unless otherwise indicated.

The Group had a

non-controlling

interest, representing approximately 3.96% of the Group’s Immatics US, Inc. subsidiary as of December 31, 2019 and 2018. On July 1, 2020 and as part of the ARYA Merger, the

non-controlling

interest of MD Anderson in Immatics US, Inc. was exchanged for ordinary shares in Immatics N.V. See note 3 for further details.

Short-term deposits, which have an original maturity between three and nine months, were previously classified within Other current assets and have been retrospectively presented as a separate line item, Other financial assets, within the Statement of Financial Position. This change resulted in a reclassification of €16.0 million as of December 31, 2019. This change in presentation was made after review of the Group’s financial statements subsequent to the ARYA Merger to ensure better comparability of the financial statements with peer companies and provide more relevant presentation within the Group’s financial statements.

2.1	Going concern

Since inception, the Group’s activities have consisted primarily of raising capital and performing research and development activities to advance its technologies. The Group is still in the development phase and has not yet marketed any products commercially. Immatics’ ongoing success depends on the successful development and regulatory approval of its products and its ability to finance operations. The Group will seek additional funding to reach its development and commercialization objectives.

The Group plans to seek funds through further private or public equity financings, debt financings, collaboration agreements and marketing, distribution or licensing arrangements. The Group may not be able to obtain financing or enter into collaboration or other arrangements on acceptable terms. If the Group is unable to obtain funding, it could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. However, Immatics’ cash and cash equivalents as well as short-term deposits will be sufficient to fund operating expenses and capital expenditure requirements for at least twelve months from the issuance date and expect a cash reach for at least twelve months.

The accompanying consolidated financial statements have been prepared on a going concern basis. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern.

2.2	Correction of classification of Statement of Cash Flows

During the third quarter of 2020, the Group identified and corrected the classification of short-term deposits with an original maturity dates between three and nine months within the Statement of Cash Flows which resulted in a misclassification within the Statement of Cash Flows since 2018.

The Company has evaluated the effect of this misclassification, both qualitatively and quantitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed financial statements. In the Statement of Cash Flows, the changes in short-term deposits were previously classified as (Increase) decrease in other assets within operating activities and has been retrospectively corrected and presented as separate line items within investing activities.

This correction of classification resulted in the following impact to the Statement of Cash Flows:


	Year ended December 31, 2019									Year ended December 31, 2018
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(4,419	)		2,922			(1,497	)		(7,493	)		13,101			5,608
Net cash provided by operating activities		68,045			2,922			70,967			7,583			13,101			20,684
Cash paid for investments classified in Other financial assets		—			(20,473	)		(20,473	)		—			(13,101	)		(13,101	)
Cash received from maturity of investments classified in Other financial assets		—			17,551			17,551			—			—			—
Net cash used in investing activities		(2,137	)		(2,922	)		(5,059	)		(413	)		(13,101	)		(13,514	)

Total effect on Cash Flow	—			—			—			—			—			—


	Three months ended March 31, 2020									Six months ended June 30, 2020
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(17,209	)		16,836			(373	)		14,917			(16,023	)		(1,106	)
Net cash provided by/ (used in) operating activities		(28,286	)		16,836			(11,450	)		(11,716	)		(16,023	)		(27,739	)
Cash paid for investments classified in Other financial assets		—			(32,859	)		(32,859	)		—			(32,859	)		(32,859	)
Cash received from maturity of investments classified in Other financial assets		—			16,023			16,023			—			48,882			48,882
Net cash provided by/ (used in) investing activities		(2,387	)		(16,836	)		(19,223	)		(4,550	)		16,023			11,473

Total effect on Cash Flow	—			—			—			—			—			—

There is no impact on the Group’s Consolidated Statement of Financial Position, Consolidated Statement of Changes in Shareholders’ Deficit, Consolidated Statement of Loss, Net loss per share, Consolidated Statement of Comprehensive Loss, and no impact to financing cash flows for the any of the periods presented.

2.3

COVID-19

In December 2019, a novel strain of coronavirus

(“COVID-19”)

emerged. On January 30, 2020, the World Health Organization declared the outbreak a pandemic and a global emergency. In response, many countries and businesses instituted travel restrictions, quarantines, and office closures that are still in place. The extent of the pandemic and governmental responses may impact our ability to obtain raw materials and equipment used for research and development, obtain sufficient additional funds to finance our operations, and conduct clinical trials, any of which could materially and adversely affect our business.

Management continues to monitor the situation and enacted significant measures to protect the Group’s supply chain, employees, and the execution of clinical trials. To date, the pandemic has resulted in a slowdown in activities related to the Group’s laboratory operations and at some of its suppliers. The ongoing spread of

COVID-19

may also negatively impact the Group’s ability to conduct clinical trials, including potential delays and restrictions on the Group’s ability to recruit and retain patients, principal investigators and healthcare employees.

COVID-19

could also affect the operations of contract research organizations, which may also result in delays or disruptions in the supply of product candidates. Immatics continues to expand its clinical programs with additional clinical trial sites opening in the U.S. and in Europe.

Due to

COVID-19,

the Group has also experienced delays in research activities performed under its collaboration agreements. Consequently, the Group recognized less revenue under these agreements in 2020 than previously planned. Management believes the declines in revenue associated with the delay in research activities are largely temporary, as the revenue is primarily associated with

non-refundable

upfront payments recognized on a

cost-to-cost

basis.

COVID-19

may continue to impact the timing and amount of revenue recognized under these agreements in the future.

ARYA Merger

12 Months Ended

Dec. 31, 2020

ARYA Merger

3.	ARYA Merger

On March 17, 2020, Immatics entered into a definitive merger agreement with ARYA Sciences Acquisition Corp. (“ARYA”), a special purpose acquisition company sponsored by Perceptive Advisors. The transaction closed on July 1, 2020. The merger (“ARYA Merger”) was effectuated as follows:

•

The shareholders of Immatics Biotechnologies GmbH exchanged their interest for ordinary shares in the share capital of Immatics B.V. (“the Reorganization”). The Reorganization is accounted for as a recapitalization, with Immatics Biotechnologies GmbH being the accounting predecessor. The Reorganization resulted in a €0.8 million decrease in share capital and an offsetting increase in share premium. Subsequent to the Reorganization, Immatics B.V. was converted into Immatics N.V., after the share exchange of Immatics shareholders.

As part of the Reorganization, the minority shareholder in Immatics US, Inc., MD Anderson Cancer Center (“MD Anderson”) exchanged its interest in Immatics US, Inc. for ordinary shares in the share capital of Immatics N.V. (“MD Anderson Share Exchange”). This resulted in a decrease to

non-controlling

interest of €0.5 million, with corresponding increases to share capital and share premium. (See note 20).

•

ARYA merged into Immatics N.V., with former ARYA shareholders receiving one ordinary share of Immatics N.V. for each issued and outstanding ordinary share of ARYA and one warrant to purchase ordinary shares in Immatics N.V., for each issued and outstanding warrant to acquire ordinary shares in ARYA. The merger of ARYA constituted transaction by Immatics N.V., which is accounted for within the scope of IFRS 2.

As part of the transaction, former shareholders of ARYA received 17,968,750 shares of Immatics N.V. and 7,187,500 warrants (“Immatics Warrants”) to purchase ordinary shares of Immatics N.V. In exchange, Immatics received the net assets held by ARYA, which had a fair value of €124.9 million upon closing of the transaction on July 1, 2020. The net assets included €128.8 million of cash and cash equivalents held in ARYA’s trust account and current liabilities of €3.9 million.

In accordance with IFRS 2, the difference between the fair value of the net assets contributed by ARYA and the fair value of equity instruments provided to former ARYA shareholders is treated as an expense, resulting in a €152.8 million Share listing expense classified within the Financial result (See Note 17

) and an increase in equity. The 7,187,500 Immatics Warrants give the holder the right, but not the obligation, to subscribe to Immatics’ shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. Those instruments were considered equity instruments according to IFRS 2 when they vested immediately on July 1, 2020. Management accounted for those instruments as equity instruments under IFRS 2 after the vesting date and has not applied the provisions of debt and equity classification under IAS 32.

•

Immatics N.V. raised an additional net €90.1 million in net equity proceeds through a private placement of ordinary shares with existing shareholders of Immatics, ARYA and other new investors (“PIPE Financing”). The PIPE Financing is treated as a capital contribution, which resulted in increases of €0.1 million and €90.0 million to share capital and share premium, respectively.

Both the ARYA Merger and PIPE Financing closed as of July 1, 2020.

Upon consummation of the transactions, Immatics N.V. became a publicly traded corporation at the Nasdaq Capital Market under the ticker IMTX. The Immatics Warrants are traded under the ticker IMTXW. Immatics incurred incremental transaction costs directly attributable to the issuance of new shares to ARYA shareholders and the PIPE Financing

of €7.9

million, which it netted against the equity proceeds as a reduction in share premium. As part of the

year-end

closing, we adjusted the transaction cost netted against the equity proceeds by €0.6 million. The adjustment was immaterial for our financial statements. The adjustment was due to a revised allocation of cost, both attributable to the issuance of new shares as well as listing of existing shares.

Immatics also amended existing share-based compensation agreements held by employees of Immatics GmbH prior to the ARYA Merger (See Note 18), in addition to making additional cash and share-based payments to key management personnel (See Note 26).

Application of new and revised international financial reporting standards

12 Months Ended

Dec. 31, 2020

Disclosure of changes in accounting policies, accounting estimates and errors [text block]

4.	Application of new and revised international financial reporting standards

4.1	Application of new standards

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2019, except for the adoption of new standards and interpretations effective as of January 1, 2020. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

New standards and interpretations applied for the first time:


Standard/interpretation	Effective date
Amendments to IFRS 3, “Business combinations”, - Definition of a business		January 1, 2020
Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors”		January 1, 2020
Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform		January 1, 2020
Amendment to the Conceptual framework		January 1, 2020

Those amendments on standards and interpretations had no effect on the consolidated financial statements of the Group.

4.2	Assessment of potential impact of future standards, amendments to existing standards and interpretations

The following standards a

d interpretations have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2020:


Standard/interpretation	Effective date		Material effect expected on Immatics financial statements
IFRS 16 COVID-19-Related Rent Concessions Amendment		January 1, 2021		No
Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities		January 1, 2022		No
IFRS 17 Insurance contracts		January 1, 2023		No

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020

12 Months Ended

Dec. 31, 2020

Disclosure of significant accounting policies [text block]

5.	Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020

The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements:

5.1	Segment information

The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources.

5.2	Cash and cash equivalents

Cash and cash equivalents in the Consolidated Statement of Financial Position

is comprised

of cash held at banks (including money market funds) and short-term deposits with an original maturity of three months or less.

5.3	Financial assets

Initial recognition and measurement

Financial assets within the scope of IFRS 9 include cash and cash equivalents, loans, short-term deposits and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus transaction costs. Purchases and sales of financial assets are recognized on their trade date, on which the Group commits to purchase or sell the asset. The subsequent measurement of financial assets depends on their classification as described below.

Short-term deposits

Immatics has short-term deposits with original maturities between three and nine months, which are classified as Other financial assets. Short-term deposits with an original maturity of three months or less are classified as cash and cash equivalents. Under IFRS 9 short-term deposits are classified within financial assets at fair value.

Receivables

The Group has receivables from collaboration agreements. A receivable must be capitalized at the point in time at which the Group has become a contractual partner and a claim to cash and cash equivalents has arisen. In subsequent reporting periods, a receivable is measured at amortized cost using the effective interest method. Since the receivables are short-term receivables without a fixed interest rate, these receivables are capitalized at the original invoice or contract amount. Receivable balances are classified as current assets, because all of the Group’s receivables have an expected maturity of less than 12 months.

Interest and other finance income

Financial instruments include money market funds and short-term deposits measured at fair value. Interest income is recorded using the effective interest rate (EIR). EIR is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.

As of December 31, 2020, Immatics is a counterparty in foreign exchange forward contracts. The contracts do not meet the criteria to apply hedge accounting and are therefore separately accounted for and measured at fair value. Any change in the fair value is accounted for within the Consolidated Statement of Loss.

5.4	Property, plant and equipment

Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized as expense when incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally within the following ranges:


Category		Estimated useful life
Computer equipment		1 – 10 years
Laboratory equipment		1 – 15 years
Office equipment		2 – 20 years

5.5	Intangible assets

Acquired intangible assets are initially recognized at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite lives are amortized over their useful economic lives and assessed for impairment, whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life, is reviewed at least at the end of each reporting period. Immatics does not have any internally developed intangible assets or intangible assets with indefinite useful lives.

Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows:


Category		Estimated useful life
Licenses		5 – 30 years
Software		1 – 5 years

5.6	Research and development

Research expenses are defined as costs incurred for current or planned investigations undertaken with the prospect of gaining new scientific or technical knowledge and understanding. All Research costs are expensed as incurred.

An intangible asset arising from development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditure during the development. The Group did not recognize any intangible assets from development expenditures in 2020, 2019 and 2018 due to the existing uncertainties in connection with its development activities. Research and development expenses include the following types of costs:

salaries, benefits and other related costs, including stock-based compensation, for personnel engaged in research and development functions;

expenses incurred in connection with the preclinical development of our programs and clinical trials of our product candidates, including under agreements with third parties, such as consultants, contractors, academic institutions and contract research organizations;

the cost of manufacturing product candidates for use in clinical trials, including under agreements with third parties, such as, consultants and contractors;

laboratory costs;

leased facility costs, equipment depreciation and other expenses, which include direct and allocated expenses; and

intellectual property costs incurred in connection with filing and prosecuting patent applications as well as third-party license fees.

5.7	Financial liabilities: Initial recognition and measurement

Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or at amortized cost, as appropriate. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, carried at amortized cost. This includes directly attributable transaction costs. Immatics only recognized accounts payable as other financial liabilities at amortized costs. The Group has not designated any financial liabilities upon initial recognition as fair value through profit or loss.

The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting.

5.8

Leases

Application of IAS 17 (“Leases”) until December 31, 2018

Prior to 2019, the Group applied IAS 17 when accounting for leases. As a lessee under IAS 17, leases for which substantially all the risks and rewards of ownership transferred to the Group were classified as finance leases. Finance leases were capitalized at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other current liabilities and other

non-current

liabilities. Each lease payment was allocated between the liability and finance cost. The finance cost was charged as an expense over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The assets associated with the finance leases are depreciated over the shorter of the asset’s useful life or the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged as an expense on a straight-line basis over the period of the lease.

Application of IFRS 16 (“Leases”) effective January 1, 2019

The Group adopted IFRS 16 (“Leases”) effective January 1, 2019. The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of two to seven years but may have extension options as described in below. Contracts may contain both lease and

non-lease

components. The Group has elected not to separate lease and

non-lease

components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Under IFRS 16, leases are recognized as a

right-of-use

asset with a corresponding liability on the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

fixed payments (including

in-substance

fixed payments), less any lease incentives received.

amounts expected to be payable by the Group under residual value guarantees.

the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the Group’s leases, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds, necessary to obtain an asset of similar value to the

right-of-use

asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

uses a

build-up

approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Immatics, and

makes adjustments specific to the lease, including lease term, country, currency and security

Right-of-use

assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs.

Right-of-use

assets are generally depreciated over the shorter of the asset’s useful life or the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the

right-of-use

asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases of equipment and vehicles and all leases of

low-value

assets are recognized on a straight-line basis as an expense. Short-term leases are leases with a lease term of 12 months or less.

Low-value

assets have a value of less than €5 thousand.

Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor. For relevant leases which include an extension option, Immatics performed an assessment as of December 31, 2020 to determine whether option extensions are reasonably certain.

5.9	Revenue from collaboration agreements

The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2020, the Group had four strategic collaboration agreements in place with Amgen Inc., Thousand Oaks/CA/USA (“Amgen”), Genmab A/S, Copenhagen/Denmark (“Genmab”), Celgene Switzerland LLC (“BMS”) and GlaxoSmithKline Intellectual Property Development Limited (“GSK”). Each of the Group’s four strategic collaboration agreements are in the

pre-clinical

stage.

To determine the recognition of revenue from arrangements that fall within the scope of IFRS 15, the Group performs the following five steps:

(i)	identify the contract(s) with a customer;

(ii)	identify the performance obligations in the contract;

(iii)

determine the transaction price;

(iv)	allocate the transaction price to the performance obligations in the contract; and

(v)	recognize revenue when (or as) the Group satisfies a performance obligation.

Under the terms of these agreements, Immatics agrees to collaborate in the development, manufacture, and commercialization of cancer immunotherapy treatments for specified targets identified through the use of Immatics XPRESIDENT technology.

As part of the collaboration arrangements, Immatics grants exclusive licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreements. Additionally, Immatics agrees to perform certain research activities under the collaboration agreements, including screening of highly specific molecules for reactivity with the specified targets and

off-targets

using Immatics’ proprietary technology and

know-how,

participation on steering committees, and preparation of data packages. The research activities are the predominant item in each of the Group’s collaboration agreements.

The Group performs an analysis to identify the performance obligations under the contract, including licenses and rights to future intellectual property developed under the contract and research activities. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct and distinct within the context of the contract.

Up-front

licensing payments and reimbursement for research and development expenses are initially deferred on our Consolidated Statement of Financial Position and subsequently recognized as costs are incurred using a

cost-to-cost

method. Milestone payments are generally included in the transaction price at the amount stipulated in the respective agreement and recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. To date, no milestone has been included in the transaction price.

As stated above, the licenses contributed under the collaboration agreements currently in place do not represent distinct performance obligations, because the Group’s collaboration partners would likely be unable to derive significant benefits from their access to these targets without Immatics’ research activities. Identification of a viable product candidate that will bind to the targets specified in the agreements requires use of the Group’s XPRESIDENT technology and database of target and

off-target

data. These agreements include a

non-refundable

upfront payment, payments for research and development activities in certain circumstances, and payments based upon the achievement of defined milestones.

Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under these agreements represent one or more combined performance obligations, the allocation of the transaction price to identified performance obligations, and the determination of whether milestone payments should be included in the transaction price.

Upfront payment

Each of the Group’s strategic collaboration agreements included a

non-refundable

upfront payment, meant to subsidize research activities. The Group recorded these payments as deferred revenue, which it allocated to the combined performance obligations for each agreement. Such amounts are recognized as revenue over the performance period of the research activities on a

cost-to-cost

basis.

The

cost-to-cost

basis using direct costs and directly attributable personal costs was considered the best measure of progress in which control of the combined performance obligations transfers to the Group’s collaboration partners, due to the nature of the work being performed.

Reimbursement for services

Under the collaboration agreement with Genmab, the Group receives reimbursement for employee research and development costs. These employee costs are presented as research and development expenses, while reimbursements of those costs, which is based on an FTE rate defined in the contract, are presented as revenue and not deducted from expenses.

Development and Commercial Milestones

The collaboration agreements include contingent payments related to development and commercial milestone events. These milestone payments represent variable consideration that are not initially recognized within the transaction price, due to the scientific uncertainties and the required commitment from the collaboration partners to develop and commercialize a product candidate. The Group assesses the probability of significant reversals for any amounts that become likely to be realized prior to recognizing the variable consideration, associated with these payments within the transaction price.

