0001193125-24-073296 | 20-F | XBRL Viewer

Accounts receivables

12. Accounts receivables


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Receivables from collaboration agreements		4,093		1,111

Total		4,093		1,111

As of

December 31, 2023 and 2022, no expected credit losses were recognized.

Other current and non-current assets -Summary of Other current assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables [abstract]
Prepaid expenses	€ 10,619	€ 10,450
Value added tax receivables	1,644	1,031
Other assets	7,119	2,357
Total	€ 19,382	€ 13,838

Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 (Policies)

12 Months Ended

Dec. 31, 2023

Revenue from collaboration agreements

Going concern

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 and short-term deposits will be sufficient to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the financial statements.

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, were the Group unable to continue as a going concern.

5.1	Revenue from collaboration agreements

The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2023, the Group had five revenue-generating strategic collaboration agreements in place, one with Genmab A/S, Copenhagen /Denmark (“Genmab”), three with Bristol-Myers-Squibb (“BMS”) and the recently signed agreement with ModernaTX, Inc. (“Moderna”), effective in October 2023. Four of the five revenue-generating strategic collaboration agreements are in

pre-clinical

stage and the BMS IMA401 collaboration agreement is at clinical stage. The collaboration with GlaxoSmithKline Intellectual Property Development Limited (“GSK”) was terminated in October 2022 and the collaboration with Amgen Inc., Thousand Oaks/CA/USA (“Amgen”) was terminated in October 2021. On March 14, 2024, Genmab provided us with a termination notice relating to our collaboration, originally announced in July 2018.

Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration agreements represent one or more combined performance obligations, the determination of the transaction price and the allocation of the transaction price to identified performance obligations.

Identification of distinct performance obligations

Pre-clinical

collaboration agreements with BMS, Genmab, GSK and Amgen

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 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 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.

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.

Clinical collaboration agreement (BMS IMA401 agreement)

Under the terms of the agreement, Immatics granted to Bristol-Myers Squibb (BMS) an exclusive, worldwide, sublicensable license to develop, manufacture and commercialize IMA401. Under the Agreement, Immatics is also responsible for, and will bear the cost of, the first Phase 1 clinical trial.

The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The license contributed under the collaboration agreement represents a distinct performance obligation, because they are separately identifiable from other promises in the BMS IMA401 agreement.

Moderna agreement

Under the terms of the agreement, Immatics granted to Moderna four main elements:

•

Early TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for specified early

pre-clinical

targets identified through the use of Immatics XPRESIDENT technology. As part of the collaboration arrangement, Immatics grants licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreement. Additionally, Immatics agrees to perform certain research activities under the collaboration agreement, 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 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 the agreement comprise several promises, it must be assessed whether these promises are capable of being distinct and distinct within the context of the contract. The licenses contributed under the collaboration agreement do not represent distinct performance obligations, because the Group’s collaboration partner would likely be unable to derive significant benefits from its access to these targets without Immatics’ research activities. Identification of a viable product candidate that will bind to the targets specified in the agreement requires use of the Group’s XPRESIDENT technology and database of target and

off-target

data.

•

Advanced TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for one specified more advanced

pre-clinical

target identified through the use of Immatics XPRESIDENT technology. The product candidate, while in

pre-clinical

stage, is more advanced and therefore distinct from the Early TCER activities.

•

Database Activities: Immatics agrees to give limited insights into Immatics XPRESIDENT and XCUBE technologies. The research and development services associated with the database pillar are mainly focussed on preparing and formatting the data. The four individual reporting elements within the database agreement represent distinct performance obligations. However, as all of them are accounted for as licenses over the identical license term, the accounting treatment does not differ from a combination into one performance obligation.

•

Clinical Combination: Immatics agrees to jointly run a clinical combination trial. The results of the trial will be

co-owned

and cost will be shared. The clinical combination is accounted for as a joint arrangement in accordance with IFRS 11.

Determination of transaction price

Upfront payment

Each of the Group’s strategic collaboration agreements includes a

non-refundable

upfront payment.

With respect to

pre-clinical

collaboration agreements, the Group records these payments as deferred revenue, which it allocates 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.

With respect to the BMS IMA401 agreement and the Moderna agreement, the Group determined the underlying stand-alone selling price for each performance obligation to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price requires significant judgement regarding the estimation approach of the stand-alone selling prices for the distinct performance obligations as well as significant estimates regarding the expected cost for future services, profit margins and development timelines.

Reimbursement for services

Under the collaboration agreement with Genmab and Moderna, 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 part of the transaction price and 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 reversal of cumulative revenue 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, where the license is predominant, the Group recognizes revenue from sales-based milestones 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 have been allocated. The Group anticipates recognizing these milestones and royalty payments, when subsequent sales are generated from a licensed product by the collaboration partner.

Measuring progress towards complete satisfaction of a performance obligation

The

cost-to-cost

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

Other material accounting considerations

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.

Deferred income tax

5.2	Deferred 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

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.

Share-based payment

5.3	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 11.

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.

Financial Instruments

5.4 Financial Instruments

Financial assets

Financial assets within the scope of IFRS 9 include cash and cash equivalents, short-term deposits, bonds and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value, plus, in case of a financial asset not at fair value through profit and loss, 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.

Cash and cash equivalents in the Consolidated Statement of Financial Position is comprised of cash held at banks, short-term deposits and bonds with an original maturity of three months or less. Immatics has short-term deposits with original maturities between three and 12 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 amortized costs. Immatics holds bonds with an original maturity of more than three months, which are classified as Other financial assets. 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.

For debt securities which have high credit ratings and no significant increases in credit risk since initial recognition, the Group determines the exposure to credit default using CDS pricing information (credit default swap values) published by credit agencies and recognizes a 12-month ECL.

Financial liabilities

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. The Company’s financial liabilities include accounts payables, lease liabilities, liabilities for warrants and other financial liabilities. Immatics recognized accounts payables and other current liabilities as other financial liabilities at amortized costs.

Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments are initially recognized at fair value on the date on which the merger is consummated and are subsequently remeasured at fair value through profit or loss.

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

Research and development

5.5	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 2023, 2022 and 2021 due to the existing uncertainties in connection with its development activities.

Consolidated Statement of Profit/(Loss) of Immatics N.V. - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Revenue from collaboration agreements	€ 53,997	€ 172,831	€ 34,763
Research and development expenses	(118,663)	(106,779)	(87,574)
General and administrative expenses	(38,198)	(36,124)	(33,808)
Other income	1,139	26	325
Operating result	(101,725)	29,954	(86,294)
Change in fair value of liabilities for warrants	(2,079)	10,945	(10,990)
Other financial income	13,850	9,416	5,675
Other financial expenses	(7,040)	(8,279)	(1,726)
Financial result	4,731	12,082	(7,041)
Profit/(loss) before taxes	(96,994)	42,036	(93,335)
Taxes on income	0	(4,522)	0
Net profit/(loss)	€ (96,994)	€ 37,514	€ (93,335)
Net profit/(loss) per share:
Basic	€ (1.2)	€ 0.56	€ (1.48)
Diluted	€ (1.2)	€ 0.55	€ (1.48)

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]
Beginning Balance at Dec. 31, 2020	€ 87,387	€ 629	€ 538,695	€ (444,478)	€ (7,459)
Other comprehensive income (loss)	3,514				3,514
Net profit/(loss)	(93,335)			(93,335)
Comprehensive income/(loss) for the year	(89,821)			(93,335)	3,514
Equity-settled share-based compensation	26,403		26,403
Share options exercised	94		94
Ending Balance at Dec. 31, 2021	24,063	629	565,192	(537,813)	(3,945)
Other comprehensive income (loss)	2,464				2,464
Net profit/(loss)	37,514			37,514
Comprehensive income/(loss) for the year	39,978			37,514	2,464
Equity-settled share-based compensation	22,570		22,570
Share options exercised	311		311
Issue of share capital – net of transaction costs	126,242	138	126,104
Ending Balance at Dec. 31, 2022	213,164	767	714,177	(500,299)	(1,481)
Other comprehensive income (loss)	(155)				(155)
Net profit/(loss)	(96,994)			(96,994)
Comprehensive income/(loss) for the year	(97,149)			(96,994)	(155)
Equity-settled share-based compensation	20,705		20,705
Share options exercised	139		139
Issue of share capital – net of transaction costs	88,225	80	88,145
Ending Balance at Dec. 31, 2023	€ 225,084	€ 847	€ 823,166	€ (597,293)	€ (1,636)

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.

The amount of residual interest in the assets of the entity after deducting all its liabilities.

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 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 as of December 31, 2023 and 2022, respectively.


	Carrying amount per measurement category
	Financial assets				Financial liabilities
(Euros in thousands)	At fair value through profit and loss		At amortized cost		At fair value through profit and loss		At amortized cost		December 31, 2023
Current/non-current assets
Cash and cash equivalents		—		218,472		—		—		218,472
Short-term deposits*		—		207,423		—		—		207,423
Bonds*		—		—		—		—		—
Accounts receivables		—		4,093		—		—		4,093
Other current/non-current assets*		—		4,552		—		—		4,552

Current/non-current liabilities
Accounts payable		—		—		—		24,280		24,280
Other current liabilities		—		—		—		50		50
Liabilities for warrants		—		—		18,993		—		18,993
Lease liabilities		—		—		—		15,402		15,402

Total		—		434,540		18,993		39,732		—


	Carrying amount per measurement category
	Financial assets				Financial liabilities
(Euros in thousands)	At fair value through profit and loss		At amortized cost		At fair value through profit and loss		At amortized cost		December 31, 2022
Current/non-current assets

Cash and cash equivalents		—		148,519		—		—		148,519
Short-term deposits*		—		154,930		—		—		154,930
Bonds*		—		58,756		—		—		58,756
Accounts receivables		—		1,111		—		—		1,111
Other current/non-current assets*		—		2,402		—		—		2,402

Current/non-current liabilities
Accounts payable		—		—		—		11,735		11,735
Other current liabilities		—		—		—		54		54
Liabilities for warrants		—		—		16,914		—		16,914
Lease liabilities		—		—		—		14,563		14,563

Total		—		365,718		16,914		26,352		—

*	“Short-term deposits” and “Bonds” are classified within the balance sheet item “Other financial assets”. Other current/non-current assets comprise mainly of accrued interest and deposits.

In all valuation categories with the exception of Bonds, the carrying amount represents a reasonable approximation of the fair value based on the short-term maturities of these instruments. Set out below are the carrying amounts and fair values of the Group’s Bonds as of December 31, 2023 and 2022, respectively. 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.


	As of
	December 31, 2023				December 31, 2022
(Euros in thousands)	Carrying amount		Fair value		Carrying amount		Fair value

Bonds		—		—		58,756		58,300

Total		—		—		58,756		58,300

Summary of Net Result from Financial Instruments by Measurement Categories

The Group’s net results from financial instruments by measurement categories are disclosed below for the years ended December 31, 2023, 2022 and 2021, respectively.


	Year ended December 31,
(Euros in thousands)	2023			2022			2021
Financial assets at amortized cost		7,612			1,849			5,119
Financial assets at fair value through profit and loss		—			—			(884	)
Financial liabilities at amortized cost		(802	)		(712	)		(286	)
Financial liabilities at fair value through profit and loss		(2,079	)		10,945			(10,990	)

Total		4,731			12,082			(7,041	)

Summary of changes of the liabilities from financing activities classified as cash effective and non-cash effective

The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash effective as of December 31, 2023 and 2022, respectively.


	As of
	December 31, 2023					December 31, 2022
(Euros in thousands)	Cash effective		Non-cash effective			Cash effective		Non-cash effective
Liabilities for warrants		—		(2,079	)		—		10,945
Lease Liabilities		3,850		839			2,843		4,710

Total		3,850		(1,240	)		2,843		15,655

Financial Risk Management Objectives and Policies - Summary of Liquidity Risk (Detail) - Liquidity risk [Member] - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statements [Line Items]
Financial assets held for managing liquidity risk	€ 425,895	€ 362,205
Cash And Cash Equivalents [Member]
Statements [Line Items]
Financial assets held for managing liquidity risk	218,472	148,519
Bonds [Member]
Statements [Line Items]
Financial assets held for managing liquidity risk	0	58,756
Short-Term Deposits [Member]
Statements [Line Items]
Financial assets held for managing liquidity risk	€ 207,423	€ 154,930

Other current and non-current assets

12 Months Ended

Dec. 31, 2023

Other current and non-current assets

13.	Other current and non-current assets

Other current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Prepaid expenses		10,619		10,450
Value added tax receivables		1,644		1,031
Other assets		7,119		2,357

Total		19,382		13,838

On May 27, 2022, Immatics US, Inc. entered into a Research collaboration and License agreement (the “Editas agreement”) with Editas Medicine, Inc. (“Editas”). The Editas agreement became effective on May 27, 2022. Pursuant to the Editas agreement, the Group paid upfront a one-time and non-refundable fee related to the Group’s access to a non-exclusive right to Editas CRISPR technology and intellectual property as well as for services provided by Editas. The Group will together with Editas combine gamma-delta T cell adoptive cell therapies and gene editing to develop medicines for the treatment of cancer. The Group determined to account for the upfront payment as prepaid research and development expenses. The prepaid expenses will be consumed over the term of the research and development activities.

Prepaid expenses include expenses for licenses and software of €7.0 million as of December 31, 2023 and €7.4 million as of December 31, 2022 and prepaid insurance expenses of €1.1 million as of December 31, 2023 and €1.2 million as of December 31, 2022. The Group accrued €0.2 million as of December 31, 2023 and €0.4 million as of December 31, 2022 of incremental cost for the successful arrangement of the BMS collaboration signed in 2019 and the Genmab collaboration agreement. Additionally, prepaid expenses include expenses for maintenance of €0.9 million as of December 31, 2023 and €0.7 million as of December 31, 2022. The remaining amount is mainly related to prepaid expenses for contract research organizations and travel expenses.

Other assets include receivables from capital gains tax, prepaid deposit expenses and accrued interest income.

Other non-current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Prepaid expenses		1,414		1,906
Other assets		603		639

Total		2,017		2,545

Prepaid expenses include the non-current portion of prepayments for licensing agreements of €

0.5

million as of December

2023

and €

1.5

million as of December

2022

, prepaid maintenance expenses of €

0.5

million as of December

2023

and €

0.3

million as of December

2022

and accrued incremental cost of the BMS and Genmab collaboration agreement of €

0.4

million as of December

2023

and €

0.1

million as of December

2022

. Other assets include the non-current portion for prepaid deposit expenses.

Other current liabilities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Non Interest Bearing Liability [Member]
Disclosure of detailed information about other current liabilities [Line Items]
Borrowings maturity	one year

Accounts receivables - Summary of Trade receivables (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other current receivables [abstract]
Receivables From Collaboration Agreements	€ 4,093	€ 1,111
Total	€ 4,093	€ 1,111

Financial Risk Management Objectives and Policies - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements [Line Items]
Cash and cash equivalents	€ 218,472	€ 148,519	€ 132,994	€ 207,530
Trade receivables	€ 4,100	€ 1,100
Historical volatility for shares, measurement input [Member] \| ARYA [Member] \| Warrants [Member]
Statements [Line Items]
Percentage of reasonable possible increase in unobservable inputs		10.00%
Percentage of resonably possible decrease in unobservable inputs	10.00%
Increase decrease in fair value measurement due to a reasonably possible increase in unobservable input recognized in profit or loss before tax liabilities		€ 1,700
Increase decrease in fair value measurement due to a reasonably possible decrease in unobservable input recognized in profit or loss before tax liabilities	€ 1,900
Foreign Exchange Rates [Member] \| ARYA [Member] \| Warrants [Member]
Statements [Line Items]
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk	10.00%	10.00%
Increase decrease in fair value measurement due to a reasonably possible increase in unobservable input recognized in profit or loss before tax liabilities	€ 1,700	€ 1,500
Increase decrease in fair value measurement due to a reasonably possible decrease in unobservable input recognized in profit or loss before tax liabilities	2,100	1,900
Credit risk [Member]
Statements [Line Items]
Maximum exposure to credit risk	430,000	363,300
Cash and cash equivalents	218,500	148,500
Other financial assets	207,400	213,700
Currency risk [Member]
Statements [Line Items]
Cash and cash equivalents	€ 218,500
Currency risk [Member] \| Germany [Member]
Statements [Line Items]
Percentage of cash and cash equivalents held in domicile	88.00%
Currency risk [Member] \| Top of range [Member]
Statements [Line Items]
Foreign exchange gain (loss)	€ 21,000	14,000
Currency risk [Member] \| Bottom of range [Member]
Statements [Line Items]
Foreign exchange gain (loss)	17,000	€ 17,000
Currency risk [Member] \| Euro [Member]
Statements [Line Items]
Bonds and short-term deposits	€ 94,700
Currency risk [Member] \| Euro [Member] \| Germany [Member]
Statements [Line Items]
Percentage of cash and cash equivalents held in domicile	40.00%
Currency risk [Member] \| US [Member]
Statements [Line Items]
Percentage Of Reasonably Possible Increase In Foreign Currency Risk	10.00%	10.00%
Bonds and short-term deposits	€ 112,700
Currency risk [Member] \| US [Member] \| Germany [Member]
Statements [Line Items]
Percentage of cash and cash equivalents held in domicile	60.00%

Income Tax - Summary of Reconciliation Between Taxes On Income And Expected Income Tax Benefit (Detail) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)
Major components of tax expense (income) [abstract]
Profit/(loss) before taxes	€ (96,994)		€ 42,036	€ (93,335)
Expected taxes	29,475	$ 0	(12,774)	27,160	$ 0
Difference in tax rates	(4,670)		(4,868)	(3,274)
Non-deductible tax-expenses	0		0	(52)
Permanent Differences	(6,304)		(1,123)	(10,881)
Utilization of previously unrecorded tax losses carried forward	0		7,067	0
Non-recognition of deferred taxes on tax losses and temporary differences	(18,501)		7,176	(12,953)
Taxes on income	€ 0		€ (4,522)	€ 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)]

Macroeconomic environment

12 Months Ended

Dec. 31, 2023

Macroeconomic environment

3.	Macroeconomic environment

Currently, multiple global uncertainties are existing.

The conflict between Russia and Ukraine and the Palestinian-Israeli conflict have resulted, and may further result, in significant disruption, instability and volatility in global markets, as well as higher energy and other commodity prices. Since the Company is not currently conducting any business or receiving any material services from vendors located in Russia, Ukraine or Israel, it does not expect that the ongoing conflicts will have a direct impact on its operations in the near term. However, the Company may be indirectly affected by price increases or certain policy changes, such as new tax legislation, economic sanctions and comparable measures. While the conflicts are currently not expected to have a direct impact on the Company, this may change in case of further expansion of the scale of the conflicts. In addition, other geopolitical instabilities might impact the Group in the future.

