Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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 | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 62,908,617 |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Annual Report | true |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | false |
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, State or Province | TX |
Entity Address, Country | DE |
Entity Address, Postal Zip Code | 77030 |
Document Registration Statement | false |
Document Shell Company Report | false |
Document Transition Report | 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 |
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 Finan
Consolidated Statement of Financial Position of Immatics N.V. - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | [1] |
Current assets | |||
Cash and cash equivalents | € 207,530 | € 103,353 | |
Other financial assets | 24,448 | 16,023 | |
Accounts receivable | 1,250 | 957 | |
Other current assets | 5,763 | 3,667 | |
Total current assets | 238,991 | 124,000 | |
Non-current assets | |||
Property, plant and equipment | 7,868 | 4,720 | |
Intangible assets | 914 | 1,008 | |
Right-of-use assets | 6,149 | 3,287 | |
Other non-current assets | 724 | 1,262 | |
Total non-current assets | 15,655 | 10,277 | |
Total assets | 254,646 | 134,277 | |
Current liabilities | |||
Provisions | 51 | 50 | |
Accounts payable | 10,052 | 7,082 | |
Deferred revenue | 46,600 | 59,465 | |
Lease liabilities | 1,881 | 1,411 | |
Other current liabilities | 2,025 | 1,288 | |
Total current liabilities | 60,609 | 69,296 | |
Non-current liabilities | |||
Deferred revenue | 85,475 | 101,909 | |
Lease liabilities | 4,306 | 1,823 | |
Other non-current liabilities | 2,084 | ||
Total non-current liabilities | 89,781 | 105,816 | |
Shareholders' equity (deficit) | |||
Share capital | 629 | 1,164 | |
Share premium | 573,339 | 190,945 | |
Accumulated deficit | (462,253) | (233,194) | |
Other reserves | (7,459) | (770) | |
Total equity (deficit) attributable to shareholders of the parent | 104,256 | (41,855) | |
Non-controlling interest | 0 | 1,020 | |
Total shareholders' equity (deficit) | 104,256 | (40,835) | |
Total liabilities and shareholders' equity (deficit) | € 254,646 | € 134,277 | |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Consolidated Statement of Loss
Consolidated Statement of Loss of Immatics N.V. - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Profit or loss [abstract] | ||||
Revenue from collaboration agreements | € 31,253 | € 18,449 | € 3,770 | |
Research and development expenses | (67,085) | (40,091) | (33,971) | |
General and administrative expenses | (34,186) | (11,756) | (7,666) | |
Other income | 303 | 385 | 3,458 | |
Operating result | (69,715) | (33,013) | (34,409) | |
Financial income | 2,949 | 790 | 2,215 | |
Financial expenses | (10,063) | (264) | (161) | |
Share listing expense | (152,787) | |||
Financial result | (159,901) | 526 | 2,054 | |
Loss before taxes | (229,616) | (32,487) | [1] | (32,355) |
Taxes on income | 0 | 0 | 0 | |
Net loss | (229,616) | (32,487) | (32,355) | |
Attributable to: | ||||
Equity holders of the parent | (229,059) | (31,571) | (31,444) | |
Non-controlling interest | (557) | (916) | (911) | |
Net loss | € (229,616) | € (32,487) | € (32,355) | |
Net loss per share—basic and diluted | € (4.77) | € (0.95) | € (0.95) | |
Weighted average shares outstanding—basic and diluted | 48,001,228 | 33,093,838 | 33,093,838 | |
[1] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss of Immatics N.V. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Net Loss | € (229,616) | € (32,487) | € (32,355) |
Items that may be reclassified subsequently to profit or loss, net of tax | |||
Currency translation differences from foreign operations | (6,689) | (29) | 313 |
Total comprehensive loss for the period | (236,305) | (32,516) | (32,042) |
Attributable to: | |||
Equity holders of the parent | (235,748) | (31,600) | (31,131) |
Non-controlling interest | (557) | (916) | (911) |
Total comprehensive loss for the period | € (236,305) | € (32,516) | € (32,042) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Cash flows from operating activities | ||||||
Loss before taxation | € (229,616) | € (32,487) | [1] | € (32,355) | ||
Adjustments for: | ||||||
Interest income | (850) | (790) | [1] | (507) | ||
Depreciation and amortization | 4,424 | 3,858 | [1] | 2,176 | ||
Interest expense | 289 | 170 | [1] | 16 | ||
Share listing expense | 152,787 | |||||
Equity settled share-based payment | 22,908 | 152 | [1] | 118 | ||
MD Anderson compensation expense | 45 | 700 | [1] | 1,360 | ||
(Decrease) Increase in other liabilities resulting from share appreciation rights | (2,036) | 1,864 | [1] | 220 | ||
Payment related to share-based compensation awards previously classified as equity-settled | (4,322) | |||||
Net foreign exchange differences | (4,477) | 3 | [1] | |||
Changes in working capital | ||||||
Increase in accounts receivable | (294) | (563) | [1] | (175) | ||
Increase (decrease) in other assets | (1,600) | (1,497) | [1] | 5,608 | ||
(Increase) decrease in accounts payable and other current liabilities | (23,387) | 98,937 | [1] | 43,732 | ||
Interest received | 808 | 790 | [1] | 507 | ||
Interest paid | (289) | (170) | [1] | (16) | ||
Net cash provided by/(used in) operating activities | (85,610) | 70,967 | [1] | 20,684 | ||
Cash flows from investing activities | ||||||
Payments for property, plant and equipment | (7,420) | (2,143) | [1] | (429) | ||
Cash paid for investments in Other financial assets | (82,930) | (20,473) | [1] | (13,101) | ||
Cash received from maturity of investments classified in Other financial assets | 74,505 | 17,551 | [1] | |||
Payments for intangible assets | (104) | (91) | [1] | (78) | ||
Proceeds from disposal of property, plant and equipment | 97 | [1] | 94 | |||
Net cash provided by/(used in) investing activities | (15,949) | (5,059) | [1] | (13,514) | ||
Cash flows from financing activities | ||||||
Proceeds from issuance of shares to equity holders of the parent | 217,918 | 23,648 | ||||
Transaction cost deducted from equity | (7,939) | |||||
Payments for leases | (2,096) | (1,862) | [1] | |||
Net cash provided by/(used in) financing activities | 207,883 | (1,862) | [1] | 23,648 | ||
Net increase in cash and cash equivalents | 106,324 | 64,046 | [1] | 30,818 | ||
Cash and cash equivalents at beginning of period | 103,353 | [2] | 39,367 | [1] | 8,415 | |
Effects of exchange rate changes on cash and cash equivalents | (2,147) | (60) | [1] | 134 | ||
Cash and cash equivalents at end of period | € 207,530 | € 103,353 | [2] | € 39,367 | [1] | |
[1] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets | |||||
[2] | See Note 2 for details regarding the change in presentation of Other financial assets |
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] | Total equity attributable to shareholders of the parent [member] | Non-controlling interests [member] | |
Beginning Balance at Dec. 31, 2017 | € (2,255) | € 1,164 | € 167,027 | € (170,179) | € (1,054) | € (3,042) | € 787 | |
Other comprehensive loss | 313 | 313 | 313 | |||||
Net Loss | (32,355) | (31,444) | (31,444) | (911) | ||||
Comprehensive loss for the year | (32,042) | (31,444) | 313 | (31,131) | (911) | |||
Equity-settled share-based compensation | 118 | 118 | 118 | |||||
Issuance of ordinary shares | 23,648 | 23,648 | 23,648 | |||||
MD Anderson compensation expense | 1,360 | 1,360 | ||||||
Ending Balance at Dec. 31, 2018 | (9,171) | 1,164 | 190,793 | (201,623) | (741) | (10,407) | 1,236 | |
Other comprehensive loss | (29) | (29) | (29) | |||||
Net Loss | (32,487) | (31,571) | (31,571) | (916) | ||||
Comprehensive loss for the year | (32,516) | (31,571) | (29) | (31,600) | (916) | |||
Equity-settled share-based compensation | 152 | 152 | 152 | |||||
MD Anderson compensation expense | 700 | 700 | ||||||
Ending Balance at Dec. 31, 2019 | (40,835) | [1] | 1,164 | 190,945 | (233,194) | (770) | (41,855) | 1,020 |
Other comprehensive loss | (6,689) | (6,689) | (6,689) | |||||
Net Loss | (229,616) | (229,059) | (229,059) | (557) | ||||
Comprehensive loss for the year | (236,305) | (229,059) | (6,689) | (235,748) | (557) | |||
Equity-settled share-based compensation | 22,908 | 22,908 | 22,908 | |||||
Reorganization | (833) | 833 | ||||||
MD Anderson Share Exchange | 7 | 501 | 508 | (508) | ||||
PIPE Financing, net of transaction costs | 90,077 | 104 | 89,973 | 90,077 | ||||
ARYA Merger, net of transaction costs | 272,688 | 180 | 272,508 | 272,688 | ||||
SAR conversion | 7 | (7) | ||||||
Total issuance of share capital | 362,765 | 298 | 362,975 | 363,273 | (508) | |||
Payment related to share-based compensation awards previously classified as equity-settled | (4,322) | (4,322) | (4,322) | |||||
MD Anderson compensation expense | 45 | € 45 | ||||||
Ending Balance at Dec. 31, 2020 | € 104,256 | € 629 | € 573,339 | € (462,253) | € (7,459) | € 104,256 | ||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Group information
Group information | 12 Months Ended |
Dec. 31, 2020 | |
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 subsidiaries of Immatics N.V. as part of the ARYA Merger (defined below) on July 1, 2020. Immatics N.V is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany. Prior to July 1, 2020, Immatics N.V. was a shell company with no active trade or business or subsidiaries and all relevant assets and liabilities as well as income and expenses were borne by Immatics Biotechnologies GmbH and its U.S. subsidiary Immatics US, Inc. Therefore, the comparable consolidated financial statements as of December 31, 2019 and for the years ended December 31, 2019 and December 31, 2018 represent consolidated financial statements of Immatics Biotechnologies GmbH. These annual consolidated financial statements of the Group for the year ended December 31, 2020 were authorized for issue by the Management Board of Immatics N.V. on March 30, 2021. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Basis of presentation | 2. Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee (“IFRS IC”). The consolidated financial statements are presented in Euro. Amounts are stated in thousands of Euros, unless otherwise indicated. The Group had a non-controlling non-controlling Short-term deposits, which have an original maturity between three and nine months, were previously classified within Other current assets and have been retrospectively presented as a separate line item, Other financial assets, within the Statement of Financial Position. This change resulted in a reclassification of €16.0 million as of December 31, 2019. This change in presentation was made after review of the Group’s financial statements subsequent to the ARYA Merger to ensure better comparability of the financial statements with peer companies and provide more relevant presentation within the Group’s financial statements. 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 as well as short-term deposits will be sufficient to fund operating expenses and capital expenditure requirements for at least twelve months from the issuance date and expect a cash reach for at least twelve months. 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, was the Group unable to continue as a going concern. 2.2 Correction of classification of Statement of Cash Flows During the third quarter of 2020, the Group identified and corrected the classification of short-term deposits with an original maturity dates between three and nine months within the Statement of Cash Flows which resulted in a misclassification within the Statement of Cash Flows since 2018. The Company has evaluated the effect of this misclassification, both qualitatively and quantitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed financial statements. In the Statement of Cash Flows, the changes in short-term deposits were previously classified as (Increase) decrease in other assets within operating activities and has been retrospectively corrected and presented as separate line items within investing activities. This correction of classification resulted in the following impact to the Statement of Cash Flows: Year ended December 31, 2019 Year ended December 31, 2018 As Adjustment As As Adjustment As (Increase) decrease in other assets (4,419 ) 2,922 (1,497 ) (7,493 ) 13,101 5,608 Net cash provided by operating activities 68,045 2,922 70,967 7,583 13,101 20,684 Cash paid for investments classified in Other financial assets — (20,473 ) (20,473 ) — (13,101 ) (13,101 ) Cash received from maturity of investments classified in Other financial assets — 17,551 17,551 — — — Net cash used in investing activities (2,137 ) (2,922 ) (5,059 ) (413 ) (13,101 ) (13,514 ) Total effect on Cash Flow — — — — — — Three months ended March 31, 2020 Six months ended June 30, 2020 As Adjustment As As Adjustment As (Increase) decrease in other assets (17,209 ) 16,836 (373 ) 14,917 (16,023 ) (1,106 ) Net cash provided by/ (used in) operating activities (28,286 ) 16,836 (11,450 ) (11,716 ) (16,023 ) (27,739 ) Cash paid for investments classified in Other financial assets — (32,859 ) (32,859 ) — (32,859 ) (32,859 ) Cash received from maturity of investments classified in Other financial assets — 16,023 16,023 — 48,882 48,882 Net cash provided by/ (used in) investing activities (2,387 ) (16,836 ) (19,223 ) (4,550 ) 16,023 11,473 Total effect on Cash Flow — — — — — — There is no impact on the Group’s Consolidated Statement of Financial Position, Consolidated Statement of Changes in Shareholders’ Deficit, Consolidated Statement of Loss, Net loss per share, Consolidated Statement of Comprehensive Loss, and no impact to financing cash flows for the any of the periods presented. 2.3 COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) Management continues to monitor the situation and enacted significant measures to protect the Group’s supply chain, employees, and the execution of clinical trials. To date, the pandemic has resulted in a slowdown in activities related to the Group’s laboratory operations and at some of its suppliers. The ongoing spread of COVID-19 COVID-19 Due to COVID-19, non-refundable cost-to-cost COVID-19 |
ARYA Merger
ARYA Merger | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
ARYA Merger | 3. ARYA Merger On March 17, 2020, Immatics entered into a definitive merger agreement with ARYA Sciences Acquisition Corp. (“ARYA”), a special purpose acquisition company sponsored by Perceptive Advisors. The transaction closed on July 1, 2020. The merger (“ARYA Merger”) was effectuated as follows: • The shareholders of Immatics Biotechnologies GmbH exchanged their interest for ordinary shares in the share capital of Immatics B.V. (“the Reorganization”). The Reorganization is accounted for as a recapitalization, with Immatics Biotechnologies GmbH being the accounting predecessor. The Reorganization resulted in a €0.8 million decrease in share capital and an offsetting increase in share premium. Subsequent to the Reorganization, Immatics B.V. was converted into Immatics N.V., after the share exchange of Immatics shareholders. As part of the Reorganization, the minority shareholder in Immatics US, Inc., MD Anderson Cancer Center (“MD Anderson”) exchanged its interest in Immatics US, Inc. for ordinary shares in the share capital of Immatics N.V. (“MD Anderson Share Exchange”). This resulted in a decrease to non-controlling • ARYA merged into Immatics N.V., with former ARYA shareholders receiving one ordinary share of Immatics N.V. for each issued and outstanding ordinary share of ARYA and one warrant to purchase ordinary shares in Immatics N.V., for each issued and outstanding warrant to acquire ordinary shares in ARYA. The merger of ARYA constituted transaction by Immatics N.V., which is accounted for within the scope of IFRS 2. As part of the transaction, former shareholders of ARYA received 17,968,750 shares of Immatics N.V. and 7,187,500 warrants (“Immatics Warrants”) to purchase ordinary shares of Immatics N.V. In exchange, Immatics received the net assets held by ARYA, which had a fair value of €124.9 million upon closing of the transaction on July 1, 2020. The net assets included €128.8 million of cash and cash equivalents held in ARYA’s trust account and current liabilities of €3.9 million. In accordance with IFRS 2, the difference between the fair value of the net assets contributed by ARYA and the fair value of equity instruments provided to former ARYA shareholders is treated as an expense, resulting in a €152.8 million Share listing expense classified within the Financial result (See Note 17 ) and an increase in equity. The 7,187,500 Immatics Warrants give the holder the right, but not the obligation, to subscribe to Immatics’ shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. Those instruments were considered equity instruments according to IFRS 2 when they vested immediately on July 1, 2020. Management accounted for those instruments as equity instruments under IFRS 2 after the vesting date and has not applied the provisions of debt and equity classification under IAS 32. • Immatics N.V. raised an additional net €90.1 million in net equity proceeds through a private placement of ordinary shares with existing shareholders of Immatics, ARYA and other new investors (“PIPE Financing”). The PIPE Financing is treated as a capital contribution, which resulted in increases of €0.1 million and €90.0 million to share capital and share premium, respectively. Both the ARYA Merger and PIPE Financing closed as of July 1, 2020. Upon consummation of the transactions, Immatics N.V. became a publicly traded corporation at the Nasdaq Capital Market under the ticker IMTX. The Immatics Warrants are traded under the ticker IMTXW. Immatics incurred incremental transaction costs directly attributable to the issuance of new shares to ARYA shareholders and the PIPE Financing of €7.9 million, which it netted against the equity proceeds as a reduction in share premium. As part of the year-end Immatics also amended existing share-based compensation agreements held by employees of Immatics GmbH prior to the ARYA Merger (See Note 18), in addition to making additional cash and share-based payments to key management personnel (See Note 26). |
Application of new and revised
Application of new and revised international financial reporting standards | 12 Months Ended |
Dec. 31, 2020 | |
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 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, 2019, except for the adoption of new standards and interpretations effective as of January 1, 2020. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. New standards and interpretations applied for the first time: Standard/interpretation Effective date Amendments to IFRS 3, “Business combinations”, - Definition of a business January 1, 2020 Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors” January 1, 2020 Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform January 1, 2020 Amendment to the Conceptual framework January 1, 2020 Those amendments on standards and interpretations had no effect on the consolidated financial statements of the Group. 4.2 Assessment of potential impact of future standards, amendments to existing standards and interpretations The following standards a n Standard/interpretation Effective date Material effect expected IFRS 16 COVID-19-Related January 1, 2021 No Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities January 1, 2022 No IFRS 17 Insurance contracts January 1, 2023 No |
Summary of accounting policies
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of significant accounting policies [text block] | 5. Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements: 5.1 Segment information The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources. 5.2 Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position is comprised 5.3 Financial assets Initial recognition and measurement Financial assets within the scope of IFRS 9 include cash and cash equivalents, loans, short-term deposits and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus 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. Short-term deposits Immatics has short-term deposits with original maturities between three and nine 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 fair value. Receivables The Group has receivables from collaboration agreements. A receivable must be capitalized at the point in time at which the Group has become a contractual partner and a claim to cash and cash equivalents has arisen. In subsequent reporting periods, a receivable is measured at amortized cost using the effective interest method. Since the receivables are short-term receivables without a fixed interest rate, these receivables are capitalized at the original invoice or contract amount. Receivable balances are classified as current assets, because all of the Group’s receivables have an expected maturity of less than 12 months. Interest and other finance income Financial instruments include money market funds and short-term deposits measured at fair value. Interest income is recorded using the effective interest rate (EIR). EIR is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. As of December 31, 2020, Immatics is a counterparty in foreign exchange forward contracts. The contracts do not meet the criteria to apply hedge accounting and are therefore separately accounted for and measured at fair value. Any change in the fair value is accounted for within the Consolidated Statement of Loss. 5.4 Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized as expense when incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally within the following ranges: Category Estimated useful life Computer equipment 1 – 10 years Laboratory equipment 1 – 15 years Office equipment 2 – 20 years 5.5 Intangible assets Acquired intangible assets are initially recognized at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite lives are amortized over their useful economic lives and assessed for impairment, whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life, is reviewed at least at the end of each reporting period. Immatics does not have any internally developed intangible assets or intangible assets with indefinite useful lives. Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Category Estimated useful life Licenses 5 – 30 years Software 1 – 5 years 5.6 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 2020, 2019 and 2018 due to the existing uncertainties in connection with its development activities. Research and development expenses include the following types of costs: 1. salaries, benefits and other related costs, including stock-based compensation, for personnel engaged in research and development functions; 2. expenses incurred in connection with the preclinical development of our programs and clinical trials of our product candidates, including under agreements with third parties, such as consultants, contractors, academic institutions and contract research organizations; 3. the cost of manufacturing product candidates for use in clinical trials, including under agreements with third parties, such as, consultants and contractors; 4. laboratory costs; 5. leased facility costs, equipment depreciation and other expenses, which include direct and allocated expenses; and 6. intellectual property costs incurred in connection with filing and prosecuting patent applications as well as third-party license fees. 5.7 Financial liabilities: Initial recognition and measurement 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 and, in the case of loans and borrowings, carried at amortized cost. This includes directly attributable transaction costs. Immatics only recognized accounts payable as other financial liabilities at amortized costs. The Group has not designated any financial liabilities upon initial recognition as fair value through profit or loss. The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting. 5.8 Leases Application of IAS 17 (“Leases”) until December 31, 2018 Prior to 2019, the Group applied IAS 17 when accounting for leases. As a lessee under IAS 17, leases for which substantially all the risks and rewards of ownership transferred to the Group were classified as finance leases. Finance leases were capitalized at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other current liabilities and other non-current Application of IFRS 16 (“Leases”) effective January 1, 2019 The Group adopted IFRS 16 (“Leases”) effective January 1, 2019. The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of two to seven years but may have extension options as described in below. Contracts may contain both lease and non-lease non-lease right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: 1. fixed payments (including in-substance 2. amounts expected to be payable by the Group under residual value guarantees. 3. the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and 4. payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the Group’s leases, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds, necessary to obtain an asset of similar value to the right-of-use To determine the incremental borrowing rate, the Group: 1. uses a build-up 2. makes adjustments specific to the lease, including lease term, country, currency and security Right-of-use 1. the amount of the initial measurement of lease liability 2. any lease payments made at or before the commencement date less any lease incentives received 3. any initial direct costs, and 4. restoration costs. Right-of-use right-of-use Payments associated with short-term leases of equipment and vehicles and all leases of low-value Low-value Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor. For relevant leases which include an extension option, Immatics performed an assessment as of December 31, 2020 to determine whether option extensions are reasonably certain. 5.9 Revenue from collaboration agreements The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2020, the Group had four strategic collaboration agreements in place with Amgen Inc., Thousand Oaks/CA/USA (“Amgen”), Genmab A/S, Copenhagen/Denmark (“Genmab”), Celgene Switzerland LLC (“BMS”) and GlaxoSmithKline Intellectual Property Development Limited (“GSK”). Each of the Group’s four strategic collaboration agreements are in the pre-clinical To determine the recognition of revenue from arrangements that fall within the scope of IFRS 15, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Group satisfies a performance obligation. 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 exclusive 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. Up-front cost-to-cost As stated above, 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 non-refundable Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under these agreements represent one or more combined 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. Upfront payment Each of the Group’s strategic collaboration agreements included a non-refundable cost-to-cost The cost-to-cost Reimbursement for services 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 reversals 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, the Group recognizes revenue from sales-based milestone 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 has been allocated has been satisfied. The Group anticipates recognizing these milestones and royalty payments, when subsequent sales are generated from a licensed product by the collaboration partner. 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. 5.10 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 18. 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. 5.11 Other income The Group primarily earns other income from government research grants. Government grants are recognized as income when there is reasonable assurance that the grant will be received and all required conditions have been complied with. Grants from governmental agencies for the support of specific research and development projects are recorded as other income to the extent the related expenses have been incurred. Grant agreements include a budget that specifies the amount and nature of expenses allowed during the entire grant term. Expenses incurred under the grants are calculated according to agreed-upon terms on a quarterly basis, filed with the governmental agencies, and recorded as income. The governmental agencies make payments to the Group based on these calculations of expenses incurred under the grants. If these estimated calculations change, the Group will then adjust grant income in the subsequent period. The Group believes that its calculations are based on the agreed-upon terms as stated in the grant agreements. The governmental agencies generally have the right to audit the Group’s calculations. If the governmental agencies disagree with the Group’s calculations the amount of grant income recognized could change. 5.12 Foreign currency Transactions and balances in Germany and in the USA The consolidated financial statements are presented in Euro, which is the parents’, Immatics N.V. functional and presentation currency. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting. The Consolidated Statement of Loss is translated at average exchange rates. The currency translation differences are recognized in other comprehensive loss. 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 used the following exchange rates to convert the financial statements of its U.S. subsidiary: 2020 2019 2018 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.8149 0.8762 0.8902 0.8932 0.8738 0.8468 5.13 Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability or • in the absence of a principal market, in the most advantageous market for the asset or liability that is accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is unobservable. re-assessing 5.14 Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. If the effect of the time value of money is material, provisions are discounted using a current pre-tax 5.15 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 deferred tax assets calculation. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets, current tax liabilities, deferred tax assets and deferred tax liabilities which relate to income taxes levied by the same tax authority. |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2020 | |
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Disclosure of accounting judgements and estimates [text block] | 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. Estimates – 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 expense 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. Revenue recognition from collaboration agreements As the collaboration agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. For the four collaboration agreements the Group assessed that these promises are not capable of being distinct within the context of the contract, which results in accounting for all goods and services promised as a single performance obligation with a single measure of progress. The performance obligation is accounted for as a performance obligation, satisfied over time using a cost-to-cost Up-front Immatics provides development and manufacturing services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided. Forecast values are used for the calculation of expected future revenue for the remaining term of the contract. These costs estimated as part of the budgeting process must be reviewed and approved before the Group can use them for recognition purposes. Significant management judgment is required to determine the level of effort required under an arrangement, and the period over which the Company expects to complete its performance obligations under the arrangement which includes total internal personnel costs and external costs to be incurred. Changes in these estimates can have a material effect on revenue recognized. 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. This estimate also requires the determination of the most appropriate inputs to the valuation model, including the fair value of the share option. Management determined the value of share-based awards with the assistance of a third-party valuation specialist using certain assumptions, such as share price volatility, the determination of an appropriate risk-free interest rate, expected dividends and the probability of reaching certain exercisability criteria. Changes in these estimates can have a material effect on share-based expenses recognized. For 2018 and 2019, the vested SARs under the 2010 Plan could only be exercised in an event that more than 50% of the shareholdings in the Company will be acquired by a third person (“Change of control”) and the vested SARs of the 2016 Plan might only be exercised upon the occurrence of a change in control or expiration of the applicable lock-up The fair values of these awards were discounted based on the probability of the awards becoming exercisable. It is necessary to look at different scenarios under which the award would be expected to be realized. Therefore, it was necessary to estimate the probability of each such scenario. The present value of the probability-weighted fair value under all scenarios represents the value of the awards. The difficulty in applying this method is the estimation of the different possible outcomes and the probabilities associated with such outcomes. Management’s assessment is updated at each valuation date. Classification of Warrants As described in Note 3 AYA Merger Immatics Warrants give the holder the right, but not the obligation, to subscribe to Immatics’ shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. Those instruments were considered equity instruments according to IFRS 2 when they vested immediately on July 1, 2020. Management accounted for those instruments as equity instruments under IFRS 2 after the vesting date and has not applied the provisions of debt and equity classification under IAS 32. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Account Receivable Explanatory [Text Block] | 7. Accounts receivable As of December 31, 2020 December 31, 2019 (Euros in thousands) Receivables from collaboration agreements 1,250 957 Accounts receivable 1,250 957 As of December 31, 2020, and 2019, no receivables were considered impaired. |
Other current and non-current a
Other current and non-current assets | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of other assets [text block] | 8. Other current and non-current Other current assets As of December 31, 2020 December 31, 2019 (Euros in thousands) Grant receivable 875 998 Prepaid expenses 2,389 1,236 Positive market value forward contract 914 — Value added tax receivable 798 768 Capitalized transaction costs — 48 Other assets 787 617 Other current assets 5,763 3,667 The Group recognizes receivables for government grants when it is reasonably assured that the grant will be received, and all contractual conditions have been complied with. As of December 31, 2020, and 2019, no receivables were considered impaired. Prepaid expenses include prepaid insurance expenses of €1.0 million and €0.1 million as of December 31, 2020 and 2019, respectively. The Group paid €0.5 million and €0.6 million of incremental cost for the successful arrangement of the Celgene Switzerland LLC (“BMS”) and Genmab A/S (“Genmab”) collaboration agreements as of December 31, 2020 and 2019, respectively. Additionally, prepaid expenses include expenses for licenses and software of €0.6 million and €0.2 million as of December 31, 2020 and 2019, respectively. The remaining amount is related to prepaid maintenance expenses. Other assets include receivables from capital gains tax of €0.4 million and €0.3 million as of December 31, 2020 and 2019, respectively. The remaining amount is related to prepaid deposit expenses. Other non-current As of December 31, 2020 December 31, 2019 (Euros in thousands) Prepaid expenses 724 937 Other non-current — 325 Total non-current 724 1,262 Prepaid expenses consist of €0.7 million and €0.9 million of incremental cost paid for the successful arrangement of the BMS and Genmab collaboration agreements as of December 31, 2020 and 2019, respectively. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of property, plant and equipment [text block] | 9. Property, plant and equipment Changes to property, plant and equipment during 2020 and 2019 consisted of the following: (Euros in thousands) Laboratory Computer Office Total Cost as of January 1, 2019 11,222 2,439 1,455 15,116 Impact of IFRS 16 adoption (441 ) — — (441 ) Cost as of January 1, 2019, adjusted 10,781 2,439 1,455 14,675 Additions 2,204 515 297 3,016 Disposals (314 ) (2 ) — (316 ) Currency translation differences 52 4 1 57 Cost as of December 31, 2019 12,723 2,956 1,753 17,432 Accumulated depreciation as of January 1, 2019 8,279 1,793 1,037 11,109 Additions 1,219 256 322 1,797 Disposals (218 ) (1 ) — (219 ) Currency translation differences 23 2 — 25 Accumulated depreciation as of December 31, 2019 9,303 2,050 1,359 12,712 Net book value as of December 31, 2019 3,420 906 394 4,720 Cost as of January 1, 2020 12,723 2,956 1,753 17,432 Additions 3,545 406 1,427 5,379 Disposals 1 — 6 7 Currency translation differences 299 40 28 367 Cost as of December 31, 2020 15,968 3,322 3,146 22,437 Accumulated depreciation as of January 1, 2020 9,303 2,050 1,359 12,712 Additions 1,384 404 315 2,102 Disposals 1 — 6 7 Currency translation differences 210 26 3 239 Accumulated depreciation as of December 31, 2020 10,476 2,428 1,665 14,568 Net book value as of December 31, 2020 5,493 894 1,481 7,868 Depreciation expense is included in the following line items of the Consolidated Statement of Loss: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 1,503 1,315 1,757 General and administrative expenses 600 482 301 Total 2,103 1,797 2,058 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of intangible assets [text block] | 10. Intangible assets Changes to intangible assets during 2020 and 2019 consisted of the following: (Euros in thousands) Patents and Software Total Cost as of January 1, 2019 1,201 551 1,752 Additions — 91 91 Currency translation differences 19 1 20 Cost as of December 31, 2019 1,220 643 1,863 Accumulated amortization as of January 1, 2019 314 399 713 Additions 24 87 111 Currency translation differences 31 — 31 Accumulated amortization as of December 31, 2019 369 486 855 Net book value as of December 31, 2019 851 157 1,008 Cost as of January 1, 2020 1,220 643 1,863 Additions — 104 104 Currency translation differences (88 ) (9 ) (97 ) Cost as of December 31, 2020 1,132 738 1,870 Accumulated amortization as of January 1, 2020 369 486 855 Additions 56 71 126 Currency translation differences (22 ) (3 ) (25 ) Accumulated amortization as of December 31, 2020 403 554 956 Net book value as of December 31, 2020 730 184 914 Amortization expense is classified as follows within the Consolidated Statement of Loss: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 31 28 9 General and administrative expenses 95 83 109 Total 126 111 118 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Disclosure of leases [text block] | 11. Leases Right-of As of December 31, December 31, (Euros in thousands) Buildings 5,760 2,799 IT and telecommunication 258 349 Vehicles 90 90 Other assets 41 49 Total 6,149 3,287 Lease liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Lease liability – current 1,881 1,411 Lease liability – non-current 4,306 1,823 Total 6,187 3,234 Additions to the right-of-use Currency translation differences included in right-of-use Expenses related to right-of-use Year ended December 31, Depreciation charges of right-of-use 2020 2019 (Euros in thousands) Buildings 2,036 1,804 IT and telecommunication 101 101 Vehicles 50 37 Other assets 8 8 Total 2,195 1,950 Interest expenses form leases 260 170 Expense relating to short-term leases and low-value 51 27 The total cash payments for leases were €2.4 million and €2.1 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020, the Group has committed lease payments of €6.9 million, of which €2.1 million will occur in the next 12 months. The remaining lease payments will occur between January 1, 2022 and December 31, 202 6 |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Accounts payable | 12. Accounts payable As of December 31, December 31, (Euros in thousands) Accounts payable 2,554 4,866 Other accrued liabilities 7,498 2,216 Total accounts payable 10,052 7,082 Other accrued liabilities classified within accounts payable mainly relate to outstanding invoices totaling €7 million and €2 million as of December 31, 2020 and 2019, respectively. |
Revenue from collaboration agre
Revenue from collaboration agreements | 12 Months Ended |
Dec. 31, 2020 | |
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Revenue from collaboration agreements | 13. Revenue from collaboration agreements The Group earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of December 31, 2020, the Group had four strategic collaboration agreements in place. All collaboration agreements are still at pre-clinical As part of these collaboration arrangement, 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, Amgen Collaboration Agreement In December 2016, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Amgen Inc. (“Amgen”) to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancers. Under the terms of the agreement, Immatics contributed its XPRESIDENT target discovery and T cell receptor (TCR) capabilities to the pre-clinical ® In the collaboration agreement with Amgen development milestone payments and commercial milestone payments amount to a maximum up to The Group received a non-refundable million (€28 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 cost-to-cost Genmab Collaboration Agreement In July 2018, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Genmab A/S (“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 million (€46 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized million of revenue associated with the upfront payment and with reimbursements for research and development costs performed, during the years ended December 31, 2020, 2019 and 2018, respectively. Revenue for the Genmab collaboration agreement is recognized on a cost-to-cost cost-to-cost 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) If Immatics develops programs against the TCR-T opt-in TCR-T Immatics would have certain early stage co-development co-funding TCR-T mid-single-digits, The Group received a non-refundable million (€68 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized million of revenue associated with the upfront payment as of December 31, 2020 and 2019, respectively. Revenue for the BMS collaboration agreement is recognized on a cost-to-cost cost-to-cost GSK In December 2019, Immatics entered into a collaboration agreement with GSK to develop novel adoptive cell therapies targeting multiple cancer indications. Immatics and GSK plan to collaborate on the identification, research and development of next-generation TCR Therapeutics focusing on solid tumors. The collaboration will initially focus on the development of autologous T cell therapies and GSK has an option to develop allogeneic T cell therapies using Immatics ACTallo approach. Immatics and GSK intend to utilize proprietary TCRs identified by Immatics TCR discovery platform XCEPTOR which are planned to be directed against two proprietary targets. Those proprietary targets were discovered and validated by the respective XPRESIDENT technology. Immatics will be mainly responsible for the development and validation of the TCR-T TCR-T co-develop TCR-Ts The Group received a non-refundable up to € The Group classified the initial receipt of the upfront payment as deferred revenue. The Group recognized €3.7 million of revenue associated with the upfront payment as of December 31, 2020 and recognized no revenue associated with the upfront payment during 2019. Total deferred revenue under the agreement was €41 million and €45 million as of December 31, 2020 and 2019, respectively. 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, 2020, 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 revenue related to the collaboration agreements consists of the following: As of December 31, December 31, (Euros in thousands) Current 46,600 59,465 Non-current 85,475 101,909 Total 132,075 161,374 Cost to obtain a contract The Group incurs 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 €1.2 million and €1.5 million as of December 31, 2020 and 2019, respectively, which are classified in other current assets and other non-current As of December 31, 2020, the Group is potentially liable to pay €1.6 million ( $2 million) to a third-party upon successful 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. Each of the Group’s strategic collaboration agreements included a non-refundable |
Other income
Other income | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Other income | 14. Other income Other income includes grant income, in addition immaterial amounts from other sources. The Group receives income through government grants for specific research and development projects. The Group recognizes grant income as it performs research and development activities specified by the grant agreements. Total grant income was €0.2 million, €0.03 million, and €2.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. There are no unfulfilled conditions or contingencies attached to these grants. The Group had the following deferred income and receivable balances under these agreements: As of December 31, December 31, (Euros in thousands) Receivables 875 998 Deferred income — 164 Total 875 1,162 The Group classifies receivables under these agreements within other current assets, while it presents deferred income within other current liabilities. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Other current liabilities | 15. Other current liabilities The components of other curre n t As of December 31, December 31, (Euros in thousands) Payroll tax 1,185 727 Accrual for vacation 525 330 Deferred grant income — 164 Accrued bonuses 154 52 Other 161 15 Total 2,025 1,288 Other current liabilities are non-interest-bearing |
Financial income and expenses
Financial income and expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Financial income and expenses | 16. Financial income and expenses Financial income and financial expenses consist of the following: Year ended December 31, 2020 2019 2018 (Euros in thousands) Interest income from short-term deposits 850 790 507 Foreign currency gains — — 1,708 Gain on other financial instruments 2,099 — — Financial income 2,949 790 2,215 Interest expenses form leases (289 ) (170 ) (16 ) Foreign currency losses (9,774 ) (94 ) (145 ) Financial expenses (10,063 ) (264 ) (161 ) Foreign currency losses mainly consist of unrealized losses in connection with our USD holdings. Gain on other financial instruments includes an unrealized gain of 0.9 million and a realized gain of 1.2 million from foreign currency forward contracts for the year ended December 31, 2020. |
Share listing expenses
Share listing expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Share listing expense | 17. Share listing expense As described in Note 3, the ARYA Merger led to a share listing expense. Immatics issued shares and warrants with a fair value of €277.7 million to ARYA shareholders, comprised of the fair value of Immatics shares, that were issued to ARYA shareholders of €13.53 per share, as well as a fair value of Immatics Warrants of €4.82 per share (price of ARYA shares at Closing of the ARYA Merger). In exchange, Immatics received the identifiable net assets held by ARYA, which had a fair value of upon closing of €124.9 million. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets contributed, represents a non-cash one-time (Euros in thousands, except share and per share data) Description Amount Number of (a) ARYA Ordinary Shares — 17,968,750 (b) Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 € 13.53 — (c) Fair value of TopCo Shares issued to ARYA shareholders (a * b) € 243,071 — (d) Outstanding ARYA Public Warrants — 7,187,500 (e) Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020 € 4.82 — (f) Fair value of outstanding ARYA Public Warrants (d * e) € 34,644 — Total fair value of ARYA Ordinary Shares and ARYA Public Warrants (c + f) € 277,715 — ARYA’s identifiable net assets € 124,927 — IFRS 2 Expense on the closing date € 152,787 — |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Share-based payments | 18. Share-based payments Immatics Biotechnologies GmbH previously issued share-based awards to employees under two different plans. Under the Immatics Biotechnologies GmbH Stock Appreciation Program 2010 (the “2010 Plan”), the Company issued stock appreciation rights (“SARs”), which the Group accounted for as cash-settled awards. Under the Immatics Biotechnologies 2016 Equity Incentive Plan (“2016 Plan”), the Company issued tandem awards, which allowed employees to exercise their awards as either a SAR or a stock option. In 2020, prior to the ARYA Merger, Immatics N.V. established the new equity incentive plan (“2020 Equity Plan”). As part of the ARYA Merger, the 2010 Plan and the 2016 Plan were converted and were superseded by the 2020 Equity Plan as described below. Share appreciation rights (“the 2010 Plan”) Effective January 1, 2005, in addition to performance-related compensation, certain Immatics employees became eligible to participate in a Stock Appreciation Rights (SAR) Program as part of a long-term equity incentive scheme. The aim of this program was to give employees a long-term stake in the success of the Company. The SAR program was adopted by resolutions by the supervisory board in January 2005 and was subsequently amended on February 6, 2007 and September 7, 2010. Under the 2010 Plan, the beneficiaries received SAR awards, which did not require any cash investment into the company. SARs granted under this program carried no dividend or voting rights. The award holders had the right to execute the vested SARs only in a defined exit event. An exit event was defined as the acquisition of more than 50.00% of the outstanding shares by a third party. SARs granted under the 2010 Plan vested based on the satisfaction of service requirements (time-based vesting). These awards generally had a five-year graded vesting period. Employees leaving the Group were able to retain any vested awards as of their termination date, unless they were terminated for cause. Per the terms of the SAR agreements, employees were not entitled to subscribe to shares in the Group. Therefore, SARs granted under the 2010 Plan might be settled in cash only. As awards issued under the 2010 Plan were cash settled, the Group applied liability accounting and revalued the outstanding awards at each reporting date. The Group applied a Black Scholes pricing model to estimate the fair value of the SARs as of December 31, 2019 and 2018 based on a company value of $350,000 thousand and $160,000 thousand, respectively. December 31, Amounts in USD 2019 2018 Exercise price $ 1.12 $ 1.12 Underlying share price $ 67.87 $ 27.21 Volatility 73 % 64 % Time period (years) 1.25 5.00 Risk free rate 1.59 % 2.77 % Dividend yield 0.00 % 0.00 % Combined probability of exit events 80.00 % 25.00 % Expected volatility was determined by calculating the historic volatility in share prices of peer companies within the biotechnology industry. The expected life in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability Set out below are summaries of SARs issued during 2019 and 2018: 2019 2018 Weighted Number Weighted Number SARs outstanding at January 1, $ 1.12 43,675 $ 1.12 43,978 SARs granted — — SARs forfeited 1.12 220 1.12 303 SARs outstanding at December 31, 1.12 43,455 1.12 43,675 SARs vested $ 1.12 117 $ 1.12 169 SARs exercisable — — There were no awards issued under the 2010 Plan as of December 31, 2020, 2019 or 2018. Resulting from these awards Immatics had other non-current As the 2010 Plan was converted in 2020, there were no SARs outstanding as of December 31, 2020. 2016 Equity Incentive Plan (“the 2016 Plan”) On February 8, 2017, the Company established the “2016 Equity Incentive Plan” to provide employees and consultants of the Group the ability to share in the Company’s future success. Awards issued under the 2016 Plan were tandem awards, which consisted of an option to acquire a stated the number of shares at a stated exercise price, or alternatively, the right to receive any appreciation in the value of the stated number of shares (“SAR portion”). Generally, the tandem awards issued under the 2016 Plan had a five-year vesting period. The first annual tranche vested on the first anniversary of the grant date. Following the first anniversary, the awards continued to vest on a monthly basis. Vesting was contingent on the recipient’s continued service to the Group. Employees which left the Group were able to retain any awards vested as of their termination date, unless they were terminated for cause. Former employees forfeited their awards, if they remained unexercised more than three months after an IPO or change in control. In the event of a change in control, the unvested portion of the Tandem Award should immediately vest. The Tandem Award (to the extent vested) might only be exercised after the contribution of all Immatics shares to a holding company for purposes of an indirect IPO, a change in control, or the expiration of a certain lock-up Under the terms of the 2016 Plan, options had to be settled in equity shares of the Group, while SAR portions might be settled in either equity shares or cash, at the Group’s discretion. While the Group did not have a policy or prior history of settling these awards, it intended to settle outstanding awards in equity shares. As a result, the Group was treating awards issued under the 2016 plan as equity-settled. Subsequent settlements of SARs in cash, to the extent they occurred, would be recorded via an adjustment to equity. Each option or SAR issued under the plan might be settled for one common share of the Group in the event it is exercisable. Set out below are summaries of tandem awards issued during 2019 and 2018: 2019 2018 Weighted average Number Weighted Number Tandem Awards outstanding at January 1, $ 16.65 74,401 $ 16.65 31,880 Tandem awards granted in June to September 18.30 26,557 16.65 43,964 Tandem awards granted in December 23.82 5,447 Tandem awards forfeited 16.81 2,936 16.65 1,443 Tandem awards outstanding at December 31, 17.45 103,469 16.65 74,401 Tandem awards vested $ 16.76 16,238 $ 16.65 14,350 Tandem awards exercisable — — Weighted average remaining contract life (years) 8.56 9.12 Weighted average fair value of options granted in USD till September 10.27 4.51 Weighted average fair value of options granted in USD for December 53.41 — The Group used a Black Scholes pricing model to estimate the fair value of equity settled tandem awards issued during 2019 until September 2019, based on a company valuation of $160 million. The fair value of tandem awards issued in December 2019 was based on a company valuation of $350 million. Amounts in USD December 2019 June 2019 - September 2019 December 2018 Exercise price in USD $ 23.82 $ 18.30 $ 16.65 Underlying share price in USD $ 67.87 $ 16.94 $ 27.21 Volatility 73 % 78 % 64 % Time period (years) 1.25 2.10 5.00 Risk free rate 1.59 % 2.04 % 2.77 % Dividend yield 0.00 % 0.00 % 0.00 % Combined probability of exit events 80.00 % 60.00 % 25.00 % Expected volatility was determined by calculating the historic volatility in share prices of peer companies within the biotechnology industry. The expected life in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability Conversion of 2010 Plan and 2016 Plan in connection with ARYA Merger 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. Cash Payments In accordance with the employee award agreements, holders of vested awards under the 2010 Plan and 2016 Plan (including any awards scheduled to vest prior to 2021), agreed to receive a cash payment of $10.00 per award, less the applicable exercise price (“Award Cash Proceeds”). Per the terms of the employee award agreements, active employees were required to re-invest 25%-50% re-invest These cash payments represent a modification of awards previously issued under the 2010 Plan and 2016 Plan. The Group recognized €2.6 million in operating expense related to the modification of awards issued under the 2010 Plan and previously accounted for as a liability. The Group also recognized €4.3 million as a reduction in share premium, associated with the modification from previously equity-settled tandem awards, which were settled in cash as part of the modification. 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 (“Re-investment 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 vest in full on July 31, 2021. The award recipient must remain employed by Immatics or one of its affiliates through the vesting date, to receive the option. The awards have a ten-year The Matching Stock Options award agreements had a service commencement date in June 2020. However, the grant date criteria for these awards, as specified in IFRS 2 and the underlying award agreements, were not met until July 1, 2020. Based on the July 1, 2020 grant date the Group assigned a fair value of $10.59. Immatics applied a Black Scholes pricing model to estimate the fair value of the Matching Stock Options, which the Group records as an expense over the four-year graded vesting period. As of June 30, 2020 Exercise price in USD $ 10.00 Underlying share price in USD $ 15.15 Volatility 75 % Time period (years) 5.5 Risk free rate 0.29 % Dividend yield 0.00 % Set out below are summaries of Matching Stock Options issued during 2020: 2020 Weighted average Number Matching Stock Options outstanding on January 1, — — Matching Stock Options granted in June 10.00 1,430,818 Matching Stock Options forfeited 10.00 8,262 Matching Stock Options outstanding at December 31, 10.00 1,422,556 Matching Stock Options vested — — Weighted average remaining contract life (years) 9.50 Weighted average fair value of options granted in USD for June 10.59 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). Based on the terms of the Converted Options award agreements, the awards had a service commencement date in June 2020. However, the grant date criteria for these awards, as specified in IFRS 2 and the underlying award agreements, were not met until July 1, 2020. Based on the July 1, 2020 grant date the Group assigned an average fair value of $13.79. The incremental average fair value of the Converted Options compared to the share-based awards under the 2010 Plan and 2016 Plan was $4.83. Immatics applied a Black Scholes pricing model to estimate the fair value of the Converted Options. As of Average exercise price in USD $ 2.47 Underlying share price in USD $ 15.15 Volatility 75 % Time period (years) 5.6 Risk free rate 0.29 % Dividend yield 0.00 % Set out below are summaries of Converted Options issued during 2020: 2020 Weighted average Number Converted Options outstanding on January 1, — — Converted Options granted in June 2.49 632,384 Converted Options forfeited 1.08 37,540 Converted Options outstanding on December 31, 2.58 594,844 Converted Options vested $ 2.45 53,856 Weighted average remaining contract life (years) 7.01 Weighted average fair value of options granted in USD for June 4.83 Additional grants under the 2020 Equity Plan Service Options Prior to the ARYA Merger, Immatics N.V. established the 2020 Equity Plan. After closing the ARYA Merger, employees, directors and officers received 1,087,242 employee stock options under the 2020 Equity Plan with a service requirement (“Service Options”), to acquire shares of Immatics N.V. The service-based options will vest solely on a four-year time-based vesting schedule. The total amount of the Service options granted were accounted for by considering a fair value of $11.29, $9.25, and $6.73, as of grant date June 30, 2020, September 14, 2020, and December 17, 2020, respectively. Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options. As of June 30, As of September 14, As of Exercise price in USD $ 10.00 $ 10.00 $ 9.70 Underlying share price in USD $ 15.15 $ 9.16 $ 9.70 Volatility 75 % 79 % 84 % Time period (years) 7.0 6.2 6.0 Risk free rate 0.29 % 0.37 % 0.49 % Dividend yield 0.00 % 0.00 % 0.00 % A total of 1,963,566 Service Options have been granted as of December 31, 2020. Set out below are summaries of Service Options issued during 2020: 2020 Weighted Number Service Options outstanding on January 1, — — Service Options granted in June 10.00 1,087,417 Service Options granted in September 9.72 74,000 Service Options granted in December 9.70 802,149 Service Options forfeited 10.00 53,384 Service Options outstanding on December 31, 9.87 1,910,182 Service Options vested — — Weighted average remaining contract life (years) 9.72 Weighted average fair value of options granted in USD for June 11.29 Weighted average fair value of options granted in USD for September 9.25 Weighted average fair value of options granted in USD for December 6.73 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 PSUs, vesting based both on 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 amount of 3,644,000 of the PSUs granted on June 30, 2020, were accounted for by considering a fair value of $11.10. The remaining amount of 255,000 PSUs granted on September 14, 2020, were accounted for by considering a fair value of $6.41. A Monte-Carlo simulation model has been used to measure each fair value at grant date of the PSUs. The model incorporates the impact of the performance criteria regarding market capitalization described above in the calculation of the award’s fair value at grant date. 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 June 30, As of Exercise price in USD $ 10.00 $ 10.00 Underlying share price in USD $ 15.15 $ 9.16 Volatility 79 % 78 % Time period (years) 7.0 6.7 Risk free rate 0.66 % 0.67 % Dividend yield 0.00 % 0.00 % A total of 3,644,000 PSUs have been granted as of December 31, 2020. Set out below are summaries of PSUs issued during 2020: 2020 Weighted Number PSUs outstanding on January 1, — — PSUs granted in June 10.00 3,644,000 PSUs granted in September 10.00 255,000 PSUs forfeited 10.00 255,000 PSUs outstanding on December 31, 10.00 3,644,000 PSUs vested — — Weighted average remaining contract life (years) 9.60 Weighted average fair value of options granted in USD for June 11.10 Weighted average fair value of options granted in USD for September 6.41 The Group recognized total employee-related share-based compensation expense from all plans for the years ended December 31, 2020, 2019 and 2018 as set out below: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 14,546 1,556 238 General and administrative expenses 10,973 460 100 Total share-based compensation 25,519 2,016 338 |
Shareholders' equity (deficit)
Shareholders' equity (deficit) | 12 Months Ended |
Dec. 31, 2020 | |
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Shareholders' equity (deficit) | 19. Shareholders’ equity (deficit) As described in Note 1 and Note 3, Immatics N.V. was founded in 2020 with a share capital of €0.01 after the Reorganization. On July 1, 2020, upon closing of the ARYA Merger, Immatics N.V. had 62,908,617 outstanding ordinary shares with a par value of €0.01, resulting in a share capital of €629 thousand. In 2020, the ARYA Merger and PIPE Financing led to an increase in share premium by €362,5 million. As of December 31, 2020, the total number of ordinary shares of Immatics N.V. outstanding is 62,908,617 with a par value of €0.01. As of December 31, 2019, the total number of ordinary shares of Immatics Biotechnologies GmbH outstanding is 1,163,625 with a par value of €1.00. Adjusted for the effect of the Reorganization as discussed in Note 3, which is applied retrospectively to all prior periods presented, the total number of ordinary shares outstanding as of December 31, 2019 was 33,093,838 with a par value of €0.01. In 2019, there was no capital increase and, hence, no change in share capital or share premium. In 2018, €23.6 million Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s US operations. As of December 31, 2020, there were 7,187,500 Immatics Warrants outstanding. The warrants entitle the holder to purchase one ordinary share of Immatics N.V. at an exercise price of $11.50 per share. Until warrant holders acquire the Groups ordinary shares upon exercise of such warrants, they will have no rights with respect to the Groups ordinary shares. The warrants will expire on July 1, 2025, five years after the ARYA Merger close date, or earlier upon redemption or liquidation in accordance with their terms. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2020 | |
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Non-controlling interests | 20. Non-controlling Non-controlling Until June 30, 2020, Immatics and MD Anderson were partners in a Restricted Stock Acquisition Agreement (the “RSAA”). Under the terms of the RSAA, MD Anderson was entitled to additional restricted shares in Immatics US, Inc. based on performance of certain work orders between August 14, 2018 and August 14, 2020. MD Anderson performed services in connection with our clinical trials in our ACT platform. The RSAA was canceled as part of the ARYA Merger (See Note 3). On July 1, 2020 MD Anderson exchanged all of its 379,420 shares in Immatics US, Inc., that they acquired under the RSAA for 697,431 shares in Immatics N.V. The shares of Immatics N.V. had a fair value at the date of the exchange of $15.15 per share. Immediately prior to the exchange, the carrying amount of the existing 5.14% non-controlling non-controlling non-controlling Loss allocated to the non-controlling Non-controlling In total, the Group recognized expenses in relation to MD Anderson’s performance under the RSAA of €0.04 million, €0.7 million and €0.8 million as of December 31, 2020, 2019 and 2018, respectively. A corresponding increase in equity was recognized with an amount of €0.7 million and €0.8 million as of December 31, 2019 and 2018, respectively for vested shares under the agreement. |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2020 | |
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Personnel expenses | 21. Personnel expenses The Group recognized the following personnel expenses: Year ended December 31, 2020 2019 2018 (Euros in thousands) Wages and salaries Research and development expenses 15,277 11,635 10,485 General and administrative expenses 6,968 3,596 2,233 Total Wages and salaries 22,245 15,231 12,718 Other employee benefits Research and development expenses 2,624 2,035 1,920 General and administrative expenses 1,015 728 607 Total other employee benefits 3,639 2,763 2,527 Share-based compensation expense Research and development expenses 14,546 1,556 238 General and administrative expenses 10,973 460 100 Total share-based compensation expense 25,519 2,016 338 Total 51,403 20,010 15,583 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 2020, 2019 and 2018, total Group contributions to the defined contribution plan amounted to €0.2 million, €0.1 million and €0.1 million, respectively. For the year ended December 31, 2020, 2019 and 2018, other employee benefits also include employee health insurance costs amounting to €0.4 million, €0.3 million and €0.4 million for Immatics US Inc., statutory social expenses amounting to €1.7 million, €1.3 million and €1.0 million for our German operations and other miscellaneous expenses amounting to €0.1 million, €0.07 million and €0.2 million, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
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Income Tax | 22. Income Tax For the year ended December 31, 2020, 2019 and 2018, the Group generated losses in both Germany and the U.S. During 2020, 2019 and 2018, the Group’s German operations were subject to a statutory tax rate of 29.1%. In the U.S., the Group was subject to a corporate income tax rate of 21% for the year ended December 31, 2020, 2019 and 2018. As of December 31, 2020, 2019 and 2018, no deferred tax assets have been recognized in respect of these losses, due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change, depending on the Group’s taxable income in future years. This may result in higher or lower deferred tax assets related to tax losses carried forward. Due to the ARYA Merger described in Note 3, 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 Loss and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 2019 2018 (Euros in thousands) Loss before tax (229,616 ) (32,487 ) (32,355 ) Expected tax benefit 66,818 9,454 9,415 Effects Difference in tax rates (2,582 ) (1,875 ) (1,373 ) Non-deductible tax-expenses (599 ) (61 ) (70 ) Government grants exempted from taxes 45 8 853 Permanent Differences (44,461 ) — — Non-recognition of deferred taxes on tax losses and temporary differences (19,221 ) (7,526 ) (8,825 ) Taxes on income — — — The main permanent difference relates to the Share listing expense of €153 million, which does not have a corresponding taxable expense. Other permanent differences include transaction cost directly attributable and incremental to capital raises and expenses for equity-settled share-based compensation. Deferred tax assets consist of the following: As of December 31, 2020 December 31, 2019 (Euros in thousands) Deferred Deferred Deferred Deferred Intangible assets 1,770 2,064 Right-of-use (1,713 ) (854 ) Deferred revenue 180 358 Other liabilities 607 Lease liability 1,776 886 Deferred expenses 3 14 Recognized 3,729 (1,713 ) 3,929 (854 ) Netting (1,713 ) 1,713 (854 ) 854 Non-recognition (2,016 ) (3,075 ) Net tax — — — — As of December 31, 2020, and 2019, the Group had accumulated tax losses of €288 million and €219 million, respectively, that may be offset against future taxable profits of the Group subject to certain limitations. As of December 31, 2020, €26 million of total tax losses is subject to a twenty-year carryforward period. All other tax losses have an indefinite carryforward period. The Group has limited taxable temporary differences and no tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax losses carried forward as well as on temporary differences. Limitation on tax loss carryforwards in the US Inc. is 80.00% starting with losses generated after January 1, 2018. These have an indefinite carryforward period, but no carryback 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 the ARYA Merger described in Note 3, 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. For Immatics Biotechnologies GmbH, we believe that the ARYA Merger did not lead to a forfeiture of tax losses carried forward in accordance with § 8c KStG. Deferred tax assets have not been recognized in respect of these losses due to the uncertainty of the Group’s ability to generate taxable profits in the foreseeable future. The current assessment regarding the usability of deferred tax assets may change depending on the income situation of future years and may result in higher deferred tax assets on net tax losses carried forward. |
Financial Risk Management Objec
Financial Risk Management Objectives and Policies | 12 Months Ended |
Dec. 31, 2020 | |
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Financial Risk Management Objectives and Policies | 23. Financial Risk Management Objectives and Policies The Group’s principal financial instruments comprise cash, cash equivalents and short-term deposits. The main purpose of these financial instruments 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 payable, 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 Interest rate risk The exposure of the Group to changes in interest rates relates to investments in deposits 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. The Group is subject to a limited risk resulting from negative interest rates on financial instruments, especially on cash and cash equivalents and Other financial assets. Credit risk Financial instruments that potentially subject the Group to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents and short-term deposits. The Group’s cash and cash equivalents are denominated in Euros and US Dollars and maintained with two high-quality financial institutions in Germany and two in the United States. The maximum default risk is €232 million and €119 million as of December 31, 2020 and 2019, respectively. These amounts consist of €208 million and €103 million cash and cash equivalents as well as €24 million and €16 million Other financial assets as of December 31, 2020 and 2019, respectively. The cash and cash equivalents are held with banks, which are rated BBB+ to Aa3 by The Group continually monitors its positions with, and the credit quality of, the financial institutions and corporation, which are counterparts to its financial instruments and does not anticipate non-performance. . 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 EUR cash inflows with EUR 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. Due to the initial public offering in 2020, the Group has a significant U.S. dollar amount on its statements of financial position. In 2020 the Group recognized significant foreign exchange losses as Immatics N.V.`s and Immatics GmbH´s functional currency is Euro, but both entities hold significant U.S. dollar amounts. Cash, cash equivalents and financial assets balances denominated in U.S. dollars held by entities with functional currency of EUR are as follows: Cash, cash equivalents and financial assets Immatics N.V. Year ended December 31, 2020 (Euros in thousands) Cash and cash equivalents 42,528 Financial assets — Total assets exposed to the risk 42,528 Conversion rate EUR/USD as reporting date 1/1.2271 Cash, cash equivalents and financial assets Immatics GmbH Year ended December 31, 2020 (Euros in thousands) Cash and cash equivalents 52,015 Financial assets 24,448 Total assets exposed to the risk 76,463 Conversion rate EUR/USD as reporting date 1/1.2271 Since the Group is primarily exposed to changes in U.S. dollars/euro exchange rates, the sensitivity of profit or loss to changes in the exchange rates, results mainly from U.S. dollar financial instruments. In 2020, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group`s loss would have been €10.9 million higher/€13.2 million lower, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH. Sensitivity analysis Immatics N.V.: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.2394 (421 ) 42,107 Euro strengths by 1% against U.S. dollars 1.2148 430 42,958 Euro weakens by 5% against U.S. dollars 1.2885 (2,025 ) 40,503 Euro strengths by 5% against U.S. dollars 1.1657 2,238 44,766 Euro weakens by 10% against U.S. dollars 1.3498 (3,866 ) 38,662 Euro strengths by 10% against U.S. dollars 1.1044 4,725 47,253 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.2394 (757 ) 75,706 Euro strengths by 1% against U.S. dollars 1.2148 772 77,235 Euro weakens by 5% against U.S. dollars 1.2885 (3,641 ) 72,822 Euro strengths by 5% against U.S. dollars 1.1657 4,024 80,487 Euro weakens by 10% against U.S. dollars 1.3498 (6,951 ) 69,512 Euro strengths by 10% against U.S. dollars 1.1044 8,496 84,959 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. All financial liabilities are due within six months. As of December 31, 2020, and 2019, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk. Year ended December 31, 2020 2019 (Euros in thousands) Cash and cash equivalents 207,530 103,353 Short-term deposits 24,448 16,023 Total funds available 231,978 119,376 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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Financial Instruments | 24. 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. Euros in thousands Carrying amount Fair value IFRS 9 December 31, December 31, December 31, December 31, Financial assets Short-term deposits* At fair value through profit or loss (FVTPL) 24,448 16,023 24,448 16,023 Positive market value forward contracts* At fair value through profit or loss (FVTPL) 914 — 914 — Accounts receivable other financial assets at amortized cost 1,250 957 1,250 957 Other current/non-current other financial assets at amortized cost 1,586 1,710 1,586 1,710 Total financial assets** 28,198 18,690 28,198 18,690 Financial liabilities Accounts payable other financial liabilities at amortized cost 10,052 7,082 10,052 7,082 Other current liabilities other financial liabilities at amortized cost 2,025 1,288 2,025 1,288 Total financial liabilities 12,077 8,370 12,077 8,370 * Short-term deposits” are classified within Other financial assets. “Positive market value forward contract” are classified in other current assets. “Negative market value forward contracts” are classified in other current liabilities. ** Financial assets, other than cash and cash equivalents. The carrying value of financial instruments, such as cash and cash equivalents, deposits, accounts receivable and accounts payable approximate their fair value based on the short-term maturities of these instruments. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: All financial assets, except for derivatives, which are categorized Level 2, are categorized Level 1 and therefore are valued using quoted (unadjusted) market prices. Except for derivatives, which are categorized Level 2, all other financial liabilities are also categorized Level 1. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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Commitments and contingencies | 25. Commitments and contingencies The following table summarizes contractual obligations as of December 31, 2020: Payments due by period (Euros in thousands) Less than 1 - 3 years 3 - 5 years More than Total Lease liabilities 2,103 3,453 1,157 150 6,863 Other lease obligations 97 185 185 46 513 In-license 249 — — — 249 Contract research organization agreements 1,704 220 — — 1,924 Total contractual cash obligation 4,153 3,858 1,342 196 9,549 The following table summarizes contractual obligations as of December 31, 2019: Payments due by period (Euros in thousands) Less than 1 - 3 years 3 - 5 years More than 5 Total Lease liabilities 1,482 1,823 47 — 3,352 Other lease obligations 172 324 300 300 1,096 In-license 455 200 — — 655 Contract research organization agreements 1,131 1,466 2,597 Total contractual cash obligation 3,240 3,813 347 300 7,700 As of December 31, 2020, and 2019 the Group is potentially liable to pay €1.6 million to a third-party upon successful 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, 2020 | |
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Related party disclosures | 26. 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: Year ended December 31, 2020 2019 2018 (Euros in thousands) Fixed 2,660 1,202 1,088 Variable 886 521 433 Share-based compensation expense 13,841 697 119 Total key management compensation 17,387 2,420 1,640 Fixed and variable key management compensation represent short-term employee benefits. As of December 31, 2020, and 2019, amounts of €0.0 million and €0.7 million were accrued for key management compensation. The members of the Supervisory Board of the Group received a fixed fee as well as reimbursed travel expenses. Total compensation for the Supervisory Board amounted to €2.7 million in 2020: (Euros in thousands) Peter Harald F. Michael Paul Heather Adam Christoph Eliot Total Supervisory board compensation 140 16 28 26 20 20 20 12 282 Travel expenses 4 — — — — — — — 4 Payment Exit arrangement 2,394 — — — — — — — 2,394 Share-based compensation expense 1,046 — 70 70 70 70 70 40 1,436 Total cash compensation 3,584 16 98 96 90 90 90 52 4,116 Harald F. Stock and Peter Chambré were members of the Supervisory Board of Immatics in 2019 and in 2018. They received a fixed fee as Supervisory Board members and reimbursement for travel expenses. Total compensation for the Supervisory Board amounted to €0.4 million in 2019: (Euros in thousands) Peter Harald Total Supervisory board fee 300 9 309 Travel expenses 87 20 107 Total 387 29 416 Total compensation for the Supervisory Board amounted to €0.5 million in 2018: (Euros in thousands) Peter Harald Total Supervisory board fee 400 10 410 Travel expenses 52 16 68 Total 452 26 478 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. The service-based options will 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. 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’ Managing Director and Supervisory Directors: Type of options Grant date Number of Strike Expiration date Managing Director Harpreet Singh Performance-based options June 30, 2020 1,598,000 10 June 30, 2030 Harpreet Singh Service options June 30, 2020 168,000 10 June 30, 2030 Harpreet Singh Matching Stock options June 30, 2020 264,624 10 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 Supervisory Directors Peter Chambré Service options June 30, 2020 25,000 10 June 30, 2030 Peter Chambré Matching Stock options June 30, 2020 211,974 10 June 30, 2030 Adam Stone Service options June 30, 2020 25,000 10 June 30, 2030 Christoph Hettich Service options June 30, 2020 25,000 10 June 30, 2030 Heather L. Mason Service options June 30, 2020 25,000 10 June 30, 2030 Michael G. Atieh Service options June 30, 2020 25,000 10 June 30, 2030 Paul Carter Service options June 30, 2020 25,000 10 June 30, 2030 Eliot Forster Service options September 14, 2020 25,000 9.16 September 13, 2030 An additional aggregate of 1,680,000 performance-based options and 539,000 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). As part of the replacement awards issued in connection with the ARYA Merger (See Note 18), these The Group did not enter into transactions with related entities in 2020, 2019 and 2018 other than the mentioned compensation contracts. |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2020 | |
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Net loss per share | 27. Net loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period, excluding common stock equivalents, adjusted for the effect of the corporate reorganization as discussed in Note 3 and applied retrospectively to all prior periods presented. The diluted net loss per share reflects the basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. For the periods included in these financial statements the Group was loss-making in all periods, therefore, anti-dilutive instruments are excluded in the calculation of diluted weighted average number of ordinary shares outstanding, including the outstanding equity awards during the periods and the 7,187,500 Immatics Warrants issued in 2020 and outstanding as of December 31, 2020. These warrants and options could potentially dilute basic earnings per share in the future. See Note 18 for details of outstanding share options. |
Events occurring after the repo
Events occurring after the reporting period | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Events occurring after the reporting period | 28. Events occurring after the reporting period The Company evaluated subsequent events for recognition or disclosure through March 30, 2021 and did not identify material subsequent events. |
Summary of accounting policie_2
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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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 as well as short-term deposits will be sufficient to fund operating expenses and capital expenditure requirements for at least twelve months from the issuance date and expect a cash reach for at least twelve months. 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, was the Group unable to continue as a going concern. |
Correction of classification of Statement of Cash Flows | 2.2 Correction of classification of Statement of Cash Flows During the third quarter of 2020, the Group identified and corrected the classification of short-term deposits with an original maturity dates between three and nine months within the Statement of Cash Flows which resulted in a misclassification within the Statement of Cash Flows since 2018. The Company has evaluated the effect of this misclassification, both qualitatively and quantitatively, and concluded that the correction did not have a material impact on, nor require amendment of, any previously filed financial statements. In the Statement of Cash Flows, the changes in short-term deposits were previously classified as (Increase) decrease in other assets within operating activities and has been retrospectively corrected and presented as separate line items within investing activities. This correction of classification resulted in the following impact to the Statement of Cash Flows: Year ended December 31, 2019 Year ended December 31, 2018 As Adjustment As As Adjustment As (Increase) decrease in other assets (4,419 ) 2,922 (1,497 ) (7,493 ) 13,101 5,608 Net cash provided by operating activities 68,045 2,922 70,967 7,583 13,101 20,684 Cash paid for investments classified in Other financial assets — (20,473 ) (20,473 ) — (13,101 ) (13,101 ) Cash received from maturity of investments classified in Other financial assets — 17,551 17,551 — — — Net cash used in investing activities (2,137 ) (2,922 ) (5,059 ) (413 ) (13,101 ) (13,514 ) Total effect on Cash Flow — — — — — — Three months ended March 31, 2020 Six months ended June 30, 2020 As Adjustment As As Adjustment As (Increase) decrease in other assets (17,209 ) 16,836 (373 ) 14,917 (16,023 ) (1,106 ) Net cash provided by/ (used in) operating activities (28,286 ) 16,836 (11,450 ) (11,716 ) (16,023 ) (27,739 ) Cash paid for investments classified in Other financial assets — (32,859 ) (32,859 ) — (32,859 ) (32,859 ) Cash received from maturity of investments classified in Other financial assets — 16,023 16,023 — 48,882 48,882 Net cash provided by/ (used in) investing activities (2,387 ) (16,836 ) (19,223 ) (4,550 ) 16,023 11,473 Total effect on Cash Flow — — — — — — There is no impact on the Group’s Consolidated Statement of Financial Position, Consolidated Statement of Changes in Shareholders’ Deficit, Consolidated Statement of Loss, Net loss per share, Consolidated Statement of Comprehensive Loss, and no impact to financing cash flows for the any of the periods presented. |
Covid-19 | 2.3 COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) Management continues to monitor the situation and enacted significant measures to protect the Group’s supply chain, employees, and the execution of clinical trials. To date, the pandemic has resulted in a slowdown in activities related to the Group’s laboratory operations and at some of its suppliers. The ongoing spread of COVID-19 COVID-19 Due to COVID-19, non-refundable cost-to-cost COVID-19 |
Segment information | 5.1 Segment information The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group’s focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group’s resources. |
Cash and cash equivalents | 5.2 Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position is comprised |
Financial assets | 5.3 Financial assets Initial recognition and measurement Financial assets within the scope of IFRS 9 include cash and cash equivalents, loans, short-term deposits and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus 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. Short-term deposits Immatics has short-term deposits with original maturities between three and nine 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 fair value. Receivables The Group has receivables from collaboration agreements. A receivable must be capitalized at the point in time at which the Group has become a contractual partner and a claim to cash and cash equivalents has arisen. In subsequent reporting periods, a receivable is measured at amortized cost using the effective interest method. Since the receivables are short-term receivables without a fixed interest rate, these receivables are capitalized at the original invoice or contract amount. Receivable balances are classified as current assets, because all of the Group’s receivables have an expected maturity of less than 12 months. Interest and other finance income Financial instruments include money market funds and short-term deposits measured at fair value. Interest income is recorded using the effective interest rate (EIR). EIR is the rate that discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. As of December 31, 2020, Immatics is a counterparty in foreign exchange forward contracts. The contracts do not meet the criteria to apply hedge accounting and are therefore separately accounted for and measured at fair value. Any change in the fair value is accounted for within the Consolidated Statement of Loss. |
Property, plant and equipment | 5.4 Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized as expense when incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally within the following ranges: Category Estimated useful life Computer equipment 1 – 10 years Laboratory equipment 1 – 15 years Office equipment 2 – 20 years |
Intangible assets | 5.5 Intangible assets Acquired intangible assets are initially recognized at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite lives are amortized over their useful economic lives and assessed for impairment, whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life, is reviewed at least at the end of each reporting period. Immatics does not have any internally developed intangible assets or intangible assets with indefinite useful lives. Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Category Estimated useful life Licenses 5 – 30 years Software 1 – 5 years |
Research and development | 5.6 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 2020, 2019 and 2018 due to the existing uncertainties in connection with its development activities. Research and development expenses include the following types of costs: 1. salaries, benefits and other related costs, including stock-based compensation, for personnel engaged in research and development functions; 2. expenses incurred in connection with the preclinical development of our programs and clinical trials of our product candidates, including under agreements with third parties, such as consultants, contractors, academic institutions and contract research organizations; 3. the cost of manufacturing product candidates for use in clinical trials, including under agreements with third parties, such as, consultants and contractors; 4. laboratory costs; 5. leased facility costs, equipment depreciation and other expenses, which include direct and allocated expenses; and 6. intellectual property costs incurred in connection with filing and prosecuting patent applications as well as third-party license fees. |
Financial liabilities: Initial recognition and measurement | 5.7 Financial liabilities: Initial recognition and measurement 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 and, in the case of loans and borrowings, carried at amortized cost. This includes directly attributable transaction costs. Immatics only recognized accounts payable as other financial liabilities at amortized costs. The Group has not designated any financial liabilities upon initial recognition as fair value through profit or loss. The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting. |
Leases | 5.8 Leases Application of IAS 17 (“Leases”) until December 31, 2018 Prior to 2019, the Group applied IAS 17 when accounting for leases. As a lessee under IAS 17, leases for which substantially all the risks and rewards of ownership transferred to the Group were classified as finance leases. Finance leases were capitalized at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other current liabilities and other non-current Application of IFRS 16 (“Leases”) effective January 1, 2019 The Group adopted IFRS 16 (“Leases”) effective January 1, 2019. The Group leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of two to seven years but may have extension options as described in below. Contracts may contain both lease and non-lease non-lease right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: 1. fixed payments (including in-substance 2. amounts expected to be payable by the Group under residual value guarantees. 3. the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and 4. payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the Group’s leases, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds, necessary to obtain an asset of similar value to the right-of-use To determine the incremental borrowing rate, the Group: 1. uses a build-up 2. makes adjustments specific to the lease, including lease term, country, currency and security Right-of-use 1. the amount of the initial measurement of lease liability 2. any lease payments made at or before the commencement date less any lease incentives received 3. any initial direct costs, and 4. restoration costs. Right-of-use right-of-use Payments associated with short-term leases of equipment and vehicles and all leases of low-value Low-value Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The extension and termination options held are exercisable only by the Group and not by the respective lessor. For relevant leases which include an extension option, Immatics performed an assessment as of December 31, 2020 to determine whether option extensions are reasonably certain. |
Revenue from collaboration agreements | 5.9 Revenue from collaboration agreements The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2020, the Group had four strategic collaboration agreements in place with Amgen Inc., Thousand Oaks/CA/USA (“Amgen”), Genmab A/S, Copenhagen/Denmark (“Genmab”), Celgene Switzerland LLC (“BMS”) and GlaxoSmithKline Intellectual Property Development Limited (“GSK”). Each of the Group’s four strategic collaboration agreements are in the pre-clinical To determine the recognition of revenue from arrangements that fall within the scope of IFRS 15, the Group performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Group satisfies a performance obligation. 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 exclusive 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. Up-front cost-to-cost As stated above, 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 non-refundable Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under these agreements represent one or more combined 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. Upfront payment Each of the Group’s strategic collaboration agreements included a non-refundable cost-to-cost The cost-to-cost Reimbursement for services 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 reversals 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, the Group recognizes revenue from sales-based milestone 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 has been allocated has been satisfied. The Group anticipates recognizing these milestones and royalty payments, when subsequent sales are generated from a licensed product by the collaboration partner. 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. |
Share-based payment | 5.10 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 18. 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. |
Other income | 5.11 Other income The Group primarily earns other income from government research grants. Government grants are recognized as income when there is reasonable assurance that the grant will be received and all required conditions have been complied with. Grants from governmental agencies for the support of specific research and development projects are recorded as other income to the extent the related expenses have been incurred. Grant agreements include a budget that specifies the amount and nature of expenses allowed during the entire grant term. Expenses incurred under the grants are calculated according to agreed-upon terms on a quarterly basis, filed with the governmental agencies, and recorded as income. The governmental agencies make payments to the Group based on these calculations of expenses incurred under the grants. If these estimated calculations change, the Group will then adjust grant income in the subsequent period. The Group believes that its calculations are based on the agreed-upon terms as stated in the grant agreements. The governmental agencies generally have the right to audit the Group’s calculations. If the governmental agencies disagree with the Group’s calculations the amount of grant income recognized could change. |
Foreign currency | 5.12 Foreign currency Transactions and balances in Germany and in the USA The consolidated financial statements are presented in Euro, which is the parents’, Immatics N.V. functional and presentation currency. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting. The Consolidated Statement of Loss is translated at average exchange rates. The currency translation differences are recognized in other comprehensive loss. 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 used the following exchange rates to convert the financial statements of its U.S. subsidiary: 2020 2019 2018 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.8149 0.8762 0.8902 0.8932 0.8738 0.8468 |
Fair value of financial instruments | 5.13 Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability or • in the absence of a principal market, in the most advantageous market for the asset or liability that is accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 — Valuation techniques, for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing |
Provisions | 5.14 Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. If the effect of the time value of money is material, provisions are discounted using a current pre-tax |
Income Tax | 5.15 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 deferred tax assets calculation. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets, current tax liabilities, deferred tax assets and deferred tax liabilities which relate to income taxes levied by the same tax authority. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Reconciliation Of Changes In Cash Flow Statement | This correction of classification resulted in the following impact to the Statement of Cash Flows: Year ended December 31, 2019 Year ended December 31, 2018 As Adjustment As As Adjustment As (Increase) decrease in other assets (4,419 ) 2,922 (1,497 ) (7,493 ) 13,101 5,608 Net cash provided by operating activities 68,045 2,922 70,967 7,583 13,101 20,684 Cash paid for investments classified in Other financial assets — (20,473 ) (20,473 ) — (13,101 ) (13,101 ) Cash received from maturity of investments classified in Other financial assets — 17,551 17,551 — — — Net cash used in investing activities (2,137 ) (2,922 ) (5,059 ) (413 ) (13,101 ) (13,514 ) Total effect on Cash Flow — — — — — — Three months ended March 31, 2020 Six months ended June 30, 2020 As Adjustment As As Adjustment As (Increase) decrease in other assets (17,209 ) 16,836 (373 ) 14,917 (16,023 ) (1,106 ) Net cash provided by/ (used in) operating activities (28,286 ) 16,836 (11,450 ) (11,716 ) (16,023 ) (27,739 ) Cash paid for investments classified in Other financial assets — (32,859 ) (32,859 ) — (32,859 ) (32,859 ) Cash received from maturity of investments classified in Other financial assets — 16,023 16,023 — 48,882 48,882 Net cash provided by/ (used in) investing activities (2,387 ) (16,836 ) (19,223 ) (4,550 ) 16,023 11,473 Total effect on Cash Flow — — — — — — |
Application of new and revise_2
Application of new and revised international financial reporting standards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Application of new standards | New standards and interpretations applied for the first time: Standard/interpretation Effective date Amendments to IFRS 3, “Business combinations”, - Definition of a business January 1, 2020 Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors” January 1, 2020 Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform January 1, 2020 Amendment to the Conceptual framework January 1, 2020 |
Summary of Non Mandatory standards and interpretations issued by IASB | The following standards a n Standard/interpretation Effective date Material effect expected IFRS 16 COVID-19-Related January 1, 2021 No Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities January 1, 2022 No IFRS 17 Insurance contracts January 1, 2023 No |
Summary of accounting policie_3
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of estimated Useful Lives of Property, Plant and Equipment | The estimated useful lives are generally within the following ranges: Category Estimated useful life Computer equipment 1 – 10 years Laboratory equipment 1 – 15 years Office equipment 2 – 20 years |
Summary of useful life of intangible assets other than goodwill | Amortization is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Category Estimated useful life Licenses 5 – 30 years Software 1 – 5 years |
Summary of foreign exchange rates | The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary: 2020 2019 2018 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.8149 0.8762 0.8902 0.8932 0.8738 0.8468 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Trade receivables | As of December 31, 2020 December 31, 2019 (Euros in thousands) Receivables from collaboration agreements 1,250 957 Accounts receivable 1,250 957 |
Other current and non-current_2
Other current and non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Other current assets | As of December 31, 2020 December 31, 2019 (Euros in thousands) Grant receivable 875 998 Prepaid expenses 2,389 1,236 Positive market value forward contract 914 — Value added tax receivable 798 768 Capitalized transaction costs — 48 Other assets 787 617 Other current assets 5,763 3,667 |
Summary of Other non-current assets | As of December 31, 2020 December 31, 2019 (Euros in thousands) Prepaid expenses 724 937 Other non-current — 325 Total non-current 724 1,262 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | Changes to property, plant and equipment during 2020 and 2019 consisted of the following: (Euros in thousands) Laboratory Computer Office Total Cost as of January 1, 2019 11,222 2,439 1,455 15,116 Impact of IFRS 16 adoption (441 ) — — (441 ) Cost as of January 1, 2019, adjusted 10,781 2,439 1,455 14,675 Additions 2,204 515 297 3,016 Disposals (314 ) (2 ) — (316 ) Currency translation differences 52 4 1 57 Cost as of December 31, 2019 12,723 2,956 1,753 17,432 Accumulated depreciation as of January 1, 2019 8,279 1,793 1,037 11,109 Additions 1,219 256 322 1,797 Disposals (218 ) (1 ) — (219 ) Currency translation differences 23 2 — 25 Accumulated depreciation as of December 31, 2019 9,303 2,050 1,359 12,712 Net book value as of December 31, 2019 3,420 906 394 4,720 Cost as of January 1, 2020 12,723 2,956 1,753 17,432 Additions 3,545 406 1,427 5,379 Disposals 1 — 6 7 Currency translation differences 299 40 28 367 Cost as of December 31, 2020 15,968 3,322 3,146 22,437 Accumulated depreciation as of January 1, 2020 9,303 2,050 1,359 12,712 Additions 1,384 404 315 2,102 Disposals 1 — 6 7 Currency translation differences 210 26 3 239 Accumulated depreciation as of December 31, 2020 10,476 2,428 1,665 14,568 Net book value as of December 31, 2020 5,493 894 1,481 7,868 |
Disclosure Of Depreciation Expenses [Table Text Block] | Depreciation expense is included in the following line items of the Consolidated Statement of Loss: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 1,503 1,315 1,757 General and administrative expenses 600 482 301 Total 2,103 1,797 2,058 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Changes to intangible assets during 2020 and 2019 consisted of the following: (Euros in thousands) Patents and Software Total Cost as of January 1, 2019 1,201 551 1,752 Additions — 91 91 Currency translation differences 19 1 20 Cost as of December 31, 2019 1,220 643 1,863 Accumulated amortization as of January 1, 2019 314 399 713 Additions 24 87 111 Currency translation differences 31 — 31 Accumulated amortization as of December 31, 2019 369 486 855 Net book value as of December 31, 2019 851 157 1,008 Cost as of January 1, 2020 1,220 643 1,863 Additions — 104 104 Currency translation differences (88 ) (9 ) (97 ) Cost as of December 31, 2020 1,132 738 1,870 Accumulated amortization as of January 1, 2020 369 486 855 Additions 56 71 126 Currency translation differences (22 ) (3 ) (25 ) Accumulated amortization as of December 31, 2020 403 554 956 Net book value as of December 31, 2020 730 184 914 |
Disclosure Of Amortization Expenses [Table Text Block] | Amortization expense is classified as follows within the Consolidated Statement of Loss: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 31 28 9 General and administrative expenses 95 83 109 Total 126 111 118 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Summary of Right-of use assets | Right-of As of December 31, December 31, (Euros in thousands) Buildings 5,760 2,799 IT and telecommunication 258 349 Vehicles 90 90 Other assets 41 49 Total 6,149 3,287 |
Details of Lease liabilities | Lease liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Lease liability – current 1,881 1,411 Lease liability – non-current 4,306 1,823 Total 6,187 3,234 |
Summary of expenses related to right-of-use assets and lease liabilities | Expenses related to right-of-use Year ended December 31, Depreciation charges of right-of-use 2020 2019 (Euros in thousands) Buildings 2,036 1,804 IT and telecommunication 101 101 Vehicles 50 37 Other assets 8 8 Total 2,195 1,950 Interest expenses form leases 260 170 Expense relating to short-term leases and low-value 51 27 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Accounts Payable | As of December 31, December 31, (Euros in thousands) Accounts payable 2,554 4,866 Other accrued liabilities 7,498 2,216 Total accounts payable 10,052 7,082 |
Revenue from collaboration ag_2
Revenue from collaboration agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 46,600 59,465 Non-current 85,475 101,909 Total 132,075 161,374 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of other income | The Group had the following deferred income and receivable balances under these agreements: As of December 31, December 31, (Euros in thousands) Receivables 875 998 Deferred income — 164 Total 875 1,162 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of other current liabilities | The components of other curre n t As of December 31, December 31, (Euros in thousands) Payroll tax 1,185 727 Accrual for vacation 525 330 Deferred grant income — 164 Accrued bonuses 154 52 Other 161 15 Total 2,025 1,288 |
Financial income and expenses (
Financial income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of finance income and costs | Financial income and financial expenses consist of the following: Year ended December 31, 2020 2019 2018 (Euros in thousands) Interest income from short-term deposits 850 790 507 Foreign currency gains — — 1,708 Gain on other financial instruments 2,099 — — Financial income 2,949 790 2,215 Interest expenses form leases (289 ) (170 ) (16 ) Foreign currency losses (9,774 ) (94 ) (145 ) Financial expenses (10,063 ) (264 ) (161 ) |
Share listing expenses (Tables)
Share listing expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Calculation of the Share listing expense | Details of the calculation of the Share listing expense are as follows: (Euros in thousands, except share and per share data) Description Amount Number of (a) ARYA Ordinary Shares — 17,968,750 (b) Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 € 13.53 — (c) Fair value of TopCo Shares issued to ARYA shareholders (a * b) € 243,071 — (d) Outstanding ARYA Public Warrants — 7,187,500 (e) Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020 € 4.82 — (f) Fair value of outstanding ARYA Public Warrants (d * e) € 34,644 — Total fair value of ARYA Ordinary Shares and ARYA Public Warrants (c + f) € 277,715 — ARYA’s identifiable net assets € 124,927 — IFRS 2 Expense on the closing date € 152,787 — |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statements [Line Items] | |
Summary of Employee Related Share Based Compensation Expense | The Group recognized total employee-related share-based compensation expense from all plans for the years ended December 31, 2020, 2019 and 2018 as set out below: Year ended December 31, 2020 2019 2018 (Euros in thousands) Research and development expenses 14,546 1,556 238 General and administrative expenses 10,973 460 100 Total share-based compensation 25,519 2,016 338 |
Share Appreciation Rights [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 | December 31, Amounts in USD 2019 2018 Exercise price $ 1.12 $ 1.12 Underlying share price $ 67.87 $ 27.21 Volatility 73 % 64 % Time period (years) 1.25 5.00 Risk free rate 1.59 % 2.77 % Dividend yield 0.00 % 0.00 % Combined probability of exit events 80.00 % 25.00 % |
Summary of Employee Share Options | Set out below are summaries of SARs issued during 2019 and 2018: 2019 2018 Weighted Number Weighted Number SARs outstanding at January 1, $ 1.12 43,675 $ 1.12 43,978 SARs granted — — SARs forfeited 1.12 220 1.12 303 SARs outstanding at December 31, 1.12 43,455 1.12 43,675 SARs vested $ 1.12 117 $ 1.12 169 SARs exercisable — — |
2016 Tandem Awards [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 | The fair value of tandem awards issued in December 2019 was based on a company valuation of $350 million. Amounts in USD December 2019 June 2019 - September 2019 December 2018 Exercise price in USD $ 23.82 $ 18.30 $ 16.65 Underlying share price in USD $ 67.87 $ 16.94 $ 27.21 Volatility 73 % 78 % 64 % Time period (years) 1.25 2.10 5.00 Risk free rate 1.59 % 2.04 % 2.77 % Dividend yield 0.00 % 0.00 % 0.00 % Combined probability of exit events 80.00 % 60.00 % 25.00 % |
Summary of Activities Under Share Based Payment Arrangement | Set out below are summaries of tandem awards issued during 2019 and 2018: 2019 2018 Weighted average Number Weighted Number Tandem Awards outstanding at January 1, $ 16.65 74,401 $ 16.65 31,880 Tandem awards granted in June to September 18.30 26,557 16.65 43,964 Tandem awards granted in December 23.82 5,447 Tandem awards forfeited 16.81 2,936 16.65 1,443 Tandem awards outstanding at December 31, 17.45 103,469 16.65 74,401 Tandem awards vested $ 16.76 16,238 $ 16.65 14,350 Tandem awards exercisable — — Weighted average remaining contract life (years) 8.56 9.12 Weighted average fair value of options granted in USD till September 10.27 4.51 Weighted average fair value of options granted in USD for December 53.41 — |
Matching Stock 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 | Immatics applied a Black Scholes pricing model to estimate the fair value of the Matching Stock Options, which the Group records as an expense over the four-year graded vesting period. As of June 30, 2020 Exercise price in USD $ 10.00 Underlying share price in USD $ 15.15 Volatility 75 % Time period (years) 5.5 Risk free rate 0.29 % Dividend yield 0.00 % |
Summary of Employee Share Options | Set out below are summaries of Matching Stock Options issued during 2020: 2020 Weighted average Number Matching Stock Options outstanding on January 1, — — Matching Stock Options granted in June 10.00 1,430,818 Matching Stock Options forfeited 10.00 8,262 Matching Stock Options outstanding at December 31, 10.00 1,422,556 Matching Stock Options vested — — Weighted average remaining contract life (years) 9.50 Weighted average fair value of options granted in USD for June 10.59 |
Converted 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 | Immatics applied a Black Scholes pricing model to estimate the fair value of the Converted Options. As of Average exercise price in USD $ 2.47 Underlying share price in USD $ 15.15 Volatility 75 % Time period (years) 5.6 Risk free rate 0.29 % Dividend yield 0.00 % |
Summary of Employee Share Options | Set out below are summaries of Converted Options issued during 2020: 2020 Weighted average Number Converted Options outstanding on January 1, — — Converted Options granted in June 2.49 632,384 Converted Options forfeited 1.08 37,540 Converted Options outstanding on December 31, 2.58 594,844 Converted Options vested $ 2.45 53,856 Weighted average remaining contract life (years) 7.01 Weighted average fair value of options granted in USD for June 4.83 |
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 June 30, As of September 14, 2020 As of December 17, Exercise price in USD $ 10.00 $ 10.00 $ 9.70 Underlying share price in USD $ 15.15 $ 9.16 $ 9.70 Volatility 75 % 79 % 84 % Time period (years) 7.0 6.2 6.0 Risk free rate 0.29 % 0.37 % 0.49 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Employee Share Options | Set out below are summaries of Service Options issued during 2020: 2020 Weighted Number Service Options outstanding on January 1, — — Service Options granted in June 10.00 1,087,417 Service Options granted in September 9.72 74,000 Service Options granted in December 9.70 802,149 Service Options forfeited 10.00 53,384 Service Options outstanding on December 31, 9.87 1,910,182 Service Options vested — — Weighted average remaining contract life (years) 9.72 Weighted average fair value of options granted in USD for June 11.29 Weighted average fair value of options granted in USD for September 9.25 Weighted average fair value of options granted in USD for December 6.73 |
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 June 30, As of Exercise price in USD $ 10.00 $ 10.00 Underlying share price in USD $ 15.15 $ 9.16 Volatility 79 % 78 % Time period (years) 7.0 6.7 Risk free rate 0.66 % 0.67 % Dividend yield 0.00 % 0.00 % |
Summary of Employee Share Options | Set out below are summaries of PSUs issued during 2020: 2020 Weighted Number PSUs outstanding on January 1, — — PSUs granted in June 10.00 3,644,000 PSUs granted in September 10.00 255,000 PSUs forfeited 10.00 255,000 PSUs outstanding on December 31, 10.00 3,644,000 PSUs vested — — Weighted average remaining contract life (years) 9.60 Weighted average fair value of options granted in USD for June 11.10 Weighted average fair value of options granted in USD for September 6.41 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Personnel Expenses | The Group recognized the following personnel expenses: Year ended December 31, 2020 2019 2018 (Euros in thousands) Wages and salaries Research and development expenses 15,277 11,635 10,485 General and administrative expenses 6,968 3,596 2,233 Total Wages and salaries 22,245 15,231 12,718 Other employee benefits Research and development expenses 2,624 2,035 1,920 General and administrative expenses 1,015 728 607 Total other employee benefits 3,639 2,763 2,527 Share-based compensation expense Research and development expenses 14,546 1,556 238 General and administrative expenses 10,973 460 100 Total share-based compensation expense 25,519 2,016 338 Total 51,403 20,010 15,583 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Loss and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2020, 2019 and 2018 is as follows: Year ended December 31, 2020 2019 2018 (Euros in thousands) Loss before tax (229,616 ) (32,487 ) (32,355 ) Expected tax benefit 66,818 9,454 9,415 Effects Difference in tax rates (2,582 ) (1,875 ) (1,373 ) Non-deductible tax-expenses (599 ) (61 ) (70 ) Government grants exempted from taxes 45 8 853 Permanent Differences (44,461 ) — — Non-recognition of deferred taxes on tax losses and temporary differences (19,221 ) (7,526 ) (8,825 ) Taxes on income — — — |
Summary of Deferred Tax Assets | Deferred tax assets consist of the following: As of December 31, 2020 December 31, 2019 (Euros in thousands) Deferred Deferred Deferred Deferred Intangible assets 1,770 2,064 Right-of-use (1,713 ) (854 ) Deferred revenue 180 358 Other liabilities 607 Lease liability 1,776 886 Deferred expenses 3 14 Recognized 3,729 (1,713 ) 3,929 (854 ) Netting (1,713 ) 1,713 (854 ) 854 Non-recognition (2,016 ) (3,075 ) Net tax — — — — |
Financial Risk Management Obj_2
Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Currency Risk Exposure | Cash, cash equivalents and financial assets Immatics N.V. Year ended December 31, 2020 (Euros in thousands) Cash and cash equivalents 42,528 Financial assets — Total assets exposed to the risk 42,528 Conversion rate EUR/USD as reporting date 1/1.2271 Cash, cash equivalents and financial assets Immatics GmbH Year ended December 31, 2020 (Euros in thousands) Cash and cash equivalents 52,015 Financial assets 24,448 Total assets exposed to the risk 76,463 |
Summary of Sensitivity Analysis of Foreign Currency Risk | Sensitivity analysis Immatics N.V.: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.2394 (421 ) 42,107 Euro strengths by 1% against U.S. dollars 1.2148 430 42,958 Euro weakens by 5% against U.S. dollars 1.2885 (2,025 ) 40,503 Euro strengths by 5% against U.S. dollars 1.1657 2,238 44,766 Euro weakens by 10% against U.S. dollars 1.3498 (3,866 ) 38,662 Euro strengths by 10% against U.S. dollars 1.1044 4,725 47,253 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.2394 (757 ) 75,706 Euro strengths by 1% against U.S. dollars 1.2148 772 77,235 Euro weakens by 5% against U.S. dollars 1.2885 (3,641 ) 72,822 Euro strengths by 5% against U.S. dollars 1.1657 4,024 80,487 Euro weakens by 10% against U.S. dollars 1.3498 (6,951 ) 69,512 Euro strengths by 10% against U.S. dollars 1.1044 8,496 84,959 |
Summary of Liquidity Risk | As of December 31, 2020, and 2019, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk. Year ended December 31, 2020 2019 (Euros in thousands) Cash and cash equivalents 207,530 103,353 Short-term deposits 24,448 16,023 Total funds available 231,978 119,376 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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. Euros in thousands Carrying amount Fair value IFRS 9 December 31, December 31, December 31, December 31, Financial assets Short-term deposits* At fair value through profit or loss (FVTPL) 24,448 16,023 24,448 16,023 Positive market value forward contracts* At fair value through profit or loss (FVTPL) 914 — 914 — Accounts receivable other financial assets at amortized cost 1,250 957 1,250 957 Other current/non-current other financial assets at amortized cost 1,586 1,710 1,586 1,710 Total financial assets** 28,198 18,690 28,198 18,690 Financial liabilities Accounts payable other financial liabilities at amortized cost 10,052 7,082 10,052 7,082 Other current liabilities other financial liabilities at amortized cost 2,025 1,288 2,025 1,288 Total financial liabilities 12,077 8,370 12,077 8,370 * Short-term deposits” are classified within Other financial assets. “Positive market value forward contract” are classified in other current assets. “Negative market value forward contracts” are classified in other current liabilities. ** Financial assets, other than cash and cash equivalents. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Contractual Obligations | The following table summarizes contractual obligations as of December 31, 2020: Payments due by period (Euros in thousands) Less than 1 - 3 years 3 - 5 years More than Total Lease liabilities 2,103 3,453 1,157 150 6,863 Other lease obligations 97 185 185 46 513 In-license 249 — — — 249 Contract research organization agreements 1,704 220 — — 1,924 Total contractual cash obligation 4,153 3,858 1,342 196 9,549 The following table summarizes contractual obligations as of December 31, 2019: Payments due by period (Euros in thousands) Less than 1 - 3 years 3 - 5 years More than 5 Total Lease liabilities 1,482 1,823 47 — 3,352 Other lease obligations 172 324 300 300 1,096 In-license 455 200 — — 655 Contract research organization agreements 1,131 1,466 2,597 Total contractual cash obligation 3,240 3,813 347 300 7,700 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel | Compensation of key management personnel: Year ended December 31, 2020 2019 2018 (Euros in thousands) Fixed 2,660 1,202 1,088 Variable 886 521 433 Share-based compensation expense 13,841 697 119 Total key management compensation 17,387 2,420 1,640 |
Summary of Compensation for the Supervisory Board | Total compensation for the Supervisory Board amounted to €2.7 million in 2020: (Euros in thousands) Peter Harald F. Michael Paul Heather Adam Christoph Eliot Total Supervisory board compensation 140 16 28 26 20 20 20 12 282 Travel expenses 4 — — — — — — — 4 Payment Exit arrangement 2,394 — — — — — — — 2,394 Share-based compensation expense 1,046 — 70 70 70 70 70 40 1,436 Total cash compensation 3,584 16 98 96 90 90 90 52 4,116 Total compensation for the Supervisory Board amounted to €0.4 million in 2019: (Euros in thousands) Peter Harald Total Supervisory board fee 300 9 309 Travel expenses 87 20 107 Total 387 29 416 Total compensation for the Supervisory Board amounted to €0.5 million in 2018: (Euros in thousands) Peter Harald Total Supervisory board fee 400 10 410 Travel expenses 52 16 68 Total 452 26 478 |
Summary of Options Granted to Managing Director and Supervisory Directors | The following options were granted to Immatics’ Managing Director and Supervisory Directors: Type of options Grant date Number of Strike Expiration date Managing Director Harpreet Singh Performance-based options June 30, 2020 1,598,000 10 June 30, 2030 Harpreet Singh Service options June 30, 2020 168,000 10 June 30, 2030 Harpreet Singh Matching Stock options June 30, 2020 264,624 10 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 Supervisory Directors Peter Chambré Service options June 30, 2020 25,000 10 June 30, 2030 Peter Chambré Matching Stock options June 30, 2020 211,974 10 June 30, 2030 Adam Stone Service options June 30, 2020 25,000 10 June 30, 2030 Christoph Hettich Service options June 30, 2020 25,000 10 June 30, 2030 Heather L. Mason Service options June 30, 2020 25,000 10 June 30, 2030 Michael G. Atieh Service options June 30, 2020 25,000 10 June 30, 2030 Paul Carter Service options June 30, 2020 25,000 10 June 30, 2030 Eliot Forster Service options September 14, 2020 25,000 9.16 September 13, 2030 |
Group information - Additional
Group information - Additional Information (Detail) | Mar. 30, 2021 | Dec. 31, 2020 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Date of end of reporting period | Dec. 31, 2020 | |
Authorization Of Financial Statements [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Date of authorisation for issue of financial statements | Mar. 30, 2021 |
Basis of presentation - Summary
Basis of presentation - Summary of Reconciliation Of Changes In Cash Flow Statement (Detail) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items] | ||||||
(Increase) decrease in other assets | € (373) | € (1,106) | € (1,600) | € (1,497) | [1] | € 5,608 |
Net cash provided by/ (used in) operating activities | (11,450) | (27,739) | (85,610) | 70,967 | [1] | 20,684 |
Cash paid for investments in Other financial assets | (32,859) | (32,859) | (82,930) | (20,473) | [1] | (13,101) |
Cash received from maturity of investments classified in Other financial assets | 16,023 | 48,882 | 74,505 | 17,551 | [1] | |
Net cash provided by/ (used in) investing activities | (19,223) | 11,473 | € (15,949) | (5,059) | [1] | (13,514) |
Previously stated [member] | ||||||
Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items] | ||||||
(Increase) decrease in other assets | (17,209) | 14,917 | (4,419) | (7,493) | ||
Net cash provided by/ (used in) operating activities | (28,286) | (11,716) | 68,045 | 7,583 | ||
Net cash provided by/ (used in) investing activities | (2,387) | (4,550) | (2,137) | (413) | ||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||
Disclosure Of Reconciliation Of Changes In Cash Flow Statement [Line Items] | ||||||
(Increase) decrease in other assets | 16,836 | (16,023) | 2,922 | 13,101 | ||
Net cash provided by/ (used in) operating activities | 16,836 | (16,023) | 2,922 | 13,101 | ||
Cash paid for investments in Other financial assets | (32,859) | (32,859) | (20,473) | (13,101) | ||
Cash received from maturity of investments classified in Other financial assets | 16,023 | 48,882 | 17,551 | |||
Net cash provided by/ (used in) investing activities | € (16,836) | € 16,023 | € (2,922) | € (13,101) | ||
[1] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets |
Basis of presentation - Additio
Basis of presentation - Additional Information (Detail) - EUR (€) € in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Disclosure of subsidiaries [line items] | |||||
Ownership interests held by non-controlling interests | 5.14% | ||||
Other financial assets | € 16,023 | [1] | € 24,448 | ||
Immatics US Inc [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Ownership interests held by non-controlling interests | 3.96% | 3.96% | |||
Other financial assets | € 16,000 | ||||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
ARYA Merger - Additional Inform
ARYA Merger - Additional Information (Detail) € in Thousands | Jul. 01, 2020EUR (€)sharesWarrants | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€)sharesWarrants |
Disclosure of detailed information about business combination [line items] | |||
Increase decrease through Changes in Noncontrolling Interest | € 500 | ||
Share listing expense | € 152,787 | ||
Increase through other contributions by owners, equity | 90,077 | ||
Share issue related cost | € 7,900 | ||
Payment for share issuance costs | 7,939 | ||
Issued capital [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Increase Decrease Through Reorganization Equity | (833) | ||
Increase decrease through Changes in Noncontrolling Interest | 7 | ||
Increase through other contributions by owners, equity | 100 | 104 | |
Share premium [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Increase Decrease Through Reorganization Equity | 833 | ||
Increase decrease through Changes in Noncontrolling Interest | 501 | ||
Increase through other contributions by owners, equity | 90,000 | 89,973 | |
PIPE Financing [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Proceeds from issue of ordinary shares | 90,100 | ||
ARYA [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Increase Decrease Through Reorganization Equity | 800 | ||
Increase decrease through Changes in Noncontrolling Interest | € 500 | ||
Description Of How Acquirer Obtained Control Of Acquire | one ordinary share of Immatics N.V. for each issued and outstanding ordinary share of ARYA and one warrant to purchase ordinary shares in Immatics N.V., for each issued and outstanding warrant to acquire ordinary shares | ||
Net Assets Acquired (Liabilities Assumed) | € 124,900 | € 124,927 | |
Cash and cash equivalents recognised as of acquisition date | 128,800 | ||
Current liabilities recognised as of acquisition date | 3,900 | ||
Share listing expense | € 152,800 | ||
ARYA [Member] | Warrants [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments issued or issuable | Warrants | 7,187,500 | 7,187,500 | |
ARYA [Member] | Ordinary shares [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments issued or issuable | shares | 17,968,750 | 17,968,750 |
Application of new and revise_3
Application of new and revised international financial reporting standards - Summary of Application of new standards (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Amendments To IFRS 3 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IFRS 3, “Business combinations”, - Definition of a business |
Date by which application of new IFRS is required | Jan. 1, 2020 |
Amendments To IAS 1 And IAS 8 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IAS 1, “Presentation of financial statements”, and IAS 8, “Accounting policies, changes in accounting estimates and errors” |
Date by which application of new IFRS is required | Jan. 1, 2020 |
Amendments To IFRS Nine IAS 39 And IFRS 17 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment to IFRS 9, IAS 39 and IFRS 17: - Interest rate benchmark reform |
Date by which application of new IFRS is required | Jan. 1, 2020 |
Amendments To Conceptual Framework [Member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment to the Conceptual framework |
Date by which application of new IFRS is required | Jan. 1, 2020 |
Application of new and revise_4
Application of new and revised international financial reporting standards - Summary of Non Mandatory standards and interpretations issued by IASB (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
IFRS 16 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | IFRS 16 COVID-19-Related Rent Concessions Amendment |
Date by which application of new IFRS is required | Jan. 1, 2021 |
Amendments To IAS 1 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IAS 1,” Presentation of financial statements”, on classification of liabilities |
Date by which application of new IFRS is required | Jan. 1, 2022 |
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. 1, 2023 |
Summary of accounting policie_4
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | Computer equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 1 year |
Bottom of range [member] | Laboratory equipment [Member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 1 year |
Bottom of range [member] | Office equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 2 years |
Top of range [member] | Computer equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Top of range [member] | Laboratory equipment [Member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 15 years |
Top of range [member] | Office equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 20 years |
Summary of accounting policie_5
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of useful life of intangible assets other than goodwill (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Licences [member] | Bottom of range [member] | |
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Licences [member] | Top of range [member] | |
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 30 years |
Computer software [member] | Bottom of range [member] | |
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 1 year |
Computer software [member] | Top of range [member] | |
Disclosure Of Detailed Information About Useful Life Measured As Period Of Time Intangible Assets Other Than Goodwill [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Summary of accounting policie_6
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Summary of foreign exchange rates (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Detailed Information About Foreign Exchange Rates [Line Items] | |||
Closing foreign exchange rate | 0.8149 | 0.8902 | 0.8738 |
Average foreign exchange rate | 0.8762 | 0.8932 | 0.8468 |
Summary of accounting policie_7
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2020 - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Bottom of range [member] | |
Statements [Line Items] | |
Rental Contract Term | two |
Top of range [member] | |
Statements [Line Items] | |
Rental Contract Term | seven |
Accounts receivable - Summary o
Accounts receivable - Summary of Trade receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other current receivables [abstract] | |||
Receivables From Collaboration Agreements | € 1,250 | € 957 | |
Accounts receivable | € 1,250 | € 957 | [1] |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other current receivables [abstract] | ||
Trade receivables | € 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, 2020 | Dec. 31, 2019 | |
Trade and other receivables [abstract] | |||
Grant receivable | € 875 | € 998 | |
Prepaid expenses | 2,389 | 1,236 | |
Positive market value forward contract | 914 | ||
Value added tax receivable | 798 | 768 | |
Capitalized transaction costs | 48 | ||
Other assets | 787 | 617 | |
Other current assets | € 5,763 | € 3,667 | [1] |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Other current and non-current_4
Other current and non-current assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | ||
Prepaid insurance expenses | € 1,000 | € 100 |
Prepaid expenses of licenses and software | 600 | 200 |
Other assets | 787 | 617 |
Non-current prepayments | 724 | 937 |
Receivables From Capital Gains Tax [Member] | ||
Disclosure of subsidiaries [line items] | ||
Other assets | 400 | 300 |
Celgene Switzerland LLC And Genmab AS [Member] | ||
Disclosure of subsidiaries [line items] | ||
Current Incremental cost for collaboration agreement | 500 | 600 |
Non-current prepayments | € 700 | € 900 |
Other current and non-current_5
Other current and non-current assets - Summary of Other non-current assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other non-current receivables [abstract] | |||
Prepaid expenses | € 724 | € 937 | |
Other non-current assets | 325 | ||
Total non-current assets | € 724 | € 1,262 | [1] |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
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, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | [1] | € 4,720 | ||
Ending Cost | 7,868 | € 4,720 | [1] | |
Laboratory Equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 3,420 | |||
Ending Cost | 5,493 | 3,420 | ||
Computer equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 906 | |||
Ending Cost | 894 | 906 | ||
Office equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 394 | |||
Ending Cost | 1,481 | 394 | ||
Adjustment On Adoption IFRS 16 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (441) | |||
Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 17,432 | 15,116 | ||
Additions | 5,379 | 3,016 | ||
Disposals | 7 | (316) | ||
Currency translation differences | 367 | 57 | ||
Ending Cost | 22,437 | 17,432 | ||
Gross carrying amount [member] | Laboratory Equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 12,723 | 11,222 | ||
Additions | 3,545 | 2,204 | ||
Disposals | 1 | (314) | ||
Currency translation differences | 299 | 52 | ||
Ending Cost | 15,968 | 12,723 | ||
Gross carrying amount [member] | Computer equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 2,956 | 2,439 | ||
Additions | 406 | 515 | ||
Disposals | (2) | |||
Currency translation differences | 40 | 4 | ||
Ending Cost | 3,322 | 2,956 | ||
Gross carrying amount [member] | Office equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 1,753 | 1,455 | ||
Additions | 1,427 | 297 | ||
Disposals | 6 | |||
Currency translation differences | 28 | 1 | ||
Ending Cost | 3,146 | 1,753 | ||
Gross carrying amount [member] | Previously stated [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 14,675 | |||
Gross carrying amount [member] | Previously stated [member] | Laboratory Equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 10,781 | |||
Gross carrying amount [member] | Previously stated [member] | Computer equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 2,439 | |||
Gross carrying amount [member] | Previously stated [member] | Office equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | 1,455 | |||
Gross carrying amount [member] | Adjustment On Adoption IFRS 16 | Laboratory Equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (441) | |||
Accumulated depreciation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (12,712) | (11,109) | ||
Additions | 2,102 | 1,797 | ||
Disposals | 7 | (219) | ||
Currency translation differences | 239 | 25 | ||
Ending Cost | (14,568) | (12,712) | ||
Accumulated depreciation [member] | Laboratory Equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (9,303) | (8,279) | ||
Additions | 1,384 | 1,219 | ||
Disposals | 1 | (218) | ||
Currency translation differences | 210 | 23 | ||
Ending Cost | (10,476) | (9,303) | ||
Accumulated depreciation [member] | Computer equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (2,050) | (1,793) | ||
Additions | 404 | 256 | ||
Disposals | (1) | |||
Currency translation differences | 26 | 2 | ||
Ending Cost | (2,428) | (2,050) | ||
Accumulated depreciation [member] | Office equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Cost | (1,359) | (1,037) | ||
Additions | 315 | 322 | ||
Disposals | 6 | |||
Currency translation differences | 3 | |||
Ending Cost | € (1,665) | € (1,359) | ||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Property, plant and equipment_2
Property, plant and equipment - Summary of Depreciation expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | € 2,103 | € 1,797 | € 2,058 |
Research and development expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | 1,503 | 1,315 | 1,757 |
General and administrative expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | € 600 | € 482 | € 301 |
Intangible assets - Summary of
Intangible assets - Summary of Changes to intangible assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | € 1,008 | |
Currency translation differences | € 31 | |
Ending Balance | 914 | 1,008 |
Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 851 | |
Currency translation differences | 31 | |
Ending Balance | 730 | 851 |
Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 157 | |
Ending Balance | 184 | 157 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 1,863 | 1,752 |
Additions | 104 | 91 |
Currency translation differences | (97) | 20 |
Ending Balance | 1,870 | 1,863 |
Gross carrying amount [member] | Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 1,220 | 1,201 |
Currency translation differences | (88) | 19 |
Ending Balance | 1,132 | 1,220 |
Gross carrying amount [member] | Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 643 | 551 |
Additions | 104 | 91 |
Currency translation differences | (9) | 1 |
Ending Balance | 738 | 643 |
Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (855) | (713) |
Additions | 126 | 111 |
Currency translation differences | (25) | |
Ending Balance | (956) | (855) |
Accumulated impairment [member] | Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (369) | (314) |
Additions | 56 | 24 |
Currency translation differences | (22) | |
Ending Balance | (403) | (369) |
Accumulated impairment [member] | Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (486) | (399) |
Additions | 71 | 87 |
Currency translation differences | (3) | |
Ending Balance | € (554) | € (486) |
Intangible assets - Summary o_2
Intangible assets - Summary of Amortization expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | € 126 | € 111 | € 118 |
Research and development expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | 31 | 28 | 9 |
General and administrative expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | € 95 | € 83 | € 109 |
Leases - Summary of Right-of
Leases - Summary of Right-of use assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | € 6,149 | € 3,287 | [1] |
Buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 5,760 | 2,799 | |
IT and telecommunication | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 258 | 349 | |
Vehicles [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 90 | 90 | |
Other assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | € 41 | € 49 | |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Leases - Details of Lease liabi
Leases - Details of Lease liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||
Lease liability – current | € 1,881 | € 1,411 | [1] |
Lease liability – non-current | 4,306 | 1,823 | [1] |
Total | € 6,187 | € 3,234 | |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
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, 2020 | Dec. 31, 2019 | |
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | ||
Depreciation, right-of-use assets | € 2,195 | € 1,950 |
Interest expense form lease | 260 | 170 |
Expense relating to short-term leases for which recognition exemption has been used | 51 | 27 |
Buildings [member] | ||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | ||
Depreciation, right-of-use assets | 2,036 | 1,804 |
IT and telecommunication | ||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | ||
Depreciation, right-of-use assets | 101 | 101 |
Vehicles [member] | ||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | ||
Depreciation, right-of-use assets | 50 | 37 |
Other assets [member] | ||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | ||
Depreciation, right-of-use assets | € 8 | € 8 |
Leases - Additional Information
Leases - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions to right-of-use assets | € 5,100 | € 300 | |
Currency translation of right-of-use assets | 300 | 50 | |
Cash payments for leases | 2,400 | 2,100 | |
Payments for leases | 2,096 | € 1,862 | [1] |
Until 2025 [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Payments for leases | 6,900 | ||
Later than one year [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Payments for leases | € 2,100 | ||
[1] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets |
Accounts payable - Summary of A
Accounts payable - Summary of Accounts Payable (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other current payables [abstract] | |||
Accounts payable | € 2,554 | € 4,866 | |
Other accrued liabilities | 7,498 | 2,216 | |
Total accounts payable | € 10,052 | € 7,082 | [1] |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Accounts payable - Additional I
Accounts payable - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other current payables [abstract] | ||
Other accrued liabilities | € 7,498 | € 2,216 |
Revenue from collaboration ag_3
Revenue from collaboration agreements - Additional Information (Detail) € in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2020USD ($) | |
Disclosure Of Revenue From Contract With Customers [Line Items] | |||||
Contract with customers liability | € 132,075 | € 161,374 | |||
Capitalized costs of contract net of amortization | 1,200 | 1,500 | |||
Amortization of contract costs capitalized | 300 | 200 | € 40 | ||
Potential milestone payment payable | 1,600 | $ 2 | |||
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 | 4,900 | 6,200 | 1,500 | ||
Contract with customers liability | 10,000 | 15,000 | |||
Amgen Collaboration Agreement [Member] | Development And Commercial Milestone Payments [Member] | |||||
Disclosure Of Revenue From Contract With Customers [Line Items] | |||||
Milestone payment receivable | $ | 525 | ||||
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 | 11,200 | 11,200 | € 2,300 | ||
Contract with customers liability | 26,000 | 35,000 | |||
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 | 68,000 | 75 | |||
Contract with customers liability revenue recognized | 11,500 | 1,100 | |||
Contract with customers liability | 55,000 | 66,500 | |||
BMS Collaboration Agreement [Member] | Option Exercise Development Commecial And Regulatory Milestone Payments [Member] | |||||
Disclosure Of Revenue From Contract With Customers [Line Items] | |||||
Milestone payment receivable | $ | 505 | ||||
GSK Collaboration Agreement [Member] | |||||
Disclosure Of Revenue From Contract With Customers [Line Items] | |||||
Upfront payment received | $ | $ 45 | ||||
Contract with customers liability revenue recognized | 3,700 | 0 | |||
Contract with customers liability | € 41,000 | € 45,000 | |||
GSK Collaboration Agreement [Member] | Milestone Programs Based On The Program [Member] | |||||
Disclosure Of Revenue From Contract With Customers [Line Items] | |||||
Milestone payment receivable | $ | $ 575 |
Revenue from collaboration ag_4
Revenue from collaboration agreements - Summary of Deferred revenue related to the collaboration agreements (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [abstract] | |||
Current | € 46,600 | € 59,465 | [1] |
Non-current | 85,475 | 101,909 | [1] |
Total | € 132,075 | € 161,374 | |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Other income - Summary of other
Other income - Summary of other income (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Other income [Abstract] | ||
Receivables | € 875 | € 998 |
Deferred income | 0 | 164 |
Total | € 875 | € 1,162 |
Other income - Additional Infor
Other income - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Text Block [Abstract] | |||
Revenue from grants | € 200 | € 30 | € 2,900 |
Contingencies related to grant | € 0 |
Other current liabilities - Sum
Other current liabilities - Summary of other current liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about other current liabilities [Line Items] | |||
Payroll tax | € 1,185 | € 727 | |
Accrual for vacation | 525 | 330 | |
Deferred grant income | 0 | 164 | |
Accrued bonuses | 154 | 52 | |
Other | 161 | 15 | |
Total | € 2,025 | € 1,288 | [1] |
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Other current liabilities - Add
Other current liabilities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Non Interest Bearing Liability [Member] | |
Disclosure of detailed information about other current liabilities [Line Items] | |
Borrowings maturity | one year |
Financial income and expenses -
Financial income and expenses - Summary of finance income and costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Detailed Information About Finance Income Expense [Abstract] | |||
Interest income from short-term deposits | € 850 | € 790 | € 507 |
Foreign currency gains | 1,708 | ||
Gain on other financial instruments | 2,099 | ||
Financial income | 2,949 | 790 | 2,215 |
Interest expenses form leases | (289) | (170) | (16) |
Foreign currency losses | (9,774) | (94) | (145) |
Financial expenses | € (10,063) | € (264) | € (161) |
Financial income and expenses_2
Financial income and expenses - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure Of Detailed Information About Finance Income Expense [Abstract] | |
Realised gain loss from foreign currency forward contracts | € 1.2 |
Unrealised gain loss from foreign currency forward contracts | € 0.9 |
Share listing expense - Additio
Share listing expense - Additional Information (Detail) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2020EUR (€)€ / shares | Jul. 01, 2020EUR (€)€ / shares | Jul. 01, 2020$ / shares | |
Disclosure of share listing expense [line items] | |||
Closing price of ARYA ordinary shares | € / shares | € 0.01 | ||
Expense on the closing date | € 152,787 | ||
ARYA [member] | |||
Disclosure of share listing expense [line items] | |||
Fair value of ARYA ordinary shares and warrants | 277,715 | ||
Closing price of ARYA ordinary shares | $ / shares | $ 15.15 | ||
Identifiable net assets | 124,927 | € 124,900 | |
Expense on the closing date | 152,787 | ||
Warrants [member] | ARYA [member] | |||
Disclosure of share listing expense [line items] | |||
Fair value of ARYA ordinary shares and warrants | € 34,644 | ||
Closing price of ARYA public warrants | € / shares | € 4.82 | ||
Ordinary shares [member] | |||
Disclosure of share listing expense [line items] | |||
Closing price of ARYA ordinary shares | € / shares | € 0.01 | ||
Ordinary shares [member] | ARYA [member] | |||
Disclosure of share listing expense [line items] | |||
Fair value of ARYA ordinary shares and warrants | € 243,071 | ||
Closing price of ARYA ordinary shares | € / shares | € 13.53 |
Share listing expenses - Summar
Share listing expenses - Summary of Calculation of the Share listing expense (Detail) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2020EUR (€)sharesWarrants€ / shares | Jul. 01, 2020EUR (€)sharesWarrants€ / shares | Jul. 01, 2020$ / shares | |
Disclosure of detailed information about share listing expense [Line Items] | |||
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 | € / shares | € 0.01 | ||
IFRS 2 Expense on the closing date | € 152,787 | ||
Ordinary shares [member] | |||
Disclosure of detailed information about share listing expense [Line Items] | |||
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 | € / shares | € 0.01 | ||
ARYA [Member] | |||
Disclosure of detailed information about share listing expense [Line Items] | |||
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 | $ / shares | $ 15.15 | ||
Fair value of outstanding ARYA | 277,715 | ||
ARYA's identifiable net assets | 124,927 | € 124,900 | |
IFRS 2 Expense on the closing date | € 152,787 | ||
ARYA [Member] | Warrants [Member] | |||
Disclosure of detailed information about share listing expense [Line Items] | |||
ARYA Shares | Warrants | 7,187,500 | 7,187,500 | |
Closing price of ARYA Public Warrants on Nasdaq as of July 1, 2020 | € / shares | € 4.82 | ||
Fair value of outstanding ARYA | € 34,644 | ||
ARYA [Member] | Ordinary shares [member] | |||
Disclosure of detailed information about share listing expense [Line Items] | |||
ARYA Shares | shares | 17,968,750 | 17,968,750 | |
Closing price of ARYA Ordinary Shares on Nasdaq as of July 1, 2020 | € / shares | € 13.53 | ||
Fair value of outstanding ARYA | € 243,071 |
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) | Dec. 17, 2020yr$ / shares | Sep. 14, 2020yr$ / shares | Jun. 30, 2020yr$ / shares | Sep. 30, 2019yr$ / shares | Dec. 31, 2019yr$ / shares | Dec. 31, 2018yr$ / shares |
2016 Tandem Awards [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 18.30 | $ 23.82 | $ 16.65 | |||
Underlying share price | $ 16.94 | $ 67.87 | $ 27.21 | |||
Volatility | 78.00% | 73.00% | 64.00% | |||
Time period (years) | yr | 2.10 | 1.25 | 5 | |||
Risk free rate | 2.04% | 1.59% | 2.77% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | |||
Combined probability of exit events | 60 | 80 | 25 | |||
Matching Stock Options [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 10 | |||||
Underlying share price | $ 15.15 | |||||
Volatility | 75.00% | |||||
Time period (years) | yr | 5.5 | |||||
Risk free rate | 0.29% | |||||
Dividend yield | 0.00% | |||||
Share Appreciation Rights [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 1.12 | $ 1.12 | ||||
Underlying share price | $ 67.87 | $ 27.21 | ||||
Volatility | 73.00% | 64.00% | ||||
Time period (years) | yr | 1.25 | 5 | ||||
Risk free rate | 1.59% | 2.77% | ||||
Dividend yield | 0.00% | 0.00% | ||||
Combined probability of exit events | 80 | 25 | ||||
Additional Grants Under 2020 Plan [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 9.70 | $ 10 | $ 10 | |||
Underlying share price | $ 9.70 | $ 9.16 | $ 15.15 | |||
Volatility | 84.00% | 79.00% | 75.00% | |||
Time period (years) | yr | 6 | 6.2 | 7 | |||
Risk free rate | 0.49% | 0.37% | 0.29% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | |||
Performance Based Options [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 10 | $ 10 | ||||
Underlying share price | $ 9.16 | $ 15.15 | ||||
Volatility | 78.00% | 79.00% | ||||
Time period (years) | yr | 6.7 | 7 | ||||
Risk free rate | 0.67% | 0.66% | ||||
Dividend yield | 0.00% | 0.00% | ||||
Converted Options [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 2.47 | |||||
Underlying share price | $ 15.15 | |||||
Volatility | 75.00% | |||||
Time period (years) | yr | 5.6 | |||||
Risk free rate | 0.29% | |||||
Dividend yield | 0.00% |
Share-based payments - Summar_2
Share-based payments - Summary of Employee Share Options (Detail) | Dec. 17, 2020$ / shares | Sep. 14, 2020shares$ / shares | Jul. 01, 2020$ / shares | Jun. 30, 2020shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Weighted average exercise price, Outstanding at January 1, | $ 17.45 | $ 16.65 | $ 16.65 | ||||
SARs forfeited | 16.81 | 16.65 | |||||
Weighted average exercise price, Outstanding at December 31, | $ 17.45 | $ 16.65 | |||||
Number of share options, outstanding at January 1, | shares | 103,469 | 74,401 | 31,880 | ||||
SARs forfeited | shares | 2,936 | 1,443 | |||||
Number of share options, outstanding at December 31, | shares | 103,469 | 74,401 | |||||
Weighted average remaining contract life (years) | 8 years 6 months 21 days | 9 years 1 month 13 days | |||||
Weighted average fair value of options granted | $ 13.79 | ||||||
Granted On December 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 23.82 | ||||||
SARs granted | shares | 5,447 | ||||||
Share Appreciation Rights [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Weighted average exercise price, Outstanding at January 1, | $ 1.12 | $ 1.12 | $ 1.12 | ||||
SARs forfeited | 1.12 | 1.12 | |||||
Weighted average exercise price, Outstanding at December 31, | 1.12 | 1.12 | |||||
SARs vested | $ 1.12 | $ 1.12 | |||||
Number of share options, outstanding at January 1, | shares | 43,455 | 43,675 | 43,978 | ||||
SARs forfeited | shares | 220 | 303 | |||||
Number of share options, outstanding at December 31, | shares | 43,455 | 43,675 | |||||
SARs vested | shares | 117 | 169 | |||||
Performance Based Options [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs forfeited | $ 10 | ||||||
Weighted average exercise price, Outstanding at December 31, | $ 10 | ||||||
SARs forfeited | shares | 255,000 | ||||||
Number of share options, outstanding at December 31, | shares | 3,644,000 | ||||||
Weighted average remaining contract life (years) | 9 years 7 months 6 days | ||||||
Performance Based Options [Member] | Granted On June 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 10 | ||||||
SARs granted | shares | 3,644,000 | 3,644,000 | |||||
Weighted average fair value of options granted | $ 11.10 | $ 11.10 | |||||
Performance Based Options [Member] | Granted On September 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 10 | ||||||
SARs granted | shares | 255,000 | 255,000 | |||||
Weighted average fair value of options granted | $ 6.41 | $ 6.41 | |||||
Additional Grants Under 2020 Plan [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs forfeited | 10 | ||||||
Weighted average exercise price, Outstanding at December 31, | $ 9.87 | ||||||
SARs granted | shares | 1,963,566 | ||||||
SARs forfeited | shares | 53,384 | ||||||
Number of share options, outstanding at December 31, | shares | 1,910,182 | ||||||
Weighted average remaining contract life (years) | 9 years 8 months 19 days | ||||||
Additional Grants Under 2020 Plan [Member] | Granted On June 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 10 | ||||||
SARs granted | shares | 1,087,417 | ||||||
Weighted average fair value of options granted | $ 11.29 | $ 11.29 | |||||
Additional Grants Under 2020 Plan [Member] | Granted On September 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 9.72 | ||||||
SARs granted | shares | 74,000 | ||||||
Weighted average fair value of options granted | $ 9.25 | $ 9.25 | |||||
Additional Grants Under 2020 Plan [Member] | Granted On December 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 9.70 | ||||||
SARs granted | shares | 802,149 | ||||||
Weighted average fair value of options granted | $ 6.73 | $ 6.73 | |||||
Converted Options [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs forfeited | 1.08 | ||||||
Weighted average exercise price, Outstanding at December 31, | 2.58 | ||||||
SARs vested | $ 2.45 | ||||||
SARs forfeited | shares | 37,540 | ||||||
Number of share options, outstanding at December 31, | shares | 594,844 | ||||||
SARs vested | shares | 53,856 | ||||||
Weighted average remaining contract life (years) | 7 years 3 days | ||||||
Weighted average fair value of options granted | $ 4.83 | ||||||
Converted Options [Member] | Granted On June 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 2.49 | ||||||
SARs granted | shares | 632,384 | ||||||
Matching Stock Options [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs forfeited | $ 10 | ||||||
Weighted average exercise price, Outstanding at December 31, | $ 10 | ||||||
SARs forfeited | shares | 8,262 | ||||||
Number of share options, outstanding at December 31, | shares | 1,422,556 | ||||||
Weighted average remaining contract life (years) | 9 years 6 months | ||||||
Matching Stock Options [Member] | Granted On June 2020 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
SARs granted | $ 10 | ||||||
SARs granted | shares | 1,430,818 | ||||||
Weighted average fair value of options granted | $ 10.59 |
Share-based payments - Summar_3
Share-based payments - Summary of Activities Under Share Based Payment Arrangement (Detail) | 12 Months Ended | |
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Statements [Line Items] | ||
Weighted average exercise price, Outstanding at January 1, | $ 16.65 | $ 16.65 |
Weighted average exercise price, Tandem awards forfeited | 16.81 | 16.65 |
Weighted average exercise price, Outstanding at December 31, | 17.45 | 16.65 |
Weighted average exercise price, Tandem awards vested | $ 16.76 | $ 16.65 |
Weighted average remaining contract life (years) | 8 years 6 months 21 days | 9 years 1 month 13 days |
Number of share options, outstanding at January 1, | shares | 74,401 | 31,880 |
Number of share options, Tandem awards forfeited | shares | 2,936 | 1,443 |
Number of share options, outstanding at December 31, | shares | 103,469 | 74,401 |
Number of share options, Tandem awards vested | shares | 16,238 | 14,350 |
Granted On June 2020 [Member] | ||
Statements [Line Items] | ||
Weighted average exercise price, Tandem awards granted | $ 18.30 | $ 16.65 |
Number of share options, Tandem awards granted | shares | 26,557 | 43,964 |
Granted On December 2020 [Member] | ||
Statements [Line Items] | ||
Weighted average exercise price, Tandem awards granted | $ 23.82 | |
Weighted average fair value of options granted | $ 53.41 | |
Number of share options, Tandem awards granted | shares | 5,447 | |
Granted On September 2020 [Member] | ||
Statements [Line Items] | ||
Weighted average fair value of options granted | $ 10.27 | $ 4.51 |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) $ / shares in Units, $ in Thousands, € in Millions | Dec. 17, 2020$ / shares | Sep. 14, 2020shares$ / shares | Jul. 01, 2020$ / shares | Jun. 30, 2020shares$ / shares | Sep. 30, 2019$ / shares | Dec. 31, 2020EUR (€)shares | Dec. 31, 2020EUR (€)$ / shares | Dec. 31, 2019EUR (€)shares$ / shares | Dec. 31, 2018EUR (€)$ / shares | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 13.79 | ||||||||||||||
Granted On December 2020 [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 | 5,447 | ||||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 23.82 | ||||||||||||||
Performance Based Options [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average share price of share options granted | $ 9.16 | $ 15.15 | |||||||||||||
Performance Based Options [Member] | Tranche One [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Minimum market capitalization | $ | $ 1,500,000 | ||||||||||||||
Performance Based Options [Member] | Tranche Two [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Minimum market capitalization | $ | 2,000,000 | ||||||||||||||
Performance Based Options [Member] | Tranche Three [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Minimum market capitalization | $ | $ 3,000,000 | ||||||||||||||
Performance Based Options [Member] | Granted On June 2020 [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 | 3,644,000 | 3,644,000 | |||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 10 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 11.10 | 11.10 | |||||||||||||
Performance Based Options [Member] | Granted On September 2020 [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 | 255,000 | 255,000 | |||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | 10 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 6.41 | 6.41 | |||||||||||||
Additional Grants Under 2020 Plan [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 | 1,963,566 | ||||||||||||||
Weighted average share price of share options granted | $ 9.70 | 9.16 | 15.15 | ||||||||||||
Additional Grants Under 2020 Plan [Member] | ARYA [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 | 1,087,242 | ||||||||||||||
Additional Grants Under 2020 Plan [Member] | Granted On June 2020 [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 | 1,087,417 | ||||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | 10 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | 11.29 | 11.29 | |||||||||||||
Additional Grants Under 2020 Plan [Member] | Granted On September 2020 [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 | 74,000 | ||||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | 9.72 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 9.25 | 9.25 | |||||||||||||
Additional Grants Under 2020 Plan [Member] | Granted On December 2020 [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 | 802,149 | ||||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | 9.70 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 6.73 | 6.73 | |||||||||||||
Converted Options [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average share price of share options granted | $ 15.15 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | 4.83 | ||||||||||||||
Converted Options [Member] | Granted On June 2020 [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 | 632,384 | ||||||||||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 2.49 | ||||||||||||||
Share Appreciation Rights Two Thousand And Ten Plan [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Percentage of outstanding shares to be purchased by third party | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||
Liabilities arising from share based payment arrangement | € | $ 2.1 | € 0.2 | |||||||||||||
Fair value of stock appreciation rights | $ | $ 350,000 | $ 160,000 | |||||||||||||
2016 Tandem Awards [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Percentage of outstanding shares to be purchased by third party | 50.00% | ||||||||||||||
Share based compensation by share based payment equity instruments other than shares vesting period | five | ||||||||||||||
Fair value of stock appreciation rights | $ | $ 160,000 | $ 350,000 | |||||||||||||
Weighted average share price of share options granted | $ 16.94 | $ 67.87 | € 27.21 | ||||||||||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Cash payment award per share payable | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||
Cash payment to employees stock based awards | € | € 8.9 | ||||||||||||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | Active Employees [Member] | Bottom of range [member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Percentage of cash proceeds to be reinvested | 25.00% | ||||||||||||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | Active Employees [Member] | Top of range [member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Percentage of cash proceeds to be reinvested | 50.00% | ||||||||||||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | Management Members [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Percentage of cash proceeds to be reinvested | 50.00% | ||||||||||||||
Modification Of Two Thousand And Ten Plan [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Share based compensation expenses modification of awards | € | € 2.6 | ||||||||||||||
Modification Of Two Thousand And Sixteen Plan [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Adjustment to additional paid in capital due to modification of previously settled equity awards | € | 4.3 | ||||||||||||||
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 expenses modification of awards | € | € 4.1 | ||||||||||||||
Share based compensation by share based payment arrangement options granted during the period | shares | 733,598 | ||||||||||||||
Fair value of stock appreciation rights | € | € 8.5 | $ 8.5 | € 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 compensation by share based payment arrangement term of stock options | ten-year | ||||||||||||||
Date of vesting of stock options | Jul. 31, 2021 | ||||||||||||||
Share based compensation by share based payment arrangement fair value per share | $ 10.59 | ||||||||||||||
Share based compensation by share based payment arrangement grant date | July 1, 2020 |
Share-based payments - Summar_4
Share-based payments - Summary of Employee Related Share Based Compensation Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | € 25,519 | € 2,016 | € 338 |
Research And Development Expense [Member] | |||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | 14,546 | 1,556 | 238 |
General And Administrative Expense [Member] | |||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | € 10,973 | € 460 | € 100 |
Shareholders' equity (deficit)
Shareholders' equity (deficit) - Additional Information (Detail) | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€)€ / sharesshares | Dec. 31, 2020$ / shares | Jul. 01, 2020EUR (€)€ / sharesshares | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018EUR (€) | |
Disclosure of classes of share capital [line items] | ||||||||
Stock issued during period, value, new issues | € | € 500,000 | € 0.01 | ||||||
Number of shares outstanding | shares | 62,908,617 | |||||||
Par value per share | € / shares | € 0.01 | |||||||
Number of shares value outstanding | € | € 629,000 | € 629,000 | € 1,164,000 | [1] | ||||
Share premium | € | € 573,339,000 | € 190,945,000 | [1] | |||||
Reorganization [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding | shares | 33,093,838 | |||||||
Par value per share | $ / shares | $ 0.01 | |||||||
ARYA Merger [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of warrants outsatnding | shares | 7,187,500 | |||||||
Exercise price per share | $ / shares | $ 11.50 | |||||||
Class of warrant or right, term period | 5 years | |||||||
Immatics Biotechnologies GmbH [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding | shares | 1,163,625 | |||||||
Par value per share | € / shares | € 1 | |||||||
PIPE Financing [member] | ARYA Merger [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share premium | € | € 3,625,000,000 | |||||||
Ordinary Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding | shares | 62,908,617 | |||||||
Par value per share | € / shares | € 0.01 | |||||||
Series E Share Capital [member] | Immatics Biotechnologies GmbH [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share premium | € | € 23,600,000 | |||||||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Non-controlling interests - Add
Non-controlling interests - Additional Information (Detail) | Jul. 01, 2020EUR (€)shares | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€)€ / shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jul. 01, 2020$ / shares | |
Statements [Line Items] | |||||||
Par value per share | € / shares | € 0.01 | ||||||
Ownership interests held by non-controlling interests | 5.14% | ||||||
Stock issued during period, value, new issues | € 500,000 | € 0.01 | |||||
Increase (decrease) through changes in noncontrolling interest | € 500,000 | ||||||
Loss on non-controlling interest | 600,000 | € 900,000 | € 900,000 | ||||
Non-controlling interests | 0 | 1,020,000 | [1] | 1,200,000 | |||
MD Anderson compensation expense | € 45,000 | € 700,000 | € 1,360,000 | ||||
Restricted Stock Acquisition Agreement [Member] | |||||||
Statements [Line Items] | |||||||
Stock issued during period, shares, acquisitions | shares | 697,431 | ||||||
ARYA [Member] | |||||||
Statements [Line Items] | |||||||
Par value per share | $ / shares | $ 15.15 | ||||||
Increase (decrease) through changes in noncontrolling interest | € 500,000 | ||||||
MD Anderson [Member] | |||||||
Statements [Line Items] | |||||||
Number of shares exchanged in subsidiaries | shares | 379,420 | ||||||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets |
Personnel expenses - Summary of
Personnel expenses - Summary of Personnel Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statements [Line Items] | |||
Wages and salaries | € 22,245 | € 15,231 | € 12,718 |
Total other employee benefits | 3,639 | 2,763 | 2,527 |
Share-based compensation expense | 25,519 | 2,016 | 338 |
Total | 51,403 | 20,010 | 15,583 |
Research and development expenses [Member] | |||
Statements [Line Items] | |||
Wages and salaries | 15,277 | 11,635 | 10,485 |
Other employee benefits | 2,624 | 2,035 | 1,920 |
Share-based compensation expense | 14,546 | 1,556 | 238 |
General and administrative expenses [Member] | |||
Statements [Line Items] | |||
Wages and salaries | 6,968 | 3,596 | 2,233 |
Other employee benefits | 1,015 | 728 | 607 |
Share-based compensation expense | € 10,973 | € 460 | € 100 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Classes of employee benefits expense [abstract] | |||
Post-employment benefit expense, defined contribution plans | € 200 | € 100 | € 100 |
Employee health insurance cost | 400 | 300 | 400 |
Social security contributions | 1,700 | 1,300 | 1,000 |
other miscellaneous expenses | € 100 | € 70 | € 200 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation Between Taxes On Income And Expected Income Tax Benefit (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Loss before tax | € (229,616) | € (32,487) | € (32,355) |
Expected tax benefit | 66,818 | 9,454 | 9,415 |
Difference in tax rates | (2,582) | (1,875) | (1,373) |
Non-deductible tax-expenses | (599) | (61) | (70) |
Government grants exempted from taxes | 45 | 8 | 853 |
Permanent Differences | (44,461) | ||
Non-recognition of deferred taxes on tax losses and temporary differences | (19,221) | (7,526) | (8,825) |
Taxes on income | € 0 | € 0 | € 0 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statements [Line Items] | ||
Deferred tax assets | € 0 | € 0 |
Deferred tax liabilities | 0 | 0 |
Non-recognition due to history of losses | (2,016) | (3,075) |
Deferred tax assets netting | (1,713) | (854) |
Deferred tax liabilities netting | 1,713 | 854 |
Intangible assets [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 1,770 | 2,064 |
Deferred revenue [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 180 | 358 |
Lease liability [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 1,776 | 886 |
Deferred expenses [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 3 | 14 |
Recognized [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 3,729 | 3,929 |
Right-of-use asset [Member] | ||
Statements [Line Items] | ||
Deferred tax liabilities | 1,713 | 854 |
Recognized [Member] | ||
Statements [Line Items] | ||
Deferred tax liabilities | € 1,713 | 854 |
Other liabilities [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | € 607 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements [Line Items] | ||||
statutory tax rate | 29.10% | 29.10% | 29.10% | |
corporate income tax rate | 21.00% | 21.00% | 21.00% | |
Percentage on limitation on tax loss carryforwards after prior period | 80.00% | |||
Percentage on limitation on tax loss carryforwards before prior period | 100.00% | |||
Effective income tax reconciliation permanent effect share listing expense | € 153 | |||
Indefinite Tax Losses Carryforward [Member] | ||||
Statements [Line Items] | ||||
Tax effect of tax losses | 288 | € 219 | ||
Twenty Six Year Tax Losses Carryforward [Member] | ||||
Statements [Line Items] | ||||
Tax effect of tax losses | € 26 |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Summary of Currency Risk Exposure (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [2] | Dec. 31, 2017 | |
Disclosure Of Currency Risk Exposure [Line Items] | ||||||
Cash and cash equivalents | € 207,530 | € 103,353 | [1] | € 39,367 | € 8,415 | |
Financial assets | 28,198 | € 18,690 | ||||
Currency risk [member] | Immatics GmbH [Member] | ||||||
Disclosure Of Currency Risk Exposure [Line Items] | ||||||
Cash and cash equivalents | 52,015 | |||||
Financial assets | 24,448 | |||||
Total assets exposed to the risk | 76,463 | |||||
Immatics N.V. [Member] | Currency risk [member] | ||||||
Disclosure Of Currency Risk Exposure [Line Items] | ||||||
Cash and cash equivalents | 42,528 | |||||
Financial assets | 0 | |||||
Total assets exposed to the risk | € 42,528 | |||||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets | |||||
[2] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets |
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, 2020EUR (€) | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 0.8149 | 0.8902 | 0.8738 |
Euro weakens by 1% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2394 | ||
Profit/(loss) | € (757) | ||
Carrying amount | € 75,706 | ||
Euro weakens by 1% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2394 | ||
Profit/(loss) | € (421) | ||
Carrying amount | € 42,107 | ||
Euro strengths by 1% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2148 | ||
Profit/(loss) | € 772 | ||
Carrying amount | € 77,235 | ||
Euro strengths by 1% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2148 | ||
Profit/(loss) | € 430 | ||
Carrying amount | € 42,958 | ||
Euro weakens by 5% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2885 | ||
Profit/(loss) | € (3,641) | ||
Carrying amount | € 72,822 | ||
Euro weakens by 5% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.2885 | ||
Profit/(loss) | € (2,025) | ||
Carrying amount | € 40,503 | ||
Euro strengths by 5% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1657 | ||
Profit/(loss) | € 4,024 | ||
Carrying amount | € 80,487 | ||
Euro strengths by 5% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1657 | ||
Profit/(loss) | € 2,238 | ||
Carrying amount | € 44,766 | ||
Euro weakens by 10% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.3498 | ||
Profit/(loss) | € (6,951) | ||
Carrying amount | € 69,512 | ||
Euro weakens by 10% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.3498 | ||
Profit/(loss) | € (3,866) | ||
Carrying amount | € 38,662 | ||
Euro strengths by 10% against U.S. dollars [Member] | Immatics GmbH [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1044 | ||
Profit/(loss) | € 8,496 | ||
Carrying amount | € 84,959 | ||
Euro strengths by 10% against U.S. dollars [Member] | Immatics N.V. [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1044 | ||
Profit/(loss) | € 4,725 | ||
Carrying amount | € 47,253 |
Financial Risk Management Obj_5
Financial Risk Management Objectives and Policies - Summary of Sensitivity Analysis of Foreign Currency Risk (Parenthetical) (Detail) | Dec. 31, 2020 |
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 | 1.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1.00% |
Immatics GmbH [Member] | Euro strengths 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 | 1.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1.00% |
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 | 5.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5.00% |
Immatics GmbH [Member] | Euro strengths 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 | 5.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5.00% |
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 | 10.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10.00% |
Immatics GmbH [Member] | Euro strengths 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 | 10.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10.00% |
Immatics N.V. [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 | 1.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1.00% |
Immatics N.V. [Member] | Euro strengths 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 | 1.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1.00% |
Immatics N.V. [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 | 5.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5.00% |
Immatics N.V. [Member] | Euro strengths 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 | 5.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5.00% |
Immatics N.V. [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 | 10.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10.00% |
Immatics N.V. [Member] | Euro strengths 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 | 10.00% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10.00% |
Financial Risk Management Obj_6
Financial Risk Management Objectives and Policies - Summary of Liquidity Risk (Detail) - Liquidity risk [member] - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | € 231,978 | € 119,376 |
Cash And Cash Equivalents [Member] | ||
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | 207,530 | 103,353 |
Short-Term Deposits [Member] | ||
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | € 24,448 | € 16,023 |
Financial Risk Management Obj_7
Financial Risk Management Objectives and Policies - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [2] | Dec. 31, 2017 | ||
Statements [Line Items] | ||||||
Cash and cash equivalents | € 207,530 | € 103,353 | [1] | € 39,367 | € 8,415 | |
Credit risk [member] | ||||||
Statements [Line Items] | ||||||
Maximum exposure to credit risk | 232,000 | 119,000 | ||||
Cash and cash equivalents | 208,000 | 103,000 | ||||
Other financial assets | 24,000 | € 16,000 | ||||
Currency risk [member] | Top of range [member] | ||||||
Statements [Line Items] | ||||||
Foreign exchange gain (loss) | 10,900 | |||||
Currency risk [member] | Bottom of range [member] | ||||||
Statements [Line Items] | ||||||
Foreign exchange gain (loss) | € 13,200 | |||||
Currency risk [member] | Euro [Member] | ||||||
Statements [Line Items] | ||||||
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10.00% | |||||
Currency risk [member] | US [Member] | ||||||
Statements [Line Items] | ||||||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10.00% | |||||
[1] | See Note 2 for details regarding the change in presentation of Other financial assets | |||||
[2] | See Note 2 for details regarding the revision as a result of a correction in classification of Other financial assets |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts and Fair values of Group's Financial Instruments (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | € 28,198 | € 18,690 |
Financial liabilities, Carrying amount | 12,077 | 8,370 |
Financial assets, Fair value | 28,198 | 18,690 |
Financial liabilities, Fair value | 12,077 | 8,370 |
Financial assets at fair value through profit or loss, category [member] | ShortTerm Deposits [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 24,448 | 16,023 |
Financial assets, Fair value | 24,448 | 16,023 |
Financial assets at fair value through profit or loss, category [member] | Positive Market Value Forward Contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 914 | 0 |
Financial assets, Fair value | 914 | 0 |
Other Financial Assets At Amortized Cost [Member] | Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 1,250 | 957 |
Financial assets, Fair value | 1,250 | 957 |
Other Financial Assets At Amortized Cost [Member] | Other Current Asset [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 1,586 | 1,710 |
Financial assets, Fair value | 1,586 | 1,710 |
Other Financial Assets At Amortized Cost [Member] | Accounts Payable [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 10,052 | 7,082 |
Financial liabilities, Fair value | 10,052 | 7,082 |
Other Financial Assets At Amortized Cost [Member] | Other Current Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 2,025 | 1,288 |
Financial liabilities, Fair value | € 2,025 | € 1,288 |
Commitments and contingencies -
Commitments and contingencies - Summary of Contractual Obligations (Detail) - EUR (€) € in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | € 6,863 | € 3,352 |
Other Lease Obligations | 513 | 1,096 |
In-license agreements | 249 | 655 |
Contract research organization agreements | 1,924 | 2,597 |
Total contractual obligation | 9,549 | 7,700 |
Less than 1year | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 2,103 | 1,482 |
Other Lease Obligations | 97 | 172 |
In-license agreements | 249 | 455 |
Contract research organization agreements | 1,704 | 1,131 |
Total contractual obligation | 4,153 | 3,240 |
1 - 3 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 3,453 | 1,823 |
Other Lease Obligations | 185 | 324 |
In-license agreements | 0 | 200 |
Contract research organization agreements | 220 | 1,466 |
Total contractual obligation | 3,858 | 3,813 |
3 - 5 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 1,157 | 47 |
Other Lease Obligations | 185 | 300 |
In-license agreements | 0 | 0 |
Contract research organization agreements | 0 | |
Total contractual obligation | 1,342 | 347 |
More than 5 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 150 | 0 |
Other Lease Obligations | 46 | 300 |
In-license agreements | 0 | 0 |
Contract research organization agreements | 0 | |
Total contractual obligation | € 196 | € 300 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |||
Fixed | € 2,660 | € 1,202 | € 1,088 |
Variable | 886 | 521 | 433 |
Share-based compensation expense | 13,841 | 697 | 119 |
Total | € 17,387 | € 2,420 | € 1,640 |
Related party disclosures - S_2
Related party disclosures - Summary of Compensation for the Supervisory Board (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | € 282 | € 309 | € 410 |
Travel expenses | 4 | 107 | 68 |
Share-based compensation expense | 1,436 | ||
Payment Exit arrangement | 2,394 | ||
Total cash compensation | 4,116 | 416 | 478 |
Peter Chambre | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 140 | 300 | 400 |
Travel expenses | 4 | 87 | 52 |
Share-based compensation expense | 1,046 | ||
Payment Exit arrangement | 2,394 | ||
Total cash compensation | 3,584 | 387 | 452 |
Harald F.Stock | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 16 | 9 | 10 |
Travel expenses | 0 | 20 | 16 |
Share-based compensation expense | 0 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 16 | € 29 | € 26 |
Michael G. Atieh | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 28 | ||
Travel expenses | 0 | ||
Share-based compensation expense | 70 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 98 | ||
Paul Carter | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 26 | ||
Travel expenses | 0 | ||
Share-based compensation expense | 70 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 96 | ||
Heather I. Mason | |||
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 | 70 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 90 | ||
Adam Stone | |||
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 | 70 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 90 | ||
Christoph Hettich | |||
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 | 70 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | 90 | ||
Eliot Forster | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 12 | ||
Travel expenses | 0 | ||
Share-based compensation expense | 40 | ||
Payment Exit arrangement | 0 | ||
Total cash compensation | € 52 |
Related party disclosures - S_3
Related party disclosures - Summary of Options Granted to Managing Director and Supervisory Directors (Detail) | 12 Months Ended |
Dec. 31, 2020shares$ / shares | |
Performance Based Options [Member] | Harpreet Singh | |
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 | |
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 | |
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 | |
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] | Christoph Hettich | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Christoph Hettich |
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 I. Mason | |
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 | |
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 | |
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 | |
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 One [Member] | Harpreet Singh | |
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 | $ 9.70 |
Expiration date | Dec. 17, 2030 |
Matching Stock Options [Member] | Harpreet Singh | |
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 | |
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 | |
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. 1, 2027 |
Converted Options One [Member] | Harpreet Singh | |
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. 1, 2028 |
Related party disclosures - S_4
Related party disclosures - Summary of Compensation for the Supervisory Board (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | € 2.7 | € 0.4 | € 0.5 |
Related party disclosures - Add
Related party disclosures - Additional Information (Detail) € in Millions | 12 Months Ended | |||
Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Disclosure of transactions between related parties [line items] | ||||
Accrued of key management compensation | € | € 0 | € 0.7 | ||
Number of share options outstanding | 103,469 | 74,401 | 31,880 | |
ARYA [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of Converted Stock Options In The Entity | 417,415 | |||
Number of matching stock option in the entity | 750,076 | |||
Service Options [Member] | Immatics GmbH [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of share options outstanding | 1,680,000 | |||
Performance Based Options [Member] | Immatics GmbH [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of share options outstanding | 539,000 | |||
Twenty Twenty Incentive Plan [Member] | Service Options [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of stock vested over the period of four-year time-based vesting schedule | 25.00% | |||
Twenty Twenty Incentive Plan [Member] | Performance Based Options [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of stock vested over the period of four-year time-based vesting schedule | 25.00% | |||
Key management personnel of entity or parent [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Payment of Payroll Tax of the employees | € | € 3.4 |
Net loss per share - Additional
Net loss per share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
Text Block [Abstract] | |
Dilutive effect of share options on number of warrants | 7,187,500 |