# EDGAR Filing Document

**Accession Number:** 0001809196
**File Stem:** 0001193125-26-092529
**Filing Date:** 2026-3
**Character Count:** 1135206
**Document Hash:** 6d399243956c92175fe58b617a89de10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-092529.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-092529

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 149

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**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:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39363
- **FILM NUMBER:** 26724181

**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

?xml version='1.0' encoding='ASCII'? 20-F

[**<u>**Table of Contents**</u>**](#toc_page)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 20-F

------

**(Mark One)** 

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** December 31**,** 2025

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR** 

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Commission file number:** 001-39363

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Immatics N.V.

**(Exact name of Registrant as specified in its charter)** 

------

**The** Netherlands

**(Jurisdiction of incorporation or organization)** 

Paul-Ehrlich-Straße 15

72076 Tübingen**, Federal Republic of** Germany

**(Address of principal executive offices)** 

Edward A. Sturchio

**Immatics US, Inc.** 

2130 W. Holcombe Blvd., Suite 900

Houston**,** Texas 77030

**(**281**)** 810-7545

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)** 

**Securities registered or to be registered, pursuant to Section 12(b) of the Act.** 

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary shares, nominal value €0.01 per share | IMTX | The Nasdaq Stock Market |
| Warrants to purchase ordinary shares | IMTXW | The Nasdaq Stock Market |

---

------

**Securities registered or to be registered pursuant to Section 12(g) of the Act: None** 

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None** 

------

Indicate the number of outstanding shares of each of the issuer's classes of capital stock or common stock as of the close of business covered by the annual report. Ordinary shares, nominal value €0.01 per share: 134,071,432

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Emerging growth company | ☐ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after

April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ <br> by the International Accounting Standards Board ☒

If "Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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[**<u>**Table of Contents**</u>**](#toc_page)

**<u>TABLE</u> <u>OF CONTENTS</u>** 

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Page**  |
| [<u>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</u>](#item_1_identity_of_directors_senior_man) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Directors and Senior Management</u>](#a_directors_and_senior_management) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Advisers</u>](#b_advisers) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Auditors</u>](#c_auditors) | &nbsp;&nbsp;1 |
| [<u>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</u>](#item_2_offer_statistics_and_expected_ti) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Offer Statistics</u>](#a_offer_statistics) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Method and Expected Timetable</u>](#b_method_and_expected_timetable) | &nbsp;&nbsp;1 |
| [<u>ITEM 3. KEY INFORMATION</u>](#item_3_key_information) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. \[Reserved\]</u>](#a_reserved) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Capitalization and Indebtedness</u>](#b_capitalization_and_indebtedness) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Reasons for the Offer and Use of Proceeds</u>](#c_reasons_for_the_offer_and_use_of_proc) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Risk Factors</u>](#d_risk_factors) | &nbsp;&nbsp;1 |
| [<u>ITEM 4. INFORMATION ON THE COMPANY</u>](#item_4_information_on_the_company) | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. History and Development of the Company</u>](#a_history_and_development_of_the_compan) | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Business Overview</u>](#b_business_overview_separate_document) | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Organizational Structure</u>](#c_organizational_structure) | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Property, Plants and Equipment</u>](#d_property_plants_and_equipment) | &nbsp;&nbsp;85 |
| [<u>ITEM 4A. UNRESOLVED STAFF COMMENTS</u>](#item_4a_unresolved_staff_comments) | &nbsp;&nbsp;86 |
| [<u>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</u>](#item_5_operating_and_financial_review) | &nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Operating Results</u>](#a_operating_results) | &nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Liquidity and Capital Resources</u>](#b_liquidity_and_capital_resources) | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Research and Development, Patents and Licenses, etc.</u>](#c_research_and_development_patents_and) | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Trend Information</u>](#d_trend_information) | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>E. Critical Accounting Estimates</u>](#e_critical_accounting_estimates) | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</u>](#item_6_directors_senior_management_and) | &nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Directors and Senior Management</u>](#a_directors_and_senior_management_2) | &nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Compensation</u>](#b_compensation) | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Board Practices</u>](#c_board_practices) | &nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Employees</u>](#d_employees) | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>E. Share Ownership</u>](#e_share_ownership) | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation</u>](#f_disclosure_of_a_registrants_action_to) | &nbsp;&nbsp;109 |
| [<u>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</u>](#item_7_major_shareholders_and) | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Major Shareholders</u>](#a_major_shareholders) | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Related Party Transactions</u>](#b_related_party_transactions) | &nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Interests of Experts and Counsel</u>](#c_interests_of_experts_and_counsel) | &nbsp;&nbsp;112 |
| [<u>ITEM 8. FINANCIAL INFORMATION</u>](#item_8_financial_information) | &nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Consolidated Statements and Other Financial Information</u>](#a_consolidated_statements_and_other_fi) | &nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Significant Changes</u>](#b_significant_changes) | &nbsp;&nbsp;113 |
| [<u>ITEM 9. THE OFFER AND LISTING</u>](#item_9_the_offer_and_listing) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Offering and Listing Details</u>](#a_offering_and_listing_details) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Plan of Distribution</u>](#b_plan_of_distribution) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Markets</u>](#c_markets) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Selling Shareholders</u>](#d_selling_shareholders) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>E. Dilution</u>](#e_dilution) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>F. Expenses of the Issue</u>](#f_expenses_of_the_issue) | &nbsp;&nbsp;113 |
| [<u>ITEM 10. ADDITIONAL INFORMATION</u>](#item_10_additional_information) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Share Capital</u>](#a_share_capital) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Memorandum and Articles of Association</u>](#b_memorandum_and_articles_of_association) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Material Contracts</u>](#c_material_contracts) | &nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Exchange Controls</u>](#d_exchange_controls) | &nbsp;&nbsp;113 |

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[**<u>**Table of Contents**</u>**](#toc_page)

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Page**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>E. Taxation</u>](#e_taxation) | &nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>F. Dividends and Paying Agents</u>](#f_dividends_and_paying_agents) | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>G. Statement by Experts</u>](#g_statement_by_experts) | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>H. Documents on Display</u>](#h_documents_on_display) | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>I. Subsidiary Information</u>](#i_subsidiary_information) | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>J. Annual Report to Security Holders</u>](#j_annual_report_to_security_holders) | &nbsp;&nbsp;132 |
| [<u>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>](#item_11_quantitative_and_qualitative_di) | &nbsp;&nbsp;132 |
| [<u>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</u>](#item_12_description_of_securities_other) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Debt Securities</u>](#a_debt_securities) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Warrants and Rights</u>](#b_warrants_and_rights) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Other Securities</u>](#c_other_securities) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. American Depositary Shares</u>](#d_american_depositary_shares) | &nbsp;&nbsp;133 |
| [<u>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</u>](#item_13_defaults_dividend_arrearages_and) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Defaults</u>](#a_defaults) | &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Arrears and Delinquencies</u>](#b_arrears_and_delinquencies) | &nbsp;&nbsp;133 |
| [<u>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</u>](#item_14_material_modifications_to_the_r) | &nbsp;&nbsp;134 |
| [<u>ITEM 15. CONTROLS AND PROCEDURES</u>](#item_15_controls_and_procedures) | &nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>A. Disclosure Controls and Procedures</u>](#a_disclosure_controls_and_procedures) | &nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>B. Management's Annual Report on Internal Control over Financial Reporting</u>](#b_managements_annual_report_on_internal) | &nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>C. Attestation Report of the Registered Public Accounting Firm</u>](#c_attestation_report_of_the_registered) | &nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>D. Changes in Internal Control Over Financial Reporting</u>](#d_changes_in_internal_control_over_fina) | &nbsp;&nbsp;135 |
| [<u>ITEM 16. \[Reserved\]</u>](#item_16_reserved) | &nbsp;&nbsp;135 |
| [<u>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERTS</u>](#item_16a_audit_committee_financial) | &nbsp;&nbsp;135 |
| [<u>ITEM 16B. CODE OF ETHICS</u>](#item_16b_code_of_ethics) | &nbsp;&nbsp;135 |
| [<u>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u>](#item_16c_principal_accountant) | &nbsp;&nbsp;136 |
| [<u>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</u>](#item_16d_exemptions_from_the_listing_sta) | &nbsp;&nbsp;136 |
| [<u>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</u>](#item_16e_purchases_of_equity_securities) | &nbsp;&nbsp;137 |
| [<u>ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</u>](#item_16f_chang_in_registrants_cer) | &nbsp;&nbsp;137 |
| [<u>ITEM 16G. CORPORATE GOVERNANCE</u>](#item_16g_corporate_governanc) | &nbsp;&nbsp;137 |
| [<u>ITEM 16H. MINE SAFETY DISCLOSURE</u>](#item_16h_mine_safety_disclosure) | &nbsp;&nbsp;138 |
| [<u>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</u>](#item_16i_disclosure_regarding_foreign) | &nbsp;&nbsp;138 |
| [<u>ITEM 16J. INSIDER TRADING POLICIES</u>](#item_16j_insider_trading_policie) | &nbsp;&nbsp;138 |
| [<u>ITEM 16K. CYBER SECURITY</u>](#item_16k_cybersecurity) | &nbsp;&nbsp;138 |
| [<u>ITEM 17. FINANCIAL STATEMENTS</u>](#item_17_financial_statements) | &nbsp;&nbsp;140 |
| [<u>ITEM 18. FINANCIAL STATEMENTS</u>](#item_18_financial_statements) | &nbsp;&nbsp;140 |
| [<u>ITEM 19. EXHIBITS</u>](#item_19_exhibits) | &nbsp;&nbsp;140 |

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**PRESENTATION OF FINANCIAL AND OTHER INFORMATION** 

Unless otherwise stated or the context otherwise indicates, (i) references to the "company", "the Group", "we", "our" or "us" refer to Immatics N.V., together with its subsidiaries, including Immatics Biotechnologies GmbH; (ii) references to "Immatics" refer solely to Immatics N.V.; (iii) references to "Immatics OpCo" refer solely to Immatics Biotechnologies GmbH. Immatics N.V. is a Dutch public limited liability company (*naamloze vennootschap*) incorporated on March 10, 2020 and the holding company of Immatics Biotechnologies GmbH, a German biopharmaceutical company incorporated in 2000 focused on the development of T cell receptor-based immunotherapies for the treatment of cancer; and (iv) references to "the Board" or "our Board" refer to the board of directors of Immatics N.V.

**Trademarks, Service Marks** 

The Immatics logo, Immatics<sup>®</sup>, XPRESIDENT<sup>®</sup>, ACTengine<sup>®</sup>, ACTallo<sup>®</sup>, ACTolog<sup>®</sup>, XCEPTOR<sup>®</sup>, TCER<sup>®</sup>, AbsQuant<sup>®</sup>, IMADetect<sup>®</sup> and other trademarks or service marks of Immatics appearing in this filing ("Annual Report") are the property of the company. Solely for convenience, some of the trademarks, service marks, logos and trade names referred to in this Annual Report are presented without the <sup>®</sup>and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This Annual Report contains additional trademarks, service marks and trade names of others. All trademarks, service marks and trade names appearing in this Annual Report are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**Financial Information** 

The terms "dollar", "USD" or "$" refer to the U.S. dollar and the term "euro", "EUR" or "€" refer to the euro, unless otherwise indicated. The exchange rate used for conversion between U.S. dollars and euros is based on the ECB euro reference exchange rate published by the European Central Bank.

Our consolidated financial statements are presented in euros and have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB"). None of the consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). We have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, any numerical discrepancies in any table between totals and sums of the amounts listed are due to rounding.

**Market and Industry Data** 

This Annual Report contains industry, market and competitive position data that are based on general and industry publications, surveys and studies conducted by third parties, some of which may not be publicly available, and our own internal estimates and research. Third-party publications, surveys and studies generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. These data involve a number of assumptions and limitations and contain projections and estimates of the future performance of the industries in which we operate.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This Annual Report contains forward-looking statements regarding our current expectations or forecasts of future events. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future results of operations and financial position, business strategy, product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this Annual Report can be identified by the use of forward-looking words such as "anticipate", "believe", "could", "expect", "should", "plan", "intend", "estimate", "will" and "potential", among others. These forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the commencement, timing, progress and results of our research and development programs, preclinical studies and clinical trials, including our Adoptive Cell Therapy ("TCR T") and bispecific T cell engaging receptor ("TCR bispecific") trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability and timing of investigational new drug application ("IND") or clinical trial application ("CTA"), biologics license application ("BLA"), Marketing Authorization Application ("MAA") and other regulatory submissions with the U.S. Food and Drug Administration ("FDA"), the European Medicines Agency ("EMA") or comparable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the proposed clinical development pathway for our product candidates and the acceptability of the results of clinical trials for regulatory approval of such product candidates by the FDA, the EMA or comparable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumptions relating to the identification of serious adverse, unexpected, undesirable or unacceptable side effects related to our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of and our ability to obtain and maintain regulatory approval for our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential advantages and differentiated profile of TCR T-cell therapy and TCR bispecific product candidates compared to existing therapies for the applicable indications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to successfully manufacture or have manufactured drug product for clinical trials and commercialization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding the size of the patient populations amenable to treatment with our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assumptions relating to the rate and degree of market acceptance of any approved product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the pricing and reimbursement of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to identify and develop additional product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our competitors to discover, develop or commercialize competing products before or more successfully than we do;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our competitive position and the development of and projections relating to our competitors or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for or ability to obtain additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise capital when needed in order to continue our research and development programs or commercialization efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to identify and successfully enter into strategic collaborations or licensing opportunities in the future, and our assumptions regarding any potential revenue that we may generate thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to obtain, maintain, protect and enforce intellectual property protection for our product candidates, and the scope of such protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding geopolitical actions and conflict, war and terrorism, including the recent conflicts between Russia and Ukraine and resulting sanctions, retaliatory measures, changes in the availability and price of various materials and effects on global financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract and retain qualified key management and technical personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expectations regarding the time during which we will be a foreign private issuer.

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These forward-looking statements speak only as of the date of this Annual Report and are subject to a number of risks, uncertainties and assumptions described under the sections in this Annual Report titled "Item 3. Key Information—D. Risk Factors" and "Item 5. Operating and Financial Review and Prospects" and elsewhere in this Annual Report. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

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**PART I** 

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS** 

**A. Directors and Senior Management** 

Not applicable.

**B. Advisers** 

Not applicable.

**C. Auditors** 

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE** 

**A. Offer Statistics** 

Not applicable.

**B. Method and Expected Timetable** 

Not applicable.

**ITEM 3. KEY INFORMATION** 

**A. [Reserved]** 

**B. Capitalization and Indebtedness** 

Not applicable.

**C. Reasons for the Offer and Use of Proceeds** 

Not applicable.

**D. Risk Factors** 

**Risk Factors Summary** 

Our business faces significant risks and uncertainties. You should carefully consider all of the information set forth in this Annual Report and in other documents we file with or furnish to the SEC, including the following risk factors, before deciding to invest in or to maintain an investment in our securities. Our business, as well as our reputation, financial condition, results of operations and share price, could be materially adversely affected by any of these risks, as well as other risks and uncertainties not currently known to us or not currently considered material. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a history of operating losses and expect to continue to incur losses for the foreseeable future and may never achieve or sustain profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be unable to complete clinical trials on our expected timelines, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Clinical trials are expensive, time-consuming and difficult to design and implement, and our clinical trial costs may be higher than for more conventional therapeutic technologies or drug products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our product candidates may cause undesirable side effects or have other properties that may delay or prevent their development or regulatory approval or limit their commercial potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be unable to obtain, or experience delays in obtaining, regulatory approval for our product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in regulatory requirements could result in delays or discontinuation of development of our product candidates or unexpected costs in obtaining regulatory approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our product candidates are complex and difficult to manufacture. We could experience manufacturing problems that result in delays in our development or commercialization programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on third parties to conduct preclinical studies and/or clinical trials of our product candidates. If they do not properly and successfully perform their obligations to us, we may not be able to obtain regulatory approvals for our product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We currently rely on third parties for the manufacture of our product candidates. Our dependence on these third parties may impair the clinical advancement and commercialization of our product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face substantial competition, which may result in others discovering, developing or commercializing products, treatment methods and/or technologies before or more successfully than we do.

**Risks Related to Our Financial Position and Need for Additional Capital** 

***We have a history of operating losses and expect to continue to incur losses for the foreseeable future and may never achieve or sustain profitability.*** 

We are a clinical-stage biopharmaceutical company active in the development and discovery of potential T cell redirecting immunotherapies for the treatment of cancer. We have no products approved for commercial sale and have not generated revenue from product sales. We have incurred substantial net losses in each year since inception. As of December 31, 2025, we had accumulated consolidated losses of €786.0 million. We do not expect to generate meaningful revenue from commercializing products for several years. We expect to incur significant additional and increasing operating losses in the future as we continue and expand our research and development efforts and, if approved, marketing and commercialization efforts for our product candidates.

We do not know when or whether we will become profitable. To become and remain profitable, we must be successful in a range of challenging activities, including completing preclinical studies and clinical trials of our product candidates, discovering and developing additional product candidates, making regulatory submissions, obtaining regulatory approval for any product candidates that successfully complete clinical trials, establishing commercialization capabilities for any approved products, manufacturing any approved products and achieving market acceptance for any approved products. It is possible that none of our product candidates will ever become commercial products. Even if we succeed in these activities, we may never generate revenue in an amount sufficient to achieve profitability.

Even if we achieve profitability, we may not be able to sustain profitability in subsequent periods.

***We will need additional capital to fund our operations and execute our business plan, and such capital may not be available to us on a timely basis or on acceptable terms.***

We will continue to expend substantial resources for the foreseeable future to develop and commercialize our current and future product candidates.

As a result, we will need to raise additional capital to fund our operations and execute our business plan. We do not have any committed external source of funds, and additional funds may not be available when we need them or on terms that are acceptable to us. Our ability to raise additional funds will depend on financial, economic and market conditions and other factors, over which we may have no or limited control. If adequate funds are not available to us on a timely basis or on terms acceptable to us, we may be required to delay, limit, reduce or terminate our research, development, commercialization or growth efforts.

We may seek additional capital through a variety of means. If we raise additional capital through the sale of equity or convertible debt securities, our existing shareholders' ownership interest will be diluted, and the terms of such equity or convertible debt securities may include liquidation or other preferences that are senior to or otherwise adversely affect the rights of our existing shareholders. If we raise additional capital through the sale of debt securities or through entering into credit or loan facilities, we may be restricted in our ability to take certain actions, such as incurring additional debt, making capital expenditures, acquiring or licensing intellectual property rights, declaring dividends or encumbering our assets to secure future indebtedness. If we raise additional capital through collaborations with third parties, we may be required to relinquish valuable rights to our intellectual property or product candidates or we may be required to grant licenses for our intellectual property or product candidates on unfavorable terms.

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***We are exposed to risks related to currency exchange rates.*** 

We operate internationally and are exposed to fluctuations in foreign exchange rates between the euro and other currencies, particularly the U.S. dollar. Our reporting currency is the euro and, as a result, financial line items are converted into euros at the applicable foreign exchange rates. Unfavorable developments in the value of the euro relative to other relevant currencies, especially the U.S. dollar, have in the past adversely affected and could in the future adversely affect our business, results of operations and financial condition.

***The use of net operating loss carryforwards may be limited.*** 

Both Immatics and Immatics US, Inc. ("Immatics US") incurred significant losses in the past and therefore are entitled to use net operating loss carryforwards. For the year ended December 31, 2025, we had German federal net operating loss carryforwards of €204.7 million and Immatics US had U.S. federal net operating loss carryforwards of €288.8 million. There can be no assurance that we will be able to generate sufficient income that allows us to use such loss carryforwards before their expiration. In addition, the operating loss carryforwards are subject to various limitations, including limitations under Sections 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") if Immatics US has a cumulative change in ownership of more than 50% within a three-year period.

Furthermore, relevant tax authorities may not accept our claims of net operating loss carryforwards in part or in their entirety. Any limitations in our ability to use net operating loss carryforwards to offset taxable income could adversely affect our results of operations and financial condition.

**Risks Related to the Development of Our Product Candidates** 

***We may be unable to complete clinical trials on our expected timelines, if at all.***

Clinical trials are subject to numerous risks described in this "ITEM 3D. Risk Factors" section and in our other filings with the SEC, and a failure, delay or termination of one or more clinical trials can occur at any stage of the clinical trial process. Events that may prevent our ability to complete clinical trials on a timely basis include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in the timely commencement of clinical trials due to negative preclinical data; delays in receiving the required regulatory clearance from the appropriate regulatory authorities to commence clinical trials or amend clinical trial protocols; delays in reaching, or a failure to reach, a consensus with regulatory authorities on study design; delays in reaching, or a failure to reach, an agreement on acceptable terms with prospective independent clinical investigators, clinical research organizations ("CROs") and clinical trial sites; and difficulties in obtaining required Institutional Review Board ("IRB") or ethics committee approval at each clinical trial site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in recruiting and enrolling suitable patients that meet the study criteria to participate in clinical trials to ensure adequate statistical power to detect statistically significant treatment effects, which challenges may be heightened as our clinical trials seek patients that express a specific genetic marker called HLA-A\*02 and the prevalence of the targets addressed by our product candidates differs between different tumor entities and we cannot be certain that the anticipated and assumed target prevalence rates are confirmed in the patient populations of our clinical trials, meaning that only a few of the patients screened for our clinical trials will receive cellular or TCR bispecifics products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from alternative clinical trials in a similar space or new treatments in similar indications which may limit or ability to recruit and enroll new patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•lower than anticipated patient retention rates and difficulties in maintaining contact with patients after treatment, resulting in incomplete data, which risk may be heightened as potential enrollees in our TCR T trials may opt to participate in other clinical trials because of the length of time between the time that their tumor is analyzed and the cellular product is manufactured and infused back into the patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• safety issues, which may result in trial suspension or the imposition of a clinical hold by regulatory authorities or IRBs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by independent clinical investigators, CROs, other third parties or us to adhere to clinical trial requirements and the FDA's good clinical practices ("GCP") or applicable regulatory guidelines in other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to manufacture adequate quantities of a product candidate or other materials necessary in accordance with current Good Manufacturing Practices ("cGMPs") and current Good Tissue Practices ("cGTPs") to conduct clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ambiguous or negative interim results;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory requirements and guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the treatment landscape, such as new therapies or the withdrawal of a competing product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of adequate funding to continue the clinical trial; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays and disruptions as a result of health pandemics or political or geopolitical events.

The risk of delays to our clinical trials may be heighted since our product candidates represent novel approaches to the treatment of diseases. As a result, there can be no assurance that submission of an IND, IND amendment or CTA will result in the FDA or any comparable regulatory authority allowing testing and clinical trials to begin, or that, once begun, issues will not arise that suspend or terminate such clinical trials. Any delays in the completion of our clinical trials could increase costs and delay or prevent regulatory approval of our product candidates.

***Clinical trials are expensive, time-consuming and difficult to design and implement, and our clinical trial costs may be higher than for more conventional therapeutic technologies or drug products.*** 

Clinical trials are expensive and difficult to design, implement and conduct, in part because they are subject to rigorous regulatory requirements. Because our TCR T product candidates are based on new cell therapy technologies and manufactured on a patient-by-patient basis, we expect that such candidates will require extensive research and development and have substantial manufacturing costs per dose. Our TCR bispecific product candidates also require extensive research and development, as the applicable technology is new and experience with developing such biologics is rare in the field. Moreover, the development of a companion diagnostic will also require extensive research and development, and such companion diagnostic must be suitable to support both enrollment into larger clinical trials and routine hospital procedures after marketing approval. Any failure or delay in developing a suitable companion diagnostic will delay or make it impossible to conduct larger clinical trials for TCR T-cell therapy product candidates and/or TCR bispecific product candidates.

In addition, costs to treat patients with recurrent and/or refractory cancer and to treat potential side effects that may result from our product candidates, non-investigational medicinal products, rescue or prophylactic medication applied in our clinical trials can be significant. Some clinical trial sites do not bill or obtain coverage from Medicare, Medicaid, health insurance or other third-party payors for some or all of these costs for patients enrolled in our clinical trials, and we can be required by those trial sites to pay such costs. In countries outside the United States, we expect that all costs related to the clinical trial and to the management of study patients (for example, management of adverse reactions or hospitalization) are paid by the sponsor of the clinical trial. As trial designs for development of our product candidates are complex, our clinical trial costs are likely to be significantly higher per patient than those of more conventional therapeutic technologies or drug products. At some point, we may combine two or more of our TCR T-cell therapy or TCR bispecific product candidates within one clinical trial or within a multi-TCR-T or multi-TCR bispecifics concept in order to enhance clinical efficacy results and to increase the patient population. The setup and conduct of such multi-TCR-T or multi-TCR bispecifics clinical trials is expensive and may bear unknown risks, such as regulatory, preclinical, safety and manufacturing risks. In addition, our proposed personalized product candidates involve several complex and costly manufacturing and processing steps, the costs of which will be borne by us. We are also responsible for the manufacturing costs of products for patients that do not receive the product due to any reason (for example, rapid degradation of general health status, not meeting inclusion/exclusion criteria for infusion). Depending on the number of patients that we ultimately screen and enroll in our trials, the number of trials that we may need to conduct, and the companion diagnostic we need to develop, our overall clinical trial costs may be higher than for more conventional treatments.

***Our product candidates may cause undesirable side effects or have other properties that may delay or prevent their development or regulatory approval or limit their commercial potential.***

Undesirable side effects caused by our product candidates or by similar product candidates developed by others could cause us or regulatory authorities to interrupt, delay or halt clinical trials and could result in more restrictive labelling, boxed warnings or additional warnings or Risk Evaluation and Mitigation Strategy or the denial of regulatory approval by the FDA, the EMA or comparable regulatory authorities and potential product liability claims. In addition, undesirable side effects could impair our ability to market our product candidates, if approved, limit patients' and physicians' willingness to use our product candidates and make it more difficult for us to obtain adequate coverage and reimbursement for our product candidates.

In our cell therapy clinical trials, the most commonly reported Grade ≥3 treatment-emergent adverse events ("TEAEs") were cytopenias. In our bispecific clinical trials, the most commonly reported Grade ≥ 3 related AE was transient lymphopenia. There can be no assurance that patients treated with our product candidates will not experience these and other serious adverse side effects and there can be no assurance that the FDA, the EMA or comparable regulatory authorities will not place clinical holds on our current or future clinical trials, the result of which could delay or prevent us from obtaining regulatory approval. In particular, our clinical trials enroll patients who have failed all available standard-of-care treatments. As a result, these patients may be immunocompromised and thus are more susceptible to serious adverse side effects. In addition, certain of our protocols involve further weakening of patients'

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immune response (e.g., through lymphodepletion) prior to receiving our product candidates, which may further increase the severity and frequency of serious adverse side effects.

Further, because our product candidates represent novel approaches to the treatment of cancer, we may be less able to predict the nature, severity and frequency of adverse events and thus less able to undertake measures to prevent serious adverse events and mitigate their effects. For example, infused T cells may be more active than we expect or than we previously observed. Moreover, because our ACTengine product candidates for a specific patient are manufactured using that patient's white blood cells, each patient receives an individually manufactured ACTengine product candidate. As a result, it may be difficult to predict how a patient will respond to that individualized product candidate.

This could lead to more severe or prolonged toxicities or even patient deaths, which could result in us or the FDA, the EMA or comparable regulatory authorities delaying, suspending or terminating one or more of our clinical trials and which could jeopardize regulatory approval.

Furthermore, clinical trials by their nature utilize a sample of the potential patient population. With a limited number of subjects and limited duration of exposure, rare and severe side effects of our product candidates may only be uncovered with a significantly larger number of patients exposed to the drug. Therefore, as our other product candidates advance through late-stage clinical trials that involve more patients than earlier-stage clinical trials, these product candidates may cause undesirable side effects or adverse events that are different in nature, severity and frequency than observed in earlier-stage clinical trials. In addition, some of our product candidates are developed or intended to be used in combination with other therapies. When used in combination, the severity and frequency of undesirable side effects may be greater than the cumulative severity and frequency of such side effects when the therapies are used as monotherapies and the nature of undesirable side effects may be different than such side effects when the therapies are used as monotherapies.

***There can be no assurance regarding the outcome of ongoing or planned clinical trials or the sufficiency of results from such clinical trials.***

Drug research and clinical trials are inherently uncertain. There can be no assurance regarding the outcome of any ongoing or planned clinical trials, including whether such trials will meet their respective endpoint, whether severe adverse events will occur during the clinical trials and whether the final results will ultimately be sufficient to support regulatory approval. Results from earlier-stage clinical trials are even more unpredictable due to the limited size of the clinical trials and number of unknown factors at such early stages.

Certain of our clinical trials, including our Phase 1 clinical trials in patients without any indicated standard-of-care treatment utilize an "open-label, single arm" trial design. This trial design has the potential to create selection bias by encouraging the investigators to enrol a more favorable patient population (for example, indications better suitable for immunotherapies, fitter patients, fewer prior therapies) compared to a broader patient population. In all of our current clinical trials, investigators have significant discretion over the selection of patient participants. As the trials continue, the investigators may prioritize patients with more progressed forms of cancer and/or worse general health condition than the initial patient population, based on the safety/success or perceived safety/success of that initial population. Patients with more progressed forms of cancer or worse general health conditions may experience more and/or worse adverse events or be less responsive to treatment, and accordingly, interim or final safety and efficacy data may show an increase in frequency or severity of adverse events and/or a decline in patient response rate or change in other assessment metrics. As the trials continue or in subsequent trials, investigators may shift their approach to the patient population, which may ultimately experience more and/or worse adverse events and/or result in a decline in both interim and final efficacy data from the preliminary data, or conversely, a decrease in frequency and/or severity of adverse events or an increase in final efficacy data following a decline in the interim efficacy data, as patients with more progressed forms of cancer or worse general health condition are cycled out of the trials and replaced by patients with less advanced forms of cancer or with better general health conditions. This opportunity for investigator selection bias in our trials as a result of open-label design, which is standard in dose-escalation/de-escalation trials, may not be adequately handled and may cause a decline in or distortion of clinical trial data from our preliminary results.

Results from preclinical studies and early-stage clinical trials may not be predictive of results from late-stage or other clinical trials. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy traits despite having progressed through preclinical studies and initial clinical trials. In addition, positive and promising results from preclinical studies and clinical trials of a product candidate in one indication may not be predictive of results from clinical trials of that product candidate in other indications or in combination with other agents. There may be significant differences between clinical trials, including differences in inclusion and exclusion criteria, efficacy endpoints, dosing regimen and statistical design. In particular, we expect there may be greater variability in results for products processed and administered on a patient-by-patient basis, as for our cellular therapy product candidates, than for "off-the-shelf" products, like many other drugs.

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From time to time, we may announce preliminary interim or "top-line" data from clinical trials, but such data may not be predictive of such trial's subsequent or overall results. Preliminary data are subject to the risk that one or more of the outcomes may materially change as more data become available. Additionally, preliminary data are subject to the risk that one or more of the clinical outcomes may materially change as patient enrolment continues and more patient data become available. We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had the opportunity to fully evaluate all data. As a result, preliminary data that we report may differ from future results from the same clinical trials, or different conclusions or considerations may qualify such results, once additional data have been received and fully evaluated. Preliminary data also remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data we previously published. As a result, preliminary data should be viewed with caution until the final data are available.

***The deviations in our proposed new products from existing products may require us to perform additional testing, which will increase the cost, and extend the time for obtaining approval.*** 

While we have and will continue to implement advancements to the process, the current methods of treatment are very labor intensive and expensive, which has limited their widespread application. We have and will continue to develop new processes that we anticipate will enable more efficient manufacturing of TCR T. We may have difficulty demonstrating that the products produced from our new processes are comparable to the existing products. The FDA, the EMA and comparable regulatory authorities may require changes to our manufacturing specifications and/or additional clinical testing before permitting a larger clinical trial with the new processes, and the product may not demonstrate the desired activity in new clinical trials. In the manufacturing of cellular products, even small changes in manufacturing processes could alter the cell types, so our ability to predict the outcomes with newer manufacturing processes is limited. The changes that we have made to the historical manufacturing process may require additional testing, which may increase costs and timelines associated with these developments.

Our TCR bispecific product candidates contain features that have not been previously tested in this composition in clinical trials or marketed products. The FDA, the EMA and comparable regulatory authorities may require additional non-clinical studies before permitting us to enter clinical trials with our product candidates. Regulatory authorities may also ask for additional early-stage trials or production of additional batches of TCR bispecific product candidates before permitting larger clinical trials or registration-enabling trials. To comply with those requests would increase costs and timelines for the development of our TCR bispecific product candidates.

**Risks Related to Regulatory Approval of Our Product Candidates** 

***We may be unable to obtain, or experience delays in obtaining, regulatory approval of our product candidates.*** 

Our product candidates must be approved by the FDA in the United States, by the EMA in the European Union and by comparable regulatory authorities in other jurisdictions prior to commercialization. In order to obtain regulatory approval for the commercial sale of any product candidates, we must demonstrate through extensive preclinical studies and clinical trials that the product candidate is safe and effective for use in each target indication and that manufacturing of the product candidate is robust and reproducible. The time required to obtain approval by the FDA, the EMA and comparable regulatory authorities is uncertain, typically takes many years following the commencement of clinical trials and depends upon numerous factors. Accordingly, there can be no assurance that any of our product candidates will receive regulatory approval in the United States, the European Union or other jurisdictions.

Regulatory authorities have substantial discretion in the approval process. They may refuse to accept any application or may decide that our data are insufficient for approval and require additional clinical trials or other studies. We expect the novel nature of our product candidates to create additional challenges in obtaining regulatory approval. For example, the FDA has limited experience with commercial development of T cell directed therapies for cancer. Therefore, even if we believe the data collected from clinical trials of our product candidates are promising, such data may not be sufficient to support approval by the FDA, the EMA or any comparable regulatory authority. If we are required to conduct additional clinical trials or other testing of any of our product candidates beyond those that are contemplated, we may incur significant additional costs and the regulatory approval of our product candidates may be delayed or prevented. Furthermore, additional clinical trials or other testing could shorten any periods during which we may have the exclusive right to commercialize our product candidates and could allow our competitors to bring products to market before we do, which may prevent the successful commercialization of our product candidates.

We are developing certain of our product candidates in combination with other therapies. If we choose to develop a product candidate for use in combination with an approved therapy, we are subject to the risk that the FDA, the EMA or comparable regulatory authorities in other jurisdictions could revoke approval of, or that safety, efficacy, manufacturing or supply issues could arise with, the therapy used in combination with our product candidate. If the therapies we use in combination with our product candidates are replaced as the standard of care, the FDA, the EMA or comparable regulatory authorities in other jurisdictions may require us to conduct additional clinical trials. The occurrence of any of these risks could result in our product candidates, if approved only for use in combination with another approved therapy, being removed from the market or being less successful commercially.

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Where we develop a product candidate for use in combination with a therapy that has not been approved by the FDA, the EMA or comparable regulatory authorities in other jurisdictions, we may not be able to market our product candidate for use in combination with such an unapproved therapy, unless and until the unapproved therapy receives regulatory approval.

Furthermore, the process and time required to obtain regulatory approval differ by jurisdiction. Approval by one regulatory authority does not ensure approval by regulatory authorities in other jurisdictions. In particular, prior to regulatory approval, regulatory authorities may require additional clinical trials to be conducted with a local population. In many countries outside the United States, a drug must be approved for reimbursement before it can be approved for sale in that country. If we fail to comply with the regulatory requirements in international markets and/or receive applicable marketing approvals, our target market will be reduced and our ability to realize the full market potential of our product candidates will be harmed.

Applications for regulatory approval and regulatory approval of our product candidates could be delayed or be denied for many reasons, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable regulatory authorities may disagree with the number, design or implementation of our clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the population studied in the clinical trial may not be considered sufficiently broad or representative to assure safety in the full population for which we seek approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable regulatory authorities may disagree with our interpretation of data from preclinical studies or clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the data collected from clinical trials of our product candidates may not meet the level of statistical or clinical significance required by the FDA, the EMA or comparable regulatory authorities or may otherwise not be sufficient to support the submission of a BLA, MAA or other submission or to obtain regulatory approval in the United States, the European Union or elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable regulatory authorities may not accept data generated by our preclinical service providers and clinical trial sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable regulatory authorities may require us to conduct additional preclinical studies and clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable regulatory authorities may fail to approve the manufacturing processes, test procedures and specifications applicable to the manufacture of our product candidates, the facilities of third-party manufacturers with which we contract for clinical or commercial supplies may fail to maintain a compliance status acceptable to the FDA, the EMA or comparable regulatory authorities or the EMA or comparable regulatory authorities may fail to approve facilities of third-party manufacturers with which we contract for clinical and commercial supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we or any third-party service providers may be unable to demonstrate compliance with cGMPs and cGTPs to the satisfaction of the FDA, the EMA or comparable regulatory authorities, which could result in delays in regulatory approval or require us to withdraw or recall products and interrupt commercial supply of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the approval policies or regulations of the FDA, the EMA or comparable regulatory authorities may change in a manner rendering our clinical data insufficient for approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political factors surrounding the approval process, such as FDA staffing shortages and funding constraints, government shutdowns and political instability.

Any of these factors, some of which are beyond our control, may result in our failing to obtain regulatory approval for any of our product candidates, which would significantly harm our business, financial condition and prospects.

***Changes in regulatory requirements could result in delays or discontinuation of development of our product candidates or unexpected costs in obtaining regulatory approval.*** 

Because we are developing novel cell immunotherapy product candidates that are unique biological entities, the regulatory requirements to which we will be subject are still evolving and may change rapidly. Even with respect to more established products that fit into the categories of cell and gene therapies, the regulatory landscape is still developing. For example, regulatory requirements governing clinical development of gene therapy products and cell therapy products have become more stringent and comprehensive frequently and may continue to extend in the future. Moreover, there is substantial, and sometimes uncoordinated, overlap in those responsible for regulation of existing gene therapy products and cell therapy products. For example, in the United States, the FDA has established the Office of Tissues and Advanced Therapies ("OTAT"), formerly known as the Office of Cellular, Tissue and Gene

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Therapies ("OCTGT"), within its Center for Biologics Evaluation and Research ("CBER") to consolidate the review of gene therapy and related products, and the Cellular, Tissue and Gene Therapies Advisory Committee to advise CBER on its review. Cell and gene therapy clinical trials in the U.S. are also subject to review and oversight by an institutional biosafety committee ("IBC"), a local institutional committee that reviews and oversees basic and clinical research conducted at the institution participating in the clinical trial. Similar regulatory bodies exist in Europe and other jurisdictions. In addition, adverse developments in clinical trials of cell and gene therapy products conducted by others may cause the FDA, the EMA and comparable regulatory authorities to change the requirements for approval of any of our product candidates.

While there is already a T cell engaging bispecific molecule approved and regulatory guidelines have been issued for this class of drugs, bispecific therapeutics are still new in the field and regulators have even less experience with TCR bispecifics. Thus, guidance for development and regulatory approval of such drugs may change.

Complex regulatory environments exist in the different jurisdictions in which we might consider seeking regulatory approvals for our product candidates, further complicating the regulatory landscape. For example, in the European Union, a special committee called the Committee for Advanced Therapies was established within the EMA in accordance with Regulation (EC) No. 1394/2007 on advanced therapy medicinal products ("ATMPs") to assess the quality, safety and efficacy of ATMPs, and to follow scientific developments in the field. ATMPs include gene therapy products as well as somatic cell therapy products and tissue engineered products.

These various regulatory review committees and advisory groups and new or revised guidelines that they promulgate from time to time may lengthen the regulatory review process, require us to perform additional studies, increase our development costs, lead to changes in regulatory positions and interpretations, delay or prevent approval and commercialization of our product candidates or lead to significant post-approval limitations or restrictions. Because the regulatory landscape for our cell immunotherapy product candidates is new, our product candidates may face even more cumbersome and complex regulations than those emerging for other gene therapy products and cell therapy products. Furthermore, even if our product candidates obtain required regulatory approvals, such approvals may later be revoked, suspended or otherwise withdrawn as a result of changes in regulations or the interpretation of regulations by applicable regulatory agencies. Delay or failure to obtain, or unexpected costs in obtaining, the regulatory approval necessary to bring a potential product to market could decrease our ability to generate sufficient product revenue to maintain our business.

***Certain of our current clinical trials are being conducted outside the United States, and the FDA may not accept data from trials conducted in foreign locations.*** 

Certain current clinical trials of our drug candidates are being conducted or planned to be conducted partially or fully outside the United States. We may also conduct future clinical trials for our drug candidates partially or fully outside the United States. Although the FDA may accept data from clinical trials conducted outside the United States, acceptance of this data is subject to certain conditions imposed by the FDA. For example, the clinical trial must be well designed and conducted and performed by qualified investigators in accordance with ethical principles and good clinical practice ("GCP") requirements. Further, the data must be applicable to the U.S. population and U.S. medical practice in ways that the FDA deems clinically meaningful. In general, the patient population for any clinical trials conducted outside of the United States must be representative of the population for whom we intend to label the product in the United States. In addition, while these clinical trials are subject to the applicable local laws, FDA acceptance of the data will be dependent upon its determination that the trials also complied with all applicable U.S. laws and regulations.

There can be no assurance that the FDA will accept data from trials conducted outside of the United States. If the FDA does not accept the data from such clinical trials, it would likely result in the need for additional clinical trials, which would be costly and time-consuming and delay or permanently halt our development of our product candidates.

***We may seek accelerated approval for some of our product candidates, which may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that the product candidates will receive marketing approval.*** 

We may attempt to seek approval on a per indication basis for our product candidates on the basis of a single registration-enabling trial or on the basis of data from one or more uncontrolled trials. While the FDA requires in most cases two adequate and well-controlled registration-enabling clinical trials to demonstrate the efficacy of a product candidate, a single trial with strong confirmatory evidence may be sufficient in instances where the trial is a large multicenter trial demonstrating internal consistency and a statistically very persuasive finding of a clinically meaningful effect on mortality, irreversible morbidity or prevention of a disease with a potentially serious outcome and if confirmation of the result in a second trial would be practically or ethically impossible. In rare cancer indications with very limited treatment options, a large and/or controlled trial is often not feasible and thus data from smaller and even uncontrolled trials may be sufficient for regulatory approval. It is difficult for us to predict with such a novel

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technology exactly what will be required by the regulatory authorities in order to take our product candidates to market or the timeframes under which the relevant regulatory approvals can be obtained.

For treatments granted accelerated approval, post-marketing confirmatory clinical trials are required to describe the anticipated effect on irreversible morbidity or mortality or other clinical benefit. These confirmatory clinical trials must be completed with due diligence and, in some cases, the FDA may require that the trial be designed, initiated and/or fully enrolled prior to approval. If any of our competitors were to receive full approval on the basis of a confirmatory clinical trial for an indication for which we seek accelerated approval before we receive accelerated approval, the indication we are seeking may no longer qualify as a condition for which there is an unmet medical end and accelerated approval of our product candidate would be more difficult. Moreover, the FDA may withdraw approval of our product candidate approved under the accelerated approval pathway if, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the clinical trial(s) required to verify the predicted clinical benefit of a product candidate fails to verify such benefit or does not demonstrate sufficient clinical benefit to justify the risks associated with the product candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other evidence demonstrates that a product candidate is not shown to be safe or effective under the conditions of use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we fail to conduct any required post-marketing confirmatory clinical trial with due diligence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we disseminate false or misleading promotional materials relating to the relevant product candidate.

Recently, the accelerated approval pathway has come under scrutiny within the FDA and by Congress. The FDA has put increased focus on ensuring that confirmatory studies are conducted with diligence and, ultimately, that such studies confirm the benefit. For example, FDA has convened its Oncologic Drugs Advisory Committee to review what the FDA has called dangling or delinquent accelerated approvals where confirmatory studies have not been completed or where results did not confirm benefit. In addition, the Food and Drug Omnibus Reform Act ("FDORA") included provisions related to the accelerated approval pathway and authorizes the FDA to require a post-approval study to be underway prior to approval or within a specified time period following approval.

***We may pursue orphan drug designation for certain of our product candidates, which we may not receive, and even if we receive such designation, we may be unable to maintain the associated benefits.*** 

Regulatory authorities in some jurisdictions, including the United States and the European Union, may designate drugs for relatively small patient populations as orphan drugs. Anzu-cel received Orphan Drug Designation from the FDA for the treatment of cutaneous and uveal melanoma in January 2026 and November 2025, respectively.

In the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user fee waivers. In addition, if a product receives the first FDA approval for the indication for which it has orphan designation, the product is entitled to orphan drug exclusivity, which means the FDA may not approve any other application to market the same biologic (meaning, a product with the same principal molecular structural features) for that indication for a period of seven years, except in limited circumstances, such as a showing of clinical superiority over the product with orphan exclusivity or where the manufacturer is unable to assure sufficient product quantity. In the European Union, orphan drug designation entitles a party to financial incentives such as reduction of fees or fee waivers and ten years of market exclusivity for the orphan indication following drug or biological product approval, provided that the criteria for orphan designation are still applicable at the time of the granting of the marketing authorization. This period may be reduced to six years if, at the end of the fifth year, the orphan drug designation criteria are no longer met, including where it is shown that the product is sufficiently profitable not to justify maintenance of market exclusivity. However, orphan drug designation neither shortens the development time or regulatory review time of a drug or therapeutic biologic nor gives the drug or therapeutic biologic any advantage in the regulatory review or approval process.

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We may pursue orphan drug designation for one or more of our product candidates. However, obtaining an orphan drug designation can be difficult, and we may not be successful in doing so. Even if we obtain orphan drug designation for our product candidates in specific indications, we may not be the first to obtain regulatory approval of these product candidates for the orphan-designated indication. In addition, exclusive marketing rights in the United States may be limited if we seek approval for an indication broader than the orphan-designated indication or may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantities of the product to meet the needs of patients with the rare disease or condition. Furthermore, even if we obtain orphan drug exclusivity for a product, that exclusivity may not effectively protect the product from competition because a different biologic (with different principal molecular structural features) can be approved for the same condition. Even after an orphan product is approved, the FDA can subsequently approve the same biologic for the same condition if the FDA concludes that the later biologic is safer, more effective or makes a major contribution to patient care. Our inability to obtain orphan drug designation for any product candidates for the treatment of rare cancers and/or our inability to maintain that designation for the duration of the applicable exclusivity period, could reduce our ability to make sufficient sales of the applicable product candidate to balance our expenses incurred to develop it.

***Regenerative Medicine Advanced Therapy ("RMAT"), Breakthrough Therapy Designation, Fast Track Designation and Priority Review Designation by the FDA, or comparable designations by comparable regulatory authorities, for our product candidates may not lead to a faster development or regulatory review or approval process and do not increase the likelihood that a product candidate would receive regulatory approval.*** 

We have RMAT Designation for anzu-cel (IMA203) in multiple relapsed and/or refractory HLA-A\*02:01-positive and PRAME-expressing cancers. We currently do not have RMAT Designation, Breakthrough Therapy Designation, Fast Track Designation or Priority Review Designation or comparable designations by comparable regulatory authorities for any of our other product candidates. A drug is eligible for RMAT designation if the drug is a regenerative medicine therapy, intended to treat, modify, reverse, or cure a serious or life-threatening disease or condition and preliminary clinical evidence indicates that the drug has the potential to address unmet medical needs for such disease or condition. Advantages of the RMAT designation include early interactions with the FDA that may be used to discuss potential surrogate or intermediate endpoints for accelerated approval and potential ways to satisfy post-approval requirements, potential priority review of the biologics license application (BLA) and other opportunities to expedite development and review. A breakthrough therapy is defined as a product candidate that is intended, alone or in combination with one or more other drugs, to treat a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over currently approved therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. For product candidates that have been designated as breakthrough therapies, interaction and communication between the FDA and the sponsor can help to identify the most efficient path for development. A Fast Track Designation may be available if a product candidate is intended for the treatment of a serious or life-threatening condition and preclinical or clinical data demonstrate the potential to address an unmet medical need for this condition. Priority review may be granted for products that are intended to treat a serious or life-threatening condition and, if approved, would provide a significant improvement in safety and effectiveness compared to available therapies. The FDA will attempt to direct additional resources to the evaluation of an application designated for priority review in an effort to facilitate the review.

In Europe, the EMA has implemented the so-called "PRIME" (PRIority MEdicines) status in order support the development and accelerate the approval of complex innovative medicinal products addressing an unmet medical need. The PRIME status enables early dialogue with the relevant EMA scientific committees and, possibly, some payers; and thus, reinforces the EMA's scientific and regulatory support. It also opens accelerated assessment of the marketing authorization application (150 days instead of 210 days). The PRIME status, which is decided by the EMA, is reserved to medicines that may benefit from accelerated assessment, i.e., medicines of major interest from a public health perspective, in particular from a therapeutic innovation perspective and that target unmet medical need.

The FDA, the EMA and comparable regulatory authorities have broad discretion whether or not to grant RMAT Designation, Breakthrough Therapy Designation, Fast Track Designation and Priority Review Designation and comparable designations. Accordingly, even if we believe, after completing early clinical trials, that one of our product candidates meets the criteria for such designations, the applicable regulatory authority may disagree and instead determine not to make such designations. Even if we receive such designation for a product candidate, it may not result in a faster development process, review or approval compared to conventional procedures and does not guarantee ultimate approval by the applicable regulatory authority. Many drugs that have received such designations have failed to obtain ultimate approval. In addition, the applicable regulatory authority may decide to rescind such designations if it determines that our product candidates no longer meet the conditions for qualification, including as a result of the product candidates' failure to meet endpoints in any clinical trial.

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***We are required to comply with comprehensive and ongoing regulatory requirements for any product candidates that receive regulatory approval, including conducting confirmatory clinical trials of any product candidates that receive accelerated approval.*** 

Any product candidates for which we receive accelerated approval from the FDA or similar conditional approval from the EMA or comparable regulatory authorities are required to undergo one or more confirmatory and post-marketing clinical trials. If such a product candidate fails to meet its safety and efficacy endpoints in such confirmatory and post-marketing clinical trials, the regulatory authority may withdraw its approval. There is no assurance that any such product will successfully advance through its confirmatory and post-marketing clinical trial(s).

Moreover, the FDA and comparable foreign regulatory authorities will continue to closely monitor the safety profile of any product even after approval. If the FDA or comparable foreign regulatory authorities become aware of new safety information after approval of any of our product candidates, they may withdraw approval, require labeling changes or establishment of a REMS or similar strategy, impose significant restrictions on a product's indicated uses or marketing, or impose ongoing requirements for potentially costly post-approval studies or post-market surveillance.

