Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | Immatics N.V. |
Entity Central Index Key | 0001809196 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Financial Position of Immatics N.V. - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | € 160,093 | € 207,530 |
Other financial assets | 32,712 | 24,448 |
Accounts receivable | 718 | 1,250 |
Other current assets | 4,815 | 5,763 |
Total current assets | 198,338 | 238,991 |
Non-current assets | ||
Property, plant and equipment | 8,747 | 7,868 |
Intangible assets | 1,262 | 914 |
Right-of-use assets | 7,313 | 6,149 |
Other non-current assets | 845 | 724 |
Total non-current assets | 18,167 | 15,655 |
Total assets | 216,505 | 254,646 |
Current liabilities | ||
Provisions | 1,960 | 51 |
Accounts payable | 9,407 | 10,052 |
Deferred revenue | 57,998 | 46,600 |
Lease liabilities | 2,321 | 1,881 |
Other current liabilities | 1,442 | 2,025 |
Total current liabilities | 73,128 | 60,609 |
Non-current liabilities | ||
Deferred revenue | 62,201 | 85,475 |
Lease liabilities | 4,736 | 4,306 |
Total non-current liabilities | 66,937 | 89,781 |
Shareholders' equity | ||
Share capital | 629 | 629 |
Share premium | 589,609 | 573,339 |
Accumulated deficit | (507,663) | (462,253) |
Other reserves | (6,135) | (7,459) |
Total shareholders' equity | 76,440 | 104,256 |
Total liabilities and shareholders' equity | € 216,505 | € 254,646 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Loss of Immatics N.V. - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Profit or loss [abstract] | ||||
Revenue from collaboration agreements | € 5,189 | € 6,896 | € 12,592 | € 13,936 |
Research and development expenses | (20,340) | (16,505) | (43,389) | (28,751) |
General and administrative expenses | (8,271) | (10,076) | (16,702) | (16,264) |
Other income | 26 | 86 | 265 | 200 |
Operating result | (23,396) | (19,599) | (47,234) | (30,879) |
Financial income | 213 | 437 | 3,101 | 1,083 |
Financial expenses | (629) | (2,164) | (1,277) | (110) |
Financial result | (416) | (1,727) | 1,824 | 973 |
Loss before taxes | (23,812) | (21,326) | (45,410) | (29,906) |
Taxes on income | 0 | 0 | ||
Net loss | (23,812) | (21,326) | (45,410) | (29,906) |
Attributable to: | ||||
Equity holders of the parent | (23,812) | (21,043) | (45,410) | (29,349) |
Non-controlling interest | (283) | (557) | ||
Net loss | € (23,812) | € (21,326) | € (45,410) | € (29,906) |
Net loss per share—basic and diluted | € (0.38) | € (0.64) | € (0.72) | € (890) |
Weighted average shares outstanding—basic and diluted | 62,909,095 | 33,093,838 | 62,908,945 | 33,093,838 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V. - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of comprehensive income [abstract] | ||||
Net Loss | € (23,812) | € (21,326) | € (45,410) | € (29,906) |
Items that may be reclassified subsequently to profit or loss, net of tax | ||||
Currency translation differences from foreign operations | (1,401) | 791 | 1,324 | 99 |
Total comprehensive loss for the period | (25,213) | (20,535) | (44,086) | (29,807) |
Attributable to: | ||||
Equity holders of the parent | (25,213) | (20,252) | (44,086) | (29,250) |
Non-controlling interest | (283) | (557) | ||
Total comprehensive loss for the period | € (25,213) | € (20,535) | € (44,086) | € (29,807) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows of Immatics N.V. - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Loss before taxation | € (45,410) | € (29,906) |
Adjustments for: | ||
Interest income | (87) | (755) |
Depreciation and amortization | 2,264 | 2,288 |
Interest expense | 140 | 110 |
Equity settled share-based payment | 16,270 | 6,928 |
MD Anderson compensation expense | 45 | |
Increase in other liabilities resulting from share appreciation rights | 7,773 | |
Cash-out related to share-based compensation previously classified as equity-settled | (4,322) | |
Net foreign exchange differences | 236 | 1 |
Changes in working capital | ||
Decrease in accounts receivable | 532 | 530 |
Decrease/(increase) in other assets | 902 | (1,106) |
Increase in accounts payable and other current liabilities | (11,363) | (9,724) |
Interest received | 54 | 510 |
Interest paid | (140) | (110) |
Net cash used in operating activities | (36,602) | (27,738) |
Cash flows from investing activities | ||
Payments for property, plant and equipment | (1,912) | (4,514) |
Cash paid for investments classified in Other financial assets | (53,782) | (32,859) |
Cash received from maturity of investments classified in Other financial assets | 45,770 | 48,881 |
Payments for intangible assets | (390) | (36) |
Proceeds from disposal of property, plant and equipment | 8 | 0 |
Net cash (used in)/provided by investing activities | (10,306) | 11,472 |
Cash flows from financing activities | ||
Payments for leases | (1,348) | (1,168) |
Net cash used in financing activities | (1,348) | (1,168) |
Net decrease in cash and cash equivalents | (48,256) | (17,434) |
Cash and cash equivalents at beginning of period | 207,530 | 103,353 |
Effects of exchange rate changes on cash and cash equivalents | 819 | 137 |
Cash and cash equivalents at end of period | € 160,093 | € 86,056 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Changes in Shareholders' equity (deficit) of Immatics N.V. - EUR (€) € in Thousands | Total | Share capital [member] | Share premium [member] | Accumulated deficit [member] | Other reserves [member] | Total equity (deficit) attributable to shareholders of the parent [member] | Non-controlling interests [member] |
Beginning Balance at Dec. 31, 2019 | € (40,835) | € 1,164 | € 190,945 | € (233,194) | € (770) | € (41,855) | € 1,020 |
Other comprehensive income (loss) | 99 | 99 | 99 | ||||
Net Loss | (29,906) | (29,349) | (29,349) | (557) | |||
Comprehensive income/(loss) for the year | (29,807) | (29,349) | 99 | (29,250) | (557) | ||
Equity-settled share-based compensation | 6,928 | 6,928 | 6,928 | ||||
Cash-out related to share-based compensation previously classified as equity-settled | (4,322) | (4,322) | (4,322) | ||||
MD Anderson milestone compensation expense | 45 | 45 | |||||