Sales-based milestones and royalty payments

The collaboration agreements also include sales-based royalty payments upon successful commercialization of a licensed product. In accordance with IFRS 15.B63, the Group recognizes revenue from sales-based milestone and royalty payments at the later of (i) the occurrence of the subsequent sale; or (ii) the performance obligation to which some or all of the sales-based milestone, or royalty payments has been allocated has been satisfied. The Group anticipates recognizing these milestones and royalty payments, when subsequent sales are generated from a licensed product by the collaboration partner.

Cost to fulfill contracts

The Group incurs costs for personnel, supplies and other costs related to its laboratory operations as well as fees from third parties and license expenses in connection with its research and development obligations under the collaboration and licensing agreement. These costs are recognized as research and development expenses over the period in which services are performed.

Cost to obtain a contract

For some collaboration agreements, the Group incurs incremental costs of obtaining a contract with a customer. The Group capitalizes those incremental costs if the costs are expected to be recovered. The recognized asset is amortized consistent with the method used to determine the pattern of revenue recognition of the underlying contract.

5.10	Share-based payment

The Group’s Employees as well as others providing similar services to the Group, receive remuneration in the form of share-based payments, which are equity-settled transactions. The Group`s equity-settled option plans include Matching Stock Options, Converted Stock Options, Service Options and PSUs and are described in detail in Note 18.

The costs of equity-settled transactions are determined by the fair value at grant date, using an appropriate valuation model. Share-based expenses for the respective vesting periods, are recognized in research and development expenses and general and administrative expenses, reflecting a corresponding increase in equity.

5.11	Other income

The Group primarily earns other income from government research grants. Government grants are recognized as income when there is reasonable assurance that the grant will be received and all required conditions have been complied with. Grants from governmental agencies for the support of specific research and development projects are recorded as other income to the extent the related expenses have been incurred. Grant agreements include a budget that specifies the amount and nature of expenses allowed during the entire grant term.

Expenses incurred under the grants are calculated according to agreed-upon terms on a quarterly basis, filed with the governmental agencies, and recorded as income. The governmental agencies make payments to the Group based on these calculations of expenses incurred under the grants. If these estimated calculations change, the Group will then adjust grant income in the subsequent period. The Group believes that its calculations are based on the agreed-upon terms as stated in the grant agreements. The governmental agencies generally have the right to audit the Group’s calculations. If the governmental agencies disagree with the Group’s calculations the amount of grant income recognized could change.

5.12	Foreign currency

Transactions and balances in Germany and in the USA

The consolidated financial statements are presented in Euro, which is the parents’, Immatics N.V. functional and presentation currency. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting. The Consolidated Statement of Loss is translated at average exchange rates. The currency translation differences are recognized in other comprehensive loss.

Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates, at the date the transaction first qualifies for recognition. The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary:


	2020				2019				2018
	Year-end rate		Average rate		Year-end rate		Average rate		Year-end rate		Average rate
Euros per U.S. Dollar		0.8149		0.8762		0.8902		0.8932		0.8738		0.8468

5.13	Fair value of financial instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

•

in the principal market for the asset or liability or

•

in the absence of a principal market, in the most advantageous market for the asset or liability that is accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

•

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

•

Level 2 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

•

Level 3 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by

re-assessing

categorization (based on the lowest level input that is significant to the fair value measurement as a whole), at the end of each reporting period.

5.14	Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain.

If the effect of the time value of money is material, provisions are discounted using a current

pre-tax

rate that reflects, when appropriate, the risks specific to the liability.

5.15	Income Tax

Deferred income tax results from temporary differences between the carrying amount of an asset or a liability and its tax base. Deferred income tax is provided in full using the liability method on temporary differences. In accordance with IAS 12 (“Income Taxes”), the deferred tax assets and liabilities reflect all temporary valuation and accounting differences between financial statements prepared for tax purposes and our consolidated financial statements. Tax losses carried forward are considered in deferred tax assets calculation. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets, current tax liabilities, deferred tax assets and deferred tax liabilities which relate to income taxes levied by the same tax authority.

Significant accounting judgments, estimates and assumptions

12 Months Ended

Dec. 31, 2020

Disclosure of accounting judgements and estimates [text block]

6.	Significant accounting judgements, estimates and assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Estimates – Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. Deferred tax assets are recognized for unused tax losses to the extent, that it is probable that taxable profit will be available which can be utilized against the losses. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Due to the Group’s history of loss-making over the last several years as well as the plans for the foreseeable future, the Group has not recognized any deferred tax assets on tax losses carried forward. Changes in the estimation of our potential to use tax losses carried forward can have a material effect on the Group`s net income.

Revenue recognition from collaboration agreements

As the collaboration agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. For the four collaboration agreements the Group assessed that these promises are not capable of being distinct within the context of the contract, which results in accounting for all goods and services promised as a single performance obligation with a single measure of progress. The performance obligation is accounted for as a performance obligation, satisfied over time using a

cost-to-cost

method as the customer simultaneously receives and consumes the benefits from Immatics’ performance.

Up-front

licensing payments are initially deferred on our Consolidated Statement of Financial Position and subsequently recognized as revenue over time as costs are incurred. Milestone payments are generally included in the transaction price at the amount stipulated in the respective agreement and recognized as revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. To date, no milestone has been included in the transaction price. Changes in this estimate can have a material effect on revenue recognized.

Immatics provides development and manufacturing services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided. Forecast values are used for the calculation of expected future revenue for the remaining term of the contract. These costs estimated as part of the budgeting process must be reviewed and approved before the Group can use them for recognition purposes. Significant management judgment is

required to determine the level of effort required under an arrangement, and the period over which the Company expects to complete its performance obligations under the arrangement which includes total internal personnel costs and external costs to be incurred. Changes in these estimates can have a material effect on revenue recognized.

Share-based payments

Determining the fair value of share-based payment transactions requires the most appropriate valuation for the specific program, which depends on the underlying terms and conditions. This estimate also requires the determination of the most appropriate inputs to the valuation model, including the fair value of the share option.

Management determined the value of share-based awards with the assistance of a third-party valuation specialist using certain assumptions, such as share price volatility, the determination of an appropriate risk-free interest rate, expected dividends and the probability of reaching certain exercisability criteria. Changes in these estimates can have a material effect on share-based expenses recognized.

For 2018 and 2019, the vested SARs under the 2010 Plan could only be exercised in an event that more than 50% of the shareholdings in the Company will be acquired by a third person (“Change of control”) and the vested SARs of the 2016 Plan might only be exercised upon the occurrence of a change in control or expiration of the applicable

lock-up

period following completion of an initial public offering (“IPO”).

The fair values of these awards were discounted based on the probability of the awards becoming exercisable. It is necessary to look at different scenarios under which the award would be expected to be realized. Therefore, it was necessary to estimate the probability of each such scenario. The present value of the probability-weighted fair value under all scenarios represents the value of the awards. The difficulty in applying this method is the estimation of the different possible outcomes and the probabilities associated with such outcomes. Management’s assessment is updated at each

valuation date.

Classification of Warrants

As described in Note 3 AYA Merger Immatics Warrants give the holder the right, but not the obligation, to subscribe to Immatics’ shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. Those instruments were considered equity instruments according to IFRS 2 when they vested immediately on July 1, 2020. Management accounted for those instruments as equity instruments under IFRS 2 after the vesting date and has not applied the provisions of debt and equity classification under IAS 32.

Accounts receivable

12 Months Ended

Dec. 31, 2020

Disclosure Of Account Receivable Explanatory [Text Block]

7.	Accounts receivable


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Receivables from collaboration agreements		1,250		957

Accounts receivable		1,250		957

As of December 31, 2020, and 2019, no receivables were considered impaired.

Other current and non-current assets

12 Months Ended

Dec. 31, 2020

Disclosure of other assets [text block]

8.	Other current and non-current assets

Other current assets


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Grant receivable		875		998
Prepaid expenses		2,389		1,236
Positive market value forward contract		914		—
Value added tax receivable		798		768
Capitalized transaction costs		—		48
Other assets		787		617

Other current assets		5,763		3,667

The Group recognizes receivables for government grants when it is reasonably assured that the grant will be received, and all contractual conditions have been complied with. As of December 31, 2020, and 2019, no receivables were considered impaired.

Prepaid expenses include prepaid insurance expenses of €1.0 million and €0.1 million as of December 31, 2020 and 2019, respectively. The Group paid €0.5 million and €0.6 million of incremental cost for the successful arrangement of the Celgene Switzerland LLC (“BMS”) and Genmab A/S (“Genmab”) collaboration agreements as of December 31, 2020 and 2019, respectively. Additionally, prepaid expenses include expenses for licenses and software of €0.6 million and €0.2 million as of December 31, 2020 and 2019, respectively. The remaining amount is related to prepaid maintenance expenses.

Other assets include receivables from capital gains tax of €0.4 million and €0.3 million as of December 31, 2020 and 2019, respectively. The remaining amount is related to prepaid deposit expenses.

Other

non-current

assets


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Prepaid expenses		724		937
Other non-current assets		—		325

Total non-current assets		724		1,262

Prepaid expenses consist of €0.7 million and €0.9 million of incremental cost paid for the successful arrangement of the BMS and Genmab collaboration agreements as of December 31, 2020 and 2019, respectively.

Property, plant and equipment

12 Months Ended

Dec. 31, 2020

Disclosure of property, plant and equipment [text block]

9.	Property, plant and equipment

Changes to property, plant and equipment during 2020 and 2019 consisted of the following:


(Euros in thousands)	Laboratory equipment			Computer equipment			Office equipment		Total


Cost as of January 1, 2019		11,222			2,439			1,455		15,116
Impact of IFRS 16 adoption		(441	)		—			—		(441	)
Cost as of January 1, 2019, adjusted		10,781			2,439			1,455		14,675
Additions		2,204			515			297		3,016
Disposals		(314	)		(2	)		—		(316	)
Currency translation differences		52			4			1		57

Cost as of December 31, 2019		12,723			2,956			1,753		17,432

Accumulated depreciation as of January 1, 2019		8,279			1,793			1,037		11,109
Additions		1,219			256			322		1,797
Disposals		(218	)		(1	)		—		(219	)
Currency translation differences		23			2			—		25

Accumulated depreciation as of December 31, 2019		9,303			2,050			1,359		12,712

Net book value as of December 31, 2019		3,420			906			394		4,720

Cost as of January 1, 2020		12,723			2,956			1,753		17,432
Additions		3,545			406			1,427		5,379
Disposals		1			—			6		7
Currency translation differences		299			40			28		367

Cost as of December 31, 2020		15,968			3,322			3,146		22,437

Accumulated depreciation as of January 1, 2020		9,303			2,050			1,359		12,712
Additions		1,384			404			315		2,102
Disposals		1			—			6		7
Currency translation differences		210			26			3		239

Accumulated depreciation as of December 31, 2020		10,476			2,428			1,665		14,568

Net book value as of December 31, 2020		5,493			894			1,481		7,868

Depreciation expense is included in the following line items of the Consolidated Statement of Loss:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		1,503		1,315		1,757
General and administrative expenses		600		482		301

Total		2,103		1,797		2,058

Intangible assets

12 Months Ended

Dec. 31, 2020

Disclosure of intangible assets [text block]

10.	Intangible assets

Changes to intangible assets during 2020 and 2019 consisted of the following:


(Euros in thousands)	Patents and licenses			Software licenses			Total
Cost as of January 1, 2019		1,201			551			1,752
Additions		—			91			91
Currency translation differences		19			1			20

Cost as of December 31, 2019		1,220			643			1,863

Accumulated amortization as of January 1, 2019		314			399			713
Additions		24			87			111
Currency translation differences		31			—			31

Accumulated amortization as of December 31, 2019		369			486			855

Net book value as of December 31, 2019		851			157			1,008


Cost as of January 1, 2020		1,220			643			1,863
Additions		—			104			104
Currency translation differences		(88	)		(9	)		(97	)

Cost as of December 31, 2020		1,132			738			1,870
Accumulated amortization as of January 1, 2020		369			486			855
Additions		56			71			126
Currency translation differences		(22	)		(3	)		(25	)

Accumulated amortization as of December 31, 2020		403			554			956

Net book value as of December 31, 2020		730			184			914

Amortization expense is classified as follows within the Consolidated Statement of Loss:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		31		28		9
General and administrative expenses		95		83		109

Total		126		111		118

Leases

12 Months Ended

Dec. 31, 2020

Presentation of leases for lessee [abstract]

Disclosure of leases [text block]

11.

Leases

Right-of

use assets consist of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Buildings		5,760		2,799
IT and telecommunication		258		349
Vehicles		90		90
Other assets		41		49

Total		6,149		3,287

Lease liabilities consist of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Lease liability – current		1,881		1,411
Lease liability – non-current		4,306		1,823

Total		6,187		3,234

Additions to the

right-of-use

assets were €5.1 million and €0.3 million as of December 31, 2020 and 2019, respectively.

Currency translation differences included in

right-of-use

assets were €0.3 million and €0.05 million as of December 31, 2020 and 2019, respectively.

Expenses related to

right-of-use

assets and lease liabilities consist of the following:


	Year ended December 31,
Depreciation charges of right-of-use assets	2020		2019
	(Euros in thousands)
Buildings		2,036		1,804
IT and telecommunication		101		101
Vehicles		50		37
Other assets		8		8

Total		2,195		1,950


Interest expenses form leases		260		170
Expense relating to short-term leases and low-value assets (included in administrative expenses)		51		27

The total cash payments for leases were €2.4 million and €2.1 million as of December 31, 2020 and 2019, respectively.

As of December 31, 2020, the Group has committed lease payments of €6.9 million, of which €2.1 million will occur in the next 12 months. The remaining lease payments will occur between January 1, 2022 and December 31, 202

Accounts payable

12 Months Ended

Dec. 31, 2020

Accounts payable

12.	Accounts payable


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Accounts payable		2,554		4,866
Other accrued liabilities		7,498		2,216

Total accounts payable		10,052		7,082

Other accrued liabilities classified within accounts payable mainly relate to outstanding invoices totaling €7 million and €2 million as of December 31, 2020 and 2019, respectively.

Revenue from collaboration agreements

12 Months Ended

Dec. 31, 2020

Revenue from collaboration agreements

13.	Revenue from collaboration agreements

The Group earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of December 31, 2020, the Group had four strategic collaboration agreements in place. All collaboration agreements are still at

pre-clinical

stage.

As part of these collaboration arrangement, Immatics grants exclusive licensing rights or options thereto for the development and commercialization of future product candidates, developed for several targets defined in the respective collaboration agreements, in addition to research activities, including screening of highly specific molecules for reactivity with the specified targets and

off-targets

using Immatics’ proprietary technology and

know-how,

participation on a joint steering committee, and preparation of data packages. For each collaboration agreement, these promises represent one combined performance obligation, because the research activities are mutually dependent and the respective collaboration partner is unable to derive significant benefits from their access to these targets without Immatics’ research activities, which are highly specialized and cannot be performed by other organizations. Under each agreement, research activities were determined to be the predominant item under the contract.

Amgen Collaboration Agreement

In December 2016, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Amgen Inc. (“Amgen”) to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancers. Under the terms of the agreement, Immatics contributed its XPRESIDENT target discovery and T cell receptor (TCR) capabilities to the

pre-clinical

development of product candidates. Amgen Inc. contributed its validated Bispecific T cell Engager (BiTE

) technology and will be responsible for the clinical development, manufacturing and commercialization worldwide.

In the collaboration agreement with Amgen development milestone payments and commercial milestone payments amount to a maximum

up to

$525 million for each program and tiered royalties up to a double-digit percentage of net sales.

The Group received a

non-refundable

upfront payment of $30

million (€28 million) upon signing of the Amgen agreement. The Group classified the initial receipt of the upfront payment as deferred revenue, which recognizes into revenue as on a

cost-to-cost

basis using forecasted costs. A

cost-to-cost

basis was determined most representative of the transfer of benefits to Amgen. The Group recognized approximately

€4.9 million, €6.2 million and €1.5 million of revenue associated with the upfront payment during the years ended December 31, 2020, 2019 and 2018, respectively. Total deferred revenue under the agreement was €10 million and €15 million as of December 31, 2020 and 2019, respectively.

Genmab Collaboration Agreement

In July 2018, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Genmab A/S (“Genmab”) to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancer indications. Under the agreement, Immatics and Genmab conduct joint research to combine Immatics’ XPRESIDENT and Bispecific TCR technology platforms with Genmab’s proprietary antibody technologies to develop multiple bispecific immunotherapies in oncology. The two companies plan to develop immunotherapies directed against three proprietary targets. Genmab will be responsible for development, manufacturing and worldwide commercialization. Immatics will have an option to contribute certain promotion efforts at predetermined levels in selected countries in the EU.

The Genmab collaboration agreement contains a maximum of $550 million of milestone payments for each licensed product resulting from the collaboration. In addition, Immatics is entitled to receive royalty payments. Royalty rates are based on aggregate net sales of a licensed product. The agreement provides for higher royalty rates as annual net sales of a licensed product increases. Under the agreement, the royalty rates begin in the high single-digits, increasing to the low tens as a percentage of aggregate annual net sales of a licensed product.

The Group received a

non-refundable

upfront payment of $54

million (€46 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized

approximately €11.2 million, €11.2 million and €2.3

million of revenue associated with the upfront payment and with reimbursements for research and development costs performed, during the years ended December 31, 2020, 2019 and 2018, respectively. Revenue for the Genmab collaboration agreement is recognized on a

cost-to-cost

basis using forecasted costs. A

cost-to-cost

basis was determined most representative of the transfer of benefits to Genmab. Total deferred revenue under the agreement was

€26 million and €35 million as of December 31, 2020 and 2019, respectively.

BMS Collaboration Agreement

In August 2019, Immatics Biotechnologies GmbH and BMS entered into a collaboration and option agreement to develop novel adoptive cell therapies targeting multiple cancers. Under the agreement, Immatics may develop T Cell Receptor Engineered T Cell Therapy

(TCR-T)

programs against solid tumor targets discovered with Immatics’ XPRESIDENT technology. Programs would utilize proprietary T Cell Receptors (TCRs) identified by Immatics’ XCEPTOR TCR discovery and engineering platform.

If Immatics develops programs against the

TCR-T

targets, Immatics will be responsible for the development and validation of these programs through lead candidate stage, at which time BMS may exercise

opt-in

rights and assume sole responsibility for further worldwide development, manufacturing and commercialization of the

TCR-T

cell therapies.

Immatics would have certain early stage

co-development

rights or

co-funding

rights for selected

TCR-T

cell therapies arising from the collaboration. With respect to this collaboration agreement with BMS, Immatics may be eligible to receive up to $505 million for each licensed product in option exercise payments, development, regulatory and commercial milestone payments as well as tiered royalties on net sales. In addition, Immatics is entitled to royalty payments. Royalty rates are based on aggregate net sales of a licensed product resulting from the collaboration. The agreement provides for higher royalty rates as annual net sales of a licensed product increases. Under each contract, the royalty rates begin in the

mid-single-digits,

increasing to the low teen-digits as a percentage of aggregate annual net sales of a licensed product.