In addition, any product candidates for which we receive regulatory approval in a particular jurisdiction and the activities associated with their commercialization, including testing, manufacture, recordkeeping, labeling, storage, approval, advertising, promotion, sale and distribution, will be subject to comprehensive regulation by the FDA, the EMA or comparable regulatory authorities. These requirements include, without limitation, submissions of safety and other post-marketing information and reports, registration and listing requirements, the FDA's cGMP and cGTPs requirements or comparable requirements in foreign jurisdictions, requirements relating to manufacturing, quality control, quality assurance and corresponding maintenance of records and documents, including periodic inspections by the FDA, the EMA or comparable regulatory authorities, requirements regarding the distribution of samples to physicians, tracking and reporting of payments to physicians and other healthcare providers and recordkeeping. In the United States, the FDA closely regulates the post-approval marketing and promotion of drugs to ensure drugs are marketed only for the approved indications and in a manner consistent with the provisions of the approved labeling. The FDA also imposes stringent restrictions on manufacturers' communications regarding use of their products and, if we promote our products beyond their approved indications or in a manner inconsistent with the approved labeling, we may be subject to enforcement action for off-label promotion. Violations of the U.S. Federal Food, Drug, and Cosmetic Act (the "FDCA") relating to the promotion of prescription drugs may lead to investigations alleging violations of federal and state healthcare fraud and abuse laws, as well as state consumer protection laws.

The policies of the FDA, the EMA and comparable regulatory authorities may change and additional regulations may be enacted. If we are slow or unable to adapt to changes in existing requirements or to the adoption of new requirements, or not able to maintain regulatory compliance, we may lose any regulatory approval that may have been obtained. We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action, either in the United States or abroad, as the regulatory environment changes rapidly.

**Risk Related to the Manufacturing of Our Product Candidates** 

***Our product candidates are complex and difficult to manufacture. We could experience manufacturing problems that result in delays in our development or commercialization programs.*** 

Our product candidates are cellular products or biologics and the process of manufacturing our products is complex, highly regulated and subject to multiple risks. The manufacture of our cellular product candidates involves complex processes, including, for example, for ACTengine genetically modified autologous T cell products (anzu-cel (IMA203) and IMA204), harvesting and transporting blood cells from every patient for engineering of the T cells to express a specific T cell receptor for a tumor target, *ex vivo* multiplying the T cells to obtain the desired cell numbers for the dose, and finally transporting of the T cell product back to the patient for infusing the modified T cells back into the same patient. As a result of the complexities, the cost to manufacture cellular products per dose is generally higher than traditional small molecule chemical compounds or biologics, and the manufacturing process is less reliable, more variable and is more difficult to reproduce. Our manufacturing process may be susceptible to product loss or failure due to logistical issues associated with the collection of patients' blood cells, shipping such material to the manufacturing site, shipping the final product back to the patient, and infusing the patient with the product. Product loss or failure may also be caused by manufacturing issues associated with the variability in patient starting material especially from heavily treated cancer patients, interruptions in the manufacturing process, contamination, equipment failure, assay failures, improper installation or operation of equipment, vendor or operator error, inconsistency in cell growth, and variability in product characteristics. Even minor deviations from normal manufacturing processes could result in reduced production yields, product defects, and other supply disruptions. If for any reason we lose a patient's starting material, or any intermediate product at any point in the process, or if any product does not meet the present specifications, the manufacturing process for that patient will need to be restarted, sometimes including re-collection of blood cells from the patient, and the resulting delay may adversely affect that patient's outcome. It may even happen, that failed product manufacture may prevent a patient from getting a T cell product. If microbial, environmental or other contaminations are

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discovered in our product candidates or in the manufacturing facilities in which our product candidates are made, such manufacturing facilities may need to be closed for an extended period of time to investigate and remedy the contamination. If such contaminations or other product quality issues are not discovered and if as a result thereof patients are exposed to a health risk, we may be held liable. Our insurance may not cover those cases, or the financial coverage may not be sufficient.

Because our ACTengine cellular product candidates are manufactured specifically for each individual patient, we will be required to maintain a chain of identity with respect to the patient's cellular material as it moves from the patient to the manufacturing facility, through the manufacturing process, and back to the patient. Maintaining such a chain of identity is difficult and complex, and failure to do so could result in adverse patient outcomes, loss of product, or regulatory action including withdrawal of our products from the market. Further, as product candidates are developed through preclinical to late-stage clinical trials towards approval and commercialization, it is common that various aspects of the development program, such as manufacturing methods, are altered along the way to optimize processes and results. Such changes carry the risk that they will not achieve these intended objectives, and any of these changes could cause our product candidates to perform differently and affect the results of planned clinical trials or other future clinical trials or otherwise necessitate the conduct of additional studies, including bridging clinical trials, which can be costly and time-consuming.

Currently, our cellular product candidates are manufactured using processes developed or modified by us based on current industry standards sufficient, but we may not intend to use such processes for future advanced clinical trials or commercialization. We anticipate implementing further developments for commercial manufacturing. Although we believe that this process is commercially viable, there are risks associated with scaling to the level required for advanced clinical trials or commercialization, including, among others, cost overruns, potential problems with process upscaling, scale-out, process reproducibility, technology transfer, stability issues, lot consistency, and timely availability of raw materials. This includes potential risks associated with the FDA not agreeing with all of the details of our validation data or our potency assay for our clinical trials. Furthermore, we or some of our CMOs may not be able to establish comparability of our/their products with the TCR T-cell therapy products used in our clinical trials or may not be fully validated prior to starting our registration-enabling clinical trial. As a result of these challenges, we may experience delays in our clinical development and/or commercialization plans. We may ultimately be unable to reduce the cost of goods for our product candidates to levels that will allow for an attractive return on investment if and when those product candidates are commercialized.

Our manufacturing capabilities for our allogenic cellular therapy product candidate(s) are still in the process of being developed. We may not successfully establish a robust production process that fulfills the requirements of the FDA, the EMA and comparable regulatory authorities. If we fail to establish such a manufacturing process, we may not be able to commence clinical trials or clinical trials may be delayed. There can be no assurance that the production process we are currently developing is viable and can be effectively scaled up or transferred to a CMO for later-phase clinical testing and commercialization. If we fail to develop a process that can be used throughout the life cycle of the product candidate, commercialization may be delayed or may not occur.

Manufacturing of TCR bispecifics (TCER), such as IMA401 and IMA402 and potential future product candidates, is susceptible to product loss due to contamination, equipment failure or improper installation or operation of equipment, vendor or operator error, inconsistency in yields, issues with purity, variability in product characteristics and difficulties in scaling the production process. Even minor deviations from normal manufacturing processes could result in reduced production yields, inacceptable purity, product defects, loss of production batches and other supply disruptions. In such cases, our development program may experience major delays and we may have to produce a new batch of a given TCER. This will be costly and will delay our TCER development program. In particular, production of a new cGMP batch may be time-consuming, as it relies on the availability of facilities with cGMP capabilities at our CMO, and such facilities must be booked far in advance. We may also experience failure of production of the master cell bank that is used to produce our TCER molecules. For example, missing clonality of the cell line or non-sterility of the cell bank may require production of a new master cell bank which would be associated with additional costs and delays.

Any failure to follow cGMP and cGTP or other regulatory requirements or any delay, interruption or other issues that arise in the manufacture, fill and finish, packaging, or storage of our product candidates as a result of a failure of our facilities or the facilities or operations of third parties to comply with regulatory requirements or pass any regulatory authority inspection could significantly impair our ability to develop and commercialize our product candidates, including leading to significant delays in the availability of drug product for our clinical trials or the termination of or hold on a clinical trial, or the delay or prevention of a filing or approval of marketing applications for our product candidates.

Our TCR bispecific product candidates that have been produced and are stored for later use may degrade, become contaminated or suffer other quality defects, which may cause the affected product candidates to no longer be suitable for their intended use in clinical trials or other development activities. If the defective product candidates cannot be replaced in a timely fashion, we may incur significant delays in our development programs that could adversely affect the value of such product candidates.

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Manufacturers of cell therapy products often encounter difficulties in production, particularly in scaling up initial production. These problems include difficulties with production costs and yields, quality control, including stability, patient to patient variability of the product candidate and quality assurance testing, shortages of qualified personnel, and compliance with strictly enforced federal, state, local and foreign regulations. Any problems or delays we or our CMOs experience in preparing for commercial scale manufacturing of a cell therapy or biologic product candidate or component may result in a delay in the regulatory approval of the product candidate or may impair our ability to manufacture commercial quantities or such quantities at an acceptable cost, which could result in the delay, prevention, or impairment of clinical development and commercialization of our product candidates and could adversely affect our business. Furthermore, if we or our commercial manufacturers fail to deliver the required commercial quantities or supply of our product candidates on a timely basis and at reasonable costs, we would likely be unable to meet demand for our products, and we would lose potential revenues.

In addition, the manufacturing process and facilities for any products that we may develop is subject to FDA, EMA and comparable regulatory authority approval processes, and we and our CMOs will need to meet all applicable regulatory authority requirements, including cGMP and cGTP requirements, on an ongoing basis, including requirements pertaining to quality control, quality assurance, and the maintenance of records and documentation. The FDA, the EMA and comparable regulatory authorities enforce these requirements through facility inspections. Manufacturing facilities must be approved by the FDA pursuant to inspections that will be conducted after we submit our marketing applications. Manufacturers are also subject to continuing FDA, EMA and comparable regulatory authority inspections following marketing approval. Further, we, in cooperation with our CMOs, must supply all necessary chemistry, manufacturing, and control documentation in support of a BLA on a timely basis.

We, or our CMOs' manufacturing facilities, may be unable to comply with our specifications, cGMP and cGTP requirements, and with other regulatory requirements. Poor control of production processes can lead to the introduction of adventitious agents or other contaminants, or to inadvertent changes in the properties or stability of product candidates that may not be detectable in final product testing. If we or our CMOs are unable to reliably produce products to specifications acceptable to the FDA, the EMA or comparable regulatory authorities, or in accordance with the strict regulatory requirements, we may not obtain or maintain the approvals we need to commercialize such products. Even if we obtain regulatory approval for any of our product candidates, there can be no assurance that either we or our CMOs will be able to manufacture the approved product to specifications acceptable to the FDA, the EMA or comparable regulatory authorities, to produce it in sufficient quantities to meet the requirements for the potential launch of the product, or to meet potential future demand. Deviations from manufacturing requirements may further require remedial measures that may be costly and/or time-consuming for us or a third party to implement and may include the temporary or permanent suspension of a clinical trial or commercial sales or the temporary or permanent closure of a facility. Any such remedial measures imposed upon us or third parties with whom we contract could materially harm our business.

**Risks Related to the Commercialization of Our Product Candidates** 

***As a company, we have never commercialized a product.***

As a company, we have never commercialized a product for any indication. If we receive regulatory approval for one or more of our product candidates from the FDA, the EMA or comparable regulatory authorities, we will need robust internal sales, marketing and distribution capabilities to commercialize such products, which will be expensive and time-consuming, or enter into collaborations with third parties to perform these services.

There are costs and risks involved with establishing our own sales, marketing and distribution capabilities. For example, recruiting and training a sales force is expensive and time-consuming and could delay any product launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our sales and marketing personnel. We must also compete with other biotechnology companies to recruit, hire, train and retain marketing and sales personnel.

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Alternatively, we may wish to establish collaborations with third parties to maximize the potential of our product candidates in jurisdictions where a product candidate has been approved. The biotechnology industry is characterized by intense competition. Therefore, we may not be successful in entering into such commercialization arrangements with third parties on favorable terms, or at all. In addition, we may have limited control over such third parties, and any of them may fail to devote the necessary resources and attention to sell, market and distribute our products effectively.

There can be no assurance that we will be able to develop the necessary commercial infrastructure and capabilities to successfully commercialize our product candidates or be able to establish or maintain relationships with third parties necessary to perform these services. As a result, we may not successfully commercialize any product in any jurisdiction.

***Our commercial success depends upon attaining significant market acceptance of our product candidates, if approved, among physicians, patients, patient advocacy groups, third-party payors and the medical community.*** 

If we obtain regulatory approval for any of our current or future product candidates, that product candidate may nevertheless not gain sufficient market acceptance among physicians, patients, patient advocacy groups, third-party payors and the medical community. For example, they may prefer current, well-established cancer treatments, such as chemotherapy and radiation therapy, to the exclusion of our product candidates or may prefer other novel product candidates rather than our product candidates. Efforts to educate physicians, patients, patient advocacy groups and third-party payors on the benefits of our product candidates may require significant resources and may not be successful. If our product candidates do not achieve an adequate level of acceptance, we may not generate significant product revenues and may not receive a satisfactory return on our investment into the research and development of those product candidates.

Market acceptance of our product candidates is heavily dependent on patients' and physicians' perceptions that our product candidates are safe and effective treatments. The perceptions of any product are influenced by perceptions of competitors' products that are in the same class or that have a similar mechanism of action. As a result, adverse public perception of our competitors' products may negatively impact the market acceptance of our product candidates. If any approved products are not accepted by the market to the extent that we expect, we may not be able to generate significant product revenues and may not become or remain profitable.

***The market opportunities for our product candidates may be smaller than we estimate.*** 

Our projections of both the number of people who have the cancers we are targeting, as well as the subset of people with these cancers who are in a position to receive our product candidates, and who have the potential to benefit from treatment with our product candidates, are based on our beliefs and estimates that have been derived from a variety of sources, including scientific literature, surveys of clinics, patient foundations, or market research by third parties, and may prove to be incorrect. These estimates may be inaccurate or based on imprecise data. We do not have verifiable internal marketing data regarding the potential size of the commercial market for our product candidates, nor have we obtained current independent marketing surveys to verify the potential size of the commercial markets for our current product candidates or any future product candidates. Since our current product candidates and any future product candidates will represent novel approaches to treating various conditions, it may be difficult, in any event, to accurately estimate the potential revenues from these product candidates. The number of patients in the addressable markets may turn out to be lower than expected, patients may not be otherwise amenable to treatment with our product candidates or new patients may become increasingly difficult to identify or gain access to, all of which could materially adversely affect our business, financial condition, results of operations and prospects.

***Coverage and reimbursement may be limited or unavailable for our product candidates, which could make it difficult to sell our products profitably.*** 

The availability and extent of coverage and adequate reimbursement by governmental and private third-party payors are essential for most patients to be able to afford expensive medical treatments. In both domestic and foreign markets, sales of our product candidates will depend substantially on the extent to which the costs of our product candidates will be covered by third-party payors, such as government health programs, commercial insurance and managed healthcare organizations. These third-party payors decide which products will be covered and establish reimbursement levels for those products. We cannot be certain that coverage and adequate reimbursement will be available for any of our product candidates, if approved, or that reimbursement policies will not reduce the demand for any of our product candidates, if approved. If coverage and adequate reimbursement are not available, or are available only to limited levels, we may not be able to successfully commercialize our product candidates.

Obtaining coverage approval and reimbursement for a product from a government or other third-party payor is a time-consuming and costly process that could require us to provide supporting scientific, clinical and cost-effectiveness data for the use of our products to the payor. We may not be able to provide data sufficient to gain acceptance with respect to coverage and

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reimbursement at a satisfactory level. If coverage and adequate reimbursement of our future products, if any, are unavailable or limited in scope or amount, such as may result where alternative or generic treatments are available, we may be unable to achieve or sustain profitability. Adverse coverage and reimbursement limitations may hinder our ability to recoup our investment in our product candidates, even if such product candidates obtain regulatory approval.

Our TCR T product candidate may be provided to patients in combination with other agents provided by third parties. The cost of such combination therapy may increase the overall cost of TCR T-cell therapy and may result in issues regarding the allocation of reimbursements between our therapy and the other agents, all of which may affect our ability to obtain reimbursement coverage for the combination therapy from third-party medical insurers.

Furthermore, the containment of healthcare costs has become a priority of foreign and domestic governments as well as private third-party payors. The prices of drugs have been a focus in this effort. Governments and private third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications, which could affect our ability to sell our product candidates profitably. We also expect to experience pricing pressures due to the trend towards managed healthcare, the increasing influence of health maintenance organizations and additional legislative changes. These and other cost-control initiatives could cause us to decrease the price we might establish for products, which could result in lower-than-anticipated product revenues. In addition, the publication of discounts by third-party payors or authorities may lead to further pressure on the prices or reimbursement levels within the country of publication and other countries. If pricing is set at unsatisfactory levels or if coverage and adequate reimbursement of our products is unavailable or limited in scope or amount, our revenues and the potential profitability of our product candidates in those countries would be negatively affected.

**Risks Related to Our Relationships with Third Parties** 

***We rely on third parties to conduct preclinical studies and/or clinical trials of our product candidates. If they do not properly and successfully perform their obligations to us, we may not be able to obtain regulatory approvals for our product candidates.*** 

We currently, and we expect that we will continue to, rely on independent clinical investigators and CROs to conduct our clinical trials. CROs also assist us in the collection and analysis of data. Reliance on third-party providers may expose us to different risks than if we were to conduct clinical trials ourselves. We have less control over activities of third parties than we would otherwise have if we relied entirely upon our own staff and we are exposed to different risks, including all the risks associated with such third parties' businesses and financial condition, than if we performed such functions ourselves. There can be no assurance that these third parties will perform services for us in accordance with our timelines, standards and expectations. If these third parties do not successfully carry out their duties under their agreements or otherwise fail to comply with regulatory requirements, we may experience delays in our research and development activities, be unable to obtain and maintain regulatory approval, be unable to commercialize our products and be required to issue product recalls. In addition, if any of our relationships with these third parties terminate, we may not be able to enter into alternative arrangements on a timely basis or on commercially reasonable terms, and even if successful in entering into alternative arrangements, we may experience significant delays during the transition.

***We rely on third parties to obtain reagents and raw materials.*** 

The manufacture of our product candidates by us or any of our CMOs requires access to a number of reagents and other critical raw materials from third-party suppliers. Such third parties may refuse to supply such reagents or other raw materials or alternatively refuse to supply on commercially reasonable terms. There may also be capacity issues at such third-party suppliers that impact our ability to increase production of our product candidates. Some of the materials used in the manufacture and processing of our product candidates may only be supplied by one or a few vendors, which means that, should those vendors be unable to supply, for whatever reason, our ability to manufacture product candidates and progress product candidates through clinical trials could be severely impacted and result in additional delays. Such failure to supply could also impact other supply relationships with other third parties and potentially result in additional payments being made or required in relation to such delays. In addition, where any raw material or precursor material (including, for example, lentiviral vector, cell culture medium, chromatographic column material or other essential raw material) is currently supplied by one or a few vendors, replacing such raw material or precursor or finding alternative vendors may not be possible or may significantly impact on the timescales for manufacture and supply of our product candidates. Even where alternative materials or precursors or alternative vendors are identified, such alternative materials, precursors or vendors and their materials will need to be properly assessed and qualified and additional regulatory approvals may also need to be obtained all of which could result in significant delays to the supply of our product candidates or an inability to supply product candidates within anticipated timescales, if at all.

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***We currently rely on third parties for the manufacture of certain of our product candidates. Our dependence on these third parties may impair the clinical advancement and commercialization of our product candidates.*** 

Our manufacturing strategy for TCER includes CMOs for cell line development, process development, formulation development, cGMP manufacturing, analytics, release testing, fill and finish, packaging and storage. For example, we have an arrangement with a CMO for the manufacturing of IMA402 for a potential clinical trial, and we may establish similar arrangements in the future.

Reliance on third-party providers may expose us to different risks than if we were to manufacture and supply product candidates ourselves. We have less control over the activities of third parties than we would otherwise have if we relied entirely upon our own staff and we are exposed to different risks, including all the risks associated with such third parties' businesses and financial condition, than if we performed such functions ourselves. There can be no assurance that these third parties will perform services for us in accordance with our timelines, standards and expectations. In particular, the facilities used by our CMOs or other third-party manufacturers to manufacture our product candidates must be approved by the EMA and comparable regulatory authorities, and the FDA requires our CMOs or other third-party manufacturers to maintain a compliance status acceptable to the FDA, pursuant to inspections that will be conducted after we submit the marketing application to the applicable regulatory authorities. Although we have auditing rights with all our manufacturing counterparties, we do not have control over a supplier's or manufacturer's compliance with these laws, regulations, applicable cGMP and cGTP standards and other laws and regulations, such as those related to environmental health and safety matters.

If these third parties do not successfully carry out their duties under their agreements or otherwise fail to comply with regulatory requirements, we may experience delays in our research and development activities, be unable to obtain and maintain regulatory approval, be unable to commercialize our products and be required to issue product recalls. In addition, if any of our relationships with these third parties terminate, we may not be able to enter into alternative arrangements on a timely basis or on commercially reasonable terms, and even if successful in entering into alternative arrangements, we may experience significant delays during the transition. In particular, there are a limited number of manufacturers that operate under cGMP and, for cellular products, also under cGTP regulations and that are both capable of manufacturing for us and willing to do so. In addition, there are limited CMOs specialized in the manufacturing of cellular therapy products.

***Failure of third-party contractors to successfully develop and commercialize companion diagnostics for use with our product candidates could harm our ability to commercialize our product candidates.*** 

We plan to develop companion diagnostics for our product candidates where appropriate. Such developments are expensive and time-consuming. The FDA, the EMA and comparable regulatory authorities may request or require the development and regulatory approval of a companion diagnostic as a condition to approving one or more of our product candidates. We do not have experience or capabilities in developing, seeking regulatory approval for or commercializing diagnostics and plan to rely in large part on third parties to perform these functions.

We will likely outsource the development, production and commercialization of companion diagnostics to third parties. By outsourcing these companion diagnostics to third parties, we become dependent on the efforts of our third-party contractors to successfully develop and commercialize these companion diagnostics. Our contractors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may not perform their obligations as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may encounter production difficulties that could constrain the supply of the companion diagnostic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may encounter difficulties in obtaining regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may have difficulties gaining acceptance of the use of the companion diagnostic in the clinical community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may not commit sufficient resources to the marketing and distribution of such product; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•may terminate their relationship with us.

***We collaborate with third parties in the research, development and commercialization of certain of our product candidates and may enter into other collaborations in the future for our other product candidates. If our collaborators do not perform as expected or if we are unable to maintain existing or establish additional collaborations, our ability to develop and commercialize our product candidates may be adversely affected.*** 

We have entered into, and may in the future may enter into, collaboration agreements with third parties that have experience in product development, manufacturing and/or commercialization for other product candidates and/or research programs. There can be

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no assurance that we will be able to enter into additional collaboration agreements on favorable terms, or at all. We may face significant competition in seeking appropriate partners for our product candidates, and the negotiation process may be time-consuming and complex. Even if we are successful in our efforts to establish collaborations, we may not be able to maintain such collaborations if, for example, development or approval of a product candidate is delayed or sales of an approved product are disappointing. In the past, certain of our collaborators have terminated or reduced the scope of our collaborations due to various reasons, including our collaborators' internal resource allocation determinations. If we fail to establish and maintain collaborations related to our product candidates, we could bear all of the risk and costs related to the development of any such product candidate, and we may need to seek additional financing, hire additional employees and otherwise develop expertise for which we have not budgeted. This could negatively affect the development and commercialization of our product candidates.

In our collaboration arrangements, we depend on the performance of our collaborators. Our collaborators may fail to perform their obligations under the collaboration agreements or may not perform their obligations in a timely manner. If conflicts arise between our collaborators and us, the other party may act in a manner adverse to us and could limit our ability to implement our strategies. Furthermore, our collaborators may not properly obtain, maintain, enforce or defend our intellectual property or proprietary rights or may use our proprietary information in such a way as to invite litigation that could jeopardize or invalidate our proprietary information or expose us to potential litigation. In addition, we cannot control the amount and timing of resources our collaborators may devote to our product candidates. They may separately pursue competing products, therapeutic approaches or technologies to develop treatments for the diseases targeted by us. Competing products, either developed by the collaborators or to which the collaborators have rights, may result in the withdrawal of support for our product candidates. Even if our collaborators continue their contributions to the strategic collaborations, they may nevertheless determine not to actively pursue the development or commercialization of any resulting products. Additionally, if our collaborators pursue different clinical or regulatory strategies with their product candidates based on similar technology as used in our product candidates, adverse events with their product candidates could negatively affect our product candidates. Any of these developments could harm our product development efforts.

If our collaborators terminate or breach our agreements with them, or otherwise fail to complete their obligations in a timely manner, it may have a detrimental effect on our financial position by reducing or eliminating the potential for us to receive technology access and license fees, milestones and royalties, reimbursement of development costs, as well as possibly requiring us to devote additional efforts and incur costs associated with pursuing internal development of product candidates. Furthermore, if our collaborators do not prioritize and commit sufficient resources to our product candidates, we or our partners may be unable to develop or commercialize these product candidates, which would limit our ability to generate revenue and become profitable.

***We may form or seek strategic alliances or enter into additional licensing arrangements in the future, and we may not realize the benefits of such alliances or licensing arrangements.*** 

We may form or seek strategic alliances, create joint ventures or collaborations or enter into additional licensing arrangements with third parties that we believe will complement or augment our development and commercialization efforts with respect to our product candidates and any future product candidates that we may develop. Additionally, although we intend to develop product candidates through our own internal research, we may need to obtain additional licenses from others to advance our research or allow commercialization of our product candidates and it is possible that we may be unable to obtain additional licenses at a reasonable cost or on reasonable terms, if at all. Any of these relationships may require us to incur non-recurring and other charges, increase our near and long-term expenditures, issue securities that dilute our existing shareholders or disrupt our management and business. In addition, we face significant competition in seeking appropriate strategic collaborations and licenses and the negotiation process is time-consuming and complex. We may also be unable to identify product candidates that we believe are an appropriate strategic fit for our company and intellectual property relating to, or necessary for, such product candidates. The in-licensing and acquisition of third-party intellectual property is a competitive area, and a number of more established companies are also pursuing strategies to in-license or acquire third-party intellectual property rights that we may consider attractive or necessary. These established companies may have a competitive advantage over us due to their size, cash resources and greater clinical development and commercialization capabilities. Furthermore, companies that perceive us to be a competitor may be unwilling to assign or license rights to us. We also may not be successful in our efforts to establish strategic collaborations or other alternative arrangements for our product candidates because they may be deemed to be at too early a stage of development for collaborative effort and third parties may not view our product candidates as having the requisite potential to demonstrate safety and efficacy. Any delays in entering into new strategic collaboration agreements related to our product candidates could delay the development and commercialization of our product candidates in certain geographies for certain indications, which would harm our business prospects, financial condition and results of operations.

***We depend on intellectual property licensed from third parties and termination of any of these licenses could result in the loss of significant rights, which would harm our business.*** 

We are dependent or may depend in the future on patents, know-how and proprietary technology licensed from others. We may also enter into additional license agreements that are material to the development of our product candidates. Our current license

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agreements impose, and future agreements may impose, various development, diligence, commercialization and other obligations on us and require us to meet development timelines, or to exercise commercially reasonable efforts to develop and commercialize licensed products, in order to maintain the licenses. Disputes may arise between us and our licensors and licensees regarding intellectual property subject to a license agreement, including those related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the scope of rights granted under the license agreement and other interpretation-related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether and the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our right to sublicense patent and other rights to third parties under collaborative development relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our diligence obligations with respect to the use of the licensed technology in relation to our development and commercialization of our product candidates, and what activities satisfy those diligence obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by us, our licensors, and our collaborators.

If disputes over intellectual property that we have licensed, or will license in the future, prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates. Furthermore, if our licenses are terminated, or if the underlying patents fail to provide the intended exclusivity, competitors or other third parties would have the freedom to seek regulatory approval of, and to market, products identical or competitive to ours and we may be required to cease our development and commercialization of certain of our product candidates. We are generally also subject to all of the same risks with respect to protection of intellectual property that we license, as it is for intellectual property that we own, which are described below. If we or our licensors fail to adequately maintain, protect or enforce this intellectual property, our ability to commercialize products could suffer.

**Risks Related to Our Intellectual Property** 

***If we are unable to obtain and maintain sufficient patent protection for our product candidates, or if the scope of the patent protection is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to commercialize our product candidates successfully may be adversely affected.*** 

Our success depends in large part on our ability to obtain and maintain patent protection in the United States and other countries with respect to our product candidates. If we do not adequately maintain, protect or enforce our intellectual property, competitors and other third parties may be able to erode or negate any competitive advantage we may have, which could harm our business. To protect our proprietary position, we file patent applications in the United States and abroad related to our product candidates that are important to our business. The patent application and approval process is expensive, complex and time-consuming. We may not be able to file and prosecute all necessary or desirable patent applications at a reasonable cost or in a timely manner.

The patent position of biotechnology and pharmaceutical companies generally is highly uncertain. No consistent policy regarding the breadth of claims allowed in biotechnology and pharmaceutical patents has emerged to date in the United States or in many foreign jurisdictions. In addition, the determination of patent rights with respect to biological and pharmaceutical products commonly involves complex legal and factual questions, which has in recent years been the subject of much litigation. As a result, the issuance, scope, validity, enforceability and commercial value of our patent rights are highly uncertain. Our pending patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless and until a patent issue from such applications. Assuming the other requirements for patentability are met, currently, the first to file a patent application is generally entitled to the patent. However, prior to March 16, 2013, in the United States, the first to invent was entitled to the patent. Publications of discoveries in the scientific literature often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until 18 months after filing, or in some cases not at all. Therefore, we cannot be certain that we were the first to make the inventions claimed in our patents or pending patent applications, or that we were the first to file for patent protection of such inventions.

Moreover, because the issuance of a patent is not conclusive as to its inventorship, scope, validity or enforceability, our patents or pending patent applications may be challenged in the courts or patent offices in the United States and abroad. For example, we may be subject to a third-party preissuance submission of prior art to the U.S. Patent and Trademark Office ("USPTO"), or become involved in post-grant review procedures, oppositions, derivations, reexaminations, *inter partes* review or interference proceedings, in the United States or elsewhere, challenging our patent rights or the patent rights of others. An adverse determination in any such challenges may result in loss of exclusivity or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent protection of our technology and products. In addition, given the amount of time required for the development,

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testing and regulatory review of new product candidates, patents protecting such candidates might expire before or shortly after such candidates are commercialized.

Even if our patent applications issue as patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our patents by developing similar or alternative technologies or products in a non-infringing manner. Alternatively, our competitors may seek to market generic versions of any approved products and may claim that patents owned or licensed by us are invalid, unenforceable or not infringed. In these circumstances, we may need to defend or assert our patents, or both, including by filing lawsuits alleging patent infringement. In any of these types of proceedings, a court or other agency with jurisdiction may find our patents invalid or unenforceable, or that our competitors are competing in a non-infringing manner. Thus, even if we have valid and enforceable patents, these patents still may not provide protection against competing products or processes sufficient to achieve our business objectives. Any of the foregoing could have a material adverse effect on our business.

***If third parties claim that our activities or products infringe upon their intellectual property, our operations could be adversely affected.*** 

There is a substantial amount of litigation, both within and outside the United States, involving patents and other intellectual property rights in the pharmaceutical industry. We may, from time to time, be notified of claims that we or our third-party suppliers are infringing upon patents, trademarks, copyrights, or other intellectual property rights owned by third parties, and we cannot provide assurances that other companies will not, in the future, pursue such infringement claims against us or any third-party proprietary technologies we have licensed. If we or our third-party suppliers were found to infringe upon a patent or other intellectual property right, or if we failed to obtain or renew a license under a patent or other intellectual property right from a third party, or if a third party that we were licensing technologies from was found to infringe upon a patent or other intellectual property rights of another third party, we may be required to pay damages, including treble damages if the infringement is found to be willful, suspend the manufacture of certain product candidates or reengineer or rebrand our product candidates, if feasible, or we may be unable to enter certain new product markets. We could also be required to obtain a license to such patents in order to continue the development and commercialization of the infringing product or technology, however such a license may not be available on commercially reasonable terms or at all. Even if such license were available, it may require substantial payments or cross-licenses under our intellectual property rights, and it may only be available on a non-exclusive basis, in which case third parties, including our competitors, could use the same licensed intellectual property to compete with us. Any such claims could also be expensive and time-consuming to defend and divert management's attention and resources. Our competitive position could suffer as a result. In addition, if we have declined to enter into a valid non-disclosure or assignment agreement for any reason, we may not own an invention or intellectual property rights and may not be adequately protected. Although we have performed full freedom-to-operate searches and analysis for various aspects of our product candidates, we cannot be certain that there are no patents or pending or future patent applications that, if issued, would block us from commercializing our product candidates. In addition, because patent applications can take many years to issue, may be confidential for 18 months or more after filing and can be revised before issuance, there may be applications now pending which may later result in issued patents that may be infringed by the manufacture, use, sale or importation of our product candidates and we may not be aware of such patents. Thus, we cannot guarantee that we can successfully commercialize product candidates in a way that will not infringe any third party's intellectual property.

***Where we license certain technology from a third party, the prosecution, maintenance and defense of the patent rights licensed from such third party may be controlled by the third party which may impact the scope of patent protection which will be obtained or enforced.*** 

Where we license patent rights or technology from a third party, control of such third-party patent rights may vest in the licensor, particularly where the license is non-exclusive or field restricted. This may mean that we are not able to control or affect the scope of the claims of any relevant third-party patent or have control over any enforcement of such a patent. Therefore, we cannot be certain that such patents and patent applications will be prepared, filed, prosecuted, maintained, enforced, and defended in a manner consistent with the best interests of our business. Where a licensor brings an enforcement action, this could negatively impact our business or result in additional restrictions being imposed on the license we have and the scope of such license or result in invalidation or limitation of the scope of the licensed patent rights. In addition, should we wish to enforce the relevant patent rights against a third person, we may be reliant on consent from the relevant licensor or the cooperation of the licensor. The licensor may refuse to bring such action and leave us unable to restrict competitor entry into the market.

***We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, or lawsuits accusing our products of patent infringement, which could be expensive, time-consuming and unsuccessful.*** 

Competitors or third parties may infringe our patents or the patents of our licensors. To counter infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time-consuming. In addition, in an infringement

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proceeding, a court may decide that one or more of our patents is not valid or is unenforceable or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the technology in question. Further, such third parties could counterclaim that we infringe, misappropriate or otherwise violate their intellectual property or that a patent or other intellectual property right asserted against them is invalid or unenforceable. In patent litigation in the United States, defendant counterclaims challenging the validity, enforceability or scope of asserted patents are commonplace. The outcome of any such proceeding is generally unpredictable.

An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being invalidated, held unenforceable, or interpreted narrowly and could put our patents applications at risk of not issuing. Defense of these claims, regardless of their merit, would involve substantial litigation expenses and would be a substantial diversion of employee resources from our business. In the event of a successful claim of infringement against us, we may be enjoined from manufacturing, using, and marketing our products, or may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement, obtain one or more licenses from third parties, pay royalties or redesign our infringing products, which may be impossible or require substantial time and monetary expenditure. Any required license may not be available on commercially reasonable terms or at all. Even if such license were available, it may require substantial payments or cross-licenses under our intellectual property rights, and it may only be available on a non-exclusive basis, in which case third parties, including our competitors, could use the same licensed intellectual property to compete with us. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during litigation. There could also be public announcements of the results of hearing, motions, or other interim developments. If securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of shares of our stock.

***Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.*** 

Periodic maintenance fees on any issued patent are due to be paid to the USPTO and foreign patent agencies in several stages over the lifetime of the patent. The USPTO and various foreign governmental patent agencies require compliance with several procedural, documentary, fee payment and other similar provisions during the patent application process. While an inadvertent lapse can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. Noncompliance events that could result in abandonment or lapse of a patent or patent application include, but are not limited to, failure to respond to official actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents. In such an event, our competitors might be able to enter the market, which would have a material adverse effect on our business.

***We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.*** 

The cost to us of any litigation or other proceeding relating to intellectual property rights, even if resolved in our favor, could be substantial. Some of our competitors may be better able to sustain the costs of complex patent litigation because they have substantially greater resources. If there is litigation against us, we may not be able to continue to operate.

Should third parties file patent applications or be issued patents claiming technology we also use or claim, we may be required to participate in interference proceedings in the USPTO involving our issued patents and pending patent applications to determine priority of invention. We may be required to cease using the technology or to license rights from prevailing third parties as a result of an unfavorable outcome in an interference proceeding. A prevailing party in that case may not offer us a license on commercially acceptable terms or at all.

***Issued patents covering our product candidates could be found invalid or unenforceable if challenged in court or the USPTO.*** 

If we or one of our licensing collaborators initiates legal proceedings against a third party to enforce a patent covering one of our product candidates, the defendant could counterclaim that the patent covering our product candidate, as applicable, is invalid and/or unenforceable. In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace, and there are numerous grounds upon which a third party can assert invalidity or unenforceability of a patent. Third parties may also raise similar claims before administrative bodies in the United States or abroad, even outside the context of litigation. Such mechanisms include re-examination, *inter partes* and post grant review, and equivalent proceedings in foreign jurisdictions (for example, opposition proceedings). Such proceedings could result in revocation or amendment to our patents in such a way that they no longer cover our product candidates. The outcome following legal assertions of invalidity and unenforceability is unpredictable. With respect to the validity question, for example, we cannot be certain that there is no invalidating prior art of which we, our patent

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counsel and the patent examiner were unaware during prosecution. If a defendant were to prevail on a legal assertion of invalidity and/or unenforceability, we would lose at least part, and perhaps all, of the patent protection on our product candidates. Such a loss of patent protection could have a material adverse impact on our business.

***We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.*** 

Our agreements with employees and our personnel policies generally provide that any inventions conceived by such individuals in the course of rendering services to us shall be our exclusive property or that we may obtain full rights to such inventions, at our election. However, we may not obtain these agreements in all circumstances, and individuals with whom we have these agreements may not comply with their terms. We may be subject to claims that former employees, collaborators, or other third parties have an ownership interest in our patents or other intellectual property. Ownership disputes may arise, for example, from conflicting obligations of consultants or others who are involved in developing our development candidates.

We also face the risk that present or former employees could continue to hold rights to intellectual property we use, may demand the registration of intellectual property rights in their name and demand damages or compensation pursuant to the German Employee Invention Act. In addition, under the German Employee Invention Act, certain employees retain rights to patents they invented or co-invented and disclosed to us prior to October 1, 2009 if the employee inventions were not actively claimed by us after notification by the employee inventors. While we believe that all of our current and past German employee inventors have assigned to us their interest in inventions and patents they invented or co-invented, there can be no assurance that all such assignments are fully effective. Even if we lawfully own all inventions of our employee inventors who are subject to the German Act on Employees' Inventions, we are required under German law to reasonably compensate such employees for the use of the inventions. If we are required to pay increased compensation or face other disputes under the German Act on Employees' Inventions, our business could be adversely affected.

Litigation may be necessary to defend against these and other claims challenging inventorship or ownership of our intellectual property rights. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse impact on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.

***Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets and other proprietary information.*** 

In addition to the protection afforded by patents, we seek to rely on trade secret protection and confidentiality agreements to protect proprietary know-how that is not patentable, processes for which patents are difficult to enforce and any other elements of our product discovery and development processes that involve proprietary know-how, information or technology that is not covered by patents. Trade secrets, however, may be difficult to protect. Although we require all of our employees to assign their inventions to us, and require all of our employees and key consultants who have access to our proprietary know-how, information, or technology to enter into confidentiality agreements, we cannot be certain that our trade secrets and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques. Furthermore, the laws of some foreign countries do not protect proprietary rights to the same extent or in the same manner as the laws of the United States. As a result, we may encounter significant problems in protecting and defending our intellectual property both in the United States and abroad. If we are unable to prevent unauthorized material disclosure of our intellectual property to third parties, we will not be able to establish or maintain a competitive advantage in our market, which could materially adversely affect our business, operating results and financial condition.

***We may be subject to claims that we or our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties, that our employees have wrongfully used or disclosed alleged trade secrets of their former employers, or claiming ownership of what we regard as our own intellectual property.*** 

We employ individuals who were previously employed at universities or other biotechnology or pharmaceutical companies, including our competitors or potential competitors. In addition, our employees involved in our strategic collaborations have access to certain joint confidential information or such information from the collaborator. Although we try to ensure that our employees, consultants, and independent contractors do not use the proprietary information or know-how of others in their work for us, from time to time we may be subject to claims that we, or our employees, consultants, or independent contractors, have inadvertently or otherwise used or disclosed intellectual property, including trade secrets or other proprietary information, of any of our employees' former employers or other third parties, or that patents and applications we have filed to protect inventions of these individuals, even those related to one or more of our product candidates, are rightfully owned by their former or concurrent employer. Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel, which could adversely impact our business. Such intellectual property rights could be awarded to a third party, and we could be required to obtain a license from such third party to commercialize our technology

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or products. Such a license may not be available on an exclusive basis or on commercially reasonable terms or at all. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees. Such liability can also occur if we publish or disclose confidential information from our collaboration without permission of the respective collaborator.

***Changes in U.S. or foreign countries' patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.*** 

As is the case with other biopharmaceutical companies, our success is dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the biopharmaceutical industry involve both technological and legal complexity, and is therefore costly, time-consuming and inherently uncertain. In addition, the U.S. Congress or other foreign legislative bodies may pass patent reform legislation that is unfavorable to us. Recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by the U.S. Congress, the federal courts, and the USPTO, or similar authorities in foreign jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain in the future. We cannot predict how future decisions by the courts, the U.S. Congress or the USPTO may impact the value of our patents, nor can we predict changes in international patent law.

***We may not be able to protect our intellectual property rights throughout the world.*** 

The legal protection afforded to inventors and owners of intellectual property in countries outside of the United States may not be as protective or effective as that in the United States and we may, therefore, be unable to acquire, maintain, protect and enforce intellectual property rights outside the United States to the same extent as in the United States. Many countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we or any of our licensors is forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position may be impaired and our business may be harmed.

Whether filed in the United States or abroad, our patent applications may be challenged or may fail to result in issued patents. In addition, our existing patents and any future patents we obtain may not be sufficiently broad to prevent others from utilizing our technologies or from developing or commercializing competing products. Furthermore, others may independently develop or commercialize similar or alternative technologies or therapies, or design around our patents. Our patents may be challenged, invalidated, circumvented or narrowed, or fail to provide us with any competitive advantages. In many foreign countries, patent applications and/or issued patents, or parts thereof, must be translated into the native language. If our patent applications or issued patents are translated incorrectly, they may not adequately cover our technologies; in some countries, it may not be possible to rectify an incorrect translation, which may result in patent protection that does not adequately cover our technologies in those countries. Filing, prosecuting, enforcing, and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States are less extensive than those in the United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and certain state laws in the United States. Consequently, we may not be able to prevent third parties from utilizing our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors or other third parties may use our technologies, or technology that we license, in jurisdictions where we have not obtained patent protection to develop our own products and, further, may export otherwise infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United States. These products may compete with our lead product candidate or any other current or future product candidates and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.

Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly those relating to biotechnology. In addition, certain countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. Thus, it may be difficult for us to stop the infringement of our patents or the marketing of competing products in violation of our proprietary rights, generally. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly, could place our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce intellectual

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property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we own or license.

***Patent terms may be inadequate to protect our competitive position on our product candidates or any future product candidates for an adequate amount of time.*** 

Patents have a limited lifespan. In the United States, if all maintenance fees are timely paid, the natural expiration of a patent is generally 20 years from our earliest U.S. non-provisional filing date. Various extensions may be available, but the life of a patent, and the protection it affords, is limited. Depending upon the timing, duration and specifics of any FDA marketing approval of any product candidates we may develop, one or more of our U.S. patents may be eligible for limited patent term extension under the Drug Price Competition and Patent Term Restoration Action of 1984 (the "Hatch-Waxman Act"). The Hatch-Waxman Act permits a patent extension term of up to five years as compensation for patent term lost during the FDA regulatory review process. A patent term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval, only one patent may be extended and only those claims covering the approved drug, a method for using it, or a method for manufacturing it may be extended. In the European Union, a maximum of five and a half years of supplementary protection can be achieved for an active ingredient or combinations of active ingredients of a medicinal product protected by a basic patent, if a valid marketing authorization exists (which must be the first authorization to place the product on the market as a medicinal product) and if the product has not already been the subject of supplementary protection. However, we may not receive an extension because of, for example, failing to exercise due diligence during the testing phase or regulatory review process, failing to apply within applicable deadlines, failing to apply prior to expiration of relevant patents, or otherwise failing to satisfy applicable requirements. Moreover, the length of the extension could be less than we request.

Even if patents covering our product candidates or any future product candidates are obtained and even if we are successful in obtaining patent term extension, once the patent life has expired, we may be open to competition from competitive products. The launch of a similar or biosimilar version of one of our products would likely result in an immediate and substantial reduction in the demand for our product, which could have a material adverse effect on our business. Given the amount of time required for the development, testing, and regulatory review of new product candidates, patents protecting our current product candidates or any future product candidates might expire before or shortly after we or our collaborators commercialize those candidates. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours.

***Our business depends on a strong and trusted brand, and any failure to maintain, protect, and enhance our trademarks, trade names and brand would have an adverse impact on our business, financial condition, results or operations and prospects.*** 

We may rely on trademarks and trade names to protect our business. Our trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks. We may not be able to protect our rights to these trademarks and trade names or may be forced to stop using these names or marks which we need for name recognition by potential partners or customers in our markets of interest. During trademark registration proceedings, we may receive rejections. Although we would be given an opportunity to respond to those rejections, we may be unable to overcome such rejections. In addition, in the USPTO and in comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose pending trademark applications and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks, and our trademarks may not survive such proceedings. In such an instance we may be required to change our branding which could cause us to incur substantial costs and impede our ability to build and sustain name recognition for such platform. In addition, at times, competitors may adopt trade names or trademarks similar to ours, thereby impeding our ability to build brand identity and possibly leading to market confusion. Over the long term, if we are unable to establish name recognition based on our trademarks and trade names, then we may not be able to compete effectively, and our business, financial condition, results of operations and prospects may be significantly harmed. Our efforts to enforce or protect our proprietary rights related to trademarks, trade secrets, domain names, copyrights or other intellectual property may be ineffective and could result in substantial costs and diversion of resources and could significantly harm our business, financial condition, results of operations and prospects.

***Our past and continued use of AI-powered solutions could lead to operational or reputational damage, competitive harm, and additional costs, any of which could adversely affect our business, financial condition, and results of operations.***

We use artificial intelligence ("AI") in certain aspects of our business and operations, especially machine learning. There are significant and evolving risks involved in utilizing AI and no assurance can be provided that the usage of such AI-powered solutions will help our operations become more effective, efficient or profitable, or otherwise result in our intended outcomes. The models underlying our AI-powered solutions may be incorrectly or inadequately designed or implemented. They may also be trained on, or otherwise use, biased, incomplete, inaccurate, misleading, or poor-quality data or algorithms, any of which may not be easily detectable. AI-powered solutions may also be adversely impacted by unforeseen defects, technical challenges, cyberattacks, cybersecurity breaches, service outages or other similar incidents, or material performance issues. Accordingly, our use of AI-powered

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solutions may inadvertently reduce our effectiveness and efficiency or generate unintentional or unexpected outputs (including any AI-generated content, analyses, or recommendations) that are, or are perceived to be, biased, incomplete, inaccurate, misleading, poor-quality, unethical, or otherwise deficient or flawed, do not match our business goals, standards, or values, do not comply with our policies or procedures, harm our brand and reputation, or otherwise interfere with the performance of our business. Further, our competitors or other third parties may incorporate AI into their business or operations more quickly or more successfully than us, which could impair our ability to compete effectively.

Regulation of AI is rapidly evolving worldwide as legislatures and regulators are increasingly focusing on these emerging technologies. For example, the European Union's Artificial Intelligence Act (the "AI Act"), which entered into force on August 1, 2024, with some provisions effective in 2025, and most other provisions scheduled to become effective in August, 2026. Additionally, the EU Commission developed and released a Code of Practice for providers of general-purpose AI ("GPAI") models, which addresses critical areas such as transparency, copyright-related rules and risk management. The AI Act establishes, among other things, a risk-based governance framework for regulating AI systems operating in the EU. This framework categorizes AI systems, based on the risks associated with such AI systems' intended purposes, as creating unacceptable or high risks, with all other AI systems being considered limited or low risk. There is a risk that our current or future AI-powered solutions may obligate us to comply with the applicable requirements of the AI Act, which may impose additional costs on us, increase our risk of liability and fines or otherwise adversely affect our business, results of operations, financial condition and future prospects. It is possible that new laws and regulations will be adopted in the United States and other jurisdictions, or that existing laws and regulations may be interpreted in ways that could affect our use of AI in our business and operations generally.

For example, California enacted new laws in 2025 that regulate use of AI and provide consumers with additional protections around companies' use of AI, such as requiring companies to address issues relating to companion chatbots, algorithmic pricing, and deepfakes and to disclose certain uses of generative AI, and the California Privacy Protection Agency recently finalized regulations under the CCPA regarding the use of automated decision making. Any changes at the federal level, together with state-level laws regulating AI that entered into force in 2025 or are expected to enter into force in 2026, could require us to expend significant resources to modify our products, services, or operations to ensure compliance or remain competitive. Outside of the EU and the United States, other countries such as Peru, China, South Korea and Thailand have adopted AI related laws and regulations, and many other countries such as Canada, the United Kingdom and Brazil have draft laws, regulations and guidance in various stages of drafting, introduction and adoption. We may not be able to adequately anticipate or respond to these evolving laws and regulations, and we may need to expend additional resources to adjust our products in certain jurisdictions if applicable legal frameworks are inconsistent across jurisdictions. The cost to comply with such laws or regulations could be significant and may increase our operating expenses, and we could incur liability resulting from the violation of applicable laws and regulations as well as contracts to which we are a party or civil claims. Any of these factors could have an adverse effect on our business, results of operations, and financial condition.

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***Intellectual property rights do not necessarily address all potential threats to our competitive advantage.*** 

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not adequately protect our business or permit us to maintain our competitive advantage. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not be able to detect infringement of our issued patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•others may be able to develop products that are similar to our products or product candidates, or any future product candidates we may develop, but that are not covered by the claims of the patents that we may in-license in the future or own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we, or our current or future collaborators or license partners, might not have been the first to make the inventions covered by the issued patents or patent application that we may in-license in the future or own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we, or our current or future collaborators or license partners, might be found not have been the first to file patent applications covering certain of our or their inventions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is possible that the pending patent applications we may in-license in the future or own will not lead to issued patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is possible that there are prior public disclosures that could invalidate our patents, or parts of our patents, for which we are not aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issued patents that we hold rights to may be held invalid or unenforceable, as a result of legal challenges by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issued patents may not have sufficient term or geographic scope to provide meaningful protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our competitors might conduct research and development activities in countries where we do not have patent rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not develop additional proprietary technologies that are patentable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the patents of others may have an adverse effect on our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may choose not to file a patent in order to maintain certain trade secrets, and a third party may subsequently file a patent covering such intellectual property.

Should any of these events occur, it could significantly harm our business, financial condition, results of operations and prospects.