Ending Balance at Jun. 30, 2020 | (67,991) | 1,164 | 193,551 | (262,543) | (671) | (68,499) | € 508 |
Beginning Balance at Dec. 31, 2020 | 104,256 | 629 | 573,339 | (462,253) | (7,459) | 104,256 | |
Other comprehensive income (loss) | 1,324 | 1,324 | 1,324 | ||||
Net Loss | (45,410) | (45,410) | (45,410) | ||||
Comprehensive income/(loss) for the year | (44,086) | (45,410) | 1,324 | (44,086) | |||
Equity-settled share-based compensation | 16,270 | 16,270 | 16,270 | ||||
Ending Balance at Jun. 30, 2021 | € 76,440 | € 629 | € 589,609 | € (507,663) | € (6,135) | € 76,440 |
Group information
Group information | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
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 group that is primarily engaged in the research and development of T cell redirecting immunotherapies for the treatment of cancer. Immatics N.V., a Dutch public limited liability company, was converted on July 1, 2020 from Immatics B.V., a Dutch company with limited liability. Immatics Biotechnologies GmbH and Immatics US Inc. became subsidiaries of Immatics N.V. as part of the ARYA Merger on July 1, 2020. Immatics N.V is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany. Prior to July 1, 2020, Immatics N.V. was a shell company with no active trade or business or subsidiaries and all relevant assets and liabilities as well as income and expenses were borne by Immatics Biotechnologies GmbH and its U.S. subsidiary Immatics US, Inc. Therefore, the comparable financial results for the three and six months ended June 30, 2020, represent consolidated financial results of Immatics Biotechnologies GmbH. These interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2021, were authorized for issue by the Audit Committee of Immatics |
Significant events and changes
Significant events and changes in the current reporting period | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Significant events and changes in the current reporting period | 2. Significant events and changes in the current reporting period The Group was affected by the following events or transactions during the three and six months ended June 30, 2021. COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) Management continues to monitor the situation and enacted significant measures to protect the Group’s supply chain, employees, and the execution of clinical trials. To date, the pandemic has resulted in a slowdown in activities related to the Group’s laboratory operations and at some of its suppliers. The ongoing spread of COVID-19 COVID-19 COVID-19 |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Significant accounting policies | 3. Significant accounting policies Basis of presentation The interim condensed consolidated financial statements of the Group as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRS IC”). The interim condensed consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise indicated. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group for the three and six months ended as of June 30, 2021. As of June 30, 2021, Immatics holds bonds. The bonds` contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost. The Group had a non-controlling non-controlling |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Segment information | 4. Segment information The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources. |
Other current assets
Other current assets | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Other current assets | 5. Other current assets As of June 30, 2021 December 31, 2020 (Euros in thousands) Grant receivable 726 875 Prepaid expenses 1,821 2,389 Positive market value forward contract 9 914 Value added tax receivable 1,240 798 Other assets 1,019 787 Other current assets 4,815 5,763 The Group recognizes receivables for government grants, when it is reasonably assured that the grant will be received, and all contractual conditions have been complied with. As of June 30, 2021, and December 31, 2020, no receivables were considered impaired. Prepaid expenses include prepaid insurance expenses of €0.2 million as of June 30, 2021 and €1.0 million as of December 31, 2020. The Group accrued €0.6 million as of June 30, 2021 and €0.5 million as of December 31, 2020 of incremental cost for the successful arrangement of the Celgene Switzerland LLC (“BMS”) and Genmab A/S (“Genmab”) collaboration agreements. Additionally, prepaid expenses include expenses for licenses and software of €0.5 million as of June 30, 2021 and €0.6 million as of December 31, 2020. The remaining amount is mainly related to prepaid maintenance expenses. Other assets include receivables from capital gains tax of €0.4 million as of June 30, 2021 and €0.4 million as of December 31, 2020. The remaining amount is mainly related to deposit expenses. |
Revenue from collaboration agre
Revenue from collaboration agreements | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Revenue from collaboration agreements | 6. Revenue from collaboration agreements The Group earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of June 30, 2021, the Group had four strategic collaboration agreements in place. All collaboration agreements are still at pre-clinical The Group earned revenue from collaboration agreements from the following collaborators during the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Amgen 260 561 517 2,712 Genmab 2,105 2,501 4,341 4,515 BMS 1,297 3,241 4,590 5,664 GSK 1,527 593 3,144 1,045 Total 5,189 6,896 12,592 13,936 As of June 30, 2021, the Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. As of June 30, 2021, Immatics had not received any milestone or royalty payments in connection with the collaboration agreements. The Group expects to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract. Deferred revenue related to the collaboration agreements consists of the following as of June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 (Euros in thousands) Current 57,998 46,600 Non-current 62,201 85,475 Total 120,199 132,075 The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of €0.05 million and €0.08 million for the three months ended June 30, 2021 and June 30, 2020. The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of €0.13 million and €0.15 million for the six months ended June 30, 2021 and June 30, 2020. |