During the year ended December 31, 2023, Silicon Valley Bank and Credit Suisse, two large banks, as well as other smaller banks, were subject to liquidity problems. The Group does not hold deposits or securities with any

of the affected banks. While the banking system remained stable overall, we will continue to closely monitor the

situation

Earnings and Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Summary of Earnings and loss per share


	Year ended December 31,
	2023			2022		2021
	(Euros in thousands, except share and per share data)
Net profit/(loss)		(96,994	)		37,514		(93,335	)
Basic		(1.20	)		0.56		(1.48	)
Diluted		(1.20	)		0.55		(1.48	)
Weighted average shares outstanding:
Basic		80,546,682			67,220,824		62,912,921
Diluted		80,546,682			68,824,906		62,912,921

Application of new and revised international financial reporting standards - Summary of Non Mandatory standards and amendments issued by IASB (Detail)	12 Months Ended
	Dec. 31, 2023
Amendment o IAS 1
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants)
Date by which application of new IFRS is required	Jan. 01, 2024
Amendments to IAS 7 and IFRS 7
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements
Date by which application of new IFRS is required	Jan. 01, 2024
Amendment to IFRS 16
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback
Date by which application of new IFRS is required	Jan. 01, 2024
Amendment o IAS 21
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 21 – Lack of Exchangeability
Date by which application of new IFRS is required	Jan. 01, 2025

Financial result (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Finance Income Expense Explanatory [Abstract]

Summary of financial income and financial expenses

Financial income and financial expenses consist of the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Change in fair value of liabilities of warrants		(2,079	)		10,945			(10,990	)

Interest income		13,845			2,476			133
Foreign currency gains		5			6,940			5,542

Other financial income		13,850			9,416			5,675

Interest expenses		(831	)		(1,038	)		(566	)
Foreign currency losses		(5,633	)		(6,500	)		(276	)
Losses on financial instruments		(576	)		(741	)		(884	)

Other financial expenses		(7,040	)		(8,279	)		(1,726	)
Financial result		4,731			12,082			(7,041	)

Financial Instruments

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Financial Instruments

21.	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 as of December 31, 2023 and 2022, respectively.


	Carrying amount per measurement category
	Financial assets				Financial liabilities
(Euros in thousands)	At fair value through profit and loss		At amortized cost		At fair value through profit and loss		At amortized cost		December 31, 2023
Current/non-current assets
Cash and cash equivalents		—		218,472		—		—		218,472
Short-term deposits*		—		207,423		—		—		207,423
Bonds*		—		—		—		—		—
Accounts receivables		—		4,093		—		—		4,093
Other current/non-current assets*		—		4,552		—		—		4,552

Current/non-current liabilities
Accounts payable		—		—		—		24,280		24,280
Other current liabilities		—		—		—		50		50
Liabilities for warrants		—		—		18,993		—		18,993
Lease liabilities		—		—		—		15,402		15,402

Total		—		434,540		18,993		39,732		—


	Carrying amount per measurement category
	Financial assets				Financial liabilities
(Euros in thousands)	At fair value through profit and loss		At amortized cost		At fair value through profit and loss		At amortized cost		December 31, 2022
Current/non-current assets

Cash and cash equivalents		—		148,519		—		—		148,519
Short-term deposits*		—		154,930		—		—		154,930
Bonds*		—		58,756		—		—		58,756
Accounts receivables		—		1,111		—		—		1,111
Other current/non-current assets*		—		2,402		—		—		2,402

Current/non-current liabilities
Accounts payable		—		—		—		11,735		11,735
Other current liabilities		—		—		—		54		54
Liabilities for warrants		—		—		16,914		—		16,914
Lease liabilities		—		—		—		14,563		14,563

Total		—		365,718		16,914		26,352		—

*	“Short-term deposits” and “Bonds” are classified within the balance sheet item “Other financial assets”. Other current/non-current assets comprise mainly of accrued interest and deposits.


	As of
	December 31, 2023				December 31, 2022
(Euros in thousands)	Carrying amount		Fair value		Carrying amount		Fair value

Bonds		—		—		58,756		58,300

Total		—		—		58,756		58,300

All financial assets are categorized based on Level 1 inputs and are therefore valued using quoted (unadjusted) market prices. All financial liabilities are also categorized based on Level 1 inputs.

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. Bonds are classified as Level 1 of the fair value hierarchy, as they are listed on publicly traded markets.

Liabilities for warrants are comprised of the Immatics Warrants issued to investors with a cashless exercise mechanism as a current liability which the Company accounted for according to provisions of IAS 32. The Company measures the warrants at fair value by using the closing price of warrants at Nasdaq. The warrants are measured in each reporting period. Changes in the fair value are recognized in the Company’s Consolidated Statement of Profit/(Loss) as financial income or expenses, as appropriate. The warrants are classified as Level 1 of the fair value hierarchy. The maturity of the liabilities for warrants is dependent on the development of the share price as well as the decisions by the Immatics Warrants holders.

The Group’s net results from financial instruments by measurement categories are disclosed below for the years ended December 31, 2023, 2022 and 2021, respectively.


	Year ended December 31,
(Euros in thousands)	2023			2022			2021
Financial assets at amortized cost		7,612			1,849			5,119
Financial assets at fair value through profit and loss		—			—			(884	)
Financial liabilities at amortized cost		(802	)		(712	)		(286	)
Financial liabilities at fair value through profit and loss		(2,079	)		10,945			(10,990	)

Total		4,731			12,082			(7,041	)

The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash effective as of December 31, 2023 and 2022, respectively.


	As of
	December 31, 2023					December 31, 2022
(Euros in thousands)	Cash effective		Non-cash effective			Cash effective		Non-cash effective
Liabilities for warrants		—		(2,079	)		—		10,945
Lease Liabilities		3,850		839			2,843		4,710

Total		3,850		(1,240	)		2,843		15,655

Financial Instruments - Summary of Carrying Amounts and Fair values of Group's Financial Instruments (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	€ 0	€ 0
Carrying amount [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	0	58,756
At fair value [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	0	58,300
Cash and cash equivalents [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	218,472	148,519
Short-Term Deposits [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	207,423	154,930
Bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	0	58,756
Bonds [Member] \| Carrying amount [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	0	58,756
Bonds [Member] \| At fair value [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	0	58,300
Accounts receivables [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	4,093	1,111
Other current/non-current assets [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	4,552	2,402
Accounts payable [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	24,280	11,735
Other current liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	50	54
Liabilities for warrants [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	18,993	16,914
Lease liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets and Financial liabilities	15,402	14,563
Financial liabilities at fair value through profit or loss, category [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	18,993	16,914
Financial liabilities at fair value through profit or loss, category [Member] \| Liabilities for warrants [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	18,993	16,914
Financial liabilities at amortised cost, category [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	39,732	26,352
Financial liabilities at amortised cost, category [Member] \| Accounts payable [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	24,280	11,735
Financial liabilities at amortised cost, category [Member] \| Other current liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	50	54
Financial liabilities at amortised cost, category [Member] \| Lease liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Carrying amount	15,402	14,563
Financial assets at amortised cost, category [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	434,540	365,718
Financial assets at amortised cost, category [Member] \| Cash and cash equivalents [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	218,472	148,519
Financial assets at amortised cost, category [Member] \| Short-Term Deposits [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	207,423	154,930
Financial assets at amortised cost, category [Member] \| Bonds [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	0	58,756
Financial assets at amortised cost, category [Member] \| Accounts receivables [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	4,093	1,111
Financial assets at amortised cost, category [Member] \| Other current/non-current assets [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Carrying amount	€ 4,552	€ 2,402

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Right-of use assets

Right-of-use

assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Buildings		12,849		12,409
Laboratory equipment		284		392
IT and telecommunication		59		90
Vehicles		116		126
Other assets		—		16

Total		13,308		13,033

Details of Lease liabilities

Lease liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Lease liabilities – current		2,604		2,159
Lease liabilities – non-current		12,798		12,403

Total		15,402		14,562

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 expenses of right-of-use assets	2023			2022			2021
	(Euros in thousands)
Buildings		(3,265	)		(3,151	)		(2,199	)
Laboratory equipment		(360	)		(277	)		(162	)
IT and telecommunication		(26	)		(103	)		(98	)
Vehicles		(72	)		(66	)		(59	)
Other assets		—			(23	)		(8	)

Total		(3,723	)		(3,620	)		(2,526	)

Interest expenses from leases		(801	)		(613	)		(288	)
Expenses relating to short-term leases		(1,548	)		(144	)		(60	)
Expenses relating to low-value assets		(86	)		(46	)		(35	)

Property, plant and equipment - Addtional information (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Office Equipment And Installations [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Additions Property Plant And Equipment	€ 28.3	€ 2.7

Financial Instruments - Summary of Changes of the Liabilities from Financing Activities Classified as Cash Effective and Non-cash Effective (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items]
Cash effective	€ 3,850	€ 2,843
Non-cash effective	(1,240)	15,655
Liabilities for warrants [Member]
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items]
Non-cash effective	(2,079)	10,945
Lease liabilities [Member]
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items]
Cash effective	3,850	2,843
Non-cash effective	€ 839	€ 4,710

Share-based payments - Summary of Employee Related Share Based Compensation Expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	€ (20,705)	€ (22,570)	€ (26,403)
Research And Development Expense [Member]
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	(11,972)	(12,925)	(15,564)
General And Administrative Expense [Member]
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items]
Share-based compensation expense	€ (8,733)	€ (9,645)	€ (10,839)

Other current liabilities

12 Months Ended

Dec. 31, 2023

Other current liabilities

18.	Other current liabilities

Other current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Income tax liability		4,298		4,298
Payroll tax		3,560		3,426
Accrual for vacation		1,277		806
Accrued bonuses		—		680
Other liabilities		213		156

Total		9,348		9,366

Other current liabilities are non-interest-bearing and are due within one year. The carrying amounts of other current liabilities represent fair values due to their short-term nature.

Intangible assets - Summary of Amortization expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	€ (223)	€ (218)	€ (160)
Research and development expenses [Member]
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	(115)	(93)	(35)
General and administrative expenses [Member]
Disclosure of detailed information about intangible assets [line items]
Amortisation, intangible assets other than goodwill	€ (108)	€ (125)	€ (125)

Application of new and revised international financial reporting standards

12 Months Ended

Dec. 31, 2023

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 and amendments to existing 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, 2022, except for the adoption of new standards and interpretations effective as of January 1, 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

New standards and amendments to existing standards applied for the first time:


Standards/Amendments		Effective date
Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies		January 1, 2023
Amendments to IAS 8 – Definition of Accounting Estimates		January 1, 2023
IFRS 17 – Insurance Contracts		January 1, 2023
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction		January 1, 2023
Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules		May 23, 2023

On February 12, 2021, the IASB published the Amendments to IAS 1 (and Practice Statement 2 Making Materiality Judgements) entitled “Disclosures of Accounting Policies“. In the future, only “material“ accounting policies are to be disclosed in the Notes to the Consolidated Financial Statements. The first-time application of this amendment has only led to a change in presentation of the accounting policies. Going forward, the Group will focus its presentation of accounting policies exclusively on the accounting methods that are significant to an understanding of the financial statements.

All other amendments on standards and interpretations had no effect on the consolidated financial statements of the Group. The Amendments to IAS 12 — International Tax Reform — Pillar Two Model Rules had no impact on the Group’s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its revenue is less than €750 million per year.

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

The following standards and amendments to existing standards have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2023:


Standards/Amendments	Effective date	Potentially material effect expected on Immatics financial statements
Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants)	January 1, 2024	No
Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements	January 1, 2024	No
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback	January 1, 2024	No
Amendments to IAS 21 – Lack of Exchangeability	January 1, 2025	No

Intangible assets - Summary of Changes to intangible assets (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	€ 1,632
Ending Balance	1,523	€ 1,632
Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	1,470
Ending Balance	1,423	1,470
Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	162
Ending Balance	100	162
Gross carrying amount [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	3,017	2,459
Additions	158	478
Currency translation differences	(63)	80
Ending Balance	3,112	3,017
Gross carrying amount [Member] \| Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	2,029	1,551
Additions	82	405
Currency translation differences	(59)	73
Ending Balance	2,052	2,029
Gross carrying amount [Member] \| Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	988	908
Additions	76	73
Currency translation differences	(4)	7
Ending Balance	1,060	988
Accumulated impairment [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(1,385)	(1,144)
Additions	(223)	(218)
Currency translation differences	19	(23)
Ending Balance	(1,589)	(1,385)
Accumulated impairment [Member] \| Patent And Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(559)	(480)
Additions	(85)	(60)
Currency translation differences	15	(19)
Ending Balance	(629)	(559)
Accumulated impairment [Member] \| Software Licenses [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning Balance	(826)	(664)
Additions	(138)	(158)
Currency translation differences	4	(4)
Ending Balance	€ (960)	€ (826)

Other current and non-current assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Other current assets

Other current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Prepaid expenses		10,619		10,450
Value added tax receivables		1,644		1,031
Other assets		7,119		2,357

Total		19,382		13,838

Summary of Other non-current assets

Other non-current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Prepaid expenses		1,414		1,906
Other assets		603		639

Total		2,017		2,545

Application of new and revised international financial reporting standards - Summary of Application of new standards and amendments (Detail)	12 Months Ended
	Dec. 31, 2023
Amendment To IAS 1 IFRS Practice Statement 2
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies
Date by which application of new IFRS is required	Jan. 01, 2023
Amendment To IAS 8
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 8 – Definition of Accounting Estimates
Date by which application of new IFRS is required	Jan. 01, 2023
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
Amendment To IAS 12
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Date by which application of new IFRS is required	Jan. 01, 2023
Amendment To IAS 12
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Title of new IFRS	Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules
Date by which application of new IFRS is required	May 23, 2023

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Employee Related Share Based Compensation Expense

The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2023, 2022 and 2021 as set out below:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(11,972	)		(12,925	)		(15,564	)
General and administrative expenses		(8,733	)		(9,645	)		(10,839	)

Total share-based compensation		(20,705	)		(22,570	)		(26,403	)

Matching Stock Options [Member]

Converted Options [Member]

Matching Stock Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,348,004
Matching Stock Options forfeited		—		—
Matching Stock Options exercised		10.00		720
Matching Stock Options expired		10.00		4,636
Matching Stock Options outstanding on December 31,		10.00		1,342,648
Matching Stock Options exercisable on December 31,		10.00		1,342,648
Weighted average remaining contract life (years)		6.50

Matching Stock Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,406,468
Matching Stock Options forfeited		—		—
Matching Stock Options exercised		10.00		11,910
Matching Stock Options expired		10.00		46,554
Matching Stock Options outstanding on December 31,		10.00		1,348,004
Matching Stock Options exercisable on December 31,		10.00		1,348,004
Weighted average remaining contract life (years)		7.50

Matching Stock Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,422,556
Matching Stock Options forfeited		10.00		9,254
Matching Stock Options exercised		10.00		6,834
Matching Stock Options expired		—		—
Matching Stock Options outstanding on December 31,		10.00		1,406,468
Matching Stock Options exercisable on December 31,		10.00		1,406,468
Weighted average remaining contract life (years)		8.50

Additional Grants Under 2020 Plan [Member]

Converted Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.74		525,181
Converted Options forfeited		1.14		909
Converted Options exercised		1.24		20,951
Converted Options expired		0.85		11
Converted Options outstanding on December 31,		2.81		503,310
Converted Options exercisable on December 31,		2.81		503,310
Weighted average remaining contract life (years)		4.01

Converted Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.64		566,311
Converted Options forfeited		1.36		12,328
Converted Options exercised		1.24		20,337
Converted Options expired		1.35		8,465
Converted Options outstanding on December 31,		2.74		525,181
Converted Options exercisable on December 31,		2.75		392,258
Weighted average remaining contract life (years)		5.01

Converted Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.58		594,844
Converted Options forfeited		1.30		18,548
Converted Options exercised		1.29		8,180
Converted Options expired		1.29		1,805
Converted Options outstanding on December 31,		2.64		566,311
Converted Options exercisable on December 31,		2.61		193,727
Weighted average remaining contract life (years)		6.01

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 December 31, 2023			As of December 31, 2022			As of December 31, 2021
Exercise price in USD	$	9.28		$	9.39		$	11.22
Underlying share price in USD	$	9.28		$	9.39		$	11.22
Volatility		87.98	%		85.44	%		82.18	%
Time period (years)		6.06			6.07			6.11
Risk-free rate		4.07	%		3.48	%		1.27	%
Dividend yield		0.00	%		0.00	%		0.00	%

Performance Based Options [Member]

Service Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		10.07		6,129,160
Service Options granted in 2023		9.28		2,004,838
Service Options forfeited		9.70		326,895
Service Options exercised		9.96		12,832
Service Options expired		10.85		36,297
Service Options outstanding on December 31,		9.87		7,757,974
Service Options exercisable on December 31,		10.06		3,048,090
Weighted average remaining contract life (years)		8.41

Service Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		10.57		3,725,619
Service Options granted in 2022		9.39		2,619,720
Service Options forfeited		10.63		182,832
Service Options exercised		10.40		16,312
Service Options expired		10.22		17,035
Service Options outstanding on December 31,		10.07		6,129,160
Service Options exercisable on December 31,		10.33		1,438,413
Weighted average remaining contract life (years)		8.87

Service Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		9.87		1,910,182
Service Options granted in 2021		11.22		1,967,708
Service Options forfeited		10.01		149,178
Service Options exercised		10.00		3,093
Service Options expired		—		—
Service Options outstanding on December 31,		10.57		3,725,619
Service Options exercisable on December 31,		9.86		557,401
Weighted average remaining contract life (years)		9.36

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 September 28, 2021
Exercise price in USD	$	12.92
Underlying share price in USD	$	12.92
Volatility		77.16	%
Time period (years)		3.75
Risk-free rate		1.49	%
Dividend yield		0.00	%

PSUs outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.08		3,666,000
PSUs granted in 2023		—		—
PSUs forfeited		10.00		24,000
PSUs outstanding on December 31,		10.08		3,642,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		6.55

PSUs outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.08		3,696,000
PSUs granted in 2022		—		—
PSUs forfeited		10.00		30,000
PSUs outstanding on December 31,		10.08		3,666,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		7.55

PSUs outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.00		3,644,000
PSUs granted in 2021		12.92		100,000
PSUs forfeited		10.00		48,000
PSUs outstanding on December 31,		10.08		3,696,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		8.55

Basis of presentation - Summary of Foreign Exchange Rates (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Foreign Exchange Rates [Line Items]
Closing foreign exchange rate	0.90498	0.93756	0.88292
Average foreign exchange rate	0.9246	0.94888	0.84495

Accounts payable

12 Months Ended

Dec. 31, 2023

Accounts payable

17.	Accounts payables

Accounts payables consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Accounts payables		7,666		4,025
Accrued liabilities		17,540		9,031

Total		25,206		13,056

Accounts payables are

non-interest-bearing

and are due within one year. The carrying amounts of accounts payables represent fair values due to their short-term nature. The increase is mainly driven by the increase in business activities and include accounts payables for property, plant and equipment.