The Group received a

non-refundable

upfront payment of $75

million (€68 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized

€11.5 million and €1.1

million of revenue associated with the upfront payment as of December 31, 2020 and 2019, respectively. Revenue for the BMS collaboration agreement is recognized on a

cost-to-cost

basis using forecasted costs. A

cost-to-cost

basis was determined most representative of the transfer of benefits to BMS. Total deferred revenue under the agreement was

€55 million and €66.5 million as of December 31, 2020 and 2019, respectively.

GSK

In December 2019, Immatics entered into a collaboration agreement with GSK to develop novel adoptive cell therapies targeting multiple cancer indications. Immatics and GSK plan to collaborate on the identification, research and development of next-generation TCR Therapeutics focusing on solid tumors. The collaboration will initially focus on the development of autologous T cell therapies and GSK has an option to develop allogeneic T cell therapies using Immatics ACTallo approach.

Immatics and GSK intend to utilize proprietary TCRs identified by Immatics TCR discovery platform XCEPTOR which are planned to be directed against two proprietary targets. Those proprietary targets were discovered and validated by the respective XPRESIDENT technology. Immatics will be mainly responsible for the development and validation of the

TCR-T

up to designation of a clinical candidate. GSK will then assume sole responsibility for further development, manufacturing and commercialization of the

TCR-T

with the option for Immatics to

co-develop

one or more

TCR-Ts

upon GSK´s request.

The Group received a

non-refundable

upfront payment of €45 million for two initial programs upon signing of the GSK agreement and is eligible to receive

up to €

575 million of milestone payments per program. In addition, Immatics is entitled to royalty payments. Royalty rates are based on aggregate net sales of a licensed product resulting from the collaboration. The agreement provides for higher royalty rates as annual net sales of a licensed product increases.

The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized €3.7 million of revenue associated with the upfront payment as of December 31, 2020 and recognized no revenue associated with the upfront payment during 2019. Total deferred revenue under the agreement was €41 million and €45 million as of December 31, 2020 and 2019, respectively.

The Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. As of December 31, 2020, Immatics had not received any milestone or royalty payments in connection with the collaboration agreements. The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract.

Deferred revenue related to the collaboration agreements consists of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Current		46,600		59,465
Non-current		85,475		101,909

Total		132,075		161,374

Cost to obtain a contract

The Group incurs costs from a third party, who assists in identifying collaboration partners. The Group recognizes an asset to the extent these costs are incremental and directly related to a specific contract. The Group then amortizes the asset consistently with the pattern of revenue recognition for the related contracts. Total assets, net of amortization, for these capitalized costs of obtaining a contract were €1.2 million and €1.5 million as of December 31, 2020 and 2019, respectively, which are classified in other current assets and other

non-current

assets. The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of €0.3 million, €0.2 million and €0.04 million as of December 31, 2020, 2019 and 2018, respectively.

As of December 31, 2020, the Group is potentially liable to pay €1.6 million (

million) to a third-party upon successful completing the milestone of the first clinical lead selection in connection with Immatics’ collaboration agreements. The Group does not recognize a liability for these contingent payments due to the scientific uncertainty of achieving the related milestones.

Each of the Group’s strategic collaboration agreements included a

non-refundable

upfront payment, meant to subsidize research activities, recognized as deferred revenue. For all collaboration agreements these upfront payments exceeded the Group’s right to consideration for services performed under each collaboration agreement. Therefore, only deferred revenue net of contract assets is presented as of December 31, 2020, December 31, 2019 and December 31, 2018, respectively.

Other income

12 Months Ended

Dec. 31, 2020

Other income

14. Other income

Other income includes grant income, in addition immaterial amounts from other sources. The Group receives income through government grants for specific research and development projects. The Group recognizes grant income as it performs research and development activities specified by the grant agreements. Total grant income

was €0.2 million, €0.03 million, and €2.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. There are no unfulfilled conditions or contingencies attached to these grants.

The Group had the following deferred income and receivable balances under these agreements:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Receivables		875		998
Deferred income		—		164

Total		875		1,162

The Group classifies receivables under these agreements within other current assets, while it presents deferred income within other current liabilities.

Other current liabilities

12 Months Ended

Dec. 31, 2020

Other current liabilities

15.	Other current liabilities

The components of other curre

liabilities are:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Payroll tax		1,185		727
Accrual for vacation		525		330
Deferred grant income		—		164
Accrued bonuses		154		52
Other		161		15

Total		2,025		1,288

Other current liabilities are

non-interest-bearing

and are due within one year. The carrying amounts of other current liabilities represents fair value due to their short-term nature.

Financial income and expenses

12 Months Ended

Dec. 31, 2020

Financial income and expenses

16.	Financial income and expenses

Financial income and financial expenses consist of the following:


	Year ended December 31,
	2020			2019			2018
	(Euros in thousands)
Interest income from short-term deposits		850			790			507
Foreign currency gains		—			—			1,708
Gain on other financial instruments		2,099			—			—

Financial income		2,949			790			2,215

Interest expenses form leases		(289	)		(170	)		(16	)
Foreign currency losses		(9,774	)		(94	)		(145	)

Financial expenses		(10,063	)		(264	)		(161	)

Foreign currency losses mainly consist of unrealized losses in connection with our USD holdings.

Gain on other financial instruments includes an unrealized gain of 0.9 million and a realized gain of 1.2 million from foreign currency forward contracts for the year ended December 31, 2020.

Share listing expenses

12 Months Ended

Dec. 31, 2020

Share listing expense

17. Share listing expense

As described in Note 3, the ARYA Merger led to a share listing expense. Immatics issued shares and warrants with a fair value of €277.7 million to ARYA shareholders, comprised of the fair value of Immatics shares, that were issued to ARYA shareholders of €13.53 per share, as well as a fair value of Immatics Warrants of €4.82 per share (price of ARYA shares at Closing of the ARYA Merger). In exchange, Immatics received the identifiable net assets held by ARYA, which had a fair value of upon closing of €124.9 million. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets contributed, represents a

non-cash

expense in accordance with IFRS 2. This

one-time

expense as a result of the ARYA Merger, in the amount of €152.8 million, is recognized as Share listing expense presented as part of the Financial result within the Consolidated Statement of Loss. Details of the calculation of the Share listing expense are as follows:


(Euros in thousands, except share and per share data)
Description	Amount		Number of shares/warrants
(a) ARYA Ordinary Shares		—		17,968,750
(b) Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020	€	13.53		—
(c) Fair value of TopCo Shares issued to ARYA shareholders (a * b)	€	243,071		—
(d) Outstanding ARYA Public Warrants		—		7,187,500
(e) Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020	€	4.82		—
(f) Fair value of outstanding ARYA Public Warrants (d * e)	€	34,644		—
Total fair value of ARYA Ordinary Shares and ARYA Public Warrants (c + f)	€	277,715		—
ARYA’s identifiable net assets	€	124,927		—
IFRS 2 Expense on the closing date	€	152,787		—

Share-based payments

12 Months Ended

Dec. 31, 2020

Share-based payments

18.	Share-based payments

Immatics Biotechnologies GmbH previously issued share-based awards to employees under two different plans. Under the Immatics Biotechnologies GmbH Stock Appreciation Program 2010 (the “2010 Plan”), the Company issued stock appreciation rights (“SARs”), which the Group accounted for as cash-settled awards. Under the Immatics Biotechnologies 2016 Equity Incentive Plan (“2016 Plan”), the Company issued tandem awards, which allowed employees to exercise their awards as either a SAR or a stock option. In 2020, prior to the ARYA Merger, Immatics N.V. established the new equity incentive plan (“2020 Equity Plan”). As part of the ARYA Merger, the 2010 Plan and the 2016 Plan were converted and were superseded by the 2020 Equity Plan as described below.

Share appreciation rights (“the 2010 Plan”)

Effective January 1, 2005, in addition to performance-related compensation, certain Immatics employees became eligible to participate in a Stock Appreciation Rights (SAR) Program as part of a long-term equity incentive scheme. The aim of this program was to give employees a long-term stake in the success of the Company. The SAR program was adopted by resolutions by the supervisory board in January 2005 and was subsequently amended on February 6, 2007 and September 7, 2010.

Under the 2010 Plan, the beneficiaries received SAR awards, which did not require any cash investment into the company. SARs granted under this program carried no dividend or voting rights. The award holders had the right to execute the vested SARs only in a defined exit event. An exit event was defined as the acquisition of more than 50.00% of the outstanding shares by a third party.

SARs granted under the 2010 Plan vested based on the satisfaction of service requirements (time-based vesting). These awards generally had a five-year graded vesting period. Employees leaving the Group were able to retain any vested awards as of their termination date, unless they were terminated for cause. Per the terms of the SAR agreements, employees were not entitled to subscribe to shares in the Group. Therefore, SARs granted under the 2010 Plan might be settled in cash only.

As awards issued under the 2010 Plan were cash settled, the Group applied liability accounting and revalued the outstanding awards at each reporting date. The Group applied a Black Scholes pricing model to estimate the fair value of the SARs as of December 31, 2019 and 2018 based on a company value of $350,000 thousand and $160,000 thousand, respectively.


	December 31,
Amounts in USD	2019			2018
Exercise price	$	1.12		$	1.12
Underlying share price	$	67.87		$	27.21
Volatility		73	%		64	%
Time period (years)		1.25			5.00
Risk free rate		1.59	%		2.77	%
Dividend yield		0.00	%		0.00	%
Combined probability of exit events		80.00	%		25.00	%

Expected volatility was determined by calculating the historic volatility in share prices of peer companies within the biotechnology industry. The expected life in the model has been adjusted, based on management’s best estimate, for the effects of

non-transferability

and exercise restrictions. Furthermore, the fair value of SARs issued under the 2010 Plan were discounted based on the probability of the awards becoming exercisable due to either a change in control or an IPO, as management expected to settle these awards also in case of an IPO. The Black Scholes model considered for an IPO event a time period of one year and for a trade sale event a time period of five years. Awards issued under the 2010 Plan did not expire.

Set out below are summaries of SARs issued during 2019 and 2018:


	2019				2018
	Weighted average exercise price in USD		Number		Weighted average exercise price in USD		Number
SARs outstanding at January 1,	$	1.12		43,675	$	1.12		43,978
SARs granted				—				—
SARs forfeited		1.12		220		1.12		303
SARs outstanding at December 31,		1.12		43,455		1.12		43,675
SARs vested	$	1.12		117	$	1.12		169
SARs exercisable				—				—

There were no awards issued under the 2010 Plan as of December 31, 2020, 2019 or 2018.

Resulting from these awards Immatics had other

non-current

liabilities of €2.1 million and €0.2 million as of December 31, 2019, and 2018, respectively.

As the 2010 Plan was converted in 2020, there were no SARs outstanding as of December 31, 2020.

2016 Equity Incentive Plan (“the 2016 Plan”)

On February 8, 2017, the Company established the “2016 Equity Incentive Plan” to provide employees and consultants of the Group the ability to share in the Company’s future success.

Awards issued under the 2016 Plan were tandem awards, which consisted of an option to acquire a stated the number of shares at a stated exercise price, or alternatively, the right to receive any appreciation in the value of the stated number of shares (“SAR portion”).

Generally, the tandem awards issued under the 2016 Plan had a five-year vesting period. The first annual tranche vested on the first anniversary of the grant date. Following the first anniversary, the awards continued to vest on a monthly basis. Vesting was contingent on the recipient’s continued service to the Group. Employees which left the Group were able to retain any awards vested as of their termination date, unless they were terminated for cause. Former employees forfeited their awards, if they remained unexercised more than three months after an IPO or change in control. In the event of a change in control, the unvested portion of the Tandem Award should immediately vest.

The Tandem Award (to the extent vested) might only be exercised after the contribution of all Immatics shares to a holding company for purposes of an indirect IPO, a change in control, or the expiration of a certain

lock-up

period following the completion of a direct IPO. A change in control was defined as the acquisition of more than 50% of the outstanding shares by a third party.

Under the terms of the 2016 Plan, options had to be settled in equity shares of the Group, while SAR portions might be settled in either equity shares or cash, at the Group’s discretion. While the Group did not have a policy or prior history of settling these awards, it intended to settle outstanding awards in equity shares. As a result, the Group was treating awards issued under the 2016 plan as equity-settled. Subsequent settlements of SARs in cash, to the extent they occurred, would be recorded via an adjustment to equity. Each option or SAR issued under the plan might be settled for one common share of the Group in the event it is exercisable.

Set out below are summaries of tandem awards issued during 2019 and 2018:


	2019				2018
	Weighted average exercise price in USD		Number		Weighted average exercise price in USD		Number
Tandem Awards outstanding at January 1,	$	16.65		74,401	$	16.65		31,880
Tandem awards granted in June to September		18.30		26,557		16.65		43,964
Tandem awards granted in December		23.82		5,447
Tandem awards forfeited		16.81		2,936		16.65		1,443
Tandem awards outstanding at December 31,		17.45		103,469		16.65		74,401
Tandem awards vested	$	16.76		16,238	$	16.65		14,350
Tandem awards exercisable				—				—
Weighted average remaining contract life (years)		8.56				9.12
Weighted average fair value of options granted in USD till September		10.27				4.51
Weighted average fair value of options granted in USD for December		53.41				—

The Group used a Black Scholes pricing model to estimate the fair value of equity settled tandem awards issued during 2019 until September 2019, based on a company valuation of $160 million.

The fair value of tandem awards issued in December 2019 was based on a company valuation of $350 million.


Amounts in USD	December 2019			June 2019 - September 2019			December 2018
Exercise price in USD	$	23.82		$	18.30		$	16.65
Underlying share price in USD	$	67.87		$	16.94		$	27.21
Volatility		73	%		78	%		64	%
Time period (years)		1.25			2.10			5.00
Risk free rate		1.59	%		2.04	%		2.77	%
Dividend yield		0.00	%		0.00	%		0.00	%
Combined probability of exit events		80.00	%		60.00	%		25.00	%

non-transferability

and exercise restrictions. Furthermore, the fair value of awards issued under the 2016 Plan were discounted based on the probability of the awards becoming exercisable due to either a change in control or an IPO.

Conversion of 2010 Plan and 2016 Plan in connection with ARYA Merger

As part of the ARYA Merger, all outstanding awards under the 2010 Plan and 2016 Plan were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V.

Cash Payments

In accordance with the employee award agreements, holders of vested awards under the 2010 Plan and 2016 Plan (including any awards scheduled to vest prior to 2021), agreed to receive a cash payment of $10.00 per award, less the applicable exercise price (“Award Cash Proceeds”). Per the terms of the employee award agreements, active employees were required to

re-invest

25%-50%

of the Award Cash Proceeds, net of taxes, with management members required to

re-invest

50%. In total, employees elected to receive €8.9 million in net Award Cash Proceeds before taxes, which were paid during the third quarter. These proceeds mainly covered wage tax obligations by the employees.

These cash payments represent a modification of awards previously issued under the 2010 Plan and 2016 Plan. The Group recognized €2.6 million in operating expense related to the modification of awards issued under the 2010 Plan and previously accounted for as a liability. The Group also recognized €4.3 million as a reduction in share premium, associated with the modification from previously equity-settled tandem awards, which were settled in cash as part of the modification.

Share-based Awards

The share-based awards, that were received by employees as part of the conversion, consisted of Re-investment Shares, Matching Stock Options and Converted Stock Options as described below.

In accordance with the employee

re-investment

elections, employees received 733,598 shares in Immatics N.V.

(“Re-investment

Shares”), which had a fair value of €8.5 million based on the ARYA share price of $15.15, as of the merger on July 1, 2020. The Re-investment Shares issued represented a modification of awards previously granted under the 2010 Plan and the 2016 Plan. This modification resulted in additional operating expense of €4.1 million.

For each ordinary Re-investment Share received, active employees and management members also received two stock options (“Matching Stock Options”) to acquire shares in Immatics N.V. The Matching Stock Options have an exercise price of $10.00 and vest in full on July 31, 2021. The award recipient must remain employed by Immatics or one of its affiliates through the vesting date, to receive the option. The awards have a

ten-year

contract life.

The Matching Stock Options award agreements had a service commencement date in June 2020. However, the grant date criteria for these awards, as specified in IFRS 2 and the underlying award agreements, were not met until July 1, 2020. Based on the July 1, 2020 grant date the Group assigned a fair value of $10.59.

Immatics applied a Black Scholes pricing model to estimate the fair value of the Matching Stock Options, which the Group records as an expense over the four-year graded vesting period.


	As of June 30, 2020
Exercise price in USD	$	10.00
Underlying share price in USD	$	15.15
Volatility		75	%
Time period (years)		5.5
Risk free rate		0.29	%
Dividend yield		0.00	%

Set out below are summaries of Matching Stock Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		—		—
Matching Stock Options granted in June		10.00		1,430,818
Matching Stock Options forfeited		10.00		8,262
Matching Stock Options outstanding at December 31,		10.00		1,422,556
Matching Stock Options vested		—		—
Weighted average remaining contract life (years)		9.50
Weighted average fair value of options granted in USD for June		10.59

For any outstanding 2016 Plan and 2010 Plan awards scheduled to vest on or after January 1, 2021, employees received replacement stock options (“Converted Options”) to acquire shares in Immatics N.V. The Converted Options have comparable terms as the previous awards, with revised exercise prices reflecting the reorganized capital structure of Immatics. The options granted under the 2020 Equity Plan that gives employees the right to acquire shares in Immatics N.V., are accounted for as a modification under IFRS 2, with the incremental fair value expensed over the remaining vesting period. The incremental fair value is the difference between the fair value of the options to purchase ordinary shares under the 2020 Equity Plan to acquire shares in Immatics N.V., and the fair value of the exchanged unvested SAR (both measured at the date on which the replacement award is issued).

Based on the terms of the Converted Options award agreements, the awards had a service commencement date in June 2020. However, the grant date criteria for these awards, as specified in IFRS 2 and the underlying award agreements, were not met until July 1, 2020. Based on the July 1, 2020 grant date the Group assigned an average fair value of $13.79. The incremental average fair value of the Converted Options compared to the share-based awards under the 2010 Plan and 2016 Plan was $4.83. Immatics applied a Black Scholes pricing model to estimate the fair value of the Converted Options.


	As of June 30, 2020
Average exercise price in USD	$	2.47
Underlying share price in USD	$	15.15
Volatility		75	%
Time period (years)		5.6
Risk free rate		0.29	%
Dividend yield		0.00	%

Set out below are summaries of Converted Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		—		—
Converted Options granted in June		2.49		632,384
Converted Options forfeited		1.08		37,540
Converted Options outstanding on December 31,		2.58		594,844
Converted Options vested	$	2.45		53,856
Weighted average remaining contract life (years)		7.01
Weighted average fair value of options granted in USD for June		4.83

Additional grants under the 2020 Equity Plan

Service Options

Prior to the ARYA Merger, Immatics N.V. established the 2020 Equity Plan. After closing the ARYA Merger, employees, directors and officers received 1,087,242 employee stock options under the 2020 Equity Plan with a service requirement (“Service Options”), to acquire shares of Immatics N.V. The service-based options will vest solely on a four-year time-based vesting schedule.

