Immatics: ASCO updates to flesh out franchise ahead of pivotal SUPRAME data

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Immatics: ASCO updates to flesh out franchise ahead of pivotal SUPRAME data

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Immatics

ASCO updates to flesh out franchise ahead

of pivotal SUPRAME data

Reiterate Rating: BUY | PO: 17.00 USD | Price: 11.54 USD

Catalyst-rich 2026 ahead for key PRAME programs 12 May 2026

IMTX’s 1Q26 update keeps focus on a catalyst-rich 2026, with no major change to the Equity

core debate: anzu-cel pivotal execution remains the primary near-term value driver, while

broader PRAME franchise data could expand the story beyond melanoma. We view the

Key Changesprint as incrementally positive given reiterated timing for SUPRAME interim/final

analyses in 2026e, continued commercial launch preparation for 2027e, and a strong (EUR) Previous Current

balance sheet with $521.5M in cash/financial assets and runway into 2028e. We 2026E EPS -1.52 -1.57

reiterate Buy and $17 PO as we slightly increase OpEx offset by higher probability of 2027E EPS -1.30 -1.19

success for IMA203CD8 ahead of ASCO data (now $5/sh from $4/sh). 2028E EPS -0.90 -0.76

2026E EBITDA (m) -187.7 -228.0

Anzu-cel topline still on track for 2026e 2027E EBITDA (m) -181.6 -199.7

For anzu-cel, the 1Q update was largely confirmatory, with SUPRAME interim and final 2028E EBITDA (m) -130.2 -142.0

analyses still expected to be triggered in 2026e (interim analysis will not be shared per

management commentary), supporting a planned BLA filing in 1H27e and potential first Alec W. Stranahan

commercial launch in 2027e. We continue to see anzu-cel as the centerpiece of our Research Analyst BofAS

thesis, with the upcoming phase 3 analyses likely to define the slope of adoption in +1 646 743 2109

advanced melanoma and the level of confidence in PRAME as a broader therapeutic alec.stranahan@bofa.com

target.