Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
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 | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 76,670,699 |
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, Country | DE |
Entity Address, Postal Zip Code | 72076 |
Document Registration Statement | false |
Document Shell Company Report | false |
Document Transition Report | false |
Auditor Name | PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft |
Auditor Firm ID | 1275 |
Auditor Location | Stuttgart, Germany |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Edward A. Sturchio |
Entity Address, Address Line One | 2130 W. Holcombe Blvd., Suite 900 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77030 |
City Area Code | 281 |
Local Phone Number | 810-7545 |
Common Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, nominal value €0.01 per share |
Security Exchange Name | NASDAQ |
Trading Symbol | IMTX |
Warrants [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants to purchase ordinary shares |
Security Exchange Name | NASDAQ |
Trading Symbol | IMTXW |
Consolidated Statement of Profi
Consolidated Statement of Profit/(Loss) of Immatics N.V. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue from collaboration agreements | € 172,831 | € 34,763 | € 31,253 |
Research and development expenses | (106,779) | (87,574) | (67,085) |
General and administrative expenses | (36,124) | (33,808) | (34,186) |
Other income | 26 | 325 | 303 |
Operating result | 29,954 | (86,294) | (69,715) |
Change in fair value of liabilities for warrants | 10,945 | (10,990) | 17,775 |
Share listing expense | (152,787) | ||
Other financial income | 9,416 | 5,675 | 2,949 |
Other financial expenses | (8,279) | (1,726) | (10,063) |
Financial result | 12,082 | (7,041) | (142,126) |
Profit/(loss) before taxes | 42,036 | (93,335) | (211,841) |
Taxes on income | (4,522) | 0 | 0 |
Net profit/(loss) | 37,514 | (93,335) | (211,841) |
Attributable to: | |||
Equity holders of the parent | € 37,514 | € (93,335) | (211,284) |
Non-controlling interest | € (557) | ||
Net profit/(loss) per share: | |||
Basic | € 0.56 | € (1.48) | € (4.4) |
Diluted | € 0.55 | € (1.48) | € (4.4) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net profit/(loss) | € 37,514 | € (93,335) | € (211,841) |
Items that may be reclassified subsequently to profit or loss | |||
Currency translation differences from foreign operations | 2,464 | 3,514 | (6,689) |
Total comprehensive income/(loss) for the year | 39,978 | (89,821) | (218,530) |
Attributable to: | |||
Equity holders of the parent | 39,978 | (89,821) | (217,973) |
Non-controlling interest | € 0 | € 0 | € (557) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position of Immatics N.V. - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | € 148,519 | € 132,994 |
Other financial assets | 213,686 | 12,123 |
Accounts receivables | 1,111 | 682 |
Other current assets | 13,838 | 6,408 |
Total current assets | 377,154 | 152,207 |
Non-current assets | ||
Property, plant and equipment | 13,456 | 10,506 |
Intangible assets | 1,632 | 1,315 |
Right-of-use assets | 13,033 | 9,982 |
Other non-current assets | 2,545 | 636 |
Total non-current assets | 30,666 | 22,439 |
Total assets | 407,820 | 174,646 |
Current liabilities | ||
Accounts payables | 13,056 | 11,624 |
Deferred revenue | 64,957 | 50,402 |
Liabilities for warrants | 16,914 | 27,859 |
Lease liabilities | 2,159 | 2,711 |
Other current liabilities | 9,366 | 2,552 |
Total current liabilities | 106,452 | 95,148 |
Non-current liabilities | ||
Deferred revenue | 75,759 | 48,225 |
Lease liabilities | 12,403 | 7,142 |
Other non-current liabilities | 42 | 68 |
Total non-current liabilities | 88,204 | 55,435 |
Shareholders' equity | ||
Share capital | 767 | 629 |
Share premium | 714,177 | 565,192 |
Accumulated deficit | (500,299) | (537,813) |
Other reserves | (1,481) | (3,945) |
Total shareholders' equity | 213,164 | 24,063 |
Total liabilities and shareholders' equity | € 407,820 | € 174,646 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows of Immatics N.V. - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net profit/(loss) | € 37,514 | € (93,335) | € (211,841) |
Taxes on income | 4,522 | 0 | 0 |
Profit/(loss) before tax | 42,036 | (93,335) | (211,841) |
Adjustments for: | |||
Interest income | (2,476) | (133) | (850) |
Depreciation and amortization | 6,967 | 5,260 | 4,424 |
Interest expenses | 1,038 | 566 | 289 |
Share listing expense | 152,787 | ||
Equity settled share-based payment | 22,570 | 26,403 | 22,908 |
MD Anderson compensation expense | 45 | ||
(Decrease) Increase in other liabilities resulting from share appreciation rights | (2,036) | ||
Payment related to share-based compensation awards previously classified as equity-settled | (4,322) | ||
Net foreign exchange differences and expected credit losses | 2,953 | (2,408) | 437 |
Change in fair value of liabilities for warrants | (10,945) | 10,990 | (17,775) |
Changes in: | |||
(Increase)/decrease in accounts receivables | (429) | 569 | (294) |
(Increase) in other assets | (7,872) | (483) | (1,600) |
Increase/(decrease) in deferred revenue, accounts payables and other liabilities | 45,559 | (31,784) | (23,387) |
Interest received | 1,649 | 175 | 808 |
Interest paid | (695) | (566) | (289) |
Income tax paid | (224) | ||
Net cash provided by/(used in) operating activities | 100,131 | (84,746) | (80,696) |
Cash flows from investing activities | |||
Payments for property, plant and equipment | (5,738) | (5,106) | (7,420) |
Payments for investments classified in Other financial assets | (216,323) | (11,298) | (58,087) |
Proceeds from maturity of investments classified in Other financial assets | 12,695 | 24,448 | 49,662 |
Payments for intangible assets | (477) | (551) | (104) |
Proceeds from disposal of property, plant and equipment | 52 | ||
Net cash (used in)/provided by investing activities | (209,791) | 7,493 | (15,949) |
Cash flows from financing activities | |||
Proceeds from issuance of shares to equity holders | 134,484 | 94 | 217,918 |
Transaction costs deducted from equity | (7,931) | (7,939) | |
Repayment of lease liabilities | (2,843) | (2,707) | (2,096) |
Net cash provided by/(used in) financing activities | 123,710 | (2,613) | 207,883 |
Net increase/(decrease) in cash and cash equivalents | 14,050 | (79,866) | 111,238 |
Cash and cash equivalents at beginning of the year | 132,994 | 207,530 | 103,353 |
Effects of exchange rate changes and expected credit losses on cash and cash equivalents | 1,475 | 5,330 | (7,061) |
Cash and cash equivalents at end of the year | € 148,519 | € 132,994 | € 207,530 |
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 (deficit) attributable to shareholders of the parent [member] | Non-controlling interests [member] |
Beginning Balance at Dec. 31, 2019 | € (40,835) | € 1,164 | € 190,945 | € (233,194) | € (770) | € (41,855) | € 1,020 |
Other comprehensive income (loss) | (6,689) | (6,689) | (6,689) | ||||
Net profit/(loss) | (211,841) | (211,284) | (211,284) | (557) | |||
Comprehensive income/(loss) for the year | (218,530) | (211,284) | (6,689) | (217,973) | (557) | ||
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 | 238,044 | 180 | 237,864 | 238,044 | |||
SAR conversion | 7 | (7) | |||||
Total issuance of share capital | 328,121 | 298 | 328,331 | 328,629 | (508) | ||
Equity-settled share-based compensation | 22,908 | 22,908 | 22,908 | ||||
Payments related to share-based compensation awards previously classified as equity-settled | (4,322) | (4,322) | (4,322) | ||||
MD Anderson milestone compensation expense | 45 | € 45 | |||||
Ending Balance at Dec. 31, 2020 | 87,387 | 629 | 538,695 | (444,478) | (7,459) | 87,387 | |
Other comprehensive income (loss) | 3,514 | 3,514 | 3,514 | ||||
Net profit/(loss) | (93,335) | (93,335) | (93,335) | ||||
Comprehensive income/(loss) for the year | (89,821) | (93,335) | 3,514 | (89,821) | |||
Equity-settled share-based compensation | 26,403 | 26,403 | 26,403 | ||||
Share options exercised | 94 | 94 | 94 | ||||
Ending Balance at Dec. 31, 2021 | 24,063 | 629 | 565,192 | (537,813) | (3,945) | 24,063 | |
Other comprehensive income (loss) | 2,464 | 2,464 | 2,464 | ||||
Net profit/(loss) | 37,514 | 37,514 | 37,514 | ||||
Comprehensive income/(loss) for the year | 39,978 | 37,514 | 2,464 | 39,978 | |||
Equity-settled share-based compensation | 22,570 | 22,570 | 22,570 | ||||
Share options exercised | 311 | 311 | 311 | ||||
Issue of share capital – net of transaction costs | 126,242 | 138 | 126,104 | 126,242 | |||
Ending Balance at Dec. 31, 2022 | € 213,164 | € 767 | € 714,177 | € (500,299) | € (1,481) | € 213,164 |
Group information
Group information | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Group information | 1. Group information Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US Inc., (“Immatics” or “the Group”) is a biotechnology company that is primarily engaged in the research and development of T cell redirecting immunotherapies for the treatment of cancer patients. Immatics N.V., a Dutch public limited liability company, was converted on July 1, 2020 from Immatics B.V., a Dutch company with limited liability. Immatics Biotechnologies GmbH and Immatics US Inc. became wholly-owned subsidiaries of Immatics N.V. as part of the ARYA Merger (see Note 3) on July 1, 2020. Immatics N.V. is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany. Prior to July 1, 2020, Immatics N.V. was a shell company with no active trade or business or subsidiaries and all relevant assets and liabilities as well as income and expenses were borne by Immatics Biotechnologies GmbH and its U.S. subsidiary Immatics US, Inc. Immatics N.V. is the ultimate parent company of the Group. These annual consolidated financial statements of the Group for the year ended December 31, 2022 were authorized for issue by the Board of Directors of Immatics N.V. on March 22, 2023. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2022 | |
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. For technical reasons, the information provided in these financial statements may contain rounding differences of +/- one unit. The subsidiaries Immatics Biotechnologies GmbH and Immatics US Inc., are fully consolidated from the date upon which control was transferred to Immatics N.V. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between the Group are eliminated in full upon consolidation. The consolidated statement of profit or loss is prepared based on the function of expense method. The financial statements were prepared in accordance with the historical cost principle and on a going concern basis. This excludes financial liabilities for warrants, which are measured at fair value. The presentation in the consolidated statement of financial position distinguishes between current and non-current The reporting period for Immatics N.V. and its subsidiaries corresponds with the calendar year. The reporting period 2022 began on January 1, 2022 and ended on December 31, 2022. On July 1, 2020 and as part of the ARYA Merger, the non-controlling 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, bonds 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 of the financial statements. The accompanying consolidated financial statements have been prepared on a going concern basis. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern. 2.2 COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) COVID-19 COVID-19 2.3 Russian-Ukraine Conflict and macroeconomic environment The conflict between Russia and Ukraine has resulted, and is expected to further result, in significant disruption, instability and volatility in global markets, as well as higher energy and other commodity prices. Since the Company is not currently conducting any business or receiving any material services from vendors located in Russia or Ukraine, it does not expect that the ongoing war will have a direct impact on its operations in the near term. However, the Company may be indirectly affected by price increases or certain fiscal policy changes in Germany, such as new tax legislation, economic sanctions and comparable measures. |
ARYA Merger
ARYA Merger | 12 Months Ended |
Dec. 31, 2022 | |
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 a 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 €90.3 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 as well as the fair value of the warrants in the amount of €34.6 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 15) 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 to be part of the net assets acquired and therefore, management applied the provisions of debt and equity classification under IAS 32. Due to an option of cashless exercise of the Immatics Warrants, which gives Immatics a choice over how the warrant is settled with a settlement alternative, that results in Immatics delivering a variable number of shares. Therefore, the Immatics Warrants are accounted for as financial liability through profit and loss. • 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 (“ 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. Immatics also amended existing share-based compensation agreements held by employees of Immatics GmbH prior to the ARYA Merger (See Note 17), in addition to making additional cash and share-based payments to key management personnel (See Note 25). |
Application of new and revised
Application of new and revised international financial reporting standards | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021, except for the adoption of new standards and interpretations effective as of January 1, 2022. 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 Amendment IAS 16 – Property, Plant and Equipment (Proceeds before Intended Use) January 1, 2022 Amendment IAS 37 – Provisions, Contingent Liabilities and Contingent Assets (onerous Contracts–Cost of Fulfilling a Contract) January 1, 2022 Amendments to IFRS 3 – Business Combinations (Reference to the Conceptual Framework) January 1, 2022 Amendments to IFRS 1 – First-time Adoption of International Financial Reporting Standards January 1, 2022 Amendments to IFRS 9 – Financial Instruments January 1, 2022 Amendments to Illustrative Examples accompanying IFRS 16 January 1, 2022 Amendments to IAS 41 – Agriculture January 1, 2022 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 and interpretations have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2022: Standard/interpretation Effective date Potentially IFRS 17 – Insurance Contracts January 1, 2023 No Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements January 1, 2023 No Definition of Accounting Estimates (Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors) January 1, 2023 No Amendments to IAS 12 – Income Taxes January 1, 2023 No Amendment to IFRS 16 – Leases on sale and leaseback January 1, 2024 No Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current Non-current January 1, 2024 No 4.3 Revision of previously issued financial statements During the preparation of the unaudited interim consolidated financial statements for the three and nine months ended September 30, 2022, the Group identified an error in the presentation of ‘Net foreign exchange differences’ and ‘Effects of exchange rate changes on cash and cash equivalents’ in the statement of cash flows. The error resulted in a presentation of effects from exchange rate changes on non-functional non-cash This error had no impact on the Company’s consolidated statements of financial position, of profit/(loss), of comprehensive income/(loss) and of consolidated statements of changes in equity. The Company assessed the materiality of these errors on the previously issued consolidated financial statements and concluded that the errors were not material to any year presented. The impact of the revision of the previously issued financial statements is as follows: Year ended December 31, 2020 As reported Adjustment As revised Net foreign exchange differences (4,477 ) 4,914 437 Net cash provided by/(used in) operating activities (85,611 ) 4,914 (80,697 ) Net cash (used in)/provided by investing activities (15,949 ) — (15,949 ) Net cash (used in)/provided by financing activities 207,883 — 207,883 Net increase/(decrease) in cash and cash equivalents 106,324 4,914 111,238 Cash and cash equivalents at beginning of the year 103,353 — 103,353 Effects of exchange rate changes on cash and cash equivalents (2,147 ) (4,914 ) (7,061 ) Cash and cash equivalents at end of the year 207,530 — 207,530 Year ended December 31, 2021 As reported Adjustment As revised Net foreign exchange differences 554 (2,962 ) (2,408 ) Net cash provided by/(used in) operating activities (81,785 ) (2,962 ) (84,747 ) Net cash (used in)/provided by investing activities 7,493 — 7,493 Net cash (used in)/provided by financing activities (2,613 ) — (2,613 ) Net increase/(decrease) in cash and cash equivalents (76,904 ) (2,962 ) (79,866 ) Cash and cash equivalents at beginning of the year 207,530 — 207,530 Effects of exchange rate changes on cash and cash equivalents 2,368 2,962 5,330 Cash and cash equivalents at end of the year 132,994 — 132,994 We also reclassed €51 thousand from Provisions to Other current liabilities as of December 31, 2021. |
Summary of accounting policies
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 | 5. Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 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 of cash held at banks (including money market funds), short-term deposits and bonds with an original maturity of three months or less. 5.3 Financial assets Initial recognition and measurement Financial assets within the scope of IFRS 9 include cash and cash equivalents, short-term deposits, bonds and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus 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 twelve months, which are classified as Other financial assets. Short-term deposits with an original maturity of three months or less are classified as cash and cash equivalents. Under IFRS 9 short-term deposits are classified within financial assets at amortized costs. Bonds Immatics holds bonds with an original maturity of more than three months, which are classified as Other financial assets. The bonds` contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost. Receivables The Group has receivables from collaboration agreements. Receivables must be capitalized at the point in time at which the Group has become a contractual partner and an unconditional claim to cash and cash equivalents has arisen. In subsequent reporting periods, receivables are 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 and expenses Interest income and expenses from financial instruments are 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. Interest income and expenses are classified as financial income and expenses. As of December 31, 2020, Immatics was a counterparty in foreign exchange forward contracts. The contracts did 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 was considered within the Consolidated Statement of Profit/(Loss). As of December 31, 2022 and 2021, Immatics is not a counterparty in foreign exchange forward contracts. Impairment of financial assets Impairment losses on financial assets are recognized as financial expenses. The Group recognizes an allowance for expected credit losses (ECLs) for financial assets, see Note 16. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month 12-month 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 expenses 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 and installations 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. Immatics reviews potential triggering events to identify the need for an impairment test. 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 2022, 2021 and 2020 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. The Company’s financial liabilities include accounts payables, lease liabilities, warrant liabilities and other financial liabilities. Immatics recognized accounts payables and other current liabilities as other financial liabilities at amortized costs. Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments are initially recognized at fair value on the date on which the merger is consummated and are subsequently remeasured at fair value through profit or loss. The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting. 5.8 Leases 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. The lease term consists of the non-cancellable right-of-use To determine the IBR, 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, 2022 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, 2022, the Group had four strategic collaboration agreements in place, one with Genmab A/S, Copenhagen /Denmark (“Genmab”) and three with Bristol-Myers-Squibb (“BMS”). During the year ended December 31, 2022, the Group entered into new collaboration agreements with BMS. Three of the Group’s strategic collaboration agreements are in 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 IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration 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. Identify the performance obligations in the contract Pre-clinical Under the terms of these agreements, Immatics agrees to collaborate in the development, manufacture, and commercialization of cancer immunotherapy treatments for specified targets identified through the use of Immatics XPRESIDENT technology. As part of the collaboration arrangements, Immatics grants licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreements. Additionally, Immatics agrees to perform certain research activities under the collaboration agreements, including screening of highly specific molecules for reactivity with the specified targets and off-targets know-how, The Group performs an analysis to identify the performance obligations under the contract, including licenses and rights to future intellectual property developed under the contract and research activities. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct and distinct within the context of the contract. The licenses contributed under the collaboration agreements currently in place do not represent distinct performance obligations, because the Group’s collaboration partners would likely be unable to derive significant benefits from their access to these targets without Immatics’ research activities. Identification of a viable product candidate that will bind to the targets specified in the agreements requires use of the Group’s XPRESIDENT technology and database of target and off-target Clinical collaboration agreement (BMS IMA401 agreement) Under the terms of the agreement, Immatics granted to Bristol-Myers Squibb an exclusive, worldwide, sublicensable license to develop, manufacture, and commercialize IMA401. Under the Agreement, Immatics is also responsible for, and will bear the cost of, the first Phase 1 clinical trial. The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The license contributed under the collaboration agreement represents a distinct performance obligation, because they are separately identifiable from other promises in the BMS IMA401 agreement. Determine the transaction price Upfront payment Each of the Group’s strategic collaboration agreements includes a non-refundable cost-to-cost The cost-to-cost In the Group’s BMS IMA401 agreement, the Group determined the underlying stand-alone selling price for each performance obligation to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price requires significant judgement regarding the estimation approach of the stand-alone selling prices for the distinct performance obligations as well as significant estimates regarding the expected cost for future services, profit margins and development timelines. Reimbursement for services Under the collaboration agreement with Genmab, the Group receives reimbursement for employee research and development costs. These employee costs are presented as research and development expenses, while reimbursements of those costs, which is based on an FTE rate defined in the contract, are part of the transaction price and presented as revenue and not deducted from expenses. Development and Commercial Milestones The collaboration agreements include contingent payments related to development and commercial milestone events. These milestone payments represent variable consideration that are not initially recognized within the transaction price, due to the scientific uncertainties and the required commitment from the collaboration partners to develop and commercialize a product candidate. The Group assesses the probability of significant 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. 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 17. 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 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 reporting currency. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date. The Consolidated Statement of Profit/(Loss) is translated at average exchange rates. The currency translation differences are recognized in other comprehensive income. Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates, at the date the transaction first qualifies for recognition. The Group determined the functional currency of Immatics Biotechnologies GmbH to be Euros and of Immatics US Inc. to be USD. The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary: 2022 2021 2020 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.93756 0.94888 0.88292 0.84495 0.81493 0.87621 5.12 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 5.13 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 it is virtually certain that reimbursement will be received if the Group settles the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax 5.14 Deferred income tax Deferred income tax results from temporary differences between the carrying amount of an asset or a liability and its tax base. Deferred income tax is provided in full using the liability method on temporary differences. In accordance with IAS 12 (“Income Taxes”), the deferred tax assets and liabilities reflect all temporary valuation and accounting differences between financial statements prepared for tax purposes and our consolidated financial statements. Tax losses carried forward are considered in 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, 2022 | |