The total amount of the Service options granted were accounted for by considering a fair value of $11.29, $9.25, and $6.73, as of grant date June 30, 2020, September 14, 2020, and December 17, 2020, respectively.

Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options.


	As of June 30, 2020			As of September 14, 2020			As of December 17, 2020
Exercise price in USD	$	10.00		$	10.00		$	9.70
Underlying share price in USD	$	15.15		$	9.16		$	9.70
Volatility		75	%		79	%		84	%
Time period (years)		7.0			6.2			6.0
Risk free rate		0.29	%		0.37	%		0.49	%
Dividend yield		0.00	%		0.00	%		0.00	%

A total of 1,963,566 Service Options have been granted as of December 31, 2020. Set out below are summaries of Service Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		—		—
Service Options granted in June		10.00		1,087,417
Service Options granted in September		9.72		74,000
Service Options granted in December		9.70		802,149
Service Options forfeited		10.00		53,384
Service Options outstanding on December 31,		9.87		1,910,182
Service Options vested		—		—
Weighted average remaining contract life (years)		9.72
Weighted average fair value of options granted in USD for June		11.29
Weighted average fair value of options granted in USD for September		9.25
Weighted average fair value of options granted in USD for December		6.73

Performance-Based Options (“PSUs”)

In addition, after the closing of the ARYA Merger certain executive officers and key personnel of the Group received under the 2020 Equity Plan PSUs, vesting based both on achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively. The amount of 3,644,000 of the PSUs granted on June 30, 2020, were accounted for by considering a fair value of $11.10.

The remaining amount of 255,000 PSUs granted on September 14, 2020, were accounted for by considering a fair value of $6.41.

A Monte-Carlo simulation model has been used to measure each fair value at grant date of the PSUs. The model incorporates the impact of the performance criteria regarding market capitalization described above in the calculation of the award’s fair value at grant

date. In addition to the probability of achieving the market capitalization performance criteria, the inputs used in the measurements of the fair value at grant date of the PSUs were as follows:


	As of June 30, 2020			As of September 14, 2020
Exercise price in USD	$	10.00		$	10.00
Underlying share price in USD	$	15.15		$	9.16
Volatility		79	%		78	%
Time period (years)		7.0			6.7
Risk free rate		0.66	%		0.67	%
Dividend yield		0.00	%		0.00	%

A total of 3,644,000 PSUs have been granted as of December 31, 2020.

Set out below are summaries of PSUs issued during 2020:


	2020
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		—		—
PSUs granted in June		10.00		3,644,000
PSUs granted in September		10.00		255,000
PSUs forfeited		10.00		255,000
PSUs outstanding on December 31,		10.00		3,644,000
PSUs vested		—		—
Weighted average remaining contract life (years)		9.60
Weighted average fair value of options granted in USD for June		11.10
Weighted average fair value of options granted in USD for September		6.41

The Group recognized total employee-related share-based compensation expense from all plans for the years ended December 31, 2020, 2019 and 2018 as set out below:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		14,546		1,556		238
General and administrative expenses		10,973		460		100

Total share-based compensation		25,519		2,016		338

Shareholders' equity (deficit)

12 Months Ended

Dec. 31, 2020

Shareholders' equity (deficit)

19.	Shareholders’ equity (deficit)

As described in Note 1 and Note 3, Immatics N.V. was founded in 2020 with a share capital of

€0.01

after the Reorganization.

On July 1, 2020, upon closing of the ARYA Merger, Immatics N.V. had 62,908,617 outstanding ordinary shares with a par value of €0.01, resulting in a share capital of €629 thousand. In 2020, the ARYA Merger and PIPE Financing led to an increase in share premium by €362,5 million. As of December 31, 2020, the total number of ordinary shares of Immatics N.V. outstanding is 62,908,617 with a par value of €0.01.

As of December 31, 2019, the total number of ordinary shares of Immatics Biotechnologies GmbH outstanding is 1,163,625 with a par value of €1.00.

Adjusted for the effect of the Reorganization as discussed in Note 3, which is applied retrospectively to all prior periods presented, the total number of ordinary shares outstanding as of December 31, 2019 was 33,093,838 with a par value of €0.01.

In 2019, there was no capital increase and, hence, no change in share capital or share premium. In 2018, €23.6

million

were paid into share premium by the shareholders based on the Series E financing round, which closed in 2017. The related Series E share capital was previously paid in full in 2017.

Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s US operations.

As of December 31, 2020, there were 7,187,500

Immatics Warrants outstanding. The warrants entitle the holder to purchase one ordinary share of Immatics N.V. at an exercise price of

$11.50 per share.

Until warrant holders acquire the Groups ordinary shares upon exercise of such warrants, they will have no rights with respect to the Groups ordinary shares. The warrants will expire on July 1, 2025,

five

years after the ARYA Merger close date, or earlier upon redemption or liquidation in accordance with their terms.

Non-controlling interests

12 Months Ended

Dec. 31, 2020

Non-controlling interests

20.	Non-controlling interests

Non-controlling

interests related to those shares in Immatics US Inc. which have been provided to The University of Texas M.D. Anderson Cancer Center, Houston/Texas/USA, (“MD Anderson”) based on the restricted stock acquisition agreement described below.

Until June 30, 2020, Immatics and MD Anderson were partners in a Restricted Stock Acquisition Agreement (the “RSAA”). Under the terms of the RSAA, MD Anderson was entitled to additional restricted shares in Immatics US, Inc. based on performance of certain work orders between August 14, 2018 and August 14, 2020. MD Anderson performed services in connection with our clinical trials in our ACT platform. The RSAA was canceled as part of the ARYA Merger (See Note 3).

On July 1, 2020 MD Anderson exchanged all of its 379,420 shares in Immatics US, Inc., that they acquired under the RSAA for 697,431 shares in Immatics N.V. The shares of Immatics N.V. had a fair value at the date of the exchange of $15.15 per share. Immediately prior to the exchange, the carrying amount of the existing 5.14%

non-controlling

interest in Immatics US Inc. was €0.5 million. The exchange resulted in a decrease of

non-controlling

interest of €0.5 million and a corresponding increase of share capital and net increase to share premium for the issuance of shares and derecognition of the

non-controlling

interest. The RSAA was also canceled as of July 1, 2020. Any future services rendered by MD Anderson will be paid in cash.

Loss allocated to the

non-controlling

interest amounted to

€0.6 million in 2020, €0.9 million in 2019 and €0.9 million in 2018, respectively.

Non-controlling

interests on equity amounted to €1 million as of December 31, 2019 and €1.2 million as of December 31, 2018.

In total, the Group recognized expenses in relation to MD Anderson’s performance under the RSAA of €0.04 million, €0.7 million and €0.8 million as of December 31, 2020, 2019 and 2018, respectively. A corresponding increase in equity was recognized with an amount of €0.7 million and €0.8 million as of December 31, 2019 and 2018, respectively for vested shares under the agreement.

Personnel expenses

12 Months Ended

Dec. 31, 2020

Personnel expenses

21.	Personnel expenses

The Group recognized the following personnel expenses:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Wages and salaries
Research and development expenses		15,277		11,635		10,485
General and administrative expenses		6,968		3,596		2,233

Total Wages and salaries		22,245		15,231		12,718
Other employee benefits
Research and development expenses		2,624		2,035		1,920
General and administrative expenses		1,015		728		607

Total other employee benefits		3,639		2,763		2,527
Share-based compensation expense
Research and development expenses		14,546		1,556		238
General and administrative expenses		10,973		460		100

Total share-based compensation expense		25,519		2,016		338

Total		51,403		20,010		15,583

Other employee benefit expenses include employee retirement fund contributions, health insurance, and statutory social expenses. Immatics US Inc. sponsors a defined contribution retirement plan for employees in the United States. During 2020, 2019 and 2018, total Group contributions to the defined contribution plan amounted to €0.2 million, €0.1 million and €0.1 million, respectively.

For the year ended December 31, 2020, 2019 and 2018, other employee benefits also include employee health insurance costs amounting to €0.4 million, €0.3 million and €0.4 million for Immatics US Inc., statutory social expenses amounting to €1.7 million, €1.3 million and €1.0 million for our German operations and other miscellaneous expenses amounting to €0.1 million, €0.07 million and €0.2 million, respectively.

Income Tax

12 Months Ended

Dec. 31, 2020

Income Tax

22.	Income Tax

For the year ended December 31, 2020, 2019 and 2018, the Group generated losses in both Germany and the U.S.

During 2020, 2019 and 2018, the Group’s German operations were subject to a statutory tax rate of 29.1%. In the U.S., the Group was subject to a corporate income tax rate of 21% for the year ended December 31, 2020, 2019 and 2018.

As of December 31, 2020, 2019 and 2018, no deferred tax assets have been recognized in respect of these losses, due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years. This may result in higher or lower deferred tax assets related to tax losses carried forward. Due to the ARYA Merger described in Note 3, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.

A reconciliation between taxes on income reflected on the Consolidated Statement of Loss and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year ended December 31,
	2020			2019			2018
	(Euros in thousands)
Loss before tax		(229,616	)		(32,487	)		(32,355	)
Expected tax benefit		66,818			9,454			9,415
Effects
Difference in tax rates		(2,582	)		(1,875	)		(1,373	)
Non-deductible tax-expenses		(599	)		(61	)		(70	)
Government grants exempted from taxes		45			8			853
Permanent Differences		(44,461	)		—			—
Non-recognition of deferred taxes on tax losses and temporary differences		(19,221	)		(7,526	)		(8,825	)

Taxes on income		—			—			—

The main permanent difference relates to the Share listing expense of €153 million, which does not have a corresponding taxable expense. Other permanent differences include transaction cost directly attributable and incremental to capital raises and expenses for equity-settled share-based compensation.

Deferred tax assets consist of the following:


	As of
	December 31, 2020						December 31, 2019
	(Euros in thousands)
	Deferred tax assets			Deferred tax liabilities			Deferred tax assets			Deferred tax liabilities

Intangible assets		1,770						2,064
Right-of-use asset					(1,713	)					(854	)
Deferred revenue		180						358
Other liabilities								607
Lease liability		1,776						886
Deferred expenses		3						14
Recognized		3,729			(1,713	)		3,929			(854	)
Netting		(1,713	)		1,713			(854	)		854
Non-recognition due to history of losses		(2,016	)					(3,075	)

Net tax	—			—			—			—

As of December 31, 2020, and 2019, the Group had accumulated tax losses of €288 million and €219 million,

respectively, that may be offset against future taxable profits of the Group subject to certain limitations.

As of December 31, 2020, €26 million of total tax losses is subject to a twenty-year carryforward period. All other tax losses have an indefinite carryforward period.

The Group has limited taxable temporary differences and no tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax losses carried forward as well as on temporary differences.

Limitation on tax loss carryforwards in the US Inc. is 80.00% starting with losses generated after January 1, 2018. These have an indefinite carryforward period, but no carryback option. Any losses generated prior to January 1, 2018 still can be utilized at 100.00%

and are subject to a twenty-year carry forward expiration period. Due to the ARYA Merger described in Note 3, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code. For Immatics Biotechnologies GmbH, we believe that the ARYA Merger did not lead to a forfeiture of tax losses carried forward in accordance with § 8c KStG.

Deferred tax assets have not been recognized in respect of these losses due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change depending on the income situation of future years and may result in higher deferred tax assets on net tax losses carried forward.

Financial Risk Management Objectives and Policies

12 Months Ended

Dec. 31, 2020

Financial Risk Management Objectives and Policies

23.	Financial Risk Management Objectives and Policies

The Group’s principal financial instruments comprise cash, cash equivalents and short-term deposits. The main purpose of these financial instruments is to invest the proceeds of capital contributions and upfront payments from collaboration agreements. The Group has various other financial instruments such as other receivables and trade accounts payable, which arise directly from its operations.

The main risks arising from the Group’s financial instruments are market risk and liquidity risk. The Board of Management reviews and agrees

policies for managing these risks as summarized below. The Group also monitors the market price risk arising from all financial instruments.

Interest rate risk

The exposure of the Group to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments.

Regarding the liabilities shown in the Consolidated Statement of Financial Position, the Group is currently not subject to interest rate risks. The Group is subject to a limited risk resulting from negative interest rates on financial instruments, especially on cash and cash equivalents and Other

financial assets.

Credit risk

Financial instruments that potentially subject the Group to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents and short-term deposits. The Group’s cash and cash equivalents are denominated in Euros and US Dollars and maintained with two high-quality financial institutions in Germany and two in the United States.

The maximum default risk is €232 million and €119 million as of December 31, 2020 and 2019, respectively. These amounts consist of €208 million and €103 million cash and cash equivalents as well as €24 million and €16 million Other financial assets as of December 31, 2020 and 2019, respectively.

The cash and cash equivalents are held with banks, which are rated BBB+ to Aa3

S&P and Moody`s. Short-term deposits are graded within the investment category from P1 to P2 by the rating agency Moody`s.

The Group continually monitors its positions with, and the credit quality of, the financial institutions and corporation, which are counterparts to its financial instruments and does not anticipate

non-performance.

The Group monitors the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets as well as expected cash flows from equity measures

Currency risk

Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. In particular it poses a threat if the value of the currency in which liabilities are priced appreciates relative to the currency of the assets. The business transactions of the Group are generally conducted in Euros and U.S. dollars. The Group aims to match EUR cash inflows with EUR cash outflows and U.S. dollar cash inflows with U.S. Dollar cash outflows where possible.

The objective of currency risk management is to identify, manage and control currency risk exposures within acceptable parameters.

Due to the initial public offering in 2020, the Group has a significant U.S. dollar amount on its statements of financial position. In 2020 the Group recognized significant foreign exchange losses as Immatics N.V.`s and Immatics GmbH´s functional currency is Euro, but both entities hold significant U.S. dollar amounts.

Cash, cash equivalents and financial assets balances denominated in U.S. dollars held by entities with functional currency of EUR are as follows:

Cash, cash equivalents and financial assets Immatics N.V.


	Year ended December 31,
	2020
	(Euros in thousands)
Cash and cash equivalents		42,528
Financial assets		—

Total assets exposed to the risk		42,528

Conversion rate EUR/USD as reporting date 1/1.2271

Cash, cash equivalents and financial assets Immatics GmbH


	Year ended December 31,
	2020
	(Euros in thousands)
Cash and cash equivalents		52,015
Financial assets		24,448

Total assets exposed to the risk		76,463

Conversion rate EUR/USD as reporting date 1/1.2271

Since the Group is primarily exposed to changes in U.S. dollars/euro exchange rates, the sensitivity of profit or loss to changes in the exchange rates, results mainly from U.S. dollar financial instruments.

In 2020, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group`s loss would have been €10.9 million higher/€13.2 million lower, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH.

Sensitivity analysis Immatics N.V.:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.2394		(421	)		42,107
Euro strengths by 1% against U.S. dollars		1.2148		430			42,958
Euro weakens by 5% against U.S. dollars		1.2885		(2,025	)		40,503
Euro strengths by 5% against U.S. dollars		1.1657		2,238			44,766
Euro weakens by 10% against U.S. dollars		1.3498		(3,866	)		38,662
Euro strengths by 10% against U.S. dollars		1.1044		4,725			47,253

Sensitivity analysis Immatics GmbH:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.2394		(757	)		75,706
Euro strengths by 1% against U.S. dollars		1.2148		772			77,235
Euro weakens by 5% against U.S. dollars		1.2885		(3,641	)		72,822
Euro strengths by 5% against U.S. dollars		1.1657		4,024			80,487
Euro weakens by 10% against U.S. dollars		1.3498		(6,951	)		69,512
Euro strengths by 10% against U.S. dollars		1.1044		8,496			84,959

Liquidity risk

The Group continuously monitors its risk to a shortage of funds. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of capital raises. All financial liabilities are due within six months.

As of December 31, 2020, and 2019, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk.


	Year ended December 31,
	2020		2019
	(Euros in thousands)
Cash and cash equivalents		207,530		103,353
Short-term deposits		24,448		16,023

Total funds available		231,978		119,376

Financial Instruments

12 Months Ended

Dec. 31, 2020

Financial Instruments

24.	Financial Instruments

Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements.


Euros in thousands		Carrying amount				Fair value
Euros in thousands	IFRS 9	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Financial assets
Short-term deposits*	At fair value through profit or loss (FVTPL)		24,448		16,023		24,448		16,023
Positive market value forward contracts*	At fair value through profit or loss (FVTPL)		914		—		914		—
Accounts receivable	other financial assets at amortized cost		1,250		957		1,250		957
Other current/non-current assets	other financial assets at amortized cost		1,586		1,710		1,586		1,710

Total financial assets**			28,198		18,690		28,198		18,690

Financial liabilities
Accounts payable	other financial liabilities at amortized cost		10,052		7,082		10,052		7,082
Other current liabilities	other financial liabilities at amortized cost		2,025		1,288		2,025		1,288

Total financial liabilities			12,077		8,370		12,077		8,370

*	Short-term deposits” are classified within Other financial assets. “Positive market value forward contract” are classified in other current assets. “Negative market value forward contracts” are classified in other current liabilities.

**	Financial assets, other than cash and cash equivalents.

The carrying value of financial instruments, such as cash and cash equivalents, deposits, accounts receivable and accounts payable approximate their fair value based on the short-term maturities of these instruments. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values: All financial assets, except for derivatives, which are categorized Level 2, are categorized Level 1 and therefore are valued using quoted (unadjusted) market prices. Except for derivatives, which are categorized Level 2, all other financial liabilities are also categorized Level 1.

Commitments and contingencies

12 Months Ended

Dec. 31, 2020

Commitments and contingencies

25.	Commitments and contingencies

The following table summarizes contractual obligations as of December 31, 2020:


	Payments due by period
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		2,103		3,453		1,157		150		6,863
Other lease obligations		97		185		185		46		513
In-license agreements		249		—		—		—		249
Contract research organization agreements		1,704		220		—		—		1,924

Total contractual cash obligation		4,153		3,858		1,342		196		9,549

The following table summarizes contractual obligations as of December 31, 2019:


	Payments due by period
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		1,482		1,823		47		—		3,352
Other lease obligations		172		324		300		300		1,096
In-license agreements		455		200		—		—		655
Contract research organization agreements		1,131		1,466						2,597

Total contractual cash obligation		3,240		3,813		347		300		7,700

As of December 31, 2020, and 2019 the Group is potentially liable to pay €1.6 million to a third-party upon successful completing the milestone of the first clinical lead selection in connection with Immatics’ collaboration agreements. The Group does not recognize a liability for these contingent payments due to the scientific uncertainty of achieving the related milestones.

