# EDGAR Filing Document

**Accession Number:** 0001809196
**File Stem:** 0000950103-25-015984
**Filing Date:** 2025-12
**Character Count:** 133863
**Document Hash:** 111aeb827e27d3ae29a778a4dbf67d46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-015984.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0000950103-25-015984

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20251211

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Immatics N.V.
- **CENTRAL INDEX KEY:** 0001809196
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39363
- **FILM NUMBER:** 251563498

**BUSINESS ADDRESS:**
- **STREET 1:** PAUL EHRLICH-STRASSE 15
- **CITY:** TUBINGEN
- **STATE:** 2M
- **ZIP:** 72076
- **BUSINESS PHONE:** 49 7071 5397 700

**MAIL ADDRESS:**
- **STREET 1:** PAUL EHRLICH-STRASSE 15
- **CITY:** TUBINGEN
- **STATE:** 2M
- **ZIP:** 72076

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Immatics B.V.
- **DATE OF NAME CHANGE:** 20200413

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

****

<br> **REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

December 11, 2025

**Commission File Number: 001-39363**

**IMMATICS N.V.**

**Paul-Ehrlich-Straße 15**

**72076 Tübingen, Federal Republic of Germany**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

On December 11, 2025, Immatics N.V. (the "Company" or "Immatics") provided updated dose escalation data from its Phase 1a clinical trial evaluating its second-generation PRAME cell therapy, IMA203CD8, in heavily pre-treated patients with solid tumors.

The data cutoff was October 27, 2025. As of the data cutoff, 78<sup>1</sup> heavily pre-treated patients (median of three prior systemic treatments) with advanced and/or metastatic solid tumors expressing PRAME were enrolled in the ongoing Phase 1a dose escalation clinical trial. The median total infused dose across seven escalating dose levels was 1.6x10<sup>9</sup> TCR T cells (range 0.4-12.5x10<sup>9</sup> TCR T cells). The efficacy-evaluable<sup>2</sup> patient population included 69 patients: 42 with melanoma, 11 with ovarian carcinoma, 11 with synovial sarcoma and 5 with other tumor types<sup>3</sup>.

*Safety Data*. IMA203CD8 showed manageable tolerability in the 78 patients enrolled. As shown in the table below, the most frequent treatment-emergent adverse events ("TEAEs") were anticipated cytopenias associated with lymphodepletion. Expected and manageable cytokine release syndrome (CRS) was observed, consistent with the mechanism of action (Grade 1: 35% of patients, Grade 2: 50% of patients, Grade 3: 9% of patients, Grade 4: 1% of patients). Some patients infrequently experienced immune effector cell-associated neurotoxicity syndrome (ICANS) (Grade 1: 5% of patients, Grade 2: 1% of patients, Grade 3: 1% of patients, Grade 4: 0% of patients) and hemophagocytic lymphohistiocytosis (HLH) (Grade 1: 0% of patients, Grade 2: 5% of patients, Grade 3: 3% of patients, Grade 4: 1% of patients). No Grade 5 IMA203CD8-related adverse event was observed<sup>4</sup>.

*TEAEs Occurring in ≥20% of Patients*

![](image_001.jpg)

<sup>a</sup> All patients who started lymphodepletion. Includes one patient who started lymphodepletion but did not receive IMA203CD8 cells yet. Includes one patient without AE entry at date of data cutoff. ALT: alanine aminotransferase; AST: aspartate aminotransferase.

Based on the manageable tolerability profile, dose escalation is ongoing at dose level 7 (range ~7.2-10x10<sup>9</sup> TCR T cells) and on track to determine the recommended Phase 2 dose (RP2D).

*Anti-tumor Activity*. A one-time infusion of IMA203CD8 PRAME cell therapy showed promising initial anti-tumor activity during dose escalation across various PRAME-expressing indications at a low median dose of 1.6x10<sup>9</sup> total IMA203CD8 TCR T cells:

&nbsp;&nbsp;&nbsp;&nbsp;• Confirmed Objective Response Rate (cORR): 36% (23/64)

&nbsp;&nbsp;&nbsp;&nbsp;• Objective Response Rate (ORR): 46% (32/69)

<sup>1</sup> All patients who started lymphodepletion.

<sup>2</sup> All patients who received IMA203CD8 infusion and had at least one post-baseline scan or discontinued early due to death.

<sup>3</sup> Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC.

<sup>4</sup> Possibly-related Grade 5 event as previously reported was determined by the principal investigator to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), a Grade 4 HLH event, the toxicity management and rapidly-progressing disease.

&nbsp;&nbsp;&nbsp;&nbsp;• Tumor reduction: 78% (54/69)

&nbsp;&nbsp;&nbsp;&nbsp;• Disease Control Rate (DCR) at week 6: 84% (58/69)

&nbsp;&nbsp;&nbsp;&nbsp;• Median Duration of Response (mDOR): 9.2 months at a median follow-up (mFU) of 14 months

The graphic below sets forth the observed anti-tumor activity of IMA203CD8 PRAME cell therapy.

*Tumor Reduction and Best Overall Response in Various PRAME-Expressing Indications*

![](image_002.jpg)

<sup>a</sup> Includes n=3 patients without post-baseline scan not depicted in plot: n=2 deceased prior to first scan, n=1 with non-evaluable measurements of target lesions (all DL4a); <sup>b</sup> includes n=2 patients without post-baseline scan not depicted in plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); <sup>c</sup> includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC; patient DL4a-25 had a cPR prior to CR; BOR: best overall response; (c)CR: (confirmed) complete response; PD: progressive disease; (c)PR: (confirmed) partial response SD: stable disease; NSCLC: non-small cell lung cancer; TNBC: triple-negative breast cancer.

Deep and durable objective responses were observed for up to 3+ years. The data also showed three complete responses in addition to two confirmed partial responses with -100% reduction of target lesions across indications. 66% (21/32) of responders exhibited deep responses with tumor reduction of ≥ 50%, and seven responses remained ongoing for ≥ 1 year post infusion.

In patients with ovarian carcinoma (n=11, median dose of 2.3x10<sup>9</sup> TCR T cells), a promising, dose-dependent signal was observed, including deep, confirmed objective responses at higher dose levels. Among the five patients with ovarian carcinoma treated with IMA203CD8 at ≥DL5 (range 2.3-7.1×10⁹ TCR T cells), two confirmed partial responses (PRs) were observed, one of which is an ongoing metabolic complete response in the patient treated at the highest dose in the ovarian carcinoma efficacy population to date (7.1×10⁹ TCR T cells), and an additional unconfirmed PR. All responders were resistant to previous platinum-based chemotherapy. All responses were observed in patients who did not receive post-infusion low-dose IL-2. In addition, tolerability in ovarian carcinoma was generally consistent with the full IMA203CD8 tolerability profile.

Within the Company's PRAME franchise, its lead PRAME cell therapy, anzu-cel, showed a cORR of 19% during dose escalation (last reported cORR for anzu-cel in Phase 1b at RP2D in melanoma was 56%; anzu-cel is currently in Phase 3 development). With enhanced pharmacology, IMA203CD8 is designed to build on the potential of anzu-cel in additional tumor types across a broad spectrum of PRAME expression levels and characterized by a more complex tumor microenvironment than melanoma, such as ovarian carcinoma.

*Next Steps.* The Company aims to position IMA203CD8 in the tumor-agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic cancers. In addition, the Phase 1 trial could support the positioning of IMA203CD8 without the requirement of post-infusion low-dose IL-2 in the future. The Company believes the early proof-of-concept data in ovarian carcinoma presented today support this strategy.

The Company is on track to complete Phase 1a dose escalation and determine RP2D in 2026, including data on the two highest dose levels, to unlock the full clinical potential of IMA203CD8.

*Certain statements in this report may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, observations from the Company's clinical trials, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company's focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this report should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. All the scientific and clinical data presented within this report are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.*

\* \* \*

In connection with the foregoing, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1, and made available a presentation and an updated corporate presentation, copies of which are attached hereto as Exhibit 99.2 and Exhibit 99.3.

**INCORPORATION BY REFERENCE**

This Report on Form 6-K (other than Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 hereto) shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration Nos. 333-240260, 333-274218 and 333-286151) of Immatics N.V. and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](dp238568_ex9901.htm) | [Press release dated December 11, 2025](dp238568_ex9901.htm) |
| [99.2](dp238568_ex9902.htm) | [IMA203CD8 Cell Therapy in PRAME-positive Solid Tumors](dp238568_ex9902.htm) |
| [99.2](dp238568_ex9903.htm) | [Corporate presentation dated December 11, 2025](dp238568_ex9903.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **IMMATICS N.V.** | **IMMATICS N.V.** |
| Date: December 11, 2025 |  |  |
|  | By: | /s/ Harpreet Singh |
|  | Name: | Harpreet Singh |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](image_004.jpg)

**PRESS RELEASE**

**Immatics Presents IMA203CD8 PRAME Cell Therapy Data<br> from Ongoing Dose Escalation and Shows Promising Initial Anti-tumor Activity<br> in PRAME-Positive Tumors at ESMO-IO 2025 Congress**

&nbsp;&nbsp;&nbsp;&nbsp;· IMA203CD8
 is a second-generation PRAME cell therapy with enhanced pharmacology in ongoing Phase 1a
 dose escalation

&nbsp;&nbsp;&nbsp;&nbsp;· Manageable
 tolerability across all dose levels

&nbsp;&nbsp;&nbsp;&nbsp;· Encouraging
 early clinical anti-tumor activity in advanced solid tumors after one-time infusion of IMA203CD8
 at a low median dose during ongoing dose escalation, including deep and durable responses

&nbsp;&nbsp;&nbsp;&nbsp;· Promising
 dose-dependent clinical signal in ovarian carcinoma supports the strategy to position IMA203CD8
 in the tumor-agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic
 cancers

&nbsp;&nbsp;&nbsp;&nbsp;· Dose
 escalation and determination of RP2D on track to be completed in 2026, including data on
 two highest dose levels

**Houston, Texas and Tuebingen, Germany, December 11, 2025** – <u>Immatics N.V</u>. (NASDAQ: IMTX, "Immatics" or the "Company"), a clinical-stage biopharmaceutical company and the global leader in precision targeting of PRAME, today announced updated Phase 1a dose escalation data from its second-generation PRAME cell therapy, IMA203CD8, in heavily pre-treated patients with solid tumors. Based on the enhanced pharmacology of IMA203CD8 reported previously, IMA203CD8 provides the potential to address difficult-to-treat solid tumors expressing PRAME beyond melanoma, such as ovarian cancer.

The data from the ongoing Phase 1a trial will be presented today at the European Society for Medical Oncology (ESMO) Immuno-Oncology Congress 2025 during a Mini Oral Presentation by Prof. Dr. med. Antonia Busse, Charité, Berlin, Germany. The slides are accessible in the <u>'Events & Presentations</u>' section of the Investors & Media section of the Company's website.

"The patients enrolled in this trial were heavily pretreated and presented with various challenging cases of solid tumors expressing PRAME," said Antonia Busse, M.D. "It is encouraging to be able to offer these patients a one-time treatment that is tolerable with a durable clinical

Immatics Press Release December 11, 2025 1\| 6

![](image_004.jpg)

benefit, as shown in this dose escalation trial. These early results underscore the multi-indication targeting potential of IMA203CD8 in patients with PRAME-expressing solid tumors."

"IMA203CD8, our second-generation PRAME cell therapy, marks another wave of innovation in our PRAME franchise," said Cedrik Britten, M.D., Chief Medical Officer at Immatics. "Our vision is to leverage its tumor-agnostic potential and bring meaningful benefit to patients with advanced PRAME cancers beyond melanoma. The data from the ongoing dose escalation, including the initial proof-of-concept in patients with ovarian carcinoma, reinforce the promise of IMA203CD8 as a monotherapy for difficult-to-treat indications. We look forward to completing dose escalation for IMA203CD8 and upcoming clinical readouts of more patients treated at the two highest dose levels."

**<u>IMA203CD8 PRAME Cell Therapy (GEN2) Phase 1a Dose Escalation Data Summary</u>**

**Patient Population:** *Heavily pre-treated patient population with limited treatment options*

As of the data cutoff on October 27, 2025, 78<sup>1</sup> heavily pre-treated patients (median of three prior systemic treatments) with advanced and/or metastatic solid tumors expressing PRAME were enrolled in the ongoing Phase 1a dose escalation clinical trial (<u>NCT03686124</u>). The median total infused dose across seven escalating dose levels was 1.6x10<sup>9</sup> TCR T cells (range 0.4-12.5x10<sup>9</sup> TCR T cells). The efficacy-evaluable<sup>2</sup> patient population included 69 patients: 42 with melanoma, 11 with ovarian carcinoma, 11 with synovial sarcoma and 5 with other tumor types<sup>3</sup>.

**Safety:** *Treatment with IMA203CD8 showed manageable tolerability* 

IMA203CD8 showed manageable tolerability in the 78 patients enrolled. The most frequent treatment-emergent adverse events (AE) were anticipated cytopenias associated with lymphodepletion. Expected and manageable cytokine release syndrome (CRS) was mostly Grade 1 to 2 and was consistent with the mechanism of action: Grade 1: 35%, Grade 2: 50%, Grade 3: 9%, Grade 4: 1%. Immune effector cell-associated neurotoxicity syndrome (ICANS) and hemophagocytic lymphohistiocytosis (HLH) were infrequently observed. No IMA203CD8-related Grade 5 events occurred.

Based on the manageable tolerability profile, dose escalation is ongoing at dose level 7 (range ~7.2-10x10<sup>9</sup> TCR T cells) and on track to determine the recommended Phase 2 dose (RP2D).

<sup>1</sup> All patients who started lymphodepletion.

<sup>2</sup> All patients who received IMA203CD8 infusion and had at least one post-baseline scan or discontinued early due to death.

<sup>3</sup> Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC.

Immatics Press Release December 11, 2025 2\| 6

![](image_004.jpg)

**Anti-tumor Activity and Durability:** *Deep and durable objective responses in PRAME-positive advanced solid tumors during ongoing dose escalation* 

A one-time infusion of IMA203CD8 PRAME cell therapy showed promising initial anti-tumor activity during dose escalation across various PRAME-expressing indications at a low median dose of 1.6x10<sup>9</sup> total IMA203CD8 TCR T cells:

· Confirmed
 Objective Response Rate (cORR): 36% (23/64)

· Objective
 Response Rate (ORR): 46% (32/69)

· Tumor
 reduction: 78% (54/69)

· Disease
 Control Rate (DCR) at week 6: 84% (58/69)

· Median
 Duration of Response (mDOR): 9.2 months at a median follow-up (mFU) of 14 months

*<sup>a</sup> Includes 3 patients without post-baseline scan not depicted in plot: n=2 deceased prior to first scan, n=1 with non-evaluable measurements of target lesions (all DL4a); <sup>b</sup> includes 2 patients without post-baseline scan not depicted in plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); patient DL4a-25 had a cPR prior to CR; BOR: best overall response; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease.* 

Deep and durable objective responses were observed for up to 3+ years. The data also showed three complete responses in addition to two confirmed partial responses with -100% reduction of target lesions across indications. 66% (21/32) of responders exhibited deep responses with tumor reduction of ≥ 50%, and seven responses remained ongoing for ≥ 1 year post infusion.