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Significant accounting judgments, estimates and assumptions | 6. Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. In particular, material management judgments and estimation uncertainties apply to the recognition and measurement of income taxes (incl. deferred taxes), the revenue recognition from collaboration agreements and the measurement of share-based payments. Management bases its assessment of these judgments and estimation uncertainties on past experience, estimates from experts (lawyers, tax consultants, etc.) and the results of carefully weighing up different scenarios. Actual events and developments that lie beyond the control of management may deviate considerably from the expressed developments and assumptions. For this reason, the Group examines the estimates and assumptions made on an ongoing basis. Changes in estimates are recognized in profit or loss as soon as better information is available. Taxes Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expenses already recorded. Deferred tax assets are recognized for unused tax losses to the extent, that it is probable that taxable profit will be available which can be utilized against the losses. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Due to the Group’s history of loss-making over the last several years as well as the plans for the foreseeable future, the Group has not recognized any deferred tax assets on tax losses carried forward. Changes in the estimation of our potential to use tax losses carried forward can have a material effect on the Group`s net income. For more information, see Note 21. 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 pre-clinical cost-to-cost For the BMS IMA401 agreement, the Group assessed that these promises were two distinct performance obligations, the granted license and the conduct of clinical trial services. Since the collaboration agreement consist of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation and allocated the transaction price to the performance obligations. The Group used for the performance obligation related to clinical trial services, the expected cost method, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. The Group decided to estimate a stand-alone selling price for the performance obligation related to the license by using the residual approach, since it is a unique license and there is no available market price for the license. 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. For more information, see Note 13. Share-based payments Determining the fair value of share-based payment transactions requires the most appropriate valuation for the specific program, which depends on the underlying terms and conditions. Management determined the value of share-based awards with the assistance of a third-party valuation specialist using certain assumptions, such as volatility, risk-free interest rate, exercise pattern and expected dividends. Changes in these estimates can have a material effect on share-based expenses recognized. For more information, see Note 17. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
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Accounts receivable | 7. Accounts receivables As of December 31, December 31, (Euros in thousands) Receivables from collaboration agreements 1,111 682 Total 1,111 682 As of December 31, 2022, and 2021, no expected credit losses were recognized. |
Other current and non-current a
Other current and non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
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Other current and non-current assets | 8. Other current and non-current Other current assets consist of the following: As of December 31, December 31, (Euros in thousands) Prepaid expenses 10,450 3,781 Value added tax receivables 1,031 915 Grant receivables — 762 Other assets 2,357 950 Total 13,838 6,408 On May 27, 2022, Immatics US, Inc. entered into a Research collaboration and License agreement (the “Editas agreement”) with Editas Medicine, Inc. (“Editas”). The Editas agreement became effective on May 27, 2022. Pursuant to the Editas agreement, the Group paid upfront a one-time non-refundable non-exclusive Prepaid expenses include expenses for licenses and software of €7.4 million as of December 31, 2022 and €0.5 million as of December 31, 2021 and prepaid insurance expenses of €1.2 million as of December 31, 2022 and €1.3 million as of December 31, 2021. The Group accrued €0.4 million as of December 31, 2022 and €0.7 million as of December 31, 2021 of incremental cost for the successful arrangement of the BMS collaboration signed in 2019 and the Genmab collaboration agreement. Additionally, prepaid expenses include expenses for maintenance of €0.7 million as of December 31, 2022 and €0.8 million as of December 31, 2021. The remaining amount is mainly related to prepaid expenses for contract research organizations and prepaid rent. Other assets include receivables from lease incentive, capital gains tax and prepaid deposit expenses. Other non-current As of December 31, December 31, (Euros in thousands) Prepaid expenses 1,906 636 Other assets 639 — Total 2,545 636 Prepaid expenses include the non-current non-current |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
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Property, plant and equipment | 9. Property, plant and equipment Property, plant and equipment consist of the following: (Euros in thousands) Laboratory Computer Office Total Cost as of January 1, 2021 15,968 3,322 3,146 22,436 Additions 3,487 1,105 489 5,081 Disposals (144 ) — — (144 ) Currency translation differences 319 43 26 388 Cost as of December 31, 2021 19,630 4,470 3,661 27,761 Accumulated depreciation as of January 1, 2021 (10,476 ) (2,428 ) (1,665 ) (14,569 ) Additions (1,501 ) (508 ) (565 ) (2,574 ) Disposals 144 — — 144 Currency translation differences (219 ) (30 ) (7 ) (256 ) Accumulated depreciation as of December 31, 2021 (12,052 ) (2,966 ) (2,237 ) (17,255 ) Net book value as of December 31, 2021 7,578 1,504 1,424 10,506 Cost as of January 1, 2022 19,630 4,470 3,661 27,761 Additions 3,006 409 2,681 6,096 Disposals (148 ) (9 ) (7 ) (164 ) Currency translation differences 249 28 (32 ) 245 Cost as of December 31, 2022 22,737 4,898 6,303 33,938 Accumulated depreciation as of January 1, 2022 (12,052 ) (2,966 ) (2,237 ) (17,255 ) Additions (2,143 ) (653 ) (333 ) (3,129 ) Disposals 96 9 7 112 Currency translation differences (180 ) (26 ) (4 ) (210 ) Accumulated depreciation as of December 31, 2022 (14,279 ) (3,636 ) (2,567 ) 20,482 Net book value as of December 31, 2022 8,458 1,262 3,736 13,456 The Groups additions within Office equipment and installations include leasehold improvements for the research and commercial GMP manufacturing facility construction in Houston, Texas of €2.5 million as of December 31, 2022. Depreciation expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Research and development expenses (2,039 ) (1,684 ) (1,502 ) General and administrative expenses (1,090 ) (890 ) (600 ) Total (3,129 ) (2,574 ) (2,102 ) |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
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Intangible assets | 10. Intangible assets Intangible assets consist of the following: (Euros in thousands) Patents Software Total Cost as of January 1, 2021 1,132 738 1,870 Additions 320 162 482 Currency translation differences 99 8 107 Cost as of December 31, 2021 1,551 908 2,459 Accumulated amortization as of January 1, 2021 (403 ) (554 ) (957 ) Additions (54 ) (106 ) (160 ) Currency translation differences (23 ) (4 ) (27 ) Accumulated amortization as of December 31, 2021 (480 ) (664 ) (1,144 ) Net book value as of December 31, 2021 1,071 244 1,315 Cost as of January 1, 2022 1,551 908 2,459 Additions 405 73 478 Currency translation differences 73 7 80 Cost as of December 31, 2022 2,029 988 3,017 Accumulated amortization as of January 1, 2022 (480 ) (664 ) (1,144 ) Additions (60 ) (158 ) (218 ) Currency translation differences (19 ) (4 ) (23 ) Accumulated amortization as of December 31, 2022 (559 ) (826 ) (1,385 ) Net book value as of December 31, 2022 1,470 162 1,632 Amortization expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Research and development expenses (93 ) (35 ) (31 ) General and administrative expenses (125 ) (125 ) (95 ) Total (218 ) (160 ) (126 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | 11. Leases Right-of As of December 31, December 31, (Euros in thousands) Buildings 12,409 9,028 Laboratory equipment 392 669 IT and telecommunication 90 177 Vehicles 126 74 Other assets 16 34 Total 13,033 9,982 Lease liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Lease liabilities – current 2,159 2,711 Lease liabilities – non-current 12,403 7,142 Total 14,562 9,853 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 2022 2021 2020 (Euros in thousands) Buildings (3,151 ) (2,199 ) (2,036 ) Laboratory equipment (277 ) (162 ) — IT and telecommunication (103 ) (98 ) (101 ) Vehicles (66 ) (59 ) (50 ) Other assets (23 ) (8 ) (8 ) Total (3,620 ) (2,526 ) (2,195 ) Interest expenses from leases (613 ) (288 ) (260 ) Expenses relating to short-term leases and low-value (190 ) (95 ) (51 ) The total cash payments for leases were €3.6 million, €3.2 million and €2.4 million for the year ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the Group has committed lease payments associated with lease liabilities of €18.6 million, of which €3.6 million will occur in the next 12 months. The remaining lease payments will occur between January 1, 2024 and February 28, 2033. The Group has several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group’s business needs. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. The undiscounted potential future lease payments, which relate to periods after the exercise date of renewal options and are not included in lease liabilities, amount up to €24.6 million until 2043 for the year ended December 31, 2022 and up to €10.4 million until 2043 for the year ended December 31, 2021. For commitments for future lease payments, refer to Note 24. |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2022 | |
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Accounts payable | 12. Accounts payables Accounts payables consist of the following: As of December 31, December 31, (Euros in thousands) Accounts payables 4,025 3,009 Accrued liabilities 9,031 8,615 Total 13,056 11,624 Accrued liabilities classified within accounts payables mainly relate to outstanding invoices totaling €9.0 million and €8.6 million as of December 31, 2022 and 2021, respectively. |
Revenue from collaboration agre
Revenue from collaboration agreements | 12 Months Ended |
Dec. 31, 2022 | |
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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, 2022, the Group had four strategic collaboration agreements in place after the Amgen collaboration was terminated in 2021 and the GSK collaboration was terminated in 2022. As part of these collaboration arrangements, Immatics grants exclusive licensing rights or options thereto for the development and commercialization of future product candidates, developed for several targets defined in the respective collaboration agreements, in addition to research activities, including screening of highly specific molecules for reactivity with the specified targets and off-targets know-how, The Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. As of December 31, 2022, Immatics had not received any milestone or royalty payments in connection with the collaboration agreements. The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract. Deferred revenues are contract liabilities within the scope of IFRS 15. Each of the Group’s strategic collaboration agreements included a non-refundable payments exceeded the Group’s right to consideration for services performed under each collaboration agreement. Therefore, only deferred revenue net of contract assets is presented as of December 31, 2022, December 31, 2021 and December 31, 2020, respectively. Genmab Collaboration Agreement In July 2018, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Genmab to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancer indications. Under the agreement, Immatics and Genmab conduct joint research to combine Immatics’ XPRESIDENT and Bispecific TCR technology platforms with Genmab’s proprietary antibody technologies to develop multiple bispecific immunotherapies in oncology. The two companies plan to develop immunotherapies directed against three proprietary targets. Genmab will be responsible for development, manufacturing and worldwide commercialization. Immatics will have an option to contribute certain promotion efforts at predetermined levels in selected countries in the EU. The Genmab collaboration agreement contains a maximum of $550 million of milestone payments for each licensed product resulting from the collaboration. In addition, Immatics is entitled to receive royalty payments. Royalty rates are based on aggregate net sales of a licensed product. The agreement provides for higher royalty rates as annual net sales of a licensed product increases. Under the agreement, the royalty rates begin in the high single-digits, increasing to the low tens as a percentage of aggregate annual net sales of a licensed product. The Group received a non-refundable cost-to-cost The Group recognized €9.6 million, €6.9 million and €11.2 million of revenue associated with the upfront payment and with reimbursements for research and development costs performed, for the years ended December 31, 2022, 2021 and 2020, respectively. Total deferred revenue under the agreement was €12.1 million and €19.9 million as of December 31, 2022 and 2021, respectively. BMS Collaboration Agreement In August 2019, Immatics Biotechnologies GmbH and BMS entered into a collaboration and option agreement to develop novel adoptive cell therapies targeting multiple cancers. Under the agreement, Immatics may develop T Cell Receptor Engineered T Cell Therapy (TCR-T) TCR-T opt-in TCR-T Immatics would have certain early-stage co-development co-funding TCR-T mid-single-digits, The Group received a non-refundable cost-to-cost On June 1, 2022, Immatics Biotechnologies GmbH entered into an Amendment to the Strategic Collaboration Agreement originally signed in 2019 (the “amendment”) with BMS. Pursuant to the amendment, the Group received a € million ($ million) upfront The Group recognized € million, € million and € million of revenue associated with the upfront payment for the years ended December 31, 2022, 2021 and 2020, respectively. Total deferred revenue under the agreement was € million and € million as of December 31, 2022 and 2021, respectively. BMS IMA401 Collaboration Agreement On December 10, 2021, Immatics Biotechnologies GmbH entered into a License, Development and Commercialization agreement (the “BMS IMA401 agreement”) with BMS. The BMS IMA401 agreement became effective on January 26, 2022, after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on January 25, 2022. Pursuant to the BMS IMA401 agreement, the Group received a co-fund co-promote Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the BMS IMA401 agreement represent one performance obligation, combined performance obligations or multiple performance obligations, the allocation of the transaction price to identified performance obligations, and the determination of whether milestone payments should be included in the transaction price. The Group concluded that BMS is a customer since the BMS IMA401agreement does contain elements of a customer relationship even though it is a collaboration agreement, where to some degree both risks and benefits are shared between the Group and BMS. The BMS IMA401 agreement clearly states deliverables to be delivered by the Group and BMS as mentioned below and creates enforceable rights and obligations. The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The manufacturing of the product for the trial is already completed. The clinical trial will evaluate safety, tolerability, and initial anti-tumor activity of IMA401 in patients with recurrent and/or refractory solid tumors, but there is no modification planned as part of this. With the end of the pre-clinical At inception of the BMS IMA401 agreement, the Group determined the transaction price. We evaluated inclusion of the milestones as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The contractual agreed milestone payments with BMS relate to the license. Based on that the Group concluded that no variable consideration was considered as transaction price at contract inception. At the end of each reporting period, the Group re-evaluates The Group is required to allocate the determined transaction price of €133 million ($150 million) to the two separate identified performance obligations of the BMS IMA401 agreement, based on the standalone selling price of each performance obligation as the upfront payment of €133 million ($150 million) covers the cost of clinical trial services as well as an initial payment for the license. Since the BMS IMA401 agreement consist of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price included estimates regarding forecasted cost for future services, profit margins and development timelines. The most reasonable estimation method for the performance obligation related to clinical trial services is the expected cost method, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. On top of the forecast of expected costs, the Group added an appropriate profit margin based on average company profit margins for clinical trial services. To estimate a stand-alone selling price for the performance obligation related to the IMA401 license, the Group concluded to use the residual approach due to the fact that the license is a unique license and there is no available market price for the license and hence no specific stand-alone selling price apart from the residual amount was identified. The Group concluded following transaction price allocation of the €133 million ($150 million) upfront payment as of March 31, 2022: 1. Stand-alone selling price for clinical trial services: €42 million 2. Stand-alone selling price for the license grant: €91 million The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over the granted license is transferred at a point in time, after BMS obtains the rights to use the license at the effective date of the agreement. The performance obligation related to promised clinical trial services is satisfied over time. The Group transfers control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost For the year ended December 31, 2022, €6.9 million revenue was recognized based on the cost-to-cost Allogeneic ACT Collaboration Agreement On June 1, 2022, Immatics US, Inc. entered into a License, Development and Commercialization agreement (the “Allogeneic ACT agreement”) with Bristol-Myer-Squibb Company (“BMS”). Pursuant to the Allogeneic ACT agreement, the Group received a $60 million upfront cash payment plus an additional payment of $5 million related to the performance obligations under the contract. Applying the foreign exchange rate of June 1, 2022, the received payments represent €60.7 million. As the contract is accounted for in the functional currency of Immatics US, Inc., US Dollar, the € amount is subject to currency fluctuations. The Group identified the transfer of an exclusive right and license with the right to grant sublicenses under the Immatics Licensed IP, technology transfer, contractually agreed research and development services including participation in Joint Steering Committee meetings and the delivery of research progress reports to BMS as a combined performance obligation. The Group is eligible to receive up to $700 million development, regulatory and commercial milestone payments, in addition to tiered royalty payments of up to low double-digit percentages on net product sales. Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the Allogeneic ACT agreement represent one combined performance obligation or multiple performance obligations and the determination of whether milestone payments should be included in the transaction price. The Group concluded that BMS is a customer since BMS obtains through the Allogeneic ACT agreement the output of Immatics’ ordinary activities in exchange for a consideration. The Allogeneic ACT agreement clearly states the deliverables to the Group and BMS as mentioned below and creates enforceable rights and obligations. The Group granted to BMS exclusive access to licensed products and is performing research and development services. The research and development services performed by the Group will cover preclinical development of the initial two Bristol Myers Squibb-owned programs and is not distinct from the licensed IP, since the preclinical platform does not have a standalone value without further development. Based on the facts and circumstances, the collaboration agreement contains multiple promises, which aggregate to a combined performance obligation. At inception of the Allogeneic ACT agreement, the Group determined the transaction price. The Group evaluated inclusion of the milestones as well as potential cost reimbursements as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For the contractual agreed milestone payments with BMS, the license is predominant. Based on that the Group concludes that no variable consideration is considered as transaction price at contract inception. At the end of each reporting period, the Group re-evaluates The Group allocated the determined total transaction price of €66.1 million ($70.8 million) consisting of the received payments of €60.7 million ($65 million) as well as cost reimbursements to the single combined performance obligation of the Allogeneic ACT agreement. Based on the facts mentioned above the Group determined that the combined performance obligation related to promised research and development services is satisfied over time and therefore revenue will be recognized over time as costs for the research and development services incurred using a cost-to-cost At inception of the Allogeneic ACT agreement, €60.7 million were initially deferred on the Groups Consolidated Statement of Financial Position. The Group recognized €4.9 million of revenue associated with the upfront payment for the year ended December 31, 2022. Total deferred revenue under the agreement was €56.2 million and €0.0 as of December 31, 2022 and 2021, respectively. Amgen Collaboration Agreement In December 2016, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Amgen to develop next-generation, T cell engaging bispecific immunotherapies targeting multiple cancers. The Group received a non-refundable cost-to-cost The collaboration with Amgen has been discontinued in October 2021. As a result, the Group will not receive any future milestone or royalty payments under the collaboration. The Group recognized the remaining deferred revenue balance of € million as of December 31, 2021, no further revenue will be recognized from the collaboration thereafter. The Group recognized € million and € million of revenue associated with the upfront payment during the years ended December 31, 2021 and 2020, respectively. Total deferred revenue under the agreement was € million as of December 31, 2022 and 2021, respectively. GSK In December 2019, Immatics entered into a collaboration agreement with GSK to develop novel adoptive cell therapies targeting multiple cancer indications. The Group received a non-refundable cost-to-cost The collaboration with GSK has been discontinued in October 2022. As a result, the Group will not receive any future milestone or royalty payments under the collaboration. The Group recognized the remaining deferred revenue balance of €36.8 million as of December 31, 2022, no further revenue will be recognized from the collaboration thereafter. The Group recognized €37.1 million, €4.5 million and €3.7 million of revenue associated with the upfront payment for the years ended December 31, 2022, 2021 and 2020, respectively. Total deferred revenue under the agreement was €0.0 million and €36.8 million as of December 31, 2022 and 2021, respectively. Revenue from collaboration agreements were realized with the following partners: Year ended December 31, 2022 2021 2020 (Euros in thousands) Revenue from collaboration agreements: Genmab, Denmark 9,617 6,929 11,204 BMS, United States 126,100 13,138 11,489 Amgen, United States — 10,228 4,865 GSK, United Kingdom 37,114 4,468 3,695 Total 172,831 34,763 31,253 Deferred revenue related to the collaboration agreements consist of the following: As of December 31, December 31, (Euros in thousands) Current 64,957 50,402 Non-current 75,759 48,225 Total 140,716 98,627 Cost to obtain a contract The Group incurred costs from a third party, who assists in identifying collaboration partners. The Group recognizes an asset to the extent these costs are incremental and directly related to a specific contract. The Group then amortizes the asset consistently with the pattern of revenue recognition for the related contracts. Total assets, net of amortization, for these capitalized costs of obtaining a contract were €0.5 million and €0.9 million as of December 31, 2022 and 2021, respectively, which are classified in other current assets and other non-current As of December , , the Group is potentially liable to pay € million ($ 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. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Other current liabilities | 14. Other current liabilities Other current liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Income tax liability 4,298 — Payroll tax 3,426 1,760 Accrual for vacation 806 607 Accrued bonuses 680 — Other liabilities 156 185 Total 9,366 2,552 Other current liabilities are non-interest-bearing |
