UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

August 10, 2021

Commission File Number: 001-39363

IMMATICS N.V.

Paul-Ehrlich-Straße 15

72076 Tübingen, Federal Republic of Germany

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒                     Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On August 10, 2021, Immatics N.V. (the “Company”) issued an interim report for the three and six-month periods ended June 30, 2021, which is attached hereto as Exhibit 99.1, and issued a press release announcing the second quarter 2021 financial results for the Company, which is attached hereto as Exhibit 99.2.

INCORPORATION BY REFERENCE

This Report on Form 6-K (other than Exhibit 99.2 hereto), including Exhibit 99.1 hereto, shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration Nos. 333-258351 and 333-240260) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBITS

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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Exhibit 99.1

PRELIMINARY NOTE

The unaudited condensed Consolidated Financial Statements for the three- and six-month periods ended June 30, 2021, included herein, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Consolidated Financial Statements are presented in euros. All references in this interim report to “$,” and “U.S. dollars” mean U.S. dollars and all references to “€” and “euros” mean euros, unless otherwise noted.

This interim report, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain statements that constitute forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). All statements other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercial strategy, potential market opportunities, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this interim report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “will” and “potential,” among others. Forward-looking statements are based on our management’s beliefs and assumptions and on information available to our management at the time such statements are made. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; inconclusive clinical trial results or clinical trials failing to achieve one or more endpoints, early data not being repeated in ongoing or future clinical trials, failures to secure required regulatory approvals, disruptions from failures by third-parties on whom we rely in connection with our clinical trials, delays or negative determinations by regulatory authorities, changes or increases in oversight and regulation; increased competition; manufacturing delays or problems, inability to achieve enrollment targets, disagreements with our collaboration partners or failures of collaboration partners to pursue product candidates, legal challenges, including product liability claims or intellectual property disputes, commercialization factors, including regulatory approval and pricing determinations, disruptions to access to raw materials or starting material, proliferation and continuous evolution of new technologies; disruptions to Immatics’ business; management changes; dislocations in the capital markets; and other important factors described under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 30, 2021 and those described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they were made. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

We own various trademark registrations and applications, and unregistered trademarks, including Immatics^®, XPRESIDENT^®, ACTengine^®, ACTallo^®, ACTolog^®, XCEPTOR^™, TCER^™, AbsQuant^™, IMADetect^™ and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this interim report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this interim report may be referred to without the ^® and ^™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

As used in this interim report, the terms “Immatics,” “we,” “our,” “us,” “the Group” and “the Company” refer to Immatics N.V. and its subsidiaries, taken as a whole, unless the context otherwise requires. The unaudited condensed consolidated financial statements and Management’s Discussion & Analysis of Financial Condition and Results of Operations in this interim report are related to Immatics N.V. and its German subsidiary Immatics Biotechnologies GmbH as well as its U.S. subsidiary Immatics U.S. Inc.

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Unaudited Condensed Consolidated Statement of Financial Position of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Unaudited Condensed Consolidated Statement of Loss of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Unaudited Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Unaudited Condensed Consolidated Statement of Cash Flows of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Unaudited Condensed Consolidated Statement of Changes in Shareholders’ equity (deficit) of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Notes to the Unaudited Condensed Consolidated Financial Statements of Immatics N.V.

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 group that is primarily engaged in the research and development of T cell redirecting immunotherapies for the treatment of cancer. 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 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 financial results for the three and six months ended June 30, 2020, represent consolidated financial results of Immatics Biotechnologies GmbH.

These interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2021, were authorized for issue by the Audit Committee of Immatics N.V. on August 5, 2021.

2. Significant events and changes in the current reporting period

The Group was affected by the following events or transactions during the three and six months ended June 30, 2021.

COVID-19

In December 2019, a novel strain of coronavirus (“COVID-19”) emerged in Wuhan, China. On January 30, 2020, the World Health Organization declared the outbreak a pandemic and a global emergency. In response, many countries and businesses still institute travel restrictions, quarantines, and office closures. 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, and the availability of 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. Given the ongoing vaccination programs both in the U.S. and in Europe we currently do not expect significant negative impacts on the Group’s activities in the future. However, COVID-19 also showed the ability of mutation with potential mutants in the future limiting the impact of the vaccines. This could again lead to further negative impacts.

3. Significant accounting policies

Basis of presentation

The interim condensed consolidated financial statements of the Group as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as issued by the International Accounting Standards Board (“IASB”).

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRS IC”).

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The interim condensed consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise indicated.

The accounting policies adopted in the preparation of the interim condensed 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, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group for the three and six months ended as of June 30, 2021.

As of June 30, 2021, Immatics holds bonds. The bonds` contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost.

The Group had a non-controlling interest, representing approximately 3.96% of the Group’s Immatics US, Inc. subsidiary as of June 30, 2020, held by MD Anderson. On July 1, 2020 and as part of the ARYA Merger, this non-controlling interest in Immatics US, Inc. was exchanged for ordinary shares in Immatics N.V.

4. 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. Other current assets

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 June 30, 2021, and December 31, 2020, no receivables were considered impaired.

Prepaid expenses include prepaid insurance expenses of €0.2 million as of June 30, 2021 and €1.0 million as of December 31, 2020. The Group accrued €0.6 million as of June 30, 2021 and €0.5 million as of December 31, 2020 of incremental cost for the successful arrangement of the Celgene Switzerland LLC (“BMS”) and Genmab A/S (“Genmab”) collaboration agreements.

Additionally, prepaid expenses include expenses for licenses and software of €0.5 million as of June 30, 2021 and €0.6 million as of December 31, 2020. The remaining amount is mainly related to prepaid maintenance expenses.

Other assets include receivables from capital gains tax of €0.4 million as of June 30, 2021 and €0.4 million as of December 31, 2020. The remaining amount is mainly related to deposit expenses.

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6. Revenue from collaboration agreements

The Group earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of June 30, 2021, the Group had four strategic collaboration agreements in place. All collaboration agreements are still at pre-clinical stage. During the three and six months ended June 30, 2021, the Group did not enter into any new collaboration agreements.

The Group earned revenue from collaboration agreements from the following collaborators during the three and six months ended June 30, 2021 and 2020:

As of June 30, 2021, 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 June 30, 2021, Immatics had not received any milestone or royalty payments in connection with the collaboration agreements.

The Group expects 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 June 30, 2021 and December 31, 2020:

The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of €0.05 million and €0.08 million for the three months ended June 30, 2021 and June 30, 2020.

The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of €0.13 million and €0.15 million for the six months ended June 30, 2021 and June 30, 2020.

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7. Financial result

Financial income and financial expenses consist of the following:

Foreign currency gains mainly consist of unrealized gains in connection with our USD holdings of both cash and cash equivalents as well as short-term deposits.

Gains and losses on other financial instruments consist of losses from unrealized currency forward contracts.

8. Income Tax

During the three and six months ended June 30, 2021 and 2020, the Group generated losses in both Germany and the U.S. During the three and six months ended June 30, 2021 and 2020, 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% during the three and six months ended June 30, 2021 and 2020.

As of June 30, 2021, and December 31, 2020, 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, which could result in the recognition of deferred tax assets 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 of the Group’s annual financial statements for the year ended December 31, 2020, 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.

9. Intangible assets, Property, plant and equipment and Right-of-use assets

During the three months ended June 30, 2021 and June 30, 2020, the Group acquired property, plant and equipment and intangible assets in the amount of €.1.8 million and €1.3 million, respectively.

During the six months ended June 30, 2021 and June 30, 2020, the Group acquired property, plant and equipment and intangible assets in the amount of €2.4 million and €3.0 million, respectively.

During the six months ended June 30, 2021, new leases and extensions to existing lease agreements resulted in an addition in right-of-use assets and corresponding lease liability in the amount of €1.8 million, mainly due to the commencement of a lease agreement of rental land in Tübingen, Germany, an additional office floor in Tübingen, Germany, an additional office floor in München, Germany and a laboratory asset. The future lease payments for these lease contracts are approximately €0.3 million for the remainder of year 2021, €1.5 million within one to five years and € 0.1 million for fiscal years after 2025. The Group used its incremental borrowing rate (“IBR”) to calculate the initial lease liability.

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10. Provisions

Provisions consisted of the following as of June 30, 2021 and December 31, 2020:

These amounts include provisions for the Group’s annual employee bonuses. These amounts are classified as a provision as of June 30, 2021, because the amount to be paid is uncertain.

11. Other current liabilities

Other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020.

12. 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 contained the possibility to function as either a SAR or a stock option.

The Group accounted for awards issued under the 2016 Plan, which were redeemable in either cash or equity shares at the Group’s discretion, as equity settled.

For the six months ended June 30, 2020, Immatics recognized €0.8 million expenses in connection with the 2010 and 2016 Plan, of which €0.7 million and €0.1 million relate to cash and equity settled awards, respectively.

Prior to the ARYA Merger, Immatics N.V. established the new equity incentive plan (“2020 Equity Plan”). 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. Under the 2020 Plan, management and employees have been granted different types of options.

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As part of the replacement, active employees and management members received 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.

Matching Stock Options outstanding as of June 30, 2021:

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 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.

Converted Options outstanding as of June 30, 2021:

Under the 2020 Plan, Immatics also issues employee stock options 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. These Service Options are granted on a recurring basis.

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The Company granted Service Options on March 30, 2021, June 17, 2021 and on June 29, 2021 which were accounted for using the respective grant date fair value. Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options, with a weighted average fair value of $8.48 for Service Option granted during the six months ended June 30, 2021.

Service Options outstanding as of June 30, 2021:

In addition, after the closing of the ARYA Merger certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options (“PSUs”), vesting based on both the 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.

A Monte-Carlo simulation model has been used to measure the fair value at grant date of the PSUs. This 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.

There were no PSUs granted during the three and six months ended June 30, 2021.

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PSUs outstanding as of June 30, 2021:

The Group recognized total employee-related share-based compensation expense, during the three and six months ended June 30, 2021 and 2020 as set out below:

The increase in share-based compensation expense for the six months ended June 30, 2021 is attributable to replacement awards issued under the 2020 Equity Plan for the outstanding awards under the 2010 Plan and 2016 Plan and the new awards issued under the 2020 Equity Plan, as described above.

13. Related party disclosures

During the three and six months ended June 30, 2021 the Group did not enter into any new related-party transactions with its key management personnel or with related entities other than renewed service contracts for members of the Supervisory Board based on their election at the Annual General Meeting held on June 17, 2021. As part of his election, Dr. Friedrich von Bohlen und Halbach has been granted 25,000 Service Options.

14. Financial Instruments

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

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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.

15. Events occurring after the reporting period

The Company evaluated subsequent events for recognition or disclosure through August 10, 2021 and did not identify material subsequent events.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

The following discussion and analysis is based on the financial information of Immatics N.V, together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US, Inc. (“Immatics”, the “Company”, the “Group”, “we”, “our”).You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements for the three- and six-months periods ended June 30, 2021 and 2020 included in this interim report. You should also read our operating and financial review and prospect and our Consolidated Financial Statements for fiscal year 2020, and the notes thereto, in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 30, 2021 (the “Annual Report”). The following discussion is based on the financial information of Immatics prepared in accordance with International Financial Reporting Standards (“IFRS”), which may differ in material respects from generally accepted accounting principles in other jurisdictions, including U.S. generally accepted accounting principles.

Overview

We are a clinical-stage biotechnology company dedicated to the development of T cell receptor (“TCR”)-based immunotherapies for the treatment of cancer. Our focus is the generation of novel therapeutic options for solid tumor patients. Solid tumors constitute the majority of all cancers, and relapsed and/or refractory solid tumor patients have an unmet medical need. We believe that by identifying true cancer targets and the right TCRs, we will be well positioned to transform current solid tumor treatment paradigms by delivering cellular and bispecific product candidates that have the potential to improve the lives of cancer patients.

One of the challenges of effectively treating solid tumors is the lack of cancer-specific targets. By utilizing TCR-based therapeutics, we are capable of directing T cells not only to targets on the surface of the cancer cell, but also to intracellular cancer targets that are not accessible through classical antibody-based or CAR-T therapies. We have developed a suite of proprietary technologies to identify what we refer to as “true targets” and “right TCRs.” True targets are (i) naturally occurring at significant levels on native tumor tissue, and (ii) highly specific to cancer cells. Right TCRs are (i) high-affinity TCRs, and (ii) highly specific to the respective cancer target, with no or minimized cross-reactivities to healthy tissues.

We believe that the elucidation of these targets provides us the opportunity to develop a pipeline of novel TCR-based product candidates that generate a meaningful therapeutic impact on the lives of cancer patients by going beyond an incremental clinical benefit. We are developing our targeted immunotherapy product candidates through two distinct treatment modalities: Adoptive Cell Therapies (“ACT”) and antibody-like Bispecifics. Each is designed with distinct attributes to produce the desired therapeutic effect for patients at different disease stages and with different types of tumors. Our current proprietary pipeline comprises seven therapeutic programs, three of which are being evaluated in clinical trials. In addition, we are collaborating with world-leading partners, including Amgen Inc. (“Amgen”), Genmab A/S (“Genmab”), Bristol-Myers Squibb (“BMS”) and GlaxoSmithKline plc (“GSK”), to develop ten additional therapeutic programs covering ACT and Bispecifics.

Since our inception, we have focused on developing our technologies and executing our preclinical and clinical research programs with the aim to deliver the power of T cells to cancer patients. We do not have any products approved for sale. We have funded our operations primarily through equity financing and, to a lesser extent, through upfront payments from our collaborators.

We have assembled a team of approximately 320 employees.

We have raised approximately €590 million in total through licensing payments from our collaborators and through private and public placements of securities, including the proceeds from the ARYA Merger and the PIPE Financing that closed on July 1, 2020. We are holding Cash and cash equivalents as well as Other financial assets of €192.8 million as of June 30, 2021. These will be used for general corporate purposes and provide a cash reach into 2023.

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Since our inception, we have incurred net losses, which have been significant in recent periods. We expect to continue to incur significant expenses and increasing net losses for the foreseeable future as we continue our research and development efforts and seek to obtain regulatory approval for and commercialize our product candidates. Our future profitability will be dependent upon the successful development, approval and commercialization of our product candidates and achieving a level of revenues adequate to support our cost structure. We may never achieve profitability and, unless and until we do, we will continue to need to raise additional capital. Our net losses may fluctuate significantly from period to period and year to year.

Recent Developments

Business Impact of the COVID-19 Pandemic

In December 2019, a novel strain of coronavirus (“COVID-19”) emerged in Wuhan, China. On January 30, 2020, the World Health Organization declared the outbreak a pandemic and a global emergency. In response, many countries and businesses still institute travel restrictions, quarantines, and office closures. 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, and the availability of 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. Given the ongoing vaccination programs both in the U.S. and in Europe we currently do not expect significant negative impacts on the Group’s activities in the future. However, the impact ultimate impact of COVID-19 is difficult to predict and will be influenced by the severity and duration of the pandemic, the timing, the availability and acceptance of vaccines, the effectiveness of vaccines, particularly against emerging variants of the novel coronavirus, scope and effectiveness of national and local governmental responses to the pandemic.

Changes to our Board of Directors

Former Immatics Board member Friedrich von Bohlen und Halbach, PhD, Managing Partner and co-founder of dievini Hopp BioTech Holding GmbH & Co. KG has succeeded Christof Hettich, L.L.D., Managing Partner and founding member of the dievini Hopp BioTech holding GmbH & Co. KG, who has decided to step down from Immatics’ Board of Directors as member of our Board of Directors. The election of Friedrich von Bohlen und Halbach took place at Immatics’ Annual General Meeting on June 17, 2021.

Preclinical Proof-of-Concept Data for TCR Bispecifics Program IMA402 Targeting PRAME

On May 11, 2021, we announced an update on our second TCR Bispecifics program IMA402. IMA402 targets an Immatics-validated peptide derived from PRAME, one of the most frequently expressed intracellular cancer targets for TCR therapy. It demonstrates tumor cell killing in vitro and complete regressions of established tumors in an in vivo tumor model. We have selected a clinical lead candidate for the IMA402 program and initiated manufacturing activities.

Components of Operating Results

Revenue from Collaboration Agreements

To date, we have not generated any revenue from the sale of pharmaceutical products. Our revenue has been solely derived from our collaboration agreements with Amgen, Genmab, BMS and GSK.

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Our revenue from collaboration agreements consists of upfront payments as well as reimbursement of research and development expenses. Upfront payments are initially recorded on our statement of financial position as deferred revenue and are subsequently recognized as revenue on a cost-to-cost measurement basis, in accordance with our accounting policy as described further under “—Critical Accounting Policies and Significant Judgments and Estimates.”

As part of the collaboration arrangements, we grant exclusive licensing rights for the development and commercialization of future product candidates, developed for specified targets defined in the respective collaboration agreement. We carry out our research activities using our proprietary technology and know-how, participate in joint steering committees, and prepare data packages. In each of our collaboration agreements, these commitments represent one combined performance obligation, because the research activities are mutually dependent and the collaborator is unable to derive significant benefit from our access to these targets without our research activities, which are highly specialized and cannot be performed by other organizations.

The collaboration agreements resulted in €186.6 million of upfront cash payments, intended to fund the research and development activities under each contract. As part of the agreements, we contribute our XPRESIDENT and other technologies, as well as commit to participating in joint research activities. In addition, we agree to license certain target rights and the potential product candidates developed under the collaboration.

Under each of our collaboration agreements, we are entitled to receive payments for certain development and commercial milestone events, in addition to royalty payments upon successful commercialization of a product. The uncertainty of achieving these milestones significantly impacts on our ability to generate revenue.

Our ability to generate revenue from sales of pharmaceutical products and to become profitable depends on the successful commercialization of product candidates by us or by our collaboration partners. In the foreseeable future, we do not expect revenue from product sales. To the extent that existing or potential future collaborations generate revenue, our revenue may vary due to many uncertainties in the development of our product candidates and other factors.

Research and Development Expenses

Research and development expenses consist primarily of personnel-related costs (including share-based compensation) for the various research and development departments, intellectual property (“IP”) expenses, facility-related costs and amortization as well as direct expenses for clinical and preclinical programs.

Our core business is focused on the following initiatives with the goal of providing novel immuno-oncology therapies to cancer patients:

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 and development costs are expensed as incurred due to scientific uncertainty.

We expect our research and development expenses to increase substantially in the future as we advance existing and future proprietary product candidates into and through clinical studies and pursue regulatory approval. The process of conducting the necessary clinical studies to obtain regulatory approval is costly and time-consuming. We are increasing our headcount to support our continued research activities and development of our product candidates. Clinical studies generally become larger and more costly to conduct as they advance into later stages and, in the

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future, we will be required to make estimates for expense accruals related to clinical study expenses. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of any product candidates that we develop from our programs. Our research and development programs are at an early stage. We must demonstrate our products’ safety and efficacy in humans through extensive clinical testing. We may experience numerous unforeseen events during, or as a result of, the testing process that could delay or prevent commercialization of our products, including but not limited to the following:

Clinical testing is very expensive, can take many years, and the outcome is uncertain. It could take several years before we learn the results from any clinical trial using ACT or TCR Bispecifics. The data collected from our clinical trials may not be sufficient to support approval by the FDA, the EMA or comparable regulatory authorities of our ACT- or TCR Bispecifics-based product candidates for the treatment of solid tumors. The clinical trials for our products under development may not be completed on schedule and the FDA, EMA or regulatory authorities in other countries may not ultimately approve any of our product candidates for commercial sale. If we fail to adequately demonstrate the safety and effectiveness of any product candidate under development, we may not receive regulatory approval for those product candidates, which would prevent us from generating revenues or achieving profitability.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs (including share-based compensation) for finance, legal, human resources, business development and other administrative and operational functions, professional fees, accounting and legal services, information technology and facility-related costs. These costs relate to the operation of the business, unrelated to the research and development function or any individual program.

Due to our planned substantial increase in research and development expenses, as explained above, we also expect that our general and administrative expenses will increase significantly. We expect to incur increased accounting, audit, legal, regulatory, compliance, director and officer insurance costs as well as investor and public relations expenses associated with being a public company. Additionally, if and when a regulatory approval of a product candidate appears likely, we anticipate an increase in payroll and expenses as a result of our preparation for commercial operations.

Other Income

We receive income through government grants for specific research and development projects. We recognize grant income as we perform research and development activities, specified by the grant agreements.

Other components of other income have historically been immaterial.

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Financial Result

Financial result consists of both financial income and financial expense. Financial income results primarily from interest income on cash and foreign exchange gains. Our financial expense consists of interest expense related to lease liabilities and foreign exchange.

Results of Operations

Comparison of the Three and Six Months Ended June 30, 2021 and June 30, 2020

The following table summarizes our consolidated statements of operations for each period presented:

Revenue from Collaboration Agreements

The following table summarizes our collaboration revenue for the periods indicated:

Our Revenue from collaboration agreements decreased from €6.9 million for the three months ended June 30, 2020 to €5.2 million for the three months ended June 30, 2021. The decrease in revenue of €1.7 million was mainly from the collaborations with BMS, Genmab and Amgen. This decrease is due to the fact that the currently ongoing working packages within these collaborations are partly performed directly by the partners, and we therefore

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incurred less cost under the agreement for the three months ended June 30, 2021. We believe that the decline in revenue under these agreements is temporary because the total revenue from the collaboration is fixed and recognized as research activities are performed. The additional revenue of €0.9 million from GSK is from the ramp-up-phase after consummating the collaboration in December 2019 as compared to the three months ended June 30, 2021.

Our Revenue from collaboration agreements decreased from €13.9 million for the six months ended June 30, 2020 to €12.6 million for the six months ended June 30, 2021. The decrease in revenue of €1.3 million was mainly from the collaborations with BMS and Amgen. This decrease is due to the fact that the currently ongoing working packages within these collaborations are partly performed directly by the partners, and we therefore incurred less cost under the agreement for the six months ended June 30, 2021. We believe that the decline in revenue under these agreements is temporary because the total revenue from the collaboration is fixed and recognized as research activities are performed. The additional revenue of €2.1 million from GSK is from the ramp-up-phase after consummating the collaboration in December 2019 as compared to the six months ended June 30, 2021.

We did not achieve any milestones or receive any royalty payments in connection with our collaboration agreements during the presented periods.

Research and Development Expenses

The following table summarizes our research and development expenses for the periods indicated:

Direct external research and development expenses for our ACT programs increased from €2.0 million for the three months ended June 30, 2020 to €3.3 million for the three months ended June 30, 2021. This increase mainly resulted from increased activities in our clinical trials including increased patient recruitment. Direct external research and development expenses for our TCR Bispecifics programs increased from €0.7 million for the three months ended June 30, 2020 to €1.0 million for the three months ended June 30, 2021. This increase mainly resulted from our GMP manufacturing as part of our ongoing preparation of our clinical trials. Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements increased from €0.5 million for the three months ended June 30, 2020 to €0.7 million for the three months ended June 30, 2021. This increase resulted from ongoing enhancements of our technology platform.

Direct external research and development expenses for our ACT programs increased from €3.8 million for the six months ended June 30, 2020 to €7.4 million for the six months ended June 30, 2021. This increase mainly resulted from increased activities in our clinical trials including increased patient recruitment. Direct external research and

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development expenses for our TCR Bispecifics programs increased from €1.3 million for the six months ended June 30, 2020 to €3.4 million for the six months ended June 30, 2021. This increase mainly resulted from our GMP manufacturing as part of our ongoing preparation of our clinical trials. Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements increased from €1.0 million for the six months ended June 30, 2020 to €1.5 million for the six months ended June 30, 2021. This increase resulted from ongoing enhancements of our technology platform.

We do not allocate indirect research and development expenses by program, as our research and development personnel work across programs, our intellectual property expenses are incurred for the protection of cancer antigen targets, T cell receptors, antibodies, bispecific molecules, and antigen discovery platforms which are beneficial to the whole research and development group rather than for specific programs, our programs use common research and development facility and laboratory equipment, and we also incur other cost such as general laboratory material or maintenance expenses that are incurred for commonly used activities within the whole research and development group.

Personnel-related expenses increased from €4.3 million for the three months ended June 30, 2020 to €6.0 million for the three months ended June 30, 2021. This increase resulted from our increased headcount as part of our extension of research and development activities including clinical trials. Share-based compensation expenses decreased from €4.8 million for the three months ended June 30, 2020, to €4.7 million for the three months ended June 30, 2021. This decrease resulted from a one-time expense as part of the conversion of our former share-based compensation program for the three months ended June 30, 2020, offset by our expenses of the share-based compensation under the 2020 Equity plan for the three months ended June 30, 2021. IP expenses are stable and remained at €2.5 million for the three months ended June 30, 2020 as well as for the three months ended June 30, 2021. Facility and depreciation expenses increased from €1.2 million for the three months ended June 30, 2020 to €1.3 million for the three months ended June 30, 2021. This increase resulted from our extension of research and development activities. Other indirect expenses increased from €0.5 million for the three months ended June 30, 2020 to €0.8 million for the three months ended June 30, 2021. This increase resulted from our extension of research and development activities.

Personnel-related expenses increased from €8.7 million for the six months ended June 30, 2020 to €11.3 million for the six months ended June 30, 2021. This increase resulted from our increased headcount as part of our extension of research and development activities including clinical trials. Share-based compensation expenses increased from €5.3 million for the six months ended June 30, 2020 to €9.6 million for the six months ended June 30, 2021. This increase resulted from our expenses of the share-based compensation under the 2020 Equity plan for the six months ended June 30, 2021, partly offset by a one-time expense as part of the conversion of our former share-based compensation program for the six months ended June 30, 2020. IP expenses increased from €4.7 million for the six months ended June 30, 2020 to €5.5 million for the six months ended June 30, 2021. Our IP expenses are stable, and the increase is within normal volatility. Facility and depreciation expenses decreased from €2.6 million for the six months ended June 30, 2020 to €2.4 million for the six months ended June 30, 2021. This decrease resulted from a one-time expense for the six months ended June 30, 2020, generally, our extension of research and development activities lead to increased expenses for facility and depreciation. Other indirect expenses increased from €1.3 million for the six months ended June 30, 2020 to €2.3 million for the six months ended June 30, 2021. This increase resulted from our extension of research and development activities.

General and Administrative Expenses

The following table summarizes our general and administrative expenses for the periods indicated:

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General and administrative expenses decreased from €10.1 million for the three months ended June 30, 2020 to €8.3 million for the three months ended June 30, 2021.

Share-based compensation expenses decreased from €3.8 million for the three months ended June 30, 2020 to €3.3 million for the three months ended June 30, 2021. The decrease resulted from the modification of previous awards as part of the ARYA merger and share-based awards issued under the 2020 Equity Plan.

Personnel related general and administrative expenses, excluding share-based compensation, remained stable from €2.4 million for the three months ended June 30, 2020 to €2.4 million for the three months ended June 30, 2021.

Professional and consulting fees decreased from €2.9 million for the three months ended June 30, 2020 to €1.1 million for the three months ended June 30, 2021. The decrease in professional and consulting fees resulted mainly from a decrease in accounting, audit and legal fees. The decrease was due to the one-time expenses associated with the ARYA Merger and PIPE Financing in 2020.

Other external expenses increased from €0.9 million for the three months ended June 30, 2020 to €1.5 million for the three months ended June 30, 2021. The increase in other expenses mainly resulted from increased insurance payments, depreciation, and other office expenses.

General and administrative expenses marginally increased from €16.3 million for the six months ended June 30, 2020 to €16.7 million for the six months ended June 30, 2021.

Share-based compensation expenses increased from €4.2 million for the six months ended June 30, 2020 to €6.7 million for the six months ended June 30, 2021. The increase resulted from the modification of previous awards as part of the ARYA merger and share-based awards issued under the 2020 Equity Plan.

Personnel related general and administrative expenses, excluding share-based compensation, increased from €4.0 million for the six months ended June 30, 2020 to €4.5 million for the six months ended June 30, 2021. The increase mainly resulted from an increased headcount in our finance, human resources and communications functions.

Professional and consulting fees decreased from €6.1 million for the six months ended June 30, 2020 to €2.6 million for the six months ended June 30, 2021. The decrease in professional and consulting fees resulted mainly from a decrease in accounting, audit and legal fees. The decrease was due to the one-time expenses associated with the ARYA Merger and PIPE Financing in 2020.

Other external expenses marginally increased from €2.0 million for the six months ended June 30, 2020 to €2.9 million for the six months ended June 30, 2021. The increase in other expenses mainly resulted from increased insurance payments, depreciation, and other office expenses.

Other Income

Other income decreased from €86 thousand for the three months ended June 30, 2020 to €26 thousand for the three months ended June 30, 2021.

Other income increased from €0.2 million for the six months ended June 30, 2020 to €0.3 million for the six months ended June 30, 2021.

Financial Result

Financial income decreased from €0.4 million for the three months ended June 30, 2020 to €0.2 million for the three months ended June 30, 2021. The decrease mainly resulted from interest.

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Financial expenses decreased from €2.2 million for the three months ended June 30, 2021 to €0.6 million for the three months ended June 30, 2021. The decrease mainly resulted from lower unrealized foreign exchange losses.

Financial income increased from €1.1 million for the six months ended June 30, 2020 to €3.1 million for the six months ended June 30, 2021. The increase mainly resulted from unrealized foreign exchange gains.

Financial expenses increased from €0.1 million for the six months ended June 30, 2021 to €1.3 million for the six months ended June 30, 2021. The increase mainly resulted from negative development of USD-EUR forward contracts.

Liquidity and Capital Resources

Sources of Liquidity

We have funded our operations primarily from private placements of our ordinary shares, proceeds from collaborators, and the net proceeds generated from the ARYA Merger and PIPE Financing that closed on July 1, 2020.

Cash and cash equivalents decreased from €207.5 million as of December 31, 2020, to €160.1 million as of June 30, 2021. Cash and cash equivalents are invested in accordance with our investment policy with an emphasis on liquidity and capital preservation and consist primarily of cash in banks and money market accounts. Additionally, we invest funds in short-term deposits with an original maturity between three and nine months. We are holding Cash and cash equivalents as well as Other financial assets of €192.8 million as of June 30, 2021.

Cash Flows

The following table summarizes our cash flows for each period presented:

Operating Activities

We primarily derive cash from our collaboration agreements. Our cash used in operating activities is significantly influenced by our use of cash for operating expenses and working capital to support the business.

We experienced net cash outflow for the six months ended June 30, 2021 and 2020, resulting primarily from differences in the net loss for the periods and working capital changes.

Our net cash outflow from operating activities for the six months ended June 30, 2021 was €36.6 million. This comprised of a net loss of €45.4 million, a decrease in working capital of €10.0 million, and a partial offset of €18.8 million by non-cash charges, mainly from the equity settled shared-based compensation expenses for employees of €16.3 million, and depreciation and amortization charge of €2.3 million. The decrease in working capital mainly resulted from a decrease in accounts payable and other liabilities of €11.4 million, and an decrease in both accounts receivables and other current assets and prepayments of €0.5 million and €0.9 million, respectively.

For the six months ended June 30, 2020, our net cash outflow from operating activities was €27.7 million. This resulted from a net loss of €29.9 million and a €7.1 million decrease in working capital and was partially offset by €9.3 million from non-cash charges. The decrease in working capital mainly resulted from a decrease in accounts payable and other liabilities of €6.3 million, a increase in other assets of €1.1 million, and an decrease in accounts receivable of €0.5 million.

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Investing Activities

Net cash used in investing activities for the six months ended June 30, 2021 was €10.3 million. This consisted primarily of €11.4 million payment for bond investments that are classified as other financial assets and held with financial institutions to finance the company, €2.3 million as payment for new equipment and intangible assets, and €3.4 million proceeds from maturities of investments that are classified as other financial assets and held with financial institutions to finance the company.

Our net inflow of cash from investing activities for the six months ended June 30, 2020 was €11.5 million. This consisted of € 16.0 million proceeds from maturities of investments that are classified as other financial assets and held with financial institutions to finance the company, partially offset by € 4.5 million payment for new equipment; our new laboratory space, computers, office, and other laboratory equipment.