Immatics agrees to sell shares and warrants at $8.69 in $150 million offering

Immatics N.V. (NASDAQ: IMTX) said on August 25, 2026 that it had agreed to sell 12,945,916 ordinary shares at $8.69 per share in an underwritten offering. Certain investors may take pre-funded warrants for 4,315,304 ordinary shares instead. Each pre-funded warrant is priced at $8.689, which is the share price less the $0.001 exercise price. Gross proceeds, before the underwriting discount and offering expenses, are expected to be $150 million. The offering is expected to close on August 26, 2026, subject to customary closing conditions.

Underwriters and the option

Jefferies LLC, Leerink Partners LLC and Cantor Fitzgerald & Co. are joint book-running managers. The release names no lead or sole book-runner, and it names no counsel for the company or the underwriters. The underwriters also have a 30-day option to buy up to 2,589,184 additional shares at the public offering price, less the underwriting discount.

The offering uses a registration statement declared effective on April 3, 2025. It is made only by a prospectus supplement and an accompanying prospectus. The release gives no placement agent. Because the underwriting discount is not stated in the release, the net amount the company will keep cannot be calculated from it.

The company's own description

Immatics calls itself the global leader in precision targeting of PRAME, a target it says is expressed in more than 50 cancers. Its pipeline spans TCR T-cell therapies and TCR bispecifics. Those descriptions come from the company. The release gives no clinical data, response rates or trial timelines, so the offering rests on the company's account of its own science.

Losses and cash

Immatics reports in euros, and the offering is priced in dollars. Neither the release nor the 20-F gives an exchange rate, so the two cannot be set side by side here.

The 20-F reports a net loss of €196.4 million for 2025. The company had net income of €15.2 million in 2024. Research and development expense was €183.8 million in 2025, up from €148.1 million. Cash used in operations was €176.6 million in 2025, against €158.0 million in 2024.

Year-end cash and cash equivalents were €345.9 million at December 31, 2025, up from €236.7 million a year earlier. Short-term investments fell to €123.4 million from €367.7 million over the same period. The figures given do not explain the swing from net income in 2024 to a net loss in 2025, and they do not give a runway date.

Risks the 20-F names

The 20-F says the timing of Immatics' milestones may vary, and it names "our available capital resources or capital constraints we experience" among the factors. It also warns that competitors may win approval more rapidly and establish a strong market position first. A separate risk factor says that failure to comply with health and data protection laws could lead to government enforcement actions, private litigation and adverse publicity. The same list of factors names the rate of progress, costs and results of its clinical trials, its ability to enroll eligible patients, approvals from the FDA, the EMA and comparable regulators, and its access to supplies of materials for manufacturing. The 20-F adds that if announced milestones are missed, commercialization of any product candidate may be delayed.

What comes next

The offering is expected to close on August 26, 2026. The option, if exercised, would add up to 2,589,184 shares within 30 days. The release does not give the underwriting discount, the expenses or the date through which the money will fund operations, so a reader cannot yet see how much of the cash need the $150 million covers.

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