Share listing expense and chang
Share listing expense and change in fair value of warrant liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Share listing expense and change in fair value of warrant liabilities | 15. Share listing expense and change in fair value of warrant liabilities As described in Note 3, the ARYA Merger led to a share listing expense. Immatics issued shares with a fair value of €243.1 million to ARYA shareholders, comprised of the fair value of Immatics shares, that were issued to ARYA shareholders of €13.53 per share. In exchange, Immatics received the identifiable net assets held by ARYA, which had a fair value upon closing of €90.3 million, comprising of cash and cash equivalents held in ARYA’s trust account partly offset by current liabilities by ARYA and financial liabilities in the amount of €34.4 million accounted for the 7,187,500 ARYA Warrants considering a fair value of the warrants of €4.82 per warrant (price of ARYA Warrants at Closing of the ARYA Merger). 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 — € Fair value of TopCo Shares issued to ARYA shareholders (a * b) € 243,071 — (d) Outstanding ARYA Warrants — 7,187,500 € Closing price of ARYA Warrants on Nasdaq as of July 1, 2020 € 4.82 — (f) Fair value of outstanding ARYA Warrants € 34,644 — (g) Cash and cash equivalents held in ARYA’s trust account € 128,849 (h) Current liabilities by ARYA € 3,921 ARYA’s identifiable net assets (g-f-h) € 90,284 — IFRS 2 expense on the closing date € 152,787 — Upon closing of the ARYA Merger, ARYA Warrants were converted into Immatics Warrants. The financial liabilities for the Immatics Warrants are accounted for at fair value through profit and loss. The fair value of warrants decreased from €3.88 ($4.39) per warrant as of December 31, 2021 to €2.35 ($2.51) per warrant as of December 31, 2022. The result is a decrease in fair value of warrant liabilities of €10.9 million ($11.5 million) for the year ended December 31, 2022. The fair value of warrants increased from €2.35 ($2.88) per warrant as of December 31, 2020 to €3.88 ($4.39) per warrant as of December 31, 2021. The result is an increase in fair value of warrant liabilities of €11.0 million ($13.0 million) for the year ended December 31, 2021. The fair value of warrants decreased from €4.82 ($5.41) per share as of July 1, 2020 to €2.35 ($2.88) per share as of December 31, 2020. The result is a change in fair value of warrant liabilities of €17.8 million ($20.3 million) for the year ended December 31, 2020. |
Other financial income and expe
Other financial income and expenses | 12 Months Ended |
Dec. 31, 2022 | |
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Other financial income and expenses | 16. Other financial income and expenses Other financial income and financial expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Interest income 2,476 133 850 Foreign currency gains 6,940 5,542 — Gains on other financial instruments — — 2,099 Other financial income 9,416 5,675 2,949 Interest expenses (1,038 ) (566 ) (289 ) Foreign currency losses (6,500 ) (276 ) (9,774 ) Losses on financial instruments (741 ) (884 ) — Other financial expenses (8,279 ) (1,726 ) (10,063 ) Interest income mainly results from short-term deposits as well as cash balances for the year ended December 31, 2022. Interest expenses mainly results from IFRS 16 and from negative interest rates. Foreign currency gains and losses mainly consist of realized and unrealized gains and losses in connection with our USD holdings of cash and cash equivalents, short-term deposits as well as bonds. Losses on financial instruments includes expected credit losses on cash and cash equivalents and Other financial assets for the year ended December 31, 2022 and losses from foreign currency forward contracts for the year ended December 31, 2021. Gains 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-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2022 | |
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Share-based payments | 17. 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. At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”). The 2022 Equity Plan allows the company to grant additional options. 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 expenses 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 In accordance with the employee re-investment (“Re-investment Re-investment Re-investment 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, 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 % Matching Stock Options outstanding as of December 31, 2022: 2022 Weighted average Number Matching Stock Options outstanding on January 1, 10.00 1,406,468 Matching Stock Options forfeited — — Matching Stock Options exercised 10.00 11,910 Matching Stock Options expired 10.00 46,554 Matching Stock Options outstanding on December 31, 10.00 1,348,004 Matching Stock Options exercisable on December 31, 10.00 1,348,004 Weighted average remaining contract life (years) 7.50 Matching Stock Options outstanding as of December 31, 2021: 2021 Weighted average Number Matching Stock Options outstanding on January 1, 10.00 1,422,556 Matching Stock Options forfeited 10.00 9,254 Matching Stock Options exercised 10.00 6,834 Matching Stock Options expired — — Matching Stock Options outstanding on December 31, 10.00 1,406,468 Matching Stock Options exercisable on December 31, 10.00 1,413,302 Weighted average remaining contract life (years) 8.50 Matching Stock Options outstanding as of December 31, 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 exercised — — Matching Stock Options expired — — Matching Stock Options outstanding on December 31, 10.00 1,422,556 Matching Stock Options exercisable on December 31, — — 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 % Converted Options outstanding as of December 31, 2022: 2022 Weighted average Number Converted Options outstanding on January 1, 2.64 566,311 Converted Options forfeited 1.36 12,328 Converted Options exercised 1.24 20,337 Converted Options expired 1.35 8,465 Converted Options outstanding on December 31, 2.74 525,181 Converted Options exercisable on December 31, 2.75 392,258 Weighted average remaining contract life (years) 5.01 Converted Options outstanding as of December 31, 2021: 2021 Weighted average Number Converted Options outstanding on January 1, 2.58 594,844 Converted Options forfeited 1.30 18,548 Converted Options exercised 1.29 8,180 Converted Options expired 1.29 1,805 Converted Options outstanding on December 31, 2.64 566,311 Converted Options exercisable on December 31, 2.61 193,727 Weighted average remaining contract life (years) 6.01 Converted Options outstanding as of December 31, 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 exercised — — Converted Options expired — — Converted Options outstanding on December 31, 2.58 594,844 Converted Options exercisable on December 31, 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 and 2022 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. At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”). The 2022 Equity Plan allows the company to grant additional options. The Company granted Service Options, which were accounted for using the respective grant date fair value. Immatics applied a Black Scholes pricing model to estimate the fair value of the Service Options, with a weighted average fair value of $6.93, $11.22 and $9.35 for Service Option granted during the year ended December 31, 2022, 2021 and 2020, respectively. As of December 31, As of December 31, As of December 31, Exercise price in USD $ 9.39 $ 11.22 $ 9.87 Underlying share price in USD $ 9.39 $ 11.22 $ 12.70 Volatility 85.44 % 82.18 % 78.83 % Time period (years) 6.07 6.11 6.56 Risk free rate 3.48 % 1.27 % 0.37 % Dividend yield 0.00 % 0.00 % 0.00 % Service Options outstanding as of December 31, 2022: 2022 Weighted average Number Service Options outstanding on January 1, 10.57 3,725,619 Service Options granted in 2022 9.39 2,619,720 Service Options forfeited 10.63 182,832 Service Options exercised 10.40 16,312 Service Options expired 10.22 17,035 Service Options outstanding on December 31, 10.07 6,129,160 Service Options exercisable on December 31, 10.33 1,438,413 Weighted average remaining contract life (years) 8.87 Service Options outstanding as of December 31, 2021: 2021 Weighted average Number Service Options outstanding on January 1, 9.87 1,910,182 Service Options granted in 2021 11.22 1,967,708 Service Options forfeited 10.01 149,178 Service Options exercised 10.00 3,093 Service Options expired — — Service Options outstanding on December 31, 10.57 3,725,619 Service Options exercisable on December 31, 9.86 557,401 Weighted average remaining contract life (years) 9.36 Service Options outstanding as of December 31, 2020: 2020 Weighted average Number Service Options outstanding on January 1, — — Service Options granted in 2020 9.87 1,963,566 Service Options forfeited 10.00 53,384 Service Options exercised — — Service Options expired — — Service Options outstanding on December 31, 9.87 1,910,182 Service Options exercisable on December 31, — — Weighted average remaining contract life (years) 9.72 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 Company granted PSUs on September 28, 2021 which were accounted for by considering a fair value of $8.00. A Monte-Carlo simulation model has been used to measure the fair value at grant date of the PSUs. This model incorporates the impact of the performance criteria regarding market capitalization 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 Exercise price in USD $ 12.92 Underlying share price in USD $ 12.92 Volatility 77.16 % Time period (years) 3.75 Risk free rate 1.49 % Dividend yield 0.00 % The Company granted 3,644,000 PSUs on June 30, 2020, which were accounted for by considering a fair value of $11.10 and granted 255,000 PSUs on September 14, 2020, which 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 December Exercise price in USD $ 10.00 Underlying share price in USD $ 14.76 Volatility 78.93 % Time period (years) 6.98 Risk free rate 0.66 % Dividend yield 0.00 % PSUs outstanding as of December 31, 2022: 2022 Weighted average exercise Number PSUs outstanding on January 1, 10.08 3,696,000 PSUs granted — — PSUs forfeited 10.00 30,000 PSUs outstanding on December 31, 10.08 3,666,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 7.98 PSUs outstanding as of December 31, 2021: 2021 Weighted average exercise Number PSUs outstanding on January 1, 10.00 3,644,000 PSUs granted in 2021 12.92 100,000 PSUs forfeited 10.00 48,000 PSUs outstanding on December 31, 10.08 3,696,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 8.98 PSUs outstanding as of December 31, 2020: 2020 Weighted average exercise Number PSUs outstanding on January 1, — — PSUs granted in 2020 10.00 3,899,000 PSUs forfeited 10.00 255,000 PSUs outstanding on December 31, 10.00 3,644,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 9.60 The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2022, 2021 and 2020 as set out below: Year ended 2022 2021 2020 (Euros in thousands) Research and development expenses (12,925 ) (15,564 ) (14,546 ) General and administrative expenses (9,645 ) (10,839 ) (10,973 ) Total share-based compensation (22,570 ) (26,403 ) (25,519 ) |
Shareholders' equity (deficit)
Shareholders' equity (deficit) | 12 Months Ended |
Dec. 31, 2022 | |
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Shareholders' equity (deficit) | 18. 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 €327.8 million. The Group issued in 2022, 2.8 million shares under the ATM agreement with SVB Securities LLC and collected a gross amount of €20.8 million less transaction costs of €0.6 million, resulting in an increase in share capital of €28 thousand and share premium of €20.2 million. On October 12, 2022, the Group closed a registered direct offering, of 10,905,000 ordinary shares with a public offering price of $10.09 per ordinary share and received a gross amount of €113.4 million less transaction costs of €7.3 million, resulting in an increase in share capital of €109 thousand and share premium of €106.1 million. In addition, the Group issued shares from exercises of stock options by employees. As of December 31, 2022 and 2021, the total number of ordinary shares of Immatics N.V. outstanding is 76,670,699 and 62,926,816 with a par value of €0.01, respectively. Other reserves are related to accumulated foreign currency translation amounts associated with the Group’s US operations. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2022 | |
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Non-controlling interests | 19. 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 cancelled 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 The loss allocated to the non-controlling |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2022 | |
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Personnel expenses | 20. Personnel expenses Personnel expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Wages and salaries Research and development expenses (33,694 ) (21,993 ) (15,277 ) General and administrative expenses (9,230 ) (7,105 ) (6,968 ) Total Wages and salaries (42,924 ) (29,098 ) (22,245 ) Other employee benefits Research and development expenses (5,662 ) (3,550 ) (2,624 ) General and administrative expenses (2,049 ) (1,536 ) (1,015 ) Total other employee benefits (7,711 ) (5,086 ) (3,639 ) Share-based compensation expenses Research and development expenses (12,925 ) (15,564 ) (14,546 ) General and administrative expenses (9,645 ) (10,839 ) (10,973 ) Total share-based compensation expenses (22,570 ) (26,403 ) (25,519 ) Total (73,205 ) (60,587 ) (51,403 ) 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 2022, 2021 and 2020, total Group contributions to the defined contribution plan amounted to €0.9 million, €0.2 million and €0.2 million, respectively. For the year ended December 31, 2022, 2021 and 2020, other employee benefits also include employee health insurance costs amounting to €0.8 million, €0.6 million and €0.4 million for Immatics US Inc., statutory social expenses amounting to €3.2 million, €2.4 million and €1.7 million for our German operations and other miscellaneous expenses amounting to €0.1 million, €0.1 million and €0.1 million, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
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Income Tax | 21. Income Tax During the year ended December 31, 2022, the Group generated a net income due to the recognition of revenue in connection with the license component of the BMS IMA401 Collaboration agreement. This one-time The Group’s German operations were subject to a statutory tax rate of 30.4% during 2022 and of 29.1% during 2021 and 2020. The Group’s German statutory tax rate increased by 1.3% in comparison to the previous period due to increased trade tax rates. In the U.S., the Group was subject to a corporate income tax rate of for the year ended December 31, 2022, 2021 and 2020. For Immatics Biotechnologies GmbH, the Group recognized a current income tax expense of €4.5 million for the year ended December 31, 2022. The current income tax expense is calculated based on taxable income of Immatics Biotechnologies GmbH for the year ended December 31, 2022. Since no deferred tax assets have been recognized as of December 31, 2021, the Group took into account the tax losses carried forward that can be used to offset the taxable income generated in the year ended December 31, 2022. In accordance with §10d para 2 EStG (German income tax code), % of an income of a given year can be offset with tax losses carried forward. Accordi ngly, % of the income before tax of Immatics Biotechnologies GmbH are subject to income tax. As the profit is considered a one-time on , 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 Profit/(Loss) and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2022, 2021 and 2020 is as follows: Year ended December 31, 2022 2021 2020 (Euros in thousands) Profit/(loss) before taxes 42,036 (93,335 ) (211,841 ) Expected taxes on income (12,774 ) 27,160 61,646 Effects Difference in tax rates (4,868 ) (3,274 ) (2,582 ) Non-deductible tax-expenses — (53 ) (599 ) Government grants exempted from taxes — — 45 Permanent Differences (1,123 ) (10,881 ) (39,288 ) Utilization of previously unrecorded tax losses carried forward 7,067 — — Non-recognition of 7,176 (12,953 ) (19,222 ) Taxes on income (4,522 ) — — For the year ended December 31, 2022, permanent differences relate to share-based compensation expenses, to transaction costs directly attributable and incremental to capital raises and to the change in fair value of the financial liabilities for the warrants. For the year ended December 31, 2021, permanent differences relate to share-based compensation expenses and to the change in fair value of the financial liabilities for the warrants. For the year ended December 31, 2020, 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 costs directly attributable and incremental to capital raises, expenses for equity-settled share-based compensation, as well as the change in fair value of the financial liabilities for the warrants. Deferred tax assets and deferred tax liabilities consist of the following: As of December 31, 2022 December 31, 2021 (Euros in thousands) Deferred Deferred Deferred Deferred Intangible assets 10,328 — 1,288 — Right-of-use — (3,239 ) — (2,629 ) Deferred revenue — (23,133 ) — — Other assets 1,964 (947 ) — — Lease liabilities 3,560 — 2,627 — Deferred expenses — — 12 — Recognition of tax losses carried forward 11,467 — — — Recognized 27,319 (27,319 ) 3,927 (2,629 ) Netting (27,319 ) 27,319 (2,629 ) 2,629 Non-recognition — — (1,298 ) — Net deferred tax assets/liabilities — — — — For the years ended December 31, 2022, and 2021, the Group had accumulated tax losses of €357.2 million and €353.1 million, respectively, that may be offset against future taxable profits of the Group subject to certain limitations. For €319.4 million and €353.1 million of the accumulated tax losses no deferred tax asset has been recognised in the financial statements. For the year ended December 31, 2022, million of total tax losses is subject to a twenty-year carry forward period. All other tax losses have an indefinite carry forward period. Limitation on tax loss carry forwards in the US Inc. is 80.00% of each subsequent year`s net income starting with losses generated after January 1, 2018. These have an indefinite carry forward period, but no carry back option. Any losses generated prior to January 1, 2018 still can be utilized at 100.00% and are subject to a twenty-year carry forward expiration period. Due to 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. |
Financial Risk Management Objec
Financial Risk Management Objectives and Policies | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Financial Risk Management Objectives and Policies | 22. Financial Risk Management Objectives and Policies The Group’s principal financial instruments comprise cash and cash equivalents, short-term deposits, accounts receivables and bonds. 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 payables, which arise directly from its operations. The main risks arising from the Group’s financial instruments are market risk and liquidity risk. The Board of Management reviews and agrees on policies for managing these risks as summarized below. The Group also monitors the market price risk arising from all financial instruments. Interest rate risk The exposure of the Group to changes in interest rates relates to investments in deposits, bonds and to changes in the interest for overnight deposits. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments. Regarding the liabilities shown in the Consolidated Statement of Financial Position, the Group is currently not subject to interest rate risks. Credit risk Financial instruments that potentially subject the Group to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents, accounts receivables, short-term deposits and bonds. The Group’s cash and cash equivalents, bonds and short-term deposits are denominated in Euros and US Dollars and maintained with three high-quality financial institutions in Germany and two in the United States. The Group’s accounts receivables are denominated in Euros. The maximum default risk is €363 million and €146 million as of December 31, 2022 and 2021, respectively. These amounts consist of €149 million and €133 million cash and cash equivalents, €1.0 million and €0.7 million accounts receivables as well as €213 million and €12 million Other financial assets as of December 31, 2022 and 2021, respectively. The cash and cash equivalents are held with banks, which are rated BBB+ to Aa3 by S&P and Moody`s. Short-term deposits are with banks, which are rated Aa3 and A1 by the rating agency Moody`s. Bond investments are with banks, which are rated AAA and AA by Moody`s. The Group continually monitors its positions with, and the credit quality of, the financial institutions and 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. The Group’s cash and cash equivalents were million as of December 31, 2022. Approximately of the Group’s cash and cash equivalents were held in Germany, of which approximately were denominated in Euros and were denominated in U.S. Dollars. The remainder of the Group’s cash and cash equivalents were held in the United States and denominated in U.S. Dollars. Additionally, the Group held bonds and short-term deposits classified as Other financial assets denominated in Euros in the amount of million and U.S. Dollars in the amount of million as of December 31, 2022. The Group recognized significant foreign exchange income and losses in 2022, as Immatics N.V.`s and Immatics GmbH´s functional currency is Euro, due to significant holdings of U.S. dollar amounts. The Group recognized significant foreign exchange income in 2021 and in 2020 significant foreign exchange losses. Cash and cash equivalents and Other 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. held in USD As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 31,350 10,410 Financial assets 51,438 — Total assets exposed to the risk 82,788 10,410 Conversion rate EUR/USD as of December 31, 2022: 1/1.06660 Cash, cash equivalents and financial assets Immatics GmbH held in USD As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 34,225 11,787 Financial assets 37,363 — Total assets exposed to the risk 71,588 11,787 Conversion rate EUR/USD as of December 31, 2022: 1/1.06660 In 2022, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group`s profit would have been €14 million lower/€17 million higher, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH. Sensitivity analysis Immatics N.V.: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.0773 (820 ) 81,968 Euro strengths by 1% against U.S. dollars 1.0559 836 83,624 Euro weakens by 5% against U.S. dollars 1.1199 (3,942 ) 78,845 Euro strengths by 5% against U.S. dollars 1.0133 4,357 87,145 Euro weakens by 10% against U.S. dollars 1.1733 (7,526 ) 75,261 Euro strengths by 10% against U.S. dollars 0.9599 9,199 91,986 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.0773 (709 ) 71,055 Euro strengths by 1% against U.S. dollars 1.0559 723 72,491 Euro weakens by 5% against U.S. dollars 1.1199 (3,409 ) 68,349 Euro strengths by 5% against U.S. dollars 1.0133 3,768 75,543 Euro weakens by 10% against U.S. dollars 1.1733 (6,508 ) 65,242 Euro strengths by 10% against U.S. dollars 0.9599 7,954 79,740 In 2021, 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 €2 million higher/€2.5 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 1.1439 (103 ) 10,307 Euro strengths by 1% against U.S. dollars 1.1213 105 10,516 Euro weakens by 5% against U.S. dollars 1.1892 (496 ) 9,915 Euro strengths by 5% against U.S. dollars 1.0760 548 10,958 Euro weakens by 10% against U.S. dollars 1.2459 (946 ) 9,464 Euro strengths by 10% against U.S. dollars 1.0193 1,157 11,567 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.1439 (117 ) 11,670 Euro strengths by 1% against U.S. dollars 1.1213 119 11,906 Euro weakens by 5% against U.S. dollars 1.1892 (561 ) 11,225 Euro strengths by 5% against U.S. dollars 1.0760 620 12,407 Euro weakens by 10% against U.S. dollars 1.2459 (1,072 ) 10,715 Euro strengths by 10% against U.S. dollars 1.0193 1,310 13,096 The wholly-owned subsidiary Immatics US, Inc. is located in the United States and has US Dollars as its functional currency. Therefore, the Group is subject to currency fluctuations that would a Sensitivity analysis Immatics US Inc. for 2022: Conversion OCI Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.0773 189 (18,873 ) Euro strengths by 1% against U.S. dollars 1.0559 (193 ) (19,255 ) Euro weakens by 5% against U.S. dollars 1.1199 908 (18,154 ) Euro strengths by 5% against U.S. dollars 1.0133 (1,003 ) (20,065 ) Euro weakens by 10% against U.S. dollars 1.1733 1,733 (17,329 ) Euro strengths by 10% against U.S. dollars 0.9599 (2,118 ) (21,180 ) Sensitivity analysis Immatics US Inc. for 2021: Conversion OCI Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.1439 (290 ) 28,961 Euro strengths by 1% against U.S. dollars 1.1213 295 29,547 Euro weakens by 5% against U.S. dollars 1.1892 (1,393 ) 27,858 Euro strengths by 5% against U.S. dollars 1.0760 1,540 30,791 Euro weakens by 10% against U.S. dollars 1.2459 (2,659 ) 26,592 Euro strengths by 10% against U.S. dollars 1.0193 3,250 32,501 Liquidity risk The Group continuously monitors its risk to a shortage of funds. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of capital raises. As of December 31, 2022, and 2021, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk. As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 148,519 132,994 Bonds 58,756 12,123 Short-term deposits 154,930 — Total funds available 362,205 145,117 Market risk and currency risk of warrants The Group’s activities expose it to the financial risks of changes in price of the warrants. As the warrants are recognized at fair value through profit and loss on the consolidated statement of financial position of the Group, the Group’s exposure to market risks results from the volatility of the warrants price. The Warrants are publicly traded at the Nasdaq Stock Exchange. A reasonable increase (decrease) in the warrant price by 10%, with all other variables held constant, would lead to a (loss) gain before tax of €1.7 million with a corresponding effect in the equity as of December 31, 2022. A reasonable increase (decrease) in the warrant price by 10%, with all other variables held constant, would lead to a (loss) gain before tax of €2.8 million with a corresponding effect in the equity as of December 31, 2021. Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The warrants are traded in U.S. Dollar while the functional currency of Immatics N.V. is Euro. A reasonably increase (decrease) in the U.S. Dollar / Euro exchange rate by 10%, with all other variables held constant, would lead to a gain (loss) before tax of €1.5 million /(€1.9 million) with a corresponding effect in the equity as of December 31, 2022. A reasonably increase (decrease) in the U.S. Dollar / Euro exchange rate by 10%, with all other variables held constant, would lead to a gain (loss) before tax of €2.5 million /(€3.1 million) with a corresponding effect in the equity as of December 31, 2021. The risks associated with our warrants result in non-cash, non-operating Capital management The Group’s capital management objectives are designed primarily to finance our growth strategy. The Group reviews the total amount of cash on a regular basis. As part of this review, the Group considers the total cash and cash equivalents, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. In general, the aim is to maximize the financial resources available for further research and development projects. The Group is not subject to externally imposed capital requirements. The Group’s capital management objectives were achieved in the reporting year. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Financial Instruments | 23. Financial Instruments Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements as of December 31, 2022 and 2021, respectively. Carrying amount per measurement category Financial assets Financial liabilities Euros in thousands At fair value At amortized At fair value At amortized 31.12.2022 Current/non-current Cash and cash equivalents — 148,519 — — 148,519 Short-term deposits* — 154,930 — — 154,930 Bonds* — 58,756 — — 58,756 Accounts receivables — 1,111 — — 1,111 Other current/non-current — 2,402 — — 2,402 Current/non-current Accounts payable — — — 11,735 11,735 Other current liabilities — — — 54 54 Liabilities for warrants — — 16,914 — 16,914 Lease liabilities — — — 14,563 14,563 Total — 365,718 16,914 26,352 408,984 Carrying amount per measurement category Financial assets Financial liabilities Euros in thousands At fair value At amortized At fair value At amortized 31.12.2021 Current/non-current Cash and cash equivalents — 132,994 — — 132,994 Short-term deposits* — — — — — Bonds* — 12,123 — — 12,123 Accounts receivables — 682 — — 682 Other current/non-current — 691 — — 691 Current/non-current Accounts payable — — — 11,624 11,624 Other current liabilities — — — 727 727 Liabilities for warrants — — 27,859 — 27,859 Lease liabilities — — — 9,853 9,853 Total — 146,490 27,859 22,204 196,553 * “Short-term deposits” and “Bonds” are classified within Other financial assets In all valuation categories with the exception of Bonds, the carrying amount represents a reasonable approximation of the fair value based on the short-term maturities of these instruments. Set out below are the carrying amounts and fair values of the Group’s Bonds as of December 31, 2022 and 2021, respectively. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. As of December 31, 2022 December 31, 2021 Euros in thousands Carrying Fair Carrying Fair Bonds 58,756 58,300 12,123 12,113 Total 58,756 58,300 12,123 12,113 The following methods and assumptions were used to estimate the fair values: All financial assets are categorized Level 1 and therefore are valued using quoted (unadjusted) market prices. All financial liabilities are also categorized Level 1. The bonds’ contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost. Bonds are classified as Level 1 of the fair value hierarchy, as they are listed on publicly traded markets. Liabilities for warrants are comprised of the Immatics Warrants issued to investors with a cashless exercise mechanism as a current liability which the Company accounted for according to provisions of IAS 32. The Company measures the warrants at fair value by using the closing price of warrants at Nasdaq. The warrants are measured in each reporting period. Changes in the fair value are recognized in the Company’s Consolidated Statement of Profit/(Loss) as financial income or expenses, as appropriate. The warrants are classified as Level 1 of the fair value hierarchy. The maturity of the liabilities for warrants is dependent on the development of the share price as well as the decisions by the Immatics Warrants holders. The Groups net result from financial instruments by measurement categories are disclosed below for the years ended December 31, 2022 and 2021, respectively. Year ended December 31, Euros in thousands 2022 2021 2020 Financial assets at amortized cost 1,849 5,119 (8,959 ) Financial assets at fair value through profit and loss — (884 ) 2,099 Financial liabilities at amortized cost (712 ) (286 ) (254 ) Financial liabilities at fair value through profit and loss 10,945 (10,990 ) 17,775 Total 12,082 (7,041 ) 10,661 The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash As of December 31, December 31, Euros in thousands Cash Non-cash Cash Non-cash Liabilities for warrants — 10,945 — (10,990 ) Lease Liabilities 2,843 4,710 2,707 3,666 Total 2,843 15,655 2,707 (7,324 ) |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Commitments and contingencies | 24. Commitments and contingencies Contractual obligations for 2022 consist of the following: Payments due by year (Euros in thousands) Less than 1 - 3 3 - 5 More than Total Lease liabilities 3,613 5,045 3,872 6,036 18,566 Other lease obligation s 637 1,424 1,521 1,420 5,002 Total 4,250 6,469 5,392 7,456 25,568 Contractual obligations for 2021 consist of the following: Payments due by year (Euros in thousands) Less than 1 - 3 3 - 5 More than Total Lease liabilities 2,913 4,477 2,007 932 10,329 Other lease obligations 66 1,258 1,362 2,040 4,726 Contract research organization agreements 1,681 — — — 1,681 Total 4,659 5,735 3,370 2,972 16,735 Other lease obligations comprise of obligations for leases classified as short-term and low value as well as obligations for leases signed but not yet started. The warrants will expire five years after the completion of the ARYA Merger or earlier upon redemption or liquidation in accordance with their terms. As of December 31, 2022, and 2021 the Group is potentially liable to pay €1.6 million to a third-party upon successfully completing the milestone of the first clinical lead selection in connection with Immatics collaboration agreements. The Group does not recognize a liability for these contingent payments due to the scientific uncertainty of achieving the related milestones. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Related party disclosures | 25. 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 consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Fixed 2,706 2,481 2,660 Variable 1,543 1,317 886 Share-based compensation expenses 14,325 17,016 13,841 Total 18,574 20,814 17,387 Fixed and variable key management compensation represent short-term employee benefits. The non-executive non-executive (Euros in thousands) Peter Friedrich Michael G. Paul Heather L. Adam Nancy Eliot Total Board compensation 80 40 55 52 40 40 32 40 379 Share-based compensation expenses 178 206 177 177 177 177 64 180 1,336 Total 258 246 232 229 217 217 96 220 1,715 Total compensation for the non-executive (Euros in thousands) Peter Friedrich Michael G. Paul Heather L. Adam Christoph Eliot Total Board compensation 80 20 55 53 40 40 20 40 348 Travel expenses — 1 10 — 3 — — 1 15 Share-based compensation expenses 1,143 30 114 114 114 114 — 122 1,751 Total 1,223 51 179 167 157 154 20 163 2,114 On July 1, 2021, Immatics changed its structure from a two-tier one-tier non-executive (Euros in thousands) Peter Harald F. Michael G. Paul Heather L. 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 expenses 1,046 — 70 70 70 70 70 40 1,436 Total 3,584 16 98 96 90 90 90 52 4,116 Prior to the ARYA Merger, Immatics N.V. established the 2020 Incentive Plan. Immatics N.V. granted certain service-based options out of the 2020 Incentive Plan to its management and directors and in addition, performance-based options to its management upon closing of the ARYA Merger. At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Group’s 2022 stock option and incentive plan (“2022 Equity Plan”). Service options granted out of the 2020 Incentive Plan, 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. Service options granted out of the 2022 Equity Plan to the Board of Directors, will vest in full after a one-year The performance-based options will vest based both on achievement of certain market capitalization milestones and satisfaction of a four-year time-based vesting schedule, which provides for 25% vesting on the first anniversary of the vesting commencement date and quarterly vesting thereafter. The following options were granted to Immatics’ Directors: Type of options Grant date Number of Strike Expiration date Managing Director Harpreet Singh Performance- June 30, 2020 1,598,000 10.00 June 30, 2030 Harpreet Singh Service options June 30, 2020 168,000 10.00 June 30, 2030 Harpreet Singh Matching Stock June 30, 2020 264,624 10.00 June 30, 2030 Harpreet Singh Converted options June 30, 2020 30,939 1.06 July 1, 2027 Harpreet Singh Converted options June 30, 2020 145,371 1.17 January 1, 2028 Harpreet Singh Service options December 17, 2020 168,000 9.70 December 17, 2030 Harpreet Singh Service options December 9, 2021 168,000 11.00 December 9, 2031 Harpreet Singh Service options June 14, 2022 135,000 7.94 June 14, 2032 Harpreet Singh Service options December 13, 2022 388,000 9.75 December 13, 2032 Board of Directors Peter Chambré Service options June 30, 2020 25,000 10.00 June 30, 2030 Peter Chambré Matching Stock June 30, 2020 211,974 10.00 June 30, 2030 Peter Chambré Service options December 9, 2021 15,000 11.00 December 9, 2031 Peter Chambré Service options June 14, 2022 25,000 7.94 June 14, 2032 Adam Stone Service options June 30, 2020 25,000 10.00 June 30, 2030 Adam Stone Service options December 9, 2021 15,000 11.00 December 9, 2031 Adam Stone Service options June 14, 2022 25,000 7.94 June 14, 2032 Heather L. Mason Service options June 30, 2020 25,000 10.00 June 30, 2030 Heather L. Mason Service options December 9, 2021 15,000 11.00 December 9, 2031 Heather L. Mason Service options June 14, 2022 25,000 7.94 June 14, 2032 Michael G. Atieh Service options June 30, 2020 25,000 10.00 June 30, 2030 Michael G. Atieh Service options December 9, 2021 15,000 11.00 December 9, 2031 Michael G. Atieh Service options June 14, 2022 25,000 7.94 June 14, 2032 Paul Carter Service options June 30, 2020 25,000 10.00 June 30, 2030 Paul Carter Service options December 9, 2021 15,000 11.00 December 9, 2031 Paul Carter Service options June 14, 2022 25,000 7.94 June 14, 2032 Eliot Forster Service options September 14, 2020 25,000 9.16 September 13, 2030 Eliot Forster Service options December 9, 2021 15,000 11.00 December 9, 2031 Eliot Forster Service options June 14, 2022 25,000 7.94 June 14, 2032 Friedrich von Bohlen und Halbach Service options June 17, 2021 25,000 12.05 June 17, 2031 Friedrich von Bohlen und Halbach Service options December 9, 2021 15,000 11.00 December 9, 2031 Friedrich von Bohlen und Halbach Service options June 14, 2022 25,000 7.94 June 14, 2032 Nancy Valente Service options March 22, 2022 30,000 7.40 March 22, 2032 An additional aggregate of 652,500 service options to purchase ordinary shares, were granted to other Immatics’ key management personnel in 2022, 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 17), these key management personnel received in 2020 cash payments before taxes of €3.4 million, 417,415 converted options in Immatics N.V. and 750,076 matching stock options in Immatics N.V. The cash payments mainly covered wage tax obligations of the employees. Until December 31, 2022, no options granted to directors and executive officers forfeited or were exercised. Refer to section “18. Share-based payments” regarding further details of the Groups share-based compensation. There are no outstanding balances, including commitments, other than the above mentioned with related parties. The Group did not enter into transactions with related entities in 2022, 2021 and 2020 other than the mentioned compensation contracts. |
Earnings and Loss per Share
Earnings and Loss per Share | 12 Months Ended |
Dec. 31, 2022 | |
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Earnings and Loss per Share | 26. Earnings and Loss per Share The Group reported basic and diluted earnings per share. Basic earnings per share are calculated by dividing the net profit or loss by the weighted-average number of ordinary shares outstanding for the reporting period. Diluted earnings per share for the year ended December 31, 2022, are calculated by adjusting the weighted-average number of ordinary shares outstanding for any dilutive effects resulting from equity awards granted to the Board and employees of the Group as well as from publicly traded Immatics Warrants. The Group’s equity awards and Immatics Warrants for which the exercise price is exceeding the Groups weighted average share price for the year ended December 31, 2022, are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares. The Group was loss-making during the year ended December 31, 2021 and 2020, therefore all instruments are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding, including the outstanding equity awards and the 7,187,500 Immatics Warrants issued in 2020 and outstanding as of December 31, 2022. Year ended December 31, 2022 2021 2020 Net profit/(loss): 37,514 (93,335 ) (211,841 ) Basic 0.56 (1.48 ) (4.40 ) Diluted 0.55 (1.48 ) (4.40 ) Weighted average shares outstanding: Basic 67,220,824 62,912,921 48,001,228 Diluted 68,824,906 62,912,921 48,001,228 |
Events occurring after the repo
Events occurring after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Events occurring after the reporting period | 27. Events occurring after the reporting period The Company evaluated further subsequent events for recognition or disclosure through March 22, 2023 and did not identify additional material subsequent events. |
Summary of accounting policie_2
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
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, bonds 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 of the financial statements. The accompanying consolidated financial statements have been prepared on a going concern basis. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern. |
Covid-19 | 2.2 COVID-19 In December 2019, a novel strain of coronavirus (“COVID-19”) COVID-19 COVID-19 |
Russian-Ukraine Conflict and macroeconomic environment | 2.3 Russian-Ukraine Conflict and macroeconomic environment The conflict between Russia and Ukraine has resulted, and is expected to further result, in significant disruption, instability and volatility in global markets, as well as higher energy and other commodity prices. Since the Company is not currently conducting any business or receiving any material services from vendors located in Russia or Ukraine, it does not expect that the ongoing war will have a direct impact on its operations in the near term. However, the Company may be indirectly affected by price increases or certain fiscal policy changes in Germany, such as new tax legislation, economic sanctions and comparable measures. |
Fair value of financial instruments | 5.12 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 |
Cash and cash equivalents | 5.2 Cash and cash equivalents Cash and cash equivalents in the Consolidated Statement of Financial Position is comprised of cash held at banks (including money market funds), short-term deposits and bonds with an original maturity of three months or less. |
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. |
Financial assets | 5.3 Financial assets Initial recognition and measurement Financial assets within the scope of IFRS 9 include cash and cash equivalents, short-term deposits, bonds and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus 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 twelve months, which are classified as Other financial assets. Short-term deposits with an original maturity of three months or less are classified as cash and cash equivalents. Under IFRS 9 short-term deposits are classified within financial assets at amortized costs. Bonds Immatics holds bonds with an original maturity of more than three months, which are classified as Other financial assets. The bonds` contractual cash flows represent solely payments of principal and interest and Immatics intends to hold the bonds to collect the contractual cash flows. The Group therefore accounts for the bonds as a financial asset at amortized cost. Receivables The Group has receivables from collaboration agreements. Receivables must be capitalized at the point in time at which the Group has become a contractual partner and an unconditional claim to cash and cash equivalents has arisen. In subsequent reporting periods, receivables are 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 and expenses Interest income and expenses from financial instruments are 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. Interest income and expenses are classified as financial income and expenses. As of December 31, 2020, Immatics was a counterparty in foreign exchange forward contracts. The contracts did 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 was considered within the Consolidated Statement of Profit/(Loss). As of December 31, 2022 and 2021, Immatics is not a counterparty in foreign exchange forward contracts. Impairment of financial assets Impairment losses on financial assets are recognized as financial expenses. The Group recognizes an allowance for expected credit losses (ECLs) for financial assets, see Note 16. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are generally recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month 12-month |
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 expenses 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 and installations 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. Immatics reviews potential triggering events to identify the need for an impairment test. 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 2022, 2021 and 2020 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. The Company’s financial liabilities include accounts payables, lease liabilities, warrant liabilities and other financial liabilities. Immatics recognized accounts payables and other current liabilities as other financial liabilities at amortized costs. Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments are initially recognized at fair value on the date on which the merger is consummated and are subsequently remeasured at fair value through profit or loss. The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting. |
Leases | 5.8 Leases 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. The lease term consists of the non-cancellable right-of-use To determine the IBR, 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, 2022 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, 2022, the Group had four strategic collaboration agreements in place, one with Genmab A/S, Copenhagen /Denmark (“Genmab”) and three with Bristol-Myers-Squibb (“BMS”). During the year ended December 31, 2022, the Group entered into new collaboration agreements with BMS. Three of the Group’s strategic collaboration agreements are in 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 IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration 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. Identify the performance obligations in the contract Pre-clinical Under the terms of these agreements, Immatics agrees to collaborate in the development, manufacture, and commercialization of cancer immunotherapy treatments for specified targets identified through the use of Immatics XPRESIDENT technology. As part of the collaboration arrangements, Immatics grants licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreements. Additionally, Immatics agrees to perform certain research activities under the collaboration agreements, including screening of highly specific molecules for reactivity with the specified targets and off-targets know-how, The Group performs an analysis to identify the performance obligations under the contract, including licenses and rights to future intellectual property developed under the contract and research activities. As these agreements comprise several promises, it must be assessed whether these promises are capable of being distinct and distinct within the context of the contract. The licenses contributed under the collaboration agreements currently in place do not represent distinct performance obligations, because the Group’s collaboration partners would likely be unable to derive significant benefits from their access to these targets without Immatics’ research activities. Identification of a viable product candidate that will bind to the targets specified in the agreements requires use of the Group’s XPRESIDENT technology and database of target and off-target Clinical collaboration agreement (BMS IMA401 agreement) Under the terms of the agreement, Immatics granted to Bristol-Myers Squibb an exclusive, worldwide, sublicensable license to develop, manufacture, and commercialize IMA401. Under the Agreement, Immatics is also responsible for, and will bear the cost of, the first Phase 1 clinical trial. The Group transferred license rights and is performing clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The license contributed under the collaboration agreement represents a distinct performance obligation, because they are separately identifiable from other promises in the BMS IMA401 agreement. Determine the transaction price Upfront payment Each of the Group’s strategic collaboration agreements includes a non-refundable cost-to-cost The cost-to-cost In the Group’s BMS IMA401 agreement, the Group determined the underlying stand-alone selling price for each performance obligation to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price requires significant judgement regarding the estimation approach of the stand-alone selling prices for the distinct performance obligations as well as significant estimates regarding the expected cost for future services, profit margins and development timelines. Reimbursement for services Under the collaboration agreement with Genmab, the Group receives reimbursement for employee research and development costs. These employee costs are presented as research and development expenses, while reimbursements of those costs, which is based on an FTE rate defined in the contract, are part of the transaction price and presented as revenue and not deducted from expenses. Development and Commercial Milestones The collaboration agreements include contingent payments related to development and commercial milestone events. These milestone payments represent variable consideration that are not initially recognized within the transaction price, due to the scientific uncertainties and the required commitment from the collaboration partners to develop and commercialize a product candidate. The Group assesses the probability of significant 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. 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 17. 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. |