Other current liabilities - Summary of other current liabilities (Detail) € in Thousands, $ in Thousands	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about other current liabilities [Line Items]
Income tax liability	€ 4,298		€ 4,298
Payroll tax	3,560	$ 0	3,426	$ 0
Accrual for vacation	1,277		806
Accrued bonuses			680
Other liabilities	213		156
Total	€ 9,348		€ 9,366

Personnel expenses - Additional Information (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Classes of employee benefits expense [abstract]
Post-employment benefit expense, defined contribution plans	€ 0.5	€ 0.9	€ 0.2
Employee health insurance cost	1.3	0.8	0.6
Social security contributions	3.7	3.2	2.4
other miscellaneous expenses	€ 0.2	€ 0.1	€ 0.1

Group information

12 Months Ended

Dec. 31, 2023

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 wholly-owned 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. Immatics N.V. is the ultimate parent company of the Group.

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.

These annual consolidated financial statements of the Group for the year ended December 31, 2023 were authorized for issue by the Board of Directors of Immatics N.V. on March 21, 2024.

Earnings and Loss per Share - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 shares
Text Block [Abstract]
Dilutive effect of share options on number of warrants	7,187,500

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Summary of other current liabilities

Other current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Income tax liability		4,298		4,298
Payroll tax		3,560		3,426
Accrual for vacation		1,277		806
Accrued bonuses		—		680
Other liabilities		213		156

Total		9,348		9,366

Leases - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Additions to right-of-use assets	€ 4,300	€ 6,700
Currency translation of right-of-use assets	300	100
Cash payments for leases	4,800	3,600	€ 3,200
Payments for leases	3,849	2,843	2,707
Payments of right of use assets classified as financing activities	28,000	24,600
Expense relating to short term leases for which recognition exemption has been used	1,548	€ 144	€ 60
Top of range [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Expense relating to short term leases for which recognition exemption has been used	5
Until 2033 [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Payments for leases	19,300
Later than one year [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Payments for leases	€ 4,900

Revenue from collaboration agreements - Summary of revenue from collaboration agreements (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	€ 53,997	€ 172,831	€ 34,763
Total
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	53,997	172,831	34,763
Denmark \| Genmab
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	(2,067)	9,617	6,929
United States \| Moderna
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	5,369	0	0
United States \| BMS
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	50,695	126,100	13,138
United States \| Amgen
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	0	0	10,228
United Kingdom \| GSK
Disclosure Of Revenue From Collaboration Agreements [Line Items]
Revenue from collaboration agreements	€ 0	€ 37,114	€ 4,468

Leases - Details of Lease liabilities (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease liabilities [abstract]
Lease liabilities – current	€ 2,604	€ 2,159
Lease liabilities – non-current	12,798	12,403
Total	€ 15,402	€ 14,562

Application of new and revised international financial reporting standards - Additional Information (Detail) € in Millions	12 Months Ended
	Dec. 31, 2023 EUR (€)
Text Block [Abstract]
Maximum revenue of the combined entities per annum as a result of which amendment is not applicable	€ 750

Summary of material accounting policies applied by the Group for the annual reporting period ending December 31, 2023

12 Months Ended

Dec. 31, 2023

Summary of material accounting policies applied by the Group for the annual reporting period ending December 31, 2023

5.	Summary of material accounting policies applied by the Group for the annual reporting period ending December 31, 2023

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

5.1	Revenue from collaboration agreements

pre-clinical

Identification of distinct performance obligations

Pre-clinical

collaboration agreements with BMS, Genmab, GSK and Amgen

off-targets

using Immatics’ proprietary technology and

know-how,

participation on steering committees, and preparation of data packages.

off-target

data.

Clinical collaboration agreement (BMS IMA401 agreement)

The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The license contributed under the collaboration agreement represents a distinct performance obligation, because they are separately identifiable from other promises in the BMS IMA401 agreement.

Moderna agreement

Under the terms of the agreement, Immatics granted to Moderna four main elements:

•

Early TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for specified early

pre-clinical

off-targets

using Immatics’ proprietary technology and

know-how,

off-target

data.

•

Advanced TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for one specified more advanced

pre-clinical

target identified through the use of Immatics XPRESIDENT technology. The product candidate, while in

pre-clinical

stage, is more advanced and therefore distinct from the Early TCER activities.

•

Clinical Combination: Immatics agrees to jointly run a clinical combination trial. The results of the trial will be

co-owned

and cost will be shared. The clinical combination is accounted for as a joint arrangement in accordance with IFRS 11.

Determination of transaction price

Upfront payment

Each of the Group’s strategic collaboration agreements includes a

non-refundable

upfront payment.

With respect to

pre-clinical

cost-to-cost

basis.

Reimbursement for services

Development and Commercial Milestones

Sales-based milestones and royalty payments

Measuring progress towards complete satisfaction of a performance obligation

The

cost-to-cost

Other material accounting considerations

Cost to fulfill contracts

Cost to obtain a contract

5.2	Deferred income tax

5.3	Share-based payment

5.4 Financial Instruments

Financial assets

Financial liabilities

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

5.5	Research and development

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

12 Months Ended

Dec. 31, 2023

Summary of Application of new standards and amendments

New standards and amendments to existing standards applied for the first time:


Standards/Amendments		Effective date
Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies		January 1, 2023
Amendments to IAS 8 – Definition of Accounting Estimates		January 1, 2023
IFRS 17 – Insurance Contracts		January 1, 2023
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction		January 1, 2023
Amendments to IAS 12 – International Tax Reform – Pillar Two Model Rules		May 23, 2023

Summary of Non Mandatory standards and amendments issued by IASB

The following standards and amendments to existing standards have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2023:


Standards/Amendments	Effective date	Potentially material effect expected on Immatics financial statements
Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants)	January 1, 2024	No
Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements	January 1, 2024	No
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback	January 1, 2024	No
Amendments to IAS 21 – Lack of Exchangeability	January 1, 2025	No

Events occurring after the reporting period

12 Months Ended

Dec. 31, 2023

Events occurring after the reporting period

25.	Events occurring after the reporting period

On January 22, 2024, the Company closed an offering of 18,313,750 ordinary shares with a public offering price of $11.00 per ordinary share. The Company received net proceeds of approximately $188 million after deducting

the underwriting discount and fees and offering expenses and intends to use the net proceeds from this offering to fund the continued research and development of the Group’s pipeline, the manufacturing and production of product candidates and for working capital.

On March 14, 2024, Genmab provided us with a termination notice relating to our collaboration, originally announced in July 2018. The termination was a

non-adjusting

is €

14.9

million

as of December 31, 2023, which will be recognized in the first quarter of 2024. The Company evaluated further subsequent events for recognition or disclosure through March 21, 2024 and did not identify additional material subsequent events.

Earnings and Loss per Share - Summary of Earnings and Loss per Share (Detail) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Net profit/(loss)	€ (96,994)	€ 37,514	€ (93,335)
Basic	€ (1.2)	€ 0.56	€ (1.48)
Diluted	€ (1.2)	€ 0.55	€ (1.48)
Weighted average shares outstanding:
Basic	80,546,682	67,220,824	62,912,921
Diluted	80,546,682	68,824,906	62,912,921

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

+ References

+ Details

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Currency Risk Exposure

Cash, cash equivalents and financial assets of Immatics N.V and Immatics GmbH held in USD


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Cash and cash equivalents		76,381		65,575
Other financial assets		112,713		88,801

Total assets exposed to the risk		189,094		154,376

Summary of Sensitivity Analysis of Foreign Currency Risk

Sensitivity analysis of Immatics N.V. and Immatics GmbH for 2023:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.1161		(1,872	)		187,222
Euro strengthens by 1% against U.S. dollars		1.0940		1,910			191,004
Euro weakens by 5% against U.S. dollars		1.1603		(9,004	)		180,090
Euro strengthens by 5% against U.S. dollars		1.0498		9,952			199,046
Euro weakens by 10% against U.S. dollars		1.2155		(17,190	)		171,904
Euro strengthens by 10% against U.S. dollars		0.9945		21,010			210,105

Sensitivity analysis of Immatics N.V. and GmbH for 2022:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.0773		(1,529	)		153,023
Euro strengthens by 1% against U.S. dollars		1.0559		1,559			156,115
Euro weakens by 5% against U.S. dollars		1.1199		(7,351	)		147,194
Euro strengthens by 5% against U.S. dollars		1.0133		8,125			162,688
Euro weakens by 10% against U.S. dollars		1.1733		(14,034	)		140,503
Euro strengthens by 10% against U.S. dollars		0.9599		17,153			171,726

Sensitivity analysis of Immatics US Inc. for 2023:


	Conversion rate		OCI			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.1161		(106	)		10,569
Euro strengthen by 1% against U.S. dollars		1.0940		108			10,783
Euro weakens by 5% against U.S. dollars		1.1603		(508	)		10,167
Euro strengthen by 5% against U.S. dollars		1.0498		562			11,237
Euro weakens by 10% against U.S. dollars		1.2155		(970	)		9,705
Euro strengthen by 10% against U.S. dollars		0.9945		1,186			11,861

Sensitivity analysis of Immatics US Inc. for 2022:


	Conversion rate		OCI			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.0773		189			(18,873	)
Euro strengthen by 1% against U.S. dollars		1.0559		(193	)		(19,255	)
Euro weakens by 5% against U.S. dollars		1.1199		908			(18,154	)
Euro strengthen by 5% against U.S. dollars		1.0133		(1,003	)		(20,065	)
Euro weakens by 10% against U.S. dollars		1.1733		1,733			(17,329	)
Euro strengthen by 10% against U.S. dollars		0.9599		(2,118	)		(21,180	)

Summary of Liquidity Risk

As of December 31, 2023, and 2022, the Group held the following funds to counteract liquidity risk.


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Cash and cash equivalents		218,472		148,519
Bonds		—		58,756
Short-term deposits		207,423		154,930

Total funds available		425,895		362,205

Basis of presentation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of foreign exchange rates

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


	2023				2022				2021
	Year-end rate		Average rate		Year-end rate		Average rate		Year-end rate		Average rate
Euros per U.S. Dollar		0.90498		0.92460		0.93756		0.94888		0.88292		0.84495

Share-based payments

12 Months Ended

Dec. 31, 2023

Share-based payments

11. Share-based payments

Immatics N.V. has two share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan (“2020 Equity Plan”). At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”). The 2022 Equity Plan allows the company to grant additional options.

Immatics GmbH previously issued share-based awards to employees under two different plans. Under the 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 GmbH 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.

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 Equity Plan, management and employees have been granted different types of options, all of which are equity-settled transactions. 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 vested in full on July 31, 2021. The awards have a 10-year contract life.

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. 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 vested 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 10-year contract life.

Matching Stock Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,348,004
Matching Stock Options forfeited		—		—
Matching Stock Options exercised		10.00		720
Matching Stock Options expired		10.00		4,636
Matching Stock Options outstanding on December 31,		10.00		1,342,648
Matching Stock Options exercisable on December 31,		10.00		1,342,648
Weighted average remaining contract life (years)		6.50

Matching Stock Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,406,468
Matching Stock Options forfeited		—		—
Matching Stock Options exercised		10.00		11,910
Matching Stock Options expired		10.00		46,554
Matching Stock Options outstanding on December 31,		10.00		1,348,004
Matching Stock Options exercisable on December 31,		10.00		1,348,004
Weighted average remaining contract life (years)		7.50

Matching Stock Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Matching Stock Options outstanding on January 1,		10.00		1,422,556
Matching Stock Options forfeited		10.00		9,254
Matching Stock Options exercised		10.00		6,834
Matching Stock Options expired		—		—
Matching Stock Options outstanding on December 31,		10.00		1,406,468
Matching Stock Options exercisable on December 31,		10.00		1,406,468
Weighted average remaining contract life (years)		8.50

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).

Converted Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.74		525,181
Converted Options forfeited		1.14		909
Converted Options exercised		1.24		20,951
Converted Options expired		0.85		11
Converted Options outstanding on December 31,		2.81		503,310
Converted Options exercisable on December 31,		2.81		503,310
Weighted average remaining contract life (years)		4.01

Converted Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.64		566,311
Converted Options forfeited		1.36		12,328
Converted Options exercised		1.24		20,337
Converted Options expired		1.35		8,465
Converted Options outstanding on December 31,		2.74		525,181
Converted Options exercisable on December 31,		2.75		392,258
Weighted average remaining contract life (years)		5.01

Converted Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Converted Options outstanding on January 1,		2.58		594,844
Converted Options forfeited		1.30		18,548
Converted Options exercised		1.29		8,180
Converted Options expired		1.29		1,805
Converted Options outstanding on December 31,		2.64		566,311
Converted Options exercisable on December 31,		2.61		193,727
Weighted average remaining contract life (years)		6.01

Additional grants under the 2020 and 2022 Equity Plan

Service Options

Under the 2020 Equity Plan and the 2022 Equity Plan, Immatics also issues employee stock options with a service requirement (“Service Options”) to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based vesting schedule. Under the 2022 Equity Plan, annual service options for members of the Board of Directors will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, 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 $6.99, $6.93 and $7.88 for Service Option granted during the years ended December 31, 2023, 2022 and 2021, respectively and used the following assumptions:


	As of December 31, 2023			As of December 31, 2022			As of December 31, 2021
Exercise price in USD	$	9.28		$	9.39		$	11.22
Underlying share price in USD	$	9.28		$	9.39		$	11.22
Volatility		87.98	%		85.44	%		82.18	%
Time period (years)		6.06			6.07			6.11
Risk-free rate		4.07	%		3.48	%		1.27	%
Dividend yield		0.00	%		0.00	%		0.00	%

Service Options outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		10.07		6,129,160
Service Options granted in 2023		9.28		2,004,838
Service Options forfeited		9.70		326,895
Service Options exercised		9.96		12,832
Service Options expired		10.85		36,297
Service Options outstanding on December 31,		9.87		7,757,974
Service Options exercisable on December 31,		10.06		3,048,090
Weighted average remaining contract life (years)		8.41

Service Options outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		10.57		3,725,619
Service Options granted in 2022		9.39		2,619,720
Service Options forfeited		10.63		182,832
Service Options exercised		10.40		16,312
Service Options expired		10.22		17,035
Service Options outstanding on December 31,		10.07		6,129,160
Service Options exercisable on December 31,		10.33		1,438,413
Weighted average remaining contract life (years)		8.87

Service Options outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
Service Options outstanding on January 1,		9.87		1,910,182
Service Options granted in 2021		11.22		1,967,708
Service Options forfeited		10.01		149,178
Service Options exercised		10.00		3,093
Service Options expired		—		—
Service Options outstanding on December 31,		10.57		3,725,619
Service Options exercisable on December 31,		9.86		557,401
Weighted average remaining contract life (years)		9.36

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 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. The Company granted PSUs on September 28, 2021, which were accounted for by considering a fair value of $8.00. 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 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 September 28, 2021
Exercise price in USD	$	12.92
Underlying share price in USD	$	12.92
Volatility		77.16	%
Time period (years)		3.75
Risk-free rate		1.49	%
Dividend yield		0.00	%

PSUs outstanding as of December 31, 2023:


	2023
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.08		3,666,000
PSUs granted in 2023		—		—
PSUs forfeited		10.00		24,000
PSUs outstanding on December 31,		10.08		3,642,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		6.55

PSUs outstanding as of December 31, 2022:


	2022
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.08		3,696,000
PSUs granted in 2022		—		—
PSUs forfeited		10.00		30,000
PSUs outstanding on December 31,		10.08		3,666,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		7.55

PSUs outstanding as of December 31, 2021:


	2021
	Weighted average exercise price in USD		Number
PSUs outstanding on January 1,		10.00		3,644,000
PSUs granted in 2021		12.92		100,000
PSUs forfeited		10.00		48,000
PSUs outstanding on December 31,		10.08		3,696,000
PSUs exercisable on December 31,		—		—
Weighted average remaining contract life (years)		8.55

The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2023, 2022 and 2021 as set out below:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(11,972	)		(12,925	)		(15,564	)
General and administrative expenses		(8,733	)		(9,645	)		(10,839	)

Total share-based compensation		(20,705	)		(22,570	)		(26,403	)

Financial result - Summary of financial income and financial expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Finance Income Expense [Abstract]
Change in fair value of liabilities of warrants	€ (2,079)	€ 10,945	€ (10,990)
Interest income	13,845	2,476	133
Foreign currency gains	5	6,940	5,542
Other financial income	13,850	9,416	5,675
Interest expenses	(831)	(1,038)	(566)
Foreign currency losses	(5,633)	(6,500)	(276)
Losses on financial instruments	(576)	(741)	(884)
Other financial expenses	(7,040)	(8,279)	(1,726)
Financial result	€ 4,731	€ 12,082	€ (7,041)

Consolidated Statement of Cash Flows of Immatics N.V. - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net profit/(loss)	€ (96,994)	€ 37,514	€ (93,335)
Taxes on income	0	4,522	0
Profit/(loss) before tax	(96,994)	42,036	(93,335)
Adjustments for:
Interest income	(13,845)	(2,476)	(133)
Depreciation and amortization	7,234	6,967	5,260
Interest expenses	831	1,038	566
Equity settled share-based payment	20,705	22,570	26,403
Net foreign exchange differences and expected credit losses	6,861	2,953	(2,408)
Change in fair value of liabilities for warrants	2,079	(10,945)	10,990
(Gains)/losses from disposal of fixed assets	(150)
Changes in:
(Increase)/decrease in accounts receivables	(2,982)	(429)	569
(Increase)/decrease in other assets	(1,387)	(7,872)	(483)
Increase/(decrease) in deferred revenue, accounts payables and other liabilities	85,999	45,559	(31,784)
Interest received	10,167	1,649	175
Interest paid	(290)	(695)	(566)
Income tax paid		(224)
Net cash provided by/(used in) operating activities	18,228	100,131	(84,746)
Cash flows from investing activities
Payments for property, plant and equipment	(30,799)	(5,738)	(5,106)
Payments for intangible assets	(158)	(477)	(551)
Proceeds from disposal of property, plant and equipment	150	52
Payments for investments classified in Other financial assets	(415,325)	(216,323)	(11,298)
Proceeds from maturity of investments classified in Other financial assets	414,744	12,695	24,448
Net cash (used in)/provided by investing activities	(31,388)	(209,791)	7,493
Cash flows from financing activities
Proceeds from issuance of shares to equity holders	90,404	134,484	94
Transaction costs deducted from equity	(2,039)	(7,931)	0
Repayment of lease liabilities	(3,849)	(2,843)	(2,707)
Net cash provided by/(used in) financing activities	84,516	123,710	(2,613)
Net increase/(decrease) in cash and cash equivalents	71,356	14,050	(79,866)
Cash and cash equivalents at beginning of the year	148,519	132,994	207,530
Effects of exchange rate changes and expected credit losses on cash and cash equivalents	(1,403)	1,475	5,330
Cash and cash equivalents at end of the year	€ 218,472	€ 148,519	€ 132,994

Events occurring after the reporting period - Additional Information (Detail) $ / shares in Units, € in Millions, $ in Millions		12 Months Ended
	Jan. 22, 2024 USD ($) $ / shares shares	Dec. 31, 2023 EUR (€)
Genmab
Statements [Line Items]
Contract liabilities recognized \| €		€ 14.9
Major ordinary share transactions [Member] \| Public Offering [Member]
Statements [Line Items]
Proceeds from issue of ordinary shares \| $	$ 188
Increase (decrease) in number of ordinary shares issued \| shares	18,313,750
Sale Of Stock Issue Price Per Share \| $ / shares	$ 11