**Risks Related to Our Business and Industry** 

***Our business could be adversely affected by the effects of health epidemics, pandemics and natural disasters***.

Our business could be adversely affected by health epidemics, pandemics and natural disasters in regions where we have clinical trial sites or other business operations. Such events could disrupt our research and development outcomes and schedules, clinical trials, supply and manufacturing of our products and regulatory submissions and interactions and could subject us to additional expenses and obligations, and cause significant disruptions in the operations of third-party manufacturers and CROs upon whom we rely. To the extent any such events adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in this "Risk Factors" section. In addition, any unplanned event, such as a flood, fire, explosion, earthquake, extreme weather condition, medical epidemic, power shortage, telecommunication failure or other natural or man-made accidents or incidents that result in us being unable to fully use our facilities, or the manufacturing facilities of our third-party contract manufacturers, may have a material and adverse effect on our ability to operate our business and have significant negative consequences on our financial and operating conditions. Certain of these events may become more frequent and severe as a result of the effects of climate change. Loss of access to these facilities may result in increased costs, reduced

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revenues, delays in the development of our products and product candidates or the interruption of our business operations for a substantial period of time.

***We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.*** 

Our ability to compete in the highly competitive biotechnology and pharmaceutical industries depends upon our ability to attract and retain highly qualified managerial, scientific and medical personnel. We are highly dependent on our management, scientific and medical personnel, including our Chief Executive Officer and other executive officers in our senior management. Despite our efforts to retain valuable employees, members of our management, scientific and development teams could always terminate their employment with us on short notice. Even though we have employment agreements in place with all our employees including key personnel, these employment agreements provide for at-will employment, which means that any of our employees could leave us at any time, subject to notice periods and non-competition clauses. The loss of the services of any of our executive officers, other key employees and other scientific and medical advisors, and our inability to find suitable replacements could result in delays in product development and harm our business.

In addition, our failure to put in place adequate succession plans for senior and key management roles or the failure of key employees to successfully transition into new roles could have an adverse effect on our business and operating results. The unexpected or abrupt departure of one or more of our key personnel and the failure to effectively transfer knowledge and effect smooth key personnel transitions may have an adverse effect on our business resulting from the loss of such person's skills, knowledge of our business, and years of industry experience. If we cannot effectively manage leadership transitions and management changes in the future, our reputation and future business prospects could be adversely affected.

Competition for skilled personnel is intense, particularly in the biotechnology industry. We conduct substantially all of our operations at our facilities in Tübingen, Germany, Houston, Texas and Munich, Germany. We face competition for personnel from other companies, universities, public and private research institutions and other organizations. This competition may limit our ability to hire and retain highly qualified personnel on acceptable terms, or at all. We may not be able to attract and retain these personnel on acceptable terms. This possibility is further compounded by the novel nature of our product candidates, as fewer people are trained in or are experienced with product candidates of this type. In addition, we rely on consultants and advisors, including scientific and clinical advisors, to assist us in formulating our research and development and commercialization strategy. Our consultants and advisors may be employed or may have commitments under consulting or advisory contracts with other entities that may limit their availability to us.

***We face substantial competition, which may result in others discovering, developing or commercializing products, treatment methods and/or technologies before or more successfully than we do.*** 

The biotechnology industry is characterized by rapidly advancing technologies, intense competition and a strong emphasis on proprietary products. We face competition with respect to our current product candidates and will face competition with respect to any product candidates that we may seek to develop or commercialize in the future. See "Item 4. Information on the Company—B. Business Overview—Competition." Our competitors include large pharmaceutical and biotechnology companies, academic institutions, government agencies and other public and private research organizations that conduct research, seek patent protection and establish collaborative arrangements for research, development, manufacturing and commercialization. Many of our competitors have significantly greater financial resources and capabilities in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approval and marketing than we do. In addition, many of these competitors are active in seeking patent protection and licensing arrangements in anticipation of collecting royalties for use of technology that they have developed. Smaller or early-stage companies may also prove to be significant competitors, particularly through strategic collaborations with large and established companies. Furthermore, mergers and acquisitions in the biotechnology industry may result in even more resources being concentrated among a smaller number of our competitors.

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Our commercial opportunities could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects or are more convenient than any products that we may develop, which would render our products obsolete or non-competitive. Our competitors also may obtain FDA, EMA or regulatory approval in other jurisdictions for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. We anticipate that we will face increased competition in the future as additional companies enter our market and scientific developments surrounding other cancer therapies continue to accelerate.

***If we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization of any of our product candidates may be delayed, and our business will be harmed.*** 

For planning purposes, we sometimes estimate the timing of the accomplishment of various scientific, clinical, regulatory and other product development objectives. These milestones may include our expectations regarding the commencement or completion of scientific studies and clinical trials, the regulatory submissions or commercialization objectives. From time to time, we may publicly announce the expected timing of some of these milestones, such as the completion of an ongoing clinical trial, the initiation of other clinical trials, receipt of regulatory approval or the commercial launch of a product. The achievement of many of these milestones may be outside of our control. All of these milestones are based on a variety of assumptions which may cause the timing of achievement of the milestones to vary considerably from our estimates, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our available capital resources or capital constraints we experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the rate of progress, costs and results of our clinical trials and research and development activities, including the extent of scheduling conflicts with participating clinicians and collaborators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to identify and enroll patients who meet clinical trial eligibility criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our receipt of approvals by the FDA, the EMA and comparable regulatory authorities, and the timing thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other actions, decisions or rules issued by regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to access sufficient, reliable and affordable supplies of materials used in the manufacture of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to manufacture and supply clinical trial materials to our clinical sites on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the efforts of our collaborators with respect to the commercialization of our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the securing of, costs related to, and timing issues associated with, commercial product manufacturing as well as sales and marketing activities.

If we fail to achieve announced milestones in the timeframes we expect, the commercialization of any of our product candidates may be delayed, and our business, results of operations, financial condition and prospects may be adversely affected.

***Failure to comply with health and data protection laws and regulations could lead to government enforcement actions, private litigation and/or adverse publicity and could negatively affect our operating results and business.*** 

We receive, generate and store significant and increasing volumes of sensitive information, such as employee and patient data. In addition, we actively seek access to medical information, including patient data, through research and development collaborations or otherwise. We have legal and contractual obligations regarding the protection of confidentiality and appropriate use of personal data. We and any potential collaborators may be subject to federal, state, local and foreign laws and regulations that apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal data. In the United States, numerous federal and state laws and regulations, including federal health information privacy laws, state data breach notification laws, state health information privacy laws, and federal and state consumer protection laws (for example, Section 5 of the Federal Trade Commission Act), that govern the collection, use, disclosure and protection of health-related and other personal information could apply to our operations or the operations of our collaborators. In addition, we may obtain health information from third parties, including research institutions from which we obtain clinical trial data, that are subject to privacy and security requirements under the Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 ("HITECH"). Due to the amount of sensitive information we process and our use of electronic systems, we may fail to comply with all applicable health and data protection laws and regulations and/or suffer data or security breaches. Depending on the facts and circumstances, we could be subject to civil, criminal and administrative penalties if we knowingly obtain, use, or disclose individually identifiable health information maintained by a HIPAA-covered entity in a manner that is not authorized or permitted by HIPAA.

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Several foreign jurisdictions, including the United Kingdom, the European Union, its member states and Australia, among others, have adopted legislation and regulations that increase or change the requirements governing the collection, use, disclosure and transfer of the personal information of individuals in these jurisdictions and place greater control with the data subject. In the United States, the California Consumer Privacy Act, as amended by the California Privacy Rights Act ("CPRA" and collectively, "CCPA") increased the requirements governing the collection, use, disclosure and transfer of the personal information of individuals in the state of California. The CCPA gives California residents expanded rights to access and request deletion of their personal information, opt out of certain sales of personal information and receive detailed information about how their personal information is used by requiring covered companies to provide new disclosures to California residents regarding such use. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation. Additionally, the CPRA significantly modifies the CCPA, including by expanding consumers' rights with respect to certain sensitive personal information. The CPRA also creates a new state agency that will be vested with authority to implement and enforce the CCPA and the CPRA. As we expand our operations and research and development efforts, the CCPA may impose new and burdensome privacy compliance obligations on our business, may increase our compliance costs and potential liability. Other states have enacted and are considering enacting similar laws and there is discussion in Congress of a new federal data protection and privacy law to which we may be subject.

These laws and regulations are complex and change frequently, at times due to changes in political climate, and existing laws and regulations are subject to different and conflicting interpretations, which adds to the complexity of processing personal data from these jurisdictions. These laws have the potential to increase costs of compliance, risks of non-compliance and penalties for non-compliance. Regulation 2016/679, known as the General Data Protection Regulation ("GDPR"), as well as European Union member states implementing legislations, apply to the collection and processing of personal data, including health-related information, by companies located in the European Union, or in certain circumstances, by companies located outside of the European Union and processing personal information of individuals located in the European Union.

These laws impose strict obligations on the ability to process personal data, including health-related information, in particular in relation to their collection, use, disclosure and transfer. These include several requirements relating to (i) obtaining, in some situations, the consent of the individuals to whom the personal data relates, (ii) the information provided to the individuals about how their personal information is used, (iii) ensuring the security and confidentiality of the personal data, (iv) the obligation to notify regulatory authorities and affected individuals of personal data breaches, (v) extensive internal privacy governance obligations, and (vi) obligations to honor rights of individuals in relation to their personal data (for example, the right to access, correct and delete their data). The GDPR prohibits the transfer of personal data to countries outside of the European Economic Area (the "EEA"), such as the United States, which are not considered by the European Commission to provide an adequate level of data protection. Switzerland has adopted similar restrictions. Although there are legal mechanisms to allow for the transfer of personal data from the EEA and Switzerland to the United States, they are subject to legal challenges and uncertainty about compliance with European Union data protection laws remains. For example, in July 2020, the Court of Justice of the European Union (the "CJEU") invalidated the so-called Privacy Shield, which provided a framework for data transferred from the European Union to the United States. To the extent that we were to rely on the EU-U.S. Privacy Shield Framework, we will not be able to do so in the future, which could increase our costs and limit our ability to process personal data from the EU. The same decision also cast doubt on the ability to use one of the primary alternatives to the Privacy Shield, namely, the European Commission's Standard Contractual Clauses, to lawfully transfer personal data from Europe to the United States and most other countries. On July 10, 2023, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework (the "EU-U.S. DPF") (a new framework for transferring personal information from the EEA to the United States), having determined that the EU-U.S. DPF ensures that the protection of personal information transferred from the EEA to the United States will be comparable to the protection offered in the EU. However, this decision continues to face uncertainty regarding potential legal challenges and ultimately may be invalidated by the CJEU just as the Privacy Shield was.

Potential pecuniary fines for noncompliant companies may be up to the greater of €20 million or 4% of annual global revenue. Such penalties are in addition to any civil litigation claims by data controllers, customers and data subjects. The GDPR has increased our responsibility and liability in relation to personal data that we process, and we may be required to put in place additional potential mechanisms to ensure compliance with new European Union data protection rules. The GDPR also contains a private right of action allowing data subjects and consumer associations to lodge complaints with supervisory authorities, seek judicial remedies, and obtain compensation for damages resulting from violations of the GDPR. Therefore, any actual or perceived failure to comply with the GDPR requirements could result in pecuniary fines, enforcement notices, regulatory investigations, compensation claims for financial or non-financial loss by affected individuals, as well as negative publicity, reputational harm and a potential loss of business and goodwill.

Additionally, the United Kingdom's vote in favor of exiting the EU, often referred to as Brexit, and ongoing developments in the United Kingdom have created uncertainty with regard to data protection regulation in the United Kingdom. As of January 1, 2021, and the expiry of transitional arrangements agreed to between the United Kingdom and EU, data processing in the United Kingdom is governed by a United Kingdom version of the GDPR (combining the GDPR and the Data Protection Act 2018), exposing us to two

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parallel regimes, each of which potentially authorizes similar fines and other potentially divergent enforcement actions for certain violations. Following the UK's exit from the EU or Brexit, there has been increasing scope for divergence in application, interpretation and enforcement of the data protection between these territories. For example, the UK passed the Data (Use and Access) Act in June 2025, which alters the similarities between the UK and EEA data protection regimes and may threaten the UK adequacy decision from the EU Commission allowing the free flow of personal data from the UK to the EEA, which may lead to additional compliance costs and could increase our overall risk. The interaction of the UK's revised data protection regime with those of the EEA could add legal risk, uncertainty, complexity, and cost to our handling of European personal data and our privacy and security compliance programs, and could require us to implement different compliance measures for the UK and EEA. In addition, on October 12, 2023, the UK-U.S. Data Bridge went into effect to operate as an extension of the EU-U.S. DPF to enable the transfer of personal data between the UK and certified entities in the United States. This Data Bridge remains subject to potential legal challenges and may be affected by any challenges to the EU-U.S. DPF. As a result of changes in the laws, rules and regulations governing cross-border transfers of personal information, we have had to make, and continue to make, certain changes to our data transfer policies and procedures, and update and implement revised documentation and measures for transfers of personal information outside the EEA and the UK, including to the United States, within required time frames. We may be adversely impacted as the enforcement landscape further develops, and supervisory authorities issue further guidance on international data transfers.

Compliance with U.S. and international data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. Failure to comply with these laws and regulations could result in government enforcement actions, which could include civil, criminal and administrative penalties, private litigation, and/or adverse publicity and could negatively affect our operating results and business. Moreover, clinical trial subjects, employees and other individuals about whom we or our potential collaborators obtain personal information, as well as the providers who share this information with us, may limit our ability to collect, use and disclose the information. Claims that we have violated individuals' privacy rights, failed to comply with data protection laws, or breached our contractual obligations, even if we are not found liable, could be expensive and time-consuming to defend and could result in adverse publicity that could harm our business.

***Our current and future operations are subject to applicable fraud and abuse, transparency, government price reporting, privacy and security, and other healthcare laws. If we are unable to comply, or do not fully comply, with such laws, we could face substantial penalties.*** 

Healthcare providers, physicians and third-party payors will play a primary role in the recommendation and prescription of any product candidates for which we obtain marketing approval. Our operations, including any arrangements with healthcare providers, physicians, third-party payors and customers may expose us to broadly applicable fraud and abuse and other healthcare laws that may affect the business or financial arrangements and relationships through which we would market, sell and distribute our products. The healthcare laws that may affect our ability to operate include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The federal Anti-Kickback Statute, which prohibits any person or entity from, among other things, knowingly and willfully soliciting, receiving, offering or paying any remuneration, directly or indirectly, overtly or covertly, in cash or in kind, to induce or reward either the referral of an individual for, or the purchase, order or recommendation of an item or service reimbursable, in whole or in part, under a federal healthcare program, such as the Medicare and Medicaid programs. The term "remuneration" has been broadly interpreted to include anything of value. The federal Anti-Kickback Statute has also been interpreted to apply to arrangements between pharmaceutical manufacturers on the one hand and prescribers, purchasers, and formulary managers on the other hand. There are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution, but the exceptions and safe harbors are drawn narrowly and require strict compliance in order to offer protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal civil and criminal false claims laws, such as the False Claims Act ("FCA"), which can be enforced by private citizens through civil qui tam actions, and civil monetary penalty laws prohibit individuals or entities from, among other things, knowingly presenting, or causing to be presented, false, fictitious or fraudulent claims for payment of federal funds, and knowingly making, using or causing to be made or used a false record or statement material to a false or fraudulent claim to avoid, decrease or conceal an obligation to pay money to the federal government. For example, pharmaceutical companies have been prosecuted under the FCA in connection with their alleged off-label promotion of drugs, purportedly concealing price concessions in the pricing information submitted to the government for government price reporting purposes, and allegedly providing free product to customers with the expectation that the customers would bill federal healthcare programs for the product. In addition, a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the FCA. As a result of a modification made by the Fraud Enforcement and Recovery Act of 2009, a claim includes "any request or demand" for money or property presented to the U.S. government. In addition, manufacturers can be held liable under the FCA even when they do not submit claims directly to government payors if they are deemed to "cause" the submission of false or fraudulent claims.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•HIPAA, among other things, imposes criminal liability for executing or attempting to execute a scheme to defraud any healthcare benefit program, including private third-party payors, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully obstructing a criminal investigation of a healthcare offense, and creates federal criminal laws that prohibit knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement or representation, or making or using any false writing or document knowing the same to contain any materially false, fictitious or fraudulent statement or entry in connection with the delivery of or payment for healthcare benefits, items or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•HIPAA, as amended by HITECH, and their implementing regulations, which impose privacy, security and breach reporting obligations with respect to individually identifiable health information upon entities subject to the law, such as health plans, healthcare clearinghouses and certain healthcare providers, known as covered entities, and their respective business associates that perform services for them that involve individually identifiable health information. HITECH also created new tiers of civil monetary penalties, amended HIPAA to make civil and criminal penalties directly applicable to business associates, and gave state attorneys general new authority to file civil actions for damages or injunctions in U.S. federal courts to enforce HIPAA laws and seek attorneys' fees and costs associated with pursuing federal civil actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal and state consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The federal transparency requirements under the Physician Payments Sunshine Act, created under the Health Care Reform Act, which requires, among other things, certain manufacturers of drugs, devices, biologics and medical supplies reimbursed under Medicare, Medicaid, or the Children's Health Insurance Program to report annually to CMS information related to payments and other transfers of value provided to physicians, as defined by such law, and teaching hospitals and physician ownership and investment interests, including such ownership and investment interests held by a physician's immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State and foreign laws that are analogous to each of the above federal laws, such as anti-kickback and false claims laws, that may impose similar or more prohibitive restrictions, and may apply to items or services reimbursed by non-governmental third-party payors, including private insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State and foreign laws that require pharmaceutical companies to implement compliance programs, comply with the pharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government, or to track and report gifts, compensation and other remuneration provided to physicians and other healthcare providers; state laws that require the reporting of marketing expenditures or drug pricing, including information pertaining to and justifying price increases; state and local laws that require the registration of pharmaceutical sales representatives; state laws that prohibit various marketing-related activities, such as the provision of certain kinds of gifts or meals; state laws that require the posting of information relating to clinical trials and their outcomes; and other federal, state and foreign laws that govern the privacy and security of health information or personally identifiable information in certain circumstances, including state health information privacy and data breach notification laws which govern the collection, use, disclosure, and protection of health-related and other personal information, many of which differ from each other in significant ways and often are not preempted by HIPAA, thus requiring additional compliance efforts.

Ensuring that our business arrangements with third parties comply with applicable healthcare laws and regulations is costly. If our operations are found to be in violation of any of these laws or any other current or future healthcare laws that may apply to us, we may be subject to significant civil, criminal and administrative penalties, damages, fines, disgorgement, imprisonment, exclusion from government funded healthcare programs, such as Medicare and Medicaid, contractual damages, reputational harm, diminished profits and future earnings, additional reporting obligations and oversight if we become subject to a corporate integrity agreement or other agreement to resolve allegations of non-compliance with these laws, and the curtailment or restructuring of our operations, any of which could substantially disrupt our operations. Although effective compliance programs can mitigate the risk of investigation and prosecution for violations of these laws, these risks cannot be entirely eliminated. Any action against us for an alleged or suspected violation could cause us to incur significant legal expenses and could divert our management's attention from the operation of our business, even if our defense is successful.

***Our employees, agents, contractors or collaborators may engage in misconduct or other improper activities.*** 

We cannot ensure that our compliance controls, policies and procedures will in every instance protect us from acts committed by our employees, agents, contractors or collaborators that would violate the laws or regulations of the jurisdictions in which we operate, including, without limitation, healthcare, employment, foreign corrupt practices, environmental, competition, and patient privacy and other privacy laws and regulations.

In particular, we are subject to the Foreign Corrupt Practices Act ("FCPA") and similar anti-bribery or anti-corruption laws, regulations or rules of other countries in which we operate, including the UK Bribery Act. There is no certainty that all of our employees, agents, contractors, or collaborators, or those of our affiliates, will comply with all applicable laws and regulations,

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particularly given the high level of complexity of these laws. We have provisions in our Code of Business Conduct and Ethics, an anti-corruption policy and certain controls and procedures in place that are designed to mitigate the risk of non-compliance with anti-corruption and anti-bribery laws. However, it is not always possible to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from government investigations or other actions stemming from a failure to comply with these laws or regulations. Violations of these laws and regulations could result in, among other things, significant administrative, civil and criminal fines and sanctions against us, our officers, or our employees, the closing down of our facilities, exclusion from participation in federal healthcare programs including Medicare and Medicaid, implementation of compliance programs, integrity oversight and reporting obligations, and prohibitions on the conduct of our business. Any such violations could include prohibitions on our ability to offer our products in one or more countries and could materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, and our business, prospects, operating results and financial condition.

***We and our third-party contractors must comply with environmental, health and safety laws and regulations. A failure to comply with these laws and regulations could expose us to significant costs or liabilities.*** 

We and our third-party contractors are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the use, generation, manufacture, distribution, storage, handling, treatment, remediation and disposal of biohazardous materials and wastes and genetically modified organisms. Hazardous chemicals, including potentially infectious biological substances and genetically modified organisms, are involved in certain aspects of our business, and we cannot eliminate the risk of injury or contamination from the use, generation, manufacture, distribution, storage, handling, treatment or disposal of hazardous materials and wastes. In the event of contamination or injury, or failure to comply with environmental, health and safety laws and regulations, we could be held liable for any resulting damages, fines and penalties associated with such liability could exceed our assets and resources.

Although we maintain workers' compensation insurance as prescribed by Texas and German laws to cover us for costs and expenses we may incur due to injuries to our employees resulting from the use of biological or hazardous materials or wastes, this insurance may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental liability or toxic tort claims that may be asserted against us in connection with our storage or disposal of biological, hazardous or radioactive materials.

Environmental, health and safety laws and regulations are becoming increasingly more stringent. We may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations. These current or future laws and regulations may impair our research, development or production efforts. Our failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions.

***Our internal computer systems, or those of our partners, third-party CROs or other contractors or consultants, may fail or suffer security incidents, which could result in a material disruption of our product development programs and significant monetary losses.*** 

Despite the implementation of security measures, our internal computer systems and those of our current or future partners, third-party CROs and other contractors and consultants have been subject to attacks by, and may be vulnerable to damage from, various methods, including cybersecurity attacks, breaches, intentional or accidental mistakes or errors, or other technological failures which can include, among other things, computer viruses, malicious codes, employee theft or misuse, unauthorized copying of our website or its content, unauthorized access attempts including third parties gaining access to systems using stolen or inferred credentials, denial-of-service attacks, phishing attempts, service disruptions, natural disasters, fire, terrorism, war and telecommunication and electrical failures. As the cyber-threat landscape evolves, these attacks are growing in frequency, sophistication and intensity, and are becoming increasingly difficult to detect. Such attacks could include the use of new technologies, including AI, keystroke loggers or other harmful and virulent malware, including ransomware or other denials of service, and can be deployed through malicious websites, the use of social engineering and/or other means. We may not be able to anticipate all types of security threats, and we may not be able to implement preventive measures effective against all such security threats. Further, as the COVID-19 pandemic led to an increased number of people working from home, these cybersecurity risks may be heightened by an increased attack surface across our business. Because we rely on third parties in our business, we rely on the cybersecurity practices and policies adopted by such third parties, including third-party CROs and other contractors and consultants. Our ability to monitor the cybersecurity practices of third parties with whom we partner is limited, and there can be no assurance that we can prevent, mitigate, or remediate the risk of any compromise or failure in the systems or networks owned or controlled by such third parties. Additionally, any contractual protections with such third parties, including our right to indemnification, if any at all, may be limited or insufficient to prevent a negative impact on our business from such compromise or failure. We cannot guarantee that our efforts, or the efforts of those upon whom we rely on and partner with, will be successful in preventing any such information security incidents.

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If a failure, accident, data or security breach were to occur and cause interruptions in our, our partners' or our CROs' operations, it could result in a misappropriation of confidential information, including personally identifiable information and our intellectual property or financial information, a material disruption of our programs and/or significant monetary losses. For example, the loss of XPRESIDENT raw data, the XPRESIDENT database or other data for our product candidates could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. In addition, because of our approach to running multiple clinical trials in parallel, any breach of our computer systems may result in a loss of data or compromised data integrity across many of our programs in many stages of development. Any such breach, loss or compromise of clinical trial participant personal data may also subject us to civil fines and penalties, including under the GDPR and relevant member state law in the European Union or the CCPA, HIPAA and other relevant state and federal privacy laws in the United States. Moreover, because we maintain sensitive company data on our computer networks, including our intellectual property and proprietary business information, any such security breach may compromise information stored on our networks and may result in significant data losses or theft of our intellectual property or proprietary business information. Our current cybersecurity liability insurance, and any such insurance that we may obtain in the future, may not cover the damages we would sustain based on any breach of our computer security protocols or other cybersecurity attack. To the extent that any disruption or security breach results in a loss of or damage to our data or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure of confidential or proprietary information, our reputation could be harmed and we could incur significant liabilities and the further development of our product candidates could be disrupted.

***Product liability lawsuits could cause us to incur substantial liabilities and to limit development and commercialization of any products that we may develop.*** 

We face an inherent risk of product liability lawsuits as a result of the clinical testing of our product candidates in human clinical trials and will face an even greater risk if we commercialize any products that we successfully develop. Any such product liability claims may include allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in the product, negligence, strict liability and a breach of warranties. We may also still face risks from previous research and development activities. For example, IMA950, a multi-peptide vaccine we previously developed, is still in clinical use under the responsibility of clinical investigators outside of our clinical trials (investigator-initiated trials). While any sponsor responsibility is with the investigator, we cannot fully be sure that we will not be held liable in the future for any potential product defects.

If we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit commercialization of our product candidates. Even a successful defense would require significant financial and management resources. Regardless of the merits or eventual outcome, liability claims may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•decreased demand for our product candidates or products that we may develop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•injury to our reputation and significant negative media attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•withdrawal of clinical trial sites and/or study participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant costs to defend the related litigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a diversion of management's time and our resources to pursue our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•substantial monetary awards to study participants or patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•product recalls, withdrawals or labelling, marketing or promotional restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability to commercialize our product candidates that we may develop; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a decline in the price of our securities.

Failure to obtain and retain sufficient product liability insurance at an acceptable cost to protect against potential product liability claims could prevent or inhibit the commercialization of products we develop. While we have obtained clinical trial insurance for our clinical trials, any claim that may be brought against us could result in a court judgment or settlement in an amount that is not covered, in whole or in part, by our insurance or that is in excess of the limits of our insurance coverage. Our insurance policies also have various exclusions, and we may be subject to a product liability claim for which we have no coverage. In such instance, we may have to pay any amounts awarded by a court or negotiated in a settlement that exceed our coverage limitations or that are not covered by our insurance, and we may not have, or be able to obtain, sufficient capital to pay such amounts. If we are unable to obtain or maintain sufficient insurance coverage at an acceptable cost or to otherwise protect against potential product liability claims, it could prevent or inhibit the development and commercial production and sale of our product candidates, which could adversely affect our business, financial condition, results of operations and prospects.

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***Litigation and other legal proceedings may adversely affect our business.*** 

From time to time, we may become involved in legal proceedings relating to patent and other intellectual property matters, product liability claims, employee claims, tort or contract claims, regulatory investigations, securities class action and other legal proceedings or investigations, which could have an adverse impact on our reputation, business and financial condition and divert the attention of our management from the operation of our business. Litigation is inherently unpredictable and can result in excessive or unanticipated verdicts and/or injunctive relief that affect how we operate our business. We could incur judgments or enter into settlements of claims for monetary damages or for agreements to change the way we operate our business, or both. Adverse publicity about regulatory or legal action against us could damage our reputation and brand image, even if the regulatory or legal action is unfounded or not material to our operations.

***Our insurance policies are expensive and protect only from some business risks, which leaves us exposed to significant uninsured liabilities.*** 

We do not carry insurance for all categories of risks that our business may encounter, and insurance coverage is becoming increasingly expensive. We do not know if we will be able to maintain existing insurance with adequate levels of coverage, and any liability insurance coverage we acquire in the future may not be sufficient to reimburse us for any expenses or losses we may suffer. If we obtain marketing approval for any product candidates that we or our collaborators may develop, we intend to acquire insurance coverage to include the sale of commercial products, but we may be unable to obtain such insurance on commercially reasonable terms or in adequate amounts. Required coverage limits for such insurances are difficult to predict and may not be sufficient. If potential losses exceed our insurance coverage, our financial condition would be adversely affected. In the event of contamination or injury, we could be held liable for damages or be penalized with fines in an amount exceeding our resources. Clinical trials or regulatory approvals for any of our product candidates could be suspended, which could adversely affect our results of operations and business, including by preventing or limiting the development and commercialization of any product candidates that we or our collaborators may develop. Additionally, operating as a public company will make it more expensive for us to obtain director and officer liability insurance. As a result, it may be more difficult to attract and retain qualified individuals to serve on our Board or the Board committees.

***Our business is subject to economic, political, regulatory and other risks associated with conducting business internationally.*** 

We currently conduct clinical trials in the United States and in Germany and we plan to market our product candidates, if approved, internationally. As a result, our business is subject to risks associated with conducting business internationally. Our future results could be harmed by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•differing regulatory requirements in non-U.S. countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unexpected changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•differing standards for the conduct of clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased difficulties in managing the logistics and transportation of storing and shipping product candidates produced in the United States or elsewhere and shipping the product candidate to patients in other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•import and export requirements and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•economic weakness, including inflation, or political instability in foreign economies and markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with tax, employment, immigration and labor laws for employees living or traveling abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign taxes, including withholding of payroll taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•foreign currency fluctuations, which could result in increased operating expenses and reduced revenue, and other obligations incident to doing business in another country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•difficulties staffing and managing foreign operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•workforce uncertainty in countries where labor unrest is more common than in the United States or Germany;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•differing payor reimbursement regimes, governmental payors or patient self-pay systems, and price controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential liability under the FCPA or comparable foreign regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•challenges enforcing our contractual and intellectual property rights, especially in those foreign countries that do not respect and protect intellectual property rights to the same extent as the United States or Germany;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•business interruptions resulting from geopolitical actions and conflict, war and terrorism, including the recent conflict between Russia and Ukraine and resulting sanctions, retaliatory measures, changes in the availability and price of various materials and effects on global financial markets, volatility and stress within the banking sector and the measures governments and financial services companies have taken in response; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•business interruptions resulting from natural disasters, including earthquakes, typhoons, floods and fires.

In addition, as a result of the United Kingdom's exit from the European Union, we may face increasingly divergent regulations in Europe, with which may be expensive and time-consuming for us to comply.

***If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud.*** 

As of December 31, 2024, our management has identified a material weakness in our internal control over financial reporting and has concluded that, due to such material weakness, our disclosure controls and procedures were not effective. While we have remediated the material weakness during the year, we may again fail to maintain an effective system of internal control over financial reporting. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in our implementation could cause us to fail to meet our reporting obligations. In addition, any testing conducted by us, or any testing conducted by our independent registered public accounting firm, may reveal deficiencies in our internal control over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which is likely to negatively affect our business and the market price of our ordinary shares.

**Risks Related to Ownership of Our Securities** 

***The market price of our securities has been and may continue to be volatile and may fluctuate due to factors beyond our control.***

The market price of shares of our securities has been and may continue to be subject to wide fluctuations in response to many risk factors listed in this "D. Risk Factors" section, and others beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•results and timing of preclinical studies and clinical trials of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•results of clinical trials of our competitors' products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•public concern relating to the commercial value or safety of any of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to adequately obtain, maintain, protect and enforce our intellectual property and other proprietary rights, including patents, trademarks and trade secrets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to raise additional capital and the terms on which we raise it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commencement or termination of any strategic collaboration or licensing arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory developments, including actions with respect to our products or our competitors' products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated fluctuations in our financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•publication of research reports by securities analysts about us or our competitors or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additions and departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the passage of legislation or other regulatory developments affecting us or our industry, including changes in the structure of healthcare payment systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in the valuation of companies perceived by investors to be comparable to us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sales of our securities by us, our insiders or our other shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•announcement or expectation of additional financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in market conditions for biopharmaceutical stocks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in general market and economic conditions.

In addition, the stock market has historically experienced significant volatility, particularly with respect to pharmaceutical, biotechnology and other life sciences company stocks. The volatility of pharmaceutical, biotechnology and other life sciences company stocks often does not relate to the operating performance of the companies represented by the stock. As we operate in a single industry, we are especially vulnerable to these factors to the extent that they affect our industry or our product candidates. In the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock price. This risk is especially relevant for biotechnology companies, which have experienced significant stock price volatility in recent years. Securities litigation could result in substantial costs and divert our management's attention and resources, and could also require us to make substantial payments to satisfy judgments or to settle litigation.

***If securities or industry analysts do not continue to publish research, or publish inaccurate or unfavorable research, about our business, the price of our securities and our trading volume could decline.*** 

The trading market for our securities depends, in part, on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our securities or publish inaccurate or unfavorable research about our business, the price of our securities would likely decline. In addition, if our operating results fail to meet the forecast of analysts, the price of our securities would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our securities could decrease, which might cause the price and trading volume of our securities to decline.

***We have never paid dividends and do not expect to pay any dividends in the foreseeable future.*** 

We have not paid any cash dividends since our incorporation. Even if future operations lead to significant levels of distributable profits, we currently intend to reinvest any earnings in our business and do not anticipate declaring or paying any cash dividends until we have an established revenue stream to support continuing dividends. Further, since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and our receipt of dividends, loans or other funds from, our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries may pay dividends, make loans or otherwise provide funds to us. Accordingly, investors in our securities cannot rely on dividend income, and any returns on an investment in our securities will likely depend entirely upon any future appreciation in the price of such securities.

***Certain shareholders have representation on the Board, and have a substantial degree of influence over us, which could delay or prevent a change of corporate control or result in the entrenchment of our management and/or directors.*** 

Two of our principal shareholders, ARYA Sciences Holdings ("ARYA Sponsor") and dievini Hopp BioTech holding GmbH & Co. KG, are represented on the Board. As a result, such shareholders may be able to significantly influence the outcome of matters submitted for director action, subject to obligation of the Board to act in the interest of all of our stakeholders, and for shareholder action, including the appointment of the Board and approval of significant corporate transactions, including business combinations, consolidations and mergers.

To the extent that the interests of our principal shareholders may differ from the interests of our other shareholders, the latter may be disadvantaged by any action that our principal shareholders may seek to pursue. The influence of such shareholders over us and our management could also have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of our company, which could cause the market price of our securities to decline or prevent our shareholders from realizing a premium over the market price for our securities. Additionally, ARYA Sponsor is controlled by Perceptive Advisors LLC and its affiliates ("Perceptive"), which is in the business of making investments in companies and which may from time to time acquire and hold interests in businesses that compete directly or indirectly with us or that supply us with goods and services. Perceptive may also pursue acquisition opportunities that may be complementary to (or competitive with) our business, and as a result those acquisition opportunities may not be available to us.

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***We are a Dutch public company. The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions and may not protect investors in a similar fashion afforded by incorporation in a U.S. jurisdiction.***

We are a public company (*naamloze vennootschap*) under Dutch law. Our corporate affairs are governed by our articles of association, our Board rules, our other internal rules and policies and by Dutch law. There can be no assurance that Dutch law will not change in the future or that it will serve to protect shareholders in a similar fashion afforded under corporate law principles in the United States, which could adversely affect the rights of our shareholders.

The rights of shareholders and the responsibilities of our directors may be different from the rights and obligations of shareholders and directors in companies governed by the laws of U.S. jurisdictions. In the performance of their duties, our directors are required by Dutch law to consider the interests of our company, its shareholders, its employees and other stakeholders, in all cases with due regard to the principles of reasonableness and fairness. It is possible that some of these stakeholders will have interests that are different from, or in addition to, your interests as a shareholder.

***If our disclosure metrics relating to climate change and other sustainability topics are lower than those of our peers, this may lead to reputational risk or other financial repercussions.***

Directive (EU) 2022/2464 of the European Parliament and of the Council of December 14, 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/ EU, as regards corporate sustainability reporting, or the CSRD, entered into force on January 5, 2023 and will apply to our financial and sustainability reporting as of the financial year 2025, once implemented into Dutch national law. Implementation into Dutch national law is expected to take place in the course of 2025 and to have retroactive effect to 1 January 2025 for large companies. The CSRD has been designed to strengthen the disclosure rules regarding social and environmental information and seeks to provide investors and other stakeholders with access to the information they need to assess investment risks arising from climate change and other sustainability topics. The CSRD requires us to have an audit of the sustainability information that we report on. If our disclosure metrics relating to climate change and other sustainability topics are lower than those of our peers in the industry, this may lead to reputational risk which may lead to onward financial repercussions such as a decrease in share price or difficulty in raising capital.

***We may become subject to the Dutch large company regime which would affect our governance structure, including how the members of our board are appointed and dismissed.*** 

We may become subject to the large company regime (*structuurregime*) under Dutch law if we have filed a statement with the Dutch trade register for a consecutive period of three years stating that (i) according to our balance sheet with explanatory notes, our issued share capital together with our reserves amounts to at least EUR 16 million, (ii) we, or any of our dependent companies (as defined by Dutch law), has established a Dutch works council pursuant to a statutory requirement under Dutch law and (iii) we and our dependent companies (as defined by Dutch law) together regularly employ at least 100 employees in the Netherlands. If we become subject to this large company regime, this would affect the governance structure of our company. Among other matters, our executive directors would then be appointed by our non-executive directors (instead of the general meeting) and certain nomination rights (including for our Dutch works council) would apply to the appointment of our non-executive directors.

***Dutch and European insolvency laws are substantially different from U.S. insolvency laws and may offer our shareholders less protection than they would have under U.S. insolvency laws.***

We are subject to Dutch insolvency laws in the event any insolvency proceedings are initiated against us, including, among other laws and regulations, Regulation (EU) 2015/848 of the European Parliament and of the Council of May 20, 2015 on insolvency proceedings. Should a court in another Member State of the European Union determine that our center of main interests (COMI) is situated in that Member State, the courts in that Member State will in principle have jurisdiction over the insolvency proceedings initiated against us and the insolvency laws of that Member State will in principle apply to us, in accordance with and subject to such the aforementioned Regulation and the rules promulgated thereunder. Insolvency laws in the Netherlands or the relevant other Member State of the European Union, as applicable, may offer our shareholders less protection than they would have under U.S. insolvency laws and make it more difficult for our shareholders to recover the amount they could expect to recover in a liquidation or restructuring under U.S. insolvency laws.

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***We are organized and exist under the laws of the Netherlands, and, as such, the rights of our shareholders and the civil liability of our directors and executive officers are governed in certain respects by the laws of the Netherlands.*** 

We are organized and exist under the laws of the Netherlands. As such, under Dutch private international law, the rights and obligations of our shareholders vis-à-vis the Company originating from Dutch corporate law and our articles of association, as well as the civil liability of our officers (*functionarissen*) (including our directors and executive officers), are governed in certain respects by the laws of the Netherlands.

We are not a resident of the United States and our officers may also not all be residents of the United States. As a result, depending on the subject matter of the action brought against us and/or our officers, United States courts may not have jurisdiction. If a Dutch court has jurisdiction with respect to such action, that court will apply Dutch procedural law and Dutch private international law to determine the law applicable to that action. Depending on the subject matter of the relevant action, a competent Dutch court may apply another law than the laws of the United States.

Also, service of process against non-residents of the United States can in principle (absent, for example, a valid choice of domicile) not be effected in the United States.

Furthermore, significant assets are located outside the United States. On the date of this Annual Report, (i) there is no treaty in force between the United States and the Netherlands for the reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters and (ii) both the Hague Convention on Choice of Court Agreements (2005) and the Hague Judgments Convention (2019) have entered into force for the Netherlands, but have not entered into force for the United States. Consequently, a judgment rendered by a court in the United States will not automatically be recognized and enforced by the competent Dutch courts. However, if a person has obtained a judgment rendered by a court in the United States that is enforceable under the laws of the United States and files a claim with the competent Dutch court, the Dutch court will in principle give binding effect to that United States judgment if (i) the jurisdiction of the United States court was based on a ground of jurisdiction that is generally acceptable according to international standards, (ii) the judgment by the United States court was rendered in legal proceedings that comply with the Dutch standards of proper administration of justice including sufficient safeguards (behoorlijke rechtspleging), (iii) binding effect of such United States judgment is not contrary to Dutch public order (openbare orde) and (iv) the judgment by the United States court is not incompatible with a decision rendered between the same parties by a Dutch court, or with a previous decision rendered between the same parties by a foreign court in a dispute that concerns the same subject and is based on the same cause, provided that the previous decision qualifies for recognition in the Netherlands. Even if such a United States judgment is given binding effect, a claim based thereon may, however, still be rejected if the United States judgment is not or no longer formally enforceable. Moreover, if the United States judgment is not final (for instance when appeal is possible or pending), a competent Dutch court may postpone recognition until the United States judgment will have become final, refuse recognition under the understanding that recognition can be asked again once the United States judgment will have become final, or impose as a condition for recognition that security is posted.

A competent Dutch court may deny the recognition and enforcement of punitive damages or other awards. Moreover, a competent Dutch court may reduce the amount of damages granted by a United States court and recognize damages only to the extent that they are necessary to compensate actual losses or damages. Finally, there may be specific other instances, including pursuant to anti-boycott rules and regulations, where Dutch law prohibits the recognition and enforcement of a United States judgment. Thus, United States investors may not be able, or experience difficulty, to enforce a judgment obtained in a United States court against us or our officers.

***Provisions of our articles of association or Dutch corporate law might deter acquisition bids for us that our shareholders might consider to be favorable and prevent or frustrate any attempt to replace or remove the Board at the time of such acquisition bid.*** 

Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law.

In this respect, certain provisions of our articles of association may make it more difficult for a third party to acquire control of us or effect a change in the composition of the Board. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a provision that our directors can only be appointed on the basis of a binding nomination prepared by the Board or by one or more shareholders who individually or jointly represent at least 10% of our issued share capital, which can be overruled by a two-thirds majority of votes cast representing more than half of our issued share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a provision that our directors can only be dismissed by the general meeting by a two-thirds majority of votes cast representing more than half of our issued share capital, unless the dismissal was proposed by the Board, in which latter case a simple majority of votes cast would be sufficient;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a requirement that certain matters, including an amendment of our articles of association, may only be resolved upon by our general meeting if proposed by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a provision implementing a staggered board, pursuant to which only one class of directors, will be elected at each general meeting, with the other classes continuing for the remainder of their respective terms.

Furthermore, in accordance with the Dutch Corporate Governance Code, or DCGC, shareholders who have the right to put an item on the agenda for our general meeting or to request the convening of a general meeting shall not exercise such rights until after they have consulted the Board. If exercising such rights may result in a change in our strategy (for example, through the dismissal of one or more of our directors), the Board must be given the opportunity to invoke a reasonable period of up to 180 days to respond to the shareholders' intentions. If invoked, the Board must use such response period for further deliberation and constructive consultation, in any event with the shareholder(s) concerned and explore alternatives. At the end of the response time, the Board shall report on this consultation and the exploration of alternatives to our general meeting. The response period may be invoked only once for any given general meeting and shall not apply (i) in respect of a matter for which a response period or a statutory cooling-off period (as discussed below) has been previously invoked or (ii) in situations where a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. Moreover, the Board can invoke a cooling-off period of up to 250 days when shareholders, using their right to have items added to the agenda for a general meeting or their right to request a general meeting, propose an agenda item for our general meeting to dismiss, suspend or appoint one or more directors (or to amend any provision in our articles of association dealing with those matters) or when a public offer for our company is made or announced without our support, provided, in each case, that the Board believes that such proposal or offer materially conflicts with the interests of our company and its business. During a cooling-off period, our general meeting cannot dismiss, suspend or appoint directors (or amend the provisions in our articles of association dealing with those matters) except at the proposal of the Board. During a cooling-off period, the Board must gather all relevant information necessary for a careful decision-making process and at least consult with shareholders representing 3% or more of our issued share capital at the time the cooling-off period was invoked, as well as with our Dutch works council (if we or, under certain circumstances, any of our subsidiaries would have one). Formal statements expressed by these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication. Ultimately one week following the last day of the cooling-off period, the Board must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our website. This report must remain available for inspection by shareholders and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next general meeting. Shareholders representing at least 3% of our issued share capital may request the Enterprise Chamber of the Amsterdam Court of Appeal, or the Enterprise Chamber (*Ondernemingskamer*), for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have concluded that the relevant proposal or hostile offer constituted a material conflict with the interests of our company and its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and have not since been terminated or suspended within a reasonable period at the relevant shareholders' request (i.e., no 'stacking' of defensive measures).

Such provisions could discourage a takeover attempt and impair the ability of shareholders to benefit from a change in control and realize any potential change of control premium. This may adversely affect the market price of our securities. See "Item 10. Additional Information—B. Memorandum and Articles of Association".

***Our shareholders may not have any pre-emptive rights in respect of future issuances of our ordinary shares.*** 

In the event of an increase in our share capital by way of an issuance of ordinary shares, holders of ordinary shares are generally entitled under Dutch law to full pre-emptive rights, unless these rights are limited or excluded either by a resolution of the general meeting or by another corporate body designated by the general meeting, or where shares are issued to our employees or a group company (i.e., certain affiliates, subsidiaries or related companies) or paid up by means of a non-cash contribution, or in case of an exercise of a previously acquired right to subscribe for shares. The same pre-emptive rights apply when rights to subscribe for shares are granted.

Pursuant to our resolution of the general meeting dated June 20, 2024, the Board is irrevocably authorized for a period of five years from such date to limit or exclude pre-emptive rights on our ordinary shares up to 100% of the number of our ordinary shares in our authorized share capital (from time to time). Accordingly, holders of our ordinary shares may not have any pre-emptive rights in

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connection with, and may be diluted by, an issue of new ordinary shares and it may be more difficult for a shareholder to obtain control over the general meeting. See "Item 10. Additional Information—B. Memorandum and Articles of Association." Further, certain of our ordinary shareholders outside the Netherlands, in particular, U.S. ordinary shareholders, may not be allowed to exercise pre-emptive rights to which they are entitled, if any, unless a registration statement under the Securities Act is declared effective with respect to ordinary shares issuable upon exercise of such rights or an exemption from the registration requirements is available. Pre-emptive rights do not exist with respect to the issue of financing preferred shares and holders of financing preferred shares have no pre-emptive right to acquire newly issued ordinary shares.

***We are not obligated to and do not comply with all the best practice provisions of the DCGC. This could adversely affect the rights of our shareholders.*** 

As a Dutch public company, we are subject to the DCGC. The DCGC contains both principles and best practice provisions on corporate governance that regulate relations between the Board and the general meeting and matters in respect of financial reporting, auditors, disclosure compliance and enforcement standards.

The DCGC is based on a "comply or explain" principle. Accordingly, companies must disclose in their statutory annual reports whether they comply with the provisions of the DCGC. If a company subject to the DCGC does not comply with those provisions (for example, because of a conflicting Nasdaq requirement), that company would be required to give the reasons for such non-compliance. The DCGC applies to Dutch companies listed on a government recognized stock exchange, whether in the Netherlands or elsewhere, including Nasdaq.

We acknowledge the importance of good corporate governance. However, we do not comply with all the provisions of the DCGC, to a large extent because such provisions conflict with or are inconsistent with the corporate governance rules of the Nasdaq and U.S. securities laws applicable to us, or because we believe such provisions do not reflect customary practices of global companies listed on Nasdaq. This may affect the rights of our shareholders and our shareholders may not have the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.

***We are a foreign private issuer, and, as a result, we are not subject to certain rules and obligations that are applicable to a U.S. domestic public company and are not subject to certain Nasdaq corporate governance listing standards that are applicable to a Nasdaq-listed U.S. domestic public company.*** 

We report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act and although we furnish quarterly financial information to the SEC, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. In addition, foreign private issuers are not required to file their annual report on Form 20-F until four months after the end of each financial year, while U.S. domestic issuers are required to file their annual report on Form 10-K in less time. Foreign private issuers are also exempt from the Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information.

Furthermore, because we are a foreign private issuer, we have elected to comply with our home country governance requirements and certain exemptions thereunder, rather than complying with certain of the Nasdaq corporate governance listing standards that are applicable to U.S. companies listed on Nasdaq. Furthermore, Nasdaq listing standards generally require Nasdaq-listed U.S. companies to, among other things, seek shareholder approval for the implementation of certain equity compensation plans and issuances of securities, which we are not required to follow as a foreign private issuer. Accordingly, our shareholders may not have the same protections afforded to shareholders of companies that are not foreign private issuers. See "Item 16G. Corporate Governance."

***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.*** 

We are a foreign private issuer, and therefore we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. We may no longer be a foreign private issuer as of June 30, 2026, which would require us to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers, including the application of U.S. GAAP, as of January 1, 2026. In order to maintain our current status as a foreign private issuer, either (a) a majority of our ordinary shares must be either directly or indirectly owned of record by non-residents of the United States or (b)(i) a majority of our executive officers or directors may not be United States citizens

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or residents, (ii) more than 50% of our assets cannot be located in the United States and (iii) our business must be administered principally outside the United States. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and stock exchange rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time-consuming and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it would be more difficult and expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our Board.

**Risks Related to Taxation** 

***We believe that we were a passive foreign investment company, or PFIC, in our taxable year ending December 31, 2025, and we may be a PFIC for future taxable years, which could result in adverse U.S. federal income tax consequences for U.S. investors in our ordinary shares or warrants.***

In general, a non-U.S. corporation is a PFIC for any taxable year in which either (i) 75% or more of its gross income consists of "passive income" or (ii) 50% or more of the average quarterly value of its assets consist of assets that produce, or are held for the production of, "passive income." For purposes of these calculations, a non-U.S. corporation is treated as if it holds a proportionate share of the assets of, and receives directly its proportionate share of the income of, any other corporation in which it directly or indirectly owns at least 25%, by value, of the shares of such other corporation. Passive income generally includes interest, dividends, certain rents and royalties (other than certain rents and royalties derived in an active conduct of a trade or business), and certain capital gains. Cash is generally a passive asset for these purposes. In addition, goodwill (the value of which may be determined by reference to the excess of the sum of the corporation's market capitalization and liabilities over the value of its assets) is generally characterized as an active asset to the extent it is attributable to activities that produce active income.

We hold a substantial amount of cash and other passive assets. In addition, our PFIC status for any taxable year depends, in large part, on the market price of our ordinary shares from time to time. Our market capitalization has been volatile. Based on the value of our assets and our market capitalization for our taxable year ending December 31, 2025, we believe that we were a PFIC for U.S. federal income tax purposes for our 2025 taxable year and that we could be a PFIC for the foreseeable future.