In patients with ovarian carcinoma (n=11, median dose of 2.3x10<sup>9</sup> TCR T cells), a promising, dose-dependent signal was observed, including deep, confirmed objective responses at higher dose

Immatics Press Release December 11, 2025 3\| 6

![](image_004.jpg)

levels. Among the five patients with ovarian carcinoma treated with IMA203CD8 at ≥DL5 (range 2.3-7.1×10⁹ TCR T cells), two confirmed partial responses (PRs) were observed, one of which is an ongoing metabolic complete response in the patient treated at the highest dose in the ovarian carcinoma efficacy population to date (7.1×10⁹ TCR T cells), and an additional unconfirmed PR. All responders were resistant to previous platinum-based chemotherapy. All responses were observed in patients who did not receive post-infusion low-dose IL-2. In addition, tolerability in ovarian carcinoma was generally consistent with the full IMA203CD8 tolerability profile.

Within Immatics' PRAME franchise, its lead PRAME cell therapy, anzu-cel, showed a cORR of 19% during dose escalation (last reported cORR for anzu-cel in Phase 1b at RP2D in melanoma was 56%; anzu-cel is currently in Phase 3 development). With enhanced pharmacology, IMA203CD8 is designed to build on the potential of anzu-cel in additional tumor types across a broad spectrum of PRAME expression levels and characterized by a more complex tumor microenvironment than melanoma, such as ovarian carcinoma.

**Next Steps for IMA203CD8 PRAME Cell Therapy**

Immatics aims to position IMA203CD8 in the tumor-agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic cancers. In addition, the Phase 1 trial could support the positioning of IMA203CD8 without the requirement of post-infusion low-dose IL-2 in the future. The Company believes the early proof-of-concept data in ovarian carcinoma presented today support this strategy.

The Company is on track to complete Phase 1a dose escalation and determine RP2D in 2026, including data on the two highest dose levels, to unlock the full clinical potential of IMA203CD8.

**About IMA203CD8 PRAME Cell Therapy (GEN2)**

IMA203CD8 is Immatics' second-generation PRAME-directed TCR T-cell therapy engineered to recognize an intracellular PRAME-derived peptide presented by HLA-A\*02:01 on the cell surface and initiate a potent and specific anti-tumor response. In addition, the co-transduction of CD8αβ alongside the PRAME TCR adds functional CD4+ T cells designed to boost anti-tumor activity. IMA203CD8 is currently being evaluated in a Phase 1a dose escalation clinical trial in solid tumors expressing PRAME.

**About PRAME**

PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and two combination therapies that target PRAME: anzu-cel (anzutresgene autoleucel, IMA203) PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2),

Immatics Press Release December 11, 2025 4\| 6

![](image_004.jpg)

IMA402 PRAME bispecific as a monotherapy and in combination with an immune checkpoint inhibitor as well as anzu-cel in combination with Moderna's PRAME cell therapy enhancer.

**About Immatics**

Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.

Immatics intends to use its website <u>www.immatics.com</u> as a means of disclosing material non-public information. For regular updates, you can also follow us on <u>LinkedIn</u> and <u>Instagram</u>.

**Forward-Looking Statements**

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, observations from the Company's clinical trials, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company's focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. All the scientific and clinical data presented within this press release

Immatics Press Release December 11, 2025 5\| 6

![](image_004.jpg)

are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.

**For more information, please contact:**

---

| |
|:---|
| **Media** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trophic Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;Phone: +49 151 74416179 |
| <u>immatics@trophic.eu</u> |

---

---

| |
|:---|
| **Immatics N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Jordan Silverstein |
| &nbsp;&nbsp;&nbsp;&nbsp;Head of Strategy |
| &nbsp;&nbsp;&nbsp;&nbsp;Phone: +1 346 319-3325 |
| <u>InvestorRelations@immatics.com</u> |

---

- END -

Immatics Press Release December 11, 2025 6\| 6

## Exhibit 99.2

**Exhibit 99.2**

![](image_005.jpg)© Immatics. Not for further reproduction or distribution. IMA203CD8 Cell Therapy in PRAME - positive Solid Tumors - Phase 1a Dose Escalation Clinical Data Update December 11, 2025

![](image_006.jpg)

Disclaimer This presentation ("Presentation") is provided by Immatics N . V . ("Immatics" or the "Company") for informational purposes only . The information contained herein does not purport to be all inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation . Forward - Looking Statements . Certain statements in this presentation may be considered forward - looking statements . Forward - looking statements generally relate to future events or the Company's future financial or operating performance . For example, statements concerning timing of data read - outs for product candidates, observations from the Company's clinical trials, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration - enabling), the timing of IND, CTA or BLA filings, estimated market opportunities of product candidates, the Company's focus on partnerships to advance its strategy, and other metrics are forward - looking statements . In some cases, you can identify forward - looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology . Such forward - looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements . These forward - looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain . New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties . Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual Report on Form 20 - F and other filings with the Securities and Exchange Commission (SEC) . Nothing in this presentation should be regarded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved . You should not place undue reliance on forward - looking statements, which speak only as of the date they are made . The Company undertakes no duty to update these forward - looking statements . No Offer or Solicitation . This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , as amended, or in an offering exempt from registration . Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company's own internal estimates and research . In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions . Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source . All the scientific and clinical data presented within this presentation are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification . 2

![](image_007.jpg)

nzu c el (I M A203) P R AME Cell Therapy 295 % 210 % Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary initial mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% shown as 95%); anzu - cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials; NSCLC: Non - small cell lung cancer Cancer Cell Death I M A402 PRAME Bispecific PRAME is expressed in more than 50 cancers % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…) Indication a z - cel (I M A 203) PRAME Cell Therapy MA402 PRAME Bispecific Today's Focus IMA203CD8 PRAME Cell Therapy (GEN2) • Enhanced pharmacology • Potential to expand to tumor - agnostic label in 2L PRAME cancers across broad spectrum of PRAME expression level • Ovarian carcinoma chosen as initial proof - of - concept Positioning of IMA203CD8: Expanding to PRAME Cancers beyond Melanoma

![](image_008.jpg)

Study Schema: IMA203CD8 in Solid Tumors Expressing PRAME Ongoing Phase 1a Dose Escalation Study 4 Busse et al., ESMO - IO 2025 PRAME Testing a Biopsy or archived tissue Inclusion of PRAME - positive patients IMA203CD8 manu f a cturing (~2 weeks) Lymphodepletion Fludarabine 30mg/m 2 Cyclophosphamide 500mg/m 2 Days - 6 to - 3 ц Low Dose IL - 2 c 1M IU SUBQ QD x 5 days, then 1M IU SUBQ BID x 5 days Leukapheresis HLA - A\*02:01 Testing (blood) Patient Journey SCREENING / MANUFACTURING TREATMENT / OBSERVATION FU Key Eligibility Criteria • Adults with advanced and/or metastatic solid tumors • ECOG PS 0 - 1 • HLA - A\*02:01 positive • PRAME positive • Patients having received or not been eligible for all available SOC treatment • Adequate organ function • No active brain metastasis IMA203CD8 Dose Escalation DL3 - DL6 b ~0.4 – 7 billion total TCR T cells DL7 ~7.2 – 10 billion total TCR T cells one - time infusion Key Objectives Primary: • Safety/tolerability Secondary: • Efficacy • Pharmacokinetics Data cutoff Oct 27, 2025 a PRAME Testing no longer required for indications with high PRAME prevalence b Based on initial safety data observed with anzu - cel (IMA203), dose escalation for IMA203CD8 was initiated at DL3. Total TCR T cells calculated from defined number of TCR T cells/m 2 body surface area (BSA) per dose level x 1.8 m 2 BSA (BSA of average patient); c h t - ;fo d e d 2 b,et eo e da h ; ц IL - 2: start without IL - 2; if considered tolerable, either add IL - 2 at the same dose, or escalate to the next dose without IL - 2; outpatient IL - 2 administration at investigator's discretion. BID: twice daily; DL: dose level; ECOG PS: Eastern Cooperative Oncology Group Performance Status; FU: follow - up; IL: interleukin; IU: international unit; QD: daily; SOC: standard - of - care; SUBQ: subcutaneous; TCR: T - cell receptor. ClinicalTrials.gov: NCT03686124, Accessed Oct 28, 2025.

![](image_009.jpg)

Demographics: Baseline Characteristics 5 Efficacy - evaluable Population 2 Safety Population 1 Other 4 n=5 Synovial Sarcoma n=11 Ovarian Carcinoma n=11 Melan o m a 3 n=42 All Indications N=78 54 (38, 71) 40 (20, 66) 60 (35, 75) 62 (23, 85) 60 (20, 85) Age, median (range) 3 (60) 4 (36) 11 (100) 21 (50) 46 (59) Female , n (%) 2 (40) 2 (18) 8 (73) 22 (52) 36 (46) ECOG PS 1 , n (%) 4 (80) 4 (36) 5 (45) 22 (52) 37 (47) LDH 21 x U,N, n (%} Tumor burden 5 6.4 (3.9, 12.3) 9.4 (1.2, 41.1) 9.6 (3.4, 21.6) 8.8 (1.5, 43.4) 9.4 (1.1, 43.4) Target lesion SPD [cm], median (range) 6 (5, 14) 7 (1, 15) 5 (2, 25) 4 (1, 25) 5 (1, 25) Number of tumor lesions 5 Median (range) 1 (20) 1 (9) 4 (36) 24 (57) 33 (45) Liver metastasis 5 , n (%) 0 (0) 0 (0) 0 (0) 4 (10) 4 (5) Brain metastasis 5 , n (%) - - 5 (45) - - Platinum - resistant, n (%) Data cutoff Oct 27, 2025 Patient Population with Limited Treatment Options Busse et al., ESMO - IO 2025 1 All patients who started lymphodepletion; 2 All patients who received IMA203CD8 infusion and had at least one post - baseline scan or progressive disease; 3 Includes cutaneous melanoma (n=22), uveal melanoma (n=14), mucosal melanoma (n=3), acral melanoma (n=1) and melanoma of unknown primary (n=2); 4 Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC; 5 For N=74 with available assessment of baseline tumor burden (not available for n=1 cutaneous melanoma, n=2 ovarian carcinoma, n=1 synovial sarcoma in safety population); ECOG: Eastern Cooperative Oncology Group Performance Status; LDH: lactate dehydrogenase; NSCLC: non - small cell lung cancer; SPD: sum of the products of diameters; TNBC: triple - negative breast cancer; ULN: upper limit of normal.

![](image_010.jpg)

Demographics: Treatment Experience 6 Efficacy - evaluable Population 2 Safety P o pu l at i o n 1 Prior Therapy O the r 4 n=5 Synovial Sarcoma n=11 Ovarian Carcinoma n=11 Melanoma 3 n=42 All Indications N=78 Treatment, n (%) 5 (100) 8 (73) 3 (27) 27 (64) 47 (60) Radiation 5 (100) 11 (100) 11 (100) 41 (98) 77 (99) Systemic treatment Lines of systemic treatment 3 (2, 5) 2 (1, 5) 4 (1, 7) 3 (0, 8) 3 (0, 8) Median, (range) 3 (60) 5 (45) 10 (91) 26 (62) 50 (64) 23, n (%} 5 (100) 0 (0) 1 (9) 37 (88) 46 (59) Immune checkpoint inhibitors, n (%) 5 (100) 11 (100) 10 (91) 18 (43) 52 (67) Chemotherapy, n (%) 5 (100) 0 (0) 10 (91) 5 (12) 27 (35) Platinum - based regimen, n (%) 0 (0) 0 (0) 4 (36) 8 (19) 15 (19) Targeted therapies (i.e., ADCs, TKIs), n (%) 0 (0) 1 (9) 0 (0) 15 (36) 18 (23) TCR - based therapies, n (%) Data cutoff Oct 27, 2025 Busse et al., ESMO - IO 2025 O the r 4 n=5 Synovial Sarcoma n=11 Ovarian Carcinoma n=11 Melanoma 3 n=42 All Indications N=78 On Study Total infused dose 1.6 (1.3, 2.1) 1.6 (0.9, 2.1) 2.3 (1.4, 7.1) 1.6 (0.4, 11.7) 1.6 (0.4, 12.5) TCR T cells [x10 9 ], median (range) 0.7 (0.2, 1.2) 0.6 (0.2, 1.1) 1.3 (0.7, 4.0) 1.0 (0.1, 5.7) 0.9 (0.1, 7.4) CD4 subset 0.9 (0.7, 1.4) 0.8 (0.5, 1.6) 0.8 (0.4, 3.0) 0.6 (0.2, 0.8) 0.7 (0.2, 8.3) CD8 subset Heavily Pre - treated Patients Treated with IMA203CD8 at Escalating Doses 1 All patients who started lymphodepletion; 2 All patients who received IMA203CD8 infusion and had at least one post - baseline scan or progressive disease; 3 Includes cutaneous melanoma (n=22), uveal melanoma (n=14), mucosal melanoma (n=3), acral melanoma (n=1) and melanoma of unknown primary (n=2); 4 Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC. Total TCR T cells calculated from defined number of TCR T cells/m 2 body surface area (BSA) per dose level x 1.8 m 2 BSA (BSA of average patient). ADC: antibody drug conjugate; NSCLC: non - small cell lung cancer; TCR: T - cell receptor; TNBC: triple - negative breast cancer; TKI: tyrosine kinase inhibitor.

