Cover Page
Cover Page | 12 Months Ended |
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 |
Consolidated Statement of Profi
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 Compr
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) |
Consolidated Statement of Finan
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 |
Consolidated Statement of Cash
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 |
Consolidated Statement of Chang
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) |
Group information
Group information | 12 Months Ended |
Dec. 31, 2023 | |
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 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. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Basis of presentation | 2. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with IFRS ® ® 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 Average Year-end Average Year-end Average 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 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. |
Macroeconomic environment
Macroeconomic environment | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 |
Application of new and revised
Application of new and revised international financial reporting standards | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 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 |
Summary of material accounting
Summary of material accounting policies applied by the Group for the annual reporting period ending December 31, 2023 | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 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 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 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 know-how, 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 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 off-targets know-how, off-target • Advanced TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for one specified more advanced pre-clinical pre-clinical • 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 Determination of transaction price Upfront payment Each of the Group’s strategic collaboration agreements includes a non-refundable With respect to pre-clinical cost-to-cost 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 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. 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 in 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. 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. 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. |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 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 cost-to-cost 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 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. |
Revenue from collaboration agre
Revenue from collaboration agreements | 12 Months Ended |
Dec. 31, 2023 | |
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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 know-how, 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 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 4 non-adjusting 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 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: 1. initial early pre-clinical 2. one initial advanced pre-clinical 3. 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, The Advanced TCER Activities are focussed on a more advanced pre-clinical pre-clinical 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 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: 1. Stand-alone selling price for Early TCER Activities: €70 million 2. Stand-alone selling price for Advanced TCER Activities: €62 million 3. 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 on a cost-to-cost method 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 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 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 en d ed 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 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, December 31, (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 ($2 million) to a third party upon successfully completing the milestone of the first clinical lead selection in connection with Immatics’ collaboration agreements. The Group does not recognize a liability for these contingent payments due to the scientific uncertainty of achieving the related milestones. |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2023 | |
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Financial result | 8. Financial result Financial income and financial expenses consist of the following: Year ended December 31, 2023 2022 2021 (Euros in thousands) Change in fair value of liabilities of warrants (2,079 ) 10,945 (10,990 ) Interest income 13,845 2,476 133 Foreign currency gains 5 6,940 5,542 Other financial income 13,850 9,416 5,675 Interest expenses (831 ) (1,038 ) (566 ) Foreign currency losses (5,633 ) (6,500 ) (276 ) Losses on financial instruments (576 ) (741 ) (884 ) Other financial expenses (7,040 ) (8,279 ) (1,726 ) Financial result 4,731 12,082 (7,041 ) The fair value of warrants increased from €2.35 ($ 2.51 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. |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2023 | |
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Personnel expenses | 9. 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 ) Other employee benefit expenses include employee retirement fund contributions, health insurance, and statutory social expenses. Immatics US Inc. sponsors a defined contribution retirement plan for employees in the United States. During 2023, 2022 and 2021, total Group contributions to the defined contribution plan amounted to €0.5 million, €0.9 million and €0.2 million, respectively. For the year ended December 31, 2023, 2022 and 2021, other employee benefits also include employee health insurance costs amounting to €1.3 million, €0.8 million and €0.6 million for Immatics US Inc., statutory social expenses amounting to €3.7 million, €3.2 million and €2.4 million for our German operations and other miscellaneous expenses amounting to €0.2 million, €0.1 million and €0.1 million, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
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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 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 Deferred Deferred Deferred 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. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 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 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 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 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 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 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, As of December 31, As of December 31, 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 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 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 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 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 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 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 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 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 ) |
Accounts receivables
Accounts receivables | 12 Months Ended |
Dec. 31, 2023 | |
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Accounts receivables | 12. Accounts receivables As of December 31, December 31, (Euros in thousands) Receivables from collaboration agreements 4,093 1,111 Total 4,093 1,111 As of |
Other current and non-current a
Other current and non-current assets | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Other current and non-current assets | 13. Other current and non-current Other current assets consist of the following: As of December 31, December 31, (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, December 31, (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 € million as of December , and € million as of December , , prepaid maintenance expenses of € million as of December , and € million as of December , and accrued incremental cost of the BMS and Genmab collaboration agreement of € million as of December , and € million as of December , . Other assets include the non-current portion for prepaid deposit expenses. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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Property, plant and equipment | 14. Property, plant and equipment Property, plant and equipment consist of the following: (Euros in thousands) Laboratory Computer Office 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 € million for the year ended December , . 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 €2.7 million for the year ended December 31, 2022. 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 ) |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
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Intangible assets | 15. Intangible assets Intangible assets consist of the following: (Euros in thousands) Patents Software 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 of 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 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases | 16. Leases Right-of-use As of December 31, December 31, (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, December 31, (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. |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Accounts payable | 17. Accounts payables Accounts payables consist of the following: As of December 31, December 31, (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 |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Other current liabilities | 18. Other current liabilities Other current liabilities consist of the following: As of December 31, December 31, (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. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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. |
Financial Risk Management Objec
Financial Risk Management Objectives and Policies | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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, December 31, (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 In 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 Profit/(loss) Carrying (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 Profit/(loss) Carrying (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 OCI Carrying (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 OCI Carrying (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, December 31, (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 with all other variables held constant, would lead to a loss/gain before tax of million with a corresponding effect in the equity as of December 31, 2023. A reasonable increase/decrease in the warrant price by with all other variables held constant, would lead to a loss/gain before tax of 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 / If the euro had weakened/strengthened by 10% against U.S. dollars, with all other variables held constant, the Group’s gain / 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. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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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 At amortized At fair value At amortized December 31, 2023 Current/non-current 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 At amortized At fair value At amortized December 31, 2022 Current/non-current 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 Fair Carrying Fair 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 Non-cash Cash Non-cash 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 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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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 - 3 3 - 5 More than 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 - 3 3 - 5 More than 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. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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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 Michael G. Paul Heather L. Adam Mathias Eliot 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 Friedrich Michael G. Paul Heather L. Adam Nancy Eliot 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 Friedrich Michael G. Paul Heather L. Adam Christoph Eliot 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 Strike Expiration date Executive Director Harpreet Singh Performance- 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 Strike 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. |
Earnings and Loss per Share
Earnings and Loss per Share | 12 Months Ended |
Dec. 31, 2023 | |
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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 Year ended December 31, 2023 2022 2021 (Euros in thousands, except 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 |
Events occurring after the repo
Events occurring after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
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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 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. The Company evaluated further subsequent events for recognition or disclosure through March 21, 2024 and did not identify additional material subsequent events. |
Summary of accounting policies
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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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. |
Revenue from collaboration agreements | 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 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 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 know-how, 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 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 off-targets know-how, off-target • Advanced TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for one specified more advanced pre-clinical pre-clinical • 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 Determination of transaction price Upfront payment Each of the Group’s strategic collaboration agreements includes a non-refundable With respect to pre-clinical cost-to-cost 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 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 in |
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. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 Average Year-end Average Year-end Average Euros per U.S. Dollar 0.90498 0.92460 0.93756 0.94888 0.88292 0.84495 |
Application of new and revise_2
Application of new and revised international financial reporting standards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 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 |
Revenue from collaboration ag_2
Revenue from collaboration agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Deferred revenue related to the collaboration agreements | Deferred revenue related to the collaboration agreements consists of the following: As of December 31, December 31, (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 |
Financial result (Tables)
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 ) |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 Deferred Deferred Deferred 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 — — — — |
Accounts receivables (Tables)
Accounts receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Trade receivables | As of December 31, December 31, (Euros in thousands) Receivables from collaboration agreements 4,093 1,111 Total 4,093 1,111 |
Other current and non-current_2
Other current and non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Other current assets | Other current assets consist of the following: As of December 31, December 31, (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, December 31, (Euros in thousands) Prepaid expenses 1,414 1,906 Other assets 603 639 Total 2,017 2,545 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Changes to Property, Plant and Equipment | Property, plant and equipment consist of the following: (Euros in thousands) Laboratory Computer Office 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 ) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Changes to Intangible Assets | Intangible assets consist of the following: (Euros in thousands) Patents Software 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 of 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 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Summary of Right-of use assets | Right-of-use As of December 31, December 31, (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, December 31, (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 ) |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Accounts Payable | Accounts payables consist of the following: As of December 31, December 31, (Euros in thousands) Accounts payables 7,666 4,025 Accrued liabilities 17,540 9,031 Total 25,206 13,056 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of other current liabilities | Other current liabilities consist of the following: As of December 31, December 31, (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 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statements [Line Items] | |
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 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] | |
Statements [Line Items] | |
Summary of Employee Share Options | Matching Stock Options outstanding as of December 31, 2023: 2023 Weighted average 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 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 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 |
Converted Options [Member] | |
Statements [Line Items] | |
Summary of Employee Share Options | Converted Options outstanding as of December 31, 2023: 2023 Weighted average 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 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 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 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 December 31, As of December 31, As of December 31, 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 % |
Summary of Employee Share Options | Service Options outstanding as of December 31, 2023: 2023 Weighted average 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 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 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 [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 | 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 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 % |
Summary of Employee Share Options | PSUs outstanding as of December 31, 2023: 2023 Weighted average exercise 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 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 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 |
Financial Risk Management Obj_2
Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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, December 31, (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 Profit/(loss) Carrying (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 Profit/(loss) Carrying (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 OCI Carrying (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 OCI Carrying (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, December 31, (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 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 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 At amortized At fair value At amortized December 31, 2023 Current/non-current 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 At amortized At fair value At amortized December 31, 2022 Current/non-current 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 Fair Carrying Fair 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 Non-cash Cash Non-cash 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 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Contractual Obligations | Contractual obligations for 2023 consist of the following: Payments due by year (Euros in thousands) Less than 1 - 3 3 - 5 More than 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 - 3 3 - 5 More than 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 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
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 Michael G. Paul Heather L. Adam Mathias Eliot 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 Friedrich Michael G. Paul Heather L. Adam Nancy Eliot 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 Friedrich Michael G. Paul Heather L. Adam Christoph Eliot 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 Strike Expiration date Executive Director Harpreet Singh Performance- 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 Strike 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 |
Earnings and Loss per Share (Ta
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 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 |
Group information - Additional
Group information - Additional Information (Detail) | 12 Months Ended | |
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 |
Basis of presentation - Summary
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 |
Application of new and revise_3
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 |
Application of new and revise_4
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 |
Application of new and revise_5
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 |
Revenue from collaboration ag_3
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 | |||||||||||||
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 | ||||||||||||
Receipt of upfront of payment | 53,997 | 172,831 | 34,763 | |||||||||||
Milestone regulatory and royaly payment receivable | $ | $ 700 | |||||||||||||
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 | ||||||||||||
Amgen Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 28,000 | $ 30 | ||||||||||||
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 | ||||||||||||
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 | |||||||||||||
BMS Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | € 18,700 | $ 20 | 68,000 | 75 | ||||||||||
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 | ||||||||||||
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 | ||||||||||||
Allocation of upfront payment towards clinical trial services and license grant | 133,000 | $ 150 | ||||||||||||
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 | |||||||||||||
Contract Liabilities | 39,300 | 56,200 | ||||||||||||
Transaction price allocation to performance obligation | 60,700 | |||||||||||||
Additional payment related to performance obligations received | $ | $ 5 | |||||||||||||
Performance obligations cumulative upfront payments received | 60,700 | € 60,700 | 65 | |||||||||||
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 | |||||||||||||
Upfront payment received | 113,000 | $ 120 | ||||||||||||
Contract Liabilities | 110,900 | |||||||||||||
Performance obligations cumulative upfront payments received | 113,000 | 120 | ||||||||||||
Revenue recognized during the period performance obligation | 5,400 | |||||||||||||
Research funding payment received allocated to contract transaction price | 40,000 | $ 43 | ||||||||||||
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 |
Revenue from collaboration ag_4
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 |
Revenue from collaboration ag_5
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 result - Summary of f
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) |
Financial result - Additional I
Financial result - Additional Information (Detail) € / shares in Units, € in Millions | Dec. 31, 2023 $ / shares | Dec. 31, 2023 EUR (€) € / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 EUR (€) € / shares | Oct. 12, 2022 € / shares | Oct. 12, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2020 € / shares | Dec. 31, 2020 $ / shares |
Statements [Line Items] | ||||||||||
Change in fair value of warrant liabilities | € 2.1 | € 10.9 | € 11 | |||||||
Top of range [member] | ||||||||||
Statements [Line Items] | ||||||||||
Exercise price of warrants or rights | (per share) | $ 2.51 | € 2.35 | $ 4.39 | € 3.88 | € 2.35 | $ 2.88 | ||||
Bottom of range [member] | ||||||||||
Statements [Line Items] | ||||||||||
Exercise price of warrants or rights | (per share) | $ 2.92 | € 2.64 | € 2.35 | $ 2.51 | $ 4.39 | € 3.88 |
Personnel expenses - Summary of
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) |
Personnel expenses - Additional
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 |
Income Tax - Summary of Reconci
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 |
Income Tax - Summary of Deferre
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 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2023 EUR (€) | Dec. 31, 2017 | |
Statements [Line Items] | |||||||
Statutory tax rate | 30.40% | 30.40% | 30.40% | 29.10% | 29.10% | ||
Corporate income tax rate | 21% | 21% | 21% | 21% | |||
Percentage on limitation on tax loss carryforwards after prior period | 80% | 80% | |||||
Percentage on limitation on tax loss carryforwards before prior period | 100% | ||||||
Current tax expense (income) | $ 0 | € 29,475 | € (12,774) | $ 0 | € 27,160 | ||
Unused tax losses for which no deferred tax asset recognised | 319,400 | € 361,300 | |||||
Current tax liabilities, current | $ 0 | 3,426 | $ 0 | € 3,560 | |||
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% | 60% | |||||
Percentage Of Pretax Income Subject To Income Tax | 40% | 40% | |||||
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 |
Accounts receivables - Summary
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 |
Accounts receivables - Addition
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 |
Other current and non-current_3
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 |
Other current and non-current_4
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 |
Other current and non-current_5
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 |
Property, plant and equipment -
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) |
Property, plant and equipment_2
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) |
Property, plant and equipment_3
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 |
Intangible assets - Summary of
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) |
Intangible assets - Summary o_2
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) |
Leases - Summary of right-of us
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 |
Leases - Details of Lease liabi
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 |
Leases - Summary of expenses re
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) |
Leases - Additional Information
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 |
Accounts payable - Summary of A
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 |
Other current liabilities - Sum
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 |
Other current liabilities - Add
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 |
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) | 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% | 0% | 0% | |
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% |
Share-based payments - Summar_2
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 Warrants shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 Warrants shares $ / 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 |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) $ / shares in Units, € in Millions, $ in Billions | 12 Months Ended | ||||
Sep. 28, 2021 $ / shares | Dec. 31, 2023 EUR (€) shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2023 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based compensation by share based payment arrangement fair value per share | $ 6.99 | $ 6.93 | $ 7.88 | ||
Performance Based Options [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average share price of share options granted | $ 12.92 | ||||
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 | ||||
Performance Based Options [Member] | Granted On September 2021 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based compensation by share based payment arrangement options granted during the period | shares | 0 | 0 | 100,000 | ||
Share based compensation by share based payment arrangement exercise price per share granted | $ 0 | $ 0 | $ 12.92 | ||
Share based compensation by share based payment arrangement fair value per share | $ 8 | ||||
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 | 10 | ||||
Date of vesting of stock options | Jul. 31, 2021 | ||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | Share Reinvestment [Member] | Matching Stock Options [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based compensation by share based payment arrangement term of stock options | 10 | ||||
Date of vesting of stock options | Jul. 31, 2021 | ||||
Modification Of Two Thousand And Sixteen Plan [Member] | Share Reinvestment [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share based compensation by share based payment arrangement options granted during the period | shares | 733,598 | ||||
Fair value of stock appreciation rights | € | $ 8.5 | ||||
Weighted average share price of share options granted | $ 15.15 | ||||
Modification Of Two Thousand And Sixteen Plan [Member] | Share Reinvestment [Member] | 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 payments - Summar_3
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) |
Shareholders' equity - Addition
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 |
Financial Risk Management Obj_3
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 |
Financial Risk Management Obj_4
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 |
Financial Risk Management Obj_5
Financial Risk Management Objectives and Policies - Summary of Sensitivity Analysis of Foreign Currency Risk (Parenthetical) (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Immatics US Inc [Member] | Euro weakens by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics US Inc [Member] | Euro strengthen by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics US Inc [Member] | Euro weakens by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics US Inc [Member] | Euro strengthen by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics US Inc [Member] | Euro weakens by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Immatics US Inc [Member] | Euro strengthen by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro weakens by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro strengthen by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro weakens by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro strengthen by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro weakens by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Immatics N.V. [Member] | Immatics GmbH [Member] | Euro strengthen by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Financial Risk Management Obj_6
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 |
Financial Risk Management Obj_7
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% | |||
Percentage of resonably possible decrease in unobservable inputs | 10% | |||
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% | 10% | ||
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% | |||
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% | |||
Currency risk [Member] | US [Member] | ||||
Statements [Line Items] | ||||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% | ||
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% |
Financial Instruments - Summary
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 |
Financial Instruments - Summa_2
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) |
Financial Instruments - Summa_3
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 |
Commitments and contingencies -
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 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Collaboration Agreements [Member] | ||
Statements [Line Items] | ||
Unrecorded contingent liability | € 1.6 | € 1.6 |
Related party disclosures - Sum
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 |
Related party disclosures - S_2
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 |
Related party disclosures - S_3
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 - S_4
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 |
Related party disclosures - Add
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 |
Earnings and Loss per Share - A
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 |
Earnings and Loss per Share - S
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 |
Events occurring after the re_2
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 |