Financial result
Financial result | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Financial result | 7. Financial result Financial income and financial expenses consist of the following: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Interest income from Other financial assets 38 436 87 755 Foreign currency gains 19 1 3,014 328 Gain on other financial instruments 156 — — — Financial income 213 437 3,101 1,083 Interest expenses (140 ) (81 ) (245 ) (110 ) Foreign currency losses (489 ) (2,083 ) (101 ) — Losses on other financial instruments — — (931 ) — Financial expenses (629 ) (2,164 ) (1,277 ) (110 ) Financial result (416 ) (1,727 ) 1,824 973 Foreign currency gains mainly consist of unrealized gains in connection with our USD holdings of both cash and cash equivalents as well as short-term deposits. Gains and losses on other financial instruments consist of losses from unrealized currency forward contracts. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Income Tax | 8. Income Tax During the three and six months ended June 30, 2021 and 2020, the Group generated losses in both Germany and the U.S. During the three and six months ended June 30, 2021 and 2020, the Group’s German operations were subject to a statutory tax rate of 29.1%. In the U.S., the Group was subject to a corporate income tax rate of 21% during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021, and December 31, 2020, no deferred tax assets have been recognized in respect of these losses, due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years, which could result in the recognition of deferred tax assets This may result in higher or lower deferred tax assets related to tax losses carried forward. Due to the ARYA Merger described in Note 3 of the Group’s annual financial statements for the year ended December 31, 2020, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code. |
Intangible assets, Property, pl
Intangible assets, Property, plant and equipment and Right-of-use assets | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Intangible assets, Property, plant and equipment and Right-of-use assets | 9. Intangible assets, Property, plant and equipment and Right-of-use During the three months ended June 30, 2021 and June 30, 2020, the Group acquired property, plant and equipment and intangible assets in the amount of €.1.8 million and €1.3 million, respectively. During the six months ended June 30, 2021 and June 30, 2020, the Group acquired property, plant and equipment and intangible assets in the amount of €2.4 million and €3.0 million, respectively. During the six months ended June 30, 2021, new leases and extensions to existing lease agreements resulted in an addition in right-of-use liability in the amount of €1.8 million, mainly due to the commencement of a lease agreement of rental land in Tübingen, Germany, an additional office floor in Tübingen, Germany, an additional office floor in München, Germany and a laboratory asset. The future lease payments for these lease contracts are approximately €0.3 million for the remainder of year 2021, million within one to five years and € million for fiscal years after 2025. The Group used its incremental borrowing rate (“IBR”) to calculate the initial lease liability. |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Provisions | 10. Provisions Provisions consisted of the following as of June 30, 2021 and December 31, 2020: As of June 30, December 31, (Euros in thousands) Other provision 50 51 Provision for bonuses 1,910 — Total provisions 1,960 51 These amounts include provisions for the Group’s annual employee bonuses. These amounts are classified as a provision as of June 30, 2021, because the amount to be paid is uncertain. |
Other current liabilities
Other current liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Other current liabilities | 11. Other current liabilities Other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020. As of June 30, December 31, (Euros in thousands) Payroll tax 296 1,185 Accrual for vacation 1,021 525 Accrued bonuses — 154 Other 125 161 Total 1,442 2,025 |
Share-based payments
Share-based payments | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Share-based payments | 12. Share-based payments Immatics Biotechnologies GmbH previously issued share-based awards to employees under two different plans. Under the Immatics Biotechnologies GmbH Stock Appreciation Program 2010 (the “2010 Plan”), the Company issued stock appreciation rights (“SARs”), which the Group accounted for as cash-settled awards. Under the Immatics Biotechnologies 2016 Equity Incentive Plan (“2016 Plan”), the Company issued tandem awards, which contained the possibility to function as either a SAR or a stock option. The Group accounted for awards issued under the 2016 Plan, which were redeemable in either cash or equity shares at the Group’s discretion, as equity settled. For the six months ended June 30, 2020, Immatics recognized €0.8 million expenses in connection with the 2010 and 2016 Plan, of which €0.7 million and €0.1 million relate to cash and equity settled awards, respectively. Prior to the ARYA Merger, Immatics N.V. established the new equity incentive plan (“2020 Equity Plan”). As part of the ARYA Merger, all outstanding awards under the 2010 Plan and 2016 Plan were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. Under the 2020 Plan, management and employees have been granted different types of options. As part of the replacement, active employees and management members received stock options (“Matching Stock Options”) to acquire shares in Immatics N.V. The Matching Stock Options have an exercise price of $10.00 and vest in full on July 31, 2021. The award recipient must remain employed by Immatics or one of its affiliates through the vesting date, to receive the option. The awards have a ten-year Matching Stock Options outstanding as of June 30, 2021: 2021 Weighted average 