Related party disclosures

12 Months Ended

Dec. 31, 2020

Related party disclosures

26.	Related party disclosures

Key management personnel have been defined as the members of the Executive Committee of Immatics N.V.

Compensation of key management personnel:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Fixed		2,660		1,202		1,088
Variable		886		521		433
Share-based compensation expense		13,841		697		119

Total key management compensation		17,387		2,420		1,640

Fixed and variable key management compensation represent short-term employee benefits.

As of December 31, 2020, and 2019, amounts of €0.0 million and €0.7 million were accrued for key management compensation.

The members of the Supervisory Board of the Group received a fixed fee as well as reimbursed travel expenses.

Total compensation for the Supervisory Board amounted to €2.7 million in 2020:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Christoph Hettich		Eliot Forster		Total
Supervisory board compensation		140		16		28		26		20		20		20		12		282
Travel expenses		4		—		—		—		—		—		—		—		4
Payment Exit arrangement		2,394		—		—		—		—		—		—		—		2,394
Share-based compensation expense		1,046		—		70		70		70		70		70		40		1,436

Total cash compensation		3,584		16		98		96		90		90		90		52		4,116

Harald F. Stock and Peter Chambré were members of the Supervisory Board of Immatics in 2019 and in 2018. They received a fixed fee as Supervisory Board members and reimbursement for travel expenses.

Total compensation for the Supervisory Board amounted to €0.4 million in 2019:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Total
Supervisory board fee		300		9		309
Travel expenses		87		20		107

Total		387		29		416

Total compensation for the Supervisory Board amounted to €0.5 million in 2018:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Total
Supervisory board fee		400		10		410
Travel expenses		52		16		68

Total		452		26		478

Prior to the ARYA Merger, Immatics N.V. established the 2020 Incentive Plan. Immatics N.V. granted certain service-based options out of the 2020 Incentive Plan to its management and directors and in addition, performance-based options to its management upon closing of the ARYA Merger. The service-based options will vest based upon satisfaction of a four-year time-based vesting schedule, which provides for 25% vesting on the first anniversary of the vesting commencement date and quarterly vesting thereafter. The performance-based options will vest based both on achievement of certain market capitalization milestones and satisfaction of a four-year time-based vesting schedule, which provides for 25% vesting on the first anniversary of the vesting commencement date and quarterly vesting thereafter. The following options were granted to Immatics’ Managing Director and Supervisory Directors:

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Managing Director

Harpreet Singh

Performance-based options

June 30, 2020

1,598,000

June 30, 2030

Harpreet Singh

Service options

June 30, 2020

168,000

June 30, 2030

Harpreet Singh

Matching Stock options

June 30, 2020

264,624

June 30, 2030

Harpreet Singh

Converted options

June 30, 2020

30,939

1.06

July 1, 2027

Harpreet Singh

Converted options

June 30, 2020

145,371

1.17

January 1, 2028

Harpreet Singh

Service options

December 17, 2020

168,000

9.70

December 17, 2030

Supervisory Directors

Peter Chambré

Service options

June 30, 2020

25,000

June 30, 2030

Peter Chambré

Matching Stock options

June 30, 2020

211,974

June 30, 2030

Adam Stone

Service options

June 30, 2020

25,000

June 30, 2030

Christoph Hettich

Service options

June 30, 2020

25,000

June 30, 2030

Heather L. Mason

Service options

June 30, 2020

25,000

June 30, 2030

Michael G. Atieh

Service options

June 30, 2020

25,000

June 30, 2030

Paul Carter

Service options

June 30, 2020

25,000

June 30, 2030

Eliot Forster

Service options

September 14, 2020

25,000

9.16

September 13, 2030

An additional aggregate of 1,680,000 performance-based options and 539,000

service options to purchase ordinary shares, were granted to other Immatics’ key management personnel, who are members of the Executive Committee but not Directors. Certain key management personnel were also participants in the share-based compensation plans of Immatics

GmbH (2010 Plan and 2016 Plan).

As part of the replacement awards issued in connection with the ARYA Merger (See Note 18),

these

key management personnel received cash payments before taxes of €3.4 million, 417,415 converted options in Immatics N.V. and 750,076 matching stock options in Immatics N.V. The cash payments mainly covered wage tax obligations of the employees.

The Group did not enter into transactions with related entities in 2020, 2019 and 2018 other than the mentioned compensation contracts.

Net loss per share

12 Months Ended

Dec. 31, 2020

Net loss per share

27.	Net loss per share

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period, excluding common stock equivalents, adjusted for the effect of the corporate reorganization as discussed in Note 3 and applied retrospectively to all prior periods presented. The diluted net loss per share reflects the basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

For the periods included in these financial statements the Group was loss-making in all periods, therefore, anti-dilutive instruments are excluded in the calculation of diluted weighted average number of ordinary shares outstanding, including the outstanding equity awards during the periods and

the 7,187,500

Immatics Warrants issued in 2020 and outstanding as of December 31, 2020. These warrants and options could potentially dilute basic earnings per share in the future. See Note 18 for details of outstanding share options.

Events occurring after the reporting period

12 Months Ended

Dec. 31, 2020

Events occurring after the reporting period

28.	Events occurring after the reporting period

The Company evaluated subsequent events for recognition or disclosure through March 30, 2021 and did not identify material subsequent events.

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 (Policies)

12 Months Ended

Dec. 31, 2020

Correction of classification of Statement of Cash Flows

Going concern

2.1	Going concern

2.2	Correction of classification of Statement of Cash Flows

This correction of classification resulted in the following impact to the Statement of Cash Flows:


	Year ended December 31, 2019									Year ended December 31, 2018
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(4,419	)		2,922			(1,497	)		(7,493	)		13,101			5,608
Net cash provided by operating activities		68,045			2,922			70,967			7,583			13,101			20,684
Cash paid for investments classified in Other financial assets		—			(20,473	)		(20,473	)		—			(13,101	)		(13,101	)
Cash received from maturity of investments classified in Other financial assets		—			17,551			17,551			—			—			—
Net cash used in investing activities		(2,137	)		(2,922	)		(5,059	)		(413	)		(13,101	)		(13,514	)

Total effect on Cash Flow	—			—			—			—			—			—


	Three months ended March 31, 2020									Six months ended June 30, 2020
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(17,209	)		16,836			(373	)		14,917			(16,023	)		(1,106	)
Net cash provided by/ (used in) operating activities		(28,286	)		16,836			(11,450	)		(11,716	)		(16,023	)		(27,739	)
Cash paid for investments classified in Other financial assets		—			(32,859	)		(32,859	)		—			(32,859	)		(32,859	)
Cash received from maturity of investments classified in Other financial assets		—			16,023			16,023			—			48,882			48,882
Net cash provided by/ (used in) investing activities		(2,387	)		(16,836	)		(19,223	)		(4,550	)		16,023			11,473

Total effect on Cash Flow	—			—			—			—			—			—

Covid-19

2.3

COVID-19

In December 2019, a novel strain of coronavirus

(“COVID-19”)

COVID-19

Due to

COVID-19,

non-refundable

upfront payments recognized on a

cost-to-cost

basis.

COVID-19

may continue to impact the timing and amount of revenue recognized under these agreements in the future.

Segment information

5.1	Segment information

5.2	Cash and cash equivalents

Cash and cash equivalents in the Consolidated Statement of Financial Position

is comprised

of cash held at banks (including money market funds) and short-term deposits with an original maturity of three months or less.

Property, plant and equipment

5.3	Financial assets

Initial recognition and measurement

Short-term deposits

Receivables

Interest and other finance income

5.4	Property, plant and equipment


Category		Estimated useful life
Computer equipment		1 – 10 years
Laboratory equipment		1 – 15 years
Office equipment		2 – 20 years

Intangible assets

5.5	Intangible assets

Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows:


Category		Estimated useful life
Licenses		5 – 30 years
Software		1 – 5 years

Research and development

5.6	Research and development

salaries, benefits and other related costs, including stock-based compensation, for personnel engaged in research and development functions;

the cost of manufacturing product candidates for use in clinical trials, including under agreements with third parties, such as, consultants and contractors;

laboratory costs;

leased facility costs, equipment depreciation and other expenses, which include direct and allocated expenses; and

intellectual property costs incurred in connection with filing and prosecuting patent applications as well as third-party license fees.

Financial liabilities: Initial recognition and measurement

5.7	Financial liabilities: Initial recognition and measurement

The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting.

Leases

5.8

Leases

Application of IAS 17 (“Leases”) until December 31, 2018

non-current

Application of IFRS 16 (“Leases”) effective January 1, 2019

non-lease

components. The Group has elected not to separate lease and

non-lease

right-of-use

asset with a corresponding liability on the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

fixed payments (including

in-substance

fixed payments), less any lease incentives received.

amounts expected to be payable by the Group under residual value guarantees.

the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

right-of-use

asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

uses a

build-up

approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Immatics, and

makes adjustments specific to the lease, including lease term, country, currency and security

Right-of-use

assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs.

Right-of-use

assets are generally depreciated over the shorter of the asset’s useful life or the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the

right-of-use

asset is depreciated over the underlying asset’s useful life.

Payments associated with short-term leases of equipment and vehicles and all leases of

low-value

assets are recognized on a straight-line basis as an expense. Short-term leases are leases with a lease term of 12 months or less.

Low-value

assets have a value of less than €5 thousand.

Revenue from collaboration agreements

5.9	Revenue from collaboration agreements

pre-clinical

stage.

To determine the recognition of revenue from arrangements that fall within the scope of IFRS 15, the Group performs the following five steps:

(i)	identify the contract(s) with a customer;

(ii)	identify the performance obligations in the contract;

(iii)

determine the transaction price;

(iv)	allocate the transaction price to the performance obligations in the contract; and

(v)	recognize revenue when (or as) the Group satisfies a performance obligation.

off-targets

using Immatics’ proprietary technology and

know-how,

participation on steering committees, and preparation of data packages. The research activities are the predominant item in each of the Group’s collaboration agreements.

Up-front

cost-to-cost

off-target

data. These agreements include a

non-refundable

upfront payment, payments for research and development activities in certain circumstances, and payments based upon the achievement of defined milestones.

Upfront payment

Each of the Group’s strategic collaboration agreements included a

non-refundable

cost-to-cost

basis.

The

cost-to-cost

Reimbursement for services

Development and Commercial Milestones

Sales-based milestones and royalty payments

Cost to fulfill contracts

Cost to obtain a contract

Share-based payment

5.10	Share-based payment

Other income

5.11	Other income

Foreign currency

5.12	Foreign currency

Transactions and balances in Germany and in the USA


	2020				2019				2018
	Year-end rate		Average rate		Year-end rate		Average rate		Year-end rate		Average rate
Euros per U.S. Dollar		0.8149		0.8762		0.8902		0.8932		0.8738		0.8468

Fair value of financial instruments

5.13	Fair value of financial instruments

•

in the principal market for the asset or liability or

•

in the absence of a principal market, in the most advantageous market for the asset or liability that is accessible by the Group.

•

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

•

Level 2 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

•

Level 3 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is unobservable.

re-assessing

categorization (based on the lowest level input that is significant to the fair value measurement as a whole), at the end of each reporting period.

Provisions

5.14	Provisions

If the effect of the time value of money is material, provisions are discounted using a current

pre-tax

rate that reflects, when appropriate, the risks specific to the liability.

Income Tax

5.15	Income Tax

Basis of presentation (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Reconciliation Of Changes In Cash Flow Statement

This correction of classification resulted in the following impact to the Statement of Cash Flows:


	Year ended December 31, 2019									Year ended December 31, 2018
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(4,419	)		2,922			(1,497	)		(7,493	)		13,101			5,608
Net cash provided by operating activities		68,045			2,922			70,967			7,583			13,101			20,684
Cash paid for investments classified in Other financial assets		—			(20,473	)		(20,473	)		—			(13,101	)		(13,101	)
Cash received from maturity of investments classified in Other financial assets		—			17,551			17,551			—			—			—
Net cash used in investing activities		(2,137	)		(2,922	)		(5,059	)		(413	)		(13,101	)		(13,514	)

Total effect on Cash Flow	—			—			—			—			—			—


	Three months ended March 31, 2020									Six months ended June 30, 2020
	As reported			Adjustment			As revised			As reported			Adjustment			As revised
(Increase) decrease in other assets		(17,209	)		16,836			(373	)		14,917			(16,023	)		(1,106	)
Net cash provided by/ (used in) operating activities		(28,286	)		16,836			(11,450	)		(11,716	)		(16,023	)		(27,739	)
Cash paid for investments classified in Other financial assets		—			(32,859	)		(32,859	)		—			(32,859	)		(32,859	)
Cash received from maturity of investments classified in Other financial assets		—			16,023			16,023			—			48,882			48,882
Net cash provided by/ (used in) investing activities		(2,387	)		(16,836	)		(19,223	)		(4,550	)		16,023			11,473

Total effect on Cash Flow	—			—			—			—			—			—

Application of new and revised international financial reporting standards (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Application of new standards

New standards and interpretations applied for the first time:


Standard/interpretation	Effective date
Amendments to IFRS 3, “Business combinations”, - Definition of a business		January 1, 2020
Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors”		January 1, 2020
Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform		January 1, 2020
Amendment to the Conceptual framework		January 1, 2020

Summary of Non Mandatory standards and interpretations issued by IASB

The following standards a

d interpretations have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2020:


Standard/interpretation	Effective date		Material effect expected on Immatics financial statements
IFRS 16 COVID-19-Related Rent Concessions Amendment		January 1, 2021		No
Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities		January 1, 2022		No
IFRS 17 Insurance contracts		January 1, 2023		No

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 (Tables)

12 Months Ended

Dec. 31, 2020

Summary of estimated Useful Lives of Property, Plant and Equipment

The estimated useful lives are generally within the following ranges:


Category		Estimated useful life
Computer equipment		1 – 10 years
Laboratory equipment		1 – 15 years
Office equipment		2 – 20 years

Summary of useful life of intangible assets other than goodwill

Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows:


Category		Estimated useful life
Licenses		5 – 30 years
Software		1 – 5 years

Summary of foreign exchange rates

The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary:


	2020				2019				2018
	Year-end rate		Average rate		Year-end rate		Average rate		Year-end rate		Average rate
Euros per U.S. Dollar		0.8149		0.8762		0.8902		0.8932		0.8738		0.8468

Accounts receivable (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Trade receivables


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Receivables from collaboration agreements		1,250		957

Accounts receivable		1,250		957

Other current and non-current assets (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Other current assets


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Grant receivable		875		998
Prepaid expenses		2,389		1,236
Positive market value forward contract		914		—
Value added tax receivable		798		768
Capitalized transaction costs		—		48
Other assets		787		617

Other current assets		5,763		3,667

Summary of Other non-current assets


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Prepaid expenses		724		937
Other non-current assets		—		325

Total non-current assets		724		1,262

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of detailed information about property, plant and equipment [text block]

Changes to property, plant and equipment during 2020 and 2019 consisted of the following:


(Euros in thousands)	Laboratory equipment			Computer equipment			Office equipment		Total


Cost as of January 1, 2019		11,222			2,439			1,455		15,116
Impact of IFRS 16 adoption		(441	)		—			—		(441	)
Cost as of January 1, 2019, adjusted		10,781			2,439			1,455		14,675
Additions		2,204			515			297		3,016
Disposals		(314	)		(2	)		—		(316	)
Currency translation differences		52			4			1		57

Cost as of December 31, 2019		12,723			2,956			1,753		17,432

Accumulated depreciation as of January 1, 2019		8,279			1,793			1,037		11,109
Additions		1,219			256			322		1,797
Disposals		(218	)		(1	)		—		(219	)
Currency translation differences		23			2			—		25

Accumulated depreciation as of December 31, 2019		9,303			2,050			1,359		12,712

Net book value as of December 31, 2019		3,420			906			394		4,720

Cost as of January 1, 2020		12,723			2,956			1,753		17,432
Additions		3,545			406			1,427		5,379
Disposals		1			—			6		7
Currency translation differences		299			40			28		367

Cost as of December 31, 2020		15,968			3,322			3,146		22,437

Accumulated depreciation as of January 1, 2020		9,303			2,050			1,359		12,712
Additions		1,384			404			315		2,102
Disposals		1			—			6		7
Currency translation differences		210			26			3		239

Accumulated depreciation as of December 31, 2020		10,476			2,428			1,665		14,568

Net book value as of December 31, 2020		5,493			894			1,481		7,868

Disclosure Of Depreciation Expenses [Table Text Block]

Depreciation expense is included in the following line items of the Consolidated Statement of Loss:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		1,503		1,315		1,757
General and administrative expenses		600		482		301

Total		2,103		1,797		2,058

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of reconciliation of changes in intangible assets and goodwill [text block]

Changes to intangible assets during 2020 and 2019 consisted of the following:


(Euros in thousands)	Patents and licenses			Software licenses			Total
Cost as of January 1, 2019		1,201			551			1,752
Additions		—			91			91
Currency translation differences		19			1			20

Cost as of December 31, 2019		1,220			643			1,863

Accumulated amortization as of January 1, 2019		314			399			713
Additions		24			87			111
Currency translation differences		31			—			31

Accumulated amortization as of December 31, 2019		369			486			855

Net book value as of December 31, 2019		851			157			1,008


Cost as of January 1, 2020		1,220			643			1,863
Additions		—			104			104
Currency translation differences		(88	)		(9	)		(97	)

Cost as of December 31, 2020		1,132			738			1,870
Accumulated amortization as of January 1, 2020		369			486			855
Additions		56			71			126
Currency translation differences		(22	)		(3	)		(25	)

Accumulated amortization as of December 31, 2020		403			554			956

Net book value as of December 31, 2020		730			184			914

Disclosure Of Amortization Expenses [Table Text Block]

Amortization expense is classified as follows within the Consolidated Statement of Loss:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		31		28		9
General and administrative expenses		95		83		109

Total		126		111		118

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Presentation of leases for lessee [abstract]

Summary of Right-of use assets

Right-of

use assets consist of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Buildings		5,760		2,799
IT and telecommunication		258		349
Vehicles		90		90
Other assets		41		49

Total		6,149		3,287

Details of Lease liabilities

Lease liabilities consist of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Lease liability – current		1,881		1,411
Lease liability – non-current		4,306		1,823

Total		6,187		3,234

Summary of expenses related to right-of-use assets and lease liabilities

Expenses related to

right-of-use

assets and lease liabilities consist of the following:


	Year ended December 31,
Depreciation charges of right-of-use assets	2020		2019
	(Euros in thousands)
Buildings		2,036		1,804
IT and telecommunication		101		101
Vehicles		50		37
Other assets		8		8

Total		2,195		1,950


Interest expenses form leases		260		170
Expense relating to short-term leases and low-value assets (included in administrative expenses)		51		27

Accounts payable (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Accounts Payable


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Accounts payable		2,554		4,866
Other accrued liabilities		7,498		2,216

Total accounts payable		10,052		7,082

Revenue from collaboration agreements (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Deferred revenue related to the collaboration agreements

Deferred revenue related to the collaboration agreements consists of the following:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Current		46,600		59,465
Non-current		85,475		101,909

