Immatics (NASDAQ: IMTX) reported second-quarter results that fell short of analyst expectations on both earnings and revenue metrics, despite significant year-over-year growth in sales. The biotechnology company posted a loss per share of $(0.53), widening from $(0.66) per share in the same period last year, which represents a 19.7 percent improvement in loss magnitude. However, this figure missed the consensus estimate of $(0.43) by 23.26 percent.

Revenue performance showed strong historical growth but failed to meet current market projections. Quarterly sales totaled $10.630 million, a substantial 93.27 percent increase from the $5.500 million recorded in Q2 of the prior year. Despite this near-doubling of year-over-year sales, the result missed the analyst consensus estimate of $14.590 million by 27.14 percent.

What the Numbers Show

The divergence between the company’s operational trajectory and market expectations is evident in the earnings data. While Immatics successfully expanded its top line by more than 90 percent compared to the previous year, it simultaneously narrowed its per-share loss by nearly 20 percent. This suggests improved cost efficiency or lower burn rates relative to the prior period. However, the significant miss on both the EPS and revenue estimates indicates that analysts had anticipated a faster acceleration in commercial traction or profitability than what was delivered in this quarter.

Immatics N.V. will present three studies spanning its PRAME franchise at the European Society for Medical Oncology (ESMO) Congress 2026 in Madrid. The presentations, scheduled from October 23-27, 2026, will feature clinical data from the company's cell therapies and bispecifics targeting PRAME-positive solid tumors.

The data includes Phase 1b results for anzu-cel, the company's lead PRAME cell therapy, in metastatic cutaneous and uveal melanoma. Additionally, Immatics will present Phase 1 data for IMA203CD8 PRAME cell therapy across multiple PRAME-positive solid tumors, with a focus on durability follow-up in gynecologic cancers. The third presentation covers Phase 1b data for IMA402, a PRAME bispecific, at the recommended Phase 2 dose range across multiple cancers.

Presentation Details

The following table outlines the scheduled presentations at the congress:

PRAME Franchise Overview

Immatics positions itself as the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. The company's PRAME franchise includes three product candidates: anzu-cel, IMA203CD8, and IMA402. These candidates span two therapeutic modalities—TCR T-cell therapies and TCR bispecifics—and are being evaluated as monotherapies and in combination with other agents.

Full abstracts for the presentations will be published on the ESMO website on October 19, 2026, at 00:05 CEST.