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 — — Matching Stock Options expired — — Matching Stock Options outstanding on June 30, 10.00 1,413,302 Matching Stock Options vested 10.00 38,702 Weighted average remaining contract life (years) 9.01 For any outstanding 2016 Plan and 2010 Plan awards scheduled to vest on or after January 1, 2021, employees received replacement stock options (“Converted Options”) to acquire shares in Immatics N.V. The Converted Options have comparable terms as previous awards, with revised exercise prices reflecting the reorganized capital structure of Immatics. The options granted under the 2020 Equity Plan that gives employees the right to acquire shares in Immatics N.V., are accounted for as a modification under IFRS 2, with the incremental fair value expensed over the remaining vesting period. The incremental fair value is the difference between the fair value of the options to purchase ordinary shares under the 2020 Equity Plan to acquire shares in Immatics N.V., and the fair value of the exchanged unvested SAR (both measured at the date on which the replacement award is issued). Based on the terms of the Converted Options award agreements, the awards had a service commencement date in June 2020. However, the grant date criteria for these awards, as specified in IFRS 2 and the underlying award agreements, were not met until July 1, 2020. Converted Options outstanding as of June 30, 2021: 2021 Weighted average Number Converted Options outstanding on January 1, 2.58 594,844 Converted Options forfeited 1.20 16,958 Converted Options exercised 1.25 734 Converted Options expired 1.20 1,637 Converted Options outstanding on June 30, 2.47 575,515 Converted Options vested 2.49 99,211 Weighted average remaining contract life (years) 6.51 Under the 2020 Plan, Immatics also issues employee stock options with a service requirement (“Service Options”), to acquire shares of Immatics N.V. The service-based options will vest solely on a four-year time-based vesting schedule. These Service Options are granted on a recurring basis. The Company granted Service Options on March 30, 2021, June 17, 2021 and on June 29, 2021 which were accounted for using the respective grant date fair value. Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options, with a weighted average fair value of $8.48 for Service Option granted during the six months ended June 30, 2021. As of As of As of Exercise price in USD $ 11.68 $ 12.05 $ 11.93 Underlying share price in USD $ 11.68 $ 12.05 $ 11.93 Volatility 85.77 % 84.67 % 84.53 % Time period (years) 6.1 6.11 6.10 Risk free rate 1.17 % 1.10 % 1.08 % Dividend yield 0.00 % 0.00 % 0.00 % Service Options outstanding as of June 30, 2021: 2021 Weighted average Number Service Options outstanding on January 1, 9.87 1,910,182 Service Options granted in March, 11.68 90,325 Service Options granted in June, 11.99 75,980 Service Options forfeited 10.46 109,110 Service Options exercised — — Service Options expired — — Service Options outstanding on June 30, 10.65 1,967,377 Service Options vested — — Weighted average remaining contract life (years) 9.57 In addition, after the closing of the ARYA Merger certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options (“PSUs”), vesting based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively. A Monte-Carlo simulation model has been used to measure the fair value at grant date of the PSUs. This model incorporates the impact of the performance criteria regarding market capitalization described above in the calculation of the award’s fair value at grant date. There were no PSUs granted during the three and six months ended June 30, 2021. PSUs outstanding as of June 30, 2021: 2021 Weighted average Number PSUs outstanding on January 1, 10.00 3,644,000 PSUs forfeited 10.00 12,000 PSUs outstanding on June 30, 10.00 3,632,000 PSUs vested — — Weighted average remaining contract life (years) 9.11 The Group recognized total employee-related share-based compensation expense, during the three and six months ended June 30, 2021 and 2020 as set out below: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Research and development expenses 4,676 4,843 9,574 5,284 General and administrative expenses 3,289 3,848 6,695 4,135 Total share-based compensation 7,965 8,691 16,269 9,419 The increase in share-based compensation expense for the six months ended June 30, 2021 is attributable to replacement awards issued under the 2020 Equity Plan for the outstanding awards under the 2010 Plan and 2016 Plan and the new awards issued under the 2020 Equity Plan, as described above. |
Related party disclosures
Related party disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Related party disclosures | 13. Related party disclosures During the three and six months ended June 30, 2021 the Group did not enter into any new related-party transactions with its key management personnel or with related entities other than renewed service contracts for members of the Supervisory Board based on their election at the Annual General Meeting held on June 17, 2021. As part of his election, Dr. Friedrich von Bohlen und Halbach has been granted 25,000 Service Options. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Financial Instruments | 14. Financial Instruments Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the interim condensed consolidated financial statements. Euros in thousands Carrying amount Fair value IFRS 9 June 30, December 31, June 30, December 31, Financial assets Short-term deposits* other financial assets at amortized cost 21,037 24,448 21,037 24,448 Bonds* other financial assets at amortized cost 11,675 — 11,666 — Positive market value forward contract* At fair value through profit or loss (FVTPL) 9 914 9 914 Accounts receivable other financial assets at amortized cost 718 1,250 718 1,250 Other current/non-current other financial assets at amortized cost 578 1,586 578 1,586 Total financial assets** 34,017 28,198 34,008 28,198 Financial liabilities Accounts payable other financial liabilities at amortized cost 9,407 10,052 9,407 10,052 Negative market value forward contracts* At fair value through profit or loss (FVTPL) 40 — 40 — Other current liabilities other financial liabilities at amortized cost 1,402 2,025 1,402 2,025 Total financial liabilities 10,849 12,077 10,849 12,077 * “Short-term deposits” are classified within Other financial assets. “Bonds” are classified within Other financial assets. “Positive market value forward contract” are classified in Other current assets. “Negative market value forward contracts” are classified in Other current liabilities. ** Financial assets, other than cash and cash equivalents. The carrying value of financial instruments, such as cash and cash equivalents, deposits, accounts receivable and accounts payable approximate their fair value based on the short-term maturities of these instruments. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: All financial assets, except for derivatives, which are categorized Level 2, are categorized Level 1 and therefore are valued using quoted (unadjusted) market prices. Except for derivatives, which are categorized Level 2, all other financial liabilities are also categorized Level 1. |
Events occurring after the repo
Events occurring after the reporting period | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Events occurring after the reporting period | 15. Events occurring after the reporting period The Company evaluated subsequent events for recognition or disclosure through August 10, 2021 and did not identify material subsequent events. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Basis of presentation | Basis of presentation The interim condensed consolidated financial statements of the Group as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with International Accounting Standard 34 (“Interim Financial Reporting”), as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRS IC”). The interim condensed consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise indicated. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. The new and amended standards and interpretations applied for the first time as of January 1, 2021, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2020, had no impact on the interim condensed consolidated financial statements of the Group for the three and six months ended as of June 30, 2021. As of June 30, 2021, Immatics holds bonds. The bonds` contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost. The Group had a non-controlling non-controlling |
Other current assets (Tables)
Other current assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Summary of Other current assets | As of June 30, 2021 December 31, 2020 (Euros in thousands) Grant receivable 726 875 Prepaid expenses 1,821 2,389 Positive market value forward contract 9 914 Value added tax receivable 1,240 798 Other assets 1,019 787 Other current assets 4,815 5,763 |
Revenue from collaboration ag_2
Revenue from collaboration agreements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Summary of revenue from collaboration agreements explanatory | The Group earned revenue from collaboration agreements from the following collaborators during the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Amgen 260 561 517 2,712 Genmab 2,105 2,501 4,341 4,515 BMS 1,297 3,241 4,590 5,664 GSK 1,527 593 3,144 1,045 Total 5,189 6,896 12,592 13,936 |
Summary of Deferred revenue related to the collaboration agreements | The Group expects to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract. Deferred revenue related to the collaboration agreements consists of the following as of June 30, 2021 and December 31, 2020: As of June 30, 2021 December 31, 2020 (Euros in thousands) Current 57,998 46,600 Non-current 62,201 85,475 Total 120,199 132,075 |
Financial result (Tables)
Financial result (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Summary of finance income and costs | Financial income and financial expenses consist of the following: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Interest income from Other financial assets 38 436 87 755 Foreign currency gains 19 1 3,014 328 Gain on other financial instruments 156 — — — Financial income 213 437 3,101 1,083 Interest expenses (140 ) (81 ) (245 ) (110 ) Foreign currency losses (489 ) (2,083 ) (101 ) — Losses on other financial instruments — — (931 ) — Financial expenses (629 ) (2,164 ) (1,277 ) (110 ) Financial result (416 ) (1,727 ) 1,824 973 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Provisions | Provisions consisted of the following as of June 30, 2021 and December 31, 2020: As of June 30, December 31, (Euros in thousands) Other provision 50 51 Provision for bonuses 1,910 — Total provisions 1,960 51 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
Summary of other current liabilities | Other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020. As of June 30, December 31, (Euros in thousands) Payroll tax 296 1,185 Accrual for vacation 1,021 525 Accrued bonuses — 154 Other 125 161 Total 1,442 2,025 |
Share-based payments (Tables)
Share-based payments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Statements [Line Items] | |
Summary of Employee Related Share Based Compensation Expense | The Group recognized total employee-related share-based compensation expense, during the three and six months ended June 30, 2021 and 2020 as set out below: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (Euros in thousands) (Euros in thousands) Research and development expenses 4,676 4,843 9,574 5,284 General and administrative expenses 3,289 3,848 6,695 4,135 Total share-based compensation 7,965 8,691 16,269 9,419 |
Matching Stock Options [Member] | |
Statements [Line Items] | |
Summary of Employee Share Options | Matching Stock Options outstanding as of June 30, 2021: 2021 Weighted average 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 — — Matching Stock Options expired — — Matching Stock Options outstanding on June 30, 10.00 1,413,302 Matching Stock Options vested 10.00 38,702 Weighted average remaining contract life (years) 9.01 |
Converted Options [Member] | |
Statements [Line Items] | |