Total		132,075		161,374

Other income (Tables)

12 Months Ended

Dec. 31, 2020

Summary of other income

The Group had the following deferred income and receivable balances under these agreements:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Receivables		875		998
Deferred income		—		164

Total		875		1,162

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Summary of other current liabilities

The components of other curre

liabilities are:


	As of
	December 31, 2020		December 31, 2019
	(Euros in thousands)
Payroll tax		1,185		727
Accrual for vacation		525		330
Deferred grant income		—		164
Accrued bonuses		154		52
Other		161		15

Total		2,025		1,288

Financial income and expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of finance income and costs

Financial income and financial expenses consist of the following:


	Year ended December 31,
	2020			2019			2018
	(Euros in thousands)
Interest income from short-term deposits		850			790			507
Foreign currency gains		—			—			1,708
Gain on other financial instruments		2,099			—			—

Financial income		2,949			790			2,215

Interest expenses form leases		(289	)		(170	)		(16	)
Foreign currency losses		(9,774	)		(94	)		(145	)

Financial expenses		(10,063	)		(264	)		(161	)

Share listing expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Calculation of the Share listing expense

Details of the calculation of the Share listing expense are as follows:


(Euros in thousands, except share and per share data)
Description	Amount		Number of shares/warrants
(a) ARYA Ordinary Shares		—		17,968,750
(b) Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020	€	13.53		—
(c) Fair value of TopCo Shares issued to ARYA shareholders (a * b)	€	243,071		—
(d) Outstanding ARYA Public Warrants		—		7,187,500
(e) Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020	€	4.82		—
(f) Fair value of outstanding ARYA Public Warrants (d * e)	€	34,644		—
Total fair value of ARYA Ordinary Shares and ARYA Public Warrants (c + f)	€	277,715		—
ARYA’s identifiable net assets	€	124,927		—
IFRS 2 Expense on the closing date	€	152,787		—

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Employee Related Share Based Compensation Expense

The Group recognized total employee-related share-based compensation expense from all plans for the years ended December 31, 2020, 2019 and 2018 as set out below:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Research and development expenses		14,546		1,556		238
General and administrative expenses		10,973		460		100

Total share-based compensation		25,519		2,016		338

Share Appreciation Rights [Member]

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model


	December 31,
Amounts in USD	2019			2018
Exercise price	$	1.12		$	1.12
Underlying share price	$	67.87		$	27.21
Volatility		73	%		64	%
Time period (years)		1.25			5.00
Risk free rate		1.59	%		2.77	%
Dividend yield		0.00	%		0.00	%
Combined probability of exit events		80.00	%		25.00	%

2016 Tandem Awards [Member]

Set out below are summaries of SARs issued during 2019 and 2018:


	2019				2018
	Weighted average exercise price in USD		Number		Weighted average exercise price in USD		Number
SARs outstanding at January 1,	$	1.12		43,675	$	1.12		43,978
SARs granted				—				—
SARs forfeited		1.12		220		1.12		303
SARs outstanding at December 31,		1.12		43,455		1.12		43,675
SARs vested	$	1.12		117	$	1.12		169
SARs exercisable				—				—

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model

The fair value of tandem awards issued in December 2019 was based on a company valuation of $350 million.


Amounts in USD	December 2019			June 2019 - September 2019			December 2018
Exercise price in USD	$	23.82		$	18.30		$	16.65
Underlying share price in USD	$	67.87		$	16.94		$	27.21
Volatility		73	%		78	%		64	%
Time period (years)		1.25			2.10			5.00
Risk free rate		1.59	%		2.04	%		2.77	%
Dividend yield		0.00	%		0.00	%		0.00	%
Combined probability of exit events		80.00	%		60.00	%		25.00	%

Summary of Activities Under Share Based Payment Arrangement

Set out below are summaries of tandem awards issued during 2019 and 2018:


	2019				2018
	Weighted average exercise price in USD		Number		Weighted average exercise price in USD		Number
Tandem Awards outstanding at January 1,	$	16.65		74,401	$	16.65		31,880
Tandem awards granted in June to September		18.30		26,557		16.65		43,964
Tandem awards granted in December		23.82		5,447
Tandem awards forfeited		16.81		2,936		16.65		1,443
Tandem awards outstanding at December 31,		17.45		103,469		16.65		74,401
Tandem awards vested	$	16.76		16,238	$	16.65		14,350
Tandem awards exercisable				—				—
Weighted average remaining contract life (years)		8.56				9.12
Weighted average fair value of options granted in USD till September		10.27				4.51
Weighted average fair value of options granted in USD for December		53.41				—

Matching Stock Options [Member]

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model

Immatics applied a Black Scholes pricing model to estimate the fair value of the Matching Stock Options, which the Group records as an expense over the four-year graded vesting period.


	As of June 30, 2020
Exercise price in USD	$	10.00
Underlying share price in USD	$	15.15
Volatility		75	%
Time period (years)		5.5
Risk free rate		0.29	%
Dividend yield		0.00	%

Converted Options [Member]

Set out below are summaries of Matching Stock Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		—		—
Matching Stock Options granted in June		10.00		1,430,818
Matching Stock Options forfeited		10.00		8,262
Matching Stock Options outstanding at December 31,		10.00		1,422,556
Matching Stock Options vested		—		—
Weighted average remaining contract life (years)		9.50
Weighted average fair value of options granted in USD for June		10.59

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model

Immatics applied a Black Scholes pricing model to estimate the fair value of the Converted Options.


	As of June 30, 2020
Average exercise price in USD	$	2.47
Underlying share price in USD	$	15.15
Volatility		75	%
Time period (years)		5.6
Risk free rate		0.29	%
Dividend yield		0.00	%

Additional Grants Under 2020 Plan [Member]

Set out below are summaries of Converted Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		—		—
Converted Options granted in June		2.49		632,384
Converted Options forfeited		1.08		37,540
Converted Options outstanding on December 31,		2.58		594,844
Converted Options vested	$	2.45		53,856
Weighted average remaining contract life (years)		7.01
Weighted average fair value of options granted in USD for June		4.83

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model

Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options.


	As of June 30, 2020			As of September 14, 2020			As of December 17, 2020
Exercise price in USD	$	10.00		$	10.00		$	9.70
Underlying share price in USD	$	15.15		$	9.16		$	9.70
Volatility		75	%		79	%		84	%
Time period (years)		7.0			6.2			6.0
Risk free rate		0.29	%		0.37	%		0.49	%
Dividend yield		0.00	%		0.00	%		0.00	%

Performance Based Options [Member]

Set out below are summaries of Service Options issued during 2020:


	2020
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		—		—
Service Options granted in June		10.00		1,087,417
Service Options granted in September		9.72		74,000
Service Options granted in December		9.70		802,149
Service Options forfeited		10.00		53,384
Service Options outstanding on December 31,		9.87		1,910,182
Service Options vested		—		—
Weighted average remaining contract life (years)		9.72
Weighted average fair value of options granted in USD for June		11.29
Weighted average fair value of options granted in USD for September		9.25
Weighted average fair value of options granted in USD for December		6.73

Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model

In addition to the probability of achieving the market capitalization performance criteria, the inputs used in the measurements of the fair value at grant date of the PSUs were as follows:


	As of June 30, 2020			As of September 14, 2020
Exercise price in USD	$	10.00		$	10.00
Underlying share price in USD	$	15.15		$	9.16
Volatility		79	%		78	%
Time period (years)		7.0			6.7
Risk free rate		0.66	%		0.67	%
Dividend yield		0.00	%		0.00	%

Set out below are summaries of PSUs issued during 2020:


	2020
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		—		—
PSUs granted in June		10.00		3,644,000
PSUs granted in September		10.00		255,000
PSUs forfeited		10.00		255,000
PSUs outstanding on December 31,		10.00		3,644,000
PSUs vested		—		—
Weighted average remaining contract life (years)		9.60
Weighted average fair value of options granted in USD for June		11.10
Weighted average fair value of options granted in USD for September		6.41

Personnel expenses (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Personnel Expenses

The Group recognized the following personnel expenses:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Wages and salaries
Research and development expenses		15,277		11,635		10,485
General and administrative expenses		6,968		3,596		2,233

Total Wages and salaries		22,245		15,231		12,718
Other employee benefits
Research and development expenses		2,624		2,035		1,920
General and administrative expenses		1,015		728		607

Total other employee benefits		3,639		2,763		2,527
Share-based compensation expense
Research and development expenses		14,546		1,556		238
General and administrative expenses		10,973		460		100

Total share-based compensation expense		25,519		2,016		338

Total		51,403		20,010		15,583

Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Reconciliation Between Taxes On Income And Expected Income Tax Benefit


	Year ended December 31,
	2020			2019			2018
	(Euros in thousands)
Loss before tax		(229,616	)		(32,487	)		(32,355	)
Expected tax benefit		66,818			9,454			9,415
Effects
Difference in tax rates		(2,582	)		(1,875	)		(1,373	)
Non-deductible tax-expenses		(599	)		(61	)		(70	)
Government grants exempted from taxes		45			8			853
Permanent Differences		(44,461	)		—			—
Non-recognition of deferred taxes on tax losses and temporary differences		(19,221	)		(7,526	)		(8,825	)

Taxes on income		—			—			—

Summary of Deferred Tax Assets

Deferred tax assets consist of the following:


	As of
	December 31, 2020						December 31, 2019
	(Euros in thousands)
	Deferred tax assets			Deferred tax liabilities			Deferred tax assets			Deferred tax liabilities

Intangible assets		1,770						2,064
Right-of-use asset					(1,713	)					(854	)
Deferred revenue		180						358
Other liabilities								607
Lease liability		1,776						886
Deferred expenses		3						14
Recognized		3,729			(1,713	)		3,929			(854	)
Netting		(1,713	)		1,713			(854	)		854
Non-recognition due to history of losses		(2,016	)					(3,075	)

Net tax	—			—			—			—

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Currency Risk Exposure

Cash, cash equivalents and financial assets Immatics N.V.


	Year ended December 31,
	2020
	(Euros in thousands)
Cash and cash equivalents		42,528
Financial assets		—

Total assets exposed to the risk		42,528

Conversion rate EUR/USD as reporting date 1/1.2271

Cash, cash equivalents and financial assets Immatics GmbH


	Year ended December 31,
	2020
	(Euros in thousands)
Cash and cash equivalents		52,015
Financial assets		24,448

Total assets exposed to the risk		76,463

Summary of Sensitivity Analysis of Foreign Currency Risk

Sensitivity analysis Immatics N.V.:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.2394		(421	)		42,107
Euro strengths by 1% against U.S. dollars		1.2148		430			42,958
Euro weakens by 5% against U.S. dollars		1.2885		(2,025	)		40,503
Euro strengths by 5% against U.S. dollars		1.1657		2,238			44,766
Euro weakens by 10% against U.S. dollars		1.3498		(3,866	)		38,662
Euro strengths by 10% against U.S. dollars		1.1044		4,725			47,253

Sensitivity analysis Immatics GmbH:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.2394		(757	)		75,706
Euro strengths by 1% against U.S. dollars		1.2148		772			77,235
Euro weakens by 5% against U.S. dollars		1.2885		(3,641	)		72,822
Euro strengths by 5% against U.S. dollars		1.1657		4,024			80,487
Euro weakens by 10% against U.S. dollars		1.3498		(6,951	)		69,512
Euro strengths by 10% against U.S. dollars		1.1044		8,496			84,959

Summary of Liquidity Risk

As of December 31, 2020, and 2019, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk.


	Year ended December 31,
	2020		2019
	(Euros in thousands)
Cash and cash equivalents		207,530		103,353
Short-term deposits		24,448		16,023

Total funds available		231,978		119,376

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Carrying Amounts and Fair values of Group's Financial Instruments

Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements.


Euros in thousands		Carrying amount				Fair value
Euros in thousands	IFRS 9	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Financial assets
Short-term deposits*	At fair value through profit or loss (FVTPL)		24,448		16,023		24,448		16,023
Positive market value forward contracts*	At fair value through profit or loss (FVTPL)		914		—		914		—
Accounts receivable	other financial assets at amortized cost		1,250		957		1,250		957
Other current/non-current assets	other financial assets at amortized cost		1,586		1,710		1,586		1,710

Total financial assets**			28,198		18,690		28,198		18,690

Financial liabilities
Accounts payable	other financial liabilities at amortized cost		10,052		7,082		10,052		7,082
Other current liabilities	other financial liabilities at amortized cost		2,025		1,288		2,025		1,288

Total financial liabilities			12,077		8,370		12,077		8,370

*	Short-term deposits” are classified within Other financial assets. “Positive market value forward contract” are classified in other current assets. “Negative market value forward contracts” are classified in other current liabilities.

**	Financial assets, other than cash and cash equivalents.

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Contractual Obligations

The following table summarizes contractual obligations as of December 31, 2020:


	Payments due by period
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		2,103		3,453		1,157		150		6,863
Other lease obligations		97		185		185		46		513
In-license agreements		249		—		—		—		249
Contract research organization agreements		1,704		220		—		—		1,924

Total contractual cash obligation		4,153		3,858		1,342		196		9,549

The following table summarizes contractual obligations as of December 31, 2019:


	Payments due by period
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		1,482		1,823		47		—		3,352
Other lease obligations		172		324		300		300		1,096
In-license agreements		455		200		—		—		655
Contract research organization agreements		1,131		1,466						2,597

Total contractual cash obligation		3,240		3,813		347		300		7,700

Related party disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Compensation of Key Management Personnel

Compensation of key management personnel:


	Year ended December 31,
	2020		2019		2018
	(Euros in thousands)
Fixed		2,660		1,202		1,088
Variable		886		521		433
Share-based compensation expense		13,841		697		119

Total key management compensation		17,387		2,420		1,640

Summary of Compensation for the Supervisory Board

Total compensation for the Supervisory Board amounted to €2.7 million in 2020:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Christoph Hettich		Eliot Forster		Total
Supervisory board compensation		140		16		28		26		20		20		20		12		282
Travel expenses		4		—		—		—		—		—		—		—		4
Payment Exit arrangement		2,394		—		—		—		—		—		—		—		2,394
Share-based compensation expense		1,046		—		70		70		70		70		70		40		1,436

Total cash compensation		3,584		16		98		96		90		90		90		52		4,116

Total compensation for the Supervisory Board amounted to €0.4 million in 2019:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Total
Supervisory board fee		300		9		309
Travel expenses		87		20		107

Total		387		29		416

Total compensation for the Supervisory Board amounted to €0.5 million in 2018:


(Euros in thousands)	Peter Chambré		Harald F. Stock		Total
Supervisory board fee		400		10		410
Travel expenses		52		16		68

Total		452		26		478

Summary of Options Granted to Managing Director and Supervisory Directors

The following options were granted to Immatics’ Managing Director and Supervisory Directors:

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Managing Director

Harpreet Singh

Performance-based options

June 30, 2020

1,598,000

June 30, 2030

Harpreet Singh

Service options

June 30, 2020

168,000

June 30, 2030

Harpreet Singh

Matching Stock options

June 30, 2020

264,624

June 30, 2030

Harpreet Singh

Converted options

June 30, 2020

30,939

1.06

July 1, 2027

Harpreet Singh

Converted options

June 30, 2020

145,371

1.17

January 1, 2028

Harpreet Singh

Service options

December 17, 2020

168,000

9.70

December 17, 2030

Supervisory Directors

Peter Chambré

Service options

June 30, 2020

25,000

June 30, 2030

Peter Chambré

Matching Stock options

June 30, 2020

211,974

June 30, 2030

Adam Stone

Service options

June 30, 2020

25,000

June 30, 2030

Christoph Hettich

Service options

June 30, 2020

25,000

June 30, 2030

Heather L. Mason

Service options

June 30, 2020

25,000

June 30, 2030

Michael G. Atieh

Service options

June 30, 2020

25,000

June 30, 2030

Paul Carter

Service options

June 30, 2020

25,000

June 30, 2030

Eliot Forster

Service options

September 14, 2020

25,000

9.16

September 13, 2030

Group information - Additional Information (Detail)		12 Months Ended
Group information - Additional Information (Detail)	Mar. 30, 2021	Dec. 31, 2020
Disclosure of non-adjusting events after reporting period [line items]
Date of end of reporting period		Dec. 31, 2020
Authorization Of Financial Statements [Member]
Disclosure of non-adjusting events after reporting period [line items]
Date of authorisation for issue of financial statements	Mar. 30, 2021

Basis of presentation - Summary of Reconciliation Of Changes In Cash Flow Statement (Detail) - EUR (€)
€ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2020

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items]

(Increase) decrease in other assets

€ (373)

€ (1,106)

€ (1,600)

€ (1,497)

^[1]

€ 5,608

Net cash provided by/ (used in) operating activities

(11,450)

(27,739)

(85,610)

70,967

^[1]

20,684

Cash paid for investments in Other financial assets

(32,859)

(82,930)

(20,473)

^[1]

(13,101)

Cash received from maturity of investments classified in Other financial assets

16,023

48,882

74,505

17,551

^[1]

Net cash provided by/ (used in) investing activities

(19,223)

11,473

€ (15,949)

(5,059)

^[1]

(13,514)

Previously stated [member]

Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items]

(Increase) decrease in other assets

(17,209)

14,917

(4,419)

(7,493)

Net cash provided by/ (used in) operating activities

(28,286)

(11,716)

68,045

7,583

Net cash provided by/ (used in) investing activities

(2,387)

(4,550)

(2,137)

(413)

Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member]

Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items]

(Increase) decrease in other assets

16,836

(16,023)

2,922

13,101

Net cash provided by/ (used in) operating activities

16,836

(16,023)

2,922

13,101

Cash paid for investments in Other financial assets

(32,859)

(20,473)

(13,101)

Cash received from maturity of investments classified in Other financial assets

16,023

48,882

17,551

Net cash provided by/ (used in) investing activities

€ (16,836)

€ 16,023

€ (2,922)

€ (13,101)

[1]	See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets

Basis of presentation - Additional Information (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2020

Disclosure of subsidiaries [line items]

Ownership interests held by non-controlling interests

5.14%

Disclosure of subsidiaries [line items]

€ 16,023

^[1]

€ 24,448

Immatics US Inc [Member]

Ownership interests held by non-controlling interests

3.96%

Trade and other current receivables [abstract]