Foreign currency | 5.11 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 reporting currency. Assets and liabilities of foreign operations are translated into Euros at the rate of exchange prevailing at the reporting date. The Consolidated Statement of Profit/(Loss) is translated at average exchange rates. The currency translation differences are recognized in other comprehensive income. Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates, at the date the transaction first qualifies for recognition. The Group determined the functional currency of Immatics Biotechnologies GmbH to be Euros and of Immatics US Inc. to be USD. The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary: 2022 2021 2020 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.93756 0.94888 0.88292 0.84495 0.81493 0.87621 |
Provisions | 5.13 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 it is virtually certain that reimbursement will be received if the Group settles the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax |
Deferred income tax | 5.14 Deferred income tax Deferred income tax results from temporary differences between the carrying amount of an asset or a liability and its tax base. Deferred income tax is provided in full using the liability method on temporary differences. In accordance with IAS 12 (“Income Taxes”), the deferred tax assets and liabilities reflect all temporary valuation and accounting differences between financial statements prepared for tax purposes and our consolidated financial statements. Tax losses carried forward are considered in 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. |
Application of new and revise_2
Application of new and revised international financial reporting standards (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Application of new standards | New standards and interpretations applied for the first time: Standard/interpretation Effective date Amendment IAS 16 – Property, Plant and Equipment (Proceeds before Intended Use) January 1, 2022 Amendment IAS 37 – Provisions, Contingent Liabilities and Contingent Assets (onerous Contracts–Cost of Fulfilling a Contract) January 1, 2022 Amendments to IFRS 3 – Business Combinations (Reference to the Conceptual Framework) January 1, 2022 Amendments to IFRS 1 – First-time Adoption of International Financial Reporting Standards January 1, 2022 Amendments to IFRS 9 – Financial Instruments January 1, 2022 Amendments to Illustrative Examples accompanying IFRS 16 January 1, 2022 Amendments to IAS 41 – Agriculture January 1, 2022 |
Summary of Non Mandatory standards and interpretations issued by IASB | The following standards and interpretations have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2022: Standard/interpretation Effective date Potentially IFRS 17 – Insurance Contracts January 1, 2023 No Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements January 1, 2023 No Definition of Accounting Estimates (Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors) January 1, 2023 No Amendments to IAS 12 – Income Taxes January 1, 2023 No Amendment to IFRS 16 – Leases on sale and leaseback January 1, 2024 No Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current Non-current January 1, 2024 No |
Summary of impact revision to previously issued financial statements | The impact of the revision of the previously issued financial statements is as follows: Year ended December 31, 2020 As reported Adjustment As revised Net foreign exchange differences (4,477 ) 4,914 437 Net cash provided by/(used in) operating activities (85,611 ) 4,914 (80,697 ) Net cash (used in)/provided by investing activities (15,949 ) — (15,949 ) Net cash (used in)/provided by financing activities 207,883 — 207,883 Net increase/(decrease) in cash and cash equivalents 106,324 4,914 111,238 Cash and cash equivalents at beginning of the year 103,353 — 103,353 Effects of exchange rate changes on cash and cash equivalents (2,147 ) (4,914 ) (7,061 ) Cash and cash equivalents at end of the year 207,530 — 207,530 Year ended December 31, 2021 As reported Adjustment As revised Net foreign exchange differences 554 (2,962 ) (2,408 ) Net cash provided by/(used in) operating activities (81,785 ) (2,962 ) (84,747 ) Net cash (used in)/provided by investing activities 7,493 — 7,493 Net cash (used in)/provided by financing activities (2,613 ) — (2,613 ) Net increase/(decrease) in cash and cash equivalents (76,904 ) (2,962 ) (79,866 ) Cash and cash equivalents at beginning of the year 207,530 — 207,530 Effects of exchange rate changes on cash and cash equivalents 2,368 2,962 5,330 Cash and cash equivalents at end of the year 132,994 — 132,994 |
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, 2022 | |
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 and installations 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: 2022 2021 2020 Year-end Average Year-end Average Year-end Average Euros per U.S. Dollar 0.93756 0.94888 0.88292 0.84495 0.81493 0.87621 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Trade receivables | As of December 31, December 31, (Euros in thousands) Receivables from collaboration agreements 1,111 682 Total 1,111 682 |
Other current and non-current_2
Other current and non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Other current assets | Other current assets consist of the following: As of December 31, December 31, (Euros in thousands) Prepaid expenses 10,450 3,781 Value added tax receivables 1,031 915 Grant receivables — 762 Other assets 2,357 950 Total 13,838 6,408 |
Summary of Other non-current assets | Other non-current As of December 31, December 31, (Euros in thousands) Prepaid expenses 1,906 636 Other assets 639 — Total 2,545 636 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Changes to Property, Plant and Equipment | Property, plant and equipment consist of the following: (Euros in thousands) Laboratory Computer Office Total Cost as of January 1, 2021 15,968 3,322 3,146 22,436 Additions 3,487 1,105 489 5,081 Disposals (144 ) — — (144 ) Currency translation differences 319 43 26 388 Cost as of December 31, 2021 19,630 4,470 3,661 27,761 Accumulated depreciation as of January 1, 2021 (10,476 ) (2,428 ) (1,665 ) (14,569 ) Additions (1,501 ) (508 ) (565 ) (2,574 ) Disposals 144 — — 144 Currency translation differences (219 ) (30 ) (7 ) (256 ) Accumulated depreciation as of December 31, 2021 (12,052 ) (2,966 ) (2,237 ) (17,255 ) Net book value as of December 31, 2021 7,578 1,504 1,424 10,506 Cost as of January 1, 2022 19,630 4,470 3,661 27,761 Additions 3,006 409 2,681 6,096 Disposals (148 ) (9 ) (7 ) (164 ) Currency translation differences 249 28 (32 ) 245 Cost as of December 31, 2022 22,737 4,898 6,303 33,938 Accumulated depreciation as of January 1, 2022 (12,052 ) (2,966 ) (2,237 ) (17,255 ) Additions (2,143 ) (653 ) (333 ) (3,129 ) Disposals 96 9 7 112 Currency translation differences (180 ) (26 ) (4 ) (210 ) Accumulated depreciation as of December 31, 2022 (14,279 ) (3,636 ) (2,567 ) 20,482 Net book value as of December 31, 2022 8,458 1,262 3,736 13,456 |
Summary of Depreciation Expense | Depreciation expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Research and development expenses (2,039 ) (1,684 ) (1,502 ) General and administrative expenses (1,090 ) (890 ) (600 ) Total (3,129 ) (2,574 ) (2,102 ) |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Changes to Intangible Assets | Intangible assets consist of the following: (Euros in thousands) Patents Software Total Cost as of January 1, 2021 1,132 738 1,870 Additions 320 162 482 Currency translation differences 99 8 107 Cost as of December 31, 2021 1,551 908 2,459 Accumulated amortization as of January 1, 2021 (403 ) (554 ) (957 ) Additions (54 ) (106 ) (160 ) Currency translation differences (23 ) (4 ) (27 ) Accumulated amortization as of December 31, 2021 (480 ) (664 ) (1,144 ) Net book value as of December 31, 2021 1,071 244 1,315 Cost as of January 1, 2022 1,551 908 2,459 Additions 405 73 478 Currency translation differences 73 7 80 Cost as of December 31, 2022 2,029 988 3,017 Accumulated amortization as of January 1, 2022 (480 ) (664 ) (1,144 ) Additions (60 ) (158 ) (218 ) Currency translation differences (19 ) (4 ) (23 ) Accumulated amortization as of December 31, 2022 (559 ) (826 ) (1,385 ) Net book value as of December 31, 2022 1,470 162 1,632 |
Summary of Depreciation Expense | Amortization expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Research and development expenses (93 ) (35 ) (31 ) General and administrative expenses (125 ) (125 ) (95 ) Total (218 ) (160 ) (126 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Summary of Right-of use assets | Right-of As of December 31, December 31, (Euros in thousands) Buildings 12,409 9,028 Laboratory equipment 392 669 IT and telecommunication 90 177 Vehicles 126 74 Other assets 16 34 Total 13,033 9,982 |
Details of Lease liabilities | Lease liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Lease liabilities – current 2,159 2,711 Lease liabilities – non-current 12,403 7,142 Total 14,562 9,853 |
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 2022 2021 2020 (Euros in thousands) Buildings (3,151 ) (2,199 ) (2,036 ) Laboratory equipment (277 ) (162 ) — IT and telecommunication (103 ) (98 ) (101 ) Vehicles (66 ) (59 ) (50 ) Other assets (23 ) (8 ) (8 ) Total (3,620 ) (2,526 ) (2,195 ) Interest expenses from leases (613 ) (288 ) (260 ) Expenses relating to short-term leases and low-value (190 ) (95 ) (51 ) |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Accounts Payable | Accounts payables consist of the following: As of December 31, December 31, (Euros in thousands) Accounts payables 4,025 3,009 Accrued liabilities 9,031 8,615 Total 13,056 11,624 |
Revenue from collaboration ag_2
Revenue from collaboration agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Deferred revenue related to the collaboration agreements | Deferred revenue related to the collaboration agreements consist of the following: As of December 31, December 31, (Euros in thousands) Current 64,957 50,402 Non-current 75,759 48,225 Total 140,716 98,627 |
Summary of revenue from collaboration agreements explanatory | Revenue from collaboration agreements were realized with the following partners: Year ended December 31, 2022 2021 2020 (Euros in thousands) Revenue from collaboration agreements: Genmab, Denmark 9,617 6,929 11,204 BMS, United States 126,100 13,138 11,489 Amgen, United States — 10,228 4,865 GSK, United Kingdom 37,114 4,468 3,695 Total 172,831 34,763 31,253 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of other current liabilities | Other current liabilities consist of the following: As of December 31, December 31, (Euros in thousands) Income tax liability 4,298 — Payroll tax 3,426 1,760 Accrual for vacation 806 607 Accrued bonuses 680 — Other liabilities 156 185 Total 9,366 2,552 |
Share listing expense and cha_2
Share listing expense and change in fair value of warrant liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 — € Fair value of TopCo Shares issued to ARYA shareholders (a * b) € 243,071 — (d) Outstanding ARYA Warrants — 7,187,500 € Closing price of ARYA Warrants on Nasdaq as of July 1, 2020 € 4.82 — (f) Fair value of outstanding ARYA Warrants € 34,644 — (g) Cash and cash equivalents held in ARYA’s trust account € 128,849 (h) Current liabilities by ARYA € 3,921 ARYA’s identifiable net assets (g-f-h) € 90,284 — IFRS 2 expense on the closing date € 152,787 — |
Other financial income and ex_2
Other financial income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of other financial income and costs | Other financial income and financial expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Interest income 2,476 133 850 Foreign currency gains 6,940 5,542 — Gains on other financial instruments — — 2,099 Other financial income 9,416 5,675 2,949 Interest expenses (1,038 ) (566 ) (289 ) Foreign currency losses (6,500 ) (276 ) (9,774 ) Losses on financial instruments (741 ) (884 ) — Other financial expenses (8,279 ) (1,726 ) (10,063 ) |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statements [Line Items] | |
Summary of Employee Related Share Based Compensation Expense | The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2022, 2021 and 2020 as set out below: Year ended 2022 2021 2020 (Euros in thousands) Research and development expenses (12,925 ) (15,564 ) (14,546 ) General and administrative expenses (9,645 ) (10,839 ) (10,973 ) Total share-based compensation (22,570 ) (26,403 ) (25,519 ) |
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, 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 | Matching Stock Options outstanding as of December 31, 2022: 2022 Weighted average Number Matching Stock Options outstanding on January 1, 10.00 1,406,468 Matching Stock Options forfeited — — Matching Stock Options exercised 10.00 11,910 Matching Stock Options expired 10.00 46,554 Matching Stock Options outstanding on December 31, 10.00 1,348,004 Matching Stock Options exercisable on December 31, 10.00 1,348,004 Weighted average remaining contract life (years) 7.50 Matching Stock Options outstanding as of December 31, 2021: 2021 Weighted average Number Matching Stock Options outstanding on January 1, 10.00 1,422,556 Matching Stock Options forfeited 10.00 9,254 Matching Stock Options exercised 10.00 6,834 Matching Stock Options expired — — Matching Stock Options outstanding on December 31, 10.00 1,406,468 Matching Stock Options exercisable on December 31, 10.00 1,413,302 Weighted average remaining contract life (years) 8.50 Matching Stock Options outstanding as of December 31, 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 exercised — — Matching Stock Options expired — — Matching Stock Options outstanding on December 31, 10.00 1,422,556 Matching Stock Options exercisable on December 31, — — 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 | Converted Options outstanding as of December 31, 2022: 2022 Weighted average Number Converted Options outstanding on January 1, 2.64 566,311 Converted Options forfeited 1.36 12,328 Converted Options exercised 1.24 20,337 Converted Options expired 1.35 8,465 Converted Options outstanding on December 31, 2.74 525,181 Converted Options exercisable on December 31, 2.75 392,258 Weighted average remaining contract life (years) 5.01 Converted Options outstanding as of December 31, 2021: 2021 Weighted average Number Converted Options outstanding on January 1, 2.58 594,844 Converted Options forfeited 1.30 18,548 Converted Options exercised 1.29 8,180 Converted Options expired 1.29 1,805 Converted Options outstanding on December 31, 2.64 566,311 Converted Options exercisable on December 31, 2.61 193,727 Weighted average remaining contract life (years) 6.01 Converted Options outstanding as of December 31, 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 exercised — — Converted Options expired — — Converted Options outstanding on December 31, 2.58 594,844 Converted Options exercisable on December 31, 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 December 31, As of December 31, As of December 31, Exercise price in USD $ 9.39 $ 11.22 $ 9.87 Underlying share price in USD $ 9.39 $ 11.22 $ 12.70 Volatility 85.44 % 82.18 % 78.83 % Time period (years) 6.07 6.11 6.56 Risk free rate 3.48 % 1.27 % 0.37 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Employee Share Options | Service Options outstanding as of December 31, 2022: 2022 Weighted average Number Service Options outstanding on January 1, 10.57 3,725,619 Service Options granted in 2022 9.39 2,619,720 Service Options forfeited 10.63 182,832 Service Options exercised 10.40 16,312 Service Options expired 10.22 17,035 Service Options outstanding on December 31, 10.07 6,129,160 Service Options exercisable on December 31, 10.33 1,438,413 Weighted average remaining contract life (years) 8.87 Service Options outstanding as of December 31, 2021: 2021 Weighted average Number Service Options outstanding on January 1, 9.87 1,910,182 Service Options granted in 2021 11.22 1,967,708 Service Options forfeited 10.01 149,178 Service Options exercised 10.00 3,093 Service Options expired — — Service Options outstanding on December 31, 10.57 3,725,619 Service Options exercisable on December 31, 9.86 557,401 Weighted average remaining contract life (years) 9.36 Service Options outstanding as of December 31, 2020: 2020 Weighted average Number Service Options outstanding on January 1, — — Service Options granted in 2020 9.87 1,963,566 Service Options forfeited 10.00 53,384 Service Options exercised — — Service Options expired — — Service Options outstanding on December 31, 9.87 1,910,182 Service Options exercisable on December 31, — — Weighted average remaining contract life (years) 9.72 |
Performance Based Options [Member] | |
Statements [Line Items] | |
Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model | In addition to the probability of achieving the market capitalization performance criteria, the inputs used in the measurements of the fair value at grant date of the PSUs were as follows: As of Exercise price in USD $ 12.92 Underlying share price in USD $ 12.92 Volatility 77.16 % Time period (years) 3.75 Risk free rate 1.49 % Dividend yield 0.00 % As of December Exercise price in USD $ 10.00 Underlying share price in USD $ 14.76 Volatility 78.93 % Time period (years) 6.98 Risk free rate 0.66 % Dividend yield 0.00 % |
Summary of Employee Share Options | PSUs outstanding as of December 31, 2022: 2022 Weighted average exercise Number PSUs outstanding on January 1, 10.08 3,696,000 PSUs granted — — PSUs forfeited 10.00 30,000 PSUs outstanding on December 31, 10.08 3,666,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 7.98 PSUs outstanding as of December 31, 2021: 2021 Weighted average exercise Number PSUs outstanding on January 1, 10.00 3,644,000 PSUs granted in 2021 12.92 100,000 PSUs forfeited 10.00 48,000 PSUs outstanding on December 31, 10.08 3,696,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 8.98 PSUs outstanding as of December 31, 2020: 2020 Weighted average exercise Number PSUs outstanding on January 1, — — PSUs granted in 2020 10.00 3,899,000 PSUs forfeited 10.00 255,000 PSUs outstanding on December 31, 10.00 3,644,000 PSUs exercisable on December 31, — — Weighted average remaining contract life (years) 9.60 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Personnel Expenses | Personnel expenses consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Wages and salaries Research and development expenses (33,694 ) (21,993 ) (15,277 ) General and administrative expenses (9,230 ) (7,105 ) (6,968 ) Total Wages and salaries (42,924 ) (29,098 ) (22,245 ) Other employee benefits Research and development expenses (5,662 ) (3,550 ) (2,624 ) General and administrative expenses (2,049 ) (1,536 ) (1,015 ) Total other employee benefits (7,711 ) (5,086 ) (3,639 ) Share-based compensation expenses Research and development expenses (12,925 ) (15,564 ) (14,546 ) General and administrative expenses (9,645 ) (10,839 ) (10,973 ) Total share-based compensation expenses (22,570 ) (26,403 ) (25,519 ) Total (73,205 ) (60,587 ) (51,403 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Reconciliation Between Taxes On Income And Expected Income Tax Benefit | A reconciliation between taxes on income reflected on the Consolidated Statement of Profit/(Loss) and the expected income tax benefit, based on the Group’s German statutory tax rate, for the years ended December 31, 2022, 2021 and 2020 is as follows: Year ended December 31, 2022 2021 2020 (Euros in thousands) Profit/(loss) before taxes 42,036 (93,335 ) (211,841 ) Expected taxes on income (12,774 ) 27,160 61,646 Effects Difference in tax rates (4,868 ) (3,274 ) (2,582 ) Non-deductible tax-expenses — (53 ) (599 ) Government grants exempted from taxes — — 45 Permanent Differences (1,123 ) (10,881 ) (39,288 ) Utilization of previously unrecorded tax losses carried forward 7,067 — — Non-recognition of 7,176 (12,953 ) (19,222 ) Taxes on income (4,522 ) — — |
Summary of Deferred Tax Assets | Deferred tax assets and deferred tax liabilities consist of the following: As of December 31, 2022 December 31, 2021 (Euros in thousands) Deferred Deferred Deferred Deferred Intangible assets 10,328 — 1,288 — Right-of-use — (3,239 ) — (2,629 ) Deferred revenue — (23,133 ) — — Other assets 1,964 (947 ) — — Lease liabilities 3,560 — 2,627 — Deferred expenses — — 12 — Recognition of tax losses carried forward 11,467 — — — Recognized 27,319 (27,319 ) 3,927 (2,629 ) Netting (27,319 ) 27,319 (2,629 ) 2,629 Non-recognition — — (1,298 ) — Net deferred tax assets/liabilities — — — — |
Financial Risk Management Obj_2
Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Currency Risk Exposure | Cash, cash equivalents and financial assets Immatics N.V. held in USD As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 31,350 10,410 Financial assets 51,438 — Total assets exposed to the risk 82,788 10,410 Conversion rate EUR/USD as of December 31, 2022: 1/1.06660 Cash, cash equivalents and financial assets Immatics GmbH held in USD As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 34,225 11,787 Financial assets 37,363 — Total assets exposed to the risk 71,588 11,787 |
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 1.0773 (820 ) 81,968 Euro strengths by 1% against U.S. dollars 1.0559 836 83,624 Euro weakens by 5% against U.S. dollars 1.1199 (3,942 ) 78,845 Euro strengths by 5% against U.S. dollars 1.0133 4,357 87,145 Euro weakens by 10% against U.S. dollars 1.1733 (7,526 ) 75,261 Euro strengths by 10% against U.S. dollars 0.9599 9,199 91,986 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.0773 (709 ) 71,055 Euro strengths by 1% against U.S. dollars 1.0559 723 72,491 Euro weakens by 5% against U.S. dollars 1.1199 (3,409 ) 68,349 Euro strengths by 5% against U.S. dollars 1.0133 3,768 75,543 Euro weakens by 10% against U.S. dollars 1.1733 (6,508 ) 65,242 Euro strengths by 10% against U.S. dollars 0.9599 7,954 79,740 Sensitivity analysis Immatics N.V.: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.1439 (103 ) 10,307 Euro strengths by 1% against U.S. dollars 1.1213 105 10,516 Euro weakens by 5% against U.S. dollars 1.1892 (496 ) 9,915 Euro strengths by 5% against U.S. dollars 1.0760 548 10,958 Euro weakens by 10% against U.S. dollars 1.2459 (946 ) 9,464 Euro strengths by 10% against U.S. dollars 1.0193 1,157 11,567 Sensitivity analysis Immatics GmbH: Conversion Profit/(loss) Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.1439 (117 ) 11,670 Euro strengths by 1% against U.S. dollars 1.1213 119 11,906 Euro weakens by 5% against U.S. dollars 1.1892 (561 ) 11,225 Euro strengths by 5% against U.S. dollars 1.0760 620 12,407 Euro weakens by 10% against U.S. dollars 1.2459 (1,072 ) 10,715 Euro strengths by 10% against U.S. dollars 1.0193 1,310 13,096 Sensitivity analysis Immatics US Inc. for 2022: Conversion OCI Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.0773 189 (18,873 ) Euro strengths by 1% against U.S. dollars 1.0559 (193 ) (19,255 ) Euro weakens by 5% against U.S. dollars 1.1199 908 (18,154 ) Euro strengths by 5% against U.S. dollars 1.0133 (1,003 ) (20,065 ) Euro weakens by 10% against U.S. dollars 1.1733 1,733 (17,329 ) Euro strengths by 10% against U.S. dollars 0.9599 (2,118 ) (21,180 ) Sensitivity analysis Immatics US Inc. for 2021: Conversion OCI Carrying (Euros in thousands) Euro weakens by 1% against U.S. dollars 1.1439 (290 ) 28,961 Euro strengths by 1% against U.S. dollars 1.1213 295 29,547 Euro weakens by 5% against U.S. dollars 1.1892 (1,393 ) 27,858 Euro strengths by 5% against U.S. dollars 1.0760 1,540 30,791 Euro weakens by 10% against U.S. dollars 1.2459 (2,659 ) 26,592 Euro strengths by 10% against U.S. dollars 1.0193 3,250 32,501 |
Summary of Liquidity Risk | As of December 31, 2022, and 2021, the Group held the following funds which are expected to generate cash inflows in time, to counteract liquidity risk. As of December 31, December 31, (Euros in thousands) Cash and cash equivalents 148,519 132,994 Bonds 58,756 12,123 Short-term deposits 154,930 — Total funds available 362,205 145,117 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Carrying Amounts and Fair values of Group's Financial Instruments | Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements as of December 31, 2022 and 2021, respectively. Carrying amount per measurement category Financial assets Financial liabilities Euros in thousands At fair value At amortized At fair value At amortized 31.12.2022 Current/non-current Cash and cash equivalents — 148,519 — — 148,519 Short-term deposits* — 154,930 — — 154,930 Bonds* — 58,756 — — 58,756 Accounts receivables — 1,111 — — 1,111 Other current/non-current — 2,402 — — 2,402 Current/non-current Accounts payable — — — 11,735 11,735 Other current liabilities — — — 54 54 Liabilities for warrants — — 16,914 — 16,914 Lease liabilities — — — 14,563 14,563 Total — 365,718 16,914 26,352 408,984 Carrying amount per measurement category Financial assets Financial liabilities Euros in thousands At fair value At amortized At fair value At amortized 31.12.2021 Current/non-current Cash and cash equivalents — 132,994 — — 132,994 Short-term deposits* — — — — — Bonds* — 12,123 — — 12,123 Accounts receivables — 682 — — 682 Other current/non-current — 691 — — 691 Current/non-current Accounts payable — — — 11,624 11,624 Other current liabilities — — — 727 727 Liabilities for warrants — — 27,859 — 27,859 Lease liabilities — — — 9,853 9,853 Total — 146,490 27,859 22,204 196,553 * “Short-term deposits” and “Bonds” are classified within Other financial assets In all valuation categories with the exception of Bonds, the carrying amount represents a reasonable approximation of the fair value based on the short-term maturities of these instruments. Set out below are the carrying amounts and fair values of the Group’s Bonds as of December 31, 2022 and 2021, respectively. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. As of December 31, 2022 December 31, 2021 Euros in thousands Carrying Fair Carrying Fair Bonds 58,756 58,300 12,123 12,113 Total 58,756 58,300 12,123 12,113 |