Summary of Employee Share Options | Converted Options outstanding as of June 30, 2021: 2021 Weighted average Number Converted Options outstanding on January 1, 2.58 594,844 Converted Options forfeited 1.20 16,958 Converted Options exercised 1.25 734 Converted Options expired 1.20 1,637 Converted Options outstanding on June 30, 2.47 575,515 Converted Options vested 2.49 99,211 Weighted average remaining contract life (years) 6.51 Under the 2020 Plan, Immatics also issues employee stock options with a service requirement (“Service Options”), to acquire shares of Immatics N.V. The service-based options will vest solely on a four-year time-based vesting schedule. These Service Options are granted on a recurring basis. |
Additional Grants Under 2020 Plan [Member] | |
Statements [Line Items] | |
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 As of As of Exercise price in USD $ 11.68 $ 12.05 $ 11.93 Underlying share price in USD $ 11.68 $ 12.05 $ 11.93 Volatility 85.77 % 84.67 % 84.53 % Time period (years) 6.1 6.11 6.10 Risk free rate 1.17 % 1.10 % 1.08 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Employee Share Options | Service Options outstanding as of June 30, 2021: 2021 Weighted average Number Service Options outstanding on January 1, 9.87 1,910,182 Service Options granted in March, 11.68 90,325 Service Options granted in June, 11.99 75,980 Service Options forfeited 10.46 109,110 Service Options exercised — — Service Options expired — — Service Options outstanding on June 30, 10.65 1,967,377 Service Options vested — — Weighted average remaining contract life (years) 9.57 |
Performance Based Options [Member] | |
Statements [Line Items] | |
Summary of Employee Share Options | PSUs outstanding as of June 30, 2021: 2021 Weighted average Number PSUs outstanding on January 1, 10.00 3,644,000 PSUs forfeited 10.00 12,000 PSUs outstanding on June 30, 10.00 3,632,000 PSUs vested — — Weighted average remaining contract life (years) 9.11 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
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 interim condensed consolidated financial statements. Euros in thousands Carrying amount Fair value IFRS 9 June 30, December 31, June 30, December 31, Financial assets Short-term deposits* other financial assets at amortized cost 21,037 24,448 21,037 24,448 Bonds* other financial assets at amortized cost 11,675 — 11,666 — Positive market value forward contract* At fair value through profit or loss (FVTPL) 9 914 9 914 Accounts receivable other financial assets at amortized cost 718 1,250 718 1,250 Other current/non-current other financial assets at amortized cost 578 1,586 578 1,586 Total financial assets** 34,017 28,198 34,008 28,198 Financial liabilities Accounts payable other financial liabilities at amortized cost 9,407 10,052 9,407 10,052 Negative market value forward contracts* At fair value through profit or loss (FVTPL) 40 — 40 — Other current liabilities other financial liabilities at amortized cost 1,402 2,025 1,402 2,025 Total financial liabilities 10,849 12,077 10,849 12,077 * “Short-term deposits” are classified within Other financial assets. “Bonds” are classified within Other financial assets. “Positive market value forward contract” are classified in Other current assets. “Negative market value forward contracts” are classified in Other current liabilities. ** Financial assets, other than cash and cash equivalents. |
Group information - Additional
Group information - Additional Information (Detail) | Aug. 10, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | |||
Date of end of reporting period | Jun. 30, 2021 | Jun. 30, 2021 | |
Authorization Of Financial Statements [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Date of authorisation for issue of financial statements | Aug. 5, 2021 |
Significant accounting polici_3
Significant accounting policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Immatics US Inc [Member] | |
Disclosure of subsidiaries [line items] | |
Ownership interests held by non-controlling interests | 3.96% |
Other current assets -Summary o
Other current assets -Summary of Other current assets (Detail) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade and other receivables [abstract] | ||
Grant receivable | € 726 | € 875 |
Prepaid expenses | 1,821 | 2,389 |
Positive market value forward contract | 9 | 914 |
Value added tax receivable | 1,240 | 798 |
Other assets | 1,019 | 787 |
Other current assets | € 4,815 | € 5,763 |
Other current assets - Addition
Other current assets - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of Other Current Assets [Line Items] | ||
Prepaid insurance expenses | € 200 | € 1,000 |
Prepaid expenses of licenses and software | 500 | 600 |
Other assets | 1,019 | 787 |
Receivables From Capital Gains Tax [Member] | ||
Disclosure of Other Current Assets [Line Items] | ||
Other assets | 400 | 400 |
Celgene Switzerland LLC And Genmab AS [Member] | ||
Disclosure of Other Current Assets [Line Items] | ||
Current Incremental cost for collaboration agreement | € 600 | € 500 |
Revenue from collaboration ag_3
Revenue from collaboration agreements - Summary of revenue from collaboration agreements (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Revenue From Collaboration Agreements [Line Items] | ||||
Revenue from collaboration agreements | € 5,189 | € 6,896 | € 12,592 | € 13,936 |
Amgen | ||||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | ||||
Revenue from collaboration agreements | 260 | 561 | 517 | 2,712 |
Genmab | ||||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | ||||
Revenue from collaboration agreements | 2,105 | 2,501 | 4,341 | 4,515 |
BMS | ||||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | ||||
Revenue from collaboration agreements | 1,297 | 3,241 | 4,590 | 5,664 |
GSK | ||||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | ||||
Revenue from collaboration agreements | € 1,527 | € 593 | € 3,144 | € 1,045 |
Revenue from collaboration ag_4
Revenue from collaboration agreements - Summary of Deferred revenue related to the collaboration agreements (Detail) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue [abstract] | ||
Current | € 57,998 | € 46,600 |
