Immatics Advances PRAME Franchise With Multiple Clinical Milestones and Expands Cash Runway to Late 2027

Clinical Pipeline Progress: High Response Rates in Melanoma Trials Stand Out

Immatics’ third quarter 2025 business update signals continued momentum across its pipeline of PRAME-targeted immunotherapies. In melanoma, a Phase 1b trial of the lead cell therapy anzu-cel (IMA203) demonstrated promising efficacy in both cutaneous and uveal melanoma subgroups. Most notably, the clinical objective response rate (cORR) in the uveal melanoma subgroup reached 67%, with median duration of response (mDOR) at 11.0 months, and median progression-free survival (mPFS) at 8.5 months. The median overall survival (mOS) has not yet been reached at a median follow-up of 14.3 months. These results underline the durable benefit potential for patients with metastatic disease.

Cutaneous melanoma patients, all of whom had prior checkpoint inhibitor exposure, achieved a 50% cORR, and the trial continues to track mOS and durability. Building on these data, Immatics initiated a Phase 2 cohort targeting 30 uveal melanoma patients and is enrolling in a pivotal global Phase 3 trial (SUPRAME) designed to support regulatory approval in advanced melanoma. Interim and final data from this trial are expected in 2026, paving the way for a planned market launch as soon as the second half of 2027.

PRAME Franchise: Parallel Strategies to Expand Patient Reach

Beyond melanoma, Immatics is broadening its reach with the next-generation IMA203CD8 cell therapy—intended to address all advanced PRAME-positive cancers, including gynecologic malignancies. Phase 1a dose escalation studies are underway, with new data anticipated at the ESMO Immuno-Oncology Congress in December 2025. The expansion of PRAME-targeted cell therapies underscores Immatics’ leadership in targeting a cancer antigen expressed in over 50 tumor types.

Bispecific TCRs Achieve Clinical Proof-of-Concept

Clinical development of bispecific T-cell receptor (TCR) therapies is advancing as well. IMA402, a next-generation bispecific, delivered a 30% cORR (6/20) in heavily pre-treated solid tumor patients at the recommended dose, including a 29% response rate in melanoma and confirmed responses in ovarian cancer. Based on these encouraging results, a Phase 1b expansion study is now enrolling, focused on determining the optimal dosing both as monotherapy and in combination with checkpoint inhibitors for earlier-line patients.

The pipeline also features IMA401, targeting MAGEA4/8, with plans for combination strategies—particularly in squamous non-small cell lung cancer (sqNSCLC), where the combination could cover over 90% of metastatic patients. Early data showed confirmed response rates of 25–29% in head and neck and melanoma, and exploratory work is ongoing in the large sqNSCLC population.

Strong Cash Position Supports Pipeline Advancement

Immatics reported cash and financial assets of $505.8 million (€430.8 million) as of September 30, 2025, extending its operating runway into the second half of 2027. This position reflects the company’s ongoing investments in late-stage clinical trials and expanded research activities. The decrease from prior quarters mainly relates to higher R&D expenses and operational costs tied to advancing multiple candidates into registration-enabling trials and commercialization readiness.

Key Financial Highlights

*As of December 31, 2024

Strategic Appointments Strengthen Executive Team

The company made key leadership additions in Q3 2025, with Dr. Venkat Ramanan joining as Chief Financial Officer and Amie Krause as Chief People Officer, reinforcing its organizational and commercial readiness as lead candidates approach the market.

Outlook: Clinical and Regulatory Milestones to Watch

With ongoing recruitment for the pivotal SUPRAME Phase 3 melanoma trial, expanded indications for both cell therapy and bispecific candidates, and significant cash reserves, Immatics appears well positioned for a transformational two years ahead. The next major catalysts include upcoming data at the ESMO Immuno-Oncology Congress (December 2025) and planned regulatory filings for anzu-cel in 2027.

For investors and observers, the high response rates in hard-to-treat cancer populations and the diversified PRAME franchise—supported by robust financials—suggest Immatics remains a front-runner in TCR-based immunotherapy. However, as always with clinical-stage biotech, results from larger, later-stage trials and regulatory review will be key determinants of ultimate commercial success.

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