€ 16,000

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

ARYA Merger - Additional Information (Detail) € in Thousands			12 Months Ended
	Jul. 01, 2020 EUR (€) shares Warrants	Jun. 30, 2020 EUR (€)	Dec. 31, 2020 EUR (€) shares Warrants
Disclosure of detailed information about business combination [line items]
Increase decrease through Changes in Noncontrolling Interest		€ 500
Share listing expense			€ 152,787
Increase through other contributions by owners, equity			90,077
Share issue related cost	€ 7,900
Payment for share issuance costs			7,939
Issued capital [member]
Disclosure of detailed information about business combination [line items]
Increase Decrease Through Reorganization Equity			(833)
Increase decrease through Changes in Noncontrolling Interest			7
Increase through other contributions by owners, equity	100		104
Share premium [member]
Disclosure of detailed information about business combination [line items]
Increase Decrease Through Reorganization Equity			833
Increase decrease through Changes in Noncontrolling Interest			501
Increase through other contributions by owners, equity	90,000		89,973
PIPE Financing [Member]
Disclosure of detailed information about business combination [line items]
Proceeds from issue of ordinary shares	90,100
ARYA [Member]
Disclosure of detailed information about business combination [line items]
Increase Decrease Through Reorganization Equity	800
Increase decrease through Changes in Noncontrolling Interest	€ 500
Description Of How Acquirer Obtained Control Of Acquire	one ordinary share of Immatics N.V. for each issued and outstanding ordinary share of ARYA and one warrant to purchase ordinary shares in Immatics N.V., for each issued and outstanding warrant to acquire ordinary shares
Net Assets Acquired (Liabilities Assumed)	€ 124,900		€ 124,927
Cash and cash equivalents recognised as of acquisition date	128,800
Current liabilities recognised as of acquisition date	3,900
Share listing expense	€ 152,800
ARYA [Member] \| Warrants [Member]
Disclosure of detailed information about business combination [line items]
Number of instruments issued or issuable \| Warrants	7,187,500		7,187,500
ARYA [Member] \| Ordinary shares [member]
Disclosure of detailed information about business combination [line items]
Number of instruments issued or issuable \| shares	17,968,750		17,968,750

Application of new and revised international financial reporting standards - Summary of Application of new standards (Detail)	12 Months Ended
	Dec. 31, 2020
Amendments To IFRS 3
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IFRS 3, “Business combinations”, - Definition of a business
Date by which application of new IFRS is required	Jan. 01, 2020
Amendments To IAS 1 And IAS 8
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors”
Date by which application of new IFRS is required	Jan. 01, 2020
Amendments To IFRS Nine IAS 39 And IFRS 17
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform
Date by which application of new IFRS is required	Jan. 01, 2020
Amendments To Conceptual Framework [Member]
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendment to the Conceptual framework
Date by which application of new IFRS is required	Jan. 01, 2020

Application of new and revised international financial reporting standards - Summary of Non Mandatory standards and interpretations issued by IASB (Detail)	12 Months Ended
	Dec. 31, 2020
IFRS 16
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	IFRS 16 COVID-19-Related Rent Concessions Amendment
Date by which application of new IFRS is required	Jan. 01, 2021
Amendments To IAS 1
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities
Date by which application of new IFRS is required	Jan. 01, 2022
IFRS 17
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	IFRS 17 Insurance contracts
Date by which application of new IFRS is required	Jan. 01, 2023

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of estimated Useful Lives of Property, Plant and Equipment (Detail)	12 Months Ended
	Dec. 31, 2020
Bottom of range [member] \| Computer equipment [member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	1 year
Bottom of range [member] \| Laboratory equipment [Member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	1 year
Bottom of range [member] \| Office equipment [member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	2 years
Top of range [member] \| Computer equipment [member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Top of range [member] \| Laboratory equipment [Member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Top of range [member] \| Office equipment [member]
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items]
Useful life measured as period of time, property, plant and equipment	20 years

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of useful life of intangible assets other than goodwill (Detail)	12 Months Ended
	Dec. 31, 2020
Licences [member] \| Bottom of range [member]
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	5 years
Licences [member] \| Top of range [member]
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	30 years
Computer software [member] \| Bottom of range [member]
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	1 year
Computer software [member] \| Top of range [member]
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	5 years

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of foreign exchange rates (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Foreign Exchange Rates [Line Items]
Closing foreign exchange rate	0.8149	0.8902	0.8738
Average foreign exchange rate	0.8762	0.8932	0.8468

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020
Bottom of range [member]
Statements [Line Items]
Rental Contract Term	two
Top of range [member]
Statements [Line Items]
Rental Contract Term	seven

Accounts receivable - Summary of Trade receivables (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Receivables From Collaboration Agreements

€ 1,250

€ 957

Accounts receivable

€ 1,250

€ 957

^[1]

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Accounts receivable - Additional Information (Detail) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other current receivables [abstract]
Trade receivables	€ 0	€ 0

Other current and non-current assets -Summary of Other current assets (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Trade and other receivables [abstract]

Grant receivable

€ 875

€ 998

Prepaid expenses

2,389

1,236

Positive market value forward contract

914

Value added tax receivable

798

768

Capitalized transaction costs

Other assets

787

617

Other current assets

€ 5,763

€ 3,667

^[1]

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Other current and non-current assets - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of subsidiaries [line items]
Prepaid insurance expenses	€ 1,000	€ 100
Prepaid expenses of licenses and software	600	200
Other assets	787	617
Non-current prepayments	724	937
Receivables From Capital Gains Tax [Member]
Disclosure of subsidiaries [line items]
Other assets	400	300
Celgene Switzerland LLC And Genmab AS [Member]
Disclosure of subsidiaries [line items]
Current Incremental cost for collaboration agreement	500	600
Non-current prepayments	€ 700	€ 900

Other current and non-current assets - Summary of Other non-current assets (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Trade and other non-current receivables [abstract]

Prepaid expenses

€ 724

€ 937

Other non-current assets

325

Total non-current assets

€ 724

€ 1,262

^[1]

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Property, plant and equipment - Summary of Changes to property, plant and equipment (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [line items]

^[1]

€ 4,720

Laboratory Equipment [Member]

7,868

€ 4,720

^[1]

Disclosure of detailed information about property, plant and equipment [line items]

3,420

Computer equipment [member]

5,493

3,420

Disclosure of detailed information about property, plant and equipment [line items]

906

Office equipment [member]

894

906

Disclosure of detailed information about property, plant and equipment [line items]

394

Adjustment On Adoption IFRS 16

1,481

394

Disclosure of detailed information about property, plant and equipment [line items]

Gross carrying amount [member]

(441)

Disclosure of detailed information about property, plant and equipment [line items]

17,432

15,116

5,379

3,016

(316)

367

Gross carrying amount [member] | Laboratory Equipment [Member]

22,437

17,432

Disclosure of detailed information about property, plant and equipment [line items]

12,723

11,222

3,545

2,204

(314)

299

Gross carrying amount [member] | Computer equipment [member]

15,968

12,723

Disclosure of detailed information about property, plant and equipment [line items]

2,956

2,439

406

515

(2)

Gross carrying amount [member] | Office equipment [member]

3,322

2,956

Disclosure of detailed information about property, plant and equipment [line items]

1,753

1,455

1,427

297

Gross carrying amount [member] | Previously stated [member]

3,146

1,753

Disclosure of detailed information about property, plant and equipment [line items]

Gross carrying amount [member] | Previously stated [member] | Laboratory Equipment [Member]

14,675

Disclosure of detailed information about property, plant and equipment [line items]

Gross carrying amount [member] | Previously stated [member] | Computer equipment [member]

10,781

Disclosure of detailed information about property, plant and equipment [line items]

Gross carrying amount [member] | Previously stated [member] | Office equipment [member]

2,439

Disclosure of detailed information about property, plant and equipment [line items]

Gross carrying amount [member] | Adjustment On Adoption IFRS 16 | Laboratory Equipment [Member]

1,455

Disclosure of detailed information about property, plant and equipment [line items]

Accumulated depreciation [member]

(441)

Disclosure of detailed information about property, plant and equipment [line items]

(12,712)

(11,109)

2,102

1,797

(219)

239

Accumulated depreciation [member] | Laboratory Equipment [Member]

(14,568)

(12,712)

Disclosure of detailed information about property, plant and equipment [line items]

(9,303)

(8,279)

1,384

1,219

(218)

210

Accumulated depreciation [member] | Computer equipment [member]

(10,476)

(9,303)

Disclosure of detailed information about property, plant and equipment [line items]

(2,050)

(1,793)

404

256

(1)

Accumulated depreciation [member] | Office equipment [member]

(2,428)

(2,050)

Disclosure of detailed information about property, plant and equipment [line items]

(1,359)

(1,037)

315

322

Disclosure of quantitative information about right-of-use assets [line items]

€ (1,665)

€ (1,359)

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Property, plant and equipment - Summary of Depreciation expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	€ 2,103	€ 1,797	€ 2,058
Research and development expenses [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	1,503	1,315	1,757
General and administrative expenses [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	€ 600	€ 482	€ 301

Intangible assets - Summary of Changes to intangible assets (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	€ 1,008
Currency translation differences		€ 31
Ending Balance	914	1,008
Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	851
Currency translation differences		31
Ending Balance	730	851
Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	157
Ending Balance	184	157
Gross carrying amount [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	1,863	1,752
Additions	104	91
Currency translation differences	(97)	20
Ending Balance	1,870	1,863
Gross carrying amount [member] \| Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	1,220	1,201
Currency translation differences	(88)	19
Ending Balance	1,132	1,220
Gross carrying amount [member] \| Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	643	551
Additions	104	91
Currency translation differences	(9)	1
Ending Balance	738	643
Accumulated impairment [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(855)	(713)
Additions	126	111
Currency translation differences	(25)
Ending Balance	(956)	(855)
Accumulated impairment [member] \| Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(369)	(314)
Additions	56	24
Currency translation differences	(22)
Ending Balance	(403)	(369)
Accumulated impairment [member] \| Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(486)	(399)
Additions	71	87
Currency translation differences	(3)
Ending Balance	€ (554)	€ (486)

Intangible assets - Summary of Amortization expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	€ 126	€ 111	€ 118
Research and development expenses [Member]
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	31	28	9
General and administrative expenses [Member]
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	€ 95	€ 83	€ 109

Leases - Summary of Right-of use assets (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Disclosure of quantitative information about right-of-use assets [line items]

€ 6,149

€ 3,287

^[1]

Buildings [member]

Disclosure of quantitative information about right-of-use assets [line items]

5,760

2,799

IT and telecommunication

Disclosure of quantitative information about right-of-use assets [line items]

258

349

Vehicles [member]

Disclosure of quantitative information about right-of-use assets [line items]

Other assets [member]

Lease liability – current

€ 41

€ 49

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Leases - Details of Lease liabilities (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Lease liabilities [abstract]

€ 1,881

€ 1,411

^[1]

Lease liability – non-current

4,306

1,823

^[1]

Total

€ 6,187

€ 3,234

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Leases - Summary of expenses related to right-of-use assets and lease liabilities (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	€ 2,195	€ 1,950
Interest expense form lease	260	170
Expense relating to short-term leases for which recognition exemption has been used	51	27
Buildings [member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	2,036	1,804
IT and telecommunication
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	101	101
Vehicles [member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	50	37
Other assets [member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	€ 8	€ 8

Leases - Additional Information (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Disclosure of quantitative information about right-of-use assets [line items]

Additions to right-of-use assets

€ 5,100

€ 300

Currency translation of right-of-use assets

300

Cash payments for leases

2,400

2,100

Disclosure of quantitative information about right-of-use assets [line items]

2,096

€ 1,862

^[1]

Until 2025 [member]

Later than one year [member]

6,900

Disclosure of quantitative information about right-of-use assets [line items]

Trade and other current payables [abstract]

€ 2,100

[1]	See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets

Accounts payable - Summary of Accounts Payable (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Accounts payable

€ 2,554

€ 4,866

Other accrued liabilities

7,498

2,216

Total accounts payable

€ 10,052

€ 7,082

^[1]

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Accounts payable - Additional Information (Detail) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other current payables [abstract]
Other accrued liabilities	€ 7,498	€ 2,216

Revenue from collaboration agreements - Additional Information (Detail) € in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)	Dec. 31, 2020 USD ($)
Disclosure Of Revenue From Contract With Customers [Line Items]
Contract with customers liability	€ 132,075		€ 161,374
Capitalized costs of contract net of amortization	1,200		1,500
Amortization of contract costs capitalized	300		200	€ 40
Potential milestone payment payable	1,600				$ 2
Amgen Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received	28,000	$ 30
Contract with customers liability revenue recognized	4,900		6,200	1,500
Contract with customers liability	10,000		15,000
Amgen Collaboration Agreement [Member] \| Development And Commercial Milestone Payments [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $					525
Genmab Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received	46,000	54
Contract with customers liability revenue recognized	11,200		11,200	€ 2,300
Contract with customers liability	26,000		35,000
Genmab Collaboration Agreement [Member] \| Milestone Payment For Licensed Product [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $					550
BMS Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received	68,000	75
Contract with customers liability revenue recognized	11,500		1,100
Contract with customers liability	55,000		66,500
BMS Collaboration Agreement [Member] \| Option Exercise Development Commecial And Regulatory Milestone Payments [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $					505
GSK Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received \| $		$ 45
Contract with customers liability revenue recognized	3,700		0
Contract with customers liability	€ 41,000		€ 45,000
GSK Collaboration Agreement [Member] \| Milestone Programs Based On The Program [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $					$ 575

Revenue from collaboration agreements - Summary of Deferred revenue related to the collaboration agreements (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Revenue [abstract]

Current

€ 46,600

€ 59,465

^[1]

Non-current

85,475

101,909

^[1]

Total

€ 132,075

€ 161,374

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Other income - Summary of other income (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Other income [Abstract]
Receivables	€ 875	€ 998
Deferred income	0	164
Total	€ 875	€ 1,162

Other income - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Text Block [Abstract]
Revenue from grants	€ 200	€ 30	€ 2,900
Contingencies related to grant	€ 0

Other current liabilities - Summary of other current liabilities (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Disclosure of detailed information about other current liabilities [Line Items]

Payroll tax

€ 1,185

€ 727

Accrual for vacation

525

330

Deferred grant income

164

Accrued bonuses

154

Other

161

Total

€ 2,025

€ 1,288

^[1]

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Other current liabilities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020
Non Interest Bearing Liability [Member]
Disclosure of detailed information about other current liabilities [Line Items]
Borrowings maturity	one year

Financial income and expenses - Summary of finance income and costs (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Finance Income Expense [Abstract]
Interest income from short-term deposits	€ 850	€ 790	€ 507
Foreign currency gains			1,708
Gain on other financial instruments	2,099
Financial income	2,949	790	2,215
Interest expenses form leases	(289)	(170)	(16)
Foreign currency losses	(9,774)	(94)	(145)
Financial expenses	€ (10,063)	€ (264)	€ (161)

Financial income and expenses - Additional Information (Detail) € in Millions	12 Months Ended
	Dec. 31, 2020 EUR (€)
Disclosure Of Detailed Information About Finance Income Expense [Abstract]
Realised gain loss from foreign currency forward contracts	€ 1.2
Unrealised gain loss from foreign currency forward contracts	€ 0.9

Share listing expense - Additional Information (Detail) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) € / shares	Jul. 01, 2020 EUR (€) € / shares	Jul. 01, 2020 $ / shares
Disclosure of share listing expense [line items]
Closing price of ARYA ordinary shares \| € / shares	€ 0.01
Expense on the closing date	€ 152,787
ARYA [member]
Disclosure of share listing expense [line items]
Fair value of ARYA ordinary shares and warrants	277,715
Closing price of ARYA ordinary shares \| $ / shares			$ 15.15
Identifiable net assets	124,927	€ 124,900
Expense on the closing date	152,787
Warrants [member] \| ARYA [member]
Disclosure of share listing expense [line items]
Fair value of ARYA ordinary shares and warrants	€ 34,644
Closing price of ARYA public warrants \| € / shares	€ 4.82
Ordinary shares [member]
Disclosure of share listing expense [line items]
Closing price of ARYA ordinary shares \| € / shares		€ 0.01
Ordinary shares [member] \| ARYA [member]
Disclosure of share listing expense [line items]
Fair value of ARYA ordinary shares and warrants	€ 243,071
Closing price of ARYA ordinary shares \| € / shares	€ 13.53

Share listing expenses - Summary of Calculation of the Share listing expense (Detail) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) shares Warrants € / shares	Jul. 01, 2020 EUR (€) shares Warrants € / shares	Jul. 01, 2020 $ / shares
Disclosure of detailed information about share listing expense [Line Items]
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 \| € / shares	€ 0.01
IFRS 2 Expense on the closing date	€ 152,787
Ordinary shares [member]
Disclosure of detailed information about share listing expense [Line Items]
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 \| € / shares		€ 0.01
ARYA [Member]
Disclosure of detailed information about share listing expense [Line Items]
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 \| $ / shares			$ 15.15
Fair value of outstanding ARYA	277,715
ARYA's identifiable net assets	124,927	€ 124,900
IFRS 2 Expense on the closing date	€ 152,787
ARYA [Member] \| Warrants [Member]
Disclosure of detailed information about share listing expense [Line Items]
ARYA Shares \| Warrants	7,187,500	7,187,500
Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020 \| € / shares	€ 4.82
Fair value of outstanding ARYA	€ 34,644
ARYA [Member] \| Ordinary shares [member]
Disclosure of detailed information about share listing expense [Line Items]
ARYA Shares \| shares	17,968,750	17,968,750
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 \| € / shares	€ 13.53
Fair value of outstanding ARYA	€ 243,071

Share-based payments - Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model (Detail)				4 Months Ended	12 Months Ended
	Dec. 17, 2020 yr $ / shares	Sep. 14, 2020 yr $ / shares	Jun. 30, 2020 yr $ / shares	Sep. 30, 2019 yr $ / shares	Dec. 31, 2019 yr $ / shares	Dec. 31, 2018 yr $ / shares
2016 Tandem Awards [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price				$ 18.30	$ 23.82	$ 16.65
Underlying share price				$ 16.94	$ 67.87	$ 27.21
Volatility				78.00%	73.00%	64.00%
Time period (years) \| yr				2.10	1.25	5.00
Risk free rate				2.04%	1.59%	2.77%
Dividend yield				0.00%	0.00%	0.00%
Combined probability of exit events				60.00	80.00	25.00
Matching Stock Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			$ 10.00
Underlying share price			$ 15.15
Volatility			75.00%
Time period (years) \| yr			5.5
Risk free rate			0.29%
Dividend yield			0.00%
Share Appreciation Rights [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price					$ 1.12	$ 1.12
Underlying share price					$ 67.87	$ 27.21
Volatility					73.00%	64.00%
Time period (years) \| yr					1.25	5.00
Risk free rate					1.59%	2.77%
Dividend yield					0.00%	0.00%
Combined probability of exit events					80.00	25.00
Additional Grants Under 2020 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	$ 9.70	$ 10.00	$ 10.00
Underlying share price	$ 9.70	$ 9.16	$ 15.15
Volatility	84.00%	79.00%	75.00%
Time period (years) \| yr	6.0	6.2	7.0
Risk free rate	0.49%	0.37%	0.29%
Dividend yield	0.00%	0.00%	0.00%
Performance Based Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		$ 10.00	$ 10.00
Underlying share price		$ 9.16	$ 15.15
Volatility		78.00%	79.00%
Time period (years) \| yr		6.7	7.0
Risk free rate		0.67%	0.66%
Dividend yield		0.00%	0.00%
Converted Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price			$ 2.47
Underlying share price			$ 15.15
Volatility			75.00%
Time period (years) \| yr			5.6
Risk free rate			0.29%
Dividend yield			0.00%