![](image_011.jpg)

IMA203CD8: Tolerability in Advanced Solid Tumors Overall Manageable Tolerability Profile 7 • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1 - 2, consistent with mechanism of action • Previously reported DLTs in 2 patients at DL4b  Patient DL4b - 01: high in vivo TCR T - cell expansion, Grade 4 neurotoxicity, Grade 4 CRS, Grade 3 HLH  Patient DL4b - 04: Grade 3 CRS defined by Grade 3 ALT elevation which resolved to Grade 2 within 10 days; no need for vasopressors or ventilation • Further modification of the inclusion/exclusion criteria and IL - 2 scheme allowed continuation of dose escalation to DL4c up to present DL7; no further DLTs observed since then • No IMA203CD8 - related Grade 5 events b TEAEs in ೦ 20% of patients Adverse events of special interest N=78 a Grade ೦ 3 Any grade Preferred term, n (%) 66 (85) 67 (86) Neutropenia 40 (51) 61 (78) Anaemia 25 (32) 55 (71) Thrombocytopenia 0 50 (64) Nausea 35 (45) 36 (46) Lymphopenia 6 (8) 30 (39) Fatigue 9 (12) 30 (39) ALT/AST increased 3 (4) 26 (33) Rash/Rash maculo - papular 0 25 (32) Constipation 0 24 (31) Hypokalaemia 18 (23) 20 (26) Leukopenia 0 20 (26) Vomiting 2 (3) 17 (22) Abdominal pain 3 (4) 17 (22) Diarrhoea 0 17 (22) Pyrexia 1 (1) 17 (22) Hyponatraemia 0 16 (21) Headache N=78 a 74 (95) CRS, any grade, n (%) 27 (35) Grade 1 39 (50) Grade 2 7 (9) Grade 3 1 (1) Grade 4 7 (9) HLH, any grade, n (%) 0 Grade 1 4 (5) Grade 2 2 (3) Grade 3 1 (1) Grade 4 6 (8) ICANS, any grade, n (%) 4 (5) Grade 1 1 (1) Grade 2 1 (1) Grade 3 Dose escalation ongoing at DL7 based upon manageable tolerability Data cutoff Oct 27, 2025 dd h ho ftta en en h d oh 1 he nho (2 0%} o nh ; ; o determined according to National Cancer Institute Common Terminology Criteria of Adverse Events, version 5.0. Grades for CRS and ICANS were determined according to CARTOX criteria (Neelapu et al, 2018, for patients enrolled under protocol v11.0 and higher according to Neelapu et al, 2019). Busse et al., ESMO - IO 2025 a All patients who started lymphodepletion. Includes one patient that started lymphodepletion but did not receive IMA203CD8 cells yet. Includes one patient without AE entry at date of data cutoff. b Possibly - related Grade 5 event as previously reported was determined by the principal investigator to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), a grade 4 HLH event, the toxicity management and rapidly - progressing disease. ALT: alanine aminotransferase; AST: aspartate aminotransferase; CRS: cytokine release syndrome; Cy, cyclophosphamide; Flu, fludarabine; DL: dose level; DLT: dose - limiting toxicity; HLH: hemophagocytic lymphohistiocytosis; ICANS: immune effector cell - associated neurotoxicity syndrome; TCR: T - cell receptor; TEAE: treatment - emergent adverse event.

![](image_012.jpg)

8 n=69 a, b Me lanoma (n=42 a) Ovarian Carcinoma (n=11 b) Synovial Sarcoma (n=11) Othe r c (n=5) 1 . 6 2 . 3 1 . 6 All (n=69) 36% (23/64) cORR 46% (32/69) OR R 78% (54/69) Tumor reduction 84% (58/69) DCR (at week 6) 9.2 mo (1.5, 36.4+) mDOR, (range) 14 mo mFU IMA203CD8: Tumor Reduction During Dose Escalation All Dose Levels Across Various PRAME - expressing Indications Encouraging response rate already at low median dose of 1.6 billion total IMA203CD8 TCR T cells Busse et al., ESMO - IO 2025 a Includes 3 patients without post - baseline scan not depicted in plot: n=2 deceased prior to first scan, n=1 with non - evaluable measurements of target lesions (all DL4a); b Includes 2 patients without post - baseline scan not depicted in plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); c Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC; \* best change and RECIST BOR at different timepoints; # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker increase; patient off study at month 8 and receiving further anti - tumor treatment; DCR: includes one patient with post - baseline scan at week 5; ORR: according to RECIST 1.1 at any post - baseline scan; cORR: according to RECIST 1.1 for patients with at least two available post - baseline scans (excluding patients with ongoing unconfirmed response) or patients with PD or death Data cutoff Oct 27, 2025 at any prior timepoint, patient DL4a - 25 had a cPR prior to CR; BOR: best overall response; (c)CR: (confirmed) complete response; DCR: disease control rate; mDOR: median duration of response; mFU: median follow - up; NSCLC: non - small cell lung cancer; (c)ORR: (confirmed) objective response rate; PD: progressive disease; (c)PR: (confirmed) partial response SD: stable disease; TNBC: triple - negative breast cancer. Median dose [x10 9 ] TCR T cells

![](image_013.jpg)

IMA203CD8: Changes in Tumor Size Over Time During Dose Escalation 9 Data cutoff Oct 27, 2025 Busse et al., ESMO - IO 2025 Deep and Durable Responses for up to 3+ Years 5 patients without post - baseline scan not depicted in plot: n=2 with melanoma deceased prior to first scan, n=1 with melanoma had non - evaluable measurements of target lesions (all DL4a), n=2 with ovarian carcinoma deceased prior to first scan (1 DL4a, 1 DL5); # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker increase; patient off study at month 8 and receiving further anti - tumor treatment. BL: baseline; (c)CR: (confirmed) complete response; PD: progressive disease; (c)PR: (confirmed) partial response; SD: stable disease.

![](image_014.jpg)

IMA203CD8 in Patients with Ovarian Carcinoma Dose Escalation at Higher Doses (೦ DLS) Ongoing to Unlock Full Potential of IMA203CD8 10 Dose - dependent promising signal at higher doses ೦ DLS with 2 cPRs and 1 PR (all DL shown) Deep confirmed objective responses at higher doses ೦ DLS (all DL shown) n=11 a Data cutoff Oct 27, 2025 a Includes 2 patients without post - baseline scan not depicted in waterfall and spider plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); \* best change and RECIST BOR at different timepoints; # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker CA - 125 increase; patient off study at month 8 and receiving new anti - tumor treatment. BL: baseline; BOR: best overall response; DL: dose level; PD: progressive disease; (c)PR: (confirmed) partial response; SD: stable disease. Tolerability in ovarian carcinoma was generally consistent with full IMA203CD8 tolerability profile D L 6 - D L 5 - D L 5 - # DL6 - Ongoing metabolic complete response Data Supplement to Busse et al., ESMO - IO 2025

![](image_015.jpg)

Conclusions Towards Proof - of - concept for Tumor - agnostic Targeting of PRAME cancers with IMA203CD8 • M n bd hfd bedehy h ent oen ;fo d e do eh - mfoh f qa nh 2 ; 3 ho b en nhete h ; tyhf ne • Encouraging clinical anti - tumor activity after one - time infusion of IMA203CD8 already at a low median dose of 1.6 billion total TCR T cells • Deep and durable objective responses in advanced solid tumors during dose escalation including beyond melanoma • 3 complete responses plus 2 cPRs with - 100% reduction of target lesions • 66% (21/32) of responders showing deep responses with tumor ;athefn ff 2 50% • 7 responses ongoing for ೦ 1 year post infusion • Promising initial dose - dependent signal in S patients with ovarian carcinoma treated at ೦ DLS : 2 cPRs, including 1 ongoing metabolic complete response, and 1 PR – all observed without post - infusion low - dose IL - 2 • Early proof - of - concept data in ovarian carcinoma supports the strategy to position IMA203CD8 in the tumor - agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic cancers • The Phase 1 trial could also support the positioning of IMA203CD8 without the requirement of post - infusion low - dose IL - 2 in the future • Dose escalation and determination of RP2D on track to be completed in 2026 to unlock the full clinical potential of IMA203CD8 • Efficacy readouts including patients treated at the two highest dose levels (DL6 and DL7) expected in 2026 11 Data cutoff Oct 27, 2025 Busse et al., ESMO - IO 2025 AE: adverse event; cPR: confirmed partial response; RP2D: recommended phase 2 dose.

![](image_016.jpg)

University Hospital Dresden University Hospital Bonn University Hospital Würzburg University Hospital Hamburg Charité Berlin University Hospital Heidelberg University Medicine Mainz TUM University Hospital Munich IMA203CD8 Phase 1 Study Sponsor: Immatics Massachusetts General Hospital University of Pittsburgh Medical Center MD Anderson Cancer Center United States University of Miami Health System Fox Chase Cancer Center Thank You – Study Participants & Caregivers 12 Germany

![](image_017.jpg)

Appendix 13

![](image_018.jpg)

Phase 1a Dose Escalation Study Design Safety Population (N=78 \*) DL3 1 (n=7) DL4c (n=5) ~1.45 - 2.16 x 10 9 total TCR T cells DL5 (n=0) ~2.17 - 3.6 x 10 9 total TCR T cells DL6 (n=4) ~3.6 - 7.2 x 10 9 total TCR T cells DL7 (n=1) ~7.2 - 10 x 10 9 total TCR T cells DL4c - (n=3) ~1.45 - 2.16 x 10 9 total TCR T cells DL5 - (n=5) ~2.17 - 3.6 x 10 9 total TCR T cells DL6 - (n=5) ~3.6 - 7.2 x 10 9 total TCR T cells DL7 - (n=5) ~7.2 - 10 x 10 9 total TCR T cells Median dose of 1.6 billion total IMA203CD8 TCR T cells Dose escalation at DL7 with and without IL - 2 ongoing 14 Data cutoff Oct 27, 2025 ~0.36 - 0.86 x 10 9 total TCR T cells DL4a 2 (n=38) ~0.87 - 1.44 x 10 9 total TCR T cells DL4b 3 (n=4) ~1.45 - 2.16 x 10 9 total TCR T cells Cohort without IL - 2 Cohort with IL - 2 \* Includes one patient who started lymphodepletion but pending IMA203CD8 infusion; 1 Based on initial safety data observed with anzu - cel (IMA203), dose escalation for IMA203CD8 was initiated at DL3; 2 DL4a cleared in Dec 2023; 3 DLTs at DL4b triggered modifications of h - de ebedehy t eh e , ; h ; he nh f ad hefn eo h h ; eh - b,et h t - ;fo d e d 2 b,et eo e da h ; ц IL - 2: start without IL - 2; if considered tolerable, either add IL - 2 at the same dose, or escalate to the next dose without IL - 2; patients depicted according to assigned cohort, two patients in cohort with IL - 2 did not receive IL - 2 infusions (DL4c - 04, DL6 - 01). Total TCR T cells calculated from defined number of TCR T cells/m 2 body surface area (BSA) per dose level x 1.8 m 2 BSA (BSA of average patient). BSA: body surface area; DL: dose level; DLT: dose - limiting toxicity; MTD: maximum tolerated dose; TCR, T - cell receptor. Patients assigned to the cohort without IL - 2 are indicated with an additional "M" in their patient ID depicted in waterfall and spider plots Data Supplement to Busse et al., ESMO - IO 2025

![](image_019.jpg)

Other (n=5) 15 Safety Population 1 (N=78) n=1 started lymphodepletion but pending infusion n=8 pending first post - baseline scan, thereof n=1 on DL5, n=2 on DL6, n=3 on DL7 E ffi c acy - e v aluable Population 2 (n=69) Melanoma (n=42) Ovarian Carcinoma (n=11, thereof n=5 at 2b,5} Synovial Sarcoma (n=11) Patient Populations Various PRAME - Expressing Indications Across All Dose Levels Cutaneous melanoma (n=22) Uveal melanoma (n=14) Mucosal melanoma (n=3) Melanoma of unknown primary (n=2) Acral melanoma (n=1) 1 All patients who started lymphodepletion, includes one patient without adverse event entry at date of data cutoff; 2 All patients who received IMA203CD8 infusion and had at least one post - baseline scan or progressive disease. NSCLC: non - small cell lung cancer. Triple - negative breast cancer (n=2) Uterine cancer (n=1) Lung adenocarcinoma (n=1) NSCLC (n=1) Data cutoff Oct 27, 2025 Data Supplement to Busse et al., ESMO - IO 2025

![](image_020.jpg)

IMA203CD8 in Patients with Synovial Sarcoma Promising Clinical Activity with Deep and Durable Responses at Low Doses (DL1 - DL4a) 16 Data cutoff Oct 27, 2025 Tolerability in synovial sarcoma was generally consistent with full IMA203CD8 tolerability profile n=11 Ongoing response until month 16 post infusion\* Data Supplement to Busse et al., ESMO - IO 2025 \* Measurement of target lesions at month 16 post infusion not available; BL: baseline; BOR: best overall response; (c)CR: (confirmed) complete response; DL: dose level; PD: progressive disease; (c)PR: (confirmed) partial response; SD: stable disease.

![](image_021.jpg)

Opportunity of IMA203CD8 across Broad Range of PRAME Expressing Indications 17 Data on file; PRAME expression: evaluated biopsies (FFPE tissue) prior to treatment with anzutresgene autoleucel (anzu - cel, formerly IMA203) or IMA203CD8, melanoma: cutaneous melanoma, uveal melanoma, acral melanoma, melanoma of unknown primary, Gyn (gynecologic cancers): ovarian carcinoma and endometrial cancer; Other: head and neck cancer, lung cancer, synovial sarcoma, triple - negative breast cancer and others; PD: progressive disease; SD: stable disease; (c)PR: (confirmed) partial response; sqNSCLC: squamous cell non - small - cell lung cancer IMA 203 CD 8 offers similar depth of response at 1 . 6 x 10 9 total infused dose compared to those demonstrated by anzu - cel at ~ 3 x higher dose . With higher doses currently being explored, IMA203CD8 may offer an enhanced opportunity to treat cancers across a broad spectrum of PRAME expression including ovarian carcinoma, uterine cancer, sqNSCLC, triple - negative breast cancer and others Deep responses with IMA203CD8 at low doses Potential for targeting PRAME expressing tumors with IMA203CD8 p<0.001 ns p<0.001 Data cutoff Oct 27, 2025 PRAME expression relative to threshold

![](image_022.jpg)

IMA203CD8 and Anzu - cel (IMA203) in Cutaneous Melanoma 18 • Promising IMA203CD8 dose escalation data at low median dose, but too early for conclusive comparison to anzu - cel • IMA203CD8 has entered higher dose levels at ~7.2 - 10 billion total TCR T cells outside melanoma to unlock its full clinical potential, next data update expected in 2026 Anzutresgene autoleucel (anzu - cel, formerly IMA203); 1 All patients who received anzu - cel or IMA203CD8 infusion and had at least one post - baseline scan or progressive disease; 2 cORR (confirmed objective response rate): according to RECIST 1.1 for patients with at least two available post - baseline scans (excluding patients with ongoing unconfirmed response) or patients with PD or death at any prior timepoint; SPD: sum of the products of diameters Anzu - cel (IMA203) Ph1b Dose Expansion at RP2D Anzu - cel (IMA203) Ph1a Dose Escalation IMA203CD8 Ph1a Dose Escalation Cutaneous melanoma Sep 30, 2023 Apr 7, 2025 Oct 27, 2025 Data cutoff 14 8 22 Efficacy - evaluable patients 1 12.1 10.6 6.0 Tumor burden (target lesion SPD) [cm], median 4.0 1.1 1.6 Total infused dose TCR T cells [x10 9 ], median 50% (7/14) 25% (2/8) 39% (7/18) cORR 2

## Exhibit 99.3

**Exhibit 99.3**

![](image_023.jpg)© Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation December 11, 2025

![](image_024.jpg)