Revenue from collaboration agreements - Summary of Deferred revenue related to the collaboration agreements (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Revenue [abstract]
Current	€ 100,401	€ 64,957
Non-current	115,527	75,759
Total	€ 215,928	€ 140,716	€ 42,000

Financial Risk Management Objectives and Policies - Summary of Currency Risk Exposure (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Currency Risk Exposure [Line Items]
Cash and cash equivalents	€ 218,472	€ 148,519	€ 132,994	€ 207,530
Currency risk [Member]
Disclosure Of Currency Risk Exposure [Line Items]
Cash and cash equivalents	218,500
Currency risk [Member] \| Immatics N.V and Immatics GmbH [Member]
Disclosure Of Currency Risk Exposure [Line Items]
Cash and cash equivalents	76,381	65,575
Financial assets	112,713	88,801
Total assets exposed to the risk	€ 189,094	€ 154,376

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]

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes to Intangible Assets

Intangible assets consist of the following:


(Euros in thousands)	Patents and licenses			Software licenses			Total
Cost as of January 1, 2022		1,551			908			2,459
Additions		405			73			478
Currency translation differences		73			7			80

Cost as of December 31, 2022		2,029			988			3,017
Accumulated amortization as of January 1, 2022		(480	)		(664	)		(1,144	)
Additions		(60	)		(158	)		(218	)
Currency translation differences		(19	)		(4	)		(23	)

Accumulated amortization as of December 31, 2022		(559	)		(826	)		(1,385	)

Net book value as of December 31, 2022		1,470			162			1,632

Cost as of January 1, 2023		2,029			988			3,017
Additions		82			76			158
Currency translation differences		(59	)		(4	)		(63	)

Cost as of December 31, 2023		2,052			1,060			3,112
Accumulated amortization as of January 1, 2023		(559	)		(826	)		(1,385	)
Additions		(85	)		(138	)		(223	)
Currency translation differences		15			4			19

Accumulated amortization as of December 31, 2023		(629	)		(960	)		(1,589	)

Net book value as of December 31, 2023		1,423			100			1,523

Summary of Depreciation Expense

Amortization expenses consist

the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(115	)		(93	)		(35	)
General and administrative expenses		(108	)		(125	)		(125	)

Total		(223	)		(218	)		(160	)

Earnings and Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings and Loss per Share

24. Earnings and Loss per Share

The Group reported basic and diluted loss and earnings per share during the year ended December 31, 2023, 2022 and 2021. Basic and diluted loss per share and basic earnings per share are calculated by dividing the net profit or loss by the weighted-average number of ordinary shares outstanding for the reporting period. Diluted earnings per share for the year ended December 31, 2022 are calculated by adjusting the weighted-average number of ordinary shares outstanding for any dilutive effects resulting from equity awards granted to the Board of Directors and employees of the Group as well as from publicly traded Immatics Warrants. The Group’s equity awards and Immatics Warrants for which the exercise price is exceeding the Group’s weighted average share price for the year ended December 31, 2022 are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares. The Group was loss-making during the year ended December 31, 2023 and 2021, therefore all instruments are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding, including the equity awards and the

7,187,500 Immatics Warrants issued in 2020 and outstanding as of December 31, 2023.


	Year ended December 31,
	2023			2022		2021
	(Euros in thousands, except share and per share data)
Net profit/(loss)		(96,994	)		37,514		(93,335	)
Basic		(1.20	)		0.56		(1.48	)
Diluted		(1.20	)		0.55		(1.48	)
Weighted average shares outstanding:
Basic		80,546,682			67,220,824		62,912,921
Diluted		80,546,682			68,824,906		62,912,921

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

22.	Commitments and contingencies

Contractual obligations for 2023 consist of the following:


	Payments due by year
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		3,700		5,205		3,890		6,514		19,309
Other lease obligations		500		1,090		1,136		—		2,726

Total		4,200		6,295		5,026		6,514		22,035

Contractual obligations for 2022 consist of the following:


	Payments due by year
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		3,613		5,045		3,872		6,036		18,566
Other lease obligations		637		1,424		1,521		1,420		5,002

Total		4,250		6,469		5,393		7,456		23,568

Other lease obligations comprise of obligations for leases classified as short-term and low value as well as obligations for leases signed but not yet started.

The warrants will expire on July 1, 2025, five years after the completion of the ARYA Merger or earlier upon redemption or liquidation in accordance with their terms.

As of December 31, 2023, and 2022 the Group is potentially liable to pay €1.6 million to a third party upon successfully 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.

Basis of presentation

12 Months Ended

Dec. 31, 2023

Basis of presentation

2.	Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with IFRS

Accounting Standards as issued by the International Accounting Standards Board (“IASB”), taking into account the recommendations of the IFRS Interpretations Committee (“IFRIC

Interpretations”). The consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise indicated. For technical reasons, the information provided in these financial statements may contain rounding differences of +/- one unit.

The subsidiaries Immatics Biotechnologies GmbH and Immatics US Inc., are fully consolidated from the date upon which control was transferred to Immatics N.V. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between the Group are eliminated in full upon consolidation. The consolidated statement of profit or loss is prepared based on the function of expense method. The financial statements were prepared in accordance with the historical cost principle and on a going concern basis. This excludes financial liabilities for warrants, which are measured at fair value. The presentation in the consolidated statement of financial position distinguishes between current and non-current assets and liabilities. Assets are classified as current if they are expected to realise to sell or consume the asset in its normal operating cycle. Liabilities are classified as current if they are due within one year.

The consolidated financial statements are presented in Euros, which is the functional and reporting currency of the parent, Immatics N.V. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date. The Consolidated Statement of Profit/(Loss) is translated at average exchange rates. The currency translation differences are recognized in other comprehensive income.

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 determined the functional

currency of Immatics Biotechnologies GmbH to be Euros and of Immatics US Inc. to be USD. The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary:


	2023				2022				2021
	Year-end rate		Average rate		Year-end rate		Average rate		Year-end rate		Average rate
Euros per U.S. Dollar		0.90498		0.92460		0.93756		0.94888		0.88292		0.84495

The reporting period for Immatics N.V. and its subsidiaries corresponds with the calendar year. The reporting period 2023 began on January 1, 2023 and ended on December 31, 2023.

The consolidated financial statements comprise the financial statements of Immatics N.V. and its wholly-owned subsidiaries Immatics Biotechnologies GmbH and Immatics US Inc.

2.1	Going concern

Financial result - Additional Information (Detail) € / shares in Units, € in Millions	Dec. 31, 2023 EUR (€) € / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 EUR (€) € / shares	Dec. 31, 2022 $ / shares	Oct. 12, 2022 $ / shares	Oct. 12, 2022 € / shares	Dec. 31, 2021 EUR (€) € / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2020 € / shares
Statements [Line Items]
Change in fair value of warrant liabilities	€ 2.1		€ 10.9				€ 11.0
Top of range [member]
Statements [Line Items]
Exercise price of warrants or rights \| (per share)			€ 2.35	$ 2.51			€ 3.88	$ 4.39	$ 2.88	€ 2.35
Bottom of range [member]
Statements [Line Items]
Exercise price of warrants or rights \| (per share)	€ 2.64	$ 2.92			$ 2.51	€ 2.35	€ 3.88	$ 4.39

Related party disclosures

12 Months Ended

Dec. 31, 2023

Related party disclosures

23.	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 consists of the following:


	Year ended December 31,
	2023		2022		2021
	(Euros in thousands)
Fixed		3,611		2,706		2,481
Variable		1,818		1,543		1,317
Share-based compensation expenses		14,033		14,325		17,016

Total		19,462		18,574		20,814

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

The non-executive members of the Board of Directors of the Group received a fixed fee.

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2023:


(Euros in thousands)	Peter Chambré		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Mathias Hothum		Eliot Forster		Total
Board compensation		80		60		56		43		43		23		43		348
Share-based compensation expenses		203		203		203		203		203		97		206		1,318

Total		283		263		259		246		246		120		249		1,666

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2022:


(Euros in thousands)	Peter Chambré		Friedrich von Bohlen und Halbach		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Nancy Valente		Eliot Forster		Total
Board compensation		80		40		55		52		40		40		32		40		379
Share-based compensation expenses		178		206		177		177		177		177		64		180		1,336

Total		258		246		232		229		217		217		96		220		1,715

Total compensation for the non-executive members of the Board amounted to €2.1 million in 2021:


(Euros in thousands)	Peter Chambré		Friedrich von Bohlen und Halbach		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Christoph Hettich		Eliot Forster		Total
Board compensation		80		20		55		53		40		40		20		40		348
Travel expenses		—		1		10		—		3		—		—		1		15
Share-based compensation expenses		1,143		30		114		114		114		114		—		122		1,751

Total		1,223		51		179		167		157		154		20		163		2,114

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. At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Group’s 2022 stock option and incentive plan (“2022 Equity Plan”). Service options granted out of the 2020 Incentive Plan 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. Service options granted out of the 2022 Equity Plan to the Board of Directors vest in full after a one-year service time.

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’ Directors:

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Executive Director

Harpreet Singh

Performance-
based options

June 30, 2020

1,598,000

10.00

June 30, 2030

Harpreet Singh

Service options

June 30, 2020

168,000

10.00

June 30, 2030

Harpreet Singh

Matching Stock options

June 30, 2020

264,624

10.00

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

Harpreet Singh

Service options

December 9, 2021

168,000

11.00

December 9, 2031

Harpreet Singh

Service options

June 14, 2022

135,000

7.94

June 14, 2032

Harpreet Singh

Service options

December 13, 2022

388,000

9.75

December 13, 2032

Harpreet Singh

Service options

December 5, 2023

390,000

9.06

December 5, 2033

Non-executive Directors

Peter Chambré

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Peter Chambré

Matching Stock options

June 30, 2020

211,974

10.00

June 30, 2030

Peter Chambré

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Peter Chambré

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Peter Chambré

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Adam Stone

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Adam Stone

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Adam Stone

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Adam Stone

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Heather L. Mason

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Heather L. Mason

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Heather L. Mason

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Heather L. Mason

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Michael G. Atieh

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Michael G. Atieh

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Michael G. Atieh

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Michael G. Atieh

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Paul Carter

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Paul Carter

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Paul Carter

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Paul Carter

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Eliot Forster

Service options

September 14, 2020

25,000

9.16

September 13, 2030

Eliot Forster

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Eliot Forster

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Eliot Forster

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Mathias Hothum

Service options

June 27, 2023

25,000

11.41

June 27, 2033

In 2023, an additional aggregate of 707,000 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).

Until December 31, 2023, no options granted to directors and executive officers were forfeited or exercised. Refer to section “11. Share-based payments” regarding further details of the Group’s share-based compensation.

There are no outstanding balances, including commitments, other than the above mentioned with related parties.

The Group did not enter into transactions with related entities in 2023, 2022 and 2021 other than the mentioned compensation contracts.

Shareholders' equity - Additional Information (Detail) € / shares in Units, € in Thousands			12 Months Ended
	Jul. 19, 2023 EUR (€)	Oct. 12, 2022 EUR (€)	Dec. 31, 2023 EUR (€) € / shares shares	Dec. 31, 2022 EUR (€) € / shares shares	Jul. 19, 2023 $ / shares shares	Oct. 12, 2022 $ / shares shares
Registered Direct Offering [Member]
Disclosure of classes of share capital [line items]
Number of shares \| shares						10,905,000
Share issue related cost		€ 7,300
Issue of equity		113,400
Share Issued Price per Share \| $ / shares						$ 10.09
Issued capital [Member] \| Registered Direct Offering [Member]
Disclosure of classes of share capital [line items]
Issue of equity		109
Share premium [Member] \| Registered Direct Offering [Member]
Disclosure of classes of share capital [line items]
Issue of equity		€ 106,100
Svb Securities Lic [Member] \| Issued capital [Member]
Disclosure of classes of share capital [line items]
Issue of equity				€ 28
Svb Securities Lic [Member] \| Share premium [Member]
Disclosure of classes of share capital [line items]
Issue of equity				€ 20,200
Svb Securities Lic [Member] \| At The Market Agreement [Member]
Disclosure of classes of share capital [line items]
Number of shares \| shares				2,800,000
Gross Proceeds From Issue Of Securities				€ 20,800
Share issue related cost				€ 600
Leerink Partners Llc [Member] \| Issued capital [Member]
Disclosure of classes of share capital [line items]
Issue of equity			€ 55
Leerink Partners Llc [Member] \| Share premium [Member]
Disclosure of classes of share capital [line items]
Issue of equity			€ 57,000
Leerink Partners Llc [Member] \| At The Market Agreement [Member]
Disclosure of classes of share capital [line items]
Number of shares \| shares			5,500,000
Gross Proceeds From Issue Of Securities			€ 58,800
Share issue related cost			€ 1,800
BMS [Member] \| Private Placement [Member]
Disclosure of classes of share capital [line items]
Par value per share \| $ / shares					$ 14.46
Number of shares \| shares					2,400,000
Share issue related cost	€ 300
Proceeds from issue of ordinary shares	31,500
BMS [Member] \| Issued capital [Member] \| Private Placement [Member]
Disclosure of classes of share capital [line items]
Issue of equity	24
BMS [Member] \| Share premium [Member] \| Private Placement [Member]
Disclosure of classes of share capital [line items]
Issue of equity	€ 31,200
Reorganization [Member]
Disclosure of classes of share capital [line items]
Number of shares outstanding \| shares			84,657,789	76,670,699
Par value per share \| € / shares			€ 0.01	€ 0.01

Intangible assets

12 Months Ended

Dec. 31, 2023

Intangible assets

15.	Intangible assets

Intangible assets consist of the following:


(Euros in thousands)	Patents and licenses			Software licenses			Total
Cost as of January 1, 2022		1,551			908			2,459
Additions		405			73			478
Currency translation differences		73			7			80

Cost as of December 31, 2022		2,029			988			3,017
Accumulated amortization as of January 1, 2022		(480	)		(664	)		(1,144	)
Additions		(60	)		(158	)		(218	)
Currency translation differences		(19	)		(4	)		(23	)

Accumulated amortization as of December 31, 2022		(559	)		(826	)		(1,385	)

Net book value as of December 31, 2022		1,470			162			1,632

Cost as of January 1, 2023		2,029			988			3,017
Additions		82			76			158
Currency translation differences		(59	)		(4	)		(63	)

Cost as of December 31, 2023		2,052			1,060			3,112
Accumulated amortization as of January 1, 2023		(559	)		(826	)		(1,385	)
Additions		(85	)		(138	)		(223	)
Currency translation differences		15			4			19

Accumulated amortization as of December 31, 2023		(629	)		(960	)		(1,589	)

Net book value as of December 31, 2023		1,423			100			1,523

Amortization expenses consist

the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(115	)		(93	)		(35	)
General and administrative expenses		(108	)		(125	)		(125	)

Total		(223	)		(218	)		(160	)

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment

14.	Property, plant and equipment

Property, plant and equipment consist of the following:


(Euros in thousands)	Laboratory equipment			Computer equipment			Office equipment and installations			Total
Cost as of January 1, 2022		19,630			4,470			3,661			27,761
Additions		3,006			409			2,681			6,096
Disposals		(148	)		(9	)		(7	)		(164	)
Currency translation differences		249			28			(32	)		245

Cost as of December 31, 2022		22,737			4,898			6,303			33,938
Accumulated depreciation as of January 1, 2022		(12,052	)		(2,966	)		(2,237	)		(17,255	)
Additions		(2,143	)		(653	)		(333	)		(3,129	)
Disposals		96			9			7			112
Currency translation differences		(180	)		(26	)		(4	)		(210	)

Accumulated depreciation as of December 31, 2022		(14,279	)		(3,636	)		(2,567	)		(20,482	)

Net book value as of December 31, 2022		8,458			1,262			3,736			13,456

Cost as of January 1, 2023		22,737			4,898			6,303			33,938
Additions		17,725			1,866			14,814			34,405
Disposals		(717	)		—			(1	)		(718	)
Currency translation differences		(560	)		(49	)		(404	)		(1,013	)

Cost as of December 31, 2023		39,185			6,715			20,712			66,612
Accumulated depreciation as of January 1, 2023		(14,279	)		(3,636	)		(2,567	)		(20,482	)
Additions		(2,472	)		(577	)		(238	)		(3,287	)
Disposals		717			—			1			718
Currency translation differences		152			25			9			186

Accumulated depreciation as of December 31, 2023		(15,882	)		(4,188	)		(2,795	)		(22,865	)

Net book value as of December 31, 2023		23,303			2,527			17,917			43,747

The Group’s additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €

28.3

million for the year ended December

2023

Depreciation expenses consist of the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(2,419	)		(2,039	)		(1,684	)
General and administrative expenses		(868	)		(1,090	)		(890	)

Total		(3,287	)		(3,129	)		(2,574	)

Financial Risk Management Objectives and Policies - Summary of Sensitivity Analysis of Foreign Currency Risk (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	0.90498	0.93756	0.88292
Euro weakens by 1% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1161	1.0773
Carrying amount	€ 10,569	€ (18,873)
OCI	€ (106)	€ 189
Euro weakens by 1% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1161	1.0773
Profit/(loss)	€ (1,872)	€ (1,529)
Carrying amount	€ 187,222	€ 153,023
Euro strengths by 1% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.094	1.0559
Carrying amount	€ 10,783	€ (19,255)
OCI	€ 108	€ (193)
Euro strengths by 1% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.094	1.0559
Profit/(loss)	€ 1,910	€ 1,559
Carrying amount	€ 191,004	€ 156,115
Euro weakens by 5% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1603	1.1199
Carrying amount	€ 10,167	€ (18,154)
OCI	€ (508)	€ 908
Euro weakens by 5% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.1603	1.1199
Profit/(loss)	€ (9,004)	€ (7,351)
Carrying amount	€ 180,090	€ 147,194
Euro strengths by 5% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.0498	1.0133
Carrying amount	€ 11,237	€ (20,065)
OCI	€ 562	€ (1,003)
Euro strengths by 5% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.0498	1.0133
Profit/(loss)	€ 9,952	€ 8,125
Carrying amount	€ 199,046	€ 162,688
Euro weakens by 10% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2155	1.1733
Carrying amount	€ 9,705	€ (17,329)
OCI	€ (970)	€ 1,733
Euro weakens by 10% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	1.2155	1.1733
Profit/(loss)	€ (17,190)	€ (14,034)
Carrying amount	€ 171,904	€ 140,503
Euro strengths by 10% against U.S. dollars [Member] \| Immatics US Inc [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	0.9945	0.9599
Carrying amount	€ 11,861	€ (21,180)
OCI	€ 1,186	€ (2,118)
Euro strengths by 10% against U.S. dollars [Member] \| Immatics N.V. [Member] \| Immatics GmbH [Member]
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items]
Conversion rate	0.9945	0.9599
Profit/(loss)	€ 21,010	€ 17,153
Carrying amount	€ 210,105	€ 171,726