Share-based payments - Summary of Employee Share Options (Detail)					12 Months Ended
	Dec. 17, 2020 $ / shares	Sep. 14, 2020 shares $ / shares	Jul. 01, 2020 $ / shares	Jun. 30, 2020 shares $ / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,					$ 17.45	$ 16.65	$ 16.65
SARs forfeited						16.81	16.65
Weighted average exercise price, Outstanding at December 31,						$ 17.45	$ 16.65
Number of share options, outstanding at January 1, \| shares					103,469	74,401	31,880
SARs forfeited \| shares						2,936	1,443
Number of share options, outstanding at December 31, \| shares						103,469	74,401
Weighted average remaining contract life (years)						8 years 6 months 21 days	9 years 1 month 13 days
Weighted average fair value of options granted			$ 13.79
Granted On December 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted						$ 23.82
SARs granted \| shares						5,447
Share Appreciation Rights [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,					$ 1.12	$ 1.12	$ 1.12
SARs forfeited						1.12	1.12
Weighted average exercise price, Outstanding at December 31,						1.12	1.12
SARs vested						$ 1.12	$ 1.12
Number of share options, outstanding at January 1, \| shares					43,455	43,675	43,978
SARs forfeited \| shares						220	303
Number of share options, outstanding at December 31, \| shares						43,455	43,675
SARs vested \| shares						117	169
Performance Based Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited					$ 10.00
Weighted average exercise price, Outstanding at December 31,					$ 10.00
SARs forfeited \| shares					255,000
Number of share options, outstanding at December 31, \| shares					3,644,000
Weighted average remaining contract life (years)					9 years 7 months 6 days
Performance Based Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 10.00
SARs granted \| shares				3,644,000	3,644,000
Weighted average fair value of options granted				$ 11.10	$ 11.10
Performance Based Options [Member] \| Granted On September 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 10.00
SARs granted \| shares		255,000			255,000
Weighted average fair value of options granted		$ 6.41			$ 6.41
Additional Grants Under 2020 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited					10.00
Weighted average exercise price, Outstanding at December 31,					$ 9.87
SARs granted \| shares					1,963,566
SARs forfeited \| shares					53,384
Number of share options, outstanding at December 31, \| shares					1,910,182
Weighted average remaining contract life (years)					9 years 8 months 19 days
Additional Grants Under 2020 Plan [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 10.00
SARs granted \| shares					1,087,417
Weighted average fair value of options granted				$ 11.29	$ 11.29
Additional Grants Under 2020 Plan [Member] \| Granted On September 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 9.72
SARs granted \| shares					74,000
Weighted average fair value of options granted		$ 9.25			$ 9.25
Additional Grants Under 2020 Plan [Member] \| Granted On December 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 9.70
SARs granted \| shares					802,149
Weighted average fair value of options granted	$ 6.73				$ 6.73
Converted Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited					1.08
Weighted average exercise price, Outstanding at December 31,					2.58
SARs vested					$ 2.45
SARs forfeited \| shares					37,540
Number of share options, outstanding at December 31, \| shares					594,844
SARs vested \| shares					53,856
Weighted average remaining contract life (years)					7 years 3 days
Weighted average fair value of options granted					$ 4.83
Converted Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 2.49
SARs granted \| shares					632,384
Matching Stock Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited					$ 10.00
Weighted average exercise price, Outstanding at December 31,					$ 10.00
SARs forfeited \| shares					8,262
Number of share options, outstanding at December 31, \| shares					1,422,556
Weighted average remaining contract life (years)					9 years 6 months
Matching Stock Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted					$ 10.00
SARs granted \| shares					1,430,818
Weighted average fair value of options granted					$ 10.59

Share-based payments - Summary of Activities Under Share Based Payment Arrangement (Detail)	12 Months Ended
	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares
Statements [Line Items]
Weighted average exercise price, Outstanding at January 1,	$ 16.65	$ 16.65
Weighted average exercise price, Tandem awards forfeited	16.81	16.65
Weighted average exercise price, Outstanding at December 31,	17.45	16.65
Weighted average exercise price, Tandem awards vested	$ 16.76	$ 16.65
Weighted average remaining contract life (years)	8 years 6 months 21 days	9 years 1 month 13 days
Number of share options, outstanding at January 1, \| shares	74,401	31,880
Number of share options, Tandem awards forfeited \| shares	2,936	1,443
Number of share options, outstanding at December 31, \| shares	103,469	74,401
Number of share options, Tandem awards vested \| shares	16,238	14,350
Granted On June 2020 [Member]
Statements [Line Items]
Weighted average exercise price, Tandem awards granted	$ 18.30	$ 16.65
Number of share options, Tandem awards granted \| shares	26,557	43,964
Granted On December 2020 [Member]
Statements [Line Items]
Weighted average exercise price, Tandem awards granted	$ 23.82
Weighted average fair value of options granted	$ 53.41
Number of share options, Tandem awards granted \| shares	5,447
Granted On September 2020 [Member]
Statements [Line Items]
Weighted average fair value of options granted	$ 10.27	$ 4.51

Share-based payments - Additional Information (Detail) $ / shares in Units, $ in Thousands, € in Millions					4 Months Ended	12 Months Ended				47 Months Ended
	Dec. 17, 2020 $ / shares	Sep. 14, 2020 shares $ / shares	Jul. 01, 2020 $ / shares	Jun. 30, 2020 shares $ / shares	Sep. 30, 2019 $ / shares	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2020 EUR (€) $ / shares	Dec. 31, 2019 EUR (€) shares $ / shares	Dec. 31, 2018 EUR (€) $ / shares	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement fair value per share			$ 13.79
Granted On December 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares								5,447
Share based compensation by share based payment arrangement exercise price per share granted								$ 23.82
Performance Based Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price of share options granted		$ 9.16		$ 15.15
Performance Based Options [Member] \| Tranche One [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Minimum market capitalization \| $											$ 1,500,000
Performance Based Options [Member] \| Tranche Two [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Minimum market capitalization \| $											2,000,000
Performance Based Options [Member] \| Tranche Three [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Minimum market capitalization \| $											$ 3,000,000
Performance Based Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares				3,644,000		3,644,000
Share based compensation by share based payment arrangement exercise price per share granted							$ 10.00
Share based compensation by share based payment arrangement fair value per share				$ 11.10			11.10
Performance Based Options [Member] \| Granted On September 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares		255,000				255,000
Share based compensation by share based payment arrangement exercise price per share granted							10.00
Share based compensation by share based payment arrangement fair value per share		$ 6.41					6.41
Additional Grants Under 2020 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						1,963,566
Weighted average share price of share options granted	$ 9.70	9.16		15.15
Additional Grants Under 2020 Plan [Member] \| ARYA [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						1,087,242
Additional Grants Under 2020 Plan [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						1,087,417
Share based compensation by share based payment arrangement exercise price per share granted							10.00
Share based compensation by share based payment arrangement fair value per share				11.29			11.29
Additional Grants Under 2020 Plan [Member] \| Granted On September 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						74,000
Share based compensation by share based payment arrangement exercise price per share granted							9.72
Share based compensation by share based payment arrangement fair value per share		$ 9.25					9.25
Additional Grants Under 2020 Plan [Member] \| Granted On December 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						802,149
Share based compensation by share based payment arrangement exercise price per share granted							9.70
Share based compensation by share based payment arrangement fair value per share	$ 6.73						6.73
Converted Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average share price of share options granted				$ 15.15
Share based compensation by share based payment arrangement fair value per share							4.83
Converted Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement options granted during the period \| shares						632,384
Share based compensation by share based payment arrangement exercise price per share granted							$ 2.49
Share Appreciation Rights Two Thousand And Ten Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of outstanding shares to be purchased by third party						50.00%	50.00%			50.00%	50.00%
Liabilities arising from share based payment arrangement \| €								$ 2.1	€ 0.2
Fair value of stock appreciation rights \| $													$ 350,000	$ 160,000
2016 Tandem Awards [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of outstanding shares to be purchased by third party															50.00%
Share based compensation by share based payment equity instruments other than shares vesting period										five
Fair value of stock appreciation rights \| $												$ 160,000	$ 350,000
Weighted average share price of share options granted					$ 16.94			$ 67.87	€ 27.21
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cash payment award per share payable						10.00%	10.00%			10.00%	10.00%
Cash payment to employees stock based awards \| €						€ 8.9
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] \| Active Employees [Member] \| Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of cash proceeds to be reinvested						25.00%
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] \| Active Employees [Member] \| Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of cash proceeds to be reinvested						50.00%
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] \| Management Members [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of cash proceeds to be reinvested						50.00%
Modification Of Two Thousand And Ten Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation expenses modification of awards \| €						€ 2.6
Modification Of Two Thousand And Sixteen Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Adjustment to additional paid in capital due to modification of previously settled equity awards \| €						4.3
Modification Of Two Thousand And Sixteen Plan [Member] \| Share Reinvestment [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation expenses modification of awards \| €						€ 4.1
Share based compensation by share based payment arrangement options granted during the period \| shares						733,598
Fair value of stock appreciation rights \| €						€ 8.5	$ 8.5			€ 8.5
Weighted average share price of share options granted							$ 15.15
Modification Of Two Thousand And Sixteen Plan [Member] \| Share Reinvestment [Member] \| Matching Stock Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based compensation by share based payment arrangement exercise price per share granted							10
Share based compensation by share based payment arrangement term of stock options						ten-year
Date of vesting of stock options						Jul. 31, 2021
Share based compensation by share based payment arrangement fair value per share							$ 10.59
Share based compensation by share based payment arrangement grant date						July 1, 2020

Share-based payments - Summary of Employee Related Share Based Compensation Expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	€ 25,519	€ 2,016	€ 338
Research And Development Expense [Member]
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	14,546	1,556	238
General And Administrative Expense [Member]
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	€ 10,973	€ 460	€ 100

Shareholders' equity (deficit) - Additional Information (Detail)

12 Months Ended

Jun. 30, 2020

EUR (€)

Dec. 31, 2020

EUR (€)

€ / shares

Dec. 31, 2020

$ / shares

Jul. 01, 2020

EUR (€)

€ / shares

Dec. 31, 2019

EUR (€)

€ / shares

Dec. 31, 2019

$ / shares

Dec. 31, 2018

EUR (€)

Disclosure of classes of share capital [line items]

Stock issued during period, value, new issues | €

€ 500,000

€ 0.01

62,908,617

Number of shares value outstanding | €

€ 0.01

€ 629,000

€ 1,164,000

^[1]

Share premium | €

€ 573,339,000

€ 190,945,000

^[1]

Reorganization [Member]

Disclosure of classes of share capital [line items]

Par value per share | $ / shares

33,093,838

$ 0.01

ARYA Merger [Member]

Disclosure of classes of share capital [line items]

Number of warrants outsatnding | shares

7,187,500

Exercise price per share | $ / shares

$ 11.50

Class of warrant or right, term period

5 years

Immatics Biotechnologies GmbH [Member]

Disclosure of classes of share capital [line items]

1,163,625

PIPE Financing [member] | ARYA Merger [Member]

€ 1.00

Disclosure of classes of share capital [line items]

Share premium | €

€ 3,625,000,000

Ordinary Shares [member]

Disclosure of classes of share capital [line items]

62,908,617

Series E Share Capital [member] | Immatics Biotechnologies GmbH [Member]

€ 0.01

Disclosure of classes of share capital [line items]

Share premium | €

€ 23,600,000

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Non-controlling interests - Additional Information (Detail)

12 Months Ended

Jul. 01, 2020

EUR (€)

Jun. 30, 2020

EUR (€)

Dec. 31, 2020

EUR (€)

€ / shares

Dec. 31, 2019

EUR (€)

Dec. 31, 2018

EUR (€)

Jul. 01, 2020

$ / shares

Ownership interests held by non-controlling interests

€ 0.01

5.14%

Stock issued during period, value, new issues

€ 500,000

€ 0.01

Increase (decrease) through changes in noncontrolling interest

€ 500,000

Loss on non-controlling interest

600,000

€ 900,000

Non-controlling interests

1,020,000

^[1]

1,200,000

Restricted Stock Acquisition Agreement [Member]

€ 45,000

€ 700,000

€ 1,360,000

Stock issued during period, shares, acquisitions | shares

697,431

ARYA [Member]

Par value per share | $ / shares

$ 15.15

Increase (decrease) through changes in noncontrolling interest

€ 500,000

MD Anderson [Member]

Number of shares exchanged in subsidiaries | shares

379,420

[1]	See Note 2 for details regarding the change in presentation of Other financial assets

Personnel expenses - Summary of Personnel Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements [Line Items]
Wages and salaries	€ 22,245	€ 15,231	€ 12,718
Total other employee benefits	3,639	2,763	2,527
Share-based compensation expense	25,519	2,016	338
Total	51,403	20,010	15,583
Research and development expenses [Member]
Statements [Line Items]
Wages and salaries	15,277	11,635	10,485
Other employee benefits	2,624	2,035	1,920
Share-based compensation expense	14,546	1,556	238
General and administrative expenses [Member]
Statements [Line Items]
Wages and salaries	6,968	3,596	2,233
Other employee benefits	1,015	728	607
Share-based compensation expense	€ 10,973	€ 460	€ 100

Personnel expenses - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Classes of employee benefits expense [abstract]
Post-employment benefit expense, defined contribution plans	€ 200	€ 100	€ 100
Employee health insurance cost	400	300	400
Social security contributions	1,700	1,300	1,000
other miscellaneous expenses	€ 100	€ 70	€ 200

Income Tax - Summary of Reconciliation Between Taxes On Income And Expected Income Tax Benefit (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Major components of tax expense (income) [abstract]
Loss before tax	€ (229,616)	€ (32,487)	€ (32,355)
Expected tax benefit	66,818	9,454	9,415
Difference in tax rates	(2,582)	(1,875)	(1,373)
Non-deductible tax-expenses	(599)	(61)	(70)
Government grants exempted from taxes	45	8	853
Permanent Differences	(44,461)
Non-recognition of deferred taxes on tax losses and temporary differences	(19,221)	(7,526)	(8,825)
Taxes on income	€ 0	€ 0	€ 0

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Disclosure Of Currency Risk Exposure [Line Items]

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Income Tax - Summary of Deferred Tax Assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statements [Line Items]
Deferred tax assets	€ 0	€ 0
Deferred tax liabilities	0	0
Non-recognition due to history of losses	(2,016)	(3,075)
Deferred tax assets netting	(1,713)	(854)
Deferred tax liabilities netting	1,713	854
Intangible assets [Member]
Statements [Line Items]
Deferred tax assets	1,770	2,064
Deferred revenue [Member]
Statements [Line Items]
Deferred tax assets	180	358
Lease liability [Member]
Statements [Line Items]
Deferred tax assets	1,776	886
Deferred expenses [Member]
Statements [Line Items]
Deferred tax assets	3	14
Recognized [Member]
Statements [Line Items]
Deferred tax assets	3,729	3,929
Right-of-use asset [Member]
Statements [Line Items]
Deferred tax liabilities	1,713	854
Recognized [Member]
Statements [Line Items]
Deferred tax liabilities	€ 1,713	854
Other liabilities [Member]
Statements [Line Items]
Deferred tax assets		€ 607

Income Tax - Additional Information (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statements [Line Items]
statutory tax rate	29.10%	29.10%	29.10%
corporate income tax rate	21.00%	21.00%	21.00%
Percentage on limitation on tax loss carryforwards after prior period	80.00%
Percentage on limitation on tax loss carryforwards before prior period				100.00%
Effective income tax reconciliation permanent effect share listing expense	€ 153
Indefinite Tax Losses Carryforward [Member]
Statements [Line Items]
Tax effect of tax losses	288	€ 219
Twenty Six Year Tax Losses Carryforward [Member]
Statements [Line Items]
Tax effect of tax losses	€ 26

Financial Risk Management Objectives and Policies - Summary of Currency Risk Exposure (Detail) - EUR (€)
€ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[2]

Dec. 31, 2017

€ 207,530

€ 103,353

^[1]

€ 39,367

€ 8,415

Currency risk [member] | Immatics GmbH [Member]

28,198

€ 18,690

Disclosure Of Currency Risk Exposure [Line Items]

52,015

Total assets exposed to the risk

24,448

76,463

Immatics N.V. [Member] | Currency risk [member]

Disclosure Of Currency Risk Exposure [Line Items]

42,528

Total assets exposed to the risk

€ 42,528

[1]	See Note 2 for details regarding the change in presentation of Other financial assets
[2]	See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Financial Risk Management Objectives and Policies - Summary of Sensitivity Analysis of Foreign Currency Risk (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	0.8149	0.8902	0.8738
Euro weakens by 1% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2394
Profit/(loss)	€ (757)
Carrying amount	€ 75,706
Euro weakens by 1% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2394
Profit/(loss)	€ (421)
Carrying amount	€ 42,107
Euro strengths by 1% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2148
Profit/(loss)	€ 772
Carrying amount	€ 77,235
Euro strengths by 1% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2148
Profit/(loss)	€ 430
Carrying amount	€ 42,958
Euro weakens by 5% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2885
Profit/(loss)	€ (3,641)
Carrying amount	€ 72,822
Euro weakens by 5% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2885
Profit/(loss)	€ (2,025)
Carrying amount	€ 40,503
Euro strengths by 5% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1657
Profit/(loss)	€ 4,024
Carrying amount	€ 80,487
Euro strengths by 5% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1657
Profit/(loss)	€ 2,238
Carrying amount	€ 44,766
Euro weakens by 10% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.3498
Profit/(loss)	€ (6,951)
Carrying amount	€ 69,512
Euro weakens by 10% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.3498
Profit/(loss)	€ (3,866)
Carrying amount	€ 38,662
Euro strengths by 10% against U.S. dollars [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1044
Profit/(loss)	€ 8,496
Carrying amount	€ 84,959
Euro strengths by 10% against U.S. dollars [Member] \| Immatics N.V. [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1044
Profit/(loss)	€ 4,725
Carrying amount	€ 47,253

Financial Risk Management Objectives and Policies - Summary of Liquidity Risk (Detail) - Liquidity risk [member] - EUR (€) € in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statements [Line Items]
Financial assets held for managing liquidity risk	€ 231,978	€ 119,376
Cash And Cash Equivalents [Member]
Statements [Line Items]
Financial assets held for managing liquidity risk	207,530	103,353
Short-Term Deposits [Member]
Statements [Line Items]
Financial assets held for managing liquidity risk	€ 24,448	€ 16,023

Financial Risk Management Objectives and Policies - Additional Information (Detail) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[2]

Dec. 31, 2017

€ 207,530

€ 103,353

^[1]

€ 39,367

€ 8,415

Credit risk [member]

Maximum exposure to credit risk

232,000

119,000

208,000

103,000

Currency risk [member] | Top of range [member]

24,000

€ 16,000

Foreign exchange gain (loss)

10,900

Currency risk [member] | Bottom of range [member]

Foreign exchange gain (loss)

€ 13,200

Currency risk [member] | Euro [Member]

Percentage Of Reasonably Possible Decrease In Foreign Currency Risk

10.00%

Currency risk [member] | US [Member]