Forward - Looking Statement This presentation ("Presentation") is provided by Immatics N . V . ("Immatics" or the "Company") for informational purposes only . The information contained herein does not purport to be all - inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation . Forward - Looking Statements . Certain statements in this presentation may be considered forward - looking statements . Forward - looking statements generally relate to future events or the Company's future financial or operating performance . For example, statements concerning timing of data read - outs for product candidates, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration - enabling), the timing of IND or CTA filing for pre - clinical stage product candidates, the timing of BLA filings for clinical stage product candidates, estimated market opportunities of product candidates, manufacturing timetables, capacity and success rates, the Company's focus on partnerships to advance its strategy, and other metrics are forward - looking statements . In some cases, you can identify forward - looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology . Such forward - looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements . These forward - looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain . New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties . Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual Report on Form 20 - F and other filings with the Securities and Exchange Commission (SEC) . Nothing in this presentation should be regarded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved . You should not place undue reliance on forward - looking statements, which speak only as of the date they are made . The Company undertakes no duty to update these forward - looking statements . No Offer or Solicitation . This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , as amended, or in an offering exempt from registration . Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company's own internal estimates and research . In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions . Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source . All the scientific and clinical data presented within this presentation are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification . 2

![](image_025.jpg)

PRAME Is Expressed in More Than 50 Cancers 295 % 210 % Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Data on file: PRAME target prevalence is based on a proprietary initial mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% shown as 95%); anzu - cel (IMA203), IM203CD8, IMA402 are being evaluated in separate clinical trials; NSCLC: Non - small cell lung cancer Cancer Cell Death IMA402 PRAME Bispecific anzu - cel (I M A 203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) Immatics Is the Global Leader in Precision Targeting of PRAME with 3 clinical product candidates PRAME prevalence in selected indications % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 P R AME Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…) Indication

![](image_026.jpg)

Immatics Is the Global Leader in Precision Targeting of PRAME • PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules 1 • The PRAME peptide can be targeted by T - cell receptors (TCRs) engineered by Immatics, thus overcoming limitations of classical antibodies and CAR T - cell therapies not able to access intracellular targets 1,2 • PRAME has multiple functions in tumor biology enhancing tumor cell survival, tumor proliferation and resistance to apoptosis #,3,4 • PRAME expression has been associated with poor prognosis incl. shorter survival 5,6,7,8 • PRAME is homogenously expressed in tumor tissue 9 4 s qNSCLC Ovarian Cancer PRAME RNA detection in tumor samples (ISH) Anzutresgene autoleucel (anzu - cel, formerly IMA203), # Activation of proliferative and survival pathways, including PI3K/AKT/mTOR 3 , and inhibition of retinoic acid signaling preventing retinoic acid - induced differentiation and apoptosis 4 1 Wermke et al., 2025; 2 Chandran et al., 2019, 3 Yu et al., 2023; 4 Epping et al., 2005; 5 Al - Khadairi & Decock. 2019; 6 Naik et al., 2021; 7 Gezgin et al., 2017; 8 Field et al., 2016; 9 Hukelmann et al., SITC 2022. P R AME anzu - cel (IMA203)

![](image_027.jpg)

Mo d ality Indication T a r g e t Cell therapy Cell therapy 2L melanoma 2 Uveal melanoma Product c a ndida t e Anzu - cel (IMA 203) Anzu - cel (IMA 203) Anzu - cel (IMA 203) + mRNA - 4203 Cell therapy Solid cancers IMA203CD8 Cell therapy I MA402 Bispecific IMA402 + ICI Bispecific Gynecologic cancers Other solid cancers Melanoma, gynecologic cancers, others Melanoma, gynecologic cancers, others IMA401 3 Undisc lose d 4 Undisclosed Bispecific Bispecific Cell therapy HNSCC, sqNSCLC, others Undisclosed Undisclosed MAGEA4/8 othe r oth e r Preclinical 1a 1 1b 1 2 3 SUP R A ME Phase 5 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Phase 1a: Dose escalation, Phase 1b: Dose expansion; 2 2L melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor; 3 With or without checkpoint inhibitor (pembrolizumab); 4 mRNA - enabled in vivo expressed TCER® molecules; HNSCC: head and neck squamous cell carcinoma; ICI: immune checkpoint inhibitor; sqNSCLC: squamous non - small - cell lung cancer PRAME Franchise P R AME Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities Product Cand i da t e s The r apeutic Modalities 3 2 2 Combinations PR A M E PR A M E PR A M E PR A M E PR A M E PR A M E PR A M E

![](image_028.jpg)

Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #2 PRAME Wave #3 Anzutresgene autoleucel (anzu - cel, formerly IMA203), All patient numbers refer to PRAME+/HLA - A\*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; \*2L: patients with unresectable or metastatic cutaneous melanoma who have received at least 1 prior immune checkpoint inhibitor; ICI: Immune checkpoint inhibitor; SOC: standard of care; sqNSCLC: squamous non - small - cell lung cancer >230K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 p.a. IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific Market entry in advanced melanoma ~9K addressable patients p.a. Expansion to all advanced PRAME cancers >75K addressable patients p.a. Expansion to earlier - line PRAME cancers >145K addressable patients p.a. • Enhanced pharmacology provides potential to expand to tumor - agnostic label in 2L PRAME solid cancers beyond melanoma • First target indications: ovarian cancer, endometrial cancer IMA203CD8 IMA402 • Anzu - cel will be Immatics' first PRAME therapy to enter the market – launch targeted in 2027 • First target indications: 2L cutaneous melanoma \* , uveal melanoma Anzu - cel (IMA203) PRAME Wave #1 Anzu - cel (IMA203) PRAME Cell Therapy 6 P R AME • Next - gen half - life extended bispecific as monotherapy or ICI/SOC combo in earlier lines • First target indications: melanoma, gynecologic cancers • Exploration of IMA402/IMA401 combination in sqNSCLC

![](image_029.jpg)

Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 >230K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 p.a. Anzu - cel (IMA203) PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific ESMO - IO: 4Q 2025  Dose escalation and determination of RP2D incl. data on two highest dose levels: 2026 EXPECTED MILESTONES STATUS STATUS STATUS • GEN2 PRAME cell therapy leveraging CD8 and CD4 T cells • Enhanced pharmacology • Phase 1 dose escalation ongoing • Off - the - shelf Bispecific • Next - gen, half - life extended format • Phase 1b dose expansion ongoing • RMAT designation 1 by FDA • Phase 3 SUPRAME trial in patients with advanced melanoma post ICI ongoing; Primary endpoint: PFS • Phase 1b trial with focus on uveal melanoma ongoing; addtl. Phase 2 cohort in patients with uveal melanoma initiated 7 P R AME Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Includes all benefits of Breakthrough Therapy Designation; 2 Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death); ICI: immune checkpoint inhibitor; sqNSCLC: squamous non - small - cell lung cancer  Ph3 final analysis 2 : 2026  BLA submission: 1H 2027  Launch: 2H 2027 EXPECTED MILESTONES x  Ph1b melanoma update at ASCO 2025 EXPECTED MILESTONES x  Ph1a dose escalation completed, clinical proof - of - concept of IMA402  Completion of Ph1b dose expansion with focus on melanoma and gyn - onc to determine the final RP2D: 2026 x  Ph1a dose escalation data incl. ovarian cancer, melanoma, synovial sarcoma at x  Ph1b uveal mel. update at ESMO 2025  Ph3 interim data analysis 2 : 2026

![](image_030.jpg)

8 P R AME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose ("RP2D") for development beyond Ph1b. Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. SOC: standard of care LYMPHODEPLETION & INFUSION Tumor cell HLA PRAME peptide AD MI N I STRAT ION TO PATIENT LEUKAPHERESIS GENETIC E N GI N EE R I N G & EXPANSION TCER® PRODUCTION "O FF - TH E - SH EL F" PRODUCT PRAME Bispecific M od ality: Application : Half - life extended (HLE) bispecific T cell engager (TCER®) Repeat dose Positioning: Deplo yme n t : Primarily in earlier lines incl. frontline or (neo)adjuvant setting (in combination with SOC) Outpatient administration, hospitals and community centers TPP at RP2D 1 : 2 0% cORR 2 mDOR (monotherapy, last line) PRAME Cell Therapy M od ality: Autologous TCR T - cell Therapy Application: Single dose ("one and done") (no tumor surgery, no high - dose IL - 2) Positioning: Deployment : TPP at RP2D 1 : Primarily second line and later monotherapy setting Administered in specialized hospitals and medical centers; potential for outpatient administration 2 0% cORR 2 mDOR (monotherapy, last line) Cell Th er apy TCER® Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities

![](image_031.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy Market Entry in Advanced Melanoma PRAME Wave #1 9 Anzutresgene autoleucel (anzu - cel, formerly IMA203)

![](image_032.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy: Market Entry in Advanced Melanoma 10 Anzu - cel (IMA203) Opportunity ~7.3K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 ~1.3K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 Anzutresgene autoleucel (anzu - cel, formerly IMA203), all patient numbers refer to PRAME+/HLA - A\*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; \*2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor; EU5: France, Germany, Italy, Spain, United Kingdom PRAME Wave #1: anzu - cel 2L Unresectable or Metastatic Cutaneous Melanoma \* US ~3.7K EU5 ~3.6K Unresectable or Metastatic Uveal Melanoma US ~0.6K EU5 ~0.7K ANZ U - CEL (I M A203)

![](image_033.jpg)

SUPRAME: Phase 3 randomized trial of anzu - cel vs. investigator choice in 2L cutaneous melanoma\* ongoing (#NCT06743126) Phase 2 single arm cohort of anzu - cel in metastatic uveal melanoma ongoing (#NCT03686124) mDOR: median duration of response; mPFS: median progression - free survival; OS: overall survival ; mFU: median follow - up; \*2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor; EU5: France, Germany, Italy, Spain, United Kingdom; Summary: Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma Positive Data and High Unmet Need Favorable T ole r a bility Anticipated cytopenias associated with lymphodepletion Mostly mild to moderate CRS (37% Gr1, 47% Gr2, 11% Gr3) Infrequent ICANS (5.4% Gr1, 4.1% Gr2, 4.1% Gr3) No anzu - cel - related grade 5 events Potential for outpatient administration Compelling Response Rate cORR: 56% (18/32) 42% (14/33) of patients had deep responses 250% Encouraging activity in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%) Durable R e sponses 12.1 months mDOR and ongoing responses for up to 2.5+ years mPFS of 6.1 months mPFS 12.9 months in patients with deep responses mOS: 15.9 months Rapid & Robust Manufacturing Fast turnaround time: 7 - 8 days + 7 days QC release testing 95% manufacturing success rate to reach target dose 1 Optimized process to achieve desirable cellular functionality Commercial Opportuni t y ~ 9K # addressable patients in US/EU5 in cutaneous and uveal melanoma FDA RMAT designation 2 received in multiple PRAME expressing cancers, including cutaneous and uveal melanoma Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Manufacturing success rate for Phase 1; 2 Includes all benefits of Breakthrough Therapy Designation; # PRAME + /HLA - A\*02:01 + addressable patient Updated data (cut - off Sep 24, 2025) for uveal population, source: Clarivate Disease Landscape and Forecast 2025; CRS: cytokine release syndrome; ICANS: immune effector cell associated neurotoxicity syndrome; cORR: confirmed objective response rate; melanoma subset presented at ESMO 2025, 11 see separate slide deck on website

![](image_034.jpg)

Ph 1b Study of Anzu - cel (IMA203) PRAME Cell Therapy in Advanced Melanoma 12 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Gragert et al. 2013 and census numbers; HLA - A\*02:01 prevalence in Immatics' clinical trials: US 65% and Germany 55% as of March 2025; 2 30 mg/m 2 Fludarabine and 500 mg/m 2 Cyclophosphamide for 4 days; 3 1m IU SC daily days 1 - 5 and twice daily SC days 6 - 10, total dose is approx. only 5% of the overall dose for high - dose IL - 2 given typically with TIL therapy (Sarnaik et al. 2021 Journal of Clinical Oncology); 4 Manufacturing success rate for Phase 1 HLA - A\*02:01 Testing Blood sample Patient Journey Screening & Manufacturing Phase Treatment & Observation Phase Long Term Follow - up Manufacturing by Immatics Anzu - cel (IMA203) One - time infusion Safety and efficacy monitoring for 12 months Lymphodepletion 2 Low dose IL - 2 3 Leu k aphe r esis as source for cell product Process time of ~2 weeks 7 - 8 - day manufacturing process applying CD8/CD4 T cell selection 7 - day QC release testing PRAME testing in Phase 1 Due to high prevalence, PRAME testing no longer required in SUPRAME trial for cut. melanoma and Phase 2 cohort in uveal melanoma Inclusion by HLA testing only – no PRAME testing required Fast turn - around - time (~2 weeks) and manufacturing success rate of 95% 4 Favorable tolerability profile with potential outpatient administration – no high - dose IL - 2 Standard leukapheresis for product manufacturing – no need for tumor biopsy or surgery Prevalence 1 : US: 41%, EU: 48% Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel

![](image_035.jpg)

Ph 1b Study of Anzu - cel (IMA203): Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; MM, mucosal melanoma; TCR, T - cell receptor; UkM, melanoma of unknown primary; UM, uveal melanoma. 13 Metastatic staging, % (UM only) --- 18.8 --- --- IVM1a --- 81.3 --- --- IVM1b/c/d Baseline Characteristics Total Safety Population N=74 Cutaneous Melanoma n=14 Uveal Melanoma n=16 All Melanoma n=33 Age, median (range) 54 (18, 79) 54.5 (31, 79) 62 (32, 74) 57 (31, 79) Female, % 52 . 7 21 . 4 62 . 5 48 . 5 Baseline ECOG status 1, % 51 . 4 35 . 7 43 . 8 39 . 4 Prior lines of systemic treatment, median (range) 3 (0, 10) 2.5 (1, 5) 2 (0, 6) 2 (0, 6) Prior ICI treatment , median (range) 21 line of PD1/CTLA4 , % Prior tebentafusp , % --- --- --- 2 (1, 3) 100/64.3 --- 1 (0, 4) 62.5/43.8 62.5 1 (0, 4) 81.8/57.6 --- Elevated LDH at baseline, % 63 . 5 64 . 3 56 . 3 57 . 6 Median target lesion sum of diameter, mm (range) 116.1 (15.0, 309.8) 120.5 (15.0, 309.8) 101.6 (30.8, 210.0) 104.0 (15.0, 309.8) Patients with liver metastasis, % Patients with brain metastasis, % 62 . 2 12 . 2 64 . 3 0.0 93 . 8 0.0 78 . 8 3.0 Metastatic staging, % (CM, MM, UkM only) IIIb/IIIc/IVM1a IVM1b/c/d --- --- 0.0 100 . 0 --- --- 0.0 100 . 0 Treatment Experience Total Safety Population Cutaneous Melanoma Uveal Melanoma All Melanoma Infused TCR T cell dose (x10 9), median (range) 2.34 (0.078, 10.20) 4.58 (1.30, 10.20) 3.94 (1.62, 8.43) 4.04 (1.30, 10.20) Heavily Pretreated Patient Population Melanoma Efficacy Population Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 PRAME Wave #1: anzu - cel Updated data (cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website