Property, plant and equipment - Summary of Changes to property, plant and equipment (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	€ 13,456
Ending Cost	43,747	€ 13,456
Laboratory Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	8,458
Ending Cost	23,303	8,458
Computer equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	1,262
Ending Cost	2,527	1,262
Office Equipment And Installations [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	3,736
Ending Cost	17,917	3,736
Gross carrying amount [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	33,938	27,761
Additions	34,405	6,096
Disposals	(718)	(164)
Currency translation differences	(1,013)	245
Ending Cost	66,612	33,938
Gross carrying amount [Member] \| Laboratory Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	22,737	19,630
Additions	17,725	3,006
Disposals	(717)	(148)
Currency translation differences	(560)	249
Ending Cost	39,185	22,737
Gross carrying amount [Member] \| Computer equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	4,898	4,470
Additions	1,866	409
Disposals	0	(9)
Currency translation differences	(49)	28
Ending Cost	6,715	4,898
Gross carrying amount [Member] \| Office Equipment And Installations [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	6,303	3,661
Additions	14,814	2,681
Disposals	(1)	(7)
Currency translation differences	(404)	(32)
Ending Cost	20,712	6,303
Accumulated depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	(20,482)	(17,255)
Additions	(3,287)	(3,129)
Disposals	718	112
Currency translation differences	186	(210)
Ending Cost	(22,865)	(20,482)
Accumulated depreciation [Member] \| Laboratory Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	(14,279)	(12,052)
Additions	(2,472)	(2,143)
Disposals	717	96
Currency translation differences	152	(180)
Ending Cost	(15,882)	(14,279)
Accumulated depreciation [Member] \| Computer equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	(3,636)	(2,966)
Additions	(577)	(653)
Disposals	0	9
Currency translation differences	25	(26)
Ending Cost	(4,188)	(3,636)
Accumulated depreciation [Member] \| Office Equipment And Installations [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Cost	(2,567)	(2,237)
Additions	(238)	(333)
Disposals	1	7
Currency translation differences	9	(4)
Ending Cost	€ (2,795)	€ (2,567)

Other current and non-current assets - Additional Information (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of subsidiaries [line items]
Prepaid insurance expenses	€ 1,100	€ 1,200
Prepaid expenses of licenses and software	7,000	7,400
Non-current prepayments	1,414	1,906
Current prepaid maintenance expenses	900	700
Noncurrent Prepayments Of Licensing Agreement	500	1,500
NonCurrent Prepaid Maintenance Expenses	500	300
Celgene Switzerland LLC And Genmab AS [Member]
Disclosure of subsidiaries [line items]
Current Incremental cost for collaboration agreement	200	400
Non-current prepayments	€ 400	€ 100

Leases - Summary of right-of use assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	€ 13,308	€ 13,033
Buildings [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	12,849	12,409
Laboratory equipment [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	284	392
IT and telecommunication [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	59	90
Vehicles [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	116	126
Other assets [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	€ 0	€ 16

Accounts receivables - Additional Information (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other current receivables [abstract]
Expected credit losses	€ 0	€ 0

Financial Instruments - Summary of Net Result from Financial Instruments by Measurement Categories (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items]
Net financial result	€ 4,731	€ 12,082	€ (7,041)
Financial assets at amortised cost, category [Member]
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items]
Net financial result	7,612	1,849	5,119
Financial assets at fair value through profit or loss, category [Member]
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items]
Net financial result			(884)
Financial liabilities at amortised cost, category [Member]
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items]
Net financial result	(802)	(712)	(286)
Financial liabilities at fair value through profit or loss, category [Member]
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items]
Net financial result	€ (2,079)	€ 10,945	€ (10,990)

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Immatics N.V.
Entity Central Index Key	0001809196
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	84,657,789
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Annual Report	true
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Incorporation, State or Country Code	P7
Entity File Number	001-39363
Entity Address, Address Line One	Paul-Ehrlich-Straße 15
Entity Address, City or Town	Tübingen
Entity Address, Country	DE
Entity Address, Postal Zip Code	72076
Document Registration Statement	false
Document Shell Company Report	false
Document Transition Report	false
Auditor Name	PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft
Auditor Firm ID	1275
Auditor Location	Stuttgart, Germany
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Edward A. Sturchio
Entity Address, Address Line One	2130 W. Holcombe Blvd., Suite 900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77030
City Area Code	281
Local Phone Number	810-7545
Common Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value €0.01 per share
Security Exchange Name	NASDAQ
Trading Symbol	IMTX
Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase ordinary shares
Security Exchange Name	NASDAQ
Trading Symbol	IMTXW

Accounts receivables (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Trade receivables


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Receivables from collaboration agreements		4,093		1,111

Total		4,093		1,111

Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V. - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
Net profit/(loss)	€ (96,994)	€ 37,514	€ (93,335)
Items that may be reclassified subsequently to profit or loss
Currency translation differences from foreign operations	(155)	2,464	3,514
Total comprehensive income/(loss) for the year	€ (97,149)	€ 39,978	€ (89,821)

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.

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

+ References

+ Details

Accounts payable (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Accounts Payable

Accounts payables consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Accounts payables		7,666		4,025
Accrued liabilities		17,540		9,031

Total		25,206		13,056

Consolidated Statement of Financial Position of Immatics N.V. - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	€ 218,472	€ 148,519
Other financial assets	207,423	213,686
Accounts receivables	4,093	1,111
Other current assets	19,382	13,838
Total current assets	449,370	377,154
Non-current assets
Property, plant and equipment	43,747	13,456
Intangible assets	1,523	1,632
Right-of-use assets	13,308	13,033
Other non-current assets	2,017	2,545
Total non-current assets	60,595	30,666
Total assets	509,965	407,820
Current liabilities
Accounts payables	25,206	13,056
Deferred revenue	100,401	64,957
Liabilities for warrants	18,993	16,914
Lease liabilities	2,604	2,159
Other current liabilities	9,348	9,366
Total current liabilities	156,552	106,452
Non-current liabilities
Deferred revenue	115,527	75,759
Lease liabilities	12,798	12,403
Other non-current liabilities	4	42
Total non-current liabilities	128,329	88,204
Shareholders' equity
Share capital	847	767
Share premium	823,166	714,177
Accumulated deficit	(597,293)	(500,299)
Other reserves	(1,636)	(1,481)
Total shareholders' equity	225,084	213,164
Total liabilities and shareholders' equity	€ 509,965	€ 407,820

Related party disclosures - Additional Information (Detail) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares
Disclosure of transactions between related parties [line items]
Number of share options forfeited in share-based payment arrangement	0
Amounts payable, related party transactions \| €	€ 0
Directors and executive officers [Member]
Disclosure of transactions between related parties [line items]
Number of share options forfeited in share-based payment arrangement	0
Key management personnel of entity or parent [Member] \| Service Options [Member] \| Immatics GmbH [Member]
Disclosure of transactions between related parties [line items]
Number of share options granted in share-based payment arrangement	707,000

Property, plant and equipment - Summary of Depreciation expense (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	€ (3,287)	€ (3,129)	€ (2,574)
Research and development expenses [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	(2,419)	(2,039)	(1,684)
General and administrative expenses [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation, property, plant and equipment	€ (868)	€ (1,090)	€ (890)

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)		12 Months Ended
	Sep. 28, 2021 yr $ / shares	Dec. 31, 2023 yr $ / shares	Dec. 31, 2022 yr $ / shares	Dec. 31, 2021 yr $ / shares
Additional Grants Under 2020 and 2022 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		$ 9.28	$ 9.39	$ 11.22
Underlying share price		$ 9.28	$ 9.39	$ 11.22
Volatility		87.98%	85.44%	82.18%
Time period (years) \| yr		6.06	6.07	6.11
Risk free rate		4.07%	3.48%	1.27%
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	$ 12.92
Underlying share price	$ 12.92
Volatility	77.16%
Time period (years) \| yr	3.75
Risk free rate	1.49%
Dividend yield	0.00%

Related party disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Compensation of Key Management Personnel

Compensation of key management personnel consists of the following:


	Year ended December 31,
	2023		2022		2021
	(Euros in thousands)
Fixed		3,611		2,706		2,481
Variable		1,818		1,543		1,317
Share-based compensation expenses		14,033		14,325		17,016

Total		19,462		18,574		20,814

Summary of Compensation for the Supervisory Board

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2023:


(Euros in thousands)	Peter Chambré		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Mathias Hothum		Eliot Forster		Total
Board compensation		80		60		56		43		43		23		43		348
Share-based compensation expenses		203		203		203		203		203		97		206		1,318

Total		283		263		259		246		246		120		249		1,666

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2022:


(Euros in thousands)	Peter Chambré		Friedrich von Bohlen und Halbach		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Nancy Valente		Eliot Forster		Total
Board compensation		80		40		55		52		40		40		32		40		379
Share-based compensation expenses		178		206		177		177		177		177		64		180		1,336

Total		258		246		232		229		217		217		96		220		1,715

Total compensation for the non-executive members of the Board amounted to €2.1 million in 2021:


(Euros in thousands)	Peter Chambré		Friedrich von Bohlen und Halbach		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Christoph Hettich		Eliot Forster		Total
Board compensation		80		20		55		53		40		40		20		40		348
Travel expenses		—		1		10		—		3		—		—		1		15
Share-based compensation expenses		1,143		30		114		114		114		114		—		122		1,751

Total		1,223		51		179		167		157		154		20		163		2,114

Summary of Options Granted to Managing Director and Supervisory Directors

The following options were granted to Immatics’ Directors:

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Executive Director

Harpreet Singh

Performance-
based options

June 30, 2020

1,598,000

10.00

June 30, 2030

Harpreet Singh

Service options

June 30, 2020

168,000

10.00

June 30, 2030

Harpreet Singh

Matching Stock options

June 30, 2020

264,624

10.00

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

Harpreet Singh

Service options

December 9, 2021

168,000

11.00

December 9, 2031

Harpreet Singh

Service options

June 14, 2022

135,000

7.94

June 14, 2032

Harpreet Singh

Service options

December 13, 2022

388,000

9.75

December 13, 2032

Harpreet Singh

Service options

December 5, 2023

390,000

9.06

December 5, 2033

Non-executive Directors

Peter Chambré

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Peter Chambré

Matching Stock options

June 30, 2020

211,974

10.00

June 30, 2030

Peter Chambré

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Peter Chambré

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Peter Chambré

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Adam Stone

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Adam Stone

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Adam Stone

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Adam Stone

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Heather L. Mason

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Heather L. Mason

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Heather L. Mason

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Heather L. Mason

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Michael G. Atieh

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Michael G. Atieh

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Michael G. Atieh

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Michael G. Atieh

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Paul Carter

Service options

June 30, 2020

25,000

10.00

June 30, 2030

Paul Carter

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Type of options

Grant date

Number of
Options

Strike
Price in
USD

Expiration date

Paul Carter

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Paul Carter

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Eliot Forster

Service options

September 14, 2020

25,000

9.16

September 13, 2030

Eliot Forster

Service options

December 9, 2021

15,000

11.00

December 9, 2031

Eliot Forster

Service options

June 14, 2022

25,000

7.94

June 14, 2032

Eliot Forster

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Mathias Hothum

Service options

June 27, 2023

25,000

11.41

June 27, 2033

Other current and non-current assets - Summary of Other non-current assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other non-current receivables [abstract]
Prepaid expenses	€ 1,414	€ 1,906
Other assets	603	639
Total	€ 2,017	€ 2,545

Significant accounting judgments, estimates and assumptions

12 Months Ended

Dec. 31, 2023

Significant accounting judgments, estimates and assumptions

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. In particular, material management judgments and estimation uncertainties apply to the recognition and measurement of income taxes (including deferred taxes), the revenue recognition from collaboration agreements and the measurement of share-based payments. Management bases its assessment of these judgments and estimation uncertainties on past experience, estimates from experts (lawyers, tax consultants, etc.) and the results of carefully weighing up different scenarios. Actual events and developments that lie beyond the control of management may deviate considerably from the expressed developments and assumptions. For this reason, the Group examines the estimates and assumptions made on an ongoing basis. Changes in estimates are recognized in profit or loss as soon as better information is available.

Revenue recognition from collaboration agreements

Pre-clinical

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

pre-clinical

collaboration agreements with Genmab and BMS, 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. The Moderna agreement has performance obligations, where the license is predominant and the revenue is therefore recognized based on the term of the license.

BMS IMA401 agreement

For the BMS IMA401 agreement, the Group assessed that these promises were two distinct performance obligations, the granted license and the conduct of clinical trial services. Since the collaboration agreement consist of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation and allocated the transaction price to the performance obligations. The Group used the expected cost method for the performance obligation related to clinical trial services, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. The Group decided to estimate a stand-alone selling price for the performance obligation related to the license by using the residual approach, since it is a unique license and there is no available market price for the license.

Moderna agreement

For the Moderna agreement, the Group assessed that these promised obligations were several distinct performance obligations, all of them being combinations of research and development services and license portions. The Group used the adjusted market assessment approach for the Early TCER Activities as well as for the Database Activities. For the Advanced TCER Activities, the Group decided to estimate a stand-alone selling price for the performance obligation by using the residual approach, since it is a unique product candidate and license and there is no available market price for the performance obligation.

General considerations

Milestone payments are 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 services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the service

(cost-to-cost

method), 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. For more information, see Note 7.

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 expenses 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. For more information, see Note 10.

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.

Management determined the value of share-based awards with the assistance of a third-party valuation specialist using certain assumptions, such as volatility, risk-free interest rate, exercise pattern and expected dividends. Changes in these estimates can have a material effect on share-based expenses recognized. For more information, see Note 11.

Related party disclosures - Summary of Compensation of Key Management Personnel (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Of Key Management Personnel [Abstract]
Fixed	€ 3,611	€ 2,706	€ 2,481
Variable	1,818	1,543	1,317
Share-based compensation expenses	14,033	14,325	17,016
Total	€ 19,462	€ 18,574	€ 20,814

Group information - Additional Information (Detail)		12 Months Ended
Group information - Additional Information (Detail)	Mar. 21, 2024	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [line items]
Date of end of reporting period		Dec. 31, 2023
Authorization Of Financial Statements [Member]
Disclosure of non-adjusting events after reporting period [line items]
Date of authorisation for issue of financial statements	Mar. 21, 2024

Income Tax - Additional Information (Detail) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2017
Statements [Line Items]
Statutory tax rate	30.40%	30.40%	30.40%	29.10%	29.10%
Corporate income tax rate	21.00%		21.00%		21.00%	21.00%
Percentage on limitation on tax loss carryforwards after prior period	80.00%					80.00%
Percentage on limitation on tax loss carryforwards before prior period							100.00%
Current tax expense (income)	€ 29,475	$ 0	€ (12,774)	€ 27,160	$ 0
Unused tax losses for which no deferred tax asset recognised	361,300		319,400
Current tax liabilities, current	3,560		3,426		$ 0	$ 0
Immatics Biotechnologies GmbH [Member]
Statements [Line Items]
Current tax expense (income)	€ 4,500
GERMANY \| Immatics Biotechnologies GmbH [Member]
Statements [Line Items]
Percentage Of Income That Can Be Used To Set Off Tax Losses Carry Forward	60.00%	60.00%
Percentage Of Pretax Income Subject To Income Tax	40.00%	40.00%
Indefinite Tax Losses Carryforward [Member]
Statements [Line Items]
Tax effect of tax losses	€ 361,300		€ 357,200
Twenty Six Year Tax Losses Carryforward [Member]
Statements [Line Items]
Tax effect of tax losses	€ 26,000

Share-based payments - Summary of Employee Share Options (Detail)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2023 shares Warrants $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2022 shares Warrants $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2021 shares Warrants $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited \| shares		0
Performance Based Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,			$ 10.08				$ 10.08				$ 10
SARs forfeited			10				10				10
Weighted average exercise price, Outstanding at December 31,			10.08				10.08				10.08
SARs exercisable	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Number of share options, outstanding at January 1, \| shares		3,666,000				3,696,000				3,644,000
SARs forfeited \| shares		24,000				30,000				48,000
Number of share options, outstanding at December 31, \| shares		3,642,000				3,666,000				3,696,000
SARs exercisable \| shares	0	0	0	0	0	0	0	0	0	0	0	0
Weighted average remaining contract life (years)	6 years 6 months 18 days				7 years 6 months 18 days				8 years 6 months 18 days
Performance Based Options [Member] \| Granted On September 2021 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted			$ 0				$ 0				$ 12.92
SARs granted \| shares		0				0				100,000
Additional Grants Under 2020 and 2022 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,			10.07				10.57				9.87
SARs forfeited			9.7				10.63				10.01
SARs exercised			9.96				10.4				10
SARs expired			10.85				10.22				0
Weighted average exercise price, Outstanding at December 31,			9.87				10.07				10.57
SARs exercisable	$ 10.06	$ 10.06	$ 10.06	$ 10.06	$ 10.33	$ 10.33	$ 10.33	$ 10.33	$ 9.86	$ 9.86	$ 9.86	$ 9.86
Number of share options, outstanding at January 1,		6,129,160		6,129,160		3,725,619		3,725,619				1,910,182
SARs forfeited \| shares		326,895				182,832				149,178
SARs exercised \| Warrants				12,832				16,312				3,093
SARs expired \| shares		36,297				17,035				0
Number of share options, outstanding at December 31,		7,757,974				6,129,160		6,129,160		3,725,619		3,725,619
SARs exercisable \| shares	3,048,090	3,048,090	3,048,090	3,048,090	1,438,413	1,438,413	1,438,413	1,438,413	557,401	557,401	557,401	557,401
Weighted average remaining contract life (years)	8 years 4 months 28 days				8 years 10 months 13 days				9 years 4 months 9 days
Additional Grants Under 2020 and 2022 Plan [Member] \| Granted On March 2021 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs granted			$ 9.28				$ 9.39				$ 11.22
SARs granted \| Warrants				2,004,838				2,619,720				1,967,708
Converted Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,			2.74				2.64				2.58
SARs exercised			1.24				1.24				1.29
SARs expired			0.85				1.35				1.29
Weighted average exercise price, Outstanding at December 31,			2.81				2.74				2.64
SARs exercisable	$ 2.81	$ 2.81	$ 2.81	$ 2.81	$ 2.75	$ 2.75	$ 2.75	$ 2.75	$ 2.61	$ 2.61	$ 2.61	$ 2.61
Number of share options, outstanding at January 1,		525,181		525,181		566,311		566,311				594,844
SARs exercised \| shares		20,951				20,337				8,180
SARs expired \| shares		11				8,465				1,805
Number of share options, outstanding at December 31,		503,310				525,181		525,181		566,311		566,311
SARs exercisable \| shares	503,310	503,310	503,310	503,310	392,258	392,258	392,258	392,258	193,727	193,727	193,727	193,727
Weighted average remaining contract life (years)	4 years 3 days				5 years 3 days				6 years 3 days
Converted Options [Member] \| Granted On June 2020 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
SARs forfeited			$ 1.14				$ 1.36				$ 1.3
SARs forfeited \| shares		909				12,328				18,548
Matching Stock Options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price, Outstanding at January 1,			10				10				10
SARs forfeited											10
SARs exercised			10				10				10
SARs expired			10				10
Weighted average exercise price, Outstanding at December 31,			10				10				10
SARs exercisable	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10
Number of share options, outstanding at January 1,		1,348,004		1,348,004		1,406,468		1,406,468				1,422,556
SARs forfeited \| shares										9,254
SARs exercised \| Warrants				720				11,910				6,834
SARs expired \| shares		4,636				46,554
Number of share options, outstanding at December 31,		1,342,648				1,348,004		1,348,004		1,406,468		1,406,468
SARs exercisable \| shares	1,342,648	1,342,648	1,342,648	1,342,648	1,348,004	1,348,004	1,348,004	1,348,004	1,406,468	1,406,468	1,406,468	1,406,468
Weighted average remaining contract life (years)	6 years 6 months				7 years 6 months				8 years 6 months

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax

10.	Income Tax

During the year ended December 31, 2023 and 2021, the Group generated a net loss. The Group correspondingly recognized no income tax expense and no equivalent current tax liability for the year ended December 31, 2023 and 2021, respectively.

During the year ended December 31, 2022, the Group generated a net income due to the recognition of revenue in connection with the license component of the BMS IMA401 Collaboration agreement. This one-time revenue is not accounted for under German GAAP and consequently under German tax accounting. Instead, the Group recognizes revenue for the BMS agreement over the period of the clinical trial service under German GAAP.

The deferred tax liability arising from the temporary difference related to delayed revenue recognition under German tax accounting is offset by deferred tax assets on tax losses carried forward that were previously not capitalized due to the Group’s expectation of generating taxable losses in the foreseeable future.

The Group’s German operations were subject to a statutory tax rate of 30.4% during 2023 and 2022 and of 29.1%

during 2021. The Group’s US operations were subject to a corporate income tax rate of

21% for the year ended December 31, 2023, 2022 and 2021.

For Immatics GmbH, the Group recognized an income tax expense and an equivalent current tax liability in the amount of €4.5 million for the year ended December 31, 2022. The income tax expense is calculated based on taxable income of Immatics GmbH for the year ended December 31, 2022.

Since no deferred tax assets have been recognized as of December 31, 2021, the Group took into account the tax losses carried forward that can be used to offset the taxable income generated in 2022. In accordance with §10d para 2 EStG (German income tax code), 60% of an income of a given year can be offset with tax losses carried forward. Accordingly, 40% of the income before tax of Immatics GmbH is subject to income tax. As the profit generated in 2022 is considered a one-time profit, no deferred tax assets exceeding the deferred tax liability on temporary differences have been recognized in respect of tax losses carried forward. 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.

The Group continued to generate losses for all entities within the Group during the year ended December 31, 2023 as well as for all entities apart from Immatics GmbH during the year ended December 31, 2022. Due to changes in ownership in prior periods, 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 Profit/(Loss) and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Profit/(loss) before taxes		(96,994	)		42,036			(93,335	)
Expected taxes		29,475			(12,774	)		27,160
Effects
Difference in tax rates		(4,670	)		(4,868	)		(3,274	)
Non-deductible tax expenses		—			—			(52	)
Permanent Differences		(6,304	)		(1,123	)		(10,881	)
Utilization of previously unrecorded tax losses carried forward		—			7,067			—
Non-recognition of deferred taxes on tax losses and temporary differences		(18,501	)		7,176			(12,953	)

Taxes on income		—			(4,522	)		—

For the year ended December 31, 2023 and 2022, permanent differences relate to share-based compensation expenses, to transaction costs directly attributable and incremental to capital raises and to the change in fair value of the financial liabilities for the warrants.

For the year ended December 31, 2021, permanent differences relate to share-based compensation expenses and to the change in fair value of the financial liabilities for the warrants.

Deferred tax assets and deferred tax liabilities consist of the following:


	As of
	December 31, 2023						December 31, 2022
	(Euros in thousands)
	Deferred tax assets			Deferred tax liabilities			Deferred tax assets			Deferred tax liabilities
Intangible assets		20,697			—			10,328			—
Right-of-use assets		—			(3,392	)		—			(3,239	)
Deferred revenue		—			(18,216	)		—			(23,133	)
Other assets		1,296			(160	)		1,964			(947	)
Lease liabilities		3,856			—			3,560			—
Deferred expenses		—			—			—			—
Recognition of tax losses carried forward		—			—			11,467			—
Total		25,849			(21,768	)		27,319			(27,319	)
Netting		(21,768	)		21,768			(27,319	)		27,319
Non-recognition of deferred tax assets on temporary differences		(4,081	)		—			—			—

Net deferred tax assets/liabilities		—			—			—			—

For the years ended December 31, 2023, and 2022, the Group had accumulated tax losses of €361.3 million and €357.2 million, respectively, that may be offset against future taxable profits of the Group, subject to certain limitations. For €361.3 million and €319.4 million of the accumulated tax losses, no deferred tax asset has been recognised in the financial statements. For the year ended December 31, 2023, €26 million of total tax losses is subject to a 20-year carry forward period. All other tax losses have an indefinite carry forward period.

The limitation on tax loss carry forwards in Immatics US Inc. is 80.00% of each subsequent year’s net income, starting with losses generated after January 1, 2018. These have an indefinite carry forward period, but no carry back 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 changes in ownership in prior periods, 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.

Revenue from collaboration agreements - Additional Information (Detail) € in Thousands, $ in Millions					12 Months Ended
	Jun. 01, 2022 EUR (€)	Jun. 01, 2022 USD ($)	Jan. 26, 2022 EUR (€)	Jan. 26, 2022 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 01, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Jan. 26, 2022 USD ($)
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $														$ 770.0
Contract Liabilities					€ 215,928		€ 140,716					€ 42,000
Capitalized costs of contract net of amortization					600		500
Amortization of contract costs capitalized					0		400	€ 300
Potential milestone payment payable					1,900				$ 2.0
Receipt of upfront of payment					53,997		172,831	34,763
Milestone regulatory and royaly payment receivable \| $											$ 700.0
BMS Opt in Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Contract with customers liability revenue recognized					13,700
Immatics Biotechnologies GmbH [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Transaction price allocation to performance obligation			€ 133,000											$ 150.0
Amgen Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received					28,000	$ 30.0
Contract with customers liability revenue recognized								10,200
Contract Liabilities							0
Contract liabilities recognized contract liabilities recognized								10,200
Genmab Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received					46,000	54.0
Contract with customers liability revenue recognized					2,100		9,600	6,900
Contract Liabilities					14,900		12,100
Contract liabilities recognized contract liabilities recognized					14,900
Genmab Collaboration Agreement [Member] \| Milestone Payment For Licensed Product [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $									550.0
BMS Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received	€ 18,700	$ 20.0			68,000	75.0
Contract with customers liability revenue recognized					12,900		23,000	13,100
Contract Liabilities					24,700		37,600
BMS Collaboration Agreement [Member] \| BMS Opt in Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Option exercise fee received					13,700	15.0
GSK Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received					45,000
Contract with customers liability revenue recognized							37,100	€ 4,500
Contract Liabilities							0
GSK Collaboration Agreement [Member] \| Thereafter [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Contract Liabilities					36,800
Bms Agreement [Member] \| Immatics Biotechnologies GmbH [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Receipt of upfront of payment			€ 133,000	$ 150.0
Allocation of upfront payment towards clinical trial services and license grant												133,000	$ 150.0
Allocation of upfront payment towards clinical trial services												42,000
Allocation of upfront payment towards license grant												€ 91,000
Bms Agreement [Member] \| Immatics Biotechnologies GmbH [Member] \| Ima401 License Grant [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Revenue from contracts with customers					8,800		6,900
Bms Agreement [Member] \| Immatics Biotechnologies GmbH [Member] \| Ima401 Clinical Trial Services [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Contract Liabilities					26,000		34,800
Revenue from contracts with customers					91,300
License Development and Commercialization Agreement [member] \| Immatics US Inc [Member] \| Bristol Myer Squib Company [member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Upfront payment received \| $		60.0
Contract Liabilities					39,300		56,200
Transaction price allocation to performance obligation	60,700
Additional payment related to performance obligations received \| $		$ 5.0
Performance obligations cumulative upfront payments received	60,700									€ 60,700	65.0
Contract transaction price	€ 66,100										$ 70.8
Revenue recognized during the period performance obligation					15,300		€ 4,900
Moderna Collaboration Agreement [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Milestone payment receivable \| $									1,700.0
Upfront payment received					113,000	$ 120.0
Contract Liabilities					110,900
Performance obligations cumulative upfront payments received					113,000				120.0
Revenue recognized during the period performance obligation					5,400
Research funding payment received allocated to contract transaction price					40,000				$ 43.0
Moderna Collaboration Agreement [Member] \| Early TCER Activities [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Revenue recognized during the period performance obligation					3,400
Allocation of aggregate transaction price					70,000
Moderna Collaboration Agreement [Member] \| Advanced TCER Activities [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Revenue recognized during the period performance obligation					400
Allocation of aggregate transaction price					62,000
Moderna Collaboration Agreement [Member] \| Data Base Activities [Member]
Disclosure Of Revenue From Contract With Customers [Line Items]
Revenue recognized during the period performance obligation					1,600
Allocation of aggregate transaction price					€ 21,000

Personnel expenses - Summary of Personnel Expenses (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statements [Line Items]
Wages and salaries	€ (48,994)	€ (42,924)	€ (29,098)
Total other employee benefits	(6,626)	(7,711)	(5,086)
Share-based compensation expense	(20,705)	(22,570)	(26,403)
Total	(76,325)	(73,205)	(60,587)
Research and development expenses [Member]
Statements [Line Items]
Wages and salaries	(37,770)	(33,694)	(21,993)
Other employee benefits	(4,802)	(5,662)	(3,550)
Share-based compensation expense	(11,972)	(12,925)	(15,564)
General and administrative expenses [Member]
Statements [Line Items]
Wages and salaries	(11,224)	(9,230)	(7,105)
Other employee benefits	(1,824)	(2,049)	(1,536)
Share-based compensation expense	€ (8,733)	€ (9,645)	€ (10,839)

Financial Risk Management Objectives and Policies

12 Months Ended

Dec. 31, 2023

Financial Risk Management Objectives and Policies

20.	Financial Risk Management Objectives and Policies

The Group’s principal financial assets comprise cash and cash equivalents, short-term deposits, accounts receivables and bonds. The main purpose of these financial assets 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 payables, 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 on 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, bonds 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.

Credit risk

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

The maximum default risk is €430 million and €363.3 million as of December 31, 2023 and 2022, respectively. These amounts consist of €218.5 million and €148.5 million cash and cash equivalents, €4.1 million and €1.1 million accounts receivables as well as €207.4 million and €213.7 million Other financial assets as of December 31, 2023 and 2022, respectively.

The cash and cash equivalents are held with banks, which are rated BBB+ to Aa3 by S&P and Moody’s. Short-term deposits are with banks, which are rated Aa3 and A1 by the rating agency Moody’s. Bond investments are with banks, which are rated AAA and AA by Moody’s. The Group continually monitors its positions with, and the credit quality of, the financial institutions and corporations, 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 euro cash inflows with euro 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.

The Group’s cash and cash equivalents were €218.5 million as of December 31, 2023. Approximately 88% of the Group’s cash and cash equivalents were held in Germany, of which approximately 40% were denominated in Euros and 60% were denominated in U.S. dollars. The remainder of the Group’s cash and cash equivalents were held in the United States and denominated in U.S. dollars. Additionally, the Group held short-term deposits classified as Other financial assets denominated in Euros in the amount of €94.7 million and U.S. dollars in the amount of €112.7 million as of December 31, 2023.

The Group recognized significant foreign exchange income and losses in 2023 and 2022, as Immatics N.V.’s and Immatics GmbH’s functional currency is Euro, due to significant holdings of U.S. dollar amounts. The Group

recognized significant foreign exchange income in 2021. Cash and cash equivalents and Other financial assets balances denominated in U.S. dollars held by entities with functional currency of euro are as follows:

Cash, cash equivalents and financial assets of Immatics N.V and Immatics GmbH held in USD


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Cash and cash equivalents		76,381		65,575
Other financial assets		112,713		88,801

Total assets exposed to the risk		189,094		154,376

Conversion rate EUR/USD as of December 31, 2023: 1/1.10500

2023, if the euro had weakened/strengthened by

% against U.S. dollars by considering that all other variables held constant, the Group’s profit would have been €

million lower/€

million higher, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH.

Sensitivity analysis of Immatics N.V. and Immatics GmbH for 2023:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.1161		(1,872	)		187,222
Euro strengthens by 1% against U.S. dollars		1.0940		1,910			191,004
Euro weakens by 5% against U.S. dollars		1.1603		(9,004	)		180,090
Euro strengthens by 5% against U.S. dollars		1.0498		9,952			199,046
Euro weakens by 10% against U.S. dollars		1.2155		(17,190	)		171,904
Euro strengthens by 10% against U.S. dollars		0.9945		21,010			210,105

In 2022, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group’s profit would have been €14 million lower/€17 million higher, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH.

Sensitivity analysis of Immatics N.V. and GmbH for 2022:


	Conversion rate		Profit/(loss)			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.0773		(1,529	)		153,023
Euro strengthens by 1% against U.S. dollars		1.0559		1,559			156,115
Euro weakens by 5% against U.S. dollars		1.1199		(7,351	)		147,194
Euro strengthens by 5% against U.S. dollars		1.0133		8,125			162,688
Euro weakens by 10% against U.S. dollars		1.1733		(14,034	)		140,503
Euro strengthens by 10% against U.S. dollars		0.9599		17,153			171,726

The wholly-owned subsidiary Immatics US, Inc. is located in the United States and has U.S. Dollars as its functional currency. Therefore, the Group is subject to currency fluctuations that would affect the other comprehensive income and equity of the Group.

Sensitivity analysis of Immatics US Inc. for 2023:


	Conversion rate		OCI			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.1161		(106	)		10,569
Euro strengthen by 1% against U.S. dollars		1.0940		108			10,783
Euro weakens by 5% against U.S. dollars		1.1603		(508	)		10,167
Euro strengthen by 5% against U.S. dollars		1.0498		562			11,237
Euro weakens by 10% against U.S. dollars		1.2155		(970	)		9,705
Euro strengthen by 10% against U.S. dollars		0.9945		1,186			11,861

Sensitivity analysis of Immatics US Inc. for 2022:


	Conversion rate		OCI			Carrying amount
	(Euros in thousands)
Euro weakens by 1% against U.S. dollars		1.0773		189			(18,873	)
Euro strengthen by 1% against U.S. dollars		1.0559		(193	)		(19,255	)
Euro weakens by 5% against U.S. dollars		1.1199		908			(18,154	)
Euro strengthen by 5% against U.S. dollars		1.0133		(1,003	)		(20,065	)
Euro weakens by 10% against U.S. dollars		1.1733		1,733			(17,329	)
Euro strengthen by 10% against U.S. dollars		0.9599		(2,118	)		(21,180	)

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.

As of December 31, 2023, and 2022, the Group held the following funds to counteract liquidity risk.


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Cash and cash equivalents		218,472		148,519
Bonds		—		58,756
Short-term deposits		207,423		154,930

Total funds available		425,895		362,205

Market risk and currency risk of warrants

The Group’s activities expose it to the financial risks of changes in price of the warrants. As the warrants are recognized at fair value through profit and loss on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded on the Nasdaq Stock Exchange. A reasonable increase/decrease in the warrant price by

10%,

with all other variables held constant, would lead to a loss/gain before tax of

€1.9

million with a corresponding effect in the equity as of December 31, 2023. A reasonable increase/decrease in the warrant price by

10%,

with all other variables held constant, would lead to a loss/gain before tax of

€1.7

million with a corresponding effect in the equity as of December 31, 2022.

Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The warrants are traded in U.S. Dollar while the functional currency of Immatics N.V. is Euro.

If the euro had weakened/strengthened by 10% against U.S. dollars, with all other variables held constant, the Group’s gain

loss before tax would be €1.7 million/(€2.1 million) with a corresponding effect in the equity as of December 31, 2023.

If the euro had weakened/strengthened by 10% against U.S. dollars, with all other variables held constant, the Group’s gain

loss before tax would be €1.5 million/(€1.9 million) with a corresponding effect in the equity as of December 31, 2022.

The risks associated with our warrants result in non-cash, non-operating financial statement effects and have no impact on the Company’s cash position, operating expenses or cash flows.

Capital management

The Group’s capital management objectives are designed primarily to finance our growth strategy.

The Group reviews the total amount of cash on a regular basis. As part of this review, the Group considers the total cash and cash equivalents, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. In general, the aim is to maximize the financial resources available for further research and development projects. The Group is not subject to externally imposed capital requirements. The Group’s capital management objectives were achieved in the reporting year.

Accounts payable - Summary of Accounts Payable (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other current payables [abstract]
Accounts payables	€ 7,666	€ 4,025
Accrued liabilities	17,540	9,031
Total	€ 25,206	€ 13,056

Personnel expenses (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Personnel Expenses

Personnel expenses consist of the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Wages and salaries
Research and development expenses		(37,770	)		(33,694	)		(21,993	)
General and administrative expenses		(11,224	)		(9,230	)		(7,105	)

Total Wages and salaries		(48,994	)		(42,924	)		(29,098	)
Other employee benefits
Research and development expenses		(4,802	)		(5,662	)		(3,550	)
General and administrative expenses		(1,824	)		(2,049	)		(1,536	)

Total other employee benefits		(6,626	)		(7,711	)		(5,086	)
Share-based compensation expenses
Research and development expenses		(11,972	)		(12,925	)		(15,564	)
General and administrative expenses		(8,733	)		(9,645	)		(10,839	)

Total share-based compensation expenses		(20,705	)		(22,570	)		(26,403	)

Total		(76,325	)		(73,205	)		(60,587	)

Leases - Summary of expenses related to right-of-use assets and lease liabilities (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	€ (3,723)	€ (3,620)	€ (2,526)
Interest expenses form lease	(801)	(613)	(288)
Expenses relating to short-term leases	(1,548)	(144)	(60)
Expenses relating to low-value assets	(86)	(46)	(35)
Buildings [Member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	(3,265)	(3,151)	(2,199)
Laboratory equipment [Member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	(360)	(277)	(162)
IT and telecommunication [Member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	(26)	(103)	(98)
Vehicles [Member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	(72)	(66)	(59)
Other assets [Member]
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items]
Depreciation, right-of-use assets	€ 0	€ (23)	€ (8)

Revenue from collaboration agreements

12 Months Ended

Dec. 31, 2023

Revenue from collaboration agreements

7.	Revenue from collaboration agreements

The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2023, the Group had five revenue-generating strategic collaboration agreements in place after the Amgen collaboration was terminated in 2021 and the GSK collaboration was terminated in 2022. On March 14, 2024, Genmab provided us with a termination notice relating to our collaboration, originally announced in July 2018.

As part of these collaboration arrangements, 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 the preclinical collaboration agreements, except for the Moderna agreement, the promises represent one combined performance obligation, whereas for the clinical stage BMS IMA401 agreement, the promises represent two distinct performance obligations. For the preclinical collaboration agreement with Moderna, the promises represent multiple distinct performance obligations.

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, 2023, 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 revenues are contract liabilities within the scope of IFRS 15.

Each of the Group’s strategic collaboration agreements included a non-refundable upfront payment 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, 2023, December 31, 2022 and December 31, 2021, respectively.

Genmab Collaboration Agreement

In July 2018, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with 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 €

million ($

million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue, which recognizes into revenue on a cost-to-cost basis using forecasted costs.

In October 2023, Genmab provided Immatics with notice of its decision to terminate one of the bispecific programs under the collaboration. Immatics and Genmab continue their collaboration with the development of one TCER program.

The Group recognized €2.1 million negative revenue, and €9.6 million and €6.9 million positive revenue

on a cost-to-cost method

associated with the upfront payment and with reimbursements for research and development costs performed, for the years ended December 31, 2023, 2022 and 2021, respectively. The revenue for the year ended December 31, 2023 from the collaboration agreement with Genmab is negative, which was a result of changes to the inputs in the cost-to-cost model due to an increase in the expected cost of the collaboration, resulting in a reduction in calculated percentage of completion.

Total deferred revenue under the agreement was €14.9 million and €12.1 million as of December 31, 2023 and 2022, respectively.

On March 1

, 2024, Genmab provided us with a termination notice relating to our collaboration, originally announced in July 2018. As a result, the Group will not receive any future milestone or royalty payments under the collaboration. The termination was a

non-adjusting

subsequent event and the revenue from collaboration agreement does not include the effects from the termination of the collaboration with Genmab after the end of the reporting period. The remaining deferred revenue for Genmab is €14.9 million as of December 31, 2023, which will be recognized in the first quarter of 2024.

Moderna Collaboration Agreement

On September 7, 2023, Immatics Biotechnologies GmbH and ModernaTX, Inc., a Delaware corporation, entered into a strategic research and development collaboration agreement to develop TCER products and cancer vaccines (the “Moderna agreement”). The Moderna agreement became effective on October 12, 2023, after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on October 11, 2023.

Under the terms of the Moderna agreement, the Group received an upfront cash payment of €113 million ($120 million) related to the performance obligations under the contract and will receive research funding.

The Group is eligible to receive additional development, regulatory and commercial milestone payments that could exceed $1.7 billion for TCER products resulting from the collaboration. For each target, depending on certain product characteristics, Immatics may be eligible to receive milestone payments of up to a mid-eight-digit amount upon the achievement of certain development milestones and up to a mid-nine-digit amount upon the achievement of certain regulatory and commercial milestones. In addition, the Group is eligible to receive tiered mid-single-digit to low-double-digit percentage royalties on net sales of TCER products and certain vaccine products that are commercialized under the agreement. Immatics has a right to co-fund the development and commercialization of certain products by making an opt-in payment in exchange for profit and loss sharing on such products.

Moderna will lead the clinical development and commercialization of cancer vaccines and TCER therapeutics resulting from the collaboration agreement. Immatics will be responsible for conducting the preclinical studies

and a potential Phase 1 clinical trial investigating IMA203

TCR-T

in combination with the PRAME mRNA vaccine to further enhance IMA203 T cell responses. Immatics and Moderna will retain full ownership of its investigational PRAME compound and the clinical study funding will be on a cost-sharing basis.

Immatics concluded that the Clinical Combination is not a contract with a customer and should not be accounted for under IFRS 15, due to the fact that Moderna does not act as a customer and Immatics does not act as a vendor with regard to the Clinical Combination. Both parties will jointly run the clinical trial, will jointly pay and will then jointly decide on how to proceed in case of a successful combination. In case of a successful combination, either party can still withdraw and not enter into an agreement afterwards. Immatics concluded that the Clinical Combination is a Joint operation under IFRS 11 instead of a contract with a customer under IFRS 15.

The Group concluded for other elements of the contract that Moderna is a customer, since they contain elements of a customer relationship even though it is a collaboration agreement, where to some degree both risks and benefits are shared between the Group and Moderna. They clearly state deliverables to be delivered by the Group and Moderna as mentioned below and create enforceable rights and obligations.

Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the Moderna agreement represent one performance obligation, combined performance obligations or multiple performance obligations as well as the allocation of the transaction price to identified performance obligations, and the determination of whether milestone payments should be included in the transaction price.

The Group identified the following distinct performance obligations:

initial early

pre-clinical

targets from the TCER part (“Early TCER Activities”)

one initial advanced

pre-clinical

target from the TCER part (“Advanced TCER Activities”)

four distinct performance obligations which, due to their identical accounting treatment as license accesses, are jointly accounted for as one performance obligation (“Database Activities”)

The Early TCER Activities and the Advanced TCER Activities include licenses for target rights, TCRs and our bispecific format TCER, contractually agreed research and development services and the participation in Joint Steering Committee meetings and in TCER Project Committee meetings as distinct performance obligations. The Database Activities include limited access to our database XPRESIDENT and XCUBE and the participation in Database Project Committee meetings as a distinct performance obligation.

Immatics is required to perform research and development for the Early TCER Activities. The work which Immatics promised to perform on the Early TCER Activities is separately identifiable from all other promised goods and services and is not significantly modifying another promised good or service from the agreement. Moderna can benefit from the Early TCER Activities on its own, independently of other promised goods and services. The Early TCER Activities represent one joint obligation as the goal is to maximize the likelihood of one treatment option. All targets are early

pre-clinical,

meaning the likelihood of failure during the pre-clinical phase is high for each of the targets. Immatics considered the Early TCER Activities as a distinct performance obligation considering the uncertainty that the targets result at the end in a successful TCER product.

The Advanced TCER Activities are focussed on a more advanced

pre-clinical

target. The target is in an advanced

pre-clinical

phase and, therefore, the Advanced TCER Activities are separately identifiable from all other promised goods and services and are not significantly modifying another promised good or service from the agreement.

The Database Activities involve four distinct performance obligations. All four performance obligations represent different limited access rights to Immatics’ XPRESIDENT and XCUBE. Since the database access rights are predominant in each of the four performance obligations, Immatics concluded to account for the four performance obligations as if they were a single performance obligation, since the revenue recognition pattern will be identical for all four performance obligations.

At inception of the Moderna agreement, the Group determined the transaction price. We evaluated inclusion of the milestones as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The contractual agreed milestone payments with Moderna relate to the license. Based on that, the Group concluded that no variable consideration, except for reimbursements, was considered as the transaction price at contract inception. At the end of each reporting period, the Group reevaluates the probability of achievement of milestones and, if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties will only be recognized as sales occur since the license is the predominant item to which the royalty relates.

The Group is required to allocate the determined transaction price, consisting of the upfront payment of €113 million ($120 million) as well as expected research funding of €40 million ($43 million) to the separately identified performance obligations of the Moderna agreement, based on the standalone selling price of each performance obligation. Since

these are treated as

three performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the standalone selling price included estimates regarding forecasted cost for future services, profit margins and development timelines.

The most reasonable estimation method for the Early TCER Activities and the Database Activities is the adjusted market assessment approach, due to the fact that the Group is able to use insights from prior collaborations as well as information implicit in the contract to estimate the stand-alone selling price.

To estimate a stand-alone selling price for the performance obligation related to the Advanced TCER Activities, the Group concluded to use the residual approach due to the fact that the product candidate in combination with further research to be performed is unique and there is no available market price for the license and hence no specific stand-alone selling price apart from the residual amount was identified. The Group concluded the following transaction price allocation:

Stand-alone selling price for Early TCER Activities: €70 million

Stand-alone selling price for Advanced TCER Activities: €62 million

Stand-alone selling price for Database Activities: €21 million

The Company assessed whether any of the upfront payment should be allocated to the Clinical Combination project and concluded based on the terms of the cost share that no allocation needed to be made.

The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over all performance obligations is satisfied over time. The Group transfers control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method. For the Database Activities, the Group will recognize revenue linearly over time, as the performance obligations represent a right to access the database. At inception of the Moderna agreement, the entire upfront payment was initially deferred on the Group’s Consolidated Statement of Financial Position.

The Group recognized €5.4 million of revenue associated with the upfront payment for the year ended December 31, 2023, €3.4 million for Advanced TCER Activities

on a cost-to-cost method

, €0.4 million for Early TCER Activities

on a cost-to-cost method

and €1.6 million for Database Activities. Total deferred revenue under the agreement was €110.9 million as of December 31, 2023.

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 €68 million ($75 million) upon signing of the 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.

On June 1, 2022, Immatics Biotechnologies GmbH entered into an Amendment to the Strategic Collaboration Agreement originally signed in 2019 (the “amendment”) with BMS. Pursuant to the amendment, the Group received a €18.7 million ($20 million) upfront cash payment related to the performance obligations under the contract. Under the amendment, Immatics will undertake an additional T Cell Receptor Engineered T cell Therapy (TCR-T) program against a solid tumor target discovered with Immatics’ XPRESIDENT technology. The program will utilize proprietary T Cell Receptors (TCRs) identified by Immatics’ XCEPTOR TCR discovery and engineering platform. The increased consideration reflects the stand-alone selling price at contract inception and the amendment contains performance obligations that are distinct from the original performance obligation under the contract. Therefore, the Group determined to account for the modification of the Allogeneic ACT agreement signed in 2019 triggered by the amendment as a separate contract.

Immatics entered into a License agreement (the “BMS Opt-In agreement”) with BMS. The agreement became effective on April 28, 2023. Pursuant to the BMS Opt-In agreement, the Group received an option exercise fee in the amount of €13.7 million ($15 million) for the year ended December 31, 2023. Under the 2019 agreement with BMS, Immatics granted BMS the option to enter into a pre-negotiated license agreement on a target-by-target basis. Immatics developed individual TCR-T products candidates directed against targets under the terms of that 2019 agreement. Under the BMS Opt-In agreement signed on April 28, 2023, BMS exercised its first option and entered into an exclusive license agreement for one target.

On December 13, 2023, BMS decided to terminate one program and substitute another program under the 2019 collaboration agreement.

The Group recognized €12.9 million, €23.0 million and €13.1 million of revenue

on a cost-to-cost method

associated with the upfront payment for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, the Group recognized €13.7 million of revenue associated with the BMS Opt-In agreement. Total deferred revenue under the agreement was €24.7 million and €37.6 million as of December 31, 2023 and 2022, respectively.

BMS IMA401 Collaboration Agreement

On December 10, 2021, Immatics Biotechnologies GmbH entered into a License, Development and Commercialization agreement (the “BMS IMA401 agreement”) with BMS. The BMS IMA401 agreement became effective on January 26, 2022, after the expiration of the waiting period under the Hart-Scott-Rodino

Antitrust Improvements Act of 1976 on January 25, 2022. Pursuant to the BMS IMA401 agreement, the Group received a

€133 million ($150 million) upfront cash payment related to the performance obligations under the contract. The Group identified the transfer of a global exclusive IMA401 license, including technology transfer and the contractually agreed clinical trial services including participation in Joint Steering Committee meetings as distinct performance obligations. The Group is eligible to receive up to $770 million development, regulatory and commercial milestone payments, in addition to low double-digit royalty payments on net sales of IMA401. Immatics retains the options to co-fund U.S. development in exchange for enhanced U.S. royalty payments and/or to co-promote IMA401 in the United States. In November 2021, Immatics filed a Clinical Trial Application (CTA) with Paul-Ehrlich-Institute (PEI), the German federal regulatory authority, for the development of IMA401. The clinical trial, which commenced in the second quarter of 2022, will enroll patients across various solid tumor types.

Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the BMS IMA401 agreement represent one performance obligation, combined performance obligations or multiple 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.

The Group concluded that BMS is a customer since the BMS IMA401 agreement does contain elements of a customer relationship even though it is a collaboration agreement, where to some degree both risks and benefits are shared between the Group and BMS. The BMS IMA401 agreement clearly states deliverables to be delivered by the Group and BMS as mentioned below and creates enforceable rights and obligations.

The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The manufacturing of the product for the trial is already completed. The clinical trial will evaluate safety, tolerability and initial anti-tumor activity of IMA401 in patients with recurrent and/or refractory solid tumors, but there is no modification planned as part of this. With the end of the pre-clinical phase, there was no further enhancement of the products planned. We therefore concluded that BMS can benefit from each performance obligation on its own and they are separately identifiable from other promises in the BMS IMA401 agreement. The Group concluded that there were two distinct performance obligations under the BMS IMA401 agreement: the granted license and the conduct of clinical trial services.

At inception of the BMS IMA401 agreement, the Group determined the transaction price. We evaluated inclusion of the milestones as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The contractual agreed milestone payments with BMS relate to the license. Based on that, the Group concluded that no variable consideration was considered as transaction price at contract inception. At the end of each reporting period, the Group reevaluates the probability of achievement of milestones and, if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties will only be recognized as sales occur since the license is the predominant item to which the royalty relates.

The Group is required to allocate the determined transaction price of €133 million ($150 million) to the two separate identified performance obligations of the BMS IMA401 agreement, based on the standalone selling price of each performance obligation, as the upfront payment of €133 million ($150 million) covers the cost of clinical trial services as well as an initial payment for the license. Since the BMS IMA401 agreement consists of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price included estimates regarding forecasted cost for future services, profit margins and development timelines.

The most reasonable estimation method for the performance obligation related to clinical trial services is the expected cost method, due to the fact that the Group is able to use expected costs including a profit margin to

estimate the stand-alone selling price. On top of the forecast of expected costs, the Group added an appropriate profit margin based on average company profit margins for clinical trial services.

To estimate a stand-alone selling price for the performance obligation related to the IMA401 license, the Group concluded to use the residual approach due to the fact that the license is a unique license and there is no available market price for the license and, hence, no specific stand-alone selling price apart from the residual amount was identified. The Group concluded the following transaction price allocation of the €133 million ($150 million) upfront payment as of March 31, 2022:

1.	Stand-alone selling price for clinical trial services: €42 million

2.	Stand-alone selling price for the license grant: €91 million

The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over the granted license is transferred at a point in time, after BMS obtains the rights to use the license at the effective date of the agreement. The performance obligation related to promised clinical trial services is satisfied over time. The Group transfers control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method. At the inception of the BMS IMA401 agreement, €42 million were initially deferred on the Group’s Consolidated Statement of Financial Position.

The Group recognized €8.8 million and €6.9 million of revenue on a cost-to-cost method associated with the upfront payment for the years ended December 31, 2023 and 2022, respectively, and €91.3 million revenue related to the license for IMA401 for the year

December 31, 2022. Total deferred revenue under the agreement was €26.0 million and €34.8 million as of December 31, 2023 and 2022, respectively.

Allogeneic ACT Collaboration Agreement

On June 1, 2022, Immatics US, Inc. entered into a License, Development and Commercialization agreement (the “Allogeneic ACT agreement”) with Bristol-Myer-Squibb Company (“BMS”). Pursuant to the Allogeneic ACT agreement, the Group received a $60 million upfront cash payment plus an additional payment of $5 million related to the performance obligations under the contract. Applying the foreign exchange rate of June 1, 2022, the received payments represent €60.7 million. As the contract is accounted for in the functional currency of Immatics US, Inc., U.S. Dollar, the € amount is subject to currency fluctuations. The Group identified the transfer of an exclusive right and license with the right to grant sublicenses under the Immatics Licensed IP, technology transfer, contractually agreed research and development services, including participation in Joint Steering Committee meetings and the delivery of research progress reports to BMS, as a combined performance obligation. The Group is eligible to receive up to $700 million development, regulatory and commercial milestone payments, in addition to tiered royalty payments of up to low double-digit percentages on net product sales.

Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the Allogeneic ACT agreement represent one combined performance obligation or multiple performance obligations and the determination of whether milestone payments should be included in the transaction price.

The Group concluded that BMS is a customer since BMS obtains through the Allogeneic ACT agreement the output of Immatics’ ordinary activities in exchange for a consideration. The Allogeneic ACT agreement clearly states the deliverables to the Group and BMS as mentioned below and creates enforceable rights and obligations.

The Group granted to BMS exclusive access to licensed products and is performing research and development services. The research and development services performed by the Group will cover preclinical development of the initial two Bristol Myers Squibb-owned programs and is not distinct from the licensed IP, since the preclinical platform does not have a standalone value without further development. Based on the facts and circumstances, the collaboration agreement contains multiple promises, which aggregate to a combined performance obligation.

At inception of the Allogeneic ACT agreement, the Group determined the transaction price. The Group evaluated inclusion of the milestones as well as potential cost reimbursements as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For the contractual agreed milestone payments with BMS, the license is predominant. Based on that, the Group concludes that no variable consideration is considered as transaction price at contract inception. At the end of each reporting period, the Group re-evaluates the probability of achievement of milestones and, if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties will only be recognized as sales occur since the license is the predominant item to which the royalty relates.

The Group allocated the determined total transaction price of €66.1 million ($70.8 million), consisting of the received payments of €60.7 million ($65 million) as well as cost reimbursements, to the single combined performance obligation of the Allogeneic ACT agreement. Based on the facts mentioned above, the Group determined that the combined performance obligation related to promised research and development services is satisfied over time and therefore revenue will be recognized over time as costs for the research and development services incurred using a cost-to-cost method.

At inception of the Allogeneic ACT agreement, €60.7 million were initially deferred on the Group’s Consolidated Statement of Financial Position.

The Group recognized €15.3 million and €4.9 million of revenue

on a cost-to-cost method

associated with the upfront payment for the year ended December 31, 2023 and 2022, respectively. Total deferred revenue under the agreement was €39.3 million and €56.2 million as of December 31, 2023 and 2022, respectively.

Amgen Collaboration Agreement

In December 2016, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Amgen to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancers. The Group received a non-refundable upfront payment of €28 million ($30 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.

The collaboration with Amgen was discontinued in October 2021. As a result, the Group will not receive any future milestone or royalty payments under the collaboration. The Group recognized the remaining deferred revenue balance of €10.2 million as of December 31, 2021. No further revenue will be recognized from the collaboration thereafter.

The Group recognized €10.2 million of revenue associated with the upfront payment during the year ended December 31, 2021. Total deferred revenue under the agreement was €0.0 million as of December 31, 2022.

GSK Collaboration Agreement

In December 2019, Immatics entered into a collaboration agreement with GSK to develop novel adoptive cell therapies targeting multiple cancer indications. The Group received a non-refundable upfront payment of €45 million for two initial programs upon signing of the GSK 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.

The collaboration with GSK has been discontinued in October 2022. As a result, the Group will not receive any future milestone or royalty payments under the collaboration. The Group recognized the remaining deferred revenue balance of €36.8 million as of December 31, 2022, no further revenue will be recognized from the collaboration thereafter.

The Group recognized €37.1 million and €4.5 million of revenue associated with the upfront payment for the years ended December 31, 2022 and 2021, respectively. Total deferred revenue under the agreement was €0.0 million as of December 31, 2022.

Revenue from collaboration agreements was realized with the following partners:


	Year ended December 31,
	2023			2022		2021
	(Euros in thousands)
Revenue from collaboration agreements:
Genmab, Denmark		(2,067	)		9,617		6,929
Moderna, United States		5,369			—		—
BMS, United States		50,695			126,100		13,138
Amgen, United States		—			—		10,228
GSK, United Kingdom		—			37,114		4,468

Total		53,997			172,831		34,763

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


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Current		100,401		64,957
Non-current		115,527		75,759

Total		215,928		140,716

Cost to obtain a contract

The Group incurred 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 €0.6 million and €0.5 million as of December 31, 2023 and 2022, 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 €0.0 million, €0.4 million and €0.3 million for the year ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, the Group is potentially liable to pay €1.9 million ($2 million) to a third party upon successfully 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.

Financial result

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Financial result

8.	Financial result

Financial income and financial expenses consist of the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Change in fair value of liabilities of warrants		(2,079	)		10,945			(10,990	)

Interest income		13,845			2,476			133
Foreign currency gains		5			6,940			5,542

Other financial income		13,850			9,416			5,675

Interest expenses		(831	)		(1,038	)		(566	)
Foreign currency losses		(5,633	)		(6,500	)		(276	)
Losses on financial instruments		(576	)		(741	)		(884	)

Other financial expenses		(7,040	)		(8,279	)		(1,726	)
Financial result		4,731			12,082			(7,041	)

The fair value of warrants increased from €2.35 ($

2.51

) per warrant as of December 31, 2022 to €2.64 ($2.92) per warrant as of December 31, 2023. The result is an increase in fair value of liabilities for warrants of €2.1 million for the year ended December 31, 2023.

The fair value of warrants decreased from €3.88 ($4.39) per warrant as of December 31, 2021 to €2.35 ($2.51) per warrant as of December 31, 2022. The result is a decrease in fair value of liabilities for warrants of €10.9 million for the year ended December 31, 2022.

The fair value of warrants increased from €2.35 ($2.88) per warrant as of December 31, 2020 to €3.88 ($4.39) per warrant as of December 31, 2021. The result is an increase in fair value of liabilities for warrants of €11.0 million for the year ended December 31, 2021.

Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.

Foreign currency gains and losses mainly consist of realized and unrealized gains and losses in connection with our USD holdings of cash and cash equivalents, short-term deposits as well as bonds in Immatics N.V. and Immatics GmbH.

Losses on financial instruments include expected credit losses on cash and cash equivalents and Other financial assets for the year ended December 31, 2023 and 2022 and losses from foreign currency forward contracts for the year ended December 31, 2021.

Related party disclosures - Summary of Compensation for the Supervisory Board (Parenthetical) (Detail) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract]
Key management personnel compensation, short-term employee benefits	€ 1.7	€ 1.7	€ 2.1

Related party disclosures - Summary of Options Granted to Managing Director and Supervisory Directors (Detail)	12 Months Ended
	Dec. 31, 2023 shares $ / shares
Performance Based Options [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Performance- based options
Grant date	June 30, 2020
Number of Options \| shares	1,598,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	168,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Peter Chambre [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Peter Chambré
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Adam Stone [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Adam Stone
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Heather L. Mason [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Heather L. Mason
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Michael G. Atieh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Michael G. Atieh
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Paul Carter [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Paul Carter
Type of option	Service options
Grant date	June 30, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Service Options [Member] \| Eliot Forster [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Eliot Forster
Type of option	Service options
Grant date	September 14, 2020
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 9.16
Expiration date	Sep. 13, 2030
Service Options [Member] \| Mathias Hothum [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Mathias Hothum
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options One [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	December 17, 2020
Number of Options \| shares	168,000
Strike Price in USD \| $ / shares	$ 9.7
Expiration date	Dec. 17, 2030
Service Options One [Member] \| Peter Chambre [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Peter Chambré
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options One [Member] \| Adam Stone [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Adam Stone
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options One [Member] \| Heather L. Mason [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Heather L. Mason
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options One [Member] \| Michael G. Atieh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Michael G. Atieh
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options One [Member] \| Paul Carter [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Paul Carter
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options One [Member] \| Eliot Forster [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Eliot Forster
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	15,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options Two [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	December 9, 2021
Number of Options \| shares	168,000
Strike Price in USD \| $ / shares	$ 11
Expiration date	Dec. 09, 2031
Service Options Two [Member] \| Peter Chambre [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Peter Chambré
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Two [Member] \| Adam Stone [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Adam Stone
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Two [Member] \| Heather L. Mason [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Heather L. Mason
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Two [Member] \| Michael G. Atieh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Michael G. Atieh
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Two [Member] \| Paul Carter [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Paul Carter
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Two [Member] \| Eliot Forster [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Eliot Forster
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Three [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	June 14, 2022
Number of Options \| shares	135,000
Strike Price in USD \| $ / shares	$ 7.94
Expiration date	Jun. 14, 2032
Service Options Three [Member] \| Peter Chambre [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Peter Chambré
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Three [Member] \| Adam Stone [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Adam Stone
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Three [Member] \| Heather L. Mason [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Heather L. Mason
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Three [Member] \| Michael G. Atieh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Michael G. Atieh
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Three [Member] \| Paul Carter [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Paul Carter
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Three [Member] \| Eliot Forster [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Eliot Forster
Type of option	Service options
Grant date	June 27, 2023
Number of Options \| shares	25,000
Strike Price in USD \| $ / shares	$ 11.41
Expiration date	Jun. 27, 2033
Service Options Four [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	December 13, 2022
Number of Options \| shares	388,000
Strike Price in USD \| $ / shares	$ 9.75
Expiration date	Dec. 13, 2032
Service Options Five [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Service options
Grant date	December 5, 2023
Number of Options \| shares	390,000
Strike Price in USD \| $ / shares	$ 9.06
Expiration date	Dec. 05, 2033
Matching Stock Options [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Matching Stock options
Grant date	June 30, 2020
Number of Options \| shares	264,624
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Matching Stock Options [Member] \| Peter Chambre [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Peter Chambré
Type of option	Matching Stock options
Grant date	June 30, 2020
Number of Options \| shares	211,974
Strike Price in USD \| $ / shares	$ 10
Expiration date	Jun. 30, 2030
Converted Options [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Converted options
Grant date	June 30, 2020
Number of Options \| shares	30,939
Strike Price in USD \| $ / shares	$ 1.06
Expiration date	Jul. 01, 2027
Converted Options One [Member] \| Harpreet Singh [Member]
Disclosure of transactions between related parties [line items]
Description of Transactions with related party	Harpreet Singh
Type of option	Converted options
Grant date	June 30, 2020
Number of Options \| shares	145,371
Strike Price in USD \| $ / shares	$ 1.17
Expiration date	Jan. 01, 2028

- Details

Name:	ifrs-full_CategoriesOfRelatedPartiesAxis=imtx_MathiasHothumMember
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Leases

12 Months Ended

Dec. 31, 2023

Leases

16.

Leases

Right-of-use

assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Buildings		12,849		12,409
Laboratory equipment		284		392
IT and telecommunication		59		90
Vehicles		116		126
Other assets		—		16

Total		13,308		13,033

Lease liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Lease liabilities – current		2,604		2,159
Lease liabilities – non-current		12,798		12,403

Total		15,402		14,562

Additions to the right-of-use assets and liabilities were €4.3 million and €6.7 million for the year ended December 31, 2023 and 2022, respectively.

Currency translation differences included in right-of-use assets were €0.3 million and €0.1 million for the year ended December 31, 2023 and 2022, respectively.

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. For the year ended December 31, 2023, the expenses relating to short-term leases included an interim lease in connection with the intended move into our GMP facility in Houston.

Expenses related to right-of-use assets and lease liabilities consist of the following:


	Year ended December 31,
Depreciation expenses of right-of-use assets	2023			2022			2021
	(Euros in thousands)
Buildings		(3,265	)		(3,151	)		(2,199	)
Laboratory equipment		(360	)		(277	)		(162	)
IT and telecommunication		(26	)		(103	)		(98	)
Vehicles		(72	)		(66	)		(59	)
Other assets		—			(23	)		(8	)

Total		(3,723	)		(3,620	)		(2,526	)

Interest expenses from leases		(801	)		(613	)		(288	)
Expenses relating to short-term leases		(1,548	)		(144	)		(60	)
Expenses relating to low-value assets		(86	)		(46	)		(35	)

The total cash payments for leases were €4.8 million, €3.6 million and €3.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, the Group has committed lease payments associated with lease liabilities of €19.3 million, of which €4.9 million will occur in the next 12 months. The remaining lease payments will occur between January 1, 2025 and June 30, 2033.

The Group has several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group’s business needs. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised.

The undiscounted potential future lease payments, which relate to periods after the exercise date of renewal options and are not included in lease liabilities, amount up to €28.0 million until 2043 for the year ended December 31, 2023 and up to €24.6 million until 2043 for the year ended December 31, 2022. For commitments for future lease payments, refer to Note 22.

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Contractual Obligations

Contractual obligations for 2023 consist of the following:


	Payments due by year
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		3,700		5,205		3,890		6,514		19,309
Other lease obligations		500		1,090		1,136		—		2,726

Total		4,200		6,295		5,026		6,514		22,035

Contractual obligations for 2022 consist of the following:


	Payments due by year
(Euros in thousands)	Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years		Total
Lease liabilities		3,613		5,045		3,872		6,036		18,566
Other lease obligations		637		1,424		1,521		1,420		5,002

Total		4,250		6,469		5,393		7,456		23,568

Commitments and contingencies - Summary of Contractual Obligations (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Contractual Obligations [Line Items]
Lease liabilities	€ 19,309	€ 18,566
Other Lease Obligations	2,726	5,002
Total	22,035	23,568
Less than 1year [Member]
Disclosure Of Contractual Obligations [Line Items]
Lease liabilities	3,700	3,613
Other Lease Obligations	500	637
Total	4,200	4,250
1 - 3 years [Member]
Disclosure Of Contractual Obligations [Line Items]
Lease liabilities	5,205	5,045
Other Lease Obligations	1,090	1,424
Total	6,295	6,469
3 - 5 years [Member]
Disclosure Of Contractual Obligations [Line Items]
Lease liabilities	3,890	3,872
Other Lease Obligations	1,136	1,521
Total	5,026	5,393
More than 5 years [Member]
Disclosure Of Contractual Obligations [Line Items]
Lease liabilities	6,514	6,036
Other Lease Obligations	0	1,420
Total	€ 6,514	€ 7,456

Income Tax - Summary of Deferred Tax Assets (Detail) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statements [Line Items]
Deferred tax assets	€ 0	€ 0
Deferred tax liabilities	0	0
Intangible assets [Member]
Statements [Line Items]
Deferred tax assets	20,697	10,328
Deferred tax liabilities	0	0
Right-of-use assets [Member]
Statements [Line Items]
Deferred tax assets	0	0
Deferred tax liabilities	(3,392)	(3,239)
Deferred revenue [Member]
Statements [Line Items]
Deferred tax assets	0	0
Deferred tax liabilities	(18,216)	(23,133)
Other assets [member]
Statements [Line Items]
Deferred tax assets	1,296	1,964
Deferred tax liabilities	(160)	(947)
Lease liabilities [Member]
Statements [Line Items]
Deferred tax assets	3,856	3,560
Deferred tax liabilities	0	0
Deferred expenses [Member]
Statements [Line Items]
Deferred tax assets	0	0
Deferred tax liabilities	0	0
Recognition of tax losses carried forward [Member]
Statements [Line Items]
Deferred tax assets	0	11,467
Deferred tax liabilities	0	0
Recognized [Member]
Statements [Line Items]
Deferred tax assets	25,849	27,319
Recognized [Member]
Statements [Line Items]
Deferred tax liabilities	(21,768)	(27,319)
Netting [Member]
Statements [Line Items]
Deferred tax assets netting	(21,768)	(27,319)
Netting [Member]
Statements [Line Items]
Deferred tax liabilities netting	21,768	27,319
Non-recognition of deferred tax assets on temporary differences [Member]
Statements [Line Items]
Deferred tax assets	(4,081)	0
Deferred tax liabilities	€ 0	€ 0

Shareholders' equity

12 Months Ended

Dec. 31, 2023

Shareholders' equity

19.	Shareholders’ equity

As of December 31, 2023 and 2022, the total number of ordinary shares of Immatics N.V. outstanding is 84,657,789 and 76,670,699 with a par value of €0.01, respectively.

The Group issued in 2023, 5.5 million shares under the ATM agreement with Leerink Partners LLC and collected a gross amount of €58.8 million less transaction costs of €1.8 million, resulting in an increase in share capital of €55 thousand and share premium of €57.0 million.

On July 19, 2023, the Group completed a private placement transaction of 2.4 million shares with a subscription price of $14.46 per ordinary share with BMS. The Group received gross proceeds of €31.5 million less transaction costs of €0.3 million, resulting in an increase in share capital of €24 thousand and share premium of €31.2 million.

The Group issued in 2022, 2.8 million shares under the ATM agreement with SVB Securities LLC and collected a gross amount of €20.8 million less transaction costs of €0.6 million, resulting in an increase in share capital of €28 thousand and share premium of €20.2 million.

On October 12, 2022, the Group closed a registered direct offering of 10,905,000 ordinary shares with a public offering price of $10.09 per ordinary share and received a gross amount of €113.4 million less transaction costs of €7.3 million, resulting in an increase in share capital of €109 thousand and share premium of €106.1 million. In addition, the Group issued shares from exercises of stock options by employees.

Additionally, the number of ordinary shares increased in 2023, due to exercised share options from the Group’s equity incentive plan.

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

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes to Property, Plant and Equipment

Property, plant and equipment consist of the following:


(Euros in thousands)	Laboratory equipment			Computer equipment			Office equipment and installations			Total
Cost as of January 1, 2022		19,630			4,470			3,661			27,761
Additions		3,006			409			2,681			6,096
Disposals		(148	)		(9	)		(7	)		(164	)
Currency translation differences		249			28			(32	)		245

Cost as of December 31, 2022		22,737			4,898			6,303			33,938
Accumulated depreciation as of January 1, 2022		(12,052	)		(2,966	)		(2,237	)		(17,255	)
Additions		(2,143	)		(653	)		(333	)		(3,129	)
Disposals		96			9			7			112
Currency translation differences		(180	)		(26	)		(4	)		(210	)

Accumulated depreciation as of December 31, 2022		(14,279	)		(3,636	)		(2,567	)		(20,482	)

Net book value as of December 31, 2022		8,458			1,262			3,736			13,456

Cost as of January 1, 2023		22,737			4,898			6,303			33,938
Additions		17,725			1,866			14,814			34,405
Disposals		(717	)		—			(1	)		(718	)
Currency translation differences		(560	)		(49	)		(404	)		(1,013	)

Cost as of December 31, 2023		39,185			6,715			20,712			66,612
Accumulated depreciation as of January 1, 2023		(14,279	)		(3,636	)		(2,567	)		(20,482	)
Additions		(2,472	)		(577	)		(238	)		(3,287	)
Disposals		717			—			1			718
Currency translation differences		152			25			9			186

Accumulated depreciation as of December 31, 2023		(15,882	)		(4,188	)		(2,795	)		(22,865	)

Net book value as of December 31, 2023		23,303			2,527			17,917			43,747

Summary of Depreciation Expense

Depreciation expenses consist of the following:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Research and development expenses		(2,419	)		(2,039	)		(1,684	)
General and administrative expenses		(868	)		(1,090	)		(890	)

Total		(3,287	)		(3,129	)		(2,574	)

Revenue from collaboration agreements (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Deferred revenue related to the collaboration agreements

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


	As of
	December 31, 2023		December 31, 2022
	(Euros in thousands)
Current		100,401		64,957
Non-current		115,527		75,759

Total		215,928		140,716

Summary of revenue from collaboration agreements explanatory

Revenue from collaboration agreements was realized with the following partners:


	Year ended December 31,
	2023			2022		2021
	(Euros in thousands)
Revenue from collaboration agreements:
Genmab, Denmark		(2,067	)		9,617		6,929
Moderna, United States		5,369			—		—
BMS, United States		50,695			126,100		13,138
Amgen, United States		—			—		10,228
GSK, United Kingdom		—			37,114		4,468

Total		53,997			172,831		34,763

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

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

A reconciliation between taxes on income reflected on the Consolidated Statement of Profit/(Loss) and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year ended December 31,
	2023			2022			2021
	(Euros in thousands)
Profit/(loss) before taxes		(96,994	)		42,036			(93,335	)
Expected taxes		29,475			(12,774	)		27,160
Effects
Difference in tax rates		(4,670	)		(4,868	)		(3,274	)
Non-deductible tax expenses		—			—			(52	)
Permanent Differences		(6,304	)		(1,123	)		(10,881	)
Utilization of previously unrecorded tax losses carried forward		—			7,067			—
Non-recognition of deferred taxes on tax losses and temporary differences		(18,501	)		7,176			(12,953	)

Taxes on income		—			(4,522	)		—

Summary of Deferred Tax Assets

Deferred tax assets and deferred tax liabilities consist of the following:


	As of
	December 31, 2023						December 31, 2022
	(Euros in thousands)
	Deferred tax assets			Deferred tax liabilities			Deferred tax assets			Deferred tax liabilities
Intangible assets		20,697			—			10,328			—
Right-of-use assets		—			(3,392	)		—			(3,239	)
Deferred revenue		—			(18,216	)		—			(23,133	)
Other assets		1,296			(160	)		1,964			(947	)
Lease liabilities		3,856			—			3,560			—
Deferred expenses		—			—			—			—
Recognition of tax losses carried forward		—			—			11,467			—
Total		25,849			(21,768	)		27,319			(27,319	)
Netting		(21,768	)		21,768			(27,319	)		27,319
Non-recognition of deferred tax assets on temporary differences		(4,081	)		—			—			—

Net deferred tax assets/liabilities		—			—			—			—

Related party disclosures - Summary of Compensation for the Supervisory Board (Detail) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	€ 348	€ 379	€ 348
Travel expenses			15
Share-based compensation expense	1,318	1,336	1,751
Total cash compensation	1,666	1,715	2,114
Peter Chambre [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	80	80	80
Travel expenses			0
Share-based compensation expense	203	178	1,143
Total cash compensation	283	258	1,223
Friedrich von Bohlen und Halbach [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation		40	20
Travel expenses			1
Share-based compensation expense		206	30
Total cash compensation		246	51
Michael G. Atieh [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	60	55	55
Travel expenses			10
Share-based compensation expense	203	177	114
Total cash compensation	263	232	179
Paul Carter [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	56	52	53
Travel expenses			0
Share-based compensation expense	203	177	114
Total cash compensation	259	229	167
Heather L. Mason [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	43	40	40
Travel expenses			3
Share-based compensation expense	203	177	114
Total cash compensation	246	217	157
Adam Stone [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	43	40	40
Travel expenses			0
Share-based compensation expense	203	177	114
Total cash compensation	246	217	154
Nancy Valente [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation		32
Share-based compensation expense		64
Total cash compensation		96
Christoph Hettich [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation			20
Travel expenses			0
Share-based compensation expense			0
Total cash compensation			20
Mathias Hothum [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	23
Share-based compensation expense	97
Total cash compensation	120
Eliot Forster [Member]
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items]
Supervisory board compensation	43	40	40
Travel expenses			1
Share-based compensation expense	206	180	122
Total cash compensation	€ 249	€ 220	€ 163

- Details

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Personnel expenses

12 Months Ended

Dec. 31, 2023