Non-current | 62,201 | 85,475 |
Total | € 120,199 | € 132,075 |
Revenue from collaboration ag_5
Revenue from collaboration agreements - Additional Information (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||
Amortization of contract costs capitalized | € 50 | € 80 | € 130 | € 150 |
Collaboration Agreement [Member] | ||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||
Milestone or royalty payment receivable | € 0 | € 0 |
Financial result - Summary of f
Financial result - Summary of finance income and costs (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Detailed Information About Finance Income Expense [Abstract] | ||||
Interest income from Other financial assets | € 38 | € 436 | € 87 | € 755 |
Foreign currency gains | 19 | 1 | 3,014 | 328 |
Gain on other financial instruments | 156 | |||
Financial income | 213 | 437 | 3,101 | 1,083 |
Interest expenses | (140) | (81) | (245) | (110) |
Foreign currency losses | (489) | (2,083) | (101) | |
Losses on other financial instruments | (931) | |||
Financial expenses | (629) | (2,164) | (1,277) | (110) |
Financial result | € (416) | € (1,727) | € 1,824 | € 973 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - EUR (€) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Statements [Line Items] | |||||
statutory tax rate | 29.10% | 29.10% | 29.10% | 29.10% | |
corporate income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | |
Deferred Tax Assets Recognized In Respect Of Losses Due To Uncertainty [Member] | |||||
Statements [Line Items] | |||||
Deferred tax assets | € 0 | € 0 | € 0 |
Intangible assets, Property, _2
Intangible assets, Property, plant and equipment and Right-of-use assets - Additional Information (Detail) - EUR (€) € in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statements [Line Items] | ||||
Purchase of property, plant and equipment | € 1.8 | € 1.3 | € 2.4 | € 3 |
Right of use assets, future lease payments | 0.1 | 0.1 | ||
Rental Land [Member] | ||||
Statements [Line Items] | ||||
Addition to right-of-use assets | 1.8 | |||
Rental Land [Member] | Less than 1year | ||||
Statements [Line Items] | ||||
Right of use assets, future lease payments | 0.3 | 0.3 | ||
Rental Land [Member] | Later than four years and not later than five years [member] | ||||
Statements [Line Items] | ||||
Right of use assets, future lease payments | € 1.5 | € 1.5 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Provisions [abstract] | ||
Other provision | € 50 | € 51 |
Provision for bonuses | 1,910 | |
Total provisions | € 1,960 | € 51 |
Other current liabilities - Sum
Other current liabilities - Summary of other current liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about other current liabilities [Line Items] | ||
Payroll tax | € 296 | € 1,185 |
Accrual for vacation | 1,021 | 525 |
Accrued bonuses | 154 | |
Other | 125 | 161 |
Total | € 1,442 | € 2,025 |
Share-based payments - Summary
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) - Additional Grants Under 2020 Plan [Member] | Jun. 29, 2021yr$ / shares | Jun. 17, 2021yr$ / shares | Mar. 30, 2021yr$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price | $ 11.93 | $ 12.05 | $ 11.68 |
Underlying share price | $ 11.93 | $ 12.05 | $ 11.68 |
Volatility | 84.53% | 84.67% | 85.77% |
Time period (years) | yr | 6.10 | 6.11 | 6.1 |
Risk free rate | 1.08% | 1.10% | 1.17% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Share-based payments - Summar_2
Share-based payments - Summary of Employee Share Options (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021shares$ / shares | Jun. 30, 2021shares$ / shares | |
Performance Based Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price, Outstanding at January 1, | $ / shares | $ 10 | |
SARs forfeited | $ / shares | 10 | |
Weighted average exercise price, Outstanding at June 30, | $ / shares | $ 10 | 10 |
SARs vested | $ / shares | $ 0 | $ 0 |
Number of share options, outstanding at January 1, | 3,644,000 | |
SARs granted | 0 | 0 |
SARs forfeited | 12,000 | |
Number of share options, outstanding at June 30, | 3,632,000 | 3,632,000 |
SARs vested | 0 | 0 |
Weighted average remaining contract life (years) | 9 years 1 month 9 days | |
Additional Grants Under 2020 Plan [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price, Outstanding at January 1, | $ / shares | $ 9.87 | |
SARs forfeited | $ / shares | 10.46 | |
SARs exercised | $ / shares | 0 | |
SARs expired | $ / shares | 0 | |
Weighted average exercise price, Outstanding at June 30, | $ / shares | $ 10.65 | 10.65 |
SARs vested | $ / shares | $ 0 | $ 0 |
Number of share options, outstanding at January 1, | 1,910,182 | |
SARs forfeited | 109,110 | |
SARs exercised | 0 | |
SARs expired | 0 | |
Number of share options, outstanding at June 30, | 1,967,377 | 1,967,377 |
SARs vested | 0 | 0 |
Weighted average remaining contract life (years) | 9 years 6 months 25 days | |
Additional Grants Under 2020 Plan [Member] | Granted On March 2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
SARs granted | $ / shares | $ 11.68 | |
SARs granted | 90,325 | |
Additional Grants Under 2020 Plan [Member] | Granted On June 2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
SARs granted | $ / shares | $ 11.99 | |
SARs granted | 75,980 | |
Converted Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price, Outstanding at January 1, | $ / shares | $ 2.58 | |
SARs forfeited | $ / shares | 1.20 | |
SARs exercised | $ / shares | 1.25 | |
SARs expired | $ / shares | 1.20 | |
Weighted average exercise price, Outstanding at June 30, | $ / shares | $ 2.47 | 2.47 |
SARs vested | $ / shares | $ 2.49 | $ 2.49 |
Number of share options, outstanding at January 1, | 594,844 | |
SARs forfeited | 16,958 | |
SARs exercised | 734 | |
SARs expired | 1,637 | |
Number of share options, outstanding at June 30, | 575,515 | 575,515 |
SARs vested | 99,211 | 99,211 |
Weighted average remaining contract life (years) | 6 years 6 months 3 days | |
Matching Stock Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average exercise price, Outstanding at January 1, | $ / shares | $ 10 | |
SARs forfeited | $ / shares | 10 | |