![](image_036.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy Safety: Adverse Events in 220% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) 14 Anzutresgene autoleucel (anzu - cel, formerly IMA203), Patients are counted only once per adverse event and severity classification. 1 Two patients with disease progression after first anzu - cel infusion received cytokine release syndrome; ICANS, immune effector cell - associated neurotoxicity syndrome; HLH, hemophagocytic lymphohistiocytosis; TEAE, treatment - emergent adverse event. N=74 Preferred terms, n (%) Any grade Grade 23 Blood and lymphatic system disorders 73 (98.6) 73 (98.6) 2 (2.7) 65 (87.8) Gastrointestinal disorders 0 (0.0) 45 (60.8) Nausea 1 (1.4) 28 (37.8) Diarrhoea 1 1 (1.4) 25 (33.8) Vomiting 0 (0.0) 23 (31.1) Constipation General disorders and N=74 70 (94.6) CRS, any grade, n (%) 27 (36.5) Grade 1 35 (47.3) Grade 2 67 (90.5) 68 (91.9) Neutropenia 1 8 (10.8) Grade 3 1 38 (51.4) 57 (77.0) Anaemia 0 (0.0) Grade 4 27 (36.5) 50 (67.6) Thrombocytopenia 1 0 (0.0) Grade 5 38 (51.4) 39 (52.7) Leukopenia 10 (13.5) ICANS, any grade, n (%) 39 (52.7) 39 (52.7) Lymphopenia 2 (2.7) HLH, any grade, n (%) 2 (2.7) 49 (66.2) administration site conditions 0 (0.0) Grade 1 1 (1.4) 29 (39.2) Fatigue 1 (1.4) Grade 2 1 (1.4) 22 (29.7) Pyrexia 1 (1.4) Grade 3 0 (0.0) 17 (23.0) Edema peripheral 0 (0.0) Grade 4 10 (13.5) 35 (47.3) Investigations 0 (0.0) Grade 5 5 (6.8) 29 (39.2) Aspartate aminotransferase increased 7 (9.5) 28 (37.8) Alanine aminotransferase increased Blood creatinine increased 15 (20.3) 2 (2.7) Skin and subcutaneous tissue disorders 35 (47.3) 6 (8.1) Rash Rash maculo - popular 18 (24.3) 18 (24.3) 0 (0.0) 6 (8.1) Metabolism and nutrition disorders 33 (44.6) 6 (8.1) Hy p o n atraemia Hypokalaemia 22 (29.7) 21 (28.4) 3 (4.1) 3 (4.1) • Tolerability consistent with previous report • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1/2, consistent with mechanism of action • Infrequent, manageable, and mostly mild ICANS • No anzu - cel - related Grade 5 events • Tolerability in the melanoma subset generally consistent with the full anzu - cel tolerability profile Adverse events of special interest TEAEs in 220% of patients Grade 1 Grade 2 Grade 3 Grade 4 Grade 5 4 (5.4) 3 (4.1) 3 (4.1) 0 (0.0) 0 (0.0) PRAME Wave #1: anzu - cel exploratory second anzu - 2 diarrhea; Second patient: neutropenia, thrombocytopenia. CRS, Data cut - off Apr 7, 2025; Wermke et al., ASCO 2025 Updated data (cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website

![](image_037.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy: BOR in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma 15 Anzutresgene autoleucel (anzu - cel, formerly IMA203), \*Maximum change of target lesions and RECIST1.1 response at different timepoints. 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; Melanoma efficacy population excludes 1 uveal melanoma patient with ongoing unconfirmed PR from cORR; BOR: best overall response; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; BL: baseline; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease. n=33 56% (18/32) n=3 1/3 n=16 67% (10/15) n=14 50% (7/14) cO RR 64 % (21/33) 2/3 69% (11/16) 57% (8/14) O R R 91% (30/33) 3/3 88% (14/16) 93% (13/14) DCR Cutaneous Melan oma Uveal Melan oma Melan o ma (other) All Melan om a 3 PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 Updated data (cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website

![](image_038.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy: DOR in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment 16 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; (m)DOR, (median) duration of response; mFU, median follow - up; NR, not reached; SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response Ongoing Scans at approximately week 6, month 3 and then every 3 months mDOR [mo], (range) mFU [mo] Cutaneous Melanoma n=14 NR (4.2, 32.6+) 16.7 Uveal Melanoma n=16 11.0 (1.8+, 31.6) 13.4 All Melanoma 3 n=33 12.1 (1.8+, 32.6+) 13.4 PRAME Wave #1: anzu - cel Data cut - off Apr 7, 2025; Wermke et al., ASCO 2025 Updated data (cut - off Sep 24, 2025) for uveal melanoma subset presented at ESMO 2025, see separate slide deck on website

![](image_039.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy: Survival Outcomes in Melanoma Efficacy Population 17 Median Progression Free Survival Median Overall Survival C utaneous Melanoma n=14 Uveal Melanoma n=16 All 1 Melanoma n=33 mPFS [mo] (range) mFU [mo] 6.0 (1.4 , 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.1 (1.4, 34.0+) 14.4 C utaneous Melanoma n=14 Uveal Melanoma n=16 All 1 Melanoma n=33 mOS [mo] (range) mFU [mo] 13.9 (2.4, 34.0+) 14.4 16.2 (3.2+, 34.2+) 14.5 15.9 (2.4, 34.2+) 14.4 12 - month OS rate: 61% Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; PFS and OS censored at data - cut; PFS and OS rate shown as % of evaluable patients at indicated timepoint. mFU, median follow - up; mOS, median overall survival; mPFS, median progression - free survival. Data cut - off Apr 7, 2025 Wermke et al., ASCO 2025 53% 6 - month PFS rate: Updated data (cut - off Sep 24, 2025) for 27% 12 - month PFS rate: uveal melanoma subset presented at ESMO 2025, see separate slide deck on website PRAME Wave #1: anzu - cel

![](image_040.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy in Melanoma: Overview of Studies PFS and OS Data in Melanoma Cohorts mOS (months) mPFS (months) Prior lines of therapies Melanoma patient population N Phase Drug Product 15.9 6.1 3% n=0, 24% n=1, 30% n=2, 24% n=3:, 6% n=4, 6% n=5, 6% n=6 82% received prior ICI (median of 1 prior line of ICI in overall population, median of 2 prior lines of ICI in cut. melanoma) Median of 2 prior lines, median of 2.5 prior lines in cut. melanoma 42% cutaneous 48% uveal 9% other 33 1b (Dose Expansion) Anzu - cel in Melanoma 6.3 2.6 0% n=1, 27% n=2, 73% n>2 prior lines 100% received prior ICI (median of 2 prior lines of ICI, median of 2.5 prior lines of ICI in cut. melanoma) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 73% cutaneous 18% uveal 9% other 11 1a (Dose Escalation) Anzu - cel in Melanoma 5.3 2.5 0% n=1, 16% n=2, 84% n>2 prior lines 100% received prior ICI (median 3 prior lines of ICI) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 63% cutaneous 11% uveal 26% other 19 1a (Dose Escalation) IMA201/202/anzu - cel combined in Melanoma 13.9 4.1 median of 3 prior lines (min/max: 1/9) 100% received prior ICI 54% cutaneous 0% uveal 45% other 153 2 Lifileucel (C - 144 - 01, Cohort 2+4) 1 11.6 2.9 57% n=1, 27% n=2, 12% n>2 prior lines 99% received prior ICI 85% cutaneous 0% uveal 15% other 238 3 Tilsotolimod + Ipilimumab (ILLUMINATE - 301) 2 14.7 2.1 % =1 5% = 19% 2 99% received prior ICI 68% cutaneous 0% uveal 32% other 354 1/2 Nivolumab + Relatlimab (RELATIVITY - 020, D1 Cohort) 3 Data cut - off Apr 7, 2025 18 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Chesney et al., 2022; 2 Diab et al., 2024; 3 Ascierto et al., 2023 PFS: progression - free survival; OS: overall survival; ICI: immune checkpoint inhibitor These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted. PRAME Wave #1: anzu - cel

![](image_041.jpg)

Anzu - cel (IMA203) PRAME Cell Therapy Enhanced mPFS of >1 Year in Melanoma Patients with Deep Responses Data cut - off Apr 07, 2025 19 • 42% (14/33) patients in dose expansion have a deep response (250% tumor reduction) • This subgroup of patients has highly medically meaningful mPFS of more than 1 year • Patients with <50% tumor reduction (including tumor size increase) still observe a more than 2x longer mPFS as compared to patients treated in dose escalation with suboptimal doses mFU mPFS n ND 2.6 11 Dose Escalation anzu - cel 8.7 5.8 19 Dose Expansion anzu - cel <50% tumor size reduction (including tumor size increase) 19.5 12.9 14 Dose Expansion anzu - cel 250% Log - rank: 0.019 Anzutresgene autoleucel (anzu - cel, formerly IMA203), ND, not defined; mFU, median follow - up; mPFS, median progression - free survival. PRAME Wave #1: anzu - cel

![](image_042.jpg)

SUPRAME: A Randomized Ph3 Trial of Anzu - cel (IMA203) PRAME - directed TCR T - cell Therapy vs Investigator's Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >65 Sites Planned across North America and Europe 20 Anzu - cel (IMA203) n=180 Investigator's choice n=180 Primary Endpoint • P F S Key Secondary Endpoint • Overall survival Rando m izat i o n 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab, lifileucel, chemotherapy Secondary Endpoints • Efficacy: ORR • Safety: TESAEs, AEs of special • interest • Quality of life: EORTC QLQ - C30 and EQ - 5D - 5L Expected timelines SUPRAME trial • Interim analysis 1 : 2026 • Final analysis 1 : 2026 2026 • BLA submission: 1H 2027 • Launch: 2H 2027 2027 Anzutresgene autoleucel (anzu - cel, formerly IMA203), 1 Pre - specified interim and final data analyses will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death) ICI: immune PRAME Wave #1: anzu - cel checkpoint inhibitor; PFS: progression - free survival; ORR: objective response rate; TESAEs: treatment - emergent serious adverse events; AE: adverse event; EORTC: European Organization for Research and Treatment of Cancer; QLQ - C30: Core Quality of Life questionnaire; EQ - 5D - 5L: European Quality of Life 5 Dimensions 5 Level Version

![](image_043.jpg)

Cell Therapy Manufacturing Facility To Support Anzu - cel BLA and Commercialization 21 • ~100,000 sq ft state - of - the - art research & GMP manufacturing facility • Modular design for efficient and cost - effective scalability - total of 8 manufacturing suites, plus further expansion space • Capacity sufficient to serve early - stage and registration - directed clinical trials as well as planned commercial supply • In - house manufacturing and QC allows full control of process, product and costs • Located in the Houston Metropolitan Area, Texas, offering economic labor and operating costs and talent pool highly qualified in cell therapy manufacturing & QC Anzutresgene autoleucel (anzu - cel, formerly IMA203); BLA: Biologics License Application PRAME Wave #1: anzu - cel

![](image_044.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2) Expansion to all Advanced PRAME Cancers PRAME Wave #2 22

![](image_045.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2): Expansion of Commercial Opportunity to all Advanced PRAME Cancers 23 All patient numbers refer to PRAME + /HLA - A\*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom 1 Bajwa et al. 2021 Journal for Immunotherapy of Cancer; 2 Melenhorst et al. 2022 Nature, Bai et al. 2022 Science Advances; 2L: patients with unresectable or metastatic solid tumors who have received at least 1 prior therapy; sqNSCLC: squamous cell non - small - cell lung cancer, HNSCC: head and neck squamous cell carcinoma The PRAME + /HLA - A\*02:01 + addressable patient opportunity across a broad range of PRAME expression is >75K per year • Co - adds functional CD4 + T cells designed to boost cytotoxicity • Proof of concept from preclinical experiments 1 and CD19 CAR T cell studies in leukemia 2 • Based on its enhanced pharmacology, IMA203CD8 provides the potential to expand to tumor - agnostic label in 2L PRAME cancers across broad spectrum of PRAME expression level (see appendix for PRAME expression levels) • Ovarian carcinoma chosen as initial proof - of - concept IMA203CD8 Opportunity 2L Solid Tumors US EU5 2 K 2K O v arian 4 K 4K U t erine 7 K 10K s q NS C L C 2 K 2K HNSCC 5 K 8K B r ea s t 16 K 18K Othe r s TUMOR CELL DEATH C D8 - engineered CD4 T CELL Cytot oxi c Activity CD8 T CELL T cell H e lp Cytot oxi c Activity CD8 PR AM E T C R PRAME Wave #2: IMA203CD8

![](image_046.jpg)

Dose escalation and determination of RP2D on track to be completed in 2026 to unlock the full clinical potential of IMA203CD8 Efficacy readouts including patients treated at the two highest dose levels (DL6 and DL7) expected in 2026 AE: adverse event; cPR: confirmed partial response; RP2D: recommended phase 2 dose. Summary: IMA203CD8 Cell Therapy in PRAME - positive Solid Tumors Towards Proof - of - concept for Tumor - agnostic Targeting of PRAME Cancers with IMA203CD8 Mana g e able Tolerability Manageable tolerability at increasing dose levels with q 2 being anticipated cytopenia Encouraging Clinical Activity Encouraging early clinical anti - tumor activity in advanced solid tumors after one - time infusion of IMA203CD8 already at a low median dose of 1.6 billion total TCR T cells Deep & Durable Responses Deep and durable objective responses were observed for up to 3+ years during dose escalation • 3 complete responses + 2 cPRs with - 100% reduction of target lesions • 66% (21/32) of responders showing deep responses with tumor 2 50% • 7 responses ongoing for 2 1 year post infusion • Promising initial dose - dependent signal in 5 patients with ovarian carcinoma treated at 2DLS : 2 cPRs, incl. 1 ongoing metabolic complete response, 1 PR De v e lopme n t Opportunity • IMA203CD8 positioned in tumor - agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic cancers • The Phase 1 trial could also support the positioning of IMA203CD8 without the requirement of post - infusion low - dose IL - 2 in the future Data cutoff Oct 27, 2025 24 PRAME Wave #2: IMA203CD8 Busse et al., ESMO - IO 2025

![](image_047.jpg)

Study Schema: IMA203CD8 in Solid Tumors Expressing PRAME Ongoing Phase 1a Dose Escalation Study 25 Busse et al., ESMO - IO 2025 PRAME Testing a Biopsy or archived tissue Inclusion of PRAME - positive patients IMA203CD8 manu f a cturing (~2 weeks) Lymphodepletion Fludarabine 30mg/m 2 Cyclophosphamide 500mg/m 2 Days - 6 to - 3 ц Low Dose IL - 2 c 1M IU SUBQ QD x 5 days, then 1M IU SUBQ BID x 5 days Leukapheresis HLA - A\*02:01 Testing (blood) Patient Journey SCREENING / MANUFACTURING TREATMENT / OBSERVATION FU Key Eligibility Criteria • Adults with advanced and/or metastatic solid tumors • ECOG PS 0 - 1 • HLA - A\*02:01 positive • PRAME positive • Patients having received or not been eligible for all available SOC treatment • Adequate organ function • No active brain metastasis IMA203CD8 Dose Escalation DL3 - DL6 b ~0.4 – 7 billion total TCR T cells DL7 ~7.2 – 10 billion total TCR T cells one - time infusion Key Objectives Primary: • Safety/tolerability Secondary: • Efficacy • Pharmacokinetics a PRAME testing no longer required for indications with high PRAME prevalence b Based on initial safety data observed with anzu - cel (IMA203), dose escalation for IMA203CD8 was initiated at DL3. Total TCR T cells either add IL - 2 at the same dose, or escalate to the next dose without IL - 2; outpatient IL - 2 administration at investigator's discretion. BID: twice daily; DL: dose level; ECOG PS: Eastern Cooperative Oncology Group Performance Status; FU: follow - up; IL: interleukin; IU: international unit; QD: daily; SOC: standard - of - care; SUBQ: subcutaneous. ClinicalTrials.gov: NCT03686124, Accessed Oct 28, 2025. calculated from defined number of TCR T cells/m 2 body surface area (BSA) per dose level x 1.8 m 2 BSA (BSA of average patient); c 2 ц IL - 2: start without IL - 2; if considered tolerable, Data cutoff Oct 27, 2025 PRAME Wave #2: IMA203CD8

![](image_048.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2): Baseline Characteristics & Prior Treatment 26 Efficacy evaluable Population 2 Safety Population 1 O the r 4 n=5 Synovial Sarcoma n=11 Ovarian Carcinoma n=11 Melanoma 3 n=42 All Indications N=78 54 (38, 71) 40 (20, 66) 60 (35, 75) 62 (23, 85) 60 (20, 85) Age , median (range) 3 (60) 4 (36) 11 (100) 21 (50) 46 (59) Female , n (%) 2 (40) 2 (18) 8 (73) 22 (52) 36 (46) ECOG PS 1 , n (%) 4 (80) 4 (36) 5 (45) 22 (52) 37 (47) LDH 21 x U N % Tumor burden 5 6.4 (3.9, 12.3) 9.4 (1.2, 41.1) 9.6 (3.4, 21.6) 8.8 (1.5, 43.4) 9.4 (1.1, 43.4) Target lesion SPD [cm], median (range) 6 (5, 14) 7 (1, 15) 5 (2, 25) 4 (1, 25) 5 (1, 25) Number of tumor lesions 5 Median (range) 1 (20) 1 (9) 4 (36) 24 (57) 33 (45) Liver metastasis 5 , n (%) 0 (0) 0 (0) 0 (0) 4 (10) 4 (5) Brain metastasis 5 , n (%) - - 5 (45) - - Platinum - resistant, n (%) 3 (2, 5) 2 (1, 5) 4 (1, 7) 3 (0, 8) 3 (0, 8) Lines of systemic treatment Median, (range) Data cutoff Oct 27, 2025 Busse et al., ESMO - IO 2025 PRAME Wave #2: IMA203CD8 Heavily Pre - treated Patients with Limited Treatment Options 1 All patients who started lymphodepletion; 2 All patients who received IMA203CD8 infusion and had at least one post - baseline scan or progressive disease; 3 Includes cutaneous melanoma (n=22), uveal melanoma (n=14), mucosal melanoma (n=3), acral melanoma (n=1) and melanoma of unknown primary (n=2); 4 Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC; 5 For N=74 with available assessment of baseline tumor burden (not available for n=1 cutaneous melanoma, n=2 ovarian carcinoma, n=1 synovial sarcoma in safety population); ECOG: Eastern Cooperative Oncology Group Performance Status; LDH: lactate dehydrogenase; NSCLC: non - small cell lung cancer; SPD: sum of the products of diameters; TNBC: triple - negative breast cancer; ULN: upper limit of normal.

![](image_049.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2): Tolerability in Advanced Solid Tumors Overall Manageable Tolerability Profile 27 TEAEs in 220% of patients Adverse events of special interest N=78 a Grade 23 Any grade Preferred term, n (%) 66 (85) 67 (86) Neutropenia 40 (51) 61 (78) Anaemia 25 (32) 55 (71) Thrombocytopenia 0 50 (64) Nausea 35 (45) 36 (46) Lymphopenia 6 (8) 30 (39) Fatigue 9 (12) 30 (39) ALT/AST increased 3 (4) 26 (33) Rash/Rash maculo - papular 0 25 (32) Constipation 0 24 (31) Hypokalaemia 18 (23) 20 (26) Leukopenia 0 20 (26) Vomiting 2 (3) 17 (22) Abdominal pain 3 (4) 17 (22) Diarrhoea 0 17 (22) Pyrexia 1 (1) 17 (22) Hyponatraemia 0 16 (21) Headache N=78 a 74 (95) CRS, any grade, n (%) 27 (35) Grade 1 39 (50) Grade 2 7 (9) Grade 3 1 (1) Grade 4 7 (9) HLH, any grade, n (%) 0 Grade 1 4 (5) Grade 2 2 (3) Grade 3 1 (1) Grade 4 6 (8) ICANS, any grade, n (%) 4 (5) Grade 1 1 (1) Grade 2 1 (1) Grade 3 Dose escalation ongoing at DL7 based upon manageable tolerability Data cutoff 1 2 0% determined according to National Cancer Institute Common Terminology Criteria of Adverse Events, version 5.0. Grades for CRS and ICANS were determined according to CARTOX criteria (Neelapu et al, 2018, for patients enrolled under protocol v11.0 and higher according to Neelapu et al, 2019). Busse et al., ESMO - IO 2025 PRAME Wave #2: IMA203CD8 a All patients who started lymphodepletion. Includes one patient that started lymphodepletion but did not receive IMA203CD8 cells yet. Includes one patient without AE entry at date of data cutoff. b Possibly - related Grade 5 event as previously reported was determined by the principal investigator to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), a grade 4 HLH event, the toxicity management and rapidly - progressing disease. ALT: alanine aminotransferase; AST: aspartate aminotransferase; CRS: cytokine release syndrome; Cy, cyclophosphamide; Flu, fludarabine; DL: Oct 27, 2025 dose level; DLT: dose - limiting toxicity; HLH: hemophagocytic lymphohistiocytosis; ICANS: immune effector cell - associated neurotoxicity syndrome; TCR: T - cell receptor; TEAE: treatment - emergent adverse event. • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1 - 2, consistent with mechanism of action • Previously reported DLTs in 2 patients at DL4b  Patient DL4b - 01: high in vivo TCR T - cell expansion, Grade 4 neurotoxicity, Grade 4 CRS, Grade 3 HLH  Patient DL4b - 04: Grade 3 CRS defined by Grade 3 ALT elevation which resolved to Grade 2 within 10 days; no need for vasopressors or ventilation • Further modification of the inclusion/exclusion criteria and IL - 2 scheme allowed continuation of dose escalation to DL4c up to present DL7; no further DLTs observed since then • No IMA203CD8 - related Grade 5 events b

![](image_050.jpg)

28 n=69 a, b Me lanoma (n=42 a) Ovarian Carcinoma (n=11 b) Synovial Sarcoma (n=11) Othe r c (n=5) 1 . 6 2 . 3 1 . 6 All (n=69) 36% (23/64) cORR 46% (32/69) OR R 78% (54/69) Tumor reduction 84% (58/69) DCR (at week 6) 9.2 mo (1.5, 36.4+) mDOR, (range) 14 mo mFU IMA203CD8 PRAME Cell Therapy (GEN2): Tumor Reduction During Dose Escalation Oct 27, 2025 All Dose Levels Across Various PRAME - expressing Indications Encouraging response rate already at low median dose of 1.6 billion total IMA203CD8 TCR T cells Busse et al., ESMO - IO 2025 Median dose [x10 9 ] TCR T cells PRAME Wave #2: IMA203CD8 a Includes 3 patients without post - baseline scan not depicted in plot: n=2 deceased prior to first scan, n=1 with non - evaluable measurements of target lesions (all DL4a); b Includes 2 patients without post - baseline scan not depicted in plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); c Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC; \* best change and RECIST BOR at different timepoints; # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST Data cutoff response due to tumor marker increase; patient off study at month 8 and receiving further anti - tumor treatment; DCR: includes one patient with post - baseline scan at week 5; ORR: according to RECIST 1.1 at any post - baseline scan; cORR: according to RECIST 1.1 for patients with at least two available post - baseline scans (excluding patients with ongoing unconfirmed response) or patients with PD or death at any prior timepoint, patient DL4a - 25 had a cPR prior to CR; BOR: best overall response; (c)CR: (confirmed) complete response; DCR: disease control rate; mDOR: median duration of response; mFU: median follow - up; NSCLC: non - small cell lung cancer; (c)ORR: (confirmed) objective response rate; PD: progressive disease; (c)PR: (confirmed) partial response SD: stable disease; TNBC: triple - negative breast cancer.

![](image_051.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2): Changes in Tumor Size Over Time During Dose Escalation Data cutoff Oct 27, 2025 29 Busse et al., ESMO - IO 2025 Deep and Durable Responses for up to 3+ Years 5 patients without post - baseline scan not depicted in plot: n=2 with melanoma deceased prior to first scan, n=1 with melanoma had non - evaluable measurements of target lesions (all DL4a), n=2 with ovarian carcinoma deceased prior to first scan (1 DL4a, 1 DL5); # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker increase; patient off study at month 8 and receiving further anti - tumor treatment; BL: baseline; (c)CR: (confirmed) complete response; PD: progressive disease; (c)PR: (confirmed) partial response; SD: stable disease. PRAME Wave #2: IMA203CD8

![](image_052.jpg)

IMA203CD8 PRAME Cell Therapy (GEN2) in Patients with Ovarian Carcinoma Dose Escalation at Higher Doses (2DLS) Ongoing to Unlock Full Potential of IMA203CD8 30 Dose - dependent promising signal at higher doses 2DLS with 2 cPRs and 1 PR (all DL shown) Deep confirmed objective responses at higher doses 2DLS (all DL shown) n=11 a Data cutoff Oct 27, 2025 a Includes 2 patients without post - baseline scan not depicted in waterfall and spider plot: n=2 deceased prior to first scan (1 DL4a, 1 DL5); \* best change and RECIST BOR at different timepoints; # Ongoing confirmed PR (RECIST 1.1) as of last scan at month 7.5, suspected clinical progression by clinical site at month 6 in discrepancy to RECIST response due to tumor marker CA - 125 increase; patient off study at month 8 and receiving new anti - tumor treatment; BL: baseline; BOR: best overall response; PD: progressive disease; (c)PR: (confirmed) partial response; SD: stable disease. Tolerability in ovarian carcinoma was generally consistent with full IMA203CD8 tolerability profile D L 6 - D L 5 - D L 5 - # DL6 - Ongoing metabolic complete response PRAME Wave #2: IMA203CD8 Data Supplement to Busse et al., ESMO - IO 2025

![](image_053.jpg)

IMA402 PRAME Bispecific Expansion to Earlier - Line PRAME Cancers PRAME Wave #3

![](image_054.jpg)

32 IMA402 Opportunity 1 median half - life IMA402: ~7 days; All patient numbers refer to PRAME + /HLA - A\*02:01 + patients in the US and EU5 in 2025 based on initial threshold for all indications except for sqNSCLC (optimized threshold considered for further development due to IMA401 combination potential); Source: Clarivate Disease Landscape and Fo rec ast; EU5: France, Germany, Italy, Spain, United Kingdom; q2w: once every two weeks; sqNSCLC: squamous cell non - small - cell lung cancer >145K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Earlier - Line PRAME Cancers TCR Bispecifics (TCER®) PRAME Wave #3: IMA402 1L Solid Tumors US EU5 Cut. Melanoma Ovarian Uterine sqNSCLC B r ea s t Othe r s 6K 7K 6K 16K 7K 25K 6K 9K 6K 23K 10K 32K x Anti - tumor Activity High - affinity and specificity TCR domain targeting tumor pHLA molecules x Antibody - like format with half - life extension (HLE) Long half life of 1 - 2 weeks 1 allows for q2w or longer dosing intervals x Optimized tolerability Low - affinity T cell recruiter against CD3/TCR allows higher dosing

![](image_055.jpg)

Cancer Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study Phase 1b dose expansion ongoing with & w/o ICI to identify final RP2D T ole r a bility Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and expected & transient lymphopenia Promising clinical activity and deep and durable responses observed at RP2D range during dose escalation 30 % (6 / 20) cORR across all indications, incl . melanoma & ovarian carcinoma Promising early PFS/iPFS, OS Pharmacokinetics Median half - life of ~7 days Potential for: • Bi - weekly dosing • Combination with ICIs or SOC Activity & Duration of Response 1 De v e lopme n t Potential Primarily in earlier lines incl. frontline or (neo)adjuvant setting (in combination with SOC) Development opportunities in cut. melanoma, gyn - onc, sqNSCLC (potential exploration of IMA402 + IMA401 combo) 1 at doses 10 - 30 mg; AE: adverse event; CRS: Cytokine release syndrome; ICI: immune checkpoint inhibitor; RP2D: recommended phase 2 dose; SOC: standard of care Dat a c u t - of f Se p 26, 202 5 33 P R AME TCER® IMA402 PRAME Wave #3: IMA402

![](image_056.jpg)

• Ph1a dose escalation completed, MTD not reached at 30 mg • Provisional RP2D range identified at 10 to 30 mg • Ph1b dose expansion ongoing at two distinct doses within RP2D range • Combination with immune checkpoint inhibitor started Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific EudraCT No. 2022 - 503133 - 54 - 00; NCT05958121; 1 Cutaneous melanoma, melanoma of unknown primary, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian carcinoma, squamous non - small cell lung cancer; 2 Based on preclinical in vitro and in vivo data; 3 Step dosing introduced at 0.36 mg, optimized step dosing currently being applied: 0.03 mg/0.3 mg/6 mg/target dose, low - dose dexamethasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Ability to increase dose to previously cleared dose levels; BLRM: bayesian logistic regression model; MABEL: minimum anticipated biological effect level ; MTD: maximum tolerated dose; q1w: every week; q2w: every 2 weeks; RP2D: recommended phase 2 dose. Key Eligibility Criteria Obj e ctiv es Primary: • Determine MTD and/or RP2D • Assess safety and tolerability Secondary: • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST) • Assess pharmacokinetics • / solid tumors expressing PRAME 1 • No prospective PRAME testing required • HLA - A\*02:01 positive • ECOG performance status 0 - 1 • Received or not eligible for all available indicated standard of care treatments Total safety population (N=80) • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • q1w step dosing (3 doses) up to target dose 3 • q2w dosing planned based on favorable PK and already applied for individual patients 0.06 mg 0.02 mg 0.12 mg 0.36 mg 0.8 mg 1.6 mg 3 mg 4 mg 5 mg 8 mg 12 mg 20 mg 30 mg 10 mg RP2D r a n g e Sub - the r apeutic dose 2 Data cutoff Sep 26, 2025 34 PRAME Wave #3: IMA402

![](image_057.jpg)

Demographics and Baseline Characteristics IMA402 PRAME Bispecific 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due to disease progression or death), tested positive or not / 2 0 0 /0.3 mg/6 mg, and 1 target dose); Baseline characteristics for melanoma and ovarian carcinoma are listed in the appendix; ECOG: eastern cooperative oncology group; LDH: Lactate dehydrogenase; RP2D: recommended phase 2 dose; ULN: upper limit of normal. Efficacy population (N=57) 1 ೦ 1 n=15) 3 – 8 mg (n=22) RP2D range, 210 mg (n=20) Safety population (N=80) 0.02 - 30 mg 56 (37, 74) 61 (28, 82) 55 (34, 74) 59 (21, 82) Age Median (min, max) 6 (40) 11 (50) 11 (55) 9 (60) 11 (50) 9 (45) ECOG performance status 0, n (%) 47 (59) 1, n (%) 33 (41) 3 (1, 6) 3 (2, 7) 3 (1, 5) 3 (1, 7) Prior lines of systemic treatment Median (min, max) 5 (33) 11 (50) 14 (70) 9 (60) 11 (50) 6 (30) 1 (7) 0 (0) 0 (0) LDH at baseline ೦ 1xU N %) 39 (49) 1 - 2xULN, n (%) 40 (50) > 2xULN, n (%) 1 (1) 76 (21, 255) 80 (46, 398) 68 (25, 258) 80 (16, 398) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (2, 10) 6 (1, 15) 4 (2, 11) 8 (53) 8 (36) 6 (30) 1 (7) 1 (5) 3 (15) Tumor lesions Number of lesions, median (min, max) 4 (1, 15) Liver metastases, n (%) 33 (41) Brain metastases, n (%) 6 (8) Heavily pre - treated patient population with comparable baseline characteristics across dose groups Data cutoff Sep 26, 2025 35 PRAME Wave #3: IMA402

![](image_058.jpg)

IMA402 PRAME Bispecific Shows a Favorable Tolerability Profile Safety Population (N=80) TEAEs, n (%) All Grades 2 Grade 3 Any 78 (98) 48 (60) Treatment - related 76 (95) 42 (53) • Favorable tolerability across wide dose range and consistent with tolerability at RP2D range (see appendix) • Most frequent/relevant related AEs were • Expected and transient lymphopenia, consistent with the mechanism of action • Low - grade CRS (33% G1, 5% G2, 0% G3, 1% G4) mostly at first step dose • One CRS G4 event in patient at 0.08 mg starting dose only; no further CRS G4 events after step dose optimization • No ICANS observed • No IMA402 - related Grade 5 events • MTD not reached 2 at 30 mg 30 (38) 40 (50) Lymphopenia 1 (1) 31 (39) Cytokine release syndrome 1 (1) 21 (26) Arthralgia 19 (24) Fatigue 7 (9) 16 (20) Alanine aminotransferase increased 5 (6) 14 (18) Aspartate aminotransferase increased 13 (16) Rash 11 (14) Pruritus 11 (14) Pyrexia 2 (3) 10 (13) Anaemia 1 (1) 10 (13) Myalgia 9 (11) Nausea 3 (4) 8 (10) Gamma - glutamyltransferase increased 7 (9) Lipase increased 7 (9) Abdominal pain 2 (3) 3 (4) Hypertension 2 (3) 2 (3) Neutropenia 1 (1) 2 (3) Blood creatinine increased 1 (1) 2 (3) Stomatitis 1 (1) 2 (3) Tumour pain 1 (1) 1 (1) Acute kidney injury 1 (1) 1 (1) Electrocardiogram abnormal 1 (1) 1 (1) Herpes zoster 1 (1) 1 (1) Immune - mediated arthritis 1 (1) 1 (1) Liver function test increased Treatment - related AEs 1 , n (%) All Grades 2 Grade 3 Tumour lysis syndrome 1 (1) 1 (1) 1 All treatment - emergent adverse events (TEAEs) for IMA402 monotherapy at least possibly related to IMA402 infusion with Grade 1 - 2 occurring in at least 7% of patients and all events with 2 Grade 3, one additional patient treated with IMA402 at first step dose + pembrolizumab is not included in the safety population/table and had the following AEs: lymphopenia G3, erythema G1 , TSH decrease G1; 2 Two dose - limiting toxicities (DLTs) at 0.08 mg and 0.3 mg; AE: adverse event; CRS: cytokine release syndrome; G: grade; ICANS: immune effector cell - associated neurotoxicity syndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose. Data cutoff Sep 26, 2025 36 PRAME Wave #3: IMA402

![](image_059.jpg)

Clinical Proof - of - Concept of IMA402 PRAME Bispecific across Various Indications Dose - Response Relationship in Monotherapy Setting 1 Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; 2 Other indications include endometrioid carcinoma, synovial sarcoma and one patient with sqNSCLC at 1.6 mg; BL: baseline; BOR: best overall response; cORR: confirmed objective response rate; cPR: confirmed partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; SD: stable disease; PR: partial response; RECIST: response evaluation criteria in solid tumors; RP2D: recommended phase 2 dose. Ovarian Carcinoma Melanoma 1 Other Indications 2 Indications • All responders with ovarian carcinoma were platinum resistant • All responders with melanoma were ICI - resistant cORR 30% ೦ 1.6 mg 3 - 8 mg RP2D 210 mg cORR 30% RP2D 210 mg Data cutoff Sep 26, 2025 37 N=57 PRAME Wave #3: IMA402

![](image_060.jpg)

Deep and Durable Responses at RP2D Range 6/6 Confirmed Objective Responses Ongoing, incl. Two Complete Metabolic Responses at 12 mg IMA402 Complete metabolic response at 12 mg BOR (RECIST 1.1) PD SD cPR Ongoing response/ disease control Ongoing treatment All indications Melanoma Ovarian carcinoma 2/3 29% (4/14) 30% (6/20) cORR not reached 2.2 not reached 7.3 not reached 4.2 mDOR (mo) mFU (mo) 2/3 57% (8/14) 55% (11/20) Tumor shrinkage 2/3 71% (10/14) 65% (13/20) DCR (at week 6) RECIST 1.1 BL: baseline; BOR: best overall response; cPR: confirmed partial response; cORR: confirmed objective response rate; DCR: dise ase control rate; mDOR: median duration of response; mFU: median follow - up; PD: progressive disease; PR: partial response; RP2D: recommended phase 2 dose; SD: stable disease. Complete metabolic response at 12 mg Data cutoff Sep 26, 2025 38 N=20 Ovarian cancer Cut. melanoma Uveal melanoma Melanoma (Unk. Primary) Endometrioid carcinoma Syn. sarcoma PRAME Wave #3: IMA402

![](image_061.jpg)

Early Promising PFS and OS Snapshot for IMA402 at RP2D Range Survival Outcomes Across All Indications at All Dose Levels Median OS Median PFS Median iPFS 1 210 mg Not reached 3 – 8 mg 13.9 1.6 mg 10.3 mOS (mo) 210 mg Not reached 3 – 8 mg 2.1 1.6 mg miPFS (mo) 1.4 210 mg 4.8 3 – 8 mg 1.5 1.6 mg 1.4 mPFS (mo) 5.4 12.1 NA mFU (mo) 6.3 NA mFU (mo) NA 6.8 NA NA mFU (mo) 94% 63% 33% 1y - OS rate 58% 14% 6m iPFS rate 0% 45% 5% 0% 6m PFS rate 39 up to 1.6 mg 3 - 8 mg ೦ 10 mg Efficacy population ೦ 1 n=15 3 - 8 mg n=22 210 n=20 1 iRECIST, developed by the RECIST Working Group, adapts RECIST 1.1 definition for progression for immunotherapies by introducing unconfirmed (iUPD) and confirmed (iCPD) progression to account for atypical response patterns. Patients with iUPD not confirmed at a subsequent scan but turning into SD or response are not considered progressive according to iRECIST. PFS (according to RECIST 1.1) and iPFS (according to iRECIST), are prospectively defined co - secondary endpoints in the IMA402 trial protocol to provide a balanced view of efficacy; mFU: median follow - up; (m)PFS: (median) progression - free survival; (m)OS: (median) overall survival; RP2D: recommended phase 2 dose; 6m: 6 months; 1y: 1 year. Data cutoff Sep 26, 2025 PRAME Wave #3: IMA402

![](image_062.jpg)

Patient Case: Ongoing PET - based Complete Metabolic Response in Cutaneous Melanoma Patient Characteristics & Outcomes 68 - year - old female with ICI - resistant cutaneous melanoma; initial diagnosis in 2004 Patient & Diagnosis • Target lesions: 2 peritoneal, 1 abdominal • Non - target lesions: brain and lung (left and right) • Intensive immune - related previous medical history Disease at Baseline 3 prior lines of therapy: • Adjuvant: nivolumab • Ipilimumab + nivolumab, discontinued due to toxicity • Lenvatinib + pembrolizumab, BOR: PD Prior syst em ic therapy Initial dose: 5 mg, escalated to 20 mg Bi - weekly treatment 9 months post treatment start Study T r e a t ment • First assessment (6 weeks): PR • Complete response in brain lesion • Ongoing cPR with - 68% tumor reduction and PET scan with complete metabolic response at 8 months after switch to 12 mg Response Assessme n t Scans courtesy of Dr. Dirk Schadendorf, University Hospital Essen BOR: best overall response; (c)PR: (confirmed) partial response; ICI: immune checkpoint inhibitor; PD: progressive disease; PET: positron emission tomography. Baseli n e 6 weeks 3 months 5 months P eri t oneum incl. ovaries P eri t oneum Data cutoff Sep 26, 2025 40 PRAME Wave #3: IMA402

![](image_063.jpg)

IMA402 PRAME Bispecific Ph1a Dose Escalation Summary and Next Steps Expansion to Earlier - Line PRAME Cancers Promising Monotherapy & High Potential in Combination x Favorable tolerability profile x Deep & durable responses x Promising early PFS/iPFS and OS Initial Focus Indications Development Opportunities Cut. melanoma IMA402 1L advanced: ICI combo IMA402 2L ICI - resistant 1 : monotherapy or ICI combo Gyn - Onc IMA402 PSOC: SOC combo IMA402 PROC 1 : monotherapy or non - platinum SOC combo IMA402 2L EC: ICI combo sqNSCLC IMA402 + IMA401 with or without ICI Development Opportunities in 2026  Ph1b dose expansion completion (RP2D with & w/o ICI)  Initiation of additional Ph1b/Ph2 expansion cohorts in focus indications 1 Potential to become registration - directed subject to Ph1b data; 1L: first line or later, 2L: second line or later; cut. melanoma : cutaneous melanoma; EC: endometrial carcinoma; Gyn - Onc: gynecologic cancers; ICI: immune checkpoint inhibitor; OS: overall survival; PFS: progression - free survival; PROC: platinum - resistant ovarian cancer; PSOC: platinum - sensitive ovarian cancer; RP2D: recommended phase 2 dose; SOC: standard of care; sqNSCLC: squamous cell non - small cell lung cancer. Data cutoff Sep 26, 2025 41 PRAME Wave #3: IMA402

![](image_064.jpg)

IMA401 MAGEA4/8 Bispecific Maximizing the Potential of Bispecifics Combination Entering the PRAME Franchise

![](image_065.jpg)

Cancer Cell M A G E A4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 1 at dose range of 1 - 2.5 mg; AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: diseas e c ontrol rate; ICI: immune checkpoint inhibitor; q4w: once every four weeks; HNSCC: Head and neck squamous cell carcinoma; sqNSCLC: squamous cell non - small - cell lung cancer • 25% cORR (2/8) in head and neck cancer • 29% cORR (2/7) in melanoma • Promising clinical activity in sqNSCLC T ole r a bility Activity & Duration of Response 1 Opportunity to explore potential combination of IMA401 with IMA402, with and without ICIs, in patients with sqNSCLC and other indications >90% of patients with sqNSCLC are targetable De v e lopme n t Potential Most common treatment - related AEs were low - grade CRS, expected and transient lymphopenia and mostly transient, well - manageable and not re - occurring neutropenia Pharmacokinetics Median terminal half - life of >14 days Potential for: • Flexibility in dosing schedules • Combination with IMA402 with or without ICI Phase 1a dose escalation completed Potential to boost anti - tumor activity in ~60% of patients positive with both targets TCER® IMA401 MAGEA4/8 Bispecific IMA401 Data cutoff Sep 26, 2025 43

![](image_066.jpg)

Phase 1 Clinical Trial to Evaluate IMA401 MAGEA4/8 Bispecific Key Eligibility Criteria Obj e ctiv es Primar y : • Determine MTD and/or RP2D in monotherapy and in combination with ICI Secondary: • Assess safety and tolerability • Evaluate initial anti - tumor activity (RECIST 1.1 and iRECIST) • Assess pharmacokinetics 1 • / solid tumors • HLA - A\*02:01 positive • MAGEA4/8 - positive • ECOG performance status 0 - 2 • Received or not eligible for all available indicated standard of care treatments EudraCT No 2021 - 004326 - 30; NCT05359445; 1 Basket trial with >15 different tumor indications 2 Step dosing introduced at 1.2 mg, low - dose dexamethasone partially used as preventive measure for initial doses as applied for other bispecific T cell engagers; Ability to increase dose to previously cleared dose levels; 3 q2w: once every two weeks, weekly (q1w) IMA401 dosing was applied up to 0.54 mg; BLRM: Bayesian logistic regression model; ICI: immune checkpoint inhibitor; (i)RECIST: (immune) response evaluation criteria in solid tumors; MABEL: minimum anticipated biological effect level; MTD: maximum tolerated dose, Ph1a: phase 1 a; RP2D: recommended phase 2 dose; Pts: patients. 0.18 mg 0.54 mg 1.8 mg 2.5 mg 0.06 mg 1.2 mg Total safety population (N=55) 0.02 mg 0.0066 mg • MTD not reached, provisional RP2D range 1 to 2 mg • Ph1a dose escalation completed • Basket trial with >15 different tumor indications in last - line • MABEL - based starting dose cohorts of 1 - 6 patients B • Initial q1w step dosings 2 (2 - 3 doses) up to target dose, q2w after reaching target dose 3 2.0 mg 1.0 mg 1.5 mg 1.0 mg + P e m brolizuma b 1.5 mg + P e m brolizuma b Monotherapy IMA401 + ICI RP2D range 44 Data cutoff Sep 26, 2025 MAGEA4/8 Bispecific IMA401

![](image_067.jpg)