If you are a U.S. Holder (as defined below in "Material Tax Considerations—Material U.S. Federal Income Tax Considerations for U.S. Holders") and do not make a qualified electing fund ("QEF") election with respect to us or a mark-to-market election with respect to our ordinary shares, you will be subject to potentially material adverse tax consequences, including (i) the treatment of any gain on disposition of our ordinary shares as ordinary income and (ii) the application of a deferred interest charge on such gain and the receipt of certain distributions on our ordinary shares. These elections are generally not available with respect to our warrants. In addition, regardless of whether a QEF or mark-to-market election is made with respect to us, a U.S. Holder of our ordinary shares (or, under proposed regulations, warrants) will be required to file an annual report on IRS Form 8621 containing such information with respect to its interest in a PFIC as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable year may result in substantial penalties and result in the U.S. Holder's taxable years being open to audit by the IRS until after such Forms are properly filed.

Further, if we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares (or, under Treasury regulations proposed in 1992 that apply retroactively, warrants), we generally would continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds our ordinary shares (or, under proposed regulations, warrants), even if we ceased to meet the threshold requirements for PFIC status, unless the U.S. Holder makes a special "purging" election on IRS Form 8621 or unless a U.S. Holder of warrants timely made a valid QEF or mark-to-market election with respect to the first taxable year after which the U.S. Holder held our ordinary shares.

See "Material U.S. Federal Income Tax Considerations for U.S. Holders —Passive Foreign Investment Companies" for more a more detailed discussion regarding the foregoing. The effect of these adverse tax consequences could be materially adverse to you.

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***We may become taxable in a jurisdiction other than Germany, and this may cause us to be subject to increased and/or different taxes than we expect.*** 

Since our incorporation, we have had, on a continuous basis, our place of effective management in Germany. Therefore, we believe that we are a tax resident of Germany under German national tax laws. As an entity incorporated under Dutch law, however, we also qualify as a tax resident of the Netherlands under Dutch national tax laws. However, based on our current management structure and the tax laws of the United States, Germany and the Netherlands, as well as applicable income tax treaties, and current interpretations thereof, we believe that we are tax resident solely in Germany for the purposes of the 2012 tax treaty between the Federal Republic of Germany and the Netherlands for the avoidance of double taxation with respect to taxes on income.

Our sole tax residency in Germany for purposes of the above-mentioned tax treaty is subject to the application of the provisions on tax residency as stipulated in such treaty as amended from time to time. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the "MLI"), Germany and the Netherlands entered into, among other countries, should not, as of this date, affect such tax treaty's rules regarding tax residency.

The applicable tax laws, tax treaties or interpretations thereof may change. Furthermore, whether we have our place of effective management in Germany and are as such solely tax resident in Germany is largely a question of fact and degree based on all the circumstances, rather than a question of law, which facts and degree may also change. Changes to applicable tax laws or interpretations thereof and changes to applicable facts and circumstances (e.g., a change of board members or the place where board meetings take place), or changes to applicable tax treaties, including a change to the application of the MLI, may result in us becoming (also) a tax resident of another jurisdiction (other than Germany), potentially also triggering an exit tax liability in Germany. As a consequence, our overall effective income tax rate and income tax expense could materially increase, which could have a material adverse effect on our business, results of operations, financial condition and prospects.

***If we ever pay dividends, we may need to withhold tax on such dividends in both Germany and the Netherlands.*** 

We have no plan to declare or pay any dividends on our ordinary shares in the foreseeable future. However, if we do pay dividends, we may need to withhold tax on such dividends both in Germany and the Netherlands. As an entity incorporated under Dutch law, any dividends distributed by us are subject to Dutch dividend withholding tax on the basis of Dutch domestic law. However, on the basis of the double tax treaty between Germany and the Netherlands, the Netherlands will be restricted in imposing these taxes if we continue to be a tax resident of Germany and our place of effective management is in Germany. However, Dutch dividend withholding tax is still required to be withheld from dividends if and when paid to Dutch resident holders of our ordinary shares (and non-Dutch resident holders of our ordinary shares that have a permanent establishment in the Netherlands to which their shareholding is attributable). As a result, upon a payment (or deemed payment) of dividends, we will be required to identify our shareholders in order to assess whether there are Dutch residents (or non-Dutch residents with a permanent establishment in the Netherlands to which the shares are attributable) in respect of which Dutch dividend tax has to be withheld. Such identification may not always be possible in practice. If the identity of our shareholders cannot be determined, withholding of both German and Dutch dividend tax from such dividend may occur upon a payment of dividends.

Furthermore, the withholding tax restriction referred to above is based on the current choices and reservation of Germany under the MLI. If Germany changes its MLI choices and reservation, we may not be entitled to any benefits of the double tax treaty between Germany and the Netherlands, including the withholding tax restriction, as long as Germany and the Netherlands do not reach an agreement on our tax residency for purposes of the tax treaty between Germany and the Netherlands, except to the extent and in such manner as may be agreed upon by the authorities. As a result, any dividends distributed by us during the period no such agreement has been reached between Germany and the Netherlands may be subject to dividend withholding tax both in Germany and the Netherlands.

***Changes in the tax laws, or in their interpretation or enforcement, could have a material adverse effect on our financial condition and results of operations.***

If the tax or other laws, rules or regulations were amended, or if new unfavorable laws, rules or regulations were enacted, the results could increase our tax payments or other obligations, prospectively or retrospectively, subject us to interest and penalties, or result in increased costs. As a result, these changes may have a material adverse effect on our business, results of operations and financial condition.

In addition, in the past, several foreign governments have introduced proposals for tax legislation, or have adopted tax laws, that could have a significant adverse effect on our tax rate, or increase our tax liabilities, the carrying value of deferred tax assets, or our deferred tax liabilities.

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The OECD introduced a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over €750 million, subject to certain exclusions (the "OECD Pillar Two Globe Rules"). All participating OECD members are expected to incorporate these rules into national legislation in accordance with the OECD Pillar Two Globe Rules, and in many countries new legislation is already applicable, or is in the process of being adopted. In particular, Germany and the Netherlands have adopted a new global minimum tax (*Mindeststeuergesetz* in Germany and *Wet minimumbelasting 2024* in the Netherlands) implementing the OECD Pillar Two Globe Rules and transposing the European Union's directive on Pillar Two (Council Directive (EU) 2022/2523 of December 14, 2022). Generally, the OECD Pillar Two Globe Rules, as implemented by each jurisdiction, are effective for business years starting after December 30, 2023.

The OECD published several Agreed Administrative Guidance for the Pillar Two Globe Rules (latest Administrative Guidance published on January 15, 2025) providing greater detail on the application of the rules. On May 23, 2023, the International Accounting Standards Board (IASB) amended IAS 12 to introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. On November 8, 2023, the EU Endorsement Board adopted the IASB amendments to IAS 12.

The Group's revenue is below the revenue threshold of €750 million and therefore we would not be in scope of the OECD Pillar Two Globe Rules on a standalone basis and, as such, do not expect any changes to our accounting for taxes due. We continue to assess the OECD Pillar Two Globe Rules tax and compliance consequences.

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**ITEM 4. INFORMATION ON THE COMPANY** 

**A. History and Development of the Company** 

We were incorporated as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) under the name Immatics B.V. on March 10, 2020 solely for the purpose of effectuating the business combination (the "ARYA Merger") between us, ARYA Sciences Acquisition Corp., a Cayman Islands exempted company ("ARYA"), Immatics Biotechnologies GmbH, a German limited liability company, Immatics Merger Sub 1, a Cayman Islands exempted company, and Immatics Merger Sub 2, a Cayman Islands exempted company. Upon the closing of the ARYA Merger on July 1, 2020, we converted into a Dutch public limited liability company (*naamloze vennootschap*) and changed our name to Immatics N.V.

We are registered in the Commercial Register of the Chamber of Commerce (Kamer van Koophandel) in the Netherlands under number 77595726. We have our corporate seat in Amsterdam, the Netherlands and our registered office is at Paul-Ehrlich-Straße 15, 72076 Tübingen, Federal Republic of Germany, and our telephone number is +49 (7071) 5397-0. Our executive office in the United States is located at Immatics US, Inc., 13203 Murphy Road, Stafford, Texas, 77477 and our telephone number is +1 (346) 204-5400. Our website is www.immatics.com. The reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into this Annual Report. We file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

**B. Business Overview**

We are a clinical-stage biopharmaceutical company and 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. Our mission is to make a meaningful impact on the lives of patients with cancer and high unmet medical needs by delivering novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We strive to become an industry-leading, fully integrated global biopharmaceutical company engaged in developing, manufacturing and commercializing PRAME immunotherapies for the benefit of patients with cancer, our shareholders, our employees and our partners.

PRAME is an intracellular protein presented as a peptide on the surface of tumor cells. The T-cell receptor ("TCR") therapies developed by Immatics are designed to target the PRAME peptide in order to overcome the limitations of classical antibodies and Chimeric Antigen Receptor ("CAR") T-cell therapies that cannot access intracellular targets.

Our **PRAME franchise** currently includes three TCR-based product candidates, two therapeutic modalities (cell therapy and bispecifics) and two combination therapies that target PRAME, all designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for the respective cancer patient populations:

• Anzu-cel (anzutresgene autoleucel, IMA203), a one-time infusion PRAME cell therapy, being evaluated in second or later-line ("2L") advanced cutaneous melanoma (registration-enabling Phase 3 trial "SUPRAME" ongoing) and metastatic uveal melanoma (Phase 2 trial ongoing);

• IMA203CD8, a second-generation (GEN2) one-time infusion PRAME cell therapy, intended for use in 2L metastatic solid cancers beyond melanoma (Phase 1 trial in gynecologic and other cancers ongoing);

• IMA402, an off-the-shelf PRAME bispecific as a monotherapy and in combination with an immune checkpoint inhibitor, with the potential for use in earlier lines, including first-line metastatic solid cancers (Phase 1 trial in 2L melanoma, gynecologic and other cancers ongoing);

• Anzu-cel in combination with Moderna's PRAME cell therapy enhancer (mRNA-4203), exploring potential further efficacy enhancement of anzu-cel (Phase 1 trial ongoing); and

• IMA402 in combination with our IMA401 MAGEA4/8 bispecific in patients with squamous non-small cell lung cancer ("sqNSCLC") and potentially other indications (Phase 1 trial expected to commence in 2026).

We are also driving innovation beyond PRAME with several proprietary and partnered product candidates in multiple indications.

Our current pipeline is set forth below.

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![img170558904_0.jpg](img170558904_0.jpg)

Anzutresgene autoleucel (anzu-cel, formerly IMA203), <sup>1</sup>Phase 1a: Dose escalation, Phase 1b: Dose expansion; <sup>2</sup>2L melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior PD-1 inhibitor; <sup>3</sup> With or without checkpoint inhibitor (pembrolizumab); <sup>4</sup> 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

To maximize the tremendous opportunity of targeting PRAME, we have developed two modalities, cell therapy and bispecifics. Both modalities demonstrate distinct attributes and clinical profiles.

Immatics' TCR T-cell therapies (ACTengine) are manufactured specifically for each patient with a short, approximately two-week, manufacturing turnaround time<sup>1</sup>. These therapies are intended to offer patients the benefits of a highly potent therapy as a one-time infusion ("one-and-done"). We believe currently that our cell therapy-based treatments are likely to be best positioned initially for monotherapy settings in the second-line and later, where the medical need is highest due to a lack of alternative treatment options. They are currently deployed through specialized hospitals and medical centers with the potential for outpatient administration in the future. Our cell therapies are distinctive in their design and administration compared to other cell therapy approaches, such as tumor-infiltrating lymphocytes (TILs): our PRAME cell therapy, anzu-cel, requires standard leukapheresis as source material, has a ~2-week turnaround time, uses well-tolerated low-dose post-infusion IL-2 and demonstrates a favorable tolerability profile with potential for outpatient administration.

Our bispecifics (T-Cell Engaging Receptors, "TCERs") are next-generation, half-life extended ("HLE") T cell engagers that are designed to be available "off-the-shelf" and distributed using standard pharmaceutical supply chain channels utilized for other biologics. TCERs will require repeat dosing (typically every two weeks or potentially longer dosing intervals) and may be suitable for outpatient administration in hospitals and community centers. TCERs offer an off-the-shelf approach without personalized manufacturing, supporting potential use in earlier treatment lines, including frontline or even adjuvant settings, where they may be combined with standard of care.

The positioning and distinct attributes of both approaches, cell therapies and bispecifics, are depicted below, resulting from their early-stage clinical development. To advance into Phase 2 or Phase 3 clinical trials, our bispecifics should demonstrate at least a 20% confirmed objective response rate ("cORR") in relevant patient populations, typically 2L or later. Similarly, our cell therapy should demonstrate at least a 40% cORR in comparable patient settings. Other factors such as median progression free survival (mPFS) and median overall survival (mOS) may also be considered.

<sup>1</sup> Turnaround time is defined as the time for manufacturing and product release; i.e. time from receiving the leukapheresis at the company manufacturing site and the product being ready back for shipment to the treating clinical site. Screening procedures prior to leukapheresis, shipments and potential wait times at clinical sites for lymphodepletion and infusion are not included in the turnaround time.

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![img170558904_1.jpg](img170558904_1.jpg)

<sup>1</sup> 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

**Our Strategy**

Our mission is to make a meaningful impact on the lives of patients with cancer by delivering novel, PRAME-directed immunotherapies that provide tangible clinical benefits. Based on the positive clinical data we have generated to date as well as the high unmet medical need for patients with advanced cancers across different indications, we believe targeting PRAME with two distinct modalities presents a significant commercial opportunity with approximately 230,000 addressable patients in the U.S. and EU5<sup>2</sup>annually. We seek to execute the following strategy to further our mission, reinforce our position as the global PRAME leader and maximize value for all stakeholders:

![img170558904_2.jpg](img170558904_2.jpg)

All patient numbers refer to PRAME+/HLA-A\*02:01+ patients in the U.S. 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 PD-1 inhibitor; ICI: Immune checkpoint inhibitor; SOC: standard of care; sqNSCLC: squamous non-small-cell lung cancer

<sup>2</sup> EU5: France, Germany, Italy, Spain, United Kingdom. As our clinical programs progress, we plan to refine our commercial and regulatory strategy to realize the commercial opportunity beyond the U.S., starting with countries within the EU5.

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**Anzu-cel (IMA203) PRAME Cell Therapy: First Market Entry in Advanced Melanoma** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Anzu-cel is our lead PRAME cell therapy product candidate and, subject to regulatory approval, is expected to be the Company's first PRAME therapy to enter the market in advanced melanoma in 2027, initially in the United States ("U.S."). As our development progresses, we plan to refine our commercial and regulatory strategy to realize the commercial opportunity beyond the U.S., starting with countries within the EU5. The current addressable patient population for anzu-cel's first target indications, second-line or later ("2L") cutaneous melanoma, as well as metastatic uveal melanoma, includes ~9,000 patients in the United States and EU5<sup>3</sup>, thereof ~4,300 patients in the U.S. alone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our fully integrated manufacturing capabilities support late-stage clinical anzu-cel development and we are actively scaling our capabilities to serve planned initial commercial supply. We believe our proprietary in-house manufacturing and good manufacturing practices ("GMP") facility as well as in-house QC testing enable us to better control the manufacturing process, shorten the turnaround time, ensure a high manufacturing success rate and quality of product, and to realize potential cost efficiencies, including manufacturing capacity optimization through scalability to deliver a competitive and profitable commercial cell therapy product.

**IMA203CD8 PRAME Cell Therapy (GEN2): Expansion to all Advanced PRAME Cancers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IMA203CD8 is our second-generation PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers beyond melanoma. Given its enhanced pharmacology profile, incorporating CD8 *and* CD4 T cells, IMA203CD8 is designed to be effective in various solid cancers with a broad spectrum of PRAME expression levels, such as ovarian cancer, triple-negative breast cancer and non-small cell lung cancer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Once the target dose is reached, we intend to pursue the clinical development of this product candidate with a tumor-agnostic approach in 2L PRAME solid cancers, initially focusing on gynecologic cancers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IMA203CD8 benefits from the same manufacturing and scaling capabilities as anzu-cel and may provide the opportunity, in the future, to be administered without the need for post-infusion low-dose IL-2.

**IMA402 PRAME bispecific: Expansion to Earlier-Line PRAME Cancers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are developing our off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, with an initial focus on cutaneous melanoma and gynecologic cancers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Response rates observed in later-line patients (such as in the initial Phase 1a dose-escalation trial, see below) may support future monotherapy or combination use in later-lines. Additionally, they may also offer the potential to expand the PRAME opportunity to earlier-line PRAME cancers, including in combination use with standard of care treatment in first-line or (neo)adjuvant metastatic setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition, we are also exploring the potential combination of IMA402 with our IMA401 MAGEA4/8 bispecific in sqNSCLC, and potentially other solid tumor indications to boost anti-tumor activity, counteract potential tumor escape mechanisms and broaden treatment coverage.

**Unlocking the Full Potential of Strategic Collaborations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have entered into strategic collaborations with key industry partners to maintain and expand our global PRAME leadership position and continuously evaluate potential additional value-creating opportunities. These opportunities enable us to develop transformative therapeutics through the combination of synergistic capabilities and technologies, while providing non-dilutive capital through upfront and potential milestone payments, as well as royalties.

<sup>3</sup> EU5: France, Germany, Italy, Spain, United Kingdom. As our anzu-cel (IMA203) development progresses, we plan to refine our commercial and regulatory strategy to realize the commercial opportunity beyond the U.S., starting with countries within the EU5.

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**Near-Term Portfolio Milestones**

In support of our strategic objectives, we are working towards the following expected near-term milestones<sup>4</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**anzu-cel (IMA203) PRAME cell therapy in melanoma:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Next data update from the Phase 1/2 trial with ongoing follow-up of patients with cutaneous and uveal melanoma: 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"SUPRAME" phase 3 trial interim and final data analyses triggered<sup>5</sup>: 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Biologics License Application ("BLA") submission: 1H 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market launch in the U.S. (assuming BLA approval): 2H 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**IMA203CD8 PRAME cell therapy (GEN2):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Data update from ongoing Phase 1a trial, with a focus on ovarian cancer at relevant doses at a major medical conference: 1H 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completion of dose escalation and determination of RP2D: 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**IMA402 PRAME bispecific**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•RP2D determination and clinical Phase 1 data update with focus on melanoma and gynecologic cancers treated with IMA402 monotherapy and combination with immune checkpoint inhibitor: 2H 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiation of IMA402/IMA401 combination in sqNSCLC: 2026

**About our PRAME Franchise**

We believe PRAME is one of the most promising and prevalent clinically validated solid tumor targets known to date. It is an intracellular protein presented as a peptide on the surface of tumor cells by Human Leukocyte Antigen ("HLA") molecules. The PRAME peptide can be targeted by TCRs, thus overcoming limitations of classical antibodies and CAR T-cell therapies not able to access intracellular targets. PRAME has multiple functions in tumor biology, such as enhancing tumor cell survival, tumor proliferation and resistance to apoptosis. PRAME expression has also been associated with poor prognosis, including shorter survival.

The selected PRAME peptide targeted by our TCR-based product candidates is present at a high copy number per tumor cell (also known as peptide target density) and is homogeneously and specifically expressed in tumor tissue. The peptide has been identified and characterized by our proprietary mass spectrometry-based target discovery platform, XPRESIDENT. Through our proprietary TCR discovery and engineering platform XCEPTOR, we have engineered a highly specific TCR against this target for its use in cell therapy (with micromolar TCR affinity) or in the TCER format (with nanomolar TCR affinity).

<sup>4</sup> Anticipated milestones in this Annual Report are subject to further future adjustment based on, among other factors, the enrollment and retention of patients in clinical trials, results of clinical trials, timing of regulatory submissions, feedback from applicable regulatory authorities, and changes in regulatory requirements and regulatory agency resources and priorities.

<sup>5</sup> Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death)

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PRAME is expressed in more than 50 solid cancers, including cutaneous melanoma, uveal melanoma, uterine cancers, ovarian cancer, sqNSCLC and others. PRAME prevalence in different solid tumor types is set forth below.

![img170558904_3.gif](img170558904_3.gif)

<sup>1</sup>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

**Anzu-cel (IMA203) and IMA203CD8 Cell Therapies Targeting PRAME** 

Our PRAME cell therapy programs are based on genetically engineering a patient's own, autologous T cells with a novel TCR designed to specifically recognize and bind to the PRAME target peptide-HLA complex on tumor cells. Subsequent activation of the T cell induces release of cytotoxic granules that are intended to ultimately lead to tumor killing. The mechanism of action for anzu-cel is set forth below.

![img170558904_4.gif](img170558904_4.gif)

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**Anzu-cel (IMA203) PRAME Cell Therapy**

***Key highlights of anzu-cel (IMA203) PRAME cell therapy in advanced melanoma:*** <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Commercial Opportunity**

o∼9k<sup>7</sup> addressable patients in U.S./EU5 in 2L advanced cutaneous melanoma and metastatic uveal melanoma

oThereof ∼4.3k addressable patients in U.S. alone

oMarket launch in the U.S. (assuming BLA approval): 2H 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Clinical development and regulatory status**

oPhase 1a dose escalation trial in solid cancers completed (N=27), RP2D determined

oPhase 1b dose expansion trial in advanced melanoma ongoing, with focus on uveal melanoma

oSUPRAME Phase 3 randomized trial (anzu-cel vs. investigator choice) in 2L cutaneous melanoma<sup>8</sup> ongoing

oPhase 2 single-arm cohort in metastatic uveal melanoma ongoing

oRMAT designation<sup>9</sup> received from the U.S. Food and Drug Administration ("FDA") in multiple PRAME expressing cancers, including cutaneous and uveal melanoma

oOrphan Drug Designation received from the FDA for cutaneous and uveal melanoma

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Favorable tolerability:** 

oThe most frequent TEAEs were anticipated and manageable cytopenias associated with lymphodepletion

oMostly mild to moderate cytokine release syndrome ("CRS"), consistent with mechanism of action

oInfrequent occurrence of immune effector cell associated neurotoxicity syndrome ("ICANS")

oPotential for outpatient administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Objective Response Rate**

oCompelling confirmed objective response rate ("cORR") in Phase 1b clinical trial: 56% (18/32)

o42% (14/33) of patients had deep responses (≥50% tumor size reduction)

oEncouraging activity in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Durable Responses**

o12.1 months median duration of response ("mDOR") and ongoing responses for up to 2.5+ years

oMedian progression-free survival ("mPFS") of 6.1 months

omPFS 12.9 months in patients with deep responses

oMedian overall survival ("mOS"): 15.9 months

<sup>6</sup> 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

<sup>7</sup> PRAME+/HLA-A\*02:01+addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; EU5: France, Germany, Italy, Spain, United Kingdom

<sup>8</sup> 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior immune checkpoint inhibitor

<sup>9</sup> Includes all benefits of Breakthrough Therapy Designation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Rapid Proprietary Manufacturing**

oFast turnaround time: 7-8 days plus 7 days quality control ("QC") release testing

o~95% manufacturing success rate to reach target dose<sup>10</sup>

oOptimized process to achieve desirable cellular functionality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expected Near-Term Milestones**

oNext data update from the Phase 1/2 trial with ongoing follow-up of patients with cutaneous and uveal melanoma: 2026

o"SUPRAME" phase 3 trial interim and final data analyses triggered<sup>11</sup>: 2026

oBiologics License Application ("BLA") submission: 1H 2027

oMarket launch in the U.S. (assuming BLA approval): 2H 2027

***Commercial opportunity for anzu-cel (IMA203) PRAME cell therapy*** 

Anzu-cel (IMA203) monotherapy alone has a commercial opportunity of reaching ~9k addressable PRAME+/HLA-A\*02:01+ patients in the U.S. & EU5 per year as follows<sup>7</sup>:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;US | &nbsp;&nbsp;EU |
| &nbsp;&nbsp;2L unresectable or metastatic cutaneous melanoma | &nbsp;&nbsp;~3.7k | &nbsp;&nbsp;~3.6k |
| &nbsp;&nbsp;Metastatic uveal melanoma | &nbsp;&nbsp;~0.6k | &nbsp;&nbsp;~0.7k |

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***Patient journey for anzu-cel (IMA203) PRAME cell therapy***

Patients enter a multi-step process which consists of three phases shown below.

![img170558904_5.jpg](img170558904_5.jpg)

<sup>1</sup>Gragert *et al.* 2013 and census numbers; HLA-A\*02:01 prevalence in Immatics' clinical trials: U.S. 65% and Germany 55% as of March 2025; <sup>2</sup>30 mg/m<sup>2</sup>Fludarabine and 500 mg/m<sup>2</sup> Cyclophosphamide for 4 days; <sup>3</sup>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)

<sup>7</sup> PRAME+/HLA-A\*02:01+addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; EU5: France, Germany, Italy, Spain, United Kingdom

<sup>10</sup> Manufacturing success rate for Phase 1

<sup>11</sup> Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death)

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Unique features of anzu-cel (IMA203) treatment:

&nbsp;&nbsp;&nbsp;&nbsp;•Inclusion by HLA testing only – no PRAME testing required

&nbsp;&nbsp;&nbsp;&nbsp;•Standard leukapheresis for product manufacturing – no need for tumor biopsy or surgery

&nbsp;&nbsp;&nbsp;&nbsp;•Our proprietary manufacturing process is designed to expand and engineer PRAME-specific TCR T cells with a turnaround time of ~2 weeks (7-8 days, followed by 7-days of QC release testing) at 95% manufacturing success rate<sup>12</sup>, enabling rapid, reliable patient delivery while supporting cost efficiency and operational scalability

&nbsp;&nbsp;&nbsp;&nbsp;•Anzu-cel (IMA203) infusion is followed by low-dose interleukin-2 ("IL-2") to enhance T-cell activation and expansion – no high-dose IL-2 required<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;•Favorable tolerability profile with potential for outpatient administration

***Phase 1 clinical data for anzu-cel (IMA203) PRAME cell therapy***

On May 31, 2025, we provided expanded data from the ongoing Phase 1b clinical trial evaluating anzu-cel (IMA203) PRAME cell therapy in heavily pretreated patients with advanced melanoma.

The data cutoff was April 7, 2025. As of the data cutoff, 33 heavily pretreated patients with advanced melanoma were administered a one-time infusion of anzu-cel (IMA203)at the recommended Phase 2 dose (RP2D; 1-10x10<sup>9</sup> total TCR T cells) in the Phase 1b dose expansion. This treated patient population consisted of patients with cutaneous melanoma (n=14), uveal melanoma (n=16), mucosal melanoma (n=2) and melanoma of unknown primary (n=1). These patients had a median of 2 lines of prior systemic treatment, with a median of 1 line of prior treatment with immune checkpoint inhibitors. The subgroup of patients with cutaneous melanoma had a median of 2.5 lines of prior systemic treatment, with a median of 2 lines of prior treatment with immune checkpoint inhibitors.

*Safety Data*. The safety population included 74 patients from the Phase 1a dose escalation and Phase 1b dose expansion across all dose levels and all tumor types. As shown in the table below, the most frequent treatment-emergent adverse events ("TEAEs") were anticipated cytopenias (Grade 1-4) associated with lymphodepletion as well as mostly mild to moderate CRS (Grade 1: 37% of patients, Grade 2: 47% of patients, Grade 3: 11% of patients, Grade 4: no patients). Some patients infrequently experienced ICANS, which was manageable and mostly mild (Grade 1: 5% of patients, Grade 2: 4% of patients, Grade 3: 4% of patients, Grade 4: no patients). No Grade 5 anzu-cel (IMA203)-related adverse events were observed in the safety population. The tolerability profile in the melanoma subset was generally consistent with the full anzu-cel (IMA203)tolerability profile.

<sup>12</sup> Manufacturing success rate for Phase 1

<sup>13</sup> Low-dose IL-2: 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)

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*TEAEs occurring in ≥20% of patients*

![img170558904_6.jpg](img170558904_6.jpg)

Patients are counted only once per adverse event and severity classification. <sup>1</sup>Two patients with disease progression after first anzu-cel (IMA203) infusion received exploratory second anzu-cel (IMA203) infusion. They had these Grade ≥ 3 TEAEs only after second infusion, which are included in the table: First patient: CRS, diarrhea; Second patient: neutropenia, thrombocytopenia

*Anti-tumor Activity*. The table and graphic below set forth the observed anti-tumor activity of anzu-cel (IMA203) in the melanoma efficacy population in the Phase 1b clinical trial.

---

| | | | |
|:---|:---|:---|:---|
|  | All melanoma<sup>(12)</sup><br>(n=33) | Cutaneous melanoma<br>(n=14) | Uveal melanoma<sup>(2)</sup><br>(n=16) |
| Confirmed Objective Response Rate  | 56% (18/32) | 50% (7/14) | 67% (10/15) |
| Objective Response Rate  | 64% (21/33) | 57% (8/14) | 69% (11/16) |
| Disease Control Rate (week 6)  | 91% (30/33) | 93% (13/14) | 88% (14/16) |

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<sup>1</sup>Melanoma efficacy population includes n=3 patients with other melanoma subtypes (n=2 mucosal melanoma, n=1 melanoma of unknown primary).

<sup>2</sup>cORR excludes 1 uveal melanoma patient with ongoing unconfirmed PR.

*Best Overall Response in Melanoma Efficacy Population*

![img170558904_7.gif](img170558904_7.gif)

\*Maximum change of target lesions and RECIST1.1 response at different timepoints. <sup>1</sup> Patient out of study due to PD (external assessment). <sup>2</sup> Patient out of study at data-cut (withdrew consent); BL: baseline; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease.

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*Durability of Response*. The table and graphic below set forth the duration of response in the melanoma efficacy population in the Phase 1b clinical trial.

---

| | | | |
|:---|:---|:---|:---|
|  | All melanoma (n=33) | Cutaneous melanoma (n=14) | Uveal melanoma (n=16) |
| Median duration of response (range)<br>(in months)  | 12.1 (1.8+, 32.6+) | Not reached (4.2, 32.6+) | 11.0 (1.8+, 31.6) |
| Median follow up (in months)  | 13.4 | 16.7 | 13.4 |

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*Duration of Response*

![img170558904_8.gif](img170558904_8.gif)

<sup>1</sup>Patient out of study due to PD (external assessment); <sup>2</sup> Patient out of study at data-cut (withdrew consent); SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response

*Survival Outcomes*. The tables below set forth the median progression free survival and median overall survival in the melanoma efficacy population in the Phase 1b clinical trial. In addition, the progression free survival rate was 53% at six months and 27% at 12 months. The overall survival rate was 61% at 12 months.

---

| | | | |
|:---|:---|:---|:---|
|  | All melanoma (n=33) | Cutaneous melanoma (n=14) | Uveal melanoma (n=16) |
| Median progression free survival (range) (in months)  | 6.1 (1.4, 34.0+) | 6.0 (1.4, 34.0+) | 8.5 (1.4, 32.9) |
| Median follow up (in months)  | 14.4 | 14.4 | 8.7 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | All melanoma (n=33) | Cutaneous melanoma (n=14) | Uveal melanoma (n=16) |
| Median overall survival (range)<br>(in months)  | 15.9 (2.4, 34.2+) | 13.9 (2.4, 34.0+) | 16.2 (3.2+, 34.2+) |
| Median follow up (in months)  | 14.4 | 14.4 | 14.5 |

---

For patients with less than 50% tumor size reduction (including tumor size increase), the median progression free survival was 5.8 months at a median follow up of 8.7 months (n=19). For patients with 50% or more tumor size reduction (n=14), the median progression free survival was 12.9 months at a median follow up of 19.5 months.

*Translational Data*. Translational analyses demonstrated that treatment with anzu-cel (IMA203) resulted in the shrinkage of metastatic target lesions throughout the body. This included reductions in difficult-to-treat metastases, such as liver, lung, lymph node,

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abdomen/peritoneum, skin and others. Some individual lesions had a complete resolution (-100%). All patients who had a best overall response of progressive disease according to RECIST 1.1 (n=3) experienced shrinkage of individual lesions.

Updated data (cutoff Sep 24, 2025) for the Phase 1b uveal melanoma subset were presented on October 20, 2025. In the 16 patients with metastatic uveal melanoma, anzu-cel demonstrated a favorable tolerability and continued anti-tumor activity and durability: cORR of 67%, mDOR of 11.0 months, mPFS of 8.5 months and mOS not reached at 14.3 months mFU.

***Development path for anzu-cel (IMA203) in advanced melanoma*** 

SUPRAME, our global, randomized, controlled, multi-center Phase 3 clinical trial is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel (IMA203) PRAME cell therapy as monotherapy vs. investigator's choice in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a PD-1 inhibitor. It is designed to be an adequate and well-controlled clinical trial intended to generate robust data to support regulatory approval of anzu-cel as Immatics advances this PRAME cell therapy.

Primary endpoint for seeking full approval is blinded independent central review ("BICR")-assessed (RECIST v1.1) PFS. Secondary endpoints include OS, ORR, safety and patient-reported outcomes measuring quality of life.

SUPRAME timelines remain unchanged. 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). Interim and final analyses remain expected to be triggered in 2026 as planned, given current strong enrollment rate. As communicated previously and in line with general FDA guidance, data from the interim analysis is not intended to be published to protect the integrity of the clinical trial as long as enrollment remains ongoing. The Company continues to expect BLA submission in the first half of 2027 and commercial launch of anzu-cel in the second half of 2027.

Patient recruitment is currently ongoing in North America and Europe. The SUPRAME trial is planned to be conducted in more than 65 sites.

In addition to cutaneous melanoma, we intend to expand the commercial opportunity of anzu-cel (IM203) to uveal melanoma. Based on the promising Phase 1b clinical data in patients with metastatic uveal melanoma, we have initiated a Phase 2 cohort to treat approximately 30 additional metastatic uveal melanoma patients. The cohort is being conducted at select centers in the U.S. and Germany with expertise in uveal melanoma.

Anzu-cel received Orphan Drug Designation from the FDA for the treatment of cutaneous and uveal melanoma in January 2026 and November 2025, respectively. We believe the favorable tolerability, anti-tumor activity and pharmacokinetic profile of anzu-cel (IMA203) observed across both cutaneous and uveal melanoma support pursuing a parallel late-stage development strategy to serve both patient populations. Data from the ongoing single-arm Phase 1b as well as Phase 2 trial in metastatic uveal melanoma are intended to support potential label expansion for anzu-cel.

Data on anzu-cel (IMA203) in advanced melanoma further substantiates the potential of anzu-cel to be our first PRAME product to enter the market.

The next data update from the Phase 1/2 trial with ongoing follow-up of patients with cutaneous and uveal melanoma is planned for 2026.

As our anzu-cel (IMA203) development progresses, we plan to refine our commercial and regulatory strategy to realize the commercial opportunity beyond the U.S., starting with countries within the EU5.

Our proprietary manufacturing process, timeline, capabilities, and facility support anzu-cel (IMA203) late-stage clinical development and planned initial commercial supply. Anzu-cel (IMA203) products are manufactured from a patient's leukapheresis (with no surgery required) within 7-8 days, followed by 7-day QC release testing with a demonstrated ~95% success rate<sup>14</sup>to achieve the target dose (1-10x10<sup>9</sup> TCR T cells). Our state-of-the-art ~100,000 sq. ft. R&D and GMP manufacturing facility in Stafford, TX (in the Houston Metropolitan Area) was built with a modular design for efficient and cost-effective scalability (total of 8 manufacturing suites, plus further expansion space) to serve early-stage and registration-directed clinical trials as well as planned initial commercial supply. We believe our in-house manufacturing and in-house QC testing enable us to better control the manufacturing process, shorten the turnaround time, ensure high manufacturing success rate and quality of the product, and to realize potential cost efficiencies, including manufacturing capacity optimization through scalability to deliver a competitive and profitable commercial cell therapy product. The R&D and GMP manufacturing facility commenced GMP manufacturing of cell therapy products in 2025.

<sup>14</sup> Manufacturing success rate for Phase 1

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In parallel to our proprietary development, we are collaborating with Moderna to evaluate the combination of anzu-cel (IMA203) with Moderna's PRAME cell therapy enhancer, mRNA-4203, in an ongoing Phase 1 trial. The combination of anzu-cel and mRNA-4203 has the potential to further enhance anti-tumor activity, strengthen clinical outcomes and broaden the addressable patient population. The first-in-human, Phase 1a/1b trial is a multi-center, open-label, single-arm trial evaluating the safety, tolerability and anti-tumor activity of the combination therapy in an estimated 15 patients with previously treated unresectable or metastatic cutaneous melanoma or synovial sarcoma. Immatics is responsible for conducting the Phase 1 trial. Each party retains full ownership of its investigational PRAME compound, and the parties fund the clinical study on a cost sharing basis.

**IMA203CD8 PRAME Cell Therapy (GEN2)**

IMA203CD8 PRAME cell therapy is our second-generation ("GEN2") cell therapy product candidate where IMA203 engineered T cells are co-transduced with a CD8αβ co-receptor. Co-transduction of CD8αβ alongside the PRAME TCR adds functional CD4+ T cells designed to enhance clinical activity. Based on its enhanced pharmacology, IMA203CD8 provides the potential to expand to a tumor-agnostic label in 2L<sup>15</sup> PRAME cancers across a broad spectrum of PRAME expression level. Ovarian carcinoma is chosen as initial proof-of-concept.

![img170558904_9.gif](img170558904_9.gif)

***Key highlights***<sup>16</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Manageable Tolerability:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Manageable tolerability at increasing dose levels with most frequent ≥Grade 3 adverse events ("AEs") being anticipated cytopenias associated with lymphodepletion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expected and manageable CRS, mostly Grade 1-2, consistent with mechanism of action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Infrequent occurrence of ICANS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Encouraging Initial Clinical Activity including Deep & Durable Responses:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Encouraging early clinical anti-tumor activity with 36% cORR (23/64) and 46% ORR (32/69) across multiple advanced solid tumors after one-time infusion of IMA203CD8 in ongoing Phase 1a dose escalation even at a low median dose of 1.6 billion total TCR T cells (primarily DL3-5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deep and durable objective responses were observed for up to 3+ years during dose escalation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•3 complete responses and 2 confirmed partial responses ("cPRs") with -100% reduction of target lesions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•66% (21/32) of responders showing deep responses with tumor reduction of ≥ 50%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•7 responses ongoing for ≥ 1 year post infusion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Promising initial dose-dependent signal in 5 patients with ovarian carcinoma treated at ≥DL5: 2 cPRs, incl. 1 ongoing metabolic complete response, 1 unconfirmed PR

<sup>15</sup> 2L: patients with unresectable or metastatic solid tumors who have received at least 1 prior therapy.

<sup>16</sup> IMA203CD8 Phase 1 trial, data cut-off Oct 27, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Development Opportunity:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IMA203CD8 to be positioned in tumor-agnostic setting of advanced PRAME cancers beyond melanoma, starting with gynecologic cancers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Phase 1 trial could support the positioning of IMA203CD8 without the requirement of post-infusion low-dose IL-2 in the future

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expected Near-Term Milestones:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Data update from ongoing Phase 1a trial, with a focus on ovarian cancer at relevant doses, planned for presentation at a major medical conference in 1H 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completion of dose escalation and determination of RP2D: 2026

***Commercial opportunity for IMA203CD8 PRAME cell therapy (GEN2)***

IMA203CD8 monotherapy has a commercial opportunity of reaching >75k addressable PRAME+/HLA-A\*02:01+ patients in 2L in the U.S. & EU5 per year as follows:

---

| |
|:---|
| &nbsp;&nbsp;Ovarian<br> &nbsp;&nbsp;2k |
| &nbsp;&nbsp;Uterine<br> &nbsp;&nbsp;4k |
| &nbsp;&nbsp;sqNSCLC<br> &nbsp;&nbsp;7k<br> &nbsp;&nbsp;10k |
| &nbsp;&nbsp;HNSCC<br> &nbsp;&nbsp;2k |
| &nbsp;&nbsp;Breast<br> &nbsp;&nbsp;5k<br> &nbsp;&nbsp;8k |
| &nbsp;&nbsp;Others<br> &nbsp;&nbsp;16k<br> &nbsp;&nbsp;18k |

---

All patient numbers refer to PRAME<sup>+</sup>/HLA-A\*02:01<sup>+</sup>patients in the U.S. and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous cell non-small-cell lung cancer, HNSCC: head and neck squamous cell carcinoma

***Phase 1 clinical data for IMA203CD8 PRAME cell therapy (GEN2)***

On December 11, 2025, we provided updated dose escalation data from our Phase 1a clinical trial evaluating our 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>17</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>18</sup> patient population included 69 patients: 42 with melanoma, 11 with ovarian carcinoma, 11 with synovial sarcoma and 5 with other tumor types<sup>19</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 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 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>20</sup>.

<sup>17</sup> All patients who started lymphodepletion.

<sup>18</sup> All patients who received IMA203CD8 infusion and had at least one post-baseline scan or progressive disease.

<sup>19</sup> Includes uterine cancer, lung adenocarcinoma, NSCLC and TNBC.

<sup>20</sup> Possibly-related Grade 5 event as previously reported on March 21, 2024 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.

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*TEAEs occuring in ≥20% of patients*

![img170558904_10.jpg](img170558904_10.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;&nbsp;&nbsp;&nbsp;&nbsp;•cORR: 36% (23/64)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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*Tumor reduction and Best Overall Response (BOR) in various PRAME-expressing indications*

![img170558904_11.gif](img170558904_11.gif)

<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; <sup>\*</sup>best change and RECIST BOR at different timepoints; <sup>#</sup>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 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 our PRAME franchise, our lead PRAME cell therapy, anzu-cel (IMA203), 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 (IMA203) 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*. We aim 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. We believe the early proof-of-concept data in ovarian carcinoma support this strategy.

A data update from the ongoing Phase 1a trial, with a focus on ovarian cancer at relevant doses, is planned for presentation at a major medical conference in 1H 2026. We expect to complete the Phase 1a dose escalation and determine RP2D in 2026.

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**Off-the-Shelf bispecifics (TCERs)** 

Our half-life extended bispecific molecules (T-Cell Engaging Receptors, "TCERs") are next-generation, antibody-like "off-the-shelf" biologics that leverage the body's immune system by redirecting and activating T cells towards cancer cells expressing a specific tumor target. The design of the TCER molecules enables the activation of any T cell in the body to attack the tumor, regardless of the T cells' intrinsic specificity. The figure below sets forth the TCER format design and its mechanism of action.

![img170558904_12.jpg](img170558904_12.jpg)

<sup>2</sup> median half-life IMA402: ~7 days, IMA401: >14 days; pHLA: peptide-human leukocyte antigen; q2w: every 2 weeks; TCR: T-cell receptor.

These proprietary biologics are engineered with two binding regions: a TCR domain and a T cell recruiter domain. The TCER format is designed to maximize efficacy while minimizing toxicities in patients. It contains a high-affinity TCR domain that is designed to bind specifically to the cancer target peptide on the cell surface presented by an HLA molecule. The antibody-derived, low-affinity T cell recruiter domain is directed against the TCR/CD3 complex and recruits a patient's T cells to the tumor to attack the cancer cells. With a low-affinity recruiter aiming to optimize biodistribution and enrichment of the molecule at the tumor site instead of the periphery, TCER molecules are engineered to reduce the occurrence of immune-related adverse events, such as cytokine release syndrome. In addition, the TCER format includes an Fc-part developed to confer half-life extension, stability and manufacturability. The next-generation, half-life extended TCER format is designed to safely apply high drug doses for activity in a broad range of tumors and to achieve a favorable dosing regimen. TCERs are "off-the-shelf" biologics and thus immediately available for patient treatment. They can be distributed through standard pharmaceutical supply chains and provide the opportunity to reach a large patient population without the need for treatment at specialized medical centers.

***TCER Format***

Improving drug safety, efficacy and dosing schedule are key considerations in the field of bispecific T cell engaging molecules, which we seek to address with our half-life extended next-generation TCR bispecific molecule. In preclinical experiments, we demonstrated that the TCER format had a higher combination of potency and specificity than six alternative TCR bispecific format designs that were evaluated. The format was also successfully applied to different TCRs and different T cell recruiting antibodies ("plug-and-play platform").

The T cell recruiter domain used for all our TCER molecules is a proprietary low-affinity T cell recruiter against the TCR/CD3 complex that demonstrated superior in vivo tumor control compared to three analogous TCER molecules designed with higher-affinity variants of a widely used antibody recruiter as shown below.

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![img170558904_13.gif](img170558904_13.gif)

<sup>1</sup>Hs695T xenograft model in NOG mice, tumor volume of group means shown

**IMA402 PRAME bispecific** 

IMA402 is directed against the same peptide derived from PRAME as targeted by anzu-cel (IMA203) and IMA203CD8 PRAME cell therapies.

***Key highlights***<sup>21</sup>***:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Tolerability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Favorable tolerability profile

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most common treatment-related AEs are low-grade CRS and expected & transient lymphopenia

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Activity & Duration of Response**<sup>22</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Promising clinical activity and deep and durable responses observed at RP2D range during dose escalation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•30% (6/20) cORR across all indications, incl. melanoma & ovarian carcinoma at RP2D range

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Promising early PFS/iPFS, OS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Pharmacokinetics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Median half-life of ~7 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential for bi-weekly dosing or longer dosing intervals offering a more convenient dosing schedule, including in combination treatment settings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Development Potential** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Clinical activity and tolerability offers potential for combination with immune checkpoint inhibitors ("ICIs") or standard of care ("SOC")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Possible positioning in earlier lines incl. frontline or (neo)adjuvant setting (in combination with ICI/SOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initial focus on cut. melanoma and gynecologic cancers as well as sqNSCLC (through exploration of IMA402 + IMA401 combo)

<sup>21</sup> IMA402 Phase 1/2 trial, data cut-off Sep 26, 2025

<sup>22</sup> at doses 10-30 mg

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expected Near-Term Milestones**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•RP2D determination and Phase 1 clinical data update with focus on melanoma and gynecologic cancers treated with IMA402 monotherapy and combination with immune checkpoint inhibitor planned for 2H 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiation of IMA402/IMA401 combo in sqNSCLC: 2026

***Commercial Opportunity for IMA402***

IMA402 has a potential commercial opportunity of reaching > 145k addressable PRAME+/HLA-A\*02:01+ patients in 1L in the U.S. & EU5 per year as follows:

---

| |
|:---|
| &nbsp;&nbsp;Cut. Melanoma<br> &nbsp;&nbsp;6k |
| &nbsp;&nbsp;Ovarian<br> &nbsp;&nbsp;7k<br> &nbsp;&nbsp;9k |
| &nbsp;&nbsp;Uterine<br> &nbsp;&nbsp;6k |
| &nbsp;&nbsp;sqNSCLC<br> &nbsp;&nbsp;16k<br> &nbsp;&nbsp;23k |
| &nbsp;&nbsp;Breast<br> &nbsp;&nbsp;7k<br> &nbsp;&nbsp;10k |
| &nbsp;&nbsp;Others<br> &nbsp;&nbsp;25k<br> &nbsp;&nbsp;32k |

---

All patient numbers refer to PRAME<sup>+</sup>/HLA-A\*02:01<sup>+</sup>patients in the U.S. 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 Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous cell non-small-cell lung cancer

***Phase 1 clinical data for IMA402 PRAME bispecific*** 

On November 12, 2025, we provided updated data on the Phase 1a dose escalation of the IMA402 PRAME bispecific, as well as next steps for clinical development.

As of the data cutoff on September 26, 2025, 80 heavily pre-treated patients (median of three prior systemic treatments) with recurrent and/or refractory solid tumors<sup>23</sup>were treated with escalating dose levels of IMA402 monotherapy ranging from 0.02 mg to 30 mg. The safety population includes all 80 patients treated with IMA402. 29 patients received doses in the recommended Phase 2 dose (RP2D range) (10 to 30 mg) and, thereof, 20 patients were efficacy-evaluable<sup>24</sup>including 14 patients with melanoma (12 cutaneous, 1 uveal, 1 unknown primary), 3 patients with ovarian carcinoma and 3 patients with other solid cancers<sup>25</sup>.

IMA402 showed favorable tolerability across a wide dose range in the 80 patients treated. The most frequent treatment-related AEs were expected and transient lymphopenia, consistent with the mechanism of action, and low-grade CRS: Grade 1: 33%, Grade 2: 5%, Grade 3: 0%, Grade 4: 1%. No ICANS or IMA402-related Grade 5 events occurred. Tolerability across all doses was consistent with tolerability at the RP2D range.

Phase 1a dose escalation in the monotherapy setting has been completed. The maximum tolerated dose (MTD) has not been reached. The provisional RP2D range has been identified at 10 to 30 mg. The Phase 1b dose expansion is ongoing at distinct doses within the RP2D range, and the evaluation of IMA402 in combination with an immune checkpoint inhibitor has been initiated.

<sup>23</sup> Cutaneous melanoma, uveal melanoma, synovial sarcoma, endometrial carcinoma, ovarian carcinoma, squamous non-small cell lung cancer.

<sup>24</sup> Efficacy-evaluable patients: All patients treated as of June 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 tested/not evaluable for PRAME and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.03 mg/0.3 mg/6 mg, and 1 target dose).

<sup>25</sup> N=2 endometrioid carcinoma, n=1 synovial sarcoma

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*Anti-tumor Activity and Durability.* IMA402 showed a clear dose-response relationship across three different dose groups.

![img170558904_14.jpg](img170558904_14.jpg)

<sup>1</sup>Melanoma includes cutaneous melanoma, melanoma of unknown primary, uveal melanoma; <sup>2</sup>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; PD: progressive disease; PR: partial response; SD: stable disease; RECIST: response evaluation criteria in solid tumors; RP2D: recommended phase 2 dose

Several patients dosed with IMA402 at the RP2D range were observed to have deep and durable responses. All 6 confirmed objective responses were ongoing as of data cutoff, including two complete metabolic responses in cutaneous and uveal melanoma, ongoing at 8 and 18 months, respectively, as well as one confirmed partial response in ovarian carcinoma with -100% reduction in target lesions. All responders with ovarian carcinoma were platinum-resistant, and all responders with melanoma were immune checkpoint inhibitor-resistant.

*Duration of responses over time*

![img170558904_15.gif](img170558904_15.gif)

BL: baseline; cPR: confirmed partial response; PD: progressive disease; PR: partial response; SD: stable disease

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*Deep and durable responses at RP2D range (RECIST 1.1)* 

---

| | | | |
|:---|:---|:---|:---|
|  | All indications | Melanoma | Ovarian carcinoma |
| Confirmed Objective Response Rate | 30% (6/20) | 29% (4/14) | 2/3 |
| Median duration of response(in months)<br>Median follow up (in months) | Not reached<br>4.2 | Not reached<br>7.3 | Not reached<br>2.2 |
| Tumor shrinkage | 55% (11/20) | 57% (8/14) | 2/3 |
| Disease Control Rate (week 6)  | 65% (13/20) | 71% (10/14) | 2/3 |

---

For patients across all indications treated within the RP2D range early, promising PFS and OS were observed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Median PFS was 4.8 months at a mFU of 6.8 months; 6-month PFS rate was 45%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Median iPFS<sup>26</sup>was not reached at a mFU of 6.3 months; 6-month iPFS rate was 58%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Median OS was not reached at a mFU of 5.4 months; 1-year OS rate was 94%

*Clinical Development Opportunities*. Based on the promising Phase 1a dose escalation data, we are advancing our IMA402 PRAME bispecific into Phase 1b dose expansion at distinct doses. We expect to determine the final RP2D and present a clinical data update from a larger patient population with a focus on melanoma and gynecologic cancers treated with IMA402 monotherapy or combination with an immune checkpoint inhibitor in the second half of 2026. Based thereon, we may seek to convert existing Phase 1b cohorts into Phase 2 trials, which may have the potential to become registration-enabling. As part of our strategy to maximize the IMA402 opportunity, we are also exploring the option to initiate additional Phase 1b cohorts in 2026 to determine the monotherapy and combination potential of IMA402 with immune checkpoint inhibitors and standard of care in late as well as earlier treatment lines. As an additional opportunity, we are exploring the potential combination of IMA402 with IMA401 MAGEA4/8 in sqNSCLC and potentially other solid tumor indications.

Based on the clinical proof-of-concept of both bispecific candidates, including the initial promising activity of IMA401 in head and neck cancer and sqNSCLC (see below), as well as preclinical proof-of-concept data, we are well positioned to assess the synergistic potential of combining two different bispecifics, IMA402 targeting PRAME and IMA401 targeting MAGEA4/8, with and without a checkpoint inhibitor. As over 90% of patients with sqNSCLC are positive for PRAME and/or MAGEA4/8, a potential IMA402 and IMA401 combination treatment could provide broad treatment coverage for this patient population. Approximately 60% of patients with sqNSCLC are positive for both targets, which we believe could boost anti-tumor activity and counteract potential tumor escape mechanisms. The current addressable patient population for metastatic sqNSCLC in the U.S. and EU5 is estimated to be 40,000 patients per year.

<sup>26</sup> iRECIST, developed by the RECIST Working Group, adapts the RECIST 1.1 definition for progression of 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.

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![img170558904_16.jpg](img170558904_16.jpg)

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; <sup>3</sup>Refers to addressable 1L advanced HLA-A\*02:01/target+ patients in the U.S. & EU5 in 2025, Source: Clarivate Disease Landscape and Forecast; HNSCC: head and neck squamous cell carcinoma; sqNSCLC: squamous non-small cell lung cancer.

**IMA401 MAGEA4/8 bispecific**

IMA401 targets an HLA-A\*02:01-presented peptide derived from both MAGEA4 and MAGEA8. The MAGEA4/8 peptide has been identified and validated by our proprietary mass spectrometry-based target discovery platform XPRESIDENT, is presented at a >5-fold higher copy number per tumor cell than a commonly targeted MAGEA4 peptide, and is highly prevalent in several solid tumor types.

***Key highlights***<sup>27</sup>***:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Tolerability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Most common treatment-related AEs were low-grade CRS, expected and transient lymphopenia and mostly transient, well-manageable and not re-occurring neutropenia

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Activity & Duration of Response**<sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•25% cORR (2/8) in head and neck cancer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•29% cORR (2/7) in melanoma

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Promising clinical activity in sqNSCLC

<sup>27</sup> IMA401 Phase 1 trial, data cut-off Sep 26, 2025

<sup>28</sup> at dose range of 1-2.5 mg

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Pharmacokinetics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Median terminal half-life of >14 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential for flexibility in dosing schedules and combination with IMA402 with or without ICI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Development Potential** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 1a dose escalation completed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Opportunity to explore potential combination of IMA401 with IMA402, with and without ICIs, in patients with sqNSCLC and other indications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•>90% of patients with sqNSCLC are targetable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential to boost anti-tumor activity in ~60% of patients with cancers positive for both targets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expected Near-Term Milestones**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiation of IMA402/IMA401 combo in sqNSCLC: 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Presentation of updated Phase 1a data at a major medical conference expected in 1H 2026

***Phase 1 clinical data for IMA401 MAGEA4/8 bispecific***

On November 12, 2025, we provided updated data on the Phase 1a dose escalation of IMA401 MAGEA4/8 bispecific, as well as next steps for clinical development in combination with IMA402.

As of the data cutoff on September 26, 2025, 55 heavily pretreated patients (median of four prior systemic treatments) with recurrent and/or refractory solid tumors<sup>29</sup>were treated with escalating dose levels of IMA401 ranging from 0.0066 mg to 2.5 mg with or without an immune checkpoint inhibitor (ICI, pembrolizumab). The safety population includes all 55 patients treated with IMA401 as monotherapy (n=46) or in combination with pembrolizumab (n=9). 44 patients were treated with doses from 1 to 2.5 mg, and thereof 38 were evaluable for efficacy<sup>30</sup>. All efficacy-evaluable patients treated with IMA401 in combination with pembrolizumab (n=4) had progressed on prior immune checkpoint inhibitor treatments.

The most frequent and relevant treatment-related AEs across all 55 patients treated with IMA401 were low-grade CRS (24% G1, 11% G2, no ≥ Grade 3), mostly at the first step dose, expected and transient lymphopenia, consistent with the mechanism of action, as well as neutropenia, which was mostly transient, not re-occurring after resolution under continued treatment<sup>31</sup> and well-manageable at the RP2D range of 1-2 mg. Notably, no ICANS was observed. The tolerability of IMA401 in combination with pembrolizumab is consistent with the tolerability of IMA401 monotherapy.

The maximum tolerated dose (MTD) has not been reached; three dose-limiting events were observed at 2.5 mg. The Phase 1a dose escalation has been completed, and the provisional RP2D range has been identified at 1-2 mg. At RP2D, the tolerability profile was favorable.

*Anti-tumor Activity and Durability.* Set forth below is the observed anti-tumor activity in three focus indications for patients treated with ≥1 mg IMA401 as a monotherapy or in combination with pembrolizumab:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Head and neck cancer: cORR of 25% (2/8), disease control rate of 63% (5/8)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Melanoma: cORR of 29% (2/7), disease control rate of 57% (4/7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Squamous non-small-cell lung cancer: 1 partial response at first scan for a heavily pre-treated, ICI-resistant patient, 1 patient with stable disease for >4 months and overall survival of approximately 16 months, 1 patient with progressive disease with shrinkage of liver target lesions

<sup>29</sup> Basket trial with >15 different tumor indications.

<sup>30</sup> Efficacy-evaluable patients: All patients treated as of June 26, 2025 (who had the opportunity for at least 3 months follow-up or who discontinued early due to disease progression or death), and received ≥4 infusions as defined per protocol (thereof 3 step doses, currently at 0.3 mg/0.6 mg/1 mg, and 1 target doses).

<sup>31</sup> One possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported on March 21, 2024, patient was treated outside RP2D range with 2.5 mg IMA401 and did not receive dexamethasone pre-medication.

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The duration of all confirmed responses was longer than 6 months post-treatment, with the longest response ongoing over 2 years in a patient with advanced cutaneous melanoma.

*Clinical Development Opportunity*. Consistent with Immatics' focus on advancing its PRAME franchise, the Company is currently exploring IMA401 solely in combination with IMA402, starting with squamous non-small cell lung cancer (sqNSCLC).

**Partnered TCER programs and TCER multiplexing strategy**

In parallel to our proprietary development programs, we are preparing a Phase 1 clinical trial in collaboration with Moderna to evaluate a novel mRNA-based TCER product candidate developed under the existing collaboration agreement and directed against an undisclosed Immatics proprietary target. Unlike IMA402 and IMA401, this TCER, in-licensed by Moderna, is not administered as protein-based biologic but is encoded in Moderna's proprietary mRNA delivery system enabling *in vivo*production of the TCER molecule by the patient's own body. Following expansion of the collaboration agreement in December 2025, Immatics will conduct the Phase 1 trial, with all associated costs reimbursed by Moderna plus a milestone payment of $5m received in January 2026. This collaboration aims to generate proof-of-principle data for the *in vivo* production of TCER molecules, potentially supporting a broader multiplex approach targeting multiple solid tumors.

**Other Targets and Innovative Technologies**

While we focus on our clinical candidates, we remain committed to a long-term strategy fueled by our differentiated technology platforms. As part of our long-term strategy to strengthen our proprietary and/or partnered pipeline of innovative therapies targeting PRAME and other cancer antigens (e.g. MAGEA4/8 and COL6A3 exon 6), we have conducted and will continue to conduct preclinical studies for the potential future clinical development of next-generation cell and gene therapies, as well as TCER molecules. We are exploring innovative strategies to render our therapeutics even more effective against solid tumors than current therapies, enhance tolerability and further boost the usability of our product candidates. In this context, we have developed ACTallo, a proprietary, off-the-shelf allogeneic cell therapy platform adaptable across different T-cell subtypes from healthy donors, including γδ T cells, designed to eliminate personalized manufacturing, enable scalable multi-dose production from a single donor, and support the development of next-generation CAR and TCR T-cell therapies.

**Technology Platforms**

We have established two proprietary target and TCR discovery platforms, XPRESIDENT and XCEPTOR, to characterize our proprietary and partnered product candidates and to enable the identification and development of future TCR-based product candidates, with computational support provided by our proprietary in silico immunoinformatics platform, XCUBE.

XPRESIDENT is our target platform for discovery and characterization of tumor-specific intracellular targets, presented as peptides on the cell surface via HLA molecules – unlocking novel cancer targets. XPRESIDENT integrates high-throughput, ultra-sensitive mass spectrometry with genome, proteome and in-depth transcriptome data. XPRESIDENT's extensive peptide-HLA ("pHLA") database is based on more than 2,500 primary tissue samples from more than 40 healthy organ types and more than 20 major cancer indications resulting in more than 500,000,000 MS/MS spectra. To our knowledge, this is the largest collection of pHLA target information derived both from cancer and healthy tissues. XPRESIDENT has identified and characterized cancer targets for all our proprietary and partnered clinical and preclinical programs and was instrumental in the discovery and validation of the PRAME peptide targeted by our PRAME franchise product candidates. While our current pipeline programs focus on HLA-A\*02:01, one of the most common HLA types worldwide, XPRESIDENT is not restricted to this allele and has identified cancer targets across multiple additional HLA alleles (such as HLA-A\*01/ -A\*03/ -A\*24/ -B\*07/ -B\*44), enabling the potential expansion of our product candidates to broader patient populations. The XPRESIDENT platform can be further expanded beyond oncology, including for the systematic analysis of HLA class II immunopeptidomics data and epitope discovery in autoimmune diseases.

XCEPTOR is our proprietary TCR platform that enables the efficient identification, characterization, optimization and engineering of TCRs for the development of cell therapy and bispecific product candidates with high affinity and specificity for identified pHLA targets. The entire process is guided by the XPRESIDENT peptide target database, which informs early on- and off-target- as well as cross-reactivity assessments. This unique and integrated XPRESIDENT–XCEPTOR approach supports the early identification and prioritization of TCRs with favorable specificity and promising anti-tumor activity profiles for further development.

XCUBE is our AI-powered in silico platform that integrates multi-dimensional biological data from XPRESIDENT and XCEPTOR to transform large-scale target and TCR datasets into actionable therapeutic knowledge, supporting the development of optimal target–TCR matches and guiding the development of novel TCR-based immunotherapies.

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**Manufacturing & Supply** 

***TCR T-cell Therapies***

To scale our cell therapies, for registration-enabling trials and planned initial commercial manufacturing, we completed the construction of a state-of-the-art 100,000 square foot research and commercial GMP manufacturing facility in Stafford, Texas, within the greater metropolitan area of Houston, Texas, and commenced manufacturing of cellular products as planned in 2025. This includes the manufacturing of anzu-cel (IMA203) and IMA203CD8 for early-stage and the registration-enabling clinical trial SUPRAME as well as planned initial anzu-cel commercial supply. The facility is designed for flexibility and can be expanded modularly. We also maintain a GMP facility at the University of Texas Health Science Center at Houston ("UTHealth"), in Houston, Texas to serve as backup manufacturing site for our cell therapy clinical trials supply.

To secure our supply of lentiviral vectors, which are the most critical raw materials for the manufacturing of genetically modified cell products, we have a contractual agreement in place with a GMP supplier of lentiviral vectors including a commercial supply agreement.

***TCER***

TCER molecules are expressed in mammalian cells. We have established an in-house laboratory-scale production process to generate R&D material suitable for compound characterization and early preclinical assessments. In the course of preclinical development, the manufacturing process is transferred to third-party contract manufacturing organizations ("CMOs") that are experienced in cGMP manufacturing of biologics and regulatory compliance. The IND-enabling studies (e.g., *in vitro* toxicology studies) are performed with material that we receive from CMOs.

The manufacturing phase at our CMOs includes cell line development, establishment of master- and working cell banks, upstream and downstream process development, formulation development, development of suitable analytical methods for testing and release, cGMP manufacturing, fill and finish, drug substance and drug product release testing, storage and stability testing.

An in-house chemistry, manufacturing and control ("CMC") team guides and manages the processes at our CMOs through the different stages. Before and during the cooperation with a CMO, we conduct audits to control compliance with the mutually agreed process descriptions and to cGMP regulations. Our CMOs themselves are subject to their own quality assurance functions and are inspected and certified by regulatory agencies, including FDA and European national agencies. For the development of each TCER candidate, our CMOs need to scale the manufacturing process to support clinical development and potential future commercial supply. Drug formulation and process parameters need to be optimized and the manufacturing process qualified by applicable regulatory authorities. In addition to the currently contracted CMOs, where necessary, we expect to engage with additional third-party manufacturers and suppliers to support potential registration-enabling trials and potential commercial supply.

**Marketing and Sales** 

Recognizing the commercial potential for anzu-cel (IMA203) as well as other product candidates in our pipeline, we are building a dedicated team of U.S. commercial and medical affairs professionals experienced in cell therapy launches to prepare for a commercial launch.

Our focus at this stage will be to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) educate external stakeholders about our therapies through Medical Affairs via scientific exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) initiate engagement with payers regarding reimbursement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continue to build our internal infrastructure and capabilities to ensure launch readiness and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) refine our go-to market and commercial launch strategies

If our product candidates are approved, we expect to commercialize those products in the U.S. with an experienced commercial organization including a national specialty oncology sales force. Outside the U.S., we are in the process of refining our regulatory and commercial strategy.

As additional product candidates advance through our pipeline, we will develop commercial plans based on the attributes and commercial potential of each such product.

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# Competition
The immuno-oncology field focused on the development of therapies for solid tumors is rapidly evolving. While we believe that our technology platforms, therapeutic modalities and scientific knowledge provide us with a competitive advantage, we also face significant competition. Our competitors are established pharmaceutical and existing or emerging biotechnology companies and academic research institutions developing immunotherapies such as TCR-based therapies, TCR mimetic approaches, CAR-T, TIL, oncolytic viruses, bispecific antibodies or immune checkpoint inhibitors.

Any product candidates that we successfully develop and commercialize would compete with currently approved therapies and new therapies that may become available in the future. Our competitors fall primarily into the following groups, depending on their treatment approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies such as Iovance, Immunocore, Replimune and Obsidian Therapeutics are developing or commercializing products for the treatment of advanced (unresectable or metastatic) melanoma.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies such as BioNtech, T-knife, Marker Therapeutics, Zelluna, Myrio Therapeutics, Etcembly, T-Scan, CDR Life, Neowise Biotechnology, and Immunocore are actively developing therapies targeting PRAME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies such as Adaptimmune, Affini-T, T-knife, Captain T-cell, Marker Therapeutics, BioNTech, T-scan Therapeutics, CorreGene and ImmunoScape are investigating novel autologous or allogeneic TCR T-cell therapeutics. Their TCR T-cell programs are partially directed against peptide targets derived from the same proteins but not necessarily against the same peptide target as used by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Companies such as Immunocore, CDR-Life, Ectembly, Myrio Therapeutics, Crossbow Therapeutics, EnaraBio, CorreGene and Engimmune are developing TCR bispecific compounds or TCR mimetic antibodies.

Some of the companies against which we may compete have significantly larger financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals and marketing approved products than us. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs.

# Intellectual Property
Our success depends in part on our ability to protect our product candidates, products, technology and intellectual property. To do so, we primarily rely on patents, trade secrets, trademarks, confidentiality procedures and disclosure and invention assignment agreements. Consistent with our belief in intellectual property, our patent portfolio is a strategically important asset covering TCRs, cell therapies, TCERs, antibodies and methods for cancer antigen target validation, TCR screening, cell therapy development and therapeutic uses. We seek to protect our proprietary position by filing patent applications in territories we deem commercially important for our technologies. For example, we seek protection for our product candidates in many commercially relevant jurisdictions, including, but not limited to, the United States, Europe, Australia, Brazil, Canada, China, India, Israel, Japan and South Korea. Notwithstanding these efforts, we cannot be sure that patents will be granted with respect to any patent applications we have filed or may license or file in the future, and we cannot be sure that any patents that are licensed or granted to us will not be challenged, invalidated, or circumvented or that such patents will provide us with any competitive advantage. Moreover, trade secrets can be difficult to protect. While we have confidence in the measures we take to protect and preserve our trade secrets, such measures can be breached, and we may not have adequate remedies for any such breach. In addition, our trade secrets may otherwise become known or be independently discovered by competitors. For more information regarding the risks related to our intellectual property, please see Item 3D., "Risk Factors—Risks Related to Our Intellectual Property".

As of February 1, 2026, our patent portfolio includes the following:

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***IP related to Clinical Programs***

***Anzu-cel (IMA203) / IMA203CD8 (PRAME)*** 

We own one patent family covering the composition of matter, specifically the TCR, of anzu-cel (IMA203) and IMA203CD8 and other related TCRs and T-cell therapies, which consists of three issued U.S. patents, 13 issued foreign patents, one pending non-provisional U.S. patent application and 24 pending foreign patent applications in countries we consider commercially relevant. We also own two patent families relating to the construct used for IMA203CD8, one of which also covers the construct used for anzu-cel (IMA203). We further own one patent family that relates to the use of anzu-cel (IMA203) in the treatment of metastatic cancers. We further own patent families that relate to the treatment protocol and manufacturing of anzu-cel (IMA203) or IMA203CD8. These patents and patent applications, if issued, and if the appropriate maintenance, renewal, annuity or other governmental fees are paid, will expire between 2038 and 2045 (worldwide, in each case excluding potential patent term extensions or adjustments).

***IMA402 (PRAME)***

We own one patent family covering the composition of matter of IMA402, i.e. the TCER, as well as other related TCERs and their use in cancer treatment, which consists of one issued U.S. patent, one pending non-provisional U.S. patent application and 22 pending foreign patent applications in countries we consider commercially relevant. We also own a patent family covering the particular T cell recruiting antibody of IMA402 as well as other related T cell recruiting antibodies and a patent family in relation to the use of IMA402 in the treatment of metastatic cancers. We also own a patent family covering the TCER format. We further own patent applications relating to potential dosing regimen of IMA402, as well as combination therapies with IMA401 and/or a checkpoint inhibitor. These patents and patent applications, if issued, and if the appropriate maintenance, renewal, annuity or other governmental fees are paid, will expire between 2038 and 2045 (worldwide, in each case excluding potential patent term extensions or adjustments).

***IMA401 (MAGEA4/8)***

We own one patent family covering the composition of matter of IMA401, i.e. the TCER, as well as other related TCERs and their use in cancer treatment, which consists of two issued U.S. patents, one pending non-provisional U.S. patent application as well as 29 pending foreign patent applications and four issued patents in countries we consider commercially relevant. We also own a patent family covering the particular T cell recruiting antibody of IMA401 and a patent family covering the TCER format. We further own patent applications relating to potential dosing regimen of IMA401, as well as combination therapies with IMA402 and/or a checkpoint inhibitor, or with a pro-inflammatory substance like interferon gamma. We also own a patent application relating to a formulation of IMA401. These patents and patent applications, if issued, and if the appropriate maintenance, renewal, annuity or other governmental fees are paid, will expire between 2038 and 2045 (worldwide, excluding potential patent term extensions or adjustments).

***IP related to Preclinical Programs***

***IMA204 (COL6A3 exon 6)*** 

We own one patent family covering the composition of matter, specifically the TCR, of IMA204 and other related TCRs and T-cell therapies as well as the use of IMA204 for treating certain cancer types, which consists of three issued U.S. patents, 7 issued foreign patents, one pending non-provisional U.S. patent application and 13 pending foreign patent applications. In addition, we own a patent family relating to the COL6A3 target peptide of IMA204. These patents and patent applications, if issued, and if the appropriate maintenance, renewal, annuity or other governmental fees are paid, will expire between 2031 and 2038 (worldwide, excluding potential patent term extensions or adjustments).

***IP related to Platform Technology***

We own a number of platform technology patents and patent applications which are directed at certain aspects of the process that we use to engineer our TCER molecules and cell therapies including ACTallo. We further own a patent family relating to the TCER format. If issued, these patents and patent applications will expire between 2038 and 2045, in each case without taking into account any possible patent term adjustments or extensions and if the appropriate maintenance, renewal, annuity, or other governmental fees are paid.

As we continue to develop and commercialize new product candidates, we intend to pursue further intellectual property protection by filing patent applications in territories we deem commercially important.

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***IP related to Trademarks***

We have several trademarks including the Immatics® name itself, the "Immatics bubbles"/logo, as well as trademarks for our technology platforms including XPRESIDENT®, XCEPTOR®, TCER®, ACTengine®, and ACTallo®. For these, we have filed several trademark applications in different countries, whereas most of them are already registered. We also filed a trademark application for SUPRAME, which is the clinical trial name of the PRAME targeting cell therapy candidate anzu-cel (IMA203).

**Collaborations** 

We have forged strategic collaborations with biotech and pharmaceutical companies as well as academic research institutions. Key collaborations include (in order of occurrence with the latest collaboration listed first):

***Moderna***

In September 2023, we entered into a Master Collaboration and License Agreement (the "Master Collaboration and License Agreement") with ModernaTX, Inc., a subsidiary of Moderna, Inc. ("Moderna"), relating to three collaboration pillars for the development and commercialization of products employing Immatics' and Moderna's technologies: (i) a collaboration to discover and develop mRNA-based TCER therapeutics against targets of interest to Moderna (the "TCER Program"); (ii) the validation, generation and application of data useful for the research and development of cancer antigen therapies (the "Database/Cancer Antigen Therapy Program"); and (iii) a combination therapy clinical trial with respect to IMA203 and a Moderna mRNA-based cell therapy enhancer (the "Clinical Combo Program").

Each research program will be governed by the Master Collaboration and License Agreement and a project agreement as described below.

Pursuant to the Master Collaboration and License Agreement, following Hart-Scott-Rodino Antitrust Improvements Act clearance, Moderna paid Immatics a $120 million upfront payment. In addition, as described below, Immatics may be eligible to receive development, regulatory and commercial milestone payments that could exceed $1.7 billion.

With respect to the TCER Program, pursuant to the Master Collaboration and License Agreement and the TCER Collaboration Project Agreement between the parties (the "TCER Project Agreement"), the parties will conduct the TCER Program for the research and development of TCERs with respect to HLA-presented peptide targets derived from an agreed upon number of proteins selected by Moderna. Immatics will be responsible for, and be reimbursed the cost of, TCER identification, validation and engineering to generate the applicable TCER sequence and preclinical studies in accordance with the applicable mutually agreed research plan, while Moderna will be responsible for, and bear the cost of, developing, manufacturing and commercializing the applicable products containing or comprising such TCERs; provided that Immatics has a right to co-fund the development and commercialization of certain products by making an opt-in payment in exchange for profit and loss sharing on such products. Immatics will grant to Moderna an exclusive, worldwide sublicensable license to develop, manufacture and commercialize any product (or that contain any product) developed under the TCER Project Agreement. For each target, depending on certain product characteristics, Immatics may be eligible to receive milestone payments of up to a mid-eight-digit amount upon the achievement of certain development milestones and up to a mid-nine-digit amount upon the achievement of certain regulatory and commercial milestones. In addition, during the royalty term (as described below) and depending on certain product characteristics, Immatics will be eligible to receive tiered, mid-single-digit to low-double-digit percentage royalties on worldwide net sales of the applicable product, which royalty percentages are subject to reduction in a given country under certain circumstances. A royalty term with respect to a product under the TCER Program in a given country begins upon the first commercial sale of such product in such country and terminates on the latest of the expiration of regulatory exclusivity, the expiration of valid patent claims covering such product, and 10 years after the first commercial sale of the product in a given country. The TCER Project Agreement will expire upon expiration of the last royalty term contemplated by the TCER Project Agreement. During the term of the TCER Program, Immatics has certain exclusivity and notification obligations to Moderna, and its ability to develop, manufacture and commercialize certain cell therapy products that bind to the targets subject to the TCER Project Agreement is limited by the TCER Project Agreement.

With respect to the Database/ Cancer Antigen Therapy Program, pursuant to the Master Collaboration and License Agreement and the Database/ Cancer Antigen Therapy Collaboration Project Agreement between the parties (the "Database/Cancer Antigen Therapy Project Agreement"), the parties will use Immatics' XPRESIDENT platform to (i) generate reports for proteins or cancer antigen therapy candidates and validate cancer antigen therapy candidates (the "Database Query Program"), (ii) select peptides with respect to specific tumor types selected by Moderna for the development of cancer antigen therapies (the "Shared Cancer Antigen Therapy Program"), and (iii) provide certain epitope prediction data for potential development and validation of cancer antigen

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therapies (the "Optimized Cancer Antigen Therapy Program"). The term of these programs can be up to approximately five years. Immatics will grant to Moderna an exclusive, worldwide sublicensable license to develop, manufacture and commercialize any Shared Cancer Antigen Therapy product or Optimized Cancer Antigen Therapy product developed under the Database/ Cancer Antigen Therapy Project Agreement. Immatics may be eligible to receive (i) depending on the characteristics of the cancer antigen therapy, certain milestone payments under the Database Query Program, (ii) for each resulting cancer antigen therapy in the Shared Cancer Antigen Therapy Program and the Optimized Cancer Antigen Therapy Program, depending on certain product characteristics, up to a low-eight-digit amount upon the achievement of certain development milestones and up to a low-nine-digit amount upon the achievement of certain regulatory and commercial milestones, and (iii) for each resulting cancer antigen therapy in the Shared Cancer Antigen Therapy Program, during the royalty term (as described below) and depending on certain product characteristics, tiered, low- to mid-single-digit percentage royalties on worldwide net sales of such product. A royalty term with respect to a cancer antigen therapy in the Shared Cancer Antigen Therapy Program and the Optimized Cancer Antigen Therapy Program in a given country begins upon the first commercial sale of such product in such country and terminates on the latest of the expiration of regulatory exclusivity, the expiration of valid patent claims covering such product, and 10 years after the first commercial sale of the product in a given country. During the term of the Database/ Cancer Antigen Therapy Program, Immatics has certain exclusivity obligations to Moderna, and its ability to develop certain cancer antigen therapies is limited by the Database/ Cancer Antigen Therapy Project Agreement.

With respect to the Clinical Combo Program, pursuant to the Master Collaboration and License Agreement and the Combination Collaboration Project Agreement between the parties (the "Clinical Combo Project Agreement"), the parties will collaborate to develop a combination therapy of IMA203 (or IMA203CD8) and a Moderna mRNA-based cell therapy enhancer. Immatics will be responsible for, and the parties will share the cost of, development activities in accordance with the applicable mutually agreed research plan. For so long as the parties are conducting the combination therapy clinical trial, Immatics has certain exclusivity obligations to Moderna related to its ability to develop, manufacture and commercialize similar combination products.

In December 2025, the Parties agreed to expand the existing collaboration via an amendment to the Master Collaboration and License Agreement to conduct a Phase 1 clinical trial evaluating a novel mRNA-based TCER product that was developed under the existing TCER Program ("Clinical TCER Project"). Under this amendment, Immatics will be responsible for, with all costs being reimbursed by Moderna, conducting a Phase 1 Clinical trial with the mRNA-based TCER product. Upon execution of this amendment, Immatics received a $5 million milestone payment.

***Bristol Myers Squibb*** 

In August 2019, we and Celgene Corporation, a wholly owned subsidiary of BMS, entered into a strategic collaboration and license agreement to develop novel adoptive cell therapies targeting multiple cancers. Under the agreement, we may develop TCR-T programs against solid tumor targets discovered by our XPRESIDENT technology. We will utilize proprietary TCRs identified by our XCEPTOR TCR discovery and engineering platform. We are responsible for the development of these programs through the lead candidate stage, at which time BMS may exercise its option to exclusively license one or more programs, thereby assuming sole responsibility for further worldwide development, manufacturing and commercialization of the TCR T-cell therapies. We retain certain early-stage co-development and co-funding rights for selected TCR T-cell therapies arising from the collaboration.

Under the terms of the agreement, we received an upfront payment of $75 million for three programs and are eligible to receive additional regulatory and sales milestones in aggregate amounts of up to $190 million, and $300 million, respectively, as well as tiered royalties based on net sales for each licensed product at percentages ranging from high single digits to teens, subject to customary reductions. Currently, one program is ongoing under the 2019 collaboration agreement.

***Editas***

In June 2022, we and Editas entered into a strategic collaboration and licensing agreement to combine our gamma delta T cell adoptive cell therapies with Editas' CRISPR gene editing technology.

Under the terms of the agreement, Editas Medicine received an undisclosed upfront cash payment and is eligible to receive additional milestone payments based on development, regulatory and commercial milestones. In addition, we will pay royalties on future net sales on any products that may result from this collaboration.

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***UTHealth*** 

In September 2015, we entered into a multi-year collaboration agreement to secure exclusive access to three UTHealth cGMP suites to manufacture various TCR T-cell therapy products within the Griffin Research Laboratory. Under the agreement, general facility operations, maintenance, supply and reagents for cGMP manufacture and co-release of product is provided by UTHealth. Under the agreement, Immatics staff performs all manufacturing and in-process controls. The UTHealth facility is FDA registered to produce cells and tissues for clinical applications in compliance with cGMP and has received accreditation by the FACT in January 2016, which was renewed in 2019.

***MD Anderson Cancer Center*** 

In August 2015, we and The University of Texas M.D. Anderson Cancer Center ("MD Anderson") announced the launch of Immatics US to develop multiple T cell and TCR-based adoptive cellular therapies.

Immatics US secured over $60 million in total funding – more than $40 million from the parent company Immatics OpCo and a $19.7 million grant from the Cancer Prevention and Research Institute of Texas ("CPRIT") and entered into several agreements, including a restricted stock purchase agreement, several license agreements and a collaboration and license agreement.

Under the collaboration and license agreement (the "MD Anderson Collaboration Agreement"), MD Anderson and Immatics US conduct work pursuant to agreed research plans to develop cell therapy product candidates in certain cancer indications.

We are continuing our collaboration with MD Anderson through which we regularly engage in scientific and medical discussions, receive scientific advice and perform certain portions of our clinical trials.

**Other Agreements**

***Houston, TX R&D and GMP Manufacturing Facility***

In March 2022 we entered into a lease agreement for a 100,000 square foot facility located at the Weatherford Farms DC LP in Stafford, Texas in the Houston Metropolitan Area, to house our office space, laboratories and GMP manufacturing.

***Lentigen Technology Inc.***

In September 2025 we entered into a Commercial Manufacturing Supply Agreement with Lentigen Technology Inc. ("Lentigen"), which is a subsidiary of Miltenyi Bioindustry. Under the terms of the agreement, Lentigen will provide commercial manufacturing and supply services of lentiviral vectors for Immatics' adoptive cell therapy products including for the commercial launch of anzu-cel. This Agreement contains customary terms and conditions pertaining to the supply of lentiviral vector.

***Patheon UK Limited***

In March 2024 we entered into a Master Services Agreement ("MSA") with Patheon UK Limited ("Patheon"), a subsidiary of Thermo Fisher Scientific Inc., for certain manufacturing and quality control services. The Agreement contains customary termination and cancellation terms. Each project under the MSA will be governed by a specific project agreement. Upon the entry of the MSA, the parties entered into a project agreement that provides for the manufacturing of IMA402 batches for the use within a potential registration-enabling trial. Specifically, the project agreement provides for the manufacturing of three (3) GMP (clinical) batches of IMA402 drug substance required for submission and clinical supply and three (3) Process Performance Qualification Batches ("PPQ") which are required for market authorization applications (BLA/MAA) and can be potentially utilized during a product launch subject to certain conditions and if approved.

***Other Manufacturing Agreements*** 

We entered into a number of collaborations that are important for our ability to manufacture, supply and offer our adoptive cell therapies and TCR bispecifics.

We use several third-party contract manufacturers acting in accordance with the FDA's good laboratory practice ("GLP") or cGMP, as applicable, for the manufacture of viral vectors and cell bank development. We generally apply second-supplier strategies to mitigate supply risks and to secure access to manufacturing innovation and competitive supply costs.

For manufacturing and supply of TCR bispecifics during our Phase 1 clinical trials, we have contracted third-party manufacturers for both IMA402 and IMA401.

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**Government Regulation**

Government authorities in the United States, at the federal, state, and local level, and in other countries and jurisdictions, including the EU, extensively regulate, among other things, the research, development, testing, manufacture, quality control, approval, packaging, storage, recordkeeping, labeling, advertising, promotion, distribution, marketing, post-approval monitoring and reporting, as well as import and export of biological products. Some jurisdictions also regulate the pricing of medicinal products. The processes for obtaining marketing approvals in the United States and in foreign countries and jurisdictions, along with compliance with applicable statutes and regulations, require the expenditure of substantial time and financial resources.

***Licensure and Regulation of Biologics in the United States***

In the United States, biological products, including gene therapy products, are regulated under the Public Health Service Act ("PHSA") and the Federal Food, Drug, and Cosmetic Act ("FDCA"), and their implementing regulations as well as other federal, state and local statutes and regulations.

The failure of an applicant to comply with the applicable regulatory requirements at any time during the product development process, including during testing, the approval process or the post-approval process, may result in delays to the conduct of a study, regulatory review and approval, and/or administrative or judicial sanctions. Failure to comply with regulatory requirements may result in the FDA's refusal to allow an applicant to proceed with clinical trials, refusal to approve pending applications, license suspension or revocation, withdrawal of an approval, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines, and civil or criminal investigations and penalties brought by the FDA or Department of Justice ("DOJ"), or other government entities, including state agencies.

An applicant seeking to market and distribute a new biologic in the United States generally must satisfactorily complete each of the following steps before the product candidate will be licensed by the FDA:

&nbsp;&nbsp;&nbsp;&nbsp;•preclinical testing including laboratory tests, animal studies, and formulation studies, which must be performed in accordance with the FDA's GLP regulations, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;•submission to the FDA of an IND for human clinical testing, which must become effective before human clinical trials may begin;

&nbsp;&nbsp;&nbsp;&nbsp;•approval by an IRB representing each clinical site before each clinical trial may be initiated;

&nbsp;&nbsp;&nbsp;&nbsp;•performance of adequate and well-controlled human clinical trials to establish the safety, and efficacy of the product candidate for each proposed indication, in accordance with current GCP;

&nbsp;&nbsp;&nbsp;&nbsp;•preparation and submission to the FDA of a BLA for a biological product;

&nbsp;&nbsp;&nbsp;&nbsp;•FDA acceptance and substantive review of the BLA;

&nbsp;&nbsp;&nbsp;&nbsp;•review of the product candidate by an FDA advisory committee, where appropriate or if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;•satisfactory completion of an FDA inspection of the manufacturing facility or facilities, including those of third parties, at which the product candidate or components thereof are manufactured to assess compliance with cGMP requirements and to assure that the facilities, methods, and controls are adequate to preserve the product's identity, strength, quality, and purity;

&nbsp;&nbsp;&nbsp;&nbsp;•satisfactory completion of any FDA inspection of clinical trial sites to assure compliance with GCP and the integrity of clinical data in support of the BLA; and

&nbsp;&nbsp;&nbsp;&nbsp;•securing FDA approval of the BLA to allow marketing of the new biological product.

*Preclinical Studies and Investigational New Drug Application*

Before an applicant begins testing a product candidate with potential therapeutic value in humans, the product candidate enters preclinical testing. Preclinical studies include studies to evaluate, among other things, the toxicity of the product candidate. The conduct of the preclinical tests must comply with federal regulations and requirements, as applicable, including GLP regulations. Some long-term preclinical testing, such as animal tests of reproductive toxicity and carcinogenicity, and long-term toxicity studies, may start or continue after the IND is submitted.

*The IND and IRB Processes*

An IND is an exemption from the FDCA that allows an unapproved product candidate to be shipped in interstate commerce for use in an investigational clinical trial and a request for FDA authorization to administer such investigational product to humans. In support of a request for an IND, applicants must submit a protocol for each clinical trial and any subsequent protocol amendments

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must be submitted to the FDA as part of the IND. In addition, the results of the preclinical tests, together with manufacturing information, analytical data, any available clinical data or literature and plans for clinical trials, among other things, must be submitted to the FDA as part of an IND. The FDA requires a 30-day waiting period after the filing of each IND before clinical trials may begin. This waiting period is designed to allow the FDA to review the IND to determine whether human research subjects will be exposed to unreasonable health risks. At any time during this 30-day period the FDA may raise concerns or questions about the conduct of the trials as outlined in the IND and impose a clinical hold or partial clinical hold. A clinical hold is an order issued by the FDA to the sponsor to delay a proposed clinical investigation or to suspend an ongoing investigation. A partial clinical hold is a delay or suspension of only part of the clinical work requested under the IND. In this case, the IND sponsor and the FDA must resolve any outstanding concerns before clinical trials can begin.

Following commencement of a clinical trial, the FDA may also place a clinical hold or partial clinical hold on that trial. No more than 30 days after imposition of a clinical hold or partial clinical hold, the FDA will provide the sponsor a written explanation of the basis for the hold. Following issuance of a clinical hold or partial clinical hold, an investigation may only resume after the FDA has notified the sponsor that the investigation may proceed.

A sponsor may choose, but is not required, to conduct a foreign clinical trial under an IND. When a foreign clinical trial is conducted under an IND, all FDA IND requirements must be met unless waived. When a foreign clinical trial is not conducted under an IND, the sponsor must ensure that the study complies with certain regulatory requirements of the FDA in order to use the study as support for an IND or application for marketing approval or licensing. In particular, such studies must be conducted in accordance with cGCP, including review and approval by an independent ethics committee ("IEC") and obtaining informed consent from subjects. The FDA must be able to validate the data through an onsite inspection, if deemed necessary by the FDA.

An IRB representing each institution participating in the clinical trial must review and approve, among other things, the study protocol and informed consent information to be provided to study subjects before it commences at that institution, and the IRB must conduct continuing review and reapprove the study at least annually. An IRB can suspend or terminate approval of a clinical trial at its institution, or an institution it represents, if the clinical trial is not being conducted in accordance with the IRB's requirements or if the product candidate has been associated with unexpected serious harm to patients.

Clinical trials including the use of an investigational device sometimes require submission of an application for an Investigational Device Exemption ("IDE") to the FDA. The IDE application must be supported by appropriate data, such as animal and laboratory testing results, showing that it is safe to test the device in humans and that the investigational protocol is scientifically sound. The IDE application must be approved in advance by the FDA, unless the product is deemed a non-significant risk device and eligible for more abbreviated IDE requirements. Clinical trials for a significant risk device may begin once the IDE application is approved by the FDA as well as the appropriate IRBs at the clinical trial sites, and the informed consent of the patients participating in the clinical trial is obtained.

Progress reports detailing the status of the clinical trials must be submitted at least annually to the FDA. In addition, IND safety reports must be submitted to the FDA for any of the following: serious and unexpected suspected adverse reactions; findings from other studies or animal or in vitro testing that suggest a significant risk in humans exposed to the product; and any clinically important increase in the case of a serious suspected adverse reaction over that listed in the protocol or investigator brochure. The FDA will typically inspect one or more clinical sites to assure compliance with cGCP and the integrity of the clinical data submitted.

Under the NIH Guidelines, supervision of human gene transfer trials includes evaluation and assessment by an IBC, a local institutional committee that reviews and oversees research utilizing recombinant or synthetic nucleic acid molecules at that institution. The IBC assesses the safety of the research and identifies any potential risk to public health or the environment, and such review may result in some delay before initiation of a clinical trial. While the NIH Guidelines are not mandatory unless the research in question is conducted at or sponsored by institutions receiving NIH funding of recombinant or synthetic nucleic acid molecule research, many companies and other institutions not otherwise subject to the NIH Guidelines voluntarily follow them.

*Clinical Trials in Support of a BLA*

Clinical trials involve the administration of the investigational product candidate to human subjects under the supervision of a qualified investigator in accordance with GCP requirements, which include, among other things, the requirement that all research subjects provide their informed consent in writing before their participation in any clinical trial. Clinical trials are conducted under written clinical trial protocols detailing, among other things, the objectives of the study, inclusion and exclusion criteria, the parameters to be used in monitoring safety, and the effectiveness and safety criteria to be evaluated.

Human clinical trials are typically conducted in three sequential phases, but the phases may overlap or be combined. Additional studies may also be required after licensing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 1 clinical trials are initially conducted in a limited population to test the product candidate for safety, including adverse effects, dose tolerance, absorption, metabolism, distribution, excretion, and pharmacodynamics in healthy humans or in patients. During Phase 1 clinical trials, information about the investigational biological product's pharmacokinetics and pharmacological effects may be obtained to permit the design of scientifically valid Phase 2 clinical trials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 2 clinical trials are generally conducted in a limited patient population to identify possible adverse effects and safety risks, evaluate the efficacy of the product candidate for specific targeted indications, and determine dose tolerance and optimal dosage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Phase 3 clinical trials are undertaken within an expanded patient population to further evaluate dosage, provide substantial evidence of clinical efficacy, and further test for safety. A well-controlled, statistically robust Phase 3 trial may be designed to deliver the data that regulatory authorities will use to decide whether or not to license, and, if licensed, how to appropriately label a biologic.

While the FDA requires in most cases two adequate and well-controlled registration-enabling clinical trials to demonstrate the efficacy of a product candidate, a single trial with confirmatory evidence may be sufficient in instances where the trial is a large multicenter trial demonstrating internal consistency and a statistically persuasive finding of a clinically meaningful effect on mortality, irreversible morbidity or prevention of a disease with a potentially serious outcome and confirmation of the result in a second trial would be practically or ethically impossible. In rare cancer indications with very limited treatment options a large and/or controlled trial is often not feasible and thus data from smaller and even uncontrolled trials may be sufficient for regulatory approval.

In some cases, the FDA may approve a BLA for a product candidate but require the sponsor to conduct additional clinical trials to further assess or confirm the product candidate's safety and effectiveness after approval. Such post-approval trials are typically referred to as Phase 4 clinical trials. These studies are used to gain additional experience from the treatment of a larger number of patients in the intended treatment group and to further document a clinical benefit in the case of biologics licensed under Accelerated Approval regulations. Failure to exhibit due diligence with regard to conducting Phase 4 clinical trials could result in withdrawal of approval for products.

*Review and Approval of a BLA*

In order to obtain approval to market a biological product in the United States, a biologics license application must be submitted to the FDA that provides sufficient data establishing the safety and efficacy of the proposed biological product for its intended indication. The BLA includes all relevant data available from pertinent preclinical studies and clinical trials, including negative or ambiguous results as well as positive findings, together with detailed information relating to the product's chemistry, manufacturing, controls and proposed labeling, among other things.

Under federal law, the submission of most BLAs is subject to an application user fee, which for federal fiscal year 2026 is $4,682,003 for an application requiring clinical data. The sponsor of an approved BLA is also subject to an annual program fee, which for fiscal year 2026 is $442,213. Certain exceptions and waivers are available for some of these fees, such as an exception from the application fee for products with orphan designation and a waiver for certain small businesses.

Following submission of a BLA, the FDA conducts a preliminary review of the application generally within 60 calendar days of its receipt and strives to inform the sponsor by the 74th day after the FDA's receipt of the submission whether the application is sufficiently complete to permit substantive review. The FDA may request additional information rather than accept the application for filing. In this event, the application must be resubmitted with the additional information. The resubmitted application is also subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive review. The FDA has agreed to specified performance goals in the review process of the BLAs. Under that agreement, 90% of original BLA submissions are meant to be reviewed within ten months of the 60-day filing date, and 90% of original BLAs that have been designated for "priority review" are meant to be reviewed within six months of the 60-day filing date. The review process may be extended once per review cycle by the FDA for three additional months to consider new information or clarification provided by the applicant to address an outstanding deficiency identified by the FDA following the original submission.

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Before approving an application, the FDA will typically audit the preclinical study and clinical trial sites that generated the data in support of the BLA. Additionally, the FDA typically will inspect the facility or facilities where the product is or will be manufactured. These pre-approval inspections may cover all facilities associated with a BLA submission, including component manufacturing, finished product manufacturing and control testing laboratories. The FDA will not approve an application unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within required specifications.

As a condition of approval, the FDA may require an applicant to develop a Risk Evaluation Mitigation Strategy ("REMS"). REMS use risk minimization strategies beyond the professional labeling to ensure that the benefits of the product outweigh the potential risks. To determine whether a REMS is needed, the FDA will consider the size of the population likely to use the product, seriousness of the disease, expected benefit of the product, expected duration of treatment, seriousness of known or potential adverse events and whether the product is a new molecular entity.

The FDA will refer an application for a novel product to an advisory committee or explain why such referral was not made. Typically, an advisory committee is a panel of independent experts, including clinicians and other scientific experts, that reviews, evaluates and provides a recommendation as to whether the application should be approved and under what conditions. The FDA is not bound by the recommendations of an advisory committee, but it considers such recommendations carefully when making decisions.

*Fast Track, Breakthrough Therapy, Priority Review and Regenerative Medicine Advanced Therapy Designations*

The FDA is authorized to designate certain products for expedited review if they are intended to address an unmet medical need in the treatment of a serious or life-threatening disease or condition. These programs are referred to as Fast Track designation, Breakthrough Therapy designation, Priority Review designation and Regenerative Advanced Therapy designation.

Specifically, the FDA may designate a product for Fast Track designation if it is intended, whether alone or in combination with one or more other products, for the treatment of a serious or life-threatening disease or condition, and it demonstrates the potential to address unmet medical needs for such a disease or condition. For Fast Track products, sponsors may have greater interactions with the FDA and the FDA may accept submissions of completed sections of a Fast Track product's BLA application before the application is complete. This rolling review may be available if the FDA determines, after preliminary evaluation of clinical data submitted by the sponsor, that a Fast Track product may be effective. The sponsor must also provide, and the FDA must approve, a schedule for the submission of the remaining information and the sponsor must pay applicable user fees. However, the FDA's time period goal for reviewing a Fast Track application does not begin until the last section of the application is submitted. In addition, the Fast Track designation may be withdrawn by the FDA if the FDA believes that the designation is no longer supported by data emerging in the clinical trial process.

Second, a product may be designated as a Breakthrough Therapy if it is intended, either alone or in combination with one or more other products, to treat a serious or life-threatening disease or condition and preliminary clinical evidence indicates that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. The FDA may take certain actions with respect to Breakthrough Therapies, including holding meetings with the sponsor throughout the development process; providing timely advice to the product sponsor regarding development and approval; involving more senior staff in the review process; assigning a cross-disciplinary project lead for the review team; and taking other steps to design the clinical trials in an efficient manner.

Third, the FDA may designate a product for Priority Review if it is a product that treats a serious condition and, if licensed, would provide a significant improvement in safety or effectiveness. The FDA determines, on a case-by-case basis, whether the proposed product represents a significant improvement when compared with other available therapies. Significant improvement may be illustrated by evidence of increased effectiveness in the treatment of a condition, elimination or substantial reduction of a treatment-limiting product reaction, documented enhancement of patient compliance that may lead to improvement in serious outcomes, and evidence of safety and effectiveness in a new subpopulation. A priority designation is intended to direct overall attention and resources to the evaluation of such applications, and to shorten the FDA's goal for taking action on a marketing application from ten months to six months.

The FDA can accelerate review and approval of products designated as Regenerative Medicine Advanced Therapies. A product is eligible for this designation if it is a regenerative medicine therapy that is intended to treat, modify, reverse or cure a serious or life-threatening disease or condition and preliminary clinical evidence indicates that the product has the potential to address unmet medical needs for such disease or condition. The benefits of a regenerative advanced therapy designation include early interactions with FDA to expedite development and review, benefits available to breakthrough therapies, potential eligibility for Priority Review and Accelerated Approval based on surrogate or intermediate endpoints.

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*Accelerated Approval Pathway*

The FDA may grant Accelerated Approval to a product for a serious or life-threatening condition that provides meaningful therapeutic advantage to patients over existing treatments, based upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict clinical benefit. The FDA may also grant Accelerated Approval for such a condition when the product has an effect on an intermediate clinical endpoint that can be measured earlier than an effect on irreversible morbidity or mortality ("IMM") and that is reasonably likely to predict an effect on IMM or other clinical benefit, taking into account the severity, rarity, or prevalence of the condition and the availability or lack of alternative treatments. Products granted Accelerated Approval must meet the same statutory standards for safety and effectiveness as those granted traditional approval.

For the purposes of Accelerated Approval, a surrogate endpoint is a marker, such as a laboratory measurement, radiographic image, physical sign, or other measure that is thought to predict clinical benefit but is not itself a measure of clinical benefit. Surrogate endpoints can often be measured more easily or more rapidly than clinical endpoints. An intermediate clinical endpoint is a measurement of a therapeutic effect that is considered reasonably likely to predict the clinical benefit of a drug, such as an effect on IMM. The FDA has indicated that intermediate clinical endpoints generally may support Accelerated Approval where the therapeutic effect measured by the endpoint is not itself a clinical benefit and basis for traditional approval, if there is a basis for concluding that the therapeutic effect is reasonably likely to predict the ultimate clinical benefit of a product.

The Accelerated Approval pathway is most often used in settings in which the course of a disease is long and an extended period of time is required to measure the intended clinical benefit of a product, even if the effect on the surrogate or intermediate clinical endpoint occurs rapidly. Thus, Accelerated Approval has been used extensively in the development and approval of products for treatment of a variety of cancers in which the goal of therapy is generally to improve survival or decrease morbidity and the duration of the typical disease course requires lengthy and sometimes large trials to demonstrate a clinical or survival benefit. Thus, the benefit of Accelerated Approval derives from the potential to receive approval based on surrogate endpoints sooner than possible for trials with clinical or survival endpoints, rather than deriving from any explicit shortening of the FDA approval timeline, as is the case with Priority Review.

The Accelerated Approval pathway is usually contingent on a sponsor's agreement to conduct, in a diligent manner, additional post-approval confirmatory studies to verify and describe the product's clinical benefit. The FDA might also require such confirmatory studies to be underway prior to BLA submission. As a result, a product candidate licensed on this basis is subject to rigorous post-marketing compliance requirements, including the completion of Phase 4 or post-approval clinical trials to confirm the effect on the clinical endpoint. Failure to conduct required post-approval studies, or confirm a clinical benefit during post-marketing studies, would allow the FDA to initiate expedited proceedings to withdraw approval of the product. All promotional materials for product candidates licensed under accelerated regulations are subject to prior review by the FDA.

*The FDA's Decision on a BLA*

On the basis of the FDA's evaluation of the application and accompanying information, including the results of the inspection of the manufacturing facilities, the FDA may issue an approval letter or a complete response letter. An approval letter authorizes commercial marketing of the product with specific prescribing information for specific indications. A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing or information in order for the FDA to reconsider the application. If those deficiencies have been addressed to the FDA's satisfaction in a resubmission of the BLA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions in two or six months depending on the type of information included. Even with submission of this additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for licensing.

If the FDA licenses a new product, it may limit the licensed indications for use of the product. The agency may also require testing and surveillance programs to monitor the product after commercialization, or impose other conditions, including distribution restrictions or other risk management mechanisms, including REMS, to help ensure that the benefits of the product outweigh the potential risks. REMS can include medication guides, communication plans for healthcare professionals, and elements to assure safe use ("ETASU"). ETASU can include, but are not limited to, special training or certification for prescribing or dispensing, dispensing only under certain circumstances, special monitoring and the use of patient registries. The FDA may prevent or limit further marketing of a product based on the results of post-market studies or surveillance programs. After licensing, many types of changes to the licensed product, such as adding new indications, manufacturing changes and additional labeling claims, are subject to further testing requirements and FDA review and approval.

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*Post-Licensing Regulation*

If regulatory licensing for marketing of a product or new indication for an existing product is obtained, the sponsor will be required to comply with all regular post-licensing regulatory requirements as well as any post-licensing requirements that the FDA may have imposed as part of the licensing process. The sponsor will be required to report, among other things, certain adverse reactions and manufacturing problems to the FDA, provide updated safety and potency or efficacy information and comply with requirements concerning advertising and promotional labeling requirements. Manufacturers and certain of their subcontractors are required to register their facilities with the FDA and certain state agencies, and are subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with ongoing regulatory requirements, including cGMP regulations, which impose certain procedural and documentation requirements upon manufacturers. Changes to the manufacturing processes are strictly regulated and often require prior FDA approval before being implemented. Accordingly, the sponsor and its third-party manufacturers must continue to expend time, money, and effort in the areas of production and quality control to maintain compliance with cGMP regulations and other regulatory requirements.

As part of the manufacturing process, the manufacturer is required to perform certain tests on each lot of the product before it is released for distribution. After a BLA is approved for a biological product, the product may also be subject to official lot release, meaning that the manufacturer is required to perform certain tests on each lot of the product before it is released for distribution. If the product is subject to official release, the manufacturer must submit samples of each lot, together with a release protocol showing a summary of the history of manufacture of the lot and the results of all of the manufacturer's tests performed on the lot, to the FDA. The FDA may in addition perform certain confirmatory tests on lots of some products before releasing the lots for distribution. In addition, the FDA conducts laboratory research related to the regulatory standards on the safety, purity, potency, and effectiveness of biological products.

Once a license is granted, the FDA may suspend or revoke the license if compliance with regulatory requirements is not maintained or if problems occur after the product reaches the market. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the labeling to add new safety information; imposition of post-market studies or clinical trials to assess safety risks; or imposition of distribution or other restrictions under a REMS program. Other potential consequences include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restrictions on the marketing or manufacturing of the product, complete withdrawal of the product from the market, or product recalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fines, warning letters, or holds on post-licensing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•refusal of the FDA to approve pending applications or supplements to licensed applications, or suspension or revocation of product licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•product seizure or detention, or refusal to permit the import or export of products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•injunctions or the imposition of civil or criminal penalties.

The FDA strictly regulates the marketing, labeling, advertising and promotion of prescription drug products placed on the market. This regulation includes, among other things, standards and regulations for direct-to-consumer advertising, communications regarding unapproved uses, industry-sponsored scientific and educational activities, and promotional activities involving the Internet and social media. After licensing, a drug product generally may not be promoted for uses that are not licensed by the FDA, as reflected in the product's prescribing information. In the United States, healthcare professionals are generally permitted to prescribe drugs for such uses not described in the drug's labeling, known as off-label uses, because the FDA does not regulate the practice of medicine. However, FDA regulations impose rigorous restrictions on manufacturers' communications, prohibiting the promotion of off-label uses. It may be permissible, under very specific, narrow conditions, for a manufacturer to engage in nonpromotional, non-misleading communication regarding off-label information, such as distributing scientific or medical journal information.

If a company is found to have promoted off-label uses, it may become subject to adverse public relations and administrative and judicial enforcement by the FDA, the Department of Justice, or the Office of the Inspector General of the HHS, as well as state authorities. This could subject a company to a range of penalties that could have a significant commercial impact, including civil and criminal fines and agreements that materially restrict the manner in which a company promotes or distributes drug products. The federal government has levied large civil and criminal fines against companies for alleged improper promotion and has also requested that companies enter into consent decrees or permanent injunctions under which specified promotional conduct is changed or curtailed.

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In addition, the distribution of prescription pharmaceutical products is subject to the Prescription Drug Marketing Act ("PDMA") and its implementing regulations as well as the Drug Supply Chain Security Act ("DSCA"), which regulate the distribution and tracing of prescription drug samples at the federal level and set minimum standards for the regulation of distributors by the states. The PDMA, its implementing regulations and state laws limit the distribution of prescription pharmaceutical product samples, and the DSCA imposes requirements to ensure accountability in distribution and to identify and remove counterfeit and other illegitimate products from the market.

*Pediatric Studies and Exclusivity*

Under the Pediatric Research Equity Act, a BLA or supplement thereto for a biological product with a new active ingredient, indication, dosage form, dosing regimen or route of administration must contain data that are adequate to assess the safety and effectiveness of the product for the claimed indications in all relevant pediatric subpopulations, and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. Sponsors must also submit pediatric study plans prior to the assessment data. Those plans must contain an outline of the proposed pediatric study or studies the applicant plans to conduct, including study objectives and design, any deferral or waiver requests and other information required by regulation. The applicant, the FDA, and the FDA's internal review committee must then review the information submitted, consult with each other and agree upon a final plan. The FDA or the applicant may request an amendment to the plan at any time.

For products intended to treat a serious or life-threatening disease or condition, the FDA must, upon the request of an applicant, meet to discuss preparation of the initial pediatric study plan or to discuss deferral or waiver of pediatric assessments. In addition, the FDA will meet early in the development process to discuss pediatric study plans with sponsors and the FDA must meet with sponsors by no later than the end-of-Phase 1 meeting for serious or life-threatening diseases and by no later than ninety (90) days after the FDA's receipt of the study plan.

The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after licensing of the product for use in adults, or full or partial waivers from the pediatric data requirements. Generally, the pediatric data requirements do not apply to products with orphan designation.

The FDA Reauthorization Act of 2017 established new requirements to govern certain molecularly targeted cancer indications. Any company that submits a BLA three years after the date of enactment of that statute must submit pediatric assessments with the BLA if the biologic is intended for the treatment of an adult cancer and is directed at a molecular target that FDA determines to be substantially relevant to the growth or progression of a pediatric cancer. The investigation must be designed to yield clinically meaningful pediatric study data regarding the dosing, safety and preliminary potency to inform pediatric labeling for the product. Deferrals and waivers as described above are also available. Exemptions for pediatric assessments usually do not apply for molecularly targeted cancer indications.

Pediatric exclusivity is another type of non-patent marketing exclusivity in the United States and, if granted, provides for the attachment of an additional six months of marketing protection to the term of any existing regulatory exclusivity, including the non-patent and orphan exclusivity. This six-month exclusivity may be granted if a BLA sponsor submits pediatric data that fairly respond to a written request from the FDA for such data. The data do not need to show the product to be effective in the pediatric population studied. If reports of requested pediatric studies are submitted to and accepted by the FDA within the statutory time limits, whatever statutory or regulatory periods of exclusivity or patent protection cover the product are extended by six months. This is not a patent term extension, but it effectively extends the regulatory period during which the FDA cannot license another application.

*Orphan Drug Designations and Exclusivity*

Under the Orphan Drug Act, the FDA may designate a biological product as an "orphan drug" if it is intended to treat a rare disease or condition, generally meaning that it affects fewer than 200,000 individuals in the United States, or more in cases in which there is no reasonable expectation that the cost of developing and making a product available in the United States for treatment of disease or condition will be recovered from sales of the product. A company must seek orphan drug designation before submitting a BLA for the candidate product. If the request is granted, the FDA will disclose the identity of the therapeutic agent and its potential use. Orphan drug designation does not shorten the PDUFA goal dates for the regulatory review and licensing process, although it does convey certain advantages such as tax benefits and exemption from the PDUFA application fee.

If a product with orphan designation receives the first FDA approval for the disease or condition for which it has such designation or for a select indication or use within the rare disease or condition for which it was designated, the product generally will receive orphan drug exclusivity. Orphan drug exclusivity means that the FDA may not license another sponsor's marketing application for the same drug for the same condition for seven years, except in certain limited circumstances. Orphan exclusivity does not block the licensing of a different product for the same rare disease or condition, nor does it block the licensing of the same product for

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different conditions. If a biologic designated as an orphan drug ultimately receives marketing licensing for an indication broader than what was designated in its orphan drug application, it may not be entitled to exclusivity.

Orphan drug exclusivity will not bar the licensing of another product under certain circumstances, including if a subsequent product with the same biology for the same condition is shown to be clinically superior to the licensed product on the basis of greater effectiveness, safety in a substantial portion of the target populations, or providing a major contribution to patient care, or if the company with orphan drug exclusivity is not able to meet market demand.

*Biosimilars and Regulatory Exclusivity*

The 2010 Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, included a subtitle called the Biologics Price Competition and Innovation Act of 2009 ("BPCIA"). The BPCIA established a regulatory scheme authorizing the FDA to license biosimilars and interchangeable biosimilars. The FDA has licensed several biosimilar products for use in the United States. The FDA has issued several guidance documents outlining an approach to review and licensing of biosimilars.

Under the BPCIA, a manufacturer may apply for licensure of a biological product that is "biosimilar to" or "interchangeable with" a previously licensed biological product or "reference product." In order for the FDA to license a biosimilar product, it must find, among other things, that the product is "highly similar" to the reference product notwithstanding minor differences in clinically inactive components and that there are no clinically meaningful differences between the reference product and proposed biosimilar product in terms of safety, purity, and potency. For the FDA to license a biosimilar product as interchangeable with a reference product, the agency must find that the biosimilar product can be expected to produce the same clinical results as the reference product, and, for products administered multiple times, that the biologic and the reference biologic may be switched after one has been previously administered without increasing safety risks or risks of diminished potency relative to exclusive use of the reference biologic.

Under the BPCIA, an application for a biosimilar or interchangeable biological product may not be submitted to the FDA until four years following the date of licensing of the reference product. The FDA may not license a biosimilar or interchangeable biological product until 12 years from the date on which the reference product was licensed. Even if a product is considered to be a reference product eligible for exclusivity, another company could market a competing version of that product if the FDA licenses a full BLA for such product containing the sponsor's own preclinical data and data from adequate and well-controlled clinical trials to demonstrate the safety, purity, and potency of their product. The BPCIA also created certain exclusivity periods for biosimilars licensed as interchangeable products. At this juncture, it is unclear whether products deemed "interchangeable" by the FDA will, in fact, be readily substituted by pharmacies, which are governed by state pharmacy law.

*Patent Term Restoration and Extension*

The term of individual patents depends upon the legal term of the patents in the countries in which they are obtained. In most countries in which we file, including the United States, the patent term is 20 years from the earliest date of filing of a non-provisional patent application. In the United States, a patent claiming a new FDA-approved biological product may be eligible for a limited patent term extension under the Hatch-Waxman Act, which permits a patent restoration of up to five years to compensate for patent term lost during product development and FDA regulatory review. The restoration period granted on a patent covering a product is typically one-half the time between the effective date of an IND and the submission date of a marketing application (such as a BLA), plus the time between the submission date of a marketing application and the ultimate approval date. Patent term restoration cannot be used to extend the remaining term of a patent past a total of 14 years from the product's approval date. Only one patent applicable to an approved product is eligible for the extension; only those patents covering the approved product, a method for using it, or a method for manufacturing it may be extended and the application for the extension must be submitted prior to the expiration of the patent in question and within 60 days after approval of the relevant marketing application. A patent that covers multiple products for which approval is sought can only be extended in connection with one of the approvals. The USPTO reviews the application for any patent term extension in consultation with the FDA. Similar provisions are available in Europe and other foreign jurisdictions to extend the term of a patent that covers an approved drug. In the future, if and when our products receive FDA approval, we expect to apply for patent term extensions on patents covering those products. We plan to seek patent term extensions in any jurisdiction where these are available and where we have an issued patent claiming the approved product, however there is no guarantee that the applicable authorities, including the FDA in the United States, will agree with our assessment of whether such extensions should be granted, and if granted, the length of such extensions.

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*Regulation of Companion Diagnostics*

The success of certain of our product candidates may depend, in part, on the development and commercialization of a companion diagnostic. Companion diagnostics identify patients who are most likely to benefit from a particular therapeutic product; identify patients likely to be at increased risk for serious side effects as a result of treatment with a particular therapeutic product; or monitor response to treatment with a particular therapeutic product for the purpose of adjusting treatment to achieve improved safety or effectiveness. Companion diagnostics are regulated as medical devices by the FDA. In the United States, the FDCA and its implementing regulations, and other federal and state statutes and regulations govern, among other things, medical device design and development, preclinical and clinical testing, premarket clearance or approval, registration and listing, manufacturing, labeling, storage, advertising and promotion, sales and distribution, export and import, and post-market surveillance. Unless an exemption or FDA exercise of enforcement discretion applies, diagnostic tests generally require marketing clearance or approval from the FDA prior to commercialization. The two primary types of FDA marketing authorization applicable to a medical device are premarket notification, also called 510(k) clearance, and approval of a premarket approval ("PMA").

To obtain 510(k) clearance for a medical device, or for certain modifications to devices that have received 510(k) clearance, a manufacturer must submit a premarket notification demonstrating that the proposed device is substantially equivalent to a device that was legally marketed prior to May 28, 1976 (preamendments device), or a device which has been reclassified from Class III to Class II or I, a device which has been found substantially equivalent through the 510(k) process, or a device that was granted marketing authorization via the De Novo classification process under section 513(f)(2) of the FD&C Act that is not exempt from premarket notification requirements. The legally marketed device(s) to which equivalence is drawn is commonly known as the "predicate."

In making a determination that the device is substantially equivalent to a predicate device, the FDA compares the proposed device to the predicate device(s) and assesses whether the subject device is comparable to the predicate device(s) with respect to intended use, technology, design and other features which could affect safety and effectiveness. If the FDA determines that the subject device is substantially equivalent to the predicate device or predicate devices, the subject device may be cleared for marketing.

PMA applications must be supported by valid scientific evidence, which typically requires extensive data, including technical, preclinical, clinical and manufacturing data, to demonstrate to the FDA's satisfaction the safety and effectiveness of the device. For diagnostic tests, a PMA application typically includes data regarding analytical and clinical validation studies. As part of its review of the PMA, the FDA will conduct a pre-approval inspection of the manufacturing facility or facilities to ensure compliance with the Quality System Regulation ("QSR"), which requires manufacturers to follow design, testing, control, documentation and other quality assurance procedures. If the FDA evaluations of both the PMA application and the manufacturing facilities are favorable, the FDA will either issue an approval letter or an approvable letter, which usually contains a number of conditions that must be met in order to secure the final approval of the PMA. If the FDA's evaluation of the PMA or manufacturing facilities is not favorable, the FDA will deny the approval of the PMA or issue a not approvable letter. A not approvable letter will outline the deficiencies in the application and, where practical, will identify what is necessary to make the PMA approvable. Once granted, PMA approval may be withdrawn by the FDA if compliance with post-approval requirements, conditions of approval or other regulatory standards is not maintained or problems are identified following initial marketing.

On August 6, 2014, the FDA issued a final guidance document addressing the development and approval process for "*In Vitro* Companion Diagnostic Devices." According to the guidance document, for novel therapeutic products that depend on the use of a diagnostic test and where the diagnostic device could be essential for the safe and effective use of the corresponding therapeutic product, the premarket application for the companion diagnostic device should be developed and approved or cleared contemporaneously with the therapeutic, although the FDA recognizes that there may be cases when contemporaneous development may not be possible. However, in cases where a drug cannot be used safely or effectively without the companion diagnostic, the FDA's guidance indicates it will generally not approve the drug without the approval or clearance of the diagnostic device. The FDA also issued a draft guidance in July 2016 setting forth the principles for co-development of an *in vitro* companion diagnostic device with a therapeutic product. The draft guidance describes principles to guide the development and contemporaneous marketing authorization for the therapeutic product and its corresponding *in vitro* companion diagnostic.

Once cleared or approved, the companion diagnostic device must adhere to post-marketing requirements including the requirements of FDA's quality system regulation, adverse event reporting, recalls and corrections along with product marketing requirements and limitations. Like drug and biologic makers, companion diagnostic makers are subject to unannounced FDA inspections at any time during which the FDA will conduct an audit of the product(s) and the company's facilities for compliance with its authorities.

*Healthcare Law and Regulation*

See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry."

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***Review and Approval of Medicinal Products in the EU***

In order to market any product outside of the United States, a company must also comply with numerous and varying regulatory requirements of other countries and jurisdictions regarding quality, safety, and efficacy and governing, among other things, clinical trials, marketing authorization, commercial sales and distribution of products. Whether or not it obtains FDA licensing for a product, an applicant will need to obtain the necessary approvals by comparable non-U.S. regulatory authorities before it can commence clinical trials or marketing of the product in those countries or jurisdictions. Specifically, the process governing approval of medicinal products in the EU generally follows similar lines as in the United States. It entails satisfactory completion of preclinical studies and adequate and well-controlled clinical trials to establish the safety and efficacy of the product for each proposed indication. It also requires the submission of an MAA to the relevant competent authorities, and granting of a marketing authorization by these authorities before the product can be marketed and sold in the EU.

*Clinical Trial Approval in the EU*

In April 2014, the EU adopted a new Clinical Trials Regulation (EU) No 536/2014, which was set to replace the former Clinical Trials Directive 2001/20/EC. The new Clinical Trials Regulation (EU) No 536/2014 applies since January 31, 2022 and overhauls the former system of approvals for clinical studies in the EU. Specifically, the new regulation, which is directly applicable in all member states, aims at simplifying and streamlining the approval of clinical studies in the EU. For instance, the new Clinical Trials Regulation provides a streamlined application procedure via a single point and strictly defined deadlines for the assessment of clinical study applications.

The Clinical Trials Regulation and the related national implementing provisions of the individual EU Member States govern the system for the approval of clinical trials in the EU. Under this system, an applicant must obtain prior approval from the competent national authority of the EU Member States in which the clinical trial is to be conducted. Furthermore, the applicant may only start a clinical trial at a specific study site after the lead ethics committee has issued a favorable opinion. The clinical trial application must be accompanied by, among other documents, an investigational medicinal product dossier with supporting information prescribed by Regulation (EU) No 536/2014, the implementing national provisions of the individual EU Member States and further detailed in applicable guidance documents.

*PRIME Designation in the EU*

In March 2016, the EMA launched an initiative to facilitate development of product candidates in indications, often rare, for which few or no therapies currently exist. The PRIority MEdicines ("PRIME") scheme is intended to encourage drug development in areas of unmet medical need and provides accelerated assessment of products representing substantial innovation reviewed under the centralized procedure. Products from small and medium-sized enterprises may qualify for earlier entry into the PRIME scheme than products from larger companies. Many benefits accrue to sponsors of product candidates with PRIME designation, including but not limited to, early and proactive regulatory dialogue with the EMA, frequent discussions on clinical trial designs and other development program elements, and accelerated marketing authorization application assessment once a dossier has been submitted. Importantly, a dedicated agency contact and a rapporteur from the Committee for Human Medicinal Products ("CHMP") or Committee for Advanced Therapies are appointed early in the PRIME scheme facilitating increased understanding of the product at EMA's Committee level. A kick-off meeting initiates these relationships and includes a team of multidisciplinary experts at the EMA to provide guidance on the overall development and regulatory strategies.

*Marketing Authorization in the EU*

To obtain a marketing authorization for a product under EU regulatory systems, an applicant must submit an MAA, either under a centralized procedure administered by the EMA or one of the procedures administered by competent authorities in EU Member States (decentralized procedure, national procedure, or mutual recognition procedure). A marketing authorization may be granted only to an applicant established in the EU. Regulation (EC) No. 1901/2006 provides that prior to obtaining a marketing authorization in the EU, applicants must demonstrate compliance with all measures included in an EMA-approved Pediatric Investigation Plan ("PIP") covering all subsets of the pediatric population, unless the EMA has granted a product-specific waiver, class waiver, or a deferral for one or more of the measures included in the PIP.

The centralized procedure provides for the grant of a single marketing authorization by the European Commission that is valid across the European Economic Area. Pursuant to Regulation (EC) No. 726/2004, the centralized procedure is compulsory for specific products, including for medicines produced by certain biotechnological processes, products designated as orphan medicinal products, ATMPs and products with a new active substance indicated for the treatment of certain diseases, including products for the treatment of cancer. For products with a new active substance indicated for the treatment of other diseases and products that are highly innovative or for which a centralized process is in the interest of patients, the centralized procedure may be optional. The centralized

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procedure may at the request of the applicant also be used in certain other cases. We anticipate that the centralized procedure will be mandatory for the product candidates we are developing.

Under the centralized procedure, the CHMP is also responsible for several post-authorization and maintenance activities, such as the assessment of modifications or extensions to an existing marketing authorization. Under the centralized procedure in the EU, the maximum timeframe for the evaluation of an MAA is 210 days, excluding clock stops when additional information or written or oral explanation is to be provided by the applicant in response to questions of the CHMP. Accelerated evaluation may be granted by the CHMP in exceptional cases and under PRIME designation, when a medicinal product is of major interest from the point of view of public health and, in particular, from the viewpoint of therapeutic innovation. If the CHMP accepts such a request, the time limit of 210 days will be reduced to 150 days, but it is possible that the CHMP may revert to the standard time limit for the centralized procedure if it determines that it is no longer appropriate to conduct an accelerated assessment. At the end of this period, the CHMP provides a scientific opinion on whether or not a marketing authorization should be granted in relation to a medicinal product. Within 15 calendar days of receipt of a final opinion from the CHMP, the European Commission must prepare a draft decision concerning an application for marketing authorization. This draft decision must take the opinion and any relevant provisions of EU law into account. Before arriving at a final decision on an application for centralized authorization of a medicinal product the European Commission must consult the Standing Committee on Medicinal Products for Human Use. The Standing Committee is composed of representatives of the EU Member States and chaired by a non-voting European Commission representative. The European Parliament also has a related "*droit de regard*." The European Parliament's role is to ensure that the European Commission has not exceeded its powers in deciding to grant or refuse to grant a marketing authorization.

The European Commission may grant a so-called "marketing authorization under exceptional circumstances." Such authorization is intended for products for which the applicant can demonstrate that it is unable to provide comprehensive data on the efficacy and safety under normal conditions of use, because the indications for which the product in question is intended are encountered so rarely that the applicant cannot reasonably be expected to provide comprehensive evidence, or in the present state of scientific knowledge, comprehensive information cannot be provided, or it would be contrary to generally accepted principles of medical ethics to collect such information. Consequently, marketing authorization under exceptional circumstances may be granted subject to certain specific obligations, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the applicant must complete an identified program of studies within a time period specified by the competent authority, the results of which form the basis of a reassessment of the benefit/risk profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the medicinal product in question may be supplied on medical prescription only and may in certain cases be administered only under strict medical supervision, possibly in a hospital and in the case of a radiopharmaceutical, by an authorized person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the package leaflet and any medical information must draw the attention of the medical practitioner to the fact that the particulars available concerning the medicinal product in question are as yet inadequate in certain specified respects.

A marketing authorization under exceptional circumstances is subject to annual review to reassess the risk-benefit balance in an annual reassessment procedure. Continuation of the authorization is linked to the annual reassessment and a negative assessment could potentially result in the marketing authorization being suspended or revoked. The renewal of a marketing authorization of a medicinal product under exceptional circumstances, however, follows the same rules as a "normal" marketing authorization. Thus, a marketing authorization under exceptional circumstances is granted for an initial five years, after which the authorization will become valid indefinitely, unless the European Commission decides that safety grounds merit one additional five-year renewal.

The European Commission may also grant a so-called "conditional marketing authorization" prior to obtaining the comprehensive clinical data required for an application for a full marketing authorization. Such conditional marketing authorizations may be granted for product candidates (including medicines designated as orphan medicinal products), if (i) the risk-benefit balance of the product candidate is positive, (ii) it is likely that the applicant will be in a position to provide the required comprehensive clinical trial data, (iii) the product fulfills an unmet medical need and (iv) the benefit to public health of the immediate availability on the market of the medicinal product concerned outweighs the risk inherent in the fact that additional data are still required. A conditional marketing authorization may contain specific obligations to be fulfilled by the marketing authorization holder, including obligations with respect to the completion of ongoing or new studies, and with respect to the collection of pharmacovigilance data. Conditional marketing authorizations are valid for one year, and may be renewed annually, if the risk-benefit balance remains positive, and after an assessment of the need for additional or modified conditions and/or specific obligations. The timelines for the centralized procedure described above also apply with respect to the review by the CHMP of applications for a conditional marketing authorization.

The EU medicines rules expressly permit the EU Member States to adopt national legislation prohibiting or restricting the sale, supply or use of any medicinal product containing, consisting of or derived from a specific type of human or animal cell, such as embryonic stem cells. While the product candidates we have in development do not make use of embryonic stem cells, it is possible

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that the national laws in certain EU Member States may prohibit or restrict us from commercializing our product candidates, even if they have been granted an EU marketing authorization.

*Regulatory Data Protection in the EU*

In the EU, innovative medicinal products approved on the basis of a completely independent data package qualify for eight years of data exclusivity upon marketing authorization and an additional two years of market exclusivity pursuant to Directive 2001/83/EC. Regulation (EC) No. 726/2004 repeats the entitlement for medicinal products authorized in accordance with the centralized authorization procedure. Data exclusivity prevents applicants for authorization of generics of these innovative products from referencing the innovator's data to assess a generic (abridged) application for a period of eight years. During the additional two-year period of market exclusivity, a generic marketing authorization application can be submitted and authorized, and the innovator's data may be referenced, but no generic medicinal product can be placed on the EU market until the expiration of the market exclusivity. The overall ten-year period will be extended to a maximum of 11 years if, during the first eight years of those ten years, the marketing authorization holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a significant clinical benefit in comparison with existing therapies. Even if a compound is considered to be a new chemical entity so that the innovator gains the prescribed period of data exclusivity, another company may market another version of the product if such a company obtained marketing authorization based on an MAA with a completely independent data package of pharmaceutical tests, non-clinical tests and clinical trials.

*Periods of Authorization and Renewals*

A marketing authorization has an initial validity for five years in principle. The marketing authorization may be renewed after five years on the basis of a reevaluation of the risk-benefit balance by the EMA or by the competent authority of the EU Member State. To this end, the marketing authorization holder must provide the EMA or the competent authority with a consolidated version of the file in respect of quality, safety, and efficacy, including all variations introduced since the marketing authorization was granted, at least six months before the marketing authorization ceases to be valid.

The European Commission or the competent authorities of the EU Member States may decide, on justified grounds relating to pharmacovigilance, to proceed with one further five-year period of marketing authorization. Once subsequently definitively renewed, the marketing authorization shall be valid for an unlimited period. Any authorization which is not followed by the actual placing of the medicinal product on the EU market (in case of centralized procedure) or on the market of the authorizing EU Member State within three years after authorization ceases to be valid (the so-called sunset clause).

*Orphan Drug Designation and Exclusivity*

Regulation (EC) No. 141/2000, as implemented by Regulation (EC) No. 847/2000 provides that a drug can be designated as an orphan drug by the European Commission if its sponsor can establish: that the product is intended for the diagnosis, prevention or treatment of (1) a life-threatening or chronically debilitating condition affecting not more than five in ten thousand persons in the EU when the application is made, or (2) a life-threatening, seriously debilitating or serious and chronic condition in the EU and that without incentives it is unlikely that the marketing of the drug in the EU would generate sufficient return to justify the necessary investment. For either of these conditions, the applicant must demonstrate that there exists no satisfactory method of diagnosis, prevention or treatment of the condition in question that has been authorized in the EU or, if such method exists, the drug will be of significant benefit to those affected by that condition.

Once authorized, orphan medicinal products are entitled to 10 years of market exclusivity in all EU Member States and, in addition, a range of other benefits during the development and regulatory review process including scientific assistance for study protocols, authorization through the centralized marketing authorization procedure covering all member countries and a reduction or elimination of registration and marketing authorization fees. However, marketing authorization may be granted to a similar medicinal product with the same orphan indication during the 10-year period with the consent of the marketing authorization holder for the original orphan medicinal product or if the manufacturer of the original orphan medicinal product is unable to supply sufficient quantities. Marketing authorization may also be granted to a similar medicinal product with the same orphan indication if this product is safer, more effective or otherwise clinically superior to the original orphan medicinal product. The period of market exclusivity may, in addition, be reduced to six years if it can be demonstrated on the basis of available evidence that the original orphan medicinal product is sufficiently profitable not to justify the maintenance of market exclusivity.

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*Regulatory Requirements After a Marketing Authorization Has Been Obtained*

In case an authorization for a medicinal product in the EU is obtained, the holder of the marketing authorization is required to comply with a range of requirements applicable to the manufacturing, marketing, promotion and sale of medicinal products. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with the European Union's stringent pharmacovigilance or safety reporting rules must be ensured. These rules can impose post-authorization studies and additional monitoring obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the manufacturing of authorized medicinal products, for which a separate manufacturer's license is mandatory, must also be conducted in strict compliance with the applicable EU laws, regulations and guidance, including Directive 2001/83/EC, Directive 2003/94/EC, Regulation (EC) No 726/2004 and the European Commission Guidelines for Good Manufacturing Practice. These requirements include compliance with EU cGMP standards when manufacturing medicinal products and active pharmaceutical ingredients, including the manufacture of active pharmaceutical ingredients outside of the EU with the intention to import the active pharmaceutical ingredients into the EU; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the marketing and promotion of authorized drugs, including industry-sponsored continuing medical education and advertising directed toward the prescribers of drugs and/or the general public, are strictly regulated in the EU notably under Directive 2001/83/EC, as amended, and EU Member State laws. Direct-to-consumer advertising of prescription medicines is prohibited across the EU.

*Reform of EU pharmaceutical legislation*

The European Commission proposed a comprehensive revision of the EU's pharmaceutical legislation on April 26, 2023. The plans aim to improve the access to medicines, foster innovation, combat antimicrobial resistance, enhance environmental sustainability, and ensure medicine supply security. Key changes include faster drug approvals, incentives for companies to market medicines across all EU countries, stricter measures against drug shortages, and support for developing new antibiotics. The revisions aim to create a more competitive, patient-centered pharmaceutical market across the EU.

The European Parliament adopted its position on the Commission proposal on April 10, 2024. The Council of the European Union adopted its position on the Commission proposal on June 4, 2025. On December 11, 2025 political agreement was reached by the European Commission, the European Parliament and the Council of the European Union on the comprehensive reform of the EU pharmaceutical legislation, formal approval by the European Parliament and the Council is awaited. Given the extensive nature of the reform the legislative process extends into 2026. The adopted acts of the new pharmaceutical legislation are expected to enter into force in 2026. The following two years, until 2028, will serve as a transition period. In this time interval, all EU Member States will need to update their national laws to align with the new rules. It is expected for the new pharmaceutical legislation to become applicable in 2028.

**C. Organizational Structure** 

As of December 31, 2025, we had two subsidiaries. The following table sets out for each of our principal subsidiaries, the countries of incorporation, and the percentage ownership and voting interest held by us (directly or indirectly through subsidiaries).

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| | | |
|:---|:---|:---|
| **Company** | **Jurisdiction of<br>Incorporation** | **Percentage<br>Ownership and<br>Voting Interest** |
| Immatics Biotechnologies GmbH | Germany | 100% |
| Immatics US, Inc. | Delaware, United States | 100% |

---

**D. Property, Plants and Equipment** 

Immatics has two locations in Germany:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The corporate headquarters are located at Paul-Ehrlich-Straße 15-19 in 72076 Tübingen. It comprises approximately 5,100 square meters of office space as well as research and laboratory space. In addition, we have facilities located at Maria-von-Lindenstraße 2, 72076 Tübingen. It comprises approximately 1,800 square meters of office space as well as research and laboratory space. It houses Operations, Immunology, TCR Discovery and Validation, TCR Engineering & bispecifics, Immunomonitoring, Discovery, Companion Diagnostics, CMC, Finance, Translational Development, Regulatory Affairs and Clinical Development.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our second facility is approximately 1,700 square meters and is located in Machtlfinger Straße 5-15 in 81379 Munich. It houses Clinical Development, Intellectual Property, IT, Communications and Business Development.

In March 2022 we entered into a lease agreement for a 100,000 square foot facility located at the Weatherford Farms DC LP in Stafford, Texas in the Houston Metropolitan Area, to house our office space, laboratories, and GMP manufacturing. The GMP manufacturing facility was built with a modular design for efficient and cost-effective scalability to serve early-stage and registration-enabling clinical trials, as well as planned commercial supply, starting in 2025.

T cell products are manufactured at the leased UTHealth Evelyn H. Griffin Stem Cell Therapeutics Research Laboratory in an 1,850 square foot state-of-the-art cGMP facility exclusively used by us in Houston, Texas.

We are not aware of any environmental issues or other constraints that would materially impact the intended use of our facilities.

**ITEM 4A. UNRESOLVED STAFF COMMENTS** 

None.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS** 

You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements, including the notes thereto, included in this Annual Report. Our consolidated financial statements are presented in euros and have been prepared in accordance with IFRS as issued by the IASB. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described under "Item 3. Key Information - D. Risk Factors" and elsewhere in this Annual Report.

For a discussion of our consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023 and our cash flows for the year ended December 31, 2023, see the section "Item 5. Operating and Financial Review and Prospects" in our Annual Report on Form 20-F (File No. 001-39363) filed with the SEC on March 27, 2025.

**A. Operating Results** 

**Overview** 

We are a clinical-stage biotechnology company and 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. Our mission is to make a meaningful impact on the lives of patients with cancer and high unmet

medical needs by producing novel, PRAME-directed immunotherapies that provide tangible clinical benefits. We strive to become an

industry-leading, fully integrated global biopharmaceutical company engaged in developing, manufacturing and commercializing

PRAME immunotherapies for the benefit of cancer patients, our shareholders, our employees and our partners.

PRAME is an intracellular protein presented as a peptide on the surface of tumor cells by HLA molecules. The PRAME peptide

can be targeted by T-cell receptors ("TCRs") engineered by Immatics, thus overcoming the limitations of classical antibodies and

CAR T-cell therapies not able to access intracellular targets. Our 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), our off-the-shelf, next-generation, half-life extended IMA402 PRAME bispecific as monotherapy and in combination with an immune checkpoint inhibitor as well as anzu-cel in combination with Moderna's PRAME cell therapy enhancer (mRNA-4203). Each modality targeting PRAME, cell therapy and bispecific, is designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for the targeted cancer patient populations.

In addition, we are exploring a potential combination of IMA401 MAGE4/8 bispecific with IMA402 PRAME bispecific, in

patients with squamous non-small cell lung cancer (sqNSCLC) and potentially other indications. We are also driving innovation beyond PRAME with several proprietary and partnered preclinical product candidates targeting multiple indications.

Since our inception, we have focused on developing our technologies and executing our preclinical and clinical research

programs with the aim to make a meaningful impact on the lives of patients with cancer. We do not have any products approved for

sale. We have funded our operations primarily through equity financing and through payments from our collaboration partners.

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We have assembled a team of 656 and 627 FTEs as of December 31, 2025 and December 31, 2024, respectively.

Through December 31, 2025, we have raised €1.6 billion cash and cash equivalents through licensing payments from our collaborators and through private and public placements of securities. We hold cash and cash equivalents and other financial assets of €469.3 million as of December 31, 2025. We believe that we have sufficient capital resources to fund our operations through at least the next 12 months.

**Components of Operating Results** 

***Revenue from Collaboration Agreements*** 

To date, we have not generated any revenue from the sale of pharmaceutical products. Our revenue has been solely derived from our collaboration agreements, such as with BMS and Moderna. Our revenue from collaboration agreements currently consists of upfront payments, milestone payments and reimbursement of research and development expenses.

Upfront payments allocated to the obligation to perform research and development services are initially recorded on our statement of financial position as deferred revenue and are subsequently recognized as revenue on a cost-to-cost measurement basis, in accordance with our accounting policy as described further under "E. Critical Accounting Estimates."

As part of the collaboration arrangements, we grant exclusive licensing rights for the development and commercialization of future product candidates, developed for specified targets defined in the respective collaboration agreement. We carry out our research activities using our proprietary technology and know-how, participate in joint steering committees, and prepare data packages. In one of our two current revenue generating collaboration agreements, these commitments represent one combined performance obligation, because the research activities are mutually dependent and the collaborator is unable to derive significant benefit from our access to these targets without our research activities, which are highly specialized and cannot be performed by other organizations. For the collaboration signed with Moderna in September 2023, the Group identified the following distinct performance obligations: initial early pre-clinical targets from the TCER part ("Early TCER Activities"), one initial advanced pre-clinical target from the TCER part ("Advanced TCER Activities") and four distinct performance obligations which, due to their identical accounting treatment as license accesses, are jointly accounted for as if they were one performance obligation ("Database Activities"). During the year ended December 31, 2025, Immatics entered into an amendment to the Moderna master agreement to conduct a clinical trial for the Advanced TCER Activities, which is accounted for as a separate distinct performance obligation.

All collaboration agreements resulted in a total of €530.0 million of payments through December 31, 2025. We received €113.0 million ($120.0 million) in connection with the strategic collaboration agreement with Moderna and a €13.7 million ($15.0 million) Opt-in payment from our collaboration partner BMS in 2023. We achieved a €4.3 million ($5.0 million) milestone from our collaboration partner Moderna in December 2025, related to a contract modification.

Under each of our revenue generating collaboration agreements, we are entitled to receive payments for certain development and commercial milestone events, in addition to royalty payments upon successful commercialization of a product. Since the achievement of such milestone events is subject to certain conditions outside the influence of the Company and other risk factors, future milestone revenue is considered a variable consideration that is currently uncertain.

Our ability to generate revenue from sales of pharmaceutical products and to become profitable depends on the successful

commercialization of product candidates by us and/or by our collaboration partners, following successful clinical trials and approval

for sale. To the extent that existing or potential future collaborations generate revenue, our revenue may vary due to many

uncertainties in the development of our product candidates and other factors.

***Research and Development Expenses*** 

Research and development expenses consist primarily of personnel-related costs (including share-based compensation) for the various research and development departments, intellectual property ("IP") expenses, facility-related costs and amortization as well as direct expenses for clinical and preclinical programs.

Our core business is focused on the following initiatives with the goal of providing novel PRAME-directed immunotherapies to

patients with cancer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Anzu-cel (IMA203) PRAME Cell Therapy: First Market Entry in Advanced Melanoma;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IMA203CD8 PRAME Cell Therapy (GEN2): Expansion to all Advanced PRAME Cancers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IMA402 PRAME bispecific: Expansion to Earlier-Line PRAME Cancers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unlock the full potential of strategic collaborations

Research expenses are defined as costs incurred for current or planned investigations undertaken with the prospect of gaining new scientific or technical knowledge and understanding. All research and development costs are expensed as incurred due to scientific uncertainty.

We expect our research and development expenses may increase in the future as we advance existing and future proprietary

product candidates into and through clinical studies and pursue regulatory approval. The process of conducting the necessary clinical

studies to obtain regulatory approval is costly and time-consuming. We expect our headcount may increase to support our continued

research activities and to advance the development of our product candidates. Clinical studies generally become larger and more costly to conduct as they advance into later stages and, in the future, we will be required to make estimates for expense accruals related to clinical study expenses. At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of any product candidates that we develop from our programs. We must demonstrate our products' safety and efficacy through extensive clinical testing. We may experience numerous unforeseen events during, or as a result of, the testing process that could delay or prevent commercialization of our products, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after reviewing trial results, we or our collaborators may abandon projects previously believed to be promising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we, our collaborators, or regulators may suspend or terminate clinical trials if the participating subjects or patients are being exposed to unacceptable health risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our potential products may not achieve the desired effects or may include undesirable side effects or other characteristics that preclude regulatory approval or limit their commercial use if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contract manufacturing may not meet the necessary standards for the production of the product candidates or may not be able to supply the product candidates in a sufficient quantity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory authorities may find that our clinical trial design or conduct does not meet the applicable approval requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•safety and efficacy results in various human clinical trials reported in scientific and medical literature may not be indicative of results we obtain in our clinical trials.

Clinical testing is very expensive, can take many years, and the outcome is uncertain. The data collected from our clinical trials

of our TCR T-cell therapy or TCR bispecific candidates may not be sufficient to support approval by the FDA, the EMA or comparable regulatory authorities of our TCR T-cell therapy or TCR bispecific product candidates for the treatment of solid tumors.

The clinical trials for our products under development may not be completed on schedule, the FDA, EMA or regulatory authorities in

other countries may not view data generated from clinical trials that we designate as "pivotal" or "registration-enabling" as sufficient

support regulatory approval, and the FDA, EMA or regulatory authorities in other countries may not ultimately approve any of our

product candidates for commercial sale. If we fail to adequately demonstrate the safety and effectiveness of any product candidate

under development, we may not receive regulatory approval for those product candidates, which would prevent us from generating

revenues or achieving profitability.

***General and Administrative Expenses*** 

General and administrative expenses consist primarily of personnel-related costs (including share-based compensation) for

finance, legal, human resources, business development and the early stages of our commercial activities and other administrative and

operational functions, professional fees, accounting and legal services, information technology and facility-related costs. These costs

relate to the operation of the business, unrelated to the research and development function or any individual program.

Due to the possible planned increase in research and development activities as explained above, we also expect that our general

and administrative expenses might increase. We might incur increased accounting, audit, legal, regulatory, compliance, director and

officer insurance costs. Additionally, if and when a regulatory approval of a product candidate appears likely, we anticipate an

increase in personnel-related expenses and other expenses as a result of our preparation for commercial operations.

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***Financial Result*** 

Financial result consists of income and expenses from changes in fair value of warrant liability as well as both other financial income and other financial expenses. Our warrants are classified as liabilities recorded at fair value through profit or loss. The

warrants expired on July 1, 2025 and have not been exercised during their lifetime. Other financial income results primarily from interest income, foreign exchange gains and expected credit income. Other financial expenses consist of interest expenses related to lease liabilities, foreign exchange losses and expected credit losses.

**Results of Operations** 

***Comparison of the Years Ended December 31, 2025, December 31, 2024 and December 31, 2023***

The following table summarizes our consolidated statements of operations for each year presented:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands, except per share data)** | **(Euros in thousands, except per share data)** | **(Euros in thousands, except per share data)** |
| Revenue from collaboration agreements | 48266 | 155835 | 53997 |
| Research and development expenses | (183832) | (148079) | (118663) |
| General and administrative expenses | (51184) | (46449) | (38198) |
| Other income | 4734 | 78 | 1139 |
| **Operating result** | **(182016)** | **(38615)** | **(101725)** |
| Change in fair value of liabilities for warrants | 1730 | 17264 | (2079) |
| Other financial income | 18516 | 44018 | 13850 |
| Other financial expenses | (36666) | (1321) | (7040) |
| **Financial result** | **(16420)** | **59961** | **4731** |
| **Profit/(loss) before taxes** | **(198436)** | **21346** | **(96994)** |
| Taxes on income | 1989 | (6128) | 2345 |
| **Net profit/(loss)** | **(196447)** | **15218** | **(94649)** |
| **Net profit/(loss) per share:** |  |  |  |
| Basic | (1.61) | 0.14 | (1.18) |
| Diluted | (1.61) | 0.14 | (1.18) |

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*Revenue from Collaboration Agreements* 

The following table summarizes our collaboration revenue for the years indicated:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Moderna, United States | 37247 | 62785 |
| BMS, United States | 11019 | 78099 |
| Genmab, Denmark |  | 14951 |
| **Total** | **48266** | **155835** |

---

Our revenue from collaboration agreements decreased by €107.5 million from €155.8 million for the year ended December 31, 2024 to €48.3 million for the year ended December 31, 2025. Under our collaboration agreement with Moderna revenue decreased from €62.8 million for the year ended December 31, 2024 to €37.2 million for the year ended December 31, 2025. Revenue decreased for our collaboration with BMS from €78.1 million for the year ended December 31, 2024 to €11.0 million for the year ended December 31, 2025. For Moderna, the decrease is primarily attributable to a lower proportion of costs incurred relative to the overall project progress within the year. For BMS, the decrease is primarily due to termination of agreements and attributable to a lower proportion of costs incurred relative to the overall project progress within the year. We recognized higher revenue during the year ended December 31, 2024 due to the terminations of our collaboration agreements with Genmab, BMS IMA401 and BMS Allo which resulted in the recognition of the remaining deferred revenue of €14.9 million, €21.0 million and €33.1 million, respectively.

Other than the recognition of a €4.3 million milestone from Moderna for the year ended December 31, 2025, we did not achieve any material milestones or receive any royalty payments in connection with our collaboration agreements during the presented years.

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*Research and Development Expenses* 

The following table summarizes our research and development expenses for the years indicated:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| **Direct external research and development expenses by program:** |  |  |
| &nbsp;&nbsp;&nbsp;TCR T-cell therapy Programs | (49521) | (25861) |
| &nbsp;&nbsp;&nbsp;TCR Bispecific Programs | (19015) | (12631) |
| &nbsp;&nbsp;&nbsp;Other programs | (2480) | (7509) |
| &nbsp;&nbsp;&nbsp;**Sub-total direct external expenses** | **(71016)** | **(46001)** |
| **Indirect research and development expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Personnel related (excluding share-based compensation) | (69249) | (56270) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expenses | (7539) | (9587) |
| &nbsp;&nbsp;&nbsp;IP expenses | (2600) | (8157) |
| &nbsp;&nbsp;&nbsp;Facility and depreciation | (12257) | (11491) |
| &nbsp;&nbsp;&nbsp;Other indirect expenses | (21171) | (16573) |
| &nbsp;&nbsp;&nbsp;**Sub-total indirect expenses** | **(112816)** | **(102078)** |
| **Total** | **(183832)** | **(148079)** |

---

Direct external research and development expenses for our TCR T-cell therapy Programs increased from €25.9 million for the year ended December 31, 2024 to €49.5 million for the year ended December 31, 2025. This increase mainly resulted

from increased activities in our clinical trials for anzu-cel (IMA203), predominantly for SUPRAME and to a lesser extent for Uveal Melanoma. Direct external research and development expenses for our TCR bispecifics programs increased from €12.6 million for the year ended December 31, 2024 to €19.0 million for the year ended December 31, 2025. This increase mainly resulted from activities related to our continued development of IMA401 as a Immatics' proprietary product as well as increased activities for IMA402.

Direct external research and development expenses for our other programs such as technology platforms and collaboration agreements decreased from €7.5 million for the year ended December 31, 2024 to €2.5 million for the year ended December 31, 2025. This decrease mainly resulted from the termination of our BMS IMA401 collaboration in September 2024.

We do not allocate indirect research and development expenses by program, as our research and development personnel work across programs. Our intellectual property expenses are incurred for the protection of cancer antigen targets, T cell receptors, antibodies, bispecific molecules, and antigen discovery platforms which are beneficial to the whole research and development group rather than for specific programs. Our programs use common research and development facilities and laboratory equipment, and we also incur other costs such as general laboratory material or maintenance expenses that are incurred for commonly used activities within the whole research and development group.

Personnel-related expenses increased from €56.3 million for the year ended December 31, 2024 to €69.2 million for the year ended December 31, 2025. This increase resulted from our headcount growth due to our increased research and development activities including clinical trials. Share-based compensation expenses decreased from €9.6 million for the year ended December 31, 2024 to €7.5 million for the year ended December 31, 2025. Shared-based compensation expenses decrease over time mainly due to certain awards granted as part of the initial listing on Nasdaq have fully vested. IP expenses decreased from €8.2 million for the year ended December 31, 2024 to €2.6 million for the year ended December 31, 2025 mainly due to fewer patent activities in research and development carried out during the year ended December 31, 2025. Facility and depreciation expenses increased from €11.5 million for the year ended December 31, 2024 to €12.3 million for the year ended December 31, 2025. Other indirect expenses increased from €16.6 million for the year ended December 31, 2024 to €21.2 million for the year ended December 31, 2025. This increase mainly resulted from activities related to the preparation for scalability of our manufacturing processes.

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*General and Administrative Expenses* 

The following table summarizes our general and administrative expenses for the years indicated:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Personnel related (excluding share-based compensation) | (18809) | (15430) |
| Share-based compensation expenses | (7477) | (8055) |
| Professional and consulting fees | (8750) | (8936) |
| Other external general and administrative expenses | (16148) | (14028) |
| **Total** | **(51184)** | **(46449)** |

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General and administrative expenses increased from €46.4 million for the year ended December 31, 2024 to €51.2 million for the year ended December 31, 2025.

Personnel related general and administrative expenses, excluding share-based compensation, increased from €15.4 million for the year ended December 31, 2024 to €18.8 million for the year ended December 31, 2025. The increase primarily reflects increased engagement in commercialization preparation activities for anzu-cel (IMA203) and to a lesser extent from additional headcount in finance, IT, human resources and communications functions.

Share-based compensation expenses decreased from €8.1 million for the year ended December 31, 2024 to €7.5 million for the year ended December 31, 2025. Shared-based compensation expenses decrease over time for awards granted as part of the initial listing on Nasdaq that have fully vested.

Professional and consulting fees decreased from €8.9 million for the year ended December 31, 2024 to €8.7 million for the year ended December 31, 2025.

Other external expenses increased from €14.0 million for the year ended December 31, 2024 to €16.1 million for the year ended December 31, 2025. The increase in other expenses mainly resulted from higher software expenses, depreciation and facility expenses.

*Change in fair value of liabilities for warrants* 

There were 7,187,500 warrants outstanding, which were classified as financial liabilities through profit or loss. The warrants entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share. The Company's public warrants expired on July 1, 2025, without any being exercised during their lifetime. As a result, the related warrant liabilities were derecognized from the Statement of Financial Position on that date.

For the year ended December 31, 2025, changes in the fair value of the warrants resulted in a decrease of €1.7 million, recognized as income, as the fair value declined from €0.24 ($0.25) per warrant as of December 31, 2024, to €0.00 ($0.00) as of June 30, 2025, prior to their expiration on July 1, 2025.

The fair value of warrants decreased from €2.64 ($2.92) per warrant as of December 31, 2023 to €0.24 ($0.25) per warrant as of December 31, 2024. The result is a decrease in fair value of liabilities for warrants of €17.3 million and a corresponding income for the year ended December 31, 2024.

*Other Income*

Other income increased from €0.1 million for the year ended December 31, 2024 to €4.7 million for the year ended December 31, 2025. Immatics GmbH claimed the tax research allowance under the German Research Allowance Act (FZulG) for eligible research and development activities. The research allowance is treated as a government grant and recognized in accordance with the principles of IAS 20. A research allowance of €4.6 million was recognized as of December 31, 2025 as other income.

*Other Financial Income and Other Financial Expenses*

Other financial income decreased from €44.0 million for the year ended December 31, 2024 to €18.5 million for the year ended December 31, 2025. The decrease mainly resulted from lower unrealized foreign exchange gains and lower interest income mainly

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due to lower interest rates and lower balances.

Other financial expenses increased from €1.3 million for the year ended December 31, 2024 to €36.7 million for the year ended December 31, 2025. The increase mainly resulted from higher unrealized foreign exchange losses.

*Taxes on Income*

Taxes on income decreased from €6.1 million for the year ended December 31, 2024 to a benefit of €2.0 million for the year ended December 31, 2025. The decrease mainly resulted from a current income tax expense for the year ended December 31, 2024 compared to an income tax benefit for the year ended December 31, 2025. Immatics did not generate a taxable profit for the year ended December 31, 2025, correspondingly no significant current income tax was recognized. For the year ended December 31, 2024 a current income tax expense of €7.8 million was recognized. Deferred tax liabilities decreased for the year ended December 31, 2025 compare to the year ended December 31, 2024. For the year ended December 31, 2025 and for the year ended December 31, 2024, the decrease in temporary differences resulted in a deferred income tax benefit of €2.0 million and €1.7 million, respectively. The decrease is mainly related to the decrease in temporary differences in Deferred revenue, Cash and cash equivalents and Other financial assets.

**B. Liquidity and Capital Resources** 

Cash and cash equivalents increased from €236.7 million as of December 31, 2024 to €345.9 million as of December 31, 2025.

We believe our existing Cash, cash equivalents and other financial assets will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months. We may consider raising additional capital to pursue strategic investments, to take advantage of financing opportunities or for other reasons.

**Sources and Uses of Liquidity**

We have incurred losses since inception, with the exception of the year ended December 31, 2022 and the year ended December

31, 2024. As of December 31, 2025, we had an accumulated deficit of €786.0 million.

We have funded our operations primarily from public offerings and private placements of our equity securities as well as upfront and other payments from collaboration agreements.

In the year ended December 31, 2025, we received €107.2 million ($125.0 million) gross proceeds less transaction costs of €7.0 million ($8.0 million) in connection with our public offering of 12,500,000 ordinary shares on December 8, 2025.

We plan to utilize the existing Cash, cash equivalents and Other financial assets on hand primarily to fund our operating

activities associated with our research and development initiatives to continue or commence clinical trials and seek regulatory

approval for our product candidates. We also expect to continue investing in laboratory and manufacturing equipment and operations

to support our anticipated development. Cash in excess of immediate requirements is invested in accordance with our investment

policy with an emphasis on liquidity and capital preservation and consist primarily of cash in banks and short-term deposits

Our contractual obligations as of December 31, 2025 include lease obligations for lease liabilities of €18.7 million, reflecting our future minimum commitments for our office, manufacturing and laboratory spaces in Tübingen, Munich and Houston.

As of December 31, 2025, €3.5 million of the committed lease payments associated with lease liabilities will occur in the next 12 months. The remaining lease payments of €15.2 million will occur between January 1, 2026 and June 30, 2033.

In addition to the above obligations, we enter into a variety of agreements and financial commitments in the normal course of business. The terms generally provide us with the option to cancel, reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services.

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**Cash Flows** 

The following table summarizes our cash flows for each year presented:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| **Net cash provided by / (used in):** |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | (176626) | (158030) |
| &nbsp;&nbsp;&nbsp;Investing activities | 204787 | (152387) |
| &nbsp;&nbsp;&nbsp;Financing activities | 97353 | 319684 |
| **Total** | **125514** | **9267** |

---

*Operating Activities* 

We primarily derive cash from our collaboration agreements. Our cash used in operating activities is significantly influenced by

our use of cash for operating expenses and working capital to support the business. Historically we experienced negative cash flows

from operating activities as we have invested in the development of our technologies and in our clinical and preclinical development

of our product candidates. During the year ended December 31, 2025, our cash flows from operating activities were negative mainly due to ongoing research and development expenses and general and administrative expenses. During the year ended December 31, 2024, our cash flows from operating activities were negative mainly due to ongoing research and development expenses and general and administrative expenses.

Our net cash outflow from operating activities for the year ended December 31, 2025 was €176.6 million. This was comprised of a loss before tax of €198.4 million, an increase in working capital of €44.0 million, a non-cash income of €1.7 million related to the change in fair value of the warrants, partially offset by other effects of €5.9 million, net foreign exchange differences and expected credit income of €34.1 million, depreciation and amortization charge of €12.4 million and non-cash charges from equity-settled share-based compensation expenses for employees of €15.0 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €37.6 million, an increase in other assets and prepayments of €6.1 million and an increase in accounts receivable of €0.3 million.

Our net cash outflow from operating activities for the year ended December 31, 2024 was €158.0 million. This was comprised of a profit before tax of €21.3 million, an increase in working capital of €150.8 million, a non-cash income of €17.3 million related to the change in fair value of the warrants and other effects of €22.3 million and net foreign exchange differences and expected credit losses of €18.7 million, partly offset by depreciation and amortization charge of €12.2 million and non-cash charges from equity-settled share-based compensation expenses for employees of €17.6 million. The increase in working capital mainly resulted from a decrease in deferred revenue, accounts payable and other liabilities of €149.7 million, an decrease in other assets and prepayments of €0.7 million, an increase in accounts receivable of €1.8 million.

*Investing Activities* 

Our net inflow of cash from investing activities for the year ended December 31, 2025 was €204.8 million. This consisted primarily of cash received from maturity of short-term deposits of €549.9 million, partially offset by cash paid in the amount

of €338.3 million for short-term deposit investments that are classified as Other financial assets and held with financial institutions to

finance the company and €6.8 million cash paid for new equipment and intangible assets.

Our net outflow of cash from investing activities for the year ended December 31, 2024 was €152.4 million. This consisted primarily of cash paid in the amount of €450.3 million for short-term deposit investments that are classified as other financial assets and held with financial institutions to finance the company, €16.5 million as payment for new equipment and intangible assets, partially offset by cash received from maturity of short-term deposits of €314.4 million.

*Financing Activities* 

For the year ended December 31, 2025, net cash received from financing activities amounted to €97.4 million.

On December 08, 2025, the Group closed an offering of 12,500,000 ordinary shares with a public offering price of €8.58 ($10.00) per ordinary share. The Group received net proceeds of €100.2 million resulting in an increase in share capital of €125.0 thousand and share premium of €100.1 million, after deducting the underwriting discount and fees and offering expenses and intends to use the net proceeds from this offering to fund the continued research and development of the Group's pipeline, the manufacturing and production of product candidates and for working capital. For the year ended December 31, 2025, the Group paid €3.0 million for lease agreements.

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For the year ended December 31, 2024, net cash received from financing activities amounted to €319.7 million. On January 22, 2024, the Company closed an offering of 18,313,750 ordinary shares with a public offering price of €10.10 ($11.00) per ordinary share. The Company received net proceeds of €173.4 million after deducting the underwriting discount and fees and offering expenses and intends to use the net proceeds from this offering to fund the continued research and development of the Group's pipeline, the manufacturing and production of product candidates and for working capital. On October 15, 2024, the Company closed an offering of 16,250,000 ordinary shares with a public offering price of €8.48 ($9.25) per ordinary share. The Company received gross proceeds of €137.9 million ($150.3 million) less transaction costs of €8.6 million ($9.4 million) resulting in an increase in share capital of €162.5 thousand and share premium of €129.1 million. In addition, on November 12, 2024, the Company issued 2,185,884 shares with a public offering price of €8.71 ($9.25) per ordinary share from the exercise of the option to purchase additional shares according to the underlying offering from October 15, 2024. The Company received gross proceeds of €19.0 million ($20.2 million) less transaction costs of €1.1 million ($1.2 million) resulting in an increase in share capital of €21.9 thousand and share premium of €17.9 million. Further, the Company received €1.1 million from option exercises under the Equity Plans and paid €2.0 million from lease agreements.

**Operation and Funding Requirements** 

Historically, we have incurred significant losses due to our substantial research and development expenses. We have an accumulated deficit of €786.0 million as of December 31, 2025. We expect our expenses to increase in connection with our ongoing activities, particularly as we continue the research and development of, continue or commence clinical trials including GMP manufacturing of, and seek regulatory approval for and commercialize, our product candidates. We believe that we have sufficient financial resources available to fund our projected operating requirements for at least the next twelve months. Because the outcome of our current and planned clinical trials is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of our product candidates. For example, our costs will increase if we experience any delays in our current and planned clinical trials. Our future funding requirements will depend on many factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•progress, timing, scope and costs of our clinical trials, including the ability to timely initiate clinical sites, enroll patients

and manufacture TCR T-cell therapy and TCR bispecific product candidates for our ongoing, planned and potential future

clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•time and cost to conduct IND- or CTA-enabling studies for our preclinical programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•time and costs required to perform research and development to identify and characterize new product candidates from our research programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•time and cost necessary to obtain regulatory authorizations and approvals that may be required by regulatory authorities to execute clinical trials or commercialize our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to successfully commercialize our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to have clinical and commercial products successfully manufactured consistent with FDA, the EMA and comparable regulatory authorities' regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amount of sales and other revenues from product candidates that we may commercialize, any royalty or other payment obligations we have with respect to such sales (such as our tiered low single digit percentage to less than one percentage royalty obligation for certain of our product candidates), the selling prices for such potential products, and the availability of adequate third party coverage and reimbursement for patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sales and marketing costs associated with commercializing our products, if approved, including the cost and timing of building our marketing and sales capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost of building, staffing and validating our manufacturing processes, which may include capital expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•terms and timing of our current and any potential future collaborations, licensing or other arrangements that we have established or may establish;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cash requirements of any future acquisitions or the development of other product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of operating as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•time and cost necessary to respond to technological, regulatory, political and market developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of filing, prosecuting, defending and enforcing any patent claims and other IP rights; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with any potential business or product acquisitions, strategic collaborations, licensing agreements or other arrangements that we may establish.

Identifying potential product candidates and conducting preclinical studies and clinical trials is a time-consuming, expensive and uncertain process that takes many years to complete, and we may never generate the necessary data or results required to obtain regulatory approval and commercialize our product candidates. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.

Unless and until we can generate sufficient revenue to finance our cash requirements, which may never happen, we may seek additional capital through a variety of means, including through public and private equity offerings and debt financings, credit and loan facilities and additional collaborations. If we raise additional capital through the sale of equity or convertible debt securities, our existing shareholders' ownership interest will be diluted, and the terms of such equity or convertible debt securities may include liquidation or other preferences that are senior to or otherwise adversely affect the rights of our existing shareholders. If we raise additional capital through the sale of debt securities or through entering into credit or loan facilities, we may be restricted in our ability to take certain actions, such as incurring additional debt, making capital expenditures, acquiring or licensing IP rights, declaring dividends or encumbering our assets to secure future indebtedness. Such restrictions could adversely impact our ability to conduct our operations and execute our business plan. If we raise additional capital through collaborations with third parties, we may be required to relinquish valuable rights to our IP or product candidates or we may be required to grant licenses for our IP or product candidates on unfavorable terms. If we are unable to raise additional capital when needed, we may be required to delay, limit, reduce or terminate our product development efforts or we may be required to grant rights to third parties to develop and market our product candidates that we would otherwise prefer to develop and market ourselves. For more information as to the risks associated with our future funding needs, see "Risk Factors—Risks Related to Our Financial Position."

**C. Research and Development, Patents and Licenses, etc.** 

See "Item 4. Information on the Company—B. Business Overview" and "Item 5. Operating and Financial Review and Prospects—A. Operating Results."

**D. Trend Information** 

See "Item 5. Operating and Financial Review and Prospects—A. Operating Results."

During the years presented, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**E. Critical Accounting Estimates** 

Our consolidated financial statements of Immatics for the fiscal year ending December 31, 2025 have been prepared in accordance with IFRS and the interpretations of the International Financial Reporting Standards Interpretations Committee and applicable on the balance sheet date.

The preparation of the consolidated financial statements for the fiscal year ended December 31, 2025 in accordance with IFRS required the use of estimates and assumptions by the management that affect the value of assets and liabilities – as well as contingent assets and liabilities - as reported on the balance sheet date, and revenues and expenses arising during the year. The main areas in which assumptions, estimates and the exercising of a degree of discretion are appropriate relate to the determination of revenue recognition, research and development expenses, and share-based compensation as well as income taxes.

Our estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances, and parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond our control. Hence, our estimates may vary from the actual values.

We identified the estimation of progress towards complete satisfaction of a performance obligation within revenue recognition from collaborations agreements to be a critical accounting estimate. The accounting estimate is discussed in our consolidated financial statements included in this Annual Report see "Note 5. Significant accounting judgements, estimates and assumption".

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**Recently Issued and Adopted Accounting Pronouncement** 

For information on the standards applied for the first time as of January 1, 2025 and 2024 please refer to our consolidated financial statements as of December 31, 2025.

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A. Directors and Senior Management** 

**Executive Committee** 

As of January 31, 2026, our Executive Committee consists of ten executive officers. The Executive Committee is charged with the matters concerning the day-to-day management of the Company determined by the Board. The Board may, whether or not by rule, determine the duties with which each executive officer will be particularly charged.

The following table lists the names, ages as of January 31, 2026 and positions of the individuals who are serving as executive officers.

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Age**  | &nbsp;&nbsp;&nbsp;**Position** |
| Harpreet Singh, Ph.D. | &nbsp;&nbsp;51 | Chief Executive Officer |
| Venkat Ramanan, Ph.D. | &nbsp;&nbsp;57 | Chief Financial Officer |
| Cedrik Britten, M.D. | &nbsp;&nbsp;51 | Chief Medical Officer |
| Carsten Reinhardt, M.D., Ph.D. | &nbsp;&nbsp;58 | Chief Development Officer |
| Toni Weinschenk, Ph.D. | &nbsp;&nbsp;56 | Chief Innovation Officer |
| Rainer Kramer, Ph.D. | &nbsp;&nbsp;62 | Chief Business Officer |
| Steffen Walter, Ph.D. | &nbsp;&nbsp;49 | Chief Operations Officer |
| Amie Krause | &nbsp;&nbsp;53 | Chief People Officer |
| Edward Sturchio, J.D. | &nbsp;&nbsp;50 | General Counsel |
| Jordan Silverstein | &nbsp;&nbsp;46 | Head of Strategy |

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*Harpreet Singh, Ph.D.* Harpreet Singh has served as Chief Executive Officer of Immatics since 2019, as Executive Director and Member of the Board since 2021 and as President and Chief Executive Officer of Immatics US since 2015. Prior to that, Harpreet served as Immatics' Managing Director and Chief Scientific Officer since co-founding the company in 2000. Harpreet has played a leadership role in the company's inception, strategic business development, public listing at Nasdaq in 2020 and in raising more than $850 million of venture capital, IPO and public follow-on proceeds. Harpreet holds a Ph.D. in immunology from the University of Tübingen and is the inventor of numerous granted patents and patent applications and co-author of numerous scientific papers in high-impact journals.

*Venkat Ramanan, Ph.D.* Venkat Ramanan has served as Chief Financial Officer of Immatics since October 2025 and brings more than 25 years of experience in finance, strategy and operations across the biopharmaceutical industry. Before joining Immatics, he served as CFO of Anthos Therapeutics, a Novartis company and CFO of Turnstone Biologics, where he led the company through its IPO. Prior to serving as a CFO, he held senior finance and business leadership roles at Seagen, Gilead Sciences and Amgen, where he enabled multiple successful product launches, global expansion and strategic transactions. Venkat holds a Ph.D. in Engineering Mechanics from The Ohio State University.

*Cedrik M. Britten, M.D.* Cedrik Britten has served as Chief Medical Officer of Immatics since 2020, assuming leadership for the management and global clinical development of our TCR T-cell therapy and TCR bispecifics pipeline from first testing in humans to registration-enabling trials, including managing regulatory affairs. Cedrik served as Vice President and Head of the Oncology Cell Therapy Research Unit of GlaxoSmithKline plc from 2015 to 2020, and was responsible for building the Oncology Cell Therapy Unit, driving the strategy and establishing the end-to-end capabilities required to research and develop innovative cell therapies in oncology. Prior to that, Cedrik served as Vice President of Research and Development of BioNTech RNA Pharmaceuticals GmbH. Cedrik holds an M.D. from the University Medical Center of the Johannes-Gutenberg University.

*Carsten Reinhardt, M.D., Ph.D.* Carsten Reinhardt has served as Chief Development Officer of Immatics since 2020 and previously as Chief Medical Officer from 2009 to 2020. Carsten leads Immatics' product development strategy and our TCR bispecifics platform and pipeline, as well as the immunology and translational development functions. Prior to joining Immatics, Carsten served as Chief Medical Officer of Micromet Inc., where he led the development of the bispecific T cell Engager (BiTE) platform and was instrumental in the company becoming public on Nasdaq and in various deals and transactions that led to the acquisition by Amgen. Prior to this, Carsten was International Medical Leader at Hoffmann-La Roche, Head of Clinical Development of Fresenius Biotech GmbH and held various academic medical positions. He also worked at the University of Tübingen and the Max

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Planck Institute, Munich to complete his curriculum in Neurology. Carsten is a Visiting Professor for Pharmaceutical Medicine at the University of Basel and has co-authored more than 40 publications in peer-reviewed journals, including *Nature*, *Science*, *Nature Medicine*, *Lancet*, *Journal of Clinical Oncology*, *Cancer Research* and *Journal of Experimental Medicine*. Carsten holds an M.D. from the University of Munich and a Ph.D. in cellular immunology from the Institute of Immunology in Munich.

*Toni Weinschenk, Ph.D.* Toni Weinschenk co-founded Immatics in 2000 and is currently Chief Innovation Officer of Immatics. From 2002 to 2020, he served in various executive positions at Immatics, including Chief Technology Officer and Vice President and Head of Discovery. Toni oversees all of Immatics' target discovery, bioinformatics and companion diagnostics activities as well as intellectual property. In addition, he is part of the Operational Site Team in Tübingen. Toni is the inventor of Immatics' proprietary XPRESIDENT technology platform, which enables the discovery and validation of innovative targets for immuno-oncology. Toni Weinschenk has earned the reputation as one of the world's leading experts in ultra-sensitive, quantitative and high-throughput mass spectrometry of HLA ligands, a technology that is integral to XPRESIDENT. Targets identified by XPRESIDENT have been utilized for all of Immatics' product candidates and for collaborations with partners in pharma and academia. Toni is an inventor on many patents and has co-authored publications in the cancer immunology field in peer-reviewed journals, including *Nature*, *Nature Medicine*, *Nature Immunology*, *Science Translational Medicine* and *Cell Report*. Toni holds a diploma in biochemistry and a Ph.D. in immunology from the University of Tübingen.

*Rainer Kramer, Ph.D.* Rainer Kramer has served as Chief Business Officer of Immatics since 2012. Prior to that, he worked at Signature Diagnostics AG, where he was a member of the Management Board and Chief Business Officer. He is responsible for Immatics' business development, strategic alliances and early commercial activities. During his career, he has delivered numerous strategic partnerships and license deals encompassing technology and product deals as well as equity transactions with an aggregate value of more than $10 billion. Rainer has worked in research, business and corporate functions with increasing responsibilities at Amgen Inc., MorphoSys AG, Jerini AG, Shire PLC and Signature Diagnostics AG. In addition to his role at Immatics, Rainer is a non-executive director on the board of iOmx Therapeutics. Rainer holds a diploma in molecular biology from the University of Regensburg and a Ph.D. in neurobiology from the Max-Planck-Institute, Martinsried, Germany.

*Steffen Walter, Ph.D*. Steffen Walter has served as Chief Operations Officer of Immatics since 2023. From 2005 to 2022, Steffen served in various executive-level positions at Immatics, including Chief Technology Officer, Chief Scientific Officer, Vice President Immunology and Director and Head of Immunology. Steffen established the Immatics US operations in Houston, Texas, and contributed to its fundraising, including a $20 million Cancer Prevention and Research grant by the State of Texas. Steffen leads Immatics' cell therapy manufacturing and process development, U.S. Operations and Administration and the Global Quality and Human Resources team. In addition to supporting the development of the XPRESIDENT technology platform, under his initial leadership, Immatics developed its XCEPTOR platforms to support the generation of TCR-based therapeutic modalities. Steffen is an inventor on numerous patents and patent applications and has co-authored more than 30 publications in peer-reviewed journals, including *Nature Medicine*, *Cell Reports*, *Lancet Oncology*, *Brain* and *Blood*. Steffen holds a diploma in biochemistry and a Ph.D. in immunology from the University of Tübingen.

*Amie Krause*. Amie Krause has served as Chief People Officer of Immatics since 2025. In this role, she leads Human Resources, overseeing organizational development and HR operations to support the company's transition into a commercial-stage biopharmaceutical organization. Amie brings over 20 years of human resources leadership experience in shaping culture, leading organizational growth and aligning talent with business strategy. Her career includes work across the global biopharmaceutical industry as well as in the field of cell therapy, including Dompé from March to July 2025, Revance Therapeutics from March 2023 to February 2025 and Atara Biotherapeutics from November 2016 to March 2023. Earlier in her career, Amie spent more than a decade at Amgen, holding senior HR leadership roles across global commercial operations in the Americas, Europe, Asia, Africa, and the Middle East. Amie Krause holds a B.S. in Business Management and an MBA from California Lutheran University.

*Edward Sturchio, J.D.* Edward Sturchio joined Immatics in 2020 and, as General Counsel and Corporate Secretary of Immatics, is responsible for all legal and compliance matters within the organization. He brings over 20 years of expertise as an accomplished executive and lawyer, with an extensive background in corporate, securities and life sciences matters. He previously served as SVP, General Counsel and Corporate Secretary of Abeona Therapeutics Inc. from July 2019 to February 2020. Prior to Abeona, he served as Global General Counsel and Corporate Secretary of Advanced Accelerator Applications S.A., a Novartis company (AAA), from February 2016 to August 2018, where he was responsible for worldwide legal, compliance and intellectual property functions across 22 sites in 13 countries. Before joining AAA, he worked in the Corporate & Securities and Life Sciences departments of Greenberg Traurig LLP and Day Pitney LLP. He has written and lectured extensively in the corporate and life sciences areas. Edward holds a J.D. from Seton Hall University School of Law and a B.A. in psychology from Villanova University.

*Jordan Silverstein.* Jordan Silverstein joined Immatics in 2019 and oversees the Investor Relations and Corporate Communications department of the organization. He has significant public markets experience, previously serving from September 2018 to August 2019 as Head of Corporate Strategy and Development at InflaRx, a German company publicly listed at Nasdaq, and

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from May 2014 to August 2018 as the Global Head of Investor Relations at Advanced Accelerator Applications, which he successfully helped list on the Nasdaq and took through multiple financing rounds. The company was subsequently acquired by Novartis. Jordan Silverstein holds a Bachelor's in Business Administration and Finance from Champlain College.

**Board of Directors** 

Our Board consists of nine members, comprised of one executive director and eight non-executive directors. Each of our directors holds office for the term set by our general meeting (as set forth in the table below), except in the case of his or her earlier death, resignation or dismissal. Our articles of association do not impose a mandatory retirement age.

Under Dutch law, our Board is charged with the management of the Company, which includes setting the Company's policies and strategy, subject to the restrictions contained in our articles of association. Our executive director manages our day-to-day business and operations and implements our strategy. Our Board is also entitled to represent the Company. Our non-executive directors focus on the supervision on the policy and functioning of the performance of the duties of all of our directors and our general state of affairs. Our directors may divide their tasks among themselves in or pursuant to internal rules. Each directors has a statutory duty to act in the corporate interest of our company and its business. Under Dutch law, the corporate interest extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The duty to act in the corporate interest of our company also applies in the event of a proposed sale or break-up of our company, provided that the circumstances generally dictate how such duty is to be applied and how the respective interests of various groups of stakeholders should be weighed.

The following table lists our current directors, as well as their ages as of January 31, 2026, term served, the year of expiration of their term as directors and position:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;**Age** | &nbsp;&nbsp;&nbsp;**Term Served** | &nbsp;&nbsp;&nbsp;**Year in**<br>**which Term**<br>**Expires** | &nbsp;&nbsp;&nbsp;**Position** |
| Harpreet Singh, Ph.D. | 51 | July 1, 2020 – Present | 2026 | Executive director and Chief Executive Officer |
| Peter Chambré | 70 | July 1, 2020 – Present | 2028 | Non-executive director and Chair |
| Michael G. Atieh | 72 | July 1, 2020 – Present | 2027 | Non-executive director |
| Paul R. Carter | 65 | July 1, 2020 – Present | 2027 | Non-executive director |
| Eliot Forster, Ph.D. | 59 | September 14, 2020 – Present | 2027 | Non-executive director |
| Heather L. Mason | 65 | July 1, 2020 – Present | 2028 | Non-executive director |
| Adam Stone | 46 | July 1, 2020 – Present | 2026 | Non-executive director |
| Mathias Hothum, Ph.D. | 58 | June 20, 2023 – Present  | 2026 | Non-executive director |
| Alise Reicin, M.D. | 65 | July 29, 2024 – Present | 2028 | Non-executive director |

---

*Harpreet Singh, Ph.D.* Harpreet Singh has served as Chief Executive Officer of Immatics since 2019, as Executive Director and Member of the Board since 2021 and as President and Chief Executive Officer of Immatics US since 2015. Prior to that, Harpreet served as Immatics' Managing Director and Chief Scientific Officer since co-founding the company in 2000. Harpreet has played a leadership role in the company's inception, strategic business development, public listing at Nasdaq in 2020 and in raising more than $850 million of venture capital, IPO and public follow-on proceeds. Harpreet holds a Ph.D. in immunology from the University of Tübingen and is the inventor of numerous granted patents and patent applications and co-author of numerous scientific papers in high-impact journals.

*Peter Chambré*. Peter Chambré has served as Chair of the Board of Directors of Immatics from 2012 to 2020. After Immatics' IPO in 2020, Peter Chambrè became Chair of the Board of Immatics N.V. From 2002 to its acquisition in 2006, Mr. Chambré served as Chief Executive Officer of Cambridge Antibody Technology Group plc. Prior to that, he served as Chief Operating Officer of Celera Genomics Group and as Chief Executive Officer of Bespak plc. In addition to serving on our Board, Peter Chambré serves on the board of directors of Cancer Research Horizons (Chair), Our Future Health (Trustee) and has previously served on the board of directors of OneMed AB, Xellia Pharmaceuticals AS, ApaTech Ltd., UDG Healthcare plc, Touchstone Innovations plc, Spectris plc and BTG plc. Peter Chambré holds a B.Sc. in food science from the University of Reading.

*Michael G. Atieh*. Michael G. Atieh has served as a member of Immatics' Board of Directors since 2020 and, after the implementation of its one-tier board structure as of July 1, 2021, currently serves as a non-executive director. From 2014 until his retirement in 2016, he served as Executive Vice President, Chief Financial and Business Officer of Ophthotech Inc. Prior to that, he served as Executive Chair of Eyetech Inc., as Executive Vice President and Chief Financial Officer of OSI Pharmaceuticals, as Group

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President – Global Business Unit and as Senior Vice President and Chief Financial Officer of Cegedim Inc. and in various executive-level positions over a 19-year period at Merck and Co., Inc., including as Vice President – U.S. Human Health, Senior Vice President - Merck Medco Managed Care, Vice President - Public Affairs, Vice President – Government Relations, and Treasurer. In addition to serving on Immatics' Board, Michael G. Atieh serves on the board of directors of Chubb Limited and has previously served on the board of directors of electroCore Inc., Oyster Point Pharma, Inc, Theravance BioPharma, Eyetech Inc. and OSI Pharmaceuticals. Michael G. Atieh holds a B.A. in accounting from Upsala College.

*Paul R. Carter, FCMA.* Paul R. Carter has served as a member of Immatics' Board of Directors since 2020 and, after the implementation of its one-tier board structure as of July 1, 2021, currently serves as a non-executive director. From 2014 to 2016, Paul R. Carter served as Executive Vice President, Commercial Operations of Gilead Sciences, Inc. Prior to that, he served as Senior Vice President and Head, International Commercial Operations of Gilead Sciences, Inc. and in various senior positions over a 10-year period at GlaxoSmithKline plc, including as Regional Vice President, China & Hong Kong, Vice President and General Manager, Pharmaceutical & Consumer Health, Hong Kong & South China, and General Manager, SmithKline Beecham Consumer Health, Russia & CIS. In addition to serving on Immatics' Board, Paul R. Carter serves on the board of directors of HUTCHMED (China) Ltd. Awakn Life Sciences, Kyowa Kirin International Ltd, Evox Therapeutics Ltd, Concentric Analgesics Inc. and Magdalen Medical Publishing Ltd. Paul R. Carter has previously served on the board of directors of Alder Biopharmaceuticals Inc, Mallinckrodt PLC and Vectiv-Bio. He also serves as an advisor to Astorg Partners SAS, ZambonGroup, Indegene Inc. and GLG Institute. Paul R. Carter holds a B.A. in business studies from the University of West London.

*Eliot Forster, Ph.D.* Eliot Forster has served as a member of Immatics' Board of Directors since 2020 and, after the implementation of its one-tier board structure as of July 1, 2021, currently serves as a non-executive director. Eliot Forster is Chief Executive Officer of Levicept Ltd. and is non-executive Chairman of Avacta plc, Ochre Bio, Protalix Inc. and Tessellate Bio. He has previously served as Chief Executive Officer of F-Star Therapeutics Ltd., Immunocore Ltd., Creabilis SA and Solace Pharmaceuticals Inc. From 2012 to 2020, he was the founding Chairman of MedCity. He is an honorary visiting Professor of Molecular and Clinical Cancer Medicine at the University of Liverpool and an honorary international visiting Professor at the University of Pavia. Additionally, he was a Board member of OSCHR (Office for Strategic Coordination of Health Research) and the National Genomics Board. Eliot Forster holds a B.Sc. in physiology from the University of Liverpool, an M.B.A. from Henley Business School and a Ph.D. in neurophysiology from the University of Liverpool.

*Heather L. Mason.* Heather L. Mason has served as a member of Immatics' Board of Directors since 2020 and, after the implementation of our one-tier board structure as of July 1, 2021, currently serves as a non-executive director. From 1990 to 2017, Heather L. Mason served in various leadership positions at Abbott Laboratories, Inc., including as Executive Vice President, Corporate Officer of Abbott Nutrition and as Senior Vice President, Corporate Officer of Abbott Diabetes Care. In addition to serving on Immatics' Board, Heather L. Mason serves on the board of directors of Assertio Therapeutics, Inc., ConvaTec Group plc, Pendulum Therapeutics, Inc. and SCA Pharmaceuticals, LLC. She holds a B.S.E. from the University of Michigan, Ann Arbor and an M.B.A. from the University of Chicago.

*Adam Stone*. Adam Stone has served as a member of Immatics' Board of Directors since 2020 and, after the implementation of our one-tier board structure as of July 1, 2021, currently serves as a non-executive director. Since 2012, Adam Stone has served as Chief Investment Officer of Perceptive Advisors, which he joined in 2006, and is a member of the internal investment committees of Perceptive Advisors' credit opportunities and venture funds. Prior to joining Perceptive Advisors, he was a Senior Analyst at Ursus Capital, where he focused on biotechnology and specialty pharmaceuticals. In addition to serving on Immatics' Board, Mr. Stone serves on the board of directors of Solid Biosciences Inc., Renovia Inc., LianBio, PROMETHERA Biosciences S.A./N.V., ARYA Sciences Acquisition Corp. IV and ARYA Sciences Acquisition Corp. V. Adam Stone holds a B.A. in molecular biology from Princeton University.

*Mathias Hothum, Ph.D.* Mathias Hothum joined Immatics' Board of Directors in 2023. Mathias Hothum is the managing director of dievini Hopp Biotech holding GmbH & Co. KG, the company managing the life science activities and investments of Dietmar Hopp, co-founder of SAP, and his family. He is currently also the founder/owner of HMM Consulting and the managing director of MSL Investments, DH Holding Verwaltungs, MH-LT-Investments and OH Venture Management. From 2001 to 2010, he additionally took the position of Lecturer in the Department of Economics at the University of Applied Sciences in Heidelberg, Germany. Mathias Hothum is Chairman of the Board of Joimax GmbH and Geuder AG, and board member of Apogenix AG, Heidelberg Pharma AG, Molecular Health GmbH and Novaliq GmbH. Mathias Hothum holds a Diploma in business administration from the University of Mannheim, Germany, and a Ph.D. in pharmaceutical economics and medical sociology from the University of Magdeburg, Germany.

*Alise Reicin, M.D.* Alise Reicin joined Immatics' Board of Directors in 2024. Since August 2020, Dr. Reicin has served as President and CEO of Tectonic Therapeutic and as a member of its board of directors. From November 2018 to December 2019, Dr. Reicin served as President at Celgene and prior to that, as Senior Vice President, Global Head of Clinical Development at EMD

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Serono. Dr. Reicin also held the position of Vice President, Project and Pipeline Leadership, Oncology Franchise, Merck Research Laboratories at Merck & Co. During her tenure, she led the initial development and filing activities that resulted in the first approvals of Keytruda in the United States and European Union. Dr. Reicin is also a member of the board of directors of Sana Biotherapeutics and previously was a member of the board of directors of Homology Medicines. Alise Reicin was a full-time faculty member at Columbia Medical School as well as a physician and researcher at Columbia Presbyterian Hospital. She received her M.D. from Harvard Medical School and her B.A. in Biochemistry from Barnard College of Columbia University.

**Family Relationships** 

There are no family relationships among any of our executive officers or directors.

**Arrangements and Understandings** 

Certain members of our Board were designated pursuant to agreements relating to the ARYA Merger. Specifically, each of Michael G. Atieh and Adam Stone is a designee of ARYA Sponsor and each of Paul R. Carter and Mathias Hothum is a designee of dievini Hopp BioTech holding GmbH & Co. KG. Pursuant to the Investor Rights and Lock-Up Agreement, certain of our shareholders continue to have director nomination rights. See "Item 7. Major Shareholders and Related Party Transactions—Related Party Transactions."

**B. Compensation** 

The following summarizes the compensation earned by the executive officers of Immatics for the fiscal year ended December 31, 2025. This section also discusses the material elements of the executive compensation policies and decisions of Immatics and important factors relevant to an analysis of such policies and decisions. It provides qualitative information regarding the manner and context in which compensation is awarded to and earned by our executive officers and is intended to place in perspective the information presented in the following tables and the corresponding narrative.

The bonus scheme for the executive directors provides that the annual cash bonus payable to executive directors may not exceed 100% of the annual base gross salary and will be based upon the achievement of set financial and operating goals for the period.

**Compensation of Executive Directors and other Executive Officers** 

The amount of compensation, accrued or paid to the executive officers of Immatics with respect to the year ended December 31, 2025 is described in the table below<sup>(1)</sup>:

---

| | | |
|:---|:---|:---|
| **(Euros in thousands)**<sup>(2)</sup> | **Harpreet<br>Singh,<br>Ph.D.** | **All<br>other<br>executives** |
| Periodically-paid remuneration | 533 | 3777 |
| Variable | 331 | 1472 |
| Share-based compensation expenses | 1962 | 5512 |
| **Total compensation** | **2826** | **10761** |

---

(1) Table includes the compensation of (former) key personnel for the period of their services during the year ended December 31, 2025.

In addition to the compensation included in this table, executive officers are also eligible to participate in certain benefit programs and company-wide benefit plans.

(2) Amounts paid in U.S. dollars have been converted to euros using an average exchange rate for 2025 of 1.1438 to one U.S. dollar.

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**Compensation of Non-Executive Directors** 

The amount of compensation, including benefits in kind, accrued or paid to the non-executive directors with respect to the year ended December 31, 2025 is described in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Peter<br>Chambré** | **Michael G.<br>Atieh** | **Paul<br>Carter** | **Heather L.<br>Mason** | **Adam<br>Stone** | **Mathias<br>Hothum** | **Eliot<br>Forster** | **Alise<br>Reicin** | **Total** |
| Board compensation | 90 | 70 | 65 | 50 | 50 | 50 | 50 | 50 | **475** |
| Share-based compensation expenses | 239 | 239 | 239 | 239 | 239 | 236 | 239 | 307 | **1977** |
| **Total** | **329** | **309** | **304** | **289** | **289** | **286** | **289** | **357** | **2452** |

---

**2020, 2022, 2024 and 2025 Stock Option and Incentive Plans** 

Immatics N.V. has four share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan ("2020 Equity Plan").

At the Annual General Meeting on June 13, 2022, Immatics shareholders approved the Company's 2022 stock option and incentive plan ("2022 Equity Plan").

At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company's 2024 stock option and incentive plan ("2024 Equity Plan").

At the Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company's 2025 stock option and incentive plan ("2025 Equity Plan").

Each of these plans is referred to as a "Plan" in the description below.

*Authorized Shares*. Stock options and awards based on the ordinary shares of the Company may be issued under the 2020 Equity Plan for a maximum of 10,006,230 shares, the 2022 Equity Plan for a maximum of 4,845,412 shares, the 2024 Equity Plan for a maximum of 5,940,365 shares and under the 2025 Equity Plan for a maximum of 3,518,027 shares.

*Plan Administration.* The Plan is administered by the Board (the "Administrator").

*Certain Adjustments.* If there is a change in the Company's capital structure, such as a stock dividend, stock split, reverse stock split, recapitalization, reorganization, reclassification or other similar event, the Administrator will appropriately adjust the number and kind (and the exercise or purchase price, if applicable) of ordinary shares of the Company remaining available for issuance under the Plan or subject to outstanding awards. In addition, any share limitations with respect to the Plan will be adjusted appropriately by the Administrator.

*Corporate Transaction; Liquidity Event*. In the event of a merger, consolidation, substantial asset sale, sale of all of the shares of the Company or similar event affecting the Company in which the owners of the Company's outstanding voting power prior to such event do not own at least a majority of the voting power of the successor or surviving entity (in each case, a "Transaction"), the parties thereto may cause the assumption or continuation of awards theretofore granted by the successor entity, or the substitution of such awards with new awards of the successor or parent entity, with appropriate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties may agree. To the extent the parties to the Transaction do not provide for the assumption, continuation or substitution of awards, then upon the effective time of the Transaction, then, except as otherwise provided in the applicable award agreement, (i) all options and stock appreciation rights that are not exercisable will become fully exercisable at the time of the Transaction, (ii) awards with time-based vesting conditions or restrictions will become fully vested at the time of the Transaction, and (iii) all awards with conditions and restrictions relating to the attainment of performance goals may become vested in connection with the Transaction in the Administrator's discretion or to the extent specified in the applicable award agreement. In the event of such a Transaction, each holder of an outstanding stock option or stock appreciation right may receive a cash payment from the Company equal to the excess of the consideration payable per share in the Transaction over the applicable exercise price per share, multiplied by the number of ordinary shares of the Company covered by the stock option or stock appreciation right (to the extent then exercisable) or be permitted to exercise their stock option or stock appreciation right (to the extent then exercisable) for a period of time prior to the termination of the Plan, as determined by the Administrator. The Company may also make or provide payment, in case or in kind, to the holders of other awards in an amount equal to the consideration payable per share in the Transaction multiplied by the number of vested ordinary shares of Company underlying such awards.

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*Amendment; Termination.* The Administrator may amend or discontinue the Plan at any time. However, the Administrator cannot amend the Plan to increase the number of ordinary shares of the Company available for issuance under the Plan or to change the Plan in certain other ways without shareholder approval. The Plan cannot be amended if the amendment would materially and adversely affect any rights that an award holder has under outstanding awards, without the participant's consent.

Consistent with market practice in the United States, the trading jurisdiction of our ordinary shares, and in order to further support our ability to attract and retain the right highly qualified candidates for our Board, we also granted share options to non-executive directors.

Through December 31, 2025, no options granted to directors and executive officers were exercised.

The directors and executive officers of Immatics hold the options (both vested and unvested) as of March 31, 2026, assuming no changes to outstanding options:

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**Executive Committee - share options with service conditions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of<br>options** | **Grant<br>date** | **Number of<br>options<br>outstanding** | **Strike<br>price in<br>USD** | **Expiration<br>date** | **Number of<br>unearned<br>shares that<br>have not<br>vested** |
| **Harpreet Singh, Ph.D.** | Service options | June 30, 2020 | 168000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 168000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 168000 | 11.00 | December 9, 2031 | - |
|  | Service options | June 14, 2022 | 135000 | 7.94 | June 14, 2032 | 8437 |
|  | Service options | December 13, 2022 | 388000 | 9.75 | December 13, 2032 | 72750 |
|  | Service options | December 5, 2023 | 390000 | 9.06 | December 5, 2033 | 170625 |
|  | Service options | December 3, 2024 | 300000 | 8.06 | December 3, 2034 | 206250 |
| **Cedrik Britten, M.D.** | Service options | December 17, 2020 | 49000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 98000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 112500 | 9.75 | December 13, 2032 | 21094 |
|  | Service options | December 5, 2023 | 155000 | 9.06 | December 5, 2033 | 67812 |
|  | Service options | December 3, 2024 | 150000 | 8.06 | December 3, 2034 | 103125 |
| **Carsten Reinhardt, M.D., Ph.D.** | Service options | June 30, 2020 | 49000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 49000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 98000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 90000 | 9.75 | December 13, 2032 | 16875 |
|  | Service options | December 5, 2023 | 92000 | 9.06 | December 5, 2033 | 40250 |
|  | Service options | December 3, 2024 | 88000 | 8.06 | December 3, 2034 | 60500 |
| **Rainer Kramer, Ph.D.** | Service options | June 30, 2020 | 49000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 49000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 98000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 112500 | 9.75 | December 13, 2032 | 21094 |
|  | Service options | December 5, 2023 | 115000 | 9.06 | December 5, 2033 | 50312 |
|  | Service options | December 3, 2024 | 110000 | 8.06 | December 3, 2034 | 75625 |
| **Toni Weinschenk, Ph.D.** | Service options | June 30, 2020 | 49000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 49000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 98000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 112500 | 9.75 | December 13, 2032 | 21094 |
|  | Service options | December 5, 2023 | 115000 | 9.06 | December 5, 2033 | 50312 |
|  | Service options | December 3, 2024 | 110000 | 8.06 | December 3, 2034 | 75625 |
| **Steffen Walter, Ph.D.** | Service options | June 30, 2020 | 49000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 49000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 98000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 112500 | 9.75 | December 13, 2032 | 21094 |
|  | Service options | December 5, 2023 | 115000 | 9.06 | December 5, 2033 | 50312 |
|  | Service options | December 3, 2024 | 150000 | 8.06 | December 3, 2034 | 103125 |
| **Edward Sturchio** | Service options | June 30, 2020 | 30000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 30000 | 9.70 | December 17, 2030 | - |
|  | Service options | September 28, 2021 | 30000 | 12.92 | September 28, 2031 | - |
|  | Service options | December 9, 2021 | 30000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 60000 | 9.75 | December 13, 2032 | 11250 |
|  | Service options | September 13, 2023 | 52500 | 11.87 | September 13, 2033 | 19687 |
|  | Service options | December 5, 2023 | 115000 | 9.06 | December 5, 2033 | 50312 |
|  | Service options | December 3, 2024 | 110000 | 8.06 | December 3, 2034 | 75625 |
| **Jordan Silverstein** | Service options | June 30, 2020 | 29000 | 10.00 | June 30, 2030 | - |
|  | Service options | December 17, 2020 | 29000 | 9.70 | December 17, 2030 | - |
|  | Service options | December 9, 2021 | 60000 | 11.00 | December 9, 2031 | - |
|  | Service options | December 13, 2022 | 112500 | 9.75 | December 13, 2032 | 21094 |
|  | Service options | December 5, 2023 | 115000 | 9.06 | December 5, 2033 | 50312 |
|  | Service options | December 3, 2024 | 110000 | 8.06 | December 3, 2034 | 75625 |
| **Venkat Ramanan** | Service options | October 1, 2025 | 350000 | 9.00 | October 1, 2035 | 350000 |
| **Amie Krause** | Service options | October 27, 2025 | 211000 | 10.58 | October 27, 2035 | 211000 |

---

The service-based options for the executive officers vest over a period of four years, with a 1-year cliff period: 25% cliff vesting after one year with quarterly vesting over the subsequent 36 months.

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**Executive Committee - Performance-based options**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of options** | **Grant date** | **Number of<br>options<br>outstanding** | **Strike price<br>in USD** | **Expiration<br>date** | **Number of<br>unearned<br>shares that<br>have not<br>vested** |
| **Harpreet Singh, Ph.D.** | Performance-based options | June 30, 2020 | 1598000 | 10.00 | June 30, 2030 | 1598000 |
| **Cedrik Britten, M.D.** | Performance-based options | June 30, 2020 | 255000 | 10.00 | June 30, 2030 | 255000 |
| **Carsten Reinhardt, M.D., Ph.D.** | Performance-based options | June 30, 2020 | 255000 | 10.00 | June 30, 2030 | 255000 |
| **Rainer Kramer, Ph.D.** | Performance-based options | June 30, 2020 | 255000 | 10.00 | June 30, 2030 | 255000 |
| **Toni Weinschenk, Ph.D.** | Performance-based options | June 30, 2020 | 255000 | 10.00 | June 30, 2030 | 255000 |
| **Steffen Walter, Ph.D.** | Performance-based options | June 30, 2020 | 255000 | 10.00 | June 30, 2030 | 255000 |
| **Edward Sturchio** | Performance-based options | June 30, 2020 | 36000 | 10.00 | June 30, 2030 | 36000 |
|  | Performance-based options | September 28, 2021 | 100000 | 12.92 | September 28, 2031 | 100000 |
| **Jordan Silverstein** | Performance-based options | June 30, 2020 | 150000 | 10.00 | June 30, 2030 | 150000 |

---

The performance-based options for the executive officers vest based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The performance-based options are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2.0 billion and $3.0 billion, respectively.

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**Executive Committee - share options with service conditions (fully vested)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of options** | **Grant date** | **Number of<br>options<br>outstanding** | **Strike price<br>in USD** | **Expiration<br>date** |
| **Harpreet Singh, Ph.D.** | Matching Stock options | June 30, 2020 | 264624 | 10.00 | June 30, 2030 |
|  | Converted Stock options III | June 30, 2020 | 30939 | 1.06 | July 1, 2027 |
|  | Converted Stock options IV | June 30, 2020 | 145371 | 1.17 | January 1, 2028 |
| **Cedrik Britten, M.D.** | Converted Stock options IV | June 30, 2020 | 94329 | 10.00 | June 1, 2030 |
| **Carsten Reinhardt, M.D., Ph.D.** | Matching Stock options | June 30, 2020 | 165748 | 10.00 | June 30, 2030 |
|  | Converted Stock options III | June 30, 2020 | 18753 | 1.06 | July 1, 2027 |
| **Rainer Kramer, Ph.D.** | Matching Stock options | June 30, 2020 | 120676 | 10.00 | June 30, 2030 |
|  | Converted Stock options III | June 30, 2020 | 22868 | 1.06 | July 1, 2027 |
| **Toni Weinschenk, Ph.D.** | Matching Stock options | June 30, 2020 | 68070 | 10.00 | June 30, 2030 |
|  | Converted Stock options III | June 30, 2020 | 7850 | 1.06 | July 1, 2027 |
| **Steffen Walter, Ph.D.** | Matching Stock options | June 30, 2020 | 76604 | 10.00 | June 30, 2030 |
|  | Converted Stock options III | June 30, 2020 | 8955 | 1.06 | July 1, 2027 |
| **Jordan Silverstein** | Matching Stock options | June 30, 2020 | 15652 | 10.00 | June 30, 2030 |
|  | Converted Stock options IV | June 30, 2020 | 53031 | 1.17 | June 1, 2030 |

---

**Executive Committee - Restricted Stock Units (RSUs)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of options** | **Grant date** | **Number of<br>RSUs<br>outstanding** | **Grant date fair value<br>in USD** | **Number of<br>unearned<br>shares that<br>have not<br>vested** |
| **Harpreet Singh, Ph.D.** | Restricted Stock Units | January 08, 2026 | 167500 | 9.32 | 167500 |
| **Cedrik Britten, M.D.** | Restricted Stock Units | January 08, 2026 | 50000 | 9.32 | 50000 |
| **Carsten Reinhardt, M.D., Ph.D.** | Restricted Stock Units | January 08, 2026 | 40000 | 9.32 | 40000 |
| **Rainer Kramer, Ph.D.** | Restricted Stock Units | January 08, 2026 | 40000 | 9.32 | 40000 |
| **Toni Weinschenk, Ph.D.** | Restricted Stock Units | January 08, 2026 | 40000 | 9.32 | 40000 |
| **Steffen Walter, Ph.D.** | Restricted Stock Units | January 08, 2026 | 50000 | 9.32 | 50000 |
| **Edward Sturchio** | Restricted Stock Units | January 08, 2026 | 40000 | 9.32 | 40000 |
| **Jordan Silverstein** | Restricted Stock Units | January 08, 2026 | 50000 | 9.32 | 50000 |

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The restricted stock units for the executive officers vest in four equal annual installments upon satisfaction of service requirements.

**Board of Directors - share options with service conditions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of<br>options** | **Grant<br>date** | **Number of<br>options<br>outstanding** | **Strike<br>price in<br>USD** | **Expiration<br>date** | **Number of<br>unearned<br>shares<br>that have<br>not vested** |
| **Peter Chambré** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Adam Stone** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Heather L. Mason** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Michael G. Atieh** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Paul R. Carter** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Eliot Forster, Ph.D.** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Mathias Hothum** | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |
| **Alise Reicin** | Service options - III | July 29, 2024 | 60000 | 12.08 | June 29, 2034 | 30000 |
|  | Service options - II | June 24, 2025 | 41500 | 5.44 | June 24, 2035 | 41500 |

---

Under the 2020 Plan, service-based options - I for the Board vest over a period of four years, with a 1-year cliff period: 25% cliff vesting after one year with quarterly vesting over the subsequent 36 months. Under the 2022 Plan and 2024 Plan, service-based options - II vest fully after one year and service-based options – III vest quarterly over three years.

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**Board of Directors - share options with service conditions (fully vested)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Beneficiary** | **Type of<br>options** | **Grant<br>date** | **Number of<br>options<br>outstanding** | **Strike<br>price in<br>USD** | **Expiration<br>date** |
| **Peter Chambré** | Matching Stock options | June 30, 2020 | 211974 | 10.00 | June 30, 2030 |
|  | Service options - I | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Adam Stone** | Service options - I | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Heather L. Mason** | Service options - I | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Michael G. Atieh** | Service options - I | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Paul R. Carter** | Service options - I | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Eliot Forster, Ph.D.** | Service options - I | September 14, 2020 | 25000 | 9.16 | September 13, 2030 |
|  | Service options - I | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
|  | Service options - II | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
|  | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| **Mathias Hothum** | Service options - II | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
|  | Service options - II | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |

---

**C. Board Practices** 

**Director and Officer Qualifications** 

We have not established any specific, minimum qualifications that must be met by each of our officers. However, we generally evaluate the following qualities: educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and ability to represent the best interests of our shareholders. The Nominating and Corporate Governance Committee of the Board has prepared policies regarding director qualification requirements and the process for identifying and evaluating director candidates for adoption by the Board.

**Board Committees** 

The Board has established three standing committees: Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.

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***Audit Committee*** 

Audit Committee members include Michael G. Atieh (chair), Paul R. Carter, Heather L. Mason and Eliot Forster. Each member of the Audit Committee satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange Act and is financially literate and each of Michael G. Atieh and Paul R. Carter qualifies as an "audit committee financial expert" as defined in applicable SEC rules. The Board has adopted Audit Committee rules, which detail the principal functions of the Audit Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monitoring the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assuring the rotation of the audit partners (including the lead and concurring partners) as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making recommendations regarding the appointment or replacement of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determining the compensation and oversight of the work of our independent registered public accounting firm (including resolution of disagreements between the Executive Committee and the independent auditors regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with the independent auditors and the executive officers our annual financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing all related person transactions for potential conflict of interest situations and voting with respect to all such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•supervising the integrity of our financial and sustainability reporting and the effectiveness of our internal risk management and control systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing procedures for the receipt, retention and treatment of complaints received by the company regarding accounting, internal accounting controls or auditing matters.

***Compensation Committee*** 

Compensation Committee members include Paul R. Carter (chair), Eliot Forster, Adam Stone and Heather L. Mason. The Board has adopted Compensation Committee rules, which detail the principal functions of the Compensation Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving the corporate goals and objectives relevant to the compensation of our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•evaluating the performance of our Chief Executive Officer in light of such goals and objectives and determining and approving the compensation of the Chief Executive Officer based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving the compensation of all other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to the Board regarding policies and procedures for the grant of equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administering our incentive-based and equity-based compensation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•retaining or obtaining the advice of outside compensation consultants, legal counsel or other advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management which executive compensation information should be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and, where appropriate, making recommendations with regard to the compensation of directors.

The Compensation Committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and is directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the Compensation Committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

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***Nominating and Corporate Governance Committee*** 

Nominating and Corporate Governance Committee members include Peter Chambré (chair), Eliot Forster and Adam Stone. The Board has adopted Nominating and Corporate Governance Committee rules, which detail the principal functions of the Nominating and Corporate Governance Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending criteria for Board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessing the performance of individual executive directors, non-executive directors and committee members and reporting findings to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing a plan for the succession of executive directors and non-executive directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•supervising selection criteria and appointment procedures for executive officers other than the Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to the Board a set of corporate governance guidelines and periodically reviewing and reassessing the adequacy of such guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management disclosure of the company's corporate governance practices.

**D. Employees**

As of December 31, 2025, Immatics OpCo has a headcount of 407 employees and 285 full-time employees of which 123 hold a doctorate degree. Of these full-time employees, 155 are employed in positions relating to research and development positions, 74 are employed in Clinical including Regulatory Affairs, and 50 are employed in Administrative Functions including Business Development and 6 in senior management positions.

As of December 31, 2025, Immatics US employed 304 full-time employees, of which 45 hold doctorate degrees, 4 hold a law degree, and 4 hold medical degrees. Of these employees, 237 are employed in positions relating to research and development positions, 38 are employed in positions relating to Clinical including Regulatory Affairs, 63 are employed in Administrative Functions including Business Development, and 4 in senior management positions.

We do not have collective wage agreements with our employees, and there were no employee strikes during the reporting year. We believe we have good employee relations.

**E. Share Ownership** 

See "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders."

**F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation**

None.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS** 

**A. Major Shareholders** 

The following table sets forth information relating to the beneficial ownership of our ordinary shares as of January 31, 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person, or group of affiliated persons, known by us to beneficially own more than 5% of outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our directors and executive officers as a group.

The number of ordinary shares beneficially owned by each entity, person, executive officer or director is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any ordinary shares over which the individual has sole or shared voting power or investment power as well as any ordinary shares that the individual has the right to acquire within 60 days from January 31, 2026 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, we believe that the persons named in the table have sole voting and investment power with respect to all ordinary shares held by that person based on information provided to us by such person. This table is based on information supplied by our directors and officers and by Schedules 13D and Schedules 13G, if any, filed with the SEC.

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The percentage of outstanding ordinary shares beneficially owned is computed based on 134,096,576 ordinary shares outstanding as of January 31, 2026. Ordinary shares that a person has the right to acquire within 60 days are deemed outstanding for purposes of computing the percentage ownership of the person holding such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person. Unless otherwise indicated below, the business address for each beneficial owner is Immatics N.V., Paul-Ehrlich-Straße 15, 72076 Tübingen, Federal Republic of Germany.

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| | | |
|:---|:---|:---|
| **Beneficial Owner** | **Number of<br>Ordinary Shares** | **Percentage of<br>Ordinary Shares** |
| **Directors, Executive Officers and Persons Nominated to Serve in Such Positions** |  |  |
| &nbsp;&nbsp;&nbsp;Harpreet Singh, Ph.D. | 1967113 | 1.5% |
| &nbsp;&nbsp;&nbsp;Cedrik Britten, M.D. | 467048 | \* |
| &nbsp;&nbsp;&nbsp;Carsten Reinhardt, M.D., Ph.D. | 640657 | \* |
| &nbsp;&nbsp;&nbsp;Toni Weinschenk, Ph.D. | 509987 | \* |
| &nbsp;&nbsp;&nbsp;Rainer Kramer, Ph.D. | 530013 | \* |
| &nbsp;&nbsp;&nbsp;Steffen Walter, Ph.D. | 502830 | \* |
| &nbsp;&nbsp;&nbsp;Edward Sturchio | 300626 | \* |
| &nbsp;&nbsp;&nbsp;Jordan Silverstein | 384978 | \* |
| &nbsp;&nbsp;&nbsp;Peter Chambré | 447961 | \* |
| &nbsp;&nbsp;&nbsp;Michael G. Atieh | 130000 | \* |
| &nbsp;&nbsp;&nbsp;Paul R. Carter | 130000 | \* |
| &nbsp;&nbsp;&nbsp;Eliot Forster, Ph.D. | 130000 | \* |
| &nbsp;&nbsp;&nbsp;Heather L. Mason | 130000 | \* |
| &nbsp;&nbsp;&nbsp;Adam Stone<sup>(1)</sup> | 130000 | \* |
| &nbsp;&nbsp;&nbsp;Mathias Hothum, Ph.D. | 394521 | \* |
| &nbsp;&nbsp;&nbsp;Alise Reicin, M.D. | 30000 | \* |
| &nbsp;&nbsp;&nbsp;Venkat Ramanan, Ph.D. |  | \* |
| &nbsp;&nbsp;&nbsp;Amie Krause |  | \* |
| &nbsp;&nbsp;&nbsp;All directors and executive officers and persons nominated to serve in such positions as a group (18 persons) | 6825734 | 5.1% |
| **5% or Greater Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Management, Inc.(2) | 18328455 | 13.7% |
| &nbsp;&nbsp;&nbsp;dievini Hopp BioTech holding GmbH & Co. KG (3) | 17202356 | 12.8% |
| &nbsp;&nbsp;&nbsp;Baker Bros. Advisors LP.(4) | 12094094 | 9.0% |
| &nbsp;&nbsp;&nbsp;RTW Investments, LP (5) | 11433354 | 8.5% |
| &nbsp;&nbsp;&nbsp;Suvretta Capital Management, LLC (6) | 11190129 | 8.3% |
| &nbsp;&nbsp;&nbsp;Perceptive Advisors LLC (7) | 9469706 | 7.1% |

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\* Indicates beneficial ownership of less than 1% of total outstanding ordinary shares.

(1)Does not include any ordinary shares indirectly owned by Adam Stone as a result of his membership interest in ARYA Sciences Holdings.

(2)This information is based on a Schedule 13G filed with the SEC on August 14, 2025 by T. Rowe Price Investment Management, Inc. (Price Investment Management), which reported shared voting and dispositive power over 18,328,455 ordinary shares. The principal business address is 101 E. Pratt Street, Baltimore, MD 21201.

(3)This information is based on a Schedule 13G filed with the SEC on February 10, 2023 by dievini Hopp BioTech holding GmbH & Co. KG ("dievini"), DH-LT-Investments GmbH ("DH-LT-Investments"), DH-Capital GmbH & Co. KG ("DH-Capital"), OH Beteiligungen GmbH & Co. KG ("OH Beteiligungen"), Dietmar Hopp, Oliver Hopp, Daniel Hopp, Prof. Dr. Friedrich von Bohlen und Halbach ("Dr. von Bohlen"), Prof. Dr. Christof Hettich ("Dr.Hettich") and Dr. Mathias Hothum ("Dr. Hothum"), which reported shared voting and dispositive power over 17,202,356 ordinary shares. Dievini is the record holder of 14,901,384 shares, DH-LT Investments is the record holder of 726,282 shares, MH-LT-Investments GmbH is the record holder of 329,521 shares, Bohlini invest GmbH is the record holder of 627,524 shares and 4H invest GmbH is the record holder of 617,645 shares, for which dievini has shared voting and dispositive power. DH-Capital and OH Beteiligungen, are collectively the holders of 100% of the limited partner interest in dievini. DH-Capital and OH Beteiligungen each hold a 50% limited partner interest in dievini and therefore, control the voting and dispositive decisions of dievini together and may be deemed to beneficially own the shares held by dievini. Dietmar Hopp, Daniel Hopp and Oliver Hopp are the ultimate controlling persons of dievini, DH-Capital and OH Beteiligungen, and control the voting and investment decisions of the ultimate parent company of dievini and therefore,

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may be deemed to beneficially own the shares held by dievini by virtue of their status as controlling persons of dievini. The sole general partner of dievini with the authorization to represent are dievini Verwaltungs GmbH and Dr. Hothum; however, 100% of the shares of dievini Verwaltungs GmbH are held by dievini so dievini Verwaltungs GmbH is not considered to have control over dievini. The managing directors of dievini Verwaltungs GmbH are Dietmar Hopp and Dr. Hothum. Voting and dispositive decisions made within dievini Verwaltungs GmbH regarding the securities held by dievini are made by at least two managing directors acting together; however, Dietmar Hopp is entitled to represent dievini Verwaltungs GmbH solely. Therefore, in their capacity as managing directors, Dietmar Hopp and Dr. Hothum share voting and dispositive power over the shares held by dievini, and may be deemed to beneficially own such shares held by dievini; however, each of Dietmar Hopp and Dr. Hothum disclaims beneficial ownership of the shares held by dievini except to the extent of their pecuniary interests therein. The principal business address of dievini, Dietmar Hopp and Dr. Hothum is c/o dievini Hopp BioTech holding GmbH & Co. KG, Johann-Jakob-Astor Straße 57, 69190 Walldorf, Germany. The principal business address of DH-Capital GmbH & Co. KG and OH Beteiligungen GmbH & Co. KG is Opelstraße 28, 68789 St. Leon-Rot, Germany. The principal business address of Oliver Hopp and Daniel Hopp is Johann-Jakob-Astor-Straße 59, 69190 Walldorf, Germany. The principal business address of MH-LT-Investments GmbH is Bürgermeister-Willinger-Str. 3, 69190 Walldorf, Germany, the principal business address of Bohlini invest GmbH is Neuenheimer Landstr. 4, 69120 Heidelberg, Germany and the principal business address of 4H invest GmbH is Silcherstr. 6, Silcherstr. 6, Germany.

(4)This information is based on a Schedule 13G filed with the SEC on November 14, 2025 by Baker Bros. Advisors LP (the "Adviser"), Baker Bros. Advisors (GP) LLC (the "Adviser GP"), Julian C. Baker and Felix J. Baker, which reported shared voting and dispositive power over 12,094,094 ordinary shares, which is the aggregate number of ordinary shares held by Baker Brothers Life Sciences, L.P. and 667, L.P. (collectively, the "Funds"). The Funds' respective general partners relinquished to Baker Bros. Advisors LP (the "Adviser"). Baker Bros. Advisors (GP) LLC (the"Adviser GP"), Felix J. Baker and Julian C. Baker as managing members of the Adviser GP, and the Adviser may be deemed to be beneficial owners of the ordinary shares held by the Funds. The principal business address is 860 Washington Street, 3rd Floor New York, NY 10014.

(5)This information is based on a Schedule 13G filed with the SEC on February 17, 2026 by RTW Investments, LP ("<u>RTW Investments</u>"), a Delaware limited partnership, and the investment adviser to certain funds (the "<u>RTW Funds</u>"), which reported shared voting and dispositive power over 11,433,354 ordinary shares. The principal business address is 40 10<sup>th</sup> Avenue, Floor 7, New York, New York 10014.

(6)This information is based on a Schedule 13G filed with the SEC on February 13, 2026 by advisory clients of Suvretta Capital Management, LLC, Aaron Cowen and Averill Master Fund, Ltd owned by advisory clients of Suvretta Capital Management, LLC, which reported shared voting and dispositive power over 11,190,129 ordinary shares. The principal business address for both Suvretta Capital Management, LLC and Aaron Cowen is 540 Madison Avenue, 7th Floor New York, New York 10022. Also the principal business address for Averill Master Fund, Ltd is P.O. Box 309 Ugland House Grand Cayman KY1-1104.

(7)This information is based on a Schedule 13D/A filed with the SEC on October 17, 2024 by Perceptive Advisors LLC ("Perceptive Advisors"), Joseph Edelman ("Mr. Edelman") and Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund," and together with Perceptive Advisors and Mr. Edelman, each of the foregoing, a "Reporting Person," and collectively, the "Reporting Persons"). Perceptive Advisors serves as the investment advisor to the Master Fund and Mr. Edelman is the managing member of Perceptive Advisors, which reported shared voting and dispositive power over 9,469,705.50 ordinary shares. The principal business address is 51 Astor Place 10th Floor, New York, NY 10003.

**Holders** 

As of February 1, 2026, we had approximately 32 shareholders of record of our ordinary shares. We estimate that as of February 1, 2026, approximately 99.8% of our outstanding ordinary shares are held by 27 U.S. record holders. One of the U.S. shareholders of record is Cede & Co., a specialist United States financial institution that processes transfers of stock certificates on behalf of the Depository Trust Company, or DTC. Cede & Co. therefore is the shareholder of record for nearly all of our issued shares held by DTC participants, as our shareholders do not themselves hold direct property rights in our ordinary shares.

**B. Related Party Transactions** 

The following is a description of certain related party transactions we have entered into since January 1, 2025 with any of our executive officers, directors or their affiliates and holders of more than 10% of any class of our voting securities in the aggregate, which we refer to as related parties, other than compensation arrangements which are described under "Item 6. Directors, Senior Management and Employees."

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**Registration Rights** 

In connection with the ARYA Merger, we granted certain registration rights to certain securityholders under the Investor Rights Agreement entered into as of the closing of the ARYA Merger.

Pursuant to the Investor Rights Agreement, we agreed to file, subject to customary exceptions, a Registration Statement covering all ordinary shares issued in connection with the ARYA Merger, including the private placement of ordinary shares. The Investor Rights Agreement also provides the parties with demand and "piggy-back" registration rights, subject to certain minimum requirements and customary conditions.

**Indemnification Agreements** 

Our articles of association provide for certain indemnification rights for our directors and executive officers, and we entered into an indemnification agreement with each of our executive officers and directors providing for procedures for indemnification and advancements by us of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to us or, at our request, service to other entities, as officers or directors to the maximum extent permitted by Dutch law.

**C. Interests of Experts and Counsel** 

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**A. Consolidated Statements and Other Financial Information** 

**Financial Statements** 

See "Item 18. Financial Statements," which contains our financial statements prepared in accordance with IFRS.

**Legal Proceedings** 

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation and claims cannot be predicted with certainty. As of the date of this Annual Report, we do not believe that we are party to any claim or litigation, the outcome of which would, individually or in the aggregate, be reasonably expected to have a material adverse effect on our business.

**Dividends and Dividend Policy** 

We have never declared or paid any cash dividends and have no plan to declare or pay any dividends on our ordinary shares in the foreseeable future. We currently intend to retain any earnings for future operations and expansion.

Since we are a holding company, our ability to pay dividends will be dependent upon the financial condition, liquidity and results of operations of, and the receipt of dividends, loans or other funds from, our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition, there are various statutory, regulatory and contractual limitations and business considerations on whether, and to what extent, our subsidiaries may pay dividends, make loans or otherwise provide funds to us.

Under Dutch law, we may only pay dividends and other distributions from our reserves to the extent our shareholders' equity (*eigen vermogen*) exceeds the sum of our paid-in and called-up share capital plus the reserves we must maintain under Dutch law or our articles of association and (if it concerns a distribution of profits) after adoption of our statutory annual accounts by our general meeting from which it appears that such dividend distribution is allowed. Subject to those restrictions, any future determination to pay dividends or other distributions from our reserves will be at the discretion of our Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors we deem relevant.

Under our articles of association, profits will be at the disposal of the general meeting at the proposal of our Board for distribution on our ordinary shares, subject to applicable restrictions of Dutch law. Our Board is permitted, subject to certain requirements and applicable restrictions of Dutch law, to declare interim dividends without the approval of our general meeting. Dividends and other distributions shall be made payable four weeks after they have been declared unless our general meeting

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determines another date at the proposal of our Board. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse and any such amounts will be considered to have been forfeited to us (*verjaring*).

**B. Significant Changes** 

A discussion of the significant changes in our business can be found under "Item 4. Information on the Company—A. History and Development of the Company" and "Item 4. Information on the Company—B. Business Overview."

**ITEM 9. THE OFFER AND LISTING** 

**A. Offering and Listing Details** 

See "—C. Markets."

**B. Plan of Distribution** 

Not applicable.

**C. Markets** 

Our ordinary shares are listed on Nasdaq under the symbols "IMTX".

**D. Selling Shareholders** 

Not applicable.

**E. Dilution** 

Not applicable.

**F. Expenses of the Issue** 

Not applicable.

**ITEM 10. ADDITIONAL INFORMATION** 

**A. Share Capital** 

Not applicable.

**B. Memorandum and Articles of Association** 

See Exhibit 2.4 to this Annual Report for a description of our ordinary shares and articles of association.

**C. Material Contracts** 

Except as otherwise disclosed in this Annual Report (including the exhibits thereto), we are not currently, and have not been in the last two years, party to any material contract, other than contracts entered into in the ordinary course of business.

**D. Exchange Controls** 

Under Dutch law, there are no exchange controls applicable to the transfer to persons outside of the Netherlands of dividends or other distributions with respect to, or of the proceeds from the sale of, shares of a Dutch company, subject to applicable restrictions under sanctions and measures, including those concerning export control, pursuant to European Union regulations, the Sanctions Act 1977 (Sanctiewet 1977), or other legislation, applicable anti-boycott regulations, applicable anti-money laundering regulations and similar rules and provided that, under certain circumstances, payments of such dividends or other distributions must be reported to the Dutch Central Bank at their request for statistical purposes. There are no special restrictions in our articles of association or Dutch law that limit the right of shareholders who are not citizens or residents of the Netherlands to hold or vote shares. The European Directive

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Mandatory Disclosure Rules (2011/16/EU) in relation to cross-border tax arrangements can provide for future notification requirements.

Under German law, there are no exchange controls restricting the transfer of funds between Germany and other countries or individuals subject to applicable restrictions concerning import or export control or sanctions and measures against certain persons, entities and countries subject to embargoes in accordance with German law and applicable resolutions adopted by the United Nations and the European Union.

Under German foreign trade regulation, with certain exceptions, every corporation or individual residing in Germany must report to the German Central Bank on any payment received from or made to a non-resident corporation or individual if the payment exceeds €12,500 (or the equivalent in a foreign currency). Additionally, corporations and individuals residing in Germany must report to the German Central Bank on any claims of a resident against, or liabilities payable to, a non-resident corporation or individual exceeding an aggregate of €5 million (or the equivalent in a foreign currency) at the end of any calendar month. Resident corporations and individuals are also required to report annually to the German Central Bank on any stakes of 10% or more they hold in the equity of non-resident corporations with total assets of more than €3 million. Corporations residing in Germany with assets in excess of €3 million must report annually to the German Central Bank on any stake of 10% or more in the company held by an individual or a corporation located outside Germany.

**E. Taxation** 

**Material U.S. Federal Income Tax Considerations for U.S. Holders** 

The following is a description of the material U.S. federal income tax consequences to the U.S. Holders, as defined below, of owning and disposing of our ordinary shares or warrants. It does not describe all tax considerations that may be relevant to a particular person's decision to acquire ordinary shares. This discussion does not address consequences from a fundamental change (as described in the warrant terms) to a U.S. Holder of warrants.

This discussion applies only to a U.S. Holder that holds our ordinary shares or warrants as capital assets for U.S. federal income tax purposes (generally, property held for investment). In addition, it does not describe any tax consequences other than U.S. federal income tax consequences, including state and local tax consequences and estate tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder's particular circumstances, including alternative minimum tax consequences, the potential application of the provisions of the Code known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain banks, insurance companies and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers, dealers or traders in securities who use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding ordinary shares or warrants as part of a straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the ordinary shares or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•entities or arrangements classified as partnerships or S corporations for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt entities, including an "individual retirement account" or "Roth IRAs" and governmental entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. expatriates and certain former citizens or long term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons that own or are deemed to own 10% or more of the voting power or value of our shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding ordinary shares or warrants in connection with a trade or business conducted outside of the United States or in connection with a permanent establishment or other fixed place of business outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds ordinary shares or warrants, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding ordinary shares or warrants and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of owning and disposing of the ordinary shares or warrants.

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This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Germany and the United States (the "Treaty"), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect.

A "U.S. Holder" is a beneficial owner of our ordinary shares or warrants who, for U.S. federal income tax purposes, is eligible for the benefits of the Treaty and who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a U.S. citizen (other than a resident of the Netherlands or Germany) or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

Certain Treasury regulations (the "Foreign Tax Credit Regulations") may in some circumstances prohibit a U.S. person from claiming a foreign tax credit with respect to certain non-U.S. taxes that are not creditable under applicable income tax treaties. The U.S. Internal Revenue Service (the "IRS") has released notices which indicate that the Treasury Department and the IRS are considering amendments to the Foreign Tax Credit Regulations and provide temporary relief from certain of their provisions until such time as the IRS issues a subsequent notice or other guidance withdrawing or modifying the temporary relief (or any later date specified in the relevant notice or guidance). The rules governing the calculation and timing of foreign tax credits and the deduction of foreign taxes are complex and depend upon a U.S. Holder's particular circumstances. Accordingly, U.S. investors that are not eligible for Treaty benefits should consult their tax advisors regarding the creditability or deductibility of any non-U.S. taxes imposed on dividends on, or dispositions of, ordinary shares or warrants. This discussion does not apply to investors in this special situation.

U.S. Holders should consult their tax advisors concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of the ordinary shares or warrants in their particular circumstances.

***Passive Foreign Investment Company Rules***

We believe that we were a PFIC for U.S. federal income tax purposes for our 2025 tax year and that we could be a PFIC for the foreseeable future. In general, a non-U.S. corporation will be considered a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes interest, dividends, certain non-active rents and royalties (other than certain rents and royalties derived in an active conduct of a trade or business), and capital gains. Cash is generally a passive asset for these purposes. In addition, intangible assets, such as intellectual property and goodwill (the value of which may be determined by reference to the excess of the sum of a corporation's market capitalization and liabilities over the value of its assets) are generally characterized as an active asset to the extent it is attributable to activities that produce active income.

In addition, we may, directly or indirectly, have held or hold equity interests in other PFICs (collectively, "Lower-tier PFICs"). Under attribution rules, if the Company is a PFIC, U.S. Holders will be deemed to own their proportionate share of Lower-tier PFICs and will be subject to U.S. federal income tax according to the rules described in the following paragraphs on (i) certain distributions by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though the U.S. Holders have not received the proceeds of those distributions or dispositions directly. Based on the composition of the income and assets of Immatics GmbH for its taxable year ended December 31, 2025, we believe that Immatics GmbH was not a PFIC for its taxableyear ended December 31, 2025 and thus we believe that we did not directly hold a Lower-tier PFIC in our taxable year ended December 31, 2025. However, because the determination of PFIC status is made annually based on the factual tests described above, we cannot provide any assurances regarding Immatics GmbH's PFIC status for the current or future taxable years, or that the IRS will agree with our conclusion regarding Immatics GmbH's PFIC status. In addition, there can be no assurances that we will otherwise not be treated as having directly or indirectly held a Lower-tier PFIC for our taxable year ended December 31, 2025 or our current or any future taxable year.

If we are a PFIC for any year during which a U.S. Holder holds ordinary shares (or, under Treasury regulations proposed in 1992 that apply retroactively, warrants), we will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds ordinary shares (or, under proposed regulations, warrants), even if we cease to meet the threshold requirements for PFIC status, unless the U.S. Holder elects to recognize gain, if any, as if it sold its ordinary shares (or,

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under proposed regulations, warrants) as of the last day of the last tax year in which we are a PFIC (a "Purging Election") or if the U.S. Holder makes certain elections as discussed below.

If we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares (or, under proposed Treasury regulations, warrants) (assuming the U.S. Holder has not made one of certain elections, as described below), gain recognized by the U.S. Holder on the sale or other disposition (including certain pledges) of ordinary shares (or, under proposed regulations, warrants) (including any gain recognized as a consequence of a Purging Election) will be allocated ratably over the U.S. Holder's holding period for the ordinary shares or warrants. Under proposed Treasury regulations, if we were a PFIC during any taxable year during which a U.S. Holder held our warrants, the holding period of the ordinary shares received upon exercise of such warrants would include the holding period of the warrants. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge will be imposed on the resulting tax liability. Further, to the extent that any distribution received by a U.S. Holder exceeds 125% of the average of the annual distributions received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution will be subject to taxation in the same manner as gain.

If we are a PFIC and a U.S. Holder made either (a) an election to treat our ordinary shares as stock of a QEF (which is generally not available with respect to warrants), or (b) a "mark-to-market" election with respect to our ordinary shares (which is also generally not available with respect to warrants), that election would alleviate some of the adverse tax consequences of PFIC status and would result in an alternative treatment of the ordinary shares.

If the ordinary shares are "regularly traded" on a "qualified exchange," a U.S. Holder may make a mark-to-market election that would result in tax treatment different from the general tax treatment for PFICs described above. The ordinary shares will be treated as "regularly traded" in any calendar year in which more than a *de minimis* quantity of the ordinary shares are traded on a qualified exchange on at least 15 days during each calendar quarter. Although our ordinary shares are listed on the Nasdaq Stock Exchange, which is a qualified exchange for these purposes, there can be no assurance that our ordinary shares will be treated as "regularly traded" for these purposes. U.S. Holders should consult their tax advisers regarding the availability and advisability of making a mark-to-market election in their particular circumstances.

Although we currently anticipate that Immatics N.V. will be the only PFIC in our group, U.S. Holders should consider carefully the impact of a mark-to-market election with respect to their ordinary shares if the Company has Lower-tier PFICs for which a mark-to-market election may not be available. There is also no provision in the Code, Treasury regulations or other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly-traded holding company (such as Immatics N.V.) effectively exempts stock of any Lower-Tier PFICs from the negative tax consequences arising from the general PFIC rules. Because the fair market value of the stock of a holding company generally includes the fair market value of the stock of its subsidiaries, it is possible that the mark-to-market rules were not intended to subject a U.S. investor to the general PFIC rules with respect to a non-publicly traded PFIC subsidiary if the investor made a valid mark-to-market election with respect to the stock of the public holding company of that subsidiary. However, because authority on the issue is lacking, we cannot assure you that the IRS will agree with any such position. We advise you to consult your own tax advisor to determine whether the mark-to-market tax election is available to you and the consequences resulting from such election.

If a U.S. Holder makes the mark-to-market election, the holder generally will recognize as ordinary income any excess of the fair market value of the ordinary shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the ordinary shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, the U.S. Holder's tax basis in the ordinary shares will be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other disposition of ordinary shares in a year when the Company is a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). Distributions paid on ordinary shares will be treated as discussed below under "*Taxation of Distributions.*"

A QEF election is effective for the taxable year for which the election is made and all subsequent taxable years and may not be revoked without the consent of the IRS. If a U.S. Holder makes a timely QEF election with respect to its direct or indirect interest in a PFIC, the U.S. Holder will be required to include in income each year a portion of the ordinary earnings and net capital gains of the PFIC as QEF income inclusions, even if any amounts are not distributed to the U.S. Holder. We have never paid any dividends, and we do not expect to pay any dividends in the foreseeable future. Thus, the U.S. Holder may be required to report taxable income as a result of our income resulting in QEF income inclusions without corresponding receipts of cash.

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A timely QEF election also allows the electing U.S. Holder to: (i) generally treat any gain recognized on the disposition of its shares of the PFIC as capital gain; (ii) treat its share of the PFIC's net capital gain, if any, as long-term capital gain instead of ordinary income; and (iii) either avoid interest charges resulting from PFIC status altogether, or make an annual election, subject to certain limitations, to defer the payment of current taxes on its share of the PFIC's annual realized net capital gain and ordinary earnings subject, however, to an interest charge on the deferred tax computed by using the statutory rate of interest applicable to an extension of time for payment of tax. In addition, net losses (if any) of a PFIC will not pass through to its shareholders and may not be carried back or forward in computing such PFIC's ordinary earnings and net capital gain in other taxable years.

A U.S. Holder's tax basis in our ordinary shares will be increased to reflect QEF income inclusions and will be decreased to reflect distributions of amounts previously included in income as QEF income inclusions. No portion of the QEF income inclusions attributable to ordinary income will be treated as subject to the preferential dividend rates discussed below. Amounts included as QEF income inclusions generally will not be taxed again when distributed. You should consult your tax advisors as to the manner in which QEF income inclusions affect your allocable share of our income and your basis in our ordinary shares.

We intend to provide the information for U.S. Holders to make or maintain a QEF election, including information necessary to determine the appropriate income inclusion amounts for purposes of the QEF election.

U.S. Holders should consult their tax advisors regarding whether any of these elections for alternative treatment would be available and, if so, what the consequences of the alternative treatments would be in their particular circumstances.

If we are a PFIC (or, with respect to a particular U.S. Holder, are treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential dividend rates discussed below with respect to dividends paid to certain non-corporate U.S. Holders will not apply.

If we are a PFIC for a taxable year during which a U.S. Holder holds ordinary shares (or, under proposed regulations, warrants), the U.S. Holder will generally be required to file an annual report on IRS Form 8621 with its annual U.S. federal income tax returns, subject to certain exceptions. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.

Prospective U.S. Holders should consult their tax advisors regarding the potential PFIC rules to an investment in ordinary shares or warrants.

***Taxation of Distributions on Ordinary Shares***

Subject to the discussion under "—Passive Foreign Investment Company Rules" above, distributions (if any) paid on ordinary shares, other than certain pro rata distributions of ordinary shares, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, we expect that distributions generally will be reported to U.S. Holders as dividends. In years when we are not a PFIC (and are not treated as a PFIC of a U.S. Holder, as discussed above) and were not a PFIC in the prior taxable year, dividends paid to certain non-corporate U.S. Holders may be eligible for taxation as "qualified dividend income" and therefore, subject to applicable limitations, may be taxable at long-term capital gain rates. In such a case, dividends may constitute qualified dividend income if the ordinary shares with respect to which the dividends are paid are listed on Nasdaq or are otherwise considered "readily tradable" on an established securities market for U.S. federal income tax purposes or we are eligible for benefits under the Treaty. However, there can be no assurance that our ordinary shares will remain listed or otherwise be considered readily tradable on an established securities market in the future, nor (as discussed under "Passive Foreign Investment Company Rules" above) that we will not be a PFIC for any future taxable year, as we believe we were a PFIC for our 2025 taxable year. U.S. Holders should consult their tax advisors regarding the availability of the reduced tax rate on dividends in their particular circumstances.

As described below under "—Material Dutch Tax Considerations" and "—Material German Tax Considerations," it is expected that any dividends we pay to a U.S. Holder will be subject to German withholding tax (and will not be subject to Dutch withholding tax). The amount of a dividend will include any amounts withheld in respect of German income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for a dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of the U.S. Holder's receipt of the dividend. The amount of any dividend income paid in euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

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Subject to applicable limitations, some of which vary depending upon the U.S. Holder's particular circumstances, and the discussion below regarding the Foreign Tax Credit Regulations, German taxes withheld from dividends on ordinary shares (at a rate not exceeding the rate provided by the Treaty, in the case of a U.S. Holder eligible for a reduced rate under the Treaty) will be creditable against the U.S. Holder's U.S. federal income tax liability. As discussed under "—Material German Tax Considerations" below, Germany requires special procedures to be followed by U.S. Holders eligible for a reduced rate under the Treaty to obtain the benefit of such reduced rate. The rules governing foreign tax credits are complex. For example, the Foreign Tax Credit Regulations provide that, in the absence of an election to apply the benefits of an applicable income tax treaty, in order for foreign income taxes (including foreign withholding taxes treated as income taxes) to be creditable, the relevant foreign jurisdiction's income tax rules must be consistent with certain U.S. federal income tax principles, and we have not determined whether the German income tax system meets these requirements. However, under the temporary relief in the notices described above, certain of the requirements for making this determination would not apply until such time as the IRS withdraws or modifies this temporary relief (or any later date specified in the relevant notice or guidance). Whether the IRS will withdraw this relief for 2026 or future years is inherently uncertain. U.S. Holders should consult their tax advisors regarding the creditability of any German taxes in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder may be able to elect to deduct foreign taxes, such as the German withholding tax, in computing its taxable income, subject to generally applicable limitations under U.S. law. An election to deduct otherwise creditable non-U.S. taxes instead of claiming foreign tax credits applies to all creditable non-U.S. taxes paid or accrued in the taxable year.

***Sale or Other Disposition of Ordinary Shares*** 

See the discussion above under "—Passive Foreign Investment Company Rules" for a discussion of the treatment of gain or loss recognized by a U.S. Holder who has held our ordinary shares during a year in which we were a PFIC, which we believe was the case for our 2025 taxable year. Otherwise, gain or loss realized by a U.S. Holder on the sale or other disposition of ordinary shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder's holding period for such ordinary shares was more than one year as of the date of the sale or other disposition. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the ordinary shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gain recognized by a non-corporate U.S. Holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term capital gains, while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.

***Sale or Other Disposition, Exercise or Expiration of Warrants*** 

See the discussion above under "—Passive Foreign Investment Company Rules," for a discussion of the treatment of gain or loss recognized by a U.S. Holder who has held our warrants during a year in which we were a PFIC, which we believe was the case for our 2025 taxable year. Otherwise, gain or loss realized on the sale or other taxable disposition of warrants (other than by way of exercise) will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder held the warrants for more than one year at the time of the sale or disposition. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the warrants disposed of and the amount realized on the disposition.

In general, a U.S. Holder will not be required to recognize income, gain or loss upon the exercise of warrants by payment of the exercise price in cash. A U.S. Holder's tax basis in the ordinary share received upon exercise of a warrant will be equal to the sum of (1) the U.S. Holder's tax basis in the warrant and (2) the exercise price of the warrant. It is unclear under current law whether a U.S. Holder's holding period in the ordinary share received upon exercise will commence on the day the warrant is exercised or the day after the warrant is exercised, but in any case, it will not include the period during which the U.S. Holder held the warrant.

Although there is no direct legal authority as to the U.S. federal income tax treatment of an exercise of a warrant on a cashless basis, we believe that it is reasonable to take the position that such exercise will not be taxable (except with respect to cash received in lieu of a fractional ordinary share), either because the exercise is not a gain realization event or because it qualifies as a tax-free recapitalization. In the former case, subject to the discussion above under "—Passive Foreign Investment Company Rules," the holding period of the ordinary shares would commence either on the day the warrant is exercised or the day after the warrant is exercised. In the latter case, the holding period of the ordinary shares would include the holding period of the exercised warrants. In either case, the U.S. Holder's tax basis in the ordinary shares (including any fractional ordinary share) received generally would equal the U.S. Holder's tax basis in the warrants. However, such position regarding the treatment of a cashless exercise is not binding on the Internal Revenue Service, or the IRS, and the IRS may treat a cashless exercise of a warrant as a taxable exchange. U.S. Holders are urged to consult their tax advisers as to the consequences of an exercise of a warrant on a cashless basis. The receipt of cash in lieu of a fractional ordinary share should result in a capital gain or loss equal to the difference between the cash received and the U.S. Holder's tax basis in the ordinary shares allocable to the fractional share.

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If a warrant expires without being exercised, a U.S. Holder will recognize a capital loss in an amount equal to such U.S. Holder's tax basis in the warrant. This loss will be long-term capital loss if, at the time of the expiration, the U.S. Holder's holding period in the warrant is more than one year. The deductibility of capital losses is subject to limitations.

***Possible Constructive Distributions*** 

The terms of each warrant provide for an adjustment to the exercise price of the warrant in certain events (including the payment of certain dividends and distributions to holders of ordinary shares). An adjustment which has the effect of preventing dilution generally is not taxable. The U.S. Holders of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise price increases the warrant holders' proportionate interest in our assets or earnings and profits (e.g., through a decrease in the exercise price of the warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares of our ordinary shares, or as a result of the issuance of a stock dividend to holders of shares of our ordinary shares, in each case which is taxable to the U.S. Holders of such shares as a distribution. Such constructive distribution would be subject to tax in the same manner as if the U.S. Holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest resulting from the adjustment. Generally, a U.S. Holder's adjusted tax basis in its warrant would be increased to the extent any such constructive distribution is treated as a dividend.

***Information Reporting and Backup Withholding*** 

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

In addition to the information reporting obligations discussed above under "—Passive Foreign Investment Company Rules," certain U.S. Holders who are individuals (and, under regulations, certain entities) may be required to report information relating to the ordinary shares or warrants, subject to certain exceptions (including an exception for assets held in accounts maintained by certain U.S. financial institutions), by filing IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their federal income tax return. Such U.S. Holders who fail to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not close until three years after such information is filed. U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their ownership and disposition of the ordinary shares or warrants.

**THE FOREGOING DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING. THE TAX MATTERS RELATING TO US, OUR WARRANTHOLDERS AND OUR SHAREHOLDERS ARE COMPLEX AND ARE SUBJECT TO VARYING INTERPRETATIONS. MOREOVER, THE MEANING AND EFFECT OF TAX LAWS AND OF PROPOSED CHANGES WILL VARY WITH THE PARTICULAR CIRCUMSTANCES OF EACH PROSPECTIVE SHAREHOLDER. PROSPECTIVE SHAREHOLDERS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL AND OTHER TAX CONSEQUENCES OF ANY INVESTMENT IN OUR ORDINARY SHARES OR WARRANTS.**

**Material Dutch Tax Considerations** 

***Scope of Discussion***

This section only outlines certain material Dutch tax consequences of the acquisition, holding and disposal of our ordinary shares or the acquisition, holding, exercise and disposal of warrants. This section does not purport to describe all possible tax considerations or consequences that may be relevant to a holder or prospective holder of ordinary shares or warrants and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as trusts or similar arrangements) may be subject to special rules. In view of its general nature, this section should be treated with corresponding caution. To the extent this summary relates to legal conclusions under current Netherlands tax law, and subject to the qualifications it contains, it represents the opinion of NautaDutilh N.V., our special Dutch counsel.

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For the purposes of this discussion, it is assumed that we are a tax resident of Germany under German national tax laws since we intended to have, from our incorporation and on a continuous basis, our place of effective management in Germany. See *"Item 3: Key information - D. Risk factors - "We may become taxable in a jurisdiction other than Germany, and this may cause us to be subject to increased and/or different taxes than we expect.*"

Except as otherwise indicated, this section is based on and only addresses the tax laws of the Netherlands, published regulations thereunder and published authoritative case law, all as in effect on the date hereof, including, for the avoidance of doubt, the tax rates, tax brackets and deemed returns applicable on the date hereof, and all of which are subject to change, possibly with retroactive effect. Where this section refers to "the Netherlands" or "Dutch" it refers only to the part of the Kingdom of the Netherlands located in Europe. The applicable tax laws or interpretations thereof may change, or the relevant facts and circumstances may change, and such changes may affect the contents of this section, which will not be updated to reflect any such change.

This section is intended as general information only and is not Dutch tax advice or a complete description of all Dutch tax consequences relating to the acquisition, holding and disposal of the ordinary shares or the acquisition, holding, exercise and disposal of warrants. Holders or prospective holders of ordinary shares or warrants should consult their own tax advisor regarding the Dutch tax consequences relating to the acquisition, holding and disposal of ordinary shares or the acquisition, holding, exercise and disposal of warrants in light of their particular circumstances.

This section does not describe any Dutch tax considerations or consequences arising from the Dutch Minimum Tax Act 2024 (*Wet minimumbelasting 2024*; the Dutch implementation of Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union) which may be relevant for a particular holder of ordinary shares or warrants.

Please note that this section does not describe the Dutch tax consequences for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a holder of ordinary shares or warrants if such holder has a substantial interest (*aanmerkelijk belang*) or deemed substantial interest (*fictief aanmerkelijk belang*) in us under the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001). Generally, a holder is considered to hold a substantial interest in us, if such holder alone or, in the case of an individual, together with such holder's partner for Dutch income tax purposes, or any relatives by blood or marriage in the direct line (including foster children), directly or indirectly, holds (i) an interest of 5% or more of our total issued and outstanding capital or of 5% or more of the issued and outstanding capital of a certain class of shares; or (ii) rights (including warrants) to acquire, directly or indirectly, such interest; or (iii) certain profit sharing rights that relate to 5% or more of our annual profits or to 5% or more of our liquidation proceeds. A deemed substantial interest may arise if a substantial interest (or part thereof) in us has been disposed of, or is deemed to have been disposed of, on a non-recognition basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a holder of ordinary shares or warrants if the ordinary shares or warrants held by such holder qualify or qualified as a participation (*deelneming*) for purposes of the Dutch Corporate Income Tax Act 1969 (*Wet op de vennootschapsbelasting 1969*). Generally, a holder's shareholding, or right to acquire of 5% or more in our nominal paid-up share capital qualifies as a participation. A holder may also have a participation if (a) such holder does not have a shareholding of 5% or more but a related entity (statutorily defined term) has a participation or (b) we are a related entity (statutorily defined term);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a holder of ordinary shares which is or who is entitled to the dividend withholding tax exemption (*inhoudingsvrijstelling*) with respect to any income (*opbrengst*) derived from the ordinary shares (as defined in Article 4 of the Dutch Dividend Withholding Tax Act 1965 (*Wet op de dividendbelasting*). Generally we are required to apply, subject to certain other requirements, the dividend withholding tax exemption if the holder is an entity and holds an interest of 5% or more in our nominal paid-up share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)pension funds, investment institutions (*fiscale beleggingsinstellingen*) and tax exempt investment institutions (*vrijgestelde beleggingsinstellingen*) (each as defined in the Dutch Corporate Income Tax Act 1969) and other entities that are, in whole or in part, not subject to or exempt from Dutch corporate income tax, ,entities that have a function comparable to an investment institution or a tax exempt investment institution, as well as entities that are exempt from corporate income tax in their country of residence, such country of residence being another state of the European Union, Norway, Liechtenstein, Iceland or any other state with which the Netherlands has agreed to exchange information in line with international standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a holder of ordinary shares or warrants if such holder is an individual for whom the ordinary shares or warrants or any benefit derived from the ordinary shares or warrants is a remuneration or deemed to be a remuneration for (employment) activities performed by such holder or certain individuals related to such holder (as defined in the Dutch Income Tax Act 2001); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)holders of ordinary shares or warrants that are entities resident in Aruba, Curaçao, or Sint Maarten, conducting a business through a permanent establishment (*vaste inrichting*) or permanent representative (*vaste vertegenwoordiger*) in Bonaire, Sint Eustatius, or Saba, to which the ordinary shares or warrants are attributable<u>.</u>

***Dividend withholding tax***

*Regular Dutch Dividend Withholding Tax*

Subject to the discussion under "—Dual Tax Residency" below, dividends distributed by us are generally subject to Dutch dividend withholding tax at a rate of 15%. Generally, we are responsible for the withholding of such dividend withholding tax at source; the Dutch dividend withholding tax is for the account of the holder of ordinary shares.

The expression "dividends distributed" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributions in cash or in kind, deemed and constructive distributions and repayments of paid-in capital not recognized for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•liquidation proceeds, proceeds from the redemption of ordinary shares, or proceeds from the repurchase of ordinary shares (other than as temporary portfolio investment; *tijdelijke belegging*) by us or one of our subsidiaries or other affiliated entities, in each case to the extent such proceeds exceed the average paid-in capital of those ordinary shares as recognized for Dutch dividend withholding tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an amount equal to the par value of the ordinary shares issued or an increase of the par value of the ordinary shares, to the extent that no related contribution, recognized for Dutch dividend withholding tax purposes, has been made or will be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partial repayment of the paid-in capital recognized for Dutch dividend withholding tax purposes, if and to the extent that we have "net profits" (*zuivere winst*), unless (i) the general meeting of shareholders has resolved in advance to make such repayment and (ii) the par value of the ordinary shares concerned has been reduced by an equal amount by way of an amendment to the articles of association. The term "net profits" includes anticipated profits that have yet to be realized.

Corporate legal entities that are resident or deemed to be resident of the Netherlands for Dutch corporate income tax purposes ("Dutch Resident Entities") generally are entitled to an exemption from, or a credit for, any Dutch dividend withholding tax against their Dutch corporate income tax liability. The credit in any given year is, however, limited to the amount of Dutch corporate income tax payable in respect of the relevant year with an indefinite carry forward of any excess amount. Individuals who are resident or deemed to be resident of the Netherlands for Dutch personal income tax purposes ("Dutch Resident Individuals") generally are entitled to a credit for any Dutch dividend withholding tax against their Dutch personal income tax liability and to a refund of any residual Dutch dividend withholding tax. The above generally also applies to holders of ordinary shares that are neither resident nor deemed to be resident of the Netherlands ("Non-Resident Holders") if the ordinary shares are attributable to a Dutch permanent establishment of such Non-Resident Holder.

A holder of ordinary shares that is resident of a country other than the Netherlands may, depending on such holder's specific circumstances, be entitled to exemptions from, reduction of, or full or partial refund of, Dutch dividend withholding tax under Dutch domestic tax law, EU law, or treaties for the avoidance of double taxation in effect between the Netherlands and such other country.

*Dividend stripping*

According to Dutch domestic anti-dividend stripping rules, no credit against Dutch tax, exemption from, reduction, or refund of Dutch dividend withholding tax will be granted if the recipient of the dividends we paid is not considered the beneficial owner (*uiteindelijk gerechtigde*; as described in the Dutch Dividend Withholding Tax Act 1965) of those dividends. This legislation generally targets situations in which a shareholder retains its economic interest in shares but reduces the withholding tax costs on dividends by a transaction with another party. It is not required for these rules to apply that the recipient of the dividends is aware that a dividend stripping transaction took place. The Dutch State Secretary of Finance takes the position that the definition of beneficial ownership introduced by this legislation will also be applied in the context of a double taxation convention. The burden of proof with respect to beneficial ownership of dividends distributed by us rests on the Dutch tax authorities. If, however, a shareholder would receive dividends, including dividends on the ordinary shares, in a calendar year in respect of which an aggregate amount of EUR 1,000 in Dutch dividend withholding tax would otherwise be due based on the rate of 15%, the burden of proof with respect to

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beneficial ownership of such dividends lies with the shareholder. Furthermore, for shares traded on a regulated market, including the ordinary shares, it has been codified that the record date is used when determining the person who is entitled to the dividend.

*Warrants*

The exercise of warrants does not, in our view, give rise to Dutch dividend withholding tax, except to the extent (i) the exercise price is below the par value of an ordinary share and (ii) such difference is not charged against our share premium reserve recognized for Dutch dividend withholding tax purposes. If any Dutch dividend withholding tax due is not effectively withheld for the account of the relevant holder of a warrant, Dutch dividend withholding tax shall be due on a grossed-up basis.

In addition, it cannot be excluded that payments made in consideration for a repurchase or redemption of a warrant or a full or partial cash settlement of the warrant are in part subject to Dutch dividend withholding tax. To date, no authoritative case law of the Dutch courts has been made publicly available in this respect.

Exceptions and relief from Dutch dividend withholding tax may apply as set forth in this section.

*Conditional withholding tax on dividends*

In addition to the regular Dutch dividend withholding tax as described above, a Dutch conditional withholding tax will be imposed on dividends distributed by us to a Related Entity (as defined below), if such Related Entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is considered to be resident (*gevestigd*) in a jurisdiction that is listed in the yearly updated Dutch Regulation on low-taxing states and non-cooperative jurisdictions for tax purposes (*Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden voor belastingdoeleinden*) (a "Listed Jurisdiction"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has a permanent establishment located in a Listed Jurisdiction to which the ordinary shares are attributable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)holds the ordinary shares with the main purpose or one of the main purposes of avoiding taxation for another person or entity and there is an artificial arrangement or transaction or a series of artificial arrangements or transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)is not considered to be the beneficial owner of the ordinary shares in its jurisdiction of residence because such jurisdiction treats another entity as the beneficial owner of the ordinary shares (a hybrid mismatch); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)is not resident in any jurisdiction (also a hybrid mismatch); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)is a reverse hybrid (within the meaning of Article 2(11) of the Dutch Corporate Income Tax Act 1969), if and to the extent (x) there is a participant in the reverse hybrid holding a Qualifying Interest in the reverse hybrid, (y) the jurisdiction of residence of such participant treