Exhibit Number |
Description | |
99.1 |
||
99.2 |
||
101.INS |
XBRL Taxonomy Extension Instance Document | |
101.SCH |
XBRL Taxonomy Extension Schema Document | |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
IMMATICS N.V. | ||||||
Date: August 9, 2022 |
by: |
/s/ Harpreet Singh | ||||
Harpreet Singh | ||||||
Chief Executive Officer |
As of |
||||||||||||
Notes |
June 30, 2022 |
December 31, 2021 |
||||||||||
(Euros in thousands) |
||||||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
||||||||||||
Other financial assets |
15 | |||||||||||
Accounts receivable |
||||||||||||
Other current assets |
5 | |||||||||||
|
|
|
|
|||||||||
Total current assets |
||||||||||||
Non-current assets |
||||||||||||
Property, plant and equipment |
9 | |||||||||||
Intangible assets |
9 | |||||||||||
Right-of-use assets |
9 | |||||||||||
Other non-current assets |
5 | |||||||||||
|
|
|
|
|||||||||
Total non-current assets |
||||||||||||
|
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|
|||||||||
Total assets |
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|
|
|
|
|||||||||
Liabilities and shareholders’ equity |
||||||||||||
Current liabilities |
||||||||||||
Provisions |
10 | |||||||||||
Accounts payable |
||||||||||||
Deferred revenue |
6 | |||||||||||
Other financial liabilities |
15 | |||||||||||
Lease liabilities |
||||||||||||
Other current liabilities |
11 | |||||||||||
|
|
|
|
|||||||||
Total current liabilities |
||||||||||||
Non-current liabilities |
||||||||||||
Deferred revenue |
6 | |||||||||||
Lease liabilities |
||||||||||||
Other non-current liabilities |
||||||||||||
|
|
|
|
|||||||||
Total non-current liabilities |
||||||||||||
Shareholders’ equity |
||||||||||||
Share capital |
||||||||||||
Share premium |
14 |
|||||||||||
Accumulated deficit |
14 |
( |
) | ( |
) | |||||||
Other reserves |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Total shareholders’ equity |
||||||||||||
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity |
||||||||||||
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||||||
Notes |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||
(Euros in thousands, except share and per share data) |
(Euros in thousands, except share and per share data) |
|||||||||||||||||||
Revenue from collaboration agreements |
6 | |||||||||||||||||||
Research and development expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
General and administrative expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Other income |
||||||||||||||||||||
Operating result |
( |
) |
( |
) |
( |
) | ||||||||||||||
Financial income |
7 | |||||||||||||||||||
Financial expenses |
7 | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Change in fair value of warrant liabilities |
7 | ( |
) | ( |
) | ( |
) | |||||||||||||
Financial result |
( |
) |
( |
) | ||||||||||||||||
Profit/(loss) before taxes |
( |
) |
( |
) |
( |
) | ||||||||||||||
Taxes on income |
8 | ( |
) | ( |
) | |||||||||||||||
Net profit/(loss) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Net profit/(loss) per share: |
||||||||||||||||||||
Basic |
( |
) | ( |
) | ( |
) | ||||||||||||||
Diluted |
( |
) |
( |
) |
( |
) | ||||||||||||||
Weighted average shares outstanding: |
||||||||||||||||||||
Basic |
||||||||||||||||||||
Diluted |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||||||
Notes |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||
(Euros in thousands) |
(Euros in thousands) |
|||||||||||||||||||
Net profit/(loss) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Other comprehensive income/(loss) |
||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss, net of tax |
||||||||||||||||||||
Currency translation differences from foreign operations |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total comprehensive income/(loss) for the period |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
Six months ended June 30, |
||||||||
2022 |
2021 |
|||||||
(Euros in thousands) |
||||||||
Cash flows from operating activities |
||||||||
Net profit/(loss) |
( |
) | ||||||
Adjustments for: |
||||||||
Interest income |
( |
) | ( |
) | ||||
Depreciation and amortization |
||||||||
Interest expense |
||||||||
Equity settled share-based payment |
||||||||
Net foreign exchange differences |
||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Changes in: |
||||||||
(Increase)/decrease in accounts receivable |
( |
) | ||||||
(Increase)/decrease in other assets |
( |
) | ||||||
Increase/(decrease) in accounts payable and other liabilities |
( |
) | ||||||
Interest received |
||||||||
Interest paid |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by/(used in) operating activities |
( |
) | ||||||
|
|
|
|
|||||
Cash flows from investing activities |
||||||||
Payments for property, plant and equipment |
( |
) | ( |
) | ||||
Cash paid for investments classified in Other financial assets |
( |
) | ( |
) | ||||
Cash received from maturity of investments classified in Other financial assets |
||||||||
Payments for intangible assets |
( |
) | ( |
) | ||||
Proceeds from disposal of property, plant and equipment |
||||||||
|
|
|
|
|||||
Net cash (used in)/provided by investing activities |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Proceeds from issuance of shares to equity holders |
— | |||||||
Transaction costs deducted from equity |
( |
) | — | |||||
Payments for leases |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by/(used in) financing activities |
( |
) | ||||||
|
|
|
|
|||||
Net increase/(decrease) in cash and cash equivalents |
( |
) | ||||||
|
|
|
|
|||||
Cash and cash equivalents at beginning of period |
||||||||
|
|
|
|
|||||
Effects of exchange rate changes on cash and cash equivalents |
||||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
||||||||
|
|
|
|
(Euros in thousands) |
Notes |
Share capital |
Share premium |
Accumulated deficit |
Other reserves |
Total share- holders’ equity |
||||||||||||||||||
Balance as of January 1, 2021 |
( |
) |
( |
) |
||||||||||||||||||||
Other comprehensive income |
— | — | — | |||||||||||||||||||||
Net loss |
— | — | ( |
) | — | ( |
) | |||||||||||||||||
Comprehensive income/(loss) for the year |
— |
— |
( |
) |
( |
) | ||||||||||||||||||
Equity-settled share-based compensation |
12 | — | — | — | ||||||||||||||||||||
Balance as of June 30, 2021 |
( |
) |
( |
) |
||||||||||||||||||||
Balance as of January 1, 2022 |
( |
) |
( |
) |
||||||||||||||||||||
Other comprehensive income |
— | — | — | |||||||||||||||||||||
Net profit |
— | — | — | |||||||||||||||||||||
Comprehensive income for the year |
— |
— |
||||||||||||||||||||||
Equity-settled share-based compensation |
12 | — | — | — | ||||||||||||||||||||
Share options exercised |
— | — | — | |||||||||||||||||||||
Issue of share capital – net of transaction costs |
14 | — | — | |||||||||||||||||||||
Balance as of June 30, 2022 |
( |
) |
( |
) |
||||||||||||||||||||
1. |
Stand-alone selling price for clinical trial services: € |
2. |
Stand-alone selling price for the license grant: € |
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(Euros in thousands) |
||||||||
Prepaid expenses |
||||||||
Value added tax receivable |
||||||||
Grant receivable |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Other current assets |
||||||||
|
|
|
|
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(Euros in thousands) |
||||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Other non-current assets |
||||||||
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Euros in thousands) |
(Euros in thousands) |
|||||||||||||||
Amgen |
||||||||||||||||
Genmab |
||||||||||||||||
BMS |
||||||||||||||||
GSK |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
||||||||||||||||
|
|
|
|
|
|
|
|
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(Euros in thousands) |
||||||||
Current |
||||||||
Non-current |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Euros in thousands) |
(Euros in thousands) |
|||||||||||||||
Interest income |
||||||||||||||||
Foreign currency gains |
||||||||||||||||
Gain on other financial instruments |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest expenses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Foreign currency losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Losses on other financial instruments |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial expenses |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial result |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(Euros in thousands) |
||||||||
Other provision |
||||||||
Provision for bonuses |
||||||||
|
|
|
|
|||||
Total provisions |
||||||||
|
|
|
|
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(Euros in thousands) |
||||||||
Income tax liability |
||||||||
Payroll tax |
||||||||
Accrual for vacation |
||||||||
Other |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2022 |
||||||||
Weighted average exercise price |
Number |
|||||||
Matching Stock Options outstanding on January 1, |
||||||||
Matching Stock Options forfeited |
||||||||
Matching Stock Options exercised |
||||||||
Matching Stock Options expired |
||||||||
Matching Stock Options outstanding on June 30, |
||||||||
Matching Stock Options exercisable on June 30, |
||||||||
Weighted average remaining contract life (years) |
2022 |
||||||||
Weighted average exercise price in |
Number |
|||||||
Converted Options outstanding on January 1, |
||||||||
Converted Options forfeited |
||||||||
Converted Options exercised |
||||||||
Converted Options expired |
||||||||
Converted Options outstanding on June 30, |
||||||||
Converted Options exercisable on June 30, |
||||||||
Weighted average remaining contract life (years) |
As of March 22, 2022 |
As of March 29, 2022 |
As of June 14, 2022 |
As of June 30, 2022 |
|||||||||||||
Exercise price in USD |
$ | $ | $ | $ | ||||||||||||
Underlying share price in USD |
$ | $ | $ | $ | ||||||||||||
Volatility |
% | % | % | % | ||||||||||||
Time period (years) |
||||||||||||||||
Risk free rate |
% | % | % | % | ||||||||||||
Dividend yield |
% | % | % | % |
2022 |
||||||||
Weighted average exercise price in USD |
Number |
|||||||
Service Options outstanding on January 1, |
||||||||
Service Options granted in March, |
||||||||
Service Options granted in June, |
||||||||
Service Options forfeited |
||||||||
Service Options exercised |
||||||||
Service Options expired |
||||||||
Service Options outstanding on June 30, |
||||||||
Service Options exercisable on June 30, |
||||||||
Weighted average remaining contract life (years) |
2022 |
||||||||
Weighted average exercise price in USD |
Number |
|||||||
PSUs outstanding on January 1, |
||||||||
PSUs granted |
||||||||
PSUs forfeited |
||||||||
PSUs outstanding on June 30, |
||||||||
PSUs exercisable on June 30, |
||||||||
Weighted average remaining contract life (years) |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Euros in thousands) |
(Euros in thousands) |
|||||||||||||||
Research and development expenses |
||||||||||||||||
General and administrative expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total share-based compensation |
||||||||||||||||
|
|
|
|
|
|
|
|
Euros in thousands |
Carrying amount |
Fair value |
||||||||||||||||
IFRS 9 |
June 30, 2022 |
December 31, 2021 |
June 30, 2022 |
December 31, 2021 |
||||||||||||||
Financial assets |
||||||||||||||||||
Bonds* |
other financial assets at amortized cost | |||||||||||||||||
Accounts receivable |
other financial assets at amortized cost | |||||||||||||||||
Other current/non-current assets |
other financial assets at amortized cost | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total financial assets** |
||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Financial liabilities |
||||||||||||||||||
Accounts payable |
other financial liabilities at amortized cost | |||||||||||||||||
Other current liabilities |
other financial liabilities at amortized cost | |||||||||||||||||
Other financial liabilities |
At fair value through profit or loss |
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total financial liabilities |
||||||||||||||||||
|
|
|
|
|
|
|
|
* | Bonds are classified within Other financial assets. |
** | Financial assets, other than cash and cash equivalents. |
• | advancing the proprietary pipeline of product candidates focusing on ACTengine and TCR Bispecifics; |
• | enhancing ACT manufacturing capabilities; |
• | disrupting the tumor microenvironment through combination therapies, next-generation technologies and novel target classes; |
• | developing novel personalized multi-TCR-T |
• | maintaining and enhancing the competitive edge of our target and TCR technology platforms; |
• | leveraging existing collaborations with Genmab, BMS and GSK and establish additional value-maximizing strategic collaborations and |
• | expanding our intellectual property portfolio. |
• | after reviewing trial results, we or our collaborators may abandon projects previously believed to be promising; |
• | we, our collaborators, or regulators may suspend or terminate clinical trials if the participating subjects or patients are being exposed to unacceptable health risks; |
• | our potential products may not achieve the desired effects or may include undesirable side effects or other characteristics that preclude regulatory approval or limit their commercial use if approved; |
• | manufacturers may not meet the necessary standards for the production of the product candidates or may not be able to supply the product candidates in a sufficient quantity; |
• | regulatory authorities may find that our clinical trial design or conduct does not meet the applicable approval requirements; and |
• | safety and efficacy results in various human clinical trials reported in scientific and medical literature may not be indicative of results we obtain in our clinical trials. |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(euros in thousands, except share and per share data) |
||||||||||||||||
Revenue from collaboration agreements |
€ | 17,215 | € | 5,189 | € | 120,123 | € | 12,592 | ||||||||
Research and development expenses |
(25,216 | ) | (20,340 | ) | (50,360 | ) | (43,389 | ) | ||||||||
General and administrative expenses |
(8,683 | ) | (8,271 | ) | (17,961 | ) | (16,702 | ) | ||||||||
Other income |
27 | 26 | 32 | 265 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating result |
(16,657 |
) |
(23,396 |
) |
51,834 |
(47,234 |
) | |||||||||
Financial income |
7,015 | 213 | 8,774 | 3,101 | ||||||||||||
Financial expenses |
(407 | ) | (629 | ) | (1,524 | ) | (1,277 | ) | ||||||||
Change in fair value of warrant liabilities |
(2,786 | ) | (2,722 | ) | 13,743 | (3,936 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial result |
3,822 |
(3,138 |
) |
20,993 |
(2,112 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Profit/(loss) before taxes |
(12,835 |
) |
(26,534 |
) |
72,827 |
(49,346 |
) | |||||||||
Taxes on income |
(1,145 | ) | — | (1,145 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit/(loss) |
€ |
(13,980 |
) |
€ |
(26,534 |
) |
€ |
71,682 |
€ |
(49,346 |
) | |||||
|
|
|
|
|
|
|
|
|||||||||
Net profit/(loss) per share: |
||||||||||||||||
Basic |
(0.22 | ) | (0.42 | ) | 1.12 | (0.78 | ) | |||||||||
Diluted |
(0.22 | ) | (0.42 | ) | 1.11 | (0.78 | ) | |||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
64,915,600 | 62,909,095 | 63,932,449 | 62,908,945 | ||||||||||||
Diluted |
64,915,600 | 62,909,095 | 64,477,256 | 62,908,945 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Euros in thousands) |
||||||||||||||||
Revenue from collaboration agreements: |
||||||||||||||||
Amgen |
€ | — | € | 260 | € | — | € | 517 | ||||||||
Genmab |
4,125 | 2,105 | 7,044 | 4,341 | ||||||||||||
BMS |
12,107 | 1,297 | 110,532 | 4,590 | ||||||||||||
GSK |
983 | 1,527 | 2,547 | 3,144 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue from collaboration agreements |
€ 17,215 |
€ 5,189 |
€ 120,123 |
€ 12,592 |
||||||||||||
|
|
|
|
|
|
|
|