Weighted average exercise price, Outstanding at June 30, | $ / shares | $ 10 | 10 |
SARs vested | $ / shares | $ 10 | $ 10 |
Number of share options, outstanding at January 1, | 1,422,556 | |
SARs forfeited | 9,254 | |
Number of share options, outstanding at June 30, | 1,413,302 | 1,413,302 |
SARs vested | 38,702 | 38,702 |
Weighted average remaining contract life (years) | 9 years 3 days |
Share-based payments - Summar_3
Share-based payments - Summary of Employee Related Share Based Compensation Expense (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | ||||
Share-based compensation expense | € 7,965 | € 8,691 | € 16,269 | € 9,419 |
Research And Development Expense [Member] | ||||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | ||||
Share-based compensation expense | 4,676 | 4,843 | 9,574 | 5,284 |
General And Administrative Expense [Member] | ||||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | ||||
Share-based compensation expense | € 3,289 | € 3,848 | € 6,695 | € 4,135 |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) $ / shares in Units, € in Thousands, $ in Billions | Jun. 29, 2021$ / shares | Jun. 17, 2021$ / shares | Mar. 30, 2021$ / shares | Jun. 30, 2021EUR (€)shares | Jun. 30, 2020EUR (€) | Jun. 30, 2021EUR (€)shares | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020EUR (€) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based compensation expense | € | € 7,965 | € 8,691 | € 16,269 | € 9,419 | ||||
Performance Based Options [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of options granted | shares | 0 | 0 | ||||||
Performance Based Options [Member] | Tranche One [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Minimum market capitalization | $ | $ 1.5 | |||||||
Performance Based Options [Member] | Tranche Two [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Minimum market capitalization | $ | 2 | |||||||
Performance Based Options [Member] | Tranche Three [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Minimum market capitalization | $ | $ 3 | |||||||
Additional Grants Under 2020 Plan [Member] | Granted On March 2021 [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of options granted | shares | 90,325 | |||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 11.68 | |||||||
Share based compensation by share based payment arrangement fair value per share | $ 8.48 | |||||||
Additional Grants Under 2020 Plan [Member] | Granted On June 2021 [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of options granted | shares | 75,980 | |||||||
Share based compensation by share based payment arrangement exercise price per share granted | 11.99 | |||||||
Share based compensation by share based payment arrangement fair value per share | $ 8.48 | $ 8.48 | ||||||
Matching Stock Options [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 10 | |||||||
Share based compensation by share based payment arrangement term of stock options | ten-year | |||||||
Date of vesting of stock options | Jul. 31, 2021 | |||||||
2010 and 2016 Plan | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based compensation expense | € | 800 | |||||||
2010 and 2016 Plan | Cash Settled Award [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based compensation expense | € | 700 | |||||||
2010 and 2016 Plan | Equity Settled Award [Member] | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based compensation expense | € | € 100 |
Related party disclosures - Add
Related party disclosures - Additional Information (Detail) - shares | Jun. 17, 2021 | Jun. 30, 2021 |
Disclosure of transactions between related parties [line items] | ||
Description of Transactions with related party | During the three and six months ended June 30, 2021 the Group did not enter into any new related-party transactions with its key management personnel or with related entities other than renewed service contracts for members of the Supervisory Board based on their election at the Annual General Meeting held on June 17, 2021. As part of his election, Dr. Friedrich von Bohlen und Halbach has been granted 25,000 Service Options. | |
Dr. Friedrich Von Bohlen Und Halbach [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Related party transaction, Options granted | 25,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts and Fair values of Group's Financial Instruments (Detail) - EUR (€) € in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | € 34,017 | € 28,198 |
Financial liabilities, Carrying amount | 10,849 | 12,077 |
Financial assets, Fair value | 34,008 | 28,198 |
Financial liabilities, Fair value | 10,849 | 12,077 |
Financial assets at fair value through profit or loss, category [member] | Positive Market Value Forward Contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 9 | 914 |
Financial assets, Fair value | 9 | 914 |
Financial assets at fair value through profit or loss, category [member] | Negative Market Value Forward Contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 40 | 0 |
Financial liabilities, Fair value | 40 | 0 |
Other Financial Assets At Amortized Cost [Member] | ShortTerm Deposits [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 21,037 | 24,448 |
Financial assets, Fair value | 21,037 | 24,448 |
Other Financial Assets At Amortized Cost [Member] | Bonds [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 11,675 | 0 |
Financial assets, Fair value | 11,666 | 0 |
Other Financial Assets At Amortized Cost [Member] | Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 718 | 1,250 |
Financial assets, Fair value | 718 | 1,250 |
Other Financial Assets At Amortized Cost [Member] | Other current/non-current assets [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 578 | 1,586 |
Financial assets, Fair value | 578 | 1,586 |
Other Financial Assets At Amortized Cost [Member] | Accounts Payable [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 9,407 | 10,052 |
Financial liabilities, Fair value | 9,407 | 10,052 |
Other Financial Assets At Amortized Cost [Member] | Other Current Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 1,402 | 2,025 |
Financial liabilities, Fair value | € 1,402 | € 2,025 |