Demographics and Baseline Characteristics Patients Treated with IMA401 MAGEA4/8 Bispecific with or without Pembrolizumab 63 (28, 82) 63 (19, 82) Age Median (min, max) 11 (29) 25 (66) 2 (5) 17 (31) 35 (64) 3 (5) ECOG performance status 0, n (%) 1, n (%) 2, n (%) 4 (1, 9) 4 (1, 9) Prior lines of systemic treatment Median (min, max) 22 (58) 15 (39) 1 (3) 31 (56) 20 (36) 4 (7) LDH at baseline ೦ 1xU N (%) 1 - 2xULN, n (%) > 2xULN, n (%) 76 (15, 203) 67 (11, 223) Baseline tumor burden Median target lesion sum of diameter (mm) (min, max) 4 (1, 10) 9 (24) 3 (8) 4 (1, 10) 14 (25) 4 (7) Tumor lesions Number of lesions, median (min, max) Liver metastases, n (%) Brain metastases, n (%) Safety Population (N=55) 0.0066 mg – 2.5 mg Efficacy - evaluable population (N=38) 1 21 1 All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up or who discontinued early due t 2 defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses); ECOG: eastern cooperative oncology group; LDH: Lactate dehydrogenase; SOC: standard of care; ULN: Upper limit of normal. Heavily pre - treated last - line patients with a median of 4 prior treatment lines Heavily pre - treated and highly heterogenous patient population with >15 different indications Efficacy population: • All melanoma patients (n=7) were ICI pretreated • All sqNSCLC patients (n=3) were ICI 2 regimens • Majority of H&N patients have received Cetuximab and ICI (plus various chemotherapies) • All IMA401 + pembrolizumab combo patients have progressed on prior ICI Data cutoff Sep 26, 2025 45 MAGEA4/8 Bispecific IMA401

![](image_068.jpg)

IMA401 MAGEA4/8 Bispecific – Tolerability Profile Across All Doses Safety Population (N=55) Treated with IMA401 Monotherapy and in Combination with Pembrolizumab • No ICANS observed • Tolerability of IMA401 in combination with pembrolizumab consistent with IMA401 monotherapy • MTD not reached (3 DLTs observed at 2.5 mg) 3 • RP2D range determined at 1 - 2 mg • Favorable tolerability observed at RP2D range of 1 - 2 mg (see appendix) 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1 - 2 occurring in at least 7% of patients and all events 2 ; 2 One possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported, patient was treated outside RP2D range with 2.5 mg IMA401 and did not receive dexamethasone pre - medication; 3 Three dose - limiting events at 2.5 mg (DLT), neutropenia observed in patients with and without dexamethasone pre - medication; AE: adverse event; CRS: cytokine release syndrome; DLT: dose - limiting toxicity; ICANS: immune effector cell - associated neurotoxicity syndrome; MTD: maximum tolerated dose; RP2D: recommended phase 2 dose. TEAEs, n (%) All Grades 2 Grade 3 Any 54 (98) 39 (71) 13 (24) 16 (29) Lymphopenia 10 (18) 16 (29) Neutropenia 2 (4) 8 (15) Thrombocytopenia • 2 (4) 8 (15) Headache 3 (5) 7 (13) Leukopenia 2 (4) 7 (13) Facial pain 5 (9) 7 (13) Anaemia 1 (2) 6 (11) Alanine aminotransferase increased 0 6 (11) Fatigue 0 6 (11) Pyrexia 2 (4) 4 (7) Hypertension 2 (4) 4 (7) Aspartate aminotransferase increased 0 4 (7) Nausea 1 (2) 2 (4) Hypoxia 1 (2) 2 (4) Gamma - glutamyltransferase increased 1 (2) 2 (4) Arthralgia Treatment - related AEs 1 , n (%) All Grades 2 Grade 3 Cytokine release syndrome 19 (35) 0 Treatment - related 48 (87) 27 (49) Most frequent/relevant related AEs were • Low - grade CRS (24% G1, 11% G2, 0% G3, 0% G4), mostly at first step dose • Expected and transient lymphopenia, consistent with the mechanism of action • Neutropenia, mostly transient and not re - occurring after resolution under continued treatment 2 ; well manageable at RP2D Febrile neutropenia 1 (2) 1 (2) Pneu m onia 1 (2) 1 (2) Sinus tachycardia 1 (2) 1 (2) Data cutoff Sep 26, 2025 46 MAGEA4/8 Bispecific IMA401

![](image_069.jpg)

PR - 100 - 50 0 50 100 - 69 - 50 - 43 - 15 - 6 13 62 - 39 - 19 0 - 62 - 54 - 22 5 13 19 19 38 - 66 - 20 - 19 - 14 - 12 - 11 - 6 0 1 3 18 20 22 29 40 56 96 Best % Change in Sum of Longest Diameter of Target Lesions from Baseline and BOR (RECIST1.1) BL • • • • SD SD Promising Clinical Activity of IMA401 in H&N, Melanoma and Lung Cancer Efficacy Population 1 with 21 mg as Monotherapy or in Combination with Pembrolizumab 29% (2/7) cORR 57% (4/7) DCR Melanoma (n=7) 25% (2/8) cORR 63% (5/8) DCR H&N (n=8) sqNSCLC (n=3) • 1 PR (patient died in biopsy procedure at ~week 7) • 1 SD for >4 months and OS ~16 months • 1 PD with shrinkage of liver target lesions 1 Efficacy - evaluable population: All patients treated as of Jun 26, 2025 (who had the opportunity for at least 3 months follow - up 2 tep doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses); 2 Includes cutaneous melanoma and one patient with mucosal melanoma; 3 Includes gallbladder adenocarcinoma, triple - negative breast cancer, gastric cancer, small - cell lung cancer, esophageal large - cell neuroendocrine carcinoma and others, two patients in "Others" not shown in plot due to clinical progression before post - infusion scan; BOR: best overall response; BL: baseline; (c)ORR: (confirmed) objective response rate; cPR: confirmed partial response; DCR: disease control rate; H&N: head and neck cancer; mDOR: median duration of response; mFU: median follow - up; OS: overall survival; PD: progressive disease; PR: partial response; RECIST: response evaluation criteria in solid tumors; SD: stable disease; sqNSCLC: squamous non - small cell lung cancer. H&N sqNSCLC Melanoma 2 Other 3 (n=20, >10 different indications) C N E LC al e o p ha g s E C SC L C B T N C SC L a m o c Sa r . n Sy a rci n o m a C O va ri an C B T N a rci n o m a C ro th eli al U a m o c Sa r . n Sy Lu ng C N E LC a en oc ar ci n o m d A G all bl ad de r a en oc ar ci n o m d A G as tri c a m o c Sa r . n Sy a rci n o m a C O va ri an C L ad N SC a rci n o m a C O va ri an a rci n o m a C Bl ad de r P U C T N E - 66 - 25 - 19 - 20 - 12 - 14 - 1 - 6 0 3 22 20 18 29 40 56 96 S D LCNEC Esophageal SCLC T NBC SCLC Syn. Sarcoma Ovarian Carcinoma TNBC Urothelial Carcinoma Syn. Sarcoma LCNEC Lung Gallbladder Adenocarcinoma Gastric Adenocarcinoma Syn. Sarcoma Ovarian Carcinoma adNSCLC Ovarian Carcinoma Bladder Carcinoma NET CUP BOR (RECIST 1.1) PD SD PR c PR Ongoing response /disease control Pembrolizumab combo Data cutoff 47 Sep 26, 2025 MAGEA4/8 Bispecific IMA401

![](image_070.jpg)

Deep and Durable Responses Observed in Focus Indications at 21 mg Duration of All Confirmed Responses Beyond 6 Months post Infusion, Longest Response Ongoing >2 Years H&N sq N S C L C Melanoma 1 BL: baseline; BOR: best overall response; (c)PR: (confirmed) partial response; 1 Melanoma includes cutaneous melanoma and one patient with mucosal melanoma; H&N: head and neck cancer; sqNSCLC: squamous non - small cell lung cancer; PD: progressive disease; RECIST: response evaluation criteria in solid tumors; SD: stable disease. 0 6 24 30 - 1 0 0 - 5 0 0 50 1 0 0 12 18 Months post First IMA401 Infusion Change in Sum of Longest Diameter of Target Lesions from Baseline [%] BL PR Palliative Rad i othera p y + + + Target Lesion removed treatment ongoing +18m Target Lesion removed treatment until14m Target lesion removed; treatment until month 14 with 3/4 non - target lesions absent Target lesion removed; treatment ongoing +18m Palliative r a di o th e r a py Data cutoff Sep 26, 2025 48 BOR (RECIST 1 . 1) PD SD PR cPR Ongoing treatment Ongoing response /disease control N=18 MAGEA4/8 Bispecific IMA401

![](image_071.jpg)

L ung Patient Case: Partial Response after IMA401 + Pembrolizumab in sqNSCLC Baseline 7 weeks J a w Head Head PR with IMA401 in 5 th line ICI - resistant sqNSCLC patient with shrinkage of all target lesions Scans courtesy of treating physician Dr. Martin Wermke, TU Dresden; BOR: best overall response; CRS: cytokine release syndrome; ALT: alanine aminotransferase; AST: aspartate aminotransferase; G: grade; ICI: immune checkpoint inhibitor; PR: partial response; Pt: patient; Q6W: once every 6 weeks; SD: stable disease; sqNSCLC: squamous non - small cell lung cancer Patient Characteristics & Outcome 63 - year - old male with ICI - resistant sqNSCLC; initial diagnosis in July 2018 Patient & Diagnosis Multiple metastases in lymph nodes, skin, liver and bone Disease at Baseline 4 prior lines of systemic therapy with BOR SD • Adjuvant: cisplatin, vinorelbine • carboplatin, ipilimumab, nivolumab, paclitaxel, BOR: SD • docetaxel, ramucirumab, BOR: SD • carboplatin, gemcitabine, BOR: SD, discontinued due to toxicity Prior systemic therapy 1 mg IMA401 + 400 mg pembrolizumab Q6W; Pt died during a biopsy due to pulmonary haemorrhage Study T r e a t ment PR at first scan post IMA401 treatment start with - 39% tumor reduction Response Assessme n t Data cutoff Sep 26, 2025 49 MAGEA4/8 Bispecific IMA401

![](image_072.jpg)

Expands addressable market as first step in sqNSCLC, potential for many other indications like HNSCC, TNBC, endometrial carcinoma, ovarian carcinoma, melanoma, sarcoma and others as next steps Bispecifics Combination with Increased Commercial Potential including 60% double positive > 90% PRAME+ or M A G E A4/8+ Potential to Unlock >90% of sqNSCLC Patients with IMA401 + IMA402 Dual Targeting 50 Data on file - dot plot: PRAME and MAGEA4/8 mRNA expression in stage III/IV sqNSCLC TCGA samples (TPM, log - scale), PRAME and MAGEA4/8 target prevalences are based on an optimized proprietary target expression threshold applied to TCGA data; Bar graph: In vitro LDH - killing assay, A375 tumor cell line with low target density of PRAME (~50 copies per cell) and medium target density of MAGEA4/8 (~250 copies per cell), TCER® concentration: 1nM IMA401 and 10 nM IMA402; 3 Refers to addressable 1L advanced HLA - A\*02:01/target+ patients in the US & EU5 in 2025, Source: Clarivate Disease Landscape and Forecast; HNSCC: head and neck squamous cell carcinoma; sqNSCLC: squamous non - small cell lung cancer. >90% of patients with sqNSCLC are targetable, potentially unlocking broad treatment coverage for ~40K patients with sqNSCLC in the US and EU per year 3 Expanded Patient Reach Synergistic Anti - Tumor Activity Dual targeting has the potential to improve depth and durability of tumor response by counteracting tumor heterogeneity and escape ~ 60% of patients with sqNSCLC express both targets In vitro model of PRAME and MAGEA4/8 double positive tumor P R A M E M A G E A4/8 0 . 0 0 . 2 0 . 4 0 . 6 0 . 8 Tumor cell killing [OD 490 nm - 650 nm ] IMA402 + IMA401 Combo

![](image_073.jpg)

Appendix© Immatics. Not for further reproduction or distribution. www.immatics.com

![](image_074.jpg)

Potential of IMA402 PRAME Bispecific in Solid Cancers PRAME Target Expression and Prevalences in Selected Solid Cancer Types Hukelmann et al., SITC 2022, updated prevalences as of May 2025; 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided initial expression threshold applied to TCGA or in - house (SCLC) RNAseq data (approximate values, values between 95 - 100% shown as 95%); 2 PRAME target prevalence in uveal melanoma based on IMADetect® qPCR testing of screening biopsies from clinical trial patients demonstrates substantial higher prevalence of ~90% compared to prevalence based on TCGA data of 50%, TCGA: early & late - stage primary tumor samples, Immatics clinical trials: late - stage/metastatic tumor samples, Role of PRAME in metastasis of uveal melanoma: Field et al. 2016 Clinical Cancer Research; MS: mass spectrometry; NSCLC: non - small cell lung cancer positive patients in current clinical trials 1 Selected indications 95% Cutaneous Melanoma 90% (50% 2) Uveal Melanoma 2 95% Uterine Carcinoma 85% Ovarian Carcinoma (serous) 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 40% Kidney Carcinoma (papillary) 35% C holan g iocarcino ma 25% Adenocarcinoma NSCLC 25% Breast Carcinoma (all subtypes) 25% Head & Neck Squamous Cell Carcinoma 25% Esophageal Carcinoma (all subtypes) 20% Hepatocellular Carcinoma 20% Bladder Carcinoma Clinical activity shown No clinical activity expected Potential for clinical activity Initial threshold to determine PRAME Presumed optimized threshold 52 PRAME Wave #3: IMA402

![](image_075.jpg)

Data cut - off Apr 07, 2025 53 Dos e Escalatio n 11 Dos e Expansio n 33 Anzu - cel (IMA203): Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population Progression Free Survival Overall Survival N mPFS N mOS 2 . 6 m o nths Dos e Escalatio n 11 6.1 m o nths Dos e Expansio n 33 6.3 months 15.9 months • Significant shift in mPFS and mOS between melanoma patients treated during the dose escalation and dose expansion • mPFS in dose escalation is comparable to reported data in 2L+ cut. melanoma population \* • mOS in dose escalation is shorter than reported mOS for 2L+ cut. melanoma population \* • All patients in the dose escalation group deceased and 17/30 evaluable patients are alive in dose expansion # Log - rank test: p <0.0001 Log - rank test: p <0.0001 Anzutresgene autoleucel (anzu - cel, formerly IMA203), Overall survival (OS) and progression - free survival (PFS) censored at data - cut; \* These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted # 3 patients out of study at data - cut (withdrew consent) PRAME Wave #1: anzu - cel

![](image_076.jpg)© Immatics. Not for further reproduction or distribution. www.immatics.com Making A Meaningful Impact On the Lives Of Patients with Cancer