Summary of Net Result from Financial Instruments by Measurement Categories | The Groups net result from financial instruments by measurement categories are disclosed below for the years ended December 31, 2022 and 2021, respectively. Year ended December 31, Euros in thousands 2022 2021 2020 Financial assets at amortized cost 1,849 5,119 (8,959 ) Financial assets at fair value through profit and loss — (884 ) 2,099 Financial liabilities at amortized cost (712 ) (286 ) (254 ) Financial liabilities at fair value through profit and loss 10,945 (10,990 ) 17,775 Total 12,082 (7,041 ) 10,661 |
Summary of changes of the liabilities from financing activities classified as cash effective and non-cash effective | The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash As of December 31, December 31, Euros in thousands Cash Non-cash Cash Non-cash Liabilities for warrants — 10,945 — (10,990 ) Lease Liabilities 2,843 4,710 2,707 3,666 Total 2,843 15,655 2,707 (7,324 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Contractual Obligations | Contractual obligations for 2022 consist of the following: Payments due by year (Euros in thousands) Less than 1 - 3 3 - 5 More than Total Lease liabilities 3,613 5,045 3,872 6,036 18,566 Other lease obligation s 637 1,424 1,521 1,420 5,002 Total 4,250 6,469 5,392 7,456 25,568 Contractual obligations for 2021 consist of the following: Payments due by year (Euros in thousands) Less than 1 - 3 3 - 5 More than Total Lease liabilities 2,913 4,477 2,007 932 10,329 Other lease obligations 66 1,258 1,362 2,040 4,726 Contract research organization agreements 1,681 — — — 1,681 Total 4,659 5,735 3,370 2,972 16,735 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel | Compensation of key management personnel consist of the following: Year ended December 31, 2022 2021 2020 (Euros in thousands) Fixed 2,706 2,481 2,660 Variable 1,543 1,317 886 Share-based compensation expenses 14,325 17,016 13,841 Total 18,574 20,814 17,387 |
Summary of Compensation for the Supervisory Board | Total compensation for the non-executive (Euros in thousands) Peter Friedrich Michael G. Paul Heather L. Adam Nancy Eliot Total Board compensation 80 40 55 52 40 40 32 40 379 Share-based compensation expenses 178 206 177 177 177 177 64 180 1,336 Total 258 246 232 229 217 217 96 220 1,715 Total compensation for the non-executive (Euros in thousands) Peter Friedrich Michael G. Paul Heather L. Adam Christoph Eliot Total Board compensation 80 20 55 53 40 40 20 40 348 Travel expenses — 1 10 — 3 — — 1 15 Share-based compensation expenses 1,143 30 114 114 114 114 — 122 1,751 Total 1,223 51 179 167 157 154 20 163 2,114 On July 1, 2021, Immatics changed its structure from a two-tier one-tier non-executive (Euros in thousands) Peter Harald F. Michael G. Paul Heather L. 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 expenses 1,046 — 70 70 70 70 70 40 1,436 Total 3,584 16 98 96 90 90 90 52 4,116 |
Summary of Options Granted to Managing Director and Supervisory Directors | The following options were granted to Immatics’ Directors: Type of options Grant date Number of Strike Expiration date Managing Director Harpreet Singh Performance- June 30, 2020 1,598,000 10.00 June 30, 2030 Harpreet Singh Service options June 30, 2020 168,000 10.00 June 30, 2030 Harpreet Singh Matching Stock June 30, 2020 264,624 10.00 June 30, 2030 Harpreet Singh Converted options June 30, 2020 30,939 1.06 July 1, 2027 Harpreet Singh Converted options June 30, 2020 145,371 1.17 January 1, 2028 Harpreet Singh Service options December 17, 2020 168,000 9.70 December 17, 2030 Harpreet Singh Service options December 9, 2021 168,000 11.00 December 9, 2031 Harpreet Singh Service options June 14, 2022 135,000 7.94 June 14, 2032 Harpreet Singh Service options December 13, 2022 388,000 9.75 December 13, 2032 Board of Directors Peter Chambré Service options June 30, 2020 25,000 10.00 June 30, 2030 Peter Chambré Matching Stock June 30, 2020 211,974 10.00 June 30, 2030 Peter Chambré Service options December 9, 2021 15,000 11.00 December 9, 2031 Peter Chambré Service options June 14, 2022 25,000 7.94 June 14, 2032 Adam Stone Service options June 30, 2020 25,000 10.00 June 30, 2030 Adam Stone Service options December 9, 2021 15,000 11.00 December 9, 2031 Adam Stone Service options June 14, 2022 25,000 7.94 June 14, 2032 Heather L. Mason Service options June 30, 2020 25,000 10.00 June 30, 2030 Heather L. Mason Service options December 9, 2021 15,000 11.00 December 9, 2031 Heather L. Mason Service options June 14, 2022 25,000 7.94 June 14, 2032 Michael G. Atieh Service options June 30, 2020 25,000 10.00 June 30, 2030 Michael G. Atieh Service options December 9, 2021 15,000 11.00 December 9, 2031 Michael G. Atieh Service options June 14, 2022 25,000 7.94 June 14, 2032 Paul Carter Service options June 30, 2020 25,000 10.00 June 30, 2030 Paul Carter Service options December 9, 2021 15,000 11.00 December 9, 2031 Paul Carter Service options June 14, 2022 25,000 7.94 June 14, 2032 Eliot Forster Service options September 14, 2020 25,000 9.16 September 13, 2030 Eliot Forster Service options December 9, 2021 15,000 11.00 December 9, 2031 Eliot Forster Service options June 14, 2022 25,000 7.94 June 14, 2032 Friedrich von Bohlen und Halbach Service options June 17, 2021 25,000 12.05 June 17, 2031 Friedrich von Bohlen und Halbach Service options December 9, 2021 15,000 11.00 December 9, 2031 Friedrich von Bohlen und Halbach Service options June 14, 2022 25,000 7.94 June 14, 2032 Nancy Valente Service options March 22, 2022 30,000 7.40 March 22, 2032 |
Earnings and Loss per Share (Ta
Earnings and Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Summary of Earnings and loss per share | Year ended December 31, 2022 2021 2020 Net profit/(loss): 37,514 (93,335 ) (211,841 ) Basic 0.56 (1.48 ) (4.40 ) Diluted 0.55 (1.48 ) (4.40 ) Weighted average shares outstanding: Basic 67,220,824 62,912,921 48,001,228 Diluted 68,824,906 62,912,921 48,001,228 |
Group information - Additional
Group information - Additional Information (Detail) | 12 Months Ended | |
Mar. 22, 2023 | Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Date of end of reporting period | Dec. 31, 2022 | |
Authorization Of Financial Statements [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Date of authorisation for issue of financial statements | Mar. 22, 2023 |
ARYA Merger - Additional Inform
ARYA Merger - Additional Information (Detail) € in Thousands | 12 Months Ended | |||
Jul. 01, 2020 EUR (€) shares Warrants | Jun. 30, 2020 EUR (€) | Dec. 31, 2022 EUR (€) shares Warrants | Dec. 31, 2020 EUR (€) | |
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 | |||
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) | 90,300 | € 90,284 | ||
Cash and cash equivalents recognised as of acquisition date | 128,800 | |||
Current liabilities recognised as of acquisition date | 3,900 | € 3,921 | ||
Share listing expense | 152,800 | |||
Fair value of warrant liabilities assumed in a business acquisition | € 34,600 | |||
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, 2022 | |
Amendment IAS 16 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment IAS 16 – Property, Plant and Equipment (Proceeds before Intended Use) |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendment IAS 37 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment IAS 37 – Provisions, Contingent Liabilities and Contingent Assets (onerous Contracts–Cost of Fulfilling a Contract) |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendment 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 (Reference to the Conceptual Framework) |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendment To IFRS 1 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IFRS 1 – First-time Adoption of International Financial Reporting Standards |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendment To IFRS 9 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IFRS 9 – Financial Instruments |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendments to Illustrative Examples accompanying IFRS 16 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to Illustrative Examples accompanying IFRS 16 |
Date by which application of new IFRS is required | Jan. 01, 2022 |
Amendment To IAS 41 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IAS 41 – Agriculture |
Date by which application of new IFRS is required | Jan. 01, 2022 |
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, 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. 01, 2023 |
Amendment To IAS 1 IFRS Practice Statement 2 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2, Making Materiality Judgements |
Date by which application of new IFRS is required | Jan. 01, 2023 |
Amendment To IAS 8 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Definition of Accounting Estimates (Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors) |
Date by which application of new IFRS is required | Jan. 01, 2023 |
Amendment To IAS 12 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendments to IAS 12 – Income Taxes |
Date by which application of new IFRS is required | Jan. 01, 2023 |
Amendment to IFRS 16 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment to IFRS 16 – Leases on sale and leaseback |
Date by which application of new IFRS is required | Jan. 01, 2024 |
Amendment o IAS 1 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Title of new IFRS | Amendment to IAS 1 – Presentation of Financial Statements (Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants) |
Date by which application of new IFRS is required | Jan. 01, 2024 |
Application of new and revise_5
Application of new and revised international financial reporting standards - Summary of impact revision to previously issued financial statements (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Net foreign exchange differences | € 2,953 | € (2,408) | € 437 |
Net cash provided by/ (used in) operating activities | 100,131 | (84,746) | (80,696) |
Net cash provided by/ (used in) investing activities | (209,791) | 7,493 | (15,949) |
Cash flows from (used in) financing activities | 123,710 | (2,613) | 207,883 |
Net increase/(decrease) in cash and cash equivalents | 14,050 | (79,866) | 111,238 |
Cash and cash equivalents at beginning of the year | 132,994 | 207,530 | 103,353 |
Effects of exchange rate changes on cash and cash equivalents | 1,475 | 5,330 | (7,061) |
Cash and cash equivalents at end of the year | 148,519 | 132,994 | 207,530 |
Previously Reported | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Net foreign exchange differences | 554 | (4,477) | |
Net cash provided by/ (used in) operating activities | (81,785) | (85,611) | |
Net cash provided by/ (used in) investing activities | 7,493 | (15,949) | |
Cash flows from (used in) financing activities | (2,613) | 207,883 | |
Net increase/(decrease) in cash and cash equivalents | (76,904) | 106,324 | |
Cash and cash equivalents at beginning of the year | 132,994 | 207,530 | 103,353 |
Effects of exchange rate changes on cash and cash equivalents | 2,368 | (2,147) | |
Cash and cash equivalents at end of the year | 132,994 | 207,530 | |
Revision of Prior Period, Error Correction, Adjustment | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Net foreign exchange differences | (2,962) | 4,914 | |
Net cash provided by/ (used in) operating activities | (2,962) | 4,914 | |
Net increase/(decrease) in cash and cash equivalents | (2,962) | 4,914 | |
Effects of exchange rate changes on cash and cash equivalents | 2,962 | (4,914) | |
As Revised | |||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||
Net foreign exchange differences | (2,408) | 437 | |
Net cash provided by/ (used in) operating activities | (84,747) | (80,697) | |
Net cash provided by/ (used in) investing activities | 7,493 | (15,949) | |
Cash flows from (used in) financing activities | (2,613) | 207,883 | |
Net increase/(decrease) in cash and cash equivalents | (79,866) | 111,238 | |
Cash and cash equivalents at beginning of the year | € 132,994 | 207,530 | 103,353 |
Effects of exchange rate changes on cash and cash equivalents | 5,330 | (7,061) | |
Cash and cash equivalents at end of the year | € 132,994 | € 207,530 |
Application of new and revise_6
Application of new and revised international financial reporting standards - Additional Information (Detail) € in Thousands | Dec. 31, 2021 EUR (€) |
Text Block [Abstract] | |
Reclassfication of Provisions to other Current Liabilities | € 51 |
Summary of accounting policie_4
Summary of accounting policies applied by the Group for the annual reporting period ending December 31, 2022 - Summary of estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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 and installations [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 and installations [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, 2022 - Summary of useful life of intangible assets other than goodwill (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 - Summary of foreign exchange rates (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Foreign Exchange Rates [Line Items] | |||
Closing foreign exchange rate | 0.93756 | 0.88292 | 0.81493 |
Average foreign exchange rate | 0.94888 | 0.84495 | 0.87621 |
Accounts receivable - Summary o
Accounts receivable - Summary of Trade receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current receivables [abstract] | ||
Receivables From Collaboration Agreements | € 1,111 | € 682 |
Total | € 1,111 | € 682 |
Accounts receivable - Additiona
Accounts receivable - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current receivables [abstract] | ||
Expected credit losses | € 0 | € 0 |
Other current and non-current_3
Other current and non-current assets -Summary of Other current assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Prepaid expenses | € 10,450 | € 3,781 |
Value added tax receivables | 1,031 | 915 |
Grant receivable | 0 | 762 |
Other assets | 2,357 | 950 |
Total | € 13,838 | € 6,408 |
Other current and non-current_4
Other current and non-current assets - Additional Information (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||
Prepaid insurance expenses | € 1,200 | € 1,300 |
Prepaid expenses of licenses and software | 7,400 | 500 |
Non-current prepayments | 1,906 | 636 |
Current prepaid maintenance expenses | 700 | 800 |
Noncurrent Prepayments Of Licensing Agreement | 1,500 | |
NonCurrent Prepaid Maintenance Expenses | 300 | |
Celgene Switzerland LLC And Genmab AS [Member] | ||
Disclosure of subsidiaries [line items] | ||
Current Incremental cost for collaboration agreement | 400 | € 700 |
Non-current prepayments | € 100 |
Other current and non-current_5
Other current and non-current assets - Summary of Other non-current assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other non-current receivables [abstract] | ||
Prepaid expenses | € 1,906 | € 636 |
Other assets | 639 | 0 |
Total | € 2,545 | € 636 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | € 10,506 | |
Ending Cost | 13,456 | € 10,506 |
Laboratory Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 7,578 | |
Ending Cost | 8,458 | 7,578 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 1,504 | |
Ending Cost | 1,262 | 1,504 |
Office Equipment And Installations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 1,424 | |
Ending Cost | 3,736 | 1,424 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 27,761 | 22,436 |
Additions | 6,096 | 5,081 |
Disposals | (164) | (144) |
Currency translation differences | 245 | 388 |
Ending Cost | 33,938 | 27,761 |
Gross carrying amount [member] | Laboratory Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 19,630 | 15,968 |
Additions | 3,006 | 3,487 |
Disposals | (148) | (144) |
Currency translation differences | 249 | 319 |
Ending Cost | 22,737 | 19,630 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 4,470 | 3,322 |
Additions | 409 | 1,105 |
Disposals | (9) | 0 |
Currency translation differences | 28 | 43 |
Ending Cost | 4,898 | 4,470 |
Gross carrying amount [member] | Office Equipment And Installations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | 3,661 | 3,146 |
Additions | 2,681 | 489 |
Disposals | (7) | 0 |
Currency translation differences | (32) | 26 |
Ending Cost | 6,303 | 3,661 |
Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | (17,255) | (14,569) |
Additions | (3,129) | (2,574) |
Disposals | 112 | 144 |
Currency translation differences | (210) | (256) |
Ending Cost | 20,482 | (17,255) |
Accumulated depreciation [member] | Laboratory Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | (12,052) | (10,476) |
Additions | (2,143) | (1,501) |
Disposals | 96 | 144 |
Currency translation differences | (180) | (219) |
Ending Cost | (14,279) | (12,052) |
Accumulated depreciation [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | (2,966) | (2,428) |
Additions | (653) | (508) |
Disposals | 9 | 0 |
Currency translation differences | (26) | (30) |
Ending Cost | (3,636) | (2,966) |
Accumulated depreciation [member] | Office Equipment And Installations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Cost | (2,237) | (1,665) |
Additions | (333) | (565) |
Disposals | 7 | 0 |
Currency translation differences | (4) | (7) |
Ending Cost | € (2,567) | € (2,237) |
Property, plant and equipment_2
Property, plant and equipment - Summary of Depreciation expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | € (3,129) | € (2,574) | € (2,102) |
Research and development expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | (2,039) | (1,684) | (1,502) |
General and administrative expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, property, plant and equipment | € (1,090) | € (890) | € (600) |
Property, plant and equipment_3
Property, plant and equipment - Addtional information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Office Equipment And Installations [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Additions Property Plant And Equipment | € 2.5 |
Intangible assets - Summary of
Intangible assets - Summary of Changes to intangible assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | € 1,315 | |
Ending Balance | 1,632 | € 1,315 |
Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 1,071 | |
Ending Balance | 1,470 | 1,071 |
Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 244 | |
Ending Balance | 162 | 244 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 2,459 | 1,870 |
Additions | 478 | 482 |
Currency translation differences | 80 | 107 |
Ending Balance | 3,017 | 2,459 |
Gross carrying amount [member] | Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 1,551 | 1,132 |
Additions | 405 | 320 |
Currency translation differences | 73 | 99 |
Ending Balance | 2,029 | 1,551 |
Gross carrying amount [member] | Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | 908 | 738 |
Additions | 73 | 162 |
Currency translation differences | 7 | 8 |
Ending Balance | 988 | 908 |
Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (1,144) | (957) |
Additions | (218) | (160) |
Currency translation differences | (23) | (27) |
Ending Balance | (1,385) | (1,144) |
Accumulated impairment [member] | Patent And Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (480) | (403) |
Additions | (60) | (54) |
Currency translation differences | (19) | (23) |
Ending Balance | (559) | (480) |
Accumulated impairment [member] | Software Licenses [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Beginning Balance | (664) | (554) |
Additions | (158) | (106) |
Currency translation differences | (4) | (4) |
Ending Balance | € (826) | € (664) |
Intangible assets - Summary o_2
Intangible assets - Summary of Amortization expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | € (218) | € (160) | € (126) |
Research and development expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | (93) | (35) | (31) |
General and administrative expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortisation, intangible assets other than goodwill | € (125) | € (125) | € (95) |
Leases - Summary of Right-of
Leases - Summary of Right-of use assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | € 13,033 | € 9,982 |
Buildings [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 12,409 | 9,028 |
Laboratory equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 392 | 669 |
IT and telecommunication | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 90 | 177 |
Vehicles [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 126 | 74 |
Other assets [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | € 16 | € 34 |
Leases - Details of Lease liabi
Leases - Details of Lease liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lease liabilities [abstract] | ||
Lease liabilities – current | € 2,159 | € 2,711 |
Lease liabilities – non-current | 12,403 | 7,142 |
Total | € 14,562 | € 9,853 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | € (3,620) | € (2,526) | € (2,195) |
Interest expenses form lease | (613) | (288) | (260) |
Expenses relating to short-term leases and low-value assets (included in administrative expenses) | (190) | (95) | (51) |
Buildings [member] | |||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | (3,151) | (2,199) | (2,036) |
Laboratory equipment | |||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | (277) | (162) | |
IT and telecommunication | |||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | (103) | (98) | (101) |
Vehicles [member] | |||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | (66) | (59) | (50) |
Other assets [member] | |||
Disclosure Of Expenses Related ToRightOfUseAssets And Lease Liabilities [Line Items] | |||
Depreciation, right-of-use assets | € (23) | € (8) | € (8) |
Leases - Additional Information
Leases - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions to right-of-use assets | € 6,700 | € 6,700 | |
Currency translation of right-of-use assets | 100 | 300 | |
Cash payments for leases | 3,600 | 3,200 | € 2,400 |
Payments for leases | 2,843 | 2,707 | € 2,096 |
Payments of right of use assets classified as financing activities | 24,600 | € 10,400 | |
Texas | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions to right-of-use assets | 6,200 | ||
Until 2025 [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Payments for leases | 18,600 | ||
Later than one year [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Payments for leases | € 3,600 |
Accounts payable - Summary of A
Accounts payable - Summary of Accounts Payable (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Accounts payables | € 4,025 | € 3,009 |
Accrued liabilities | 9,031 | 8,615 |
Total | € 13,056 | € 11,624 |
Accounts payable - Additional I
Accounts payable - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Accrued liabilities | € 9,031 | € 8,615 |
Revenue from collaboration ag_3
Revenue from collaboration agreements - Additional Information (Detail) $ in Millions | 12 Months Ended | |||||||||||||
Jun. 01, 2022 EUR (€) | Jun. 01, 2022 USD ($) | Jan. 26, 2022 EUR (€) | Jan. 26, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 01, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Jan. 26, 2022 USD ($) | |
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Milestone payment receivable | € 770,000,000 | |||||||||||||
Contract Liabilities | € 140,716,000 | € 98,627,000 | € 42,000,000 | |||||||||||
Capitalized costs of contract net of amortization | 500,000 | 900,000 | ||||||||||||
Amortization of contract costs capitalized | 400,000 | 300,000 | € 300,000 | |||||||||||
Potential milestone payment payable | 1,900,000 | $ 2 | ||||||||||||
Receipt of upfront of payment | 172,831,000 | 34,763,000 | 31,253,000 | |||||||||||
Milestone regulatory and royaly payment receivable | € 700,000,000 | |||||||||||||
IMTXB M S Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 18,700,000 | $ 20 | ||||||||||||
Immatics Biotechnologies GmbH [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Transaction price allocation to performance obligation | 133,000,000 | $ 150 | ||||||||||||
Amgen Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 28,000,000 | $ 30 | ||||||||||||
Contract with customers liability revenue recognized | 10,200,000 | 4,900,000 | ||||||||||||
Contract Liabilities | 0 | 0 | ||||||||||||
Contract liabilities recognizedContract liabilities recognized | 10,200,000 | |||||||||||||
Genmab Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 54,000,000 | 46 | ||||||||||||
Contract with customers liability revenue recognized | 9,600,000 | 6,900,000 | 11,200,000 | |||||||||||
Contract Liabilities | 12,100,000 | 19,900,000 | ||||||||||||
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 | 75,000,000 | $ 68 | ||||||||||||
Contract with customers liability revenue recognized | 23,000,000 | 13,100,000 | 11,500,000 | |||||||||||
Contract Liabilities | 37,600,000 | 41,900,000 | ||||||||||||
GSK Collaboration Agreement [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 45,000,000 | |||||||||||||
Contract with customers liability revenue recognized | 37,100,000 | 4,500,000 | € 3,700,000 | |||||||||||
Contract Liabilities | 0 | 36,800,000 | ||||||||||||
GSK Collaboration Agreement [Member] | Thereafter [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Contract Liabilities | 36,800,000 | |||||||||||||
Bms Agreement [Member] | Immatics Biotechnologies GmbH [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Receipt of upfront of payment | € 133,000,000 | $ 150 | ||||||||||||
Allocation of upfront payment towards clinical trial services and license grant | 133,000,000 | $ 150 | ||||||||||||
Allocation of upfront payment towards clinical trial services | 42,000,000 | |||||||||||||
Allocation of upfront payment towards license grant | € 91,000,000 | |||||||||||||
Bms Agreement [Member] | Immatics Biotechnologies GmbH [Member] | Ima401 License Grant [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Revenue from contracts with customers | 6,900,000 | |||||||||||||
Bms Agreement [Member] | Immatics Biotechnologies GmbH [Member] | Ima401 Clinical Trial Services [Member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Contract Liabilities | 34,800,000 | 0 | ||||||||||||
Revenue from contracts with customers | 91,000,000 | |||||||||||||
License Development and Commercialization Agreement [member] | Immatics US Inc [Member] | Bristol Myer Squib Company [member] | ||||||||||||||
Disclosure Of Revenue From Contract With Customers [Line Items] | ||||||||||||||
Upfront payment received | 60,000,000 | |||||||||||||
Contract Liabilities | 56,200,000 | € 0 | ||||||||||||
Transaction price allocation to performance obligation | 60,700,000 | |||||||||||||
Additional payment related to performance obligations received | 5,000,000 | |||||||||||||
Performance obligations cumulative upfront payments received | 60,700,000 | € 60,700,000 | $ 65 | |||||||||||
Contract transaction price | € 66,100,000 | $ 70.8 | ||||||||||||
Revenue recognized during the period performance obligation | € 4,900,000 |
Revenue from collaboration ag_4
Revenue from collaboration agreements - Summary of Deferred revenue related to the collaboration agreements (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue [abstract] | |||
Current | € 64,957 | € 50,402 | |
Non-current | 75,759 | 48,225 | |
Total | € 140,716 | € 42,000 | € 98,627 |
Other current liabilities - Sum
Other current liabilities - Summary of other current liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about other current liabilities [Line Items] | ||
Income tax liability | € 4,298 | |
Payroll tax | 3,426 | € 1,760 |
Accrual for vacation | 806 | 607 |
Accrued bonuses | 680 | |
Other liabilities | 156 | 185 |
Total | € 9,366 | € 2,552 |
Other current liabilities - Add
Other current liabilities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Non Interest Bearing Liability [Member] | |
Disclosure of detailed information about other current liabilities [Line Items] | |
Borrowings maturity | one year |
Share listing expense and cha_3
Share listing expense and change in fair value of warrant liabilities - Additional Information (Detail) € / shares in Units, $ / shares in Units, € in Thousands, $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2022 EUR (€) shares Warrants € / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 EUR (€) € / shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 01, 2020 EUR (€) shares Warrants € / shares | Jul. 01, 2020 $ / shares | |
Disclosure of share listing expense [line items] | |||||||||||
Expense on the closing date | € 152,787 | ||||||||||
Gains losses on financial liabilities at fair value through profit or loss | € 10,945 | € (10,990) | € 17,775 | ||||||||
ARYA [member] | |||||||||||
Disclosure of share listing expense [line items] | |||||||||||
Fair value of ARYA ordinary shares and warrants | 243,100 | ||||||||||
Closing price of ARYA ordinary shares | $ / shares | $ 15.15 | ||||||||||
Identifiable net assets | 90,284 | € 90,300 | |||||||||
Expense on the closing date | € 152,787 | ||||||||||
Warrants [member] | |||||||||||
Disclosure of share listing expense [line items] | |||||||||||
Closing price of ARYA public warrants | (per share) | € 2.35 | € 3.88 | € 2.35 | $ 2.51 | $ 4.39 | $ 2.88 | € 4.82 | $ 5.41 | |||
Gains losses on financial liabilities at fair value through profit or loss | € 10,900 | $ 11.5 | € 11,000 | $ 13 | € 17,800 | $ 20.3 | |||||
Warrants [member] | ARYA [member] | |||||||||||
Disclosure of share listing expense [line items] | |||||||||||
Fair value of ARYA ordinary shares and warrants | € 34,644 | ||||||||||
ARYA Shares | Warrants | 7,187,500 | 7,187,500 | |||||||||
Closing price of ARYA public warrants | € / shares | € 4.82 | ||||||||||
Financial liabilities | € 34,400 | ||||||||||
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 | ||||||||||
ARYA Shares | shares | 17,968,750 | 17,968,750 |
Share listing expense and cha_4
Share listing expense and change in fair value of warrant liabilities - Summary of Calculation of the Share listing expense (Detail) € / shares in Units, € in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 EUR (€) shares Warrants € / shares | Dec. 31, 2020 EUR (€) € / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 € / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | Jul. 01, 2020 EUR (€) shares Warrants € / shares | Jul. 01, 2020 $ / shares | |
Disclosure of detailed information about share listing expense [Line Items] | ||||||||
IFRS 2 Expense on the closing date | € 152,787 | |||||||
Warrants [Member] | ||||||||
Disclosure of detailed information about share listing expense [Line Items] | ||||||||
Closing price of ARYA Warrants on Nasdaq as of July 1, 2020 | (per share) | € 2.35 | € 2.35 | $ 2.51 | € 3.88 | $ 4.39 | $ 2.88 | € 4.82 | $ 5.41 |
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 | € 243,100 | |||||||
Cash and cash equivalents held in ARYA's trust account | 128,849 | |||||||
Current liabilities by ARYA | 3,921 | € 3,900 | ||||||
ARYA's identifiable net assets | 90,284 | € 90,300 | ||||||
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 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 |
Other financial income and ex_3
Other financial income and expenses - Summary of other financial income and costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Other Finance Income Expense [Abstract] | |||
Interest income | € 2,476 | € 133 | € 850 |
Foreign currency gains | 6,940 | 5,542 | |
Gain on other financial instruments | 2,099 | ||
Other financial income | 9,416 | 5,675 | 2,949 |
Interest expenses | (1,038) | (566) | (289) |
Foreign currency losses | (6,500) | (276) | (9,774) |
Losses on other financial instruments | (741) | (884) | |
Other financial expenses | € (8,279) | € (1,726) | € (10,063) |
Other financial income and ex_4
Other financial income and expenses - Additional Information (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2020 EUR (€) | |
Disclosure Of Detailed Information About Other Finance Income Expense [Abstract] | |
Realised gain from foreign currency forward contracts | € 1.2 |
Unrealised gain from foreign currency forward contracts | € 0.9 |
Share-based payments - Summary
Share-based payments - Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model (Detail) | 12 Months Ended | |||||
Sep. 28, 2021 yr $ / shares | Dec. 31, 2020 yr $ / shares | Jun. 30, 2020 yr $ / shares | Dec. 31, 2022 yr $ / shares | Dec. 31, 2021 yr $ / shares | Dec. 31, 2020 yr $ / shares | |
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% | |||||
Time period (years) | yr | 5.5 | |||||
Risk free rate | 0.29% | |||||
Dividend yield | 0% | |||||
Additional Grants Under 2020 and 2022 Plan [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 9.39 | $ 11.22 | $ 9.87 | |||
Underlying share price | $ 9.39 | $ 11.22 | $ 12.7 | |||
Volatility | 85.44% | 82.18% | 78.83% | |||
Time period (years) | yr | 6.07 | 6.11 | 6.56 | |||
Risk free rate | 3.48% | 1.27% | 0.37% | |||
Dividend yield | 0% | 0% | 0% | |||
Performance Based Options [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price | $ 12.92 | $ 10 | ||||
Underlying share price | $ 12.92 | $ 14.76 | ||||
Volatility | 77.16% | 78.93% | ||||
Time period (years) | yr | 3.75 | 6.98 | ||||
Risk free rate | 1.49% | 0.66% | ||||
Dividend yield | 0% | 0% | ||||
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% | |||||
Time period (years) | yr | 5.6 | |||||
Risk free rate | 0.29% | |||||
Dividend yield | 0% |
Share-based payments - Summar_2
Share-based payments - Summary of Employee Share Options (Detail) | 12 Months Ended | ||||||||||||||
Sep. 28, 2021 $ / shares | Jul. 01, 2020 $ / shares | Jun. 30, 2020 shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2022 Warrants shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares Warrants $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2020 Warrants shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
SARs forfeited | shares | 0 | ||||||||||||||
Weighted average fair value of options granted | $ 13.79 | $ 6.93 | $ 11.22 | $ 9.35 | |||||||||||
Performance Based Options [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average exercise price, Outstanding at January 1, | 10.08 | 10 | 0 | ||||||||||||
SARs forfeited | 10 | 10 | 10 | ||||||||||||
Weighted average exercise price, Outstanding at December 31, | 10.08 | 10.08 | 10 | ||||||||||||
SARs exercisable | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Number of share options, outstanding at January 1, | shares | 3,696,000 | 3,644,000 | 0 | ||||||||||||
SARs forfeited | shares | 30,000 | 48,000 | 255,000 | ||||||||||||
Number of share options, outstanding at December 31, | shares | 3,666,000 | 3,696,000 | 3,644,000 | ||||||||||||
SARs exercisable | shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Weighted average remaining contract life (years) | 7 years 11 months 23 days | 8 years 11 months 23 days | 9 years 7 months 6 days | ||||||||||||
Performance Based Options [Member] | Granted On September 2021 [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
SARs granted | $ 0 | ||||||||||||||
SARs granted | shares | 0 | ||||||||||||||
Weighted average fair value of options granted | $ 8 | ||||||||||||||
Performance Based Options [Member] | Granted On June 2020 [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
SARs granted | $ 12.92 | $ 10 | |||||||||||||
SARs granted | shares | 3,644,000 | 100,000 | 3,899,000 | ||||||||||||
Additional Grants Under 2020 and 2022 Plan [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average exercise price, Outstanding at January 1, | 10.57 | 9.87 | 0 | ||||||||||||
SARs forfeited | 10.63 | 10.01 | 10 | ||||||||||||
SARs exercised | 10.4 | 10 | 0 | ||||||||||||
SARs expired | 10.22 | 0 | |||||||||||||
Weighted average exercise price, Outstanding at December 31, | 10.07 | 10.57 | 9.87 | ||||||||||||
SARs exercisable | $ 10.33 | $ 10.33 | $ 10.33 | $ 10.33 | $ 9.86 | $ 9.86 | $ 9.86 | $ 9.86 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Number of share options, outstanding at January 1, | 3,725,619 | 3,725,619 | 1,910,182 | 1,910,182 | 0 | ||||||||||
SARs forfeited | shares | 182,832 | 149,178 | 53,384 | ||||||||||||
SARs exercised | 16,312 | 3,093 | 0 | ||||||||||||
SARs expired | shares | 17,035 | 0 | 0 | ||||||||||||
Number of share options, outstanding at December 31, | 6,129,160 | 3,725,619 | 3,725,619 | 1,910,182 | 1,910,182 | ||||||||||
SARs exercisable | shares | 1,438,413 | 1,438,413 | 1,438,413 | 1,438,413 | 557,401 | 557,401 | 557,401 | 557,401 | 0 | 0 | 0 | 0 | |||
Weighted average remaining contract life (years) | 8 years 10 months 13 days | 9 years 4 months 9 days | 9 years 8 months 19 days | ||||||||||||
Additional Grants Under 2020 and 2022 Plan [Member] | Granted On March 2021 [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
SARs granted | $ 9.39 | $ 11.22 | |||||||||||||
SARs granted | Warrants | 2,619,720 | 1,967,708 | |||||||||||||
Additional Grants Under 2020 and 2022 Plan [Member] | Granted On June 2020 [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
SARs granted | $ 9.87 | ||||||||||||||
SARs granted | shares | 1,963,566 | ||||||||||||||
Converted Options [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average exercise price, Outstanding at January 1, | 2.64 | 2.58 | 0 | ||||||||||||
SARs forfeited | 1.08 | ||||||||||||||
SARs exercised | 1.24 | 1.29 | 0 | ||||||||||||
SARs expired | 1.35 | 1.29 | 0 | ||||||||||||
Weighted average exercise price, Outstanding at December 31, | 2.74 | 2.64 | 2.58 | ||||||||||||
SARs exercisable | $ 2.75 | $ 2.75 | $ 2.75 | $ 2.75 | $ 2.61 | $ 2.61 | $ 2.61 | $ 2.61 | $ 2.45 | $ 2.45 | $ 2.45 | $ 2.45 | |||
Number of share options, outstanding at January 1, | 566,311 | 566,311 | 594,844 | 594,844 | 0 | ||||||||||
SARs forfeited | shares | 37,540 | ||||||||||||||
SARs exercised | shares | 20,337 | 8,180 | 0 | ||||||||||||
SARs expired | shares | 8,465 | 1,805 | 0 | ||||||||||||
Number of share options, outstanding at December 31, | 525,181 | 566,311 | 566,311 | 594,844 | 594,844 | ||||||||||
SARs exercisable | shares | 392,258 | 392,258 | 392,258 | 392,258 | 193,727 | 193,727 | 193,727 | 193,727 | 53,856 | 53,856 | 53,856 | 53,856 | |||
Weighted average remaining contract life (years) | 5 years 3 days | 6 years 3 days | 7 years 3 days | ||||||||||||
Weighted average fair value of options granted | $ 4.83 | $ 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 forfeited | 1.36 | $ 1.3 | |||||||||||||
SARs granted | shares | 632,384 | ||||||||||||||
SARs forfeited | shares | 12,328 | 18,548 | |||||||||||||
Matching Stock Options [Member] | |||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||
Weighted average exercise price, Outstanding at January 1, | 10 | 10 | |||||||||||||
SARs forfeited | 10 | 10 | |||||||||||||
SARs exercised | 10 | 10 | |||||||||||||
SARs expired | 10 | ||||||||||||||
Weighted average exercise price, Outstanding at December 31, | 10 | 10 | 10 | ||||||||||||
SARs exercisable | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |||||||
Number of share options, outstanding at January 1, | 1,406,468 | 1,406,468 | 1,422,556 | 1,422,556 | |||||||||||
SARs forfeited | shares | 9,254 | 8,262 | |||||||||||||
SARs exercised | Warrants | 11,910 | 6,834 | |||||||||||||
SARs expired | shares | 46,554 | ||||||||||||||
Number of share options, outstanding at December 31, | 1,348,004 | 1,406,468 | 1,406,468 | 1,422,556 | 1,422,556 | ||||||||||
SARs exercisable | shares | 1,348,004 | 1,348,004 | 1,348,004 | 1,348,004 | 1,413,302 | 1,413,302 | 1,413,302 | 1,413,302 | |||||||
Weighted average remaining contract life (years) | 7 years 6 months | 8 years 6 months | 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 - Addition
Share-based payments - Additional Information (Detail) $ / shares in Units, € in Millions, $ in Billions | 12 Months Ended | |||||||||
Sep. 28, 2021 $ / shares | Dec. 31, 2020 $ / shares | Sep. 14, 2020 shares $ / shares | Jul. 01, 2020 $ / shares | Jun. 30, 2020 shares $ / shares | Dec. 31, 2022 EUR (€) $ / shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
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 | $ 6.93 | $ 11.22 | $ 9.35 | ||||||
Performance Based Options [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Weighted average share price of share options granted | $ 12.92 | $ 14.76 | ||||||||
Performance Based Options [Member] | Tranche One [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Minimum market capitalization | $ | $ 1.5 | |||||||||
Performance Based Options [Member] | Tranche Two [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Minimum market capitalization | $ | 2 | |||||||||
Performance Based Options [Member] | Tranche Three [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Minimum market capitalization | $ | $ 3 | |||||||||
Performance Based Options [Member] | Granted On 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 | 100,000 | 3,899,000 | |||||||
Share based compensation by share based payment arrangement exercise price per share granted | $ 12.92 | $ 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 | |||||||||
Share based compensation by share based payment arrangement fair value per share | $ 6.41 | $ 11.1 | ||||||||
Performance Based Options [Member] | Granted On September 2021 [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Share based compensation by share based payment arrangement options granted during the period | shares | 0 | |||||||||
Share based compensation by share based payment arrangement exercise price per share granted | 0 | |||||||||
Share based compensation by share based payment arrangement fair value per share | $ 8 | |||||||||
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 | $ 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 | |||||||||
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 | |||||||||
Cash payment to employees stock based awards | € | € 8.9 | |||||||||
Modification Of Awards Under Two Thousand Ten And Two Thousand And Sixteen Plan [Member] | Share Reinvestment [Member] | Matching Stock Options [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Share based compensation by share based payment arrangement term of stock options | ten-year | |||||||||
Date of vesting of stock options | Jul. 31, 2021 | |||||||||
Share based compensation by share based payment arrangement grant date | July 1, 2020 | |||||||||
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% | |||||||||
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% | |||||||||
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 | ||||||||
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 fair value per share | $ 10.59 |
Share-based payments - Summar_3
Share-based payments - Summary of Employee Related Share Based Compensation Expense (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | € (22,570) | € (26,403) | € (25,519) |
Research And Development Expense [Member] | |||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | (12,925) | (15,564) | (14,546) |
General And Administrative Expense [Member] | |||
Disclosure Of Detailed Information About Share Based Compensation Expense [Line Items] | |||
Share-based compensation expense | € (9,645) | € (10,839) | € (10,973) |
Shareholders' equity (deficit)
Shareholders' equity (deficit) - Additional Information (Detail) | 12 Months Ended | |||||
Oct. 12, 2022 EUR (€) | Jul. 01, 2020 EUR (€) € / shares shares | Jun. 30, 2020 EUR (€) | Dec. 31, 2022 EUR (€) € / shares shares | Oct. 12, 2022 $ / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | |
Disclosure of classes of share capital [line items] | ||||||
Stock issued during period, value, new issues | € 500,000 | € 0.01 | ||||
Number of shares value outstanding | € 629,000 | 767,000 | € 629,000 | |||
Share premium | 714,177,000 | € 565,192,000 | ||||
Share issue related cost | 7,900,000 | |||||
Registered Direct Offering [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | shares | 10,905,000 | |||||
Share issue related cost | € 7,300,000 | |||||
Issue of equity | 113,400,000 | |||||
Share Issued Price per Share | $ / shares | $ 10.09 | |||||
Issued capital [member] | Registered Direct Offering [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issue of equity | 109,000 | |||||
Share premium [member] | Registered Direct Offering [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issue of equity | € 106,100,000 | |||||
Svb Securities Lic [Member] | Issued capital [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issue of equity | 28,000 | |||||
Svb Securities Lic [Member] | Share premium [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issue of equity | € 20,200,000 | |||||
Svb Securities Lic [Member] | At The Market Agreement [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | shares | 2,800,000 | |||||
Gross Proceeds From Issue Of Securities | € 20,800,000 | |||||
Share issue related cost | € 600,000 | |||||
Reorganization [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding | shares | 76,670,699 | 62,926,816 | ||||
Par value per share | € / shares | € 0.01 | € 0.01 | ||||
PIPE Financing [member] | ARYA Merger [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Share premium | € 327,800,000 | |||||
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 |
Non-controlling interests - Add
Non-controlling interests - Additional Information (Detail) | 12 Months Ended | |||||
Jul. 01, 2020 EUR (€) shares | Jun. 30, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | Jul. 01, 2020 $ / shares | |
Statements [Line Items] | ||||||
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 | |||||
MD Anderson milestone compensation expense | € 45,000 | |||||
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 |
Personnel expenses - Summary of
Personnel expenses - Summary of Personnel Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Wages and salaries | € (42,924) | € (29,098) | € (22,245) |
Total other employee benefits | (7,711) | (5,086) | (3,639) |
Share-based compensation expense | (22,570) | (26,403) | (25,519) |
Total | (73,205) | (60,587) | (51,403) |
Research and development expenses [Member] | |||
Statements [Line Items] | |||
Wages and salaries | (33,694) | (21,993) | (15,277) |
Other employee benefits | (5,662) | (3,550) | (2,624) |
Share-based compensation expense | (12,925) | (15,564) | (14,546) |
General and administrative expenses [Member] | |||
Statements [Line Items] | |||
Wages and salaries | (9,230) | (7,105) | (6,968) |
Other employee benefits | (2,049) | (1,536) | (1,015) |
Share-based compensation expense | € (9,645) | € (10,839) | € (10,973) |
Personnel expenses - Additional
Personnel expenses - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Classes of employee benefits expense [abstract] | |||
Post-employment benefit expense, defined contribution plans | € 0.9 | € 0.2 | € 0.2 |
Employee health insurance cost | 0.8 | 0.6 | 0.4 |
Social security contributions | 3.2 | 2.4 | 1.7 |
other miscellaneous expenses | € 0.1 | € 0.1 | € 0.1 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Profit/(loss) before taxes | € 42,036 | € (93,335) | € (211,841) |
Expected taxes on income | (12,774) | 27,160 | 61,646 |
Difference in tax rates | (4,868) | (3,274) | (2,582) |
Non-deductible tax-expenses | 0 | (53) | (599) |
Government grants exempted from taxes | 0 | 0 | 45 |
Permanent Differences | (1,123) | (10,881) | (39,288) |
Utilization of previously unrecorded tax losses carried forward | 7,067 | 0 | 0 |
Non-recognition of deferred taxes on tax losses and temporary differences | 7,176 | (12,953) | (19,222) |
Taxes on income | € (4,522) | € 0 | € 0 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statements [Line Items] | ||
Deferred tax assets | € 0 | € 0 |
Deferred tax liabilities | 0 | 0 |
Intangible assets [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 10,328 | 1,288 |
Deferred tax liabilities | 0 | 0 |
Right-of-use assets [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (3,239) | (2,629) |
Deferred revenue [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (23,133) | 0 |
Other assets [member] | ||
Statements [Line Items] | ||
Deferred tax assets | 1,964 | 0 |
Deferred tax liabilities | (947) | 0 |
Lease liabilities [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 3,560 | 2,627 |
Deferred tax liabilities | 0 | 0 |
Deferred expenses [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 0 | 12 |
Deferred tax liabilities | 0 | 0 |
Recognition of tax losses carried forward [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 11,467 | 0 |
Deferred tax liabilities | 0 | 0 |
Recognized [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 27,319 | 3,927 |
Recognized [Member] | ||
Statements [Line Items] | ||
Deferred tax liabilities | (27,319) | (2,629) |
Netting [Member] | ||
Statements [Line Items] | ||
Deferred tax assets netting | (27,319) | (2,629) |
Netting [Member] | ||
Statements [Line Items] | ||
Deferred tax liabilities netting | 27,319 | 2,629 |
Non-recognition of deferred tax assets on temporary differences [Member] | ||
Statements [Line Items] | ||
Deferred tax assets | 0 | (1,298) |
Deferred tax liabilities | € 0 | € 0 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Statements [Line Items] | ||||
Statutory tax rate | 30.40% | 29.10% | 29.10% | |
Corporate income tax rate | 21% | 21% | 21% | |
Percentage on limitation on tax loss carryforwards after prior period | 80% | |||
Percentage on limitation on tax loss carryforwards before prior period | 100% | |||
Effective income tax reconciliation permanent effect share listing expense | € 153,000 | |||
Current tax expense (income) | € (12,774) | € 27,160 | € 61,646 | |
Tax rate effect from change in tax rate | 1.30% | |||
Unused tax losses for which no deferred tax asset recognised | € 319,400 | 353,100 | ||
Immatics Biotechnologies GmbH [Member] | ||||
Statements [Line Items] | ||||
Current tax expense (income) | € 4,500 | |||
GERMANY | Immatics Biotechnologies GmbH [Member] | ||||
Statements [Line Items] | ||||
Percentage Of Income That Can Be Used To Set Off Tax Losses Carry Forward | 60% | |||
Percentage Of Pretax Income Subject To Income Tax | 40% | |||
Indefinite Tax Losses Carryforward [Member] | ||||
Statements [Line Items] | ||||
Tax effect of tax losses | € 357,200 | € 353,100 | ||
Twenty Six Year Tax Losses Carryforward [Member] | ||||
Statements [Line Items] | ||||
Tax effect of tax losses | € 26,000 |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Summary of Currency Risk Exposure (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Currency Risk Exposure [Line Items] | ||||
Cash and cash equivalents | € 148,519 | € 132,994 | € 207,530 | € 103,353 |
Currency risk [member] | ||||
Disclosure Of Currency Risk Exposure [Line Items] | ||||
Cash and cash equivalents | 148,500 | |||
Currency risk [member] | Immatics GmbH [Member] | ||||
Disclosure Of Currency Risk Exposure [Line Items] | ||||
Cash and cash equivalents | 34,225 | 11,787 | ||
Financial assets | 37,363 | 0 | ||
Total assets exposed to the risk | 71,588 | 11,787 | ||
Immatics N.V. [Member] | Currency risk [member] | ||||
Disclosure Of Currency Risk Exposure [Line Items] | ||||
Cash and cash equivalents | 31,350 | 10,410 | ||
Financial assets | 51,438 | 0 | ||
Total assets exposed to the risk | € 82,788 | € 10,410 |
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, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 | |
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 0.93756 | 0.88292 | 0.81493 |
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 | 1.0773 | 1.1439 | |
Profit/(loss) | € (709) | € (117) | |
Carrying amount | € 71,055 | € 11,670 | |
Euro weakens by 1% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.0773 | 1.1439 | |
Carrying amount | € (18,873) | € 28,961 | |
OCI | € 189 | € (290) | |
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 | 1.0773 | 1.1439 | |
Profit/(loss) | € (820) | € (103) | |
Carrying amount | € 81,968 | € 10,307 | |
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 | 1.0559 | 1.1213 | |
Profit/(loss) | € 723 | € 119 | |
Carrying amount | € 72,491 | € 11,906 | |
Euro strengths by 1% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.0559 | 1.1213 | |
Carrying amount | € (19,255) | € 29,547 | |
OCI | € (193) | € 295 | |
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 | 1.0559 | 1.1213 | |
Profit/(loss) | € 836 | € 105 | |
Carrying amount | € 83,624 | € 10,516 | |
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 | 1.1199 | 1.1892 | |
Profit/(loss) | € (3,409) | € (561) | |
Carrying amount | € 68,349 | € 11,225 | |
Euro weakens by 5% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1199 | 1.1892 | |
Carrying amount | € (18,154) | € 27,858 | |
OCI | € 908 | € (1,393) | |
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 | 1.1199 | 1.1892 | |
Profit/(loss) | € (3,942) | € (496) | |
Carrying amount | € 78,845 | € 9,915 | |
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 | 1.0133 | 1.076 | |
Profit/(loss) | € 3,768 | € 620 | |
Carrying amount | € 75,543 | € 12,407 | |
Euro strengths by 5% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.0133 | 1.076 | |
Carrying amount | € (20,065) | € 30,791 | |
OCI | € (1,003) | € 1,540 | |
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 | 1.0133 | 1.076 | |
Profit/(loss) | € 4,357 | € 548 | |
Carrying amount | € 87,145 | € 10,958 | |
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 | 1.1733 | 1.2459 | |
Profit/(loss) | € (6,508) | € (1,072) | |
Carrying amount | € 65,242 | € 10,715 | |
Euro weakens by 10% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 1.1733 | 1.2459 | |
Carrying amount | € (17,329) | € 26,592 | |
OCI | € 1,733 | € (2,659) | |
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 | 1.1733 | 1.2459 | |
Profit/(loss) | € (7,526) | € (946) | |
Carrying amount | € 75,261 | € 9,464 | |
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 | 0.9599 | 1.0193 | |
Profit/(loss) | € 7,954 | € 1,310 | |
Carrying amount | € 79,740 | € 13,096 | |
Euro strengths by 10% against U.S. dollars [Member] | Immatics US Inc [Member] | |||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | |||
Conversion rate | 0.9599 | 1.0193 | |
Carrying amount | € (21,180) | € 32,501 | |
OCI | € (2,118) | € 3,250 | |
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 | 0.9599 | 1.0193 | |
Profit/(loss) | € 9,199 | € 1,157 | |
Carrying amount | € 91,986 | € 11,567 |
Financial Risk Management Obj_5
Financial Risk Management Objectives and Policies - Summary of Sensitivity Analysis of Foreign Currency Risk (Parenthetical) (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Immatics GmbH [Member] | Euro weakens by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics 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% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics GmbH [Member] | Euro weakens by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics 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% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics GmbH [Member] | Euro weakens by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | |
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% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Immatics US Inc [Member] | Euro weakens by 1 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 1% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics US Inc [Member] | Euro 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% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
Immatics US Inc [Member] | Euro weakens by 5 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 5% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics US Inc [Member] | Euro 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% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
Immatics US Inc [Member] | Euro weakens by 10 against US dollars [Member] | ||
Disclosure of Sensitivity Analysis For Each Type Of Market Risk [Line Items] | ||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Immatics US Inc [Member] | Euro 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% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
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% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
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% | 1% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 1% | 1% |
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% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
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% | 5% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 5% | 5% |
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% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
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% | 10% |
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% |
Financial Risk Management Obj_6
Financial Risk Management Objectives and Policies - Summary of Liquidity Risk (Detail) - Liquidity risk [member] - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | € 362,205 | € 145,117 |
Cash And Cash Equivalents [Member] | ||
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | 148,519 | 132,994 |
Bonds [Member] | ||
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | 58,756 | 12,123 |
Short-Term Deposits [Member] | ||
Statements [Line Items] | ||
Financial assets held for managing liquidity risk | € 154,930 | € 0 |
Financial Risk Management Obj_7
Financial Risk Management Objectives and Policies - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | ||||
Cash and cash equivalents | € 148,519 | € 132,994 | € 207,530 | € 103,353 |
Trade receivables | € 1,000 | € 700 | ||
Historical volatility for shares, measurement input [member] | ARYA [Member] | Warrants [member] | ||||
Statements [Line Items] | ||||
Percentage of reasonable possible increase in unobservable inputs | 10% | 10% | ||
Percentage of resonably possible decrease in unobservable inputs | 10% | 10% | ||
Increase decrease in fair value measurement due to a reasonably possible increase in unobservable input recognized in profit or loss before tax liabilities | € 1,700 | € 2,800 | ||
Increase decrease in fair value measurement due to a reasonably possible decrease in unobservable input recognized in profit or loss before tax liabilities | € 1,700 | € 2,800 | ||
Foreign Exchange Rates [Member] | ARYA [Member] | Warrants [member] | ||||
Statements [Line Items] | ||||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | |||
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | |||
Percentage of reasonable possible increase in unobservable inputs | 10% | |||
Percentage of resonably possible decrease in unobservable inputs | 10% | |||
Increase decrease in fair value measurement due to a reasonably possible increase in unobservable input recognized in profit or loss before tax liabilities | € 1,500 | € 2,500 | ||
Increase decrease in fair value measurement due to a reasonably possible decrease in unobservable input recognized in profit or loss before tax liabilities | 1,900 | 3,100 | ||
Credit risk [member] | ||||
Statements [Line Items] | ||||
Maximum exposure to credit risk | 363,000 | 146,000 | ||
Cash and cash equivalents | 149,000 | 133,000 | ||
Other financial assets | 213,000 | 12,000 | ||
Currency risk [member] | ||||
Statements [Line Items] | ||||
Cash and cash equivalents | € 148,500 | |||
Currency risk [member] | Germany | ||||
Statements [Line Items] | ||||
Percentage of cash and cash equivalents held in domicile | 87% | |||
Currency risk [member] | Top of range [member] | ||||
Statements [Line Items] | ||||
Foreign exchange gain (loss) | € 17,000 | 2,000 | ||
Currency risk [member] | Bottom of range [member] | ||||
Statements [Line Items] | ||||
Foreign exchange gain (loss) | € 14,000 | € 2,500 | ||
Currency risk [member] | Euro [Member] | ||||
Statements [Line Items] | ||||
Percentage Of Reasonably Possible Decrease In Foreign Currency Risk | 10% | 10% | ||
Bonds and short-term deposits | € 123,300 | |||
Currency risk [member] | Euro [Member] | Germany | ||||
Statements [Line Items] | ||||
Percentage of cash and cash equivalents held in domicile | 49% | |||
Currency risk [member] | US [Member] | ||||
Statements [Line Items] | ||||
Percentage Of Reasonably Possible Increase In Foreign Currency Risk | 10% | 10% | ||
Bonds and short-term deposits | € 87,000 | |||
Currency risk [member] | US [Member] | Germany | ||||
Statements [Line Items] | ||||
Percentage of cash and cash equivalents held in domicile | 51% |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts and Fair values of Group's Financial Instruments (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | € 408,984 | € 196,553 |
Carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 58,756 | 12,123 |
At fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 58,300 | 12,113 |
Cash and cash equivalents [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 148,519 | 132,994 |
Short-Term Deposits [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 154,930 | |
Bonds [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 58,756 | 12,123 |
Bonds [member] | Carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 58,756 | 12,123 |
Bonds [member] | At fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 58,300 | 12,113 |
Accounts receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 1,111 | 682 |
Other current/non-current assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 2,402 | 691 |
Accounts payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 11,735 | 11,624 |
Other current liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 54 | 727 |
Liabilities for warrants [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 16,914 | 27,859 |
Lease liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets and Financial liabilities | 14,563 | 9,853 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 16,914 | 27,859 |
Financial liabilities at fair value through profit or loss, category [member] | Liabilities for warrants [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 16,914 | 27,859 |
Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 26,352 | 22,204 |
Financial liabilities at amortised cost, category [member] | Accounts payable [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 11,735 | 11,624 |
Financial liabilities at amortised cost, category [member] | Other current liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 54 | 727 |
Financial liabilities at amortised cost, category [member] | Lease liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities, Carrying amount | 14,563 | 9,853 |
Financial assets at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 365,718 | 146,490 |
Financial assets at amortised cost, category [member] | Cash and cash equivalents [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 148,519 | 132,994 |
Financial assets at amortised cost, category [member] | Short-Term Deposits [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 154,930 | |
Financial assets at amortised cost, category [member] | Bonds [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 58,756 | 12,123 |
Financial assets at amortised cost, category [member] | Accounts receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | 1,111 | 682 |
Financial assets at amortised cost, category [member] | Other current/non-current assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, Carrying amount | € 2,402 | € 691 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Net Result from Financial Instruments by Measurement Categories (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items] | |||
Net financial result | € 12,082 | € (7,041) | € 10,661 |
Financial assets at amortised cost, category [member] | |||
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items] | |||
Net financial result | 1,849 | 5,119 | (8,959) |
Financial assets at fair value through profit or loss, category [member] | |||
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items] | |||
Net financial result | (884) | 2,099 | |
Financial liabilities at amortised cost, category [member] | |||
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items] | |||
Net financial result | (712) | (286) | (254) |
Financial liabilities at fair value through profit or loss, category [member] | |||
Disclosure Of Detailed Information About Net Result from Financial Instruments by Measurement Categories [Line Items] | |||
Net financial result | € 10,945 | € (10,990) | € 17,775 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Changes of the Liabilities from Financing Activities Classified as Cash Effective and Non-cash Effective (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items] | ||
Cash effective | € 2,843 | € 2,707 |
Non-cash effective | 15,655 | (7,324) |
Liabilities for warrants [member] | ||
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items] | ||
Non-cash effective | 10,945 | (10,990) |
Lease liabilities [member] | ||
Disclosure Of Detailed Information About Changes of the Liabilities from Financing activities Classified as Cash Effective andNoncashEffective [Line Items] | ||
Cash effective | 2,843 | 2,707 |
Non-cash effective | € 4,710 | € 3,666 |
Commitments and contingencies -
Commitments and contingencies - Summary of Contractual Obligations (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | € 18,566 | € 10,329 |
Other Lease Obligations | 5,002 | 4,726 |
Contract research organization agreements | 1,681 | |
Total | 25,568 | 16,735 |
Less than 1year | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 3,613 | 2,913 |
Other Lease Obligations | 637 | 66 |
Contract research organization agreements | 1,681 | |
Total | 4,250 | 4,659 |
1 - 3 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 5,045 | 4,477 |
Other Lease Obligations | 1,424 | 1,258 |
Contract research organization agreements | 0 | |
Total | 6,469 | 5,735 |
3 - 5 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 3,872 | 2,007 |
Other Lease Obligations | 1,521 | 1,362 |
Contract research organization agreements | 0 | |
Total | 5,392 | 3,370 |
More than 5 years | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Lease liabilities | 6,036 | 932 |
Other Lease Obligations | 1,420 | 2,040 |
Contract research organization agreements | 0 | |
Total | € 7,456 | € 2,972 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |||
Fixed | € 2,706 | € 2,481 | € 2,660 |
Variable | 1,543 | 1,317 | 886 |
Share-based compensation expenses | 14,325 | 17,016 | 13,841 |
Total | € 18,574 | € 20,814 | € 17,387 |
Related party disclosures - S_2
Related party disclosures - Summary of Compensation for the Supervisory Board (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | € 379 | € 348 | € 282 |
Travel expenses | 15 | 4 | |
Payment Exit arrangement | 2,394 | ||
Share-based compensation expense | 1,336 | 1,751 | 1,436 |
Total cash compensation | 1,715 | 2,114 | 4,116 |
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 | 80 | 80 | 140 |
Travel expenses | 0 | 4 | |
Payment Exit arrangement | 2,394 | ||
Share-based compensation expense | 178 | 1,143 | 1,046 |
Total cash compensation | 258 | 1,223 | 3,584 |
Friedrich von Bohlen und Halbach | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 40 | 20 | |
Travel expenses | 1 | ||
Share-based compensation expense | 206 | 30 | |
Total cash compensation | 246 | 51 | |
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 | ||
Travel expenses | 0 | ||
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 0 | ||
Total cash compensation | 16 | ||
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 | 55 | 55 | 28 |
Travel expenses | 10 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 177 | 114 | 70 |
Total cash compensation | 232 | 179 | 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 | 52 | 53 | 26 |
Travel expenses | 0 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 177 | 114 | 70 |
Total cash compensation | 229 | 167 | 96 |
Heather L. Mason | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 40 | 40 | 20 |
Travel expenses | 3 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 177 | 114 | 70 |
Total cash compensation | 217 | 157 | 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 | 40 | 40 | 20 |
Travel expenses | 0 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 177 | 114 | 70 |
Total cash compensation | 217 | 154 | 90 |
Nancy Valente | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 32 | ||
Share-based compensation expense | 64 | ||
Total cash compensation | 96 | ||
Christoph Hettich | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Supervisory board compensation | 20 | 20 | |
Travel expenses | 0 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 0 | 70 | |
Total cash compensation | 20 | 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 | 40 | 40 | 12 |
Travel expenses | 1 | 0 | |
Payment Exit arrangement | 0 | ||
Share-based compensation expense | 180 | 122 | 40 |
Total cash compensation | € 220 | € 163 | € 52 |
Related party disclosures - S_3
Related party disclosures - Summary of Compensation for the Supervisory Board (Parenthetical) (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Key management personnel compensation, short-term employee benefits | € 1.7 | € 2.1 | € 4.1 |
Related party disclosures - S_4
Related party disclosures - Summary of Options Granted to Managing Director and Supervisory Directors (Detail) | 12 Months Ended |
Dec. 31, 2022 shares $ / 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] | Heather L. 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 [Member] | Friedrich von Bohlen und Halbach | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Friedrich von Bohlen und Halbach |
Type of option | Service options |
Grant date | June 17, 2021 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 12.05 |
Expiration date | Jun. 17, 2031 |
Service Options [Member] | Nancy Valente | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Nancy Valente |
Type of option | Service options |
Grant date | March 22, 2022 |
Number of Options | shares | 30,000 |
Strike Price in USD | $ / shares | $ 7.4 |
Expiration date | Mar. 22, 2032 |
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 | $ 9.7 |
Expiration date | Dec. 17, 2030 |
Service Options One [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 | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Adam Stone | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Adam Stone |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Heather L. Mason | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Heather L. Mason |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Michael G. Atieh | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Michael G. Atieh |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Paul Carter | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Paul Carter |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Eliot Forster | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Eliot Forster |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options One [Member] | Friedrich von Bohlen und Halbach | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Friedrich von Bohlen und Halbach |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 15,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options Two [Member] | Harpreet Singh | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Harpreet Singh |
Type of option | Service options |
Grant date | December 9, 2021 |
Number of Options | shares | 168,000 |
Strike Price in USD | $ / shares | $ 11 |
Expiration date | Dec. 09, 2031 |
Service Options Two [Member] | Peter Chambre | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Peter Chambré |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Adam Stone | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Adam Stone |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Heather L. Mason | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Heather L. Mason |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Michael G. Atieh | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Michael G. Atieh |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Paul Carter | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Paul Carter |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Eliot Forster | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Eliot Forster |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Two [Member] | Friedrich von Bohlen und Halbach | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Friedrich von Bohlen und Halbach |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 25,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Three [Member] | Harpreet Singh | |
Disclosure of transactions between related parties [line items] | |
Description of Transactions with related party | Harpreet Singh |
Type of option | Service options |
Grant date | June 14, 2022 |
Number of Options | shares | 135,000 |
Strike Price in USD | $ / shares | $ 7.94 |
Expiration date | Jun. 14, 2032 |
Service Options Four [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 13, 2022 |
Number of Options | shares | 388,000 |
Strike Price in USD | $ / shares | $ 9.75 |
Expiration date | Dec. 13, 2032 |
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. 01, 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. 01, 2028 |
Related party disclosures - Add
Related party disclosures - Additional Information (Detail) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) shares | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Number of share options forfeited in share-based payment arrangement | 0 | |
Amounts payable, related party transactions | € | € 0 | |
Directors and executive officers [member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of share options forfeited in share-based payment arrangement | 0 | |
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 | 652,500 | |
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% | 25% |
Key management personnel of entity or parent [member] | ||
Disclosure of transactions between related parties [line items] | ||
Payment of Payroll Tax of the employees | € | € 3,400 |
Earnings and Loss per Share - A
Earnings and Loss per Share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 shares | |
Text Block [Abstract] | |
Dilutive effect of share options on number of warrants | 7,187,500 |
Earnings and Loss per Share - S
Earnings and Loss per Share - Summary of Earnings and Loss per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Net profit/(loss) | € 37,514 | € (93,335) | € (211,841) |
Basic | € 0.56 | € (1.48) | € (4.4) |
Diluted | € 0.55 | € (1.48) | € (4.4) |
Weighted average shares outstanding: | |||
Basic | 67,220,824 | 62,912,921 | 48,001,228 |
Diluted | 68,824,906 | 62,912,921 | 48,001,228 |
Revenue from collaboration ag_5
Revenue from collaboration agreements - Summary of revenue from collaboration agreements (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | € 172,831 | € 34,763 | € 31,253 |
Total | |||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | 172,831 | 34,763 | 31,253 |
Denmark | Genmab | |||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | 9,617 | 6,929 | 11,204 |
United States | Amgen | |||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | 0 | 10,228 | 4,865 |
United States | BMS | |||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | 126,100 | 13,138 | 11,489 |
United Kingdom | GSK | |||
Disclosure Of Revenue From Collaboration Agreements [Line Items] | |||
Revenue from collaboration agreements | € 37,114 | € 4,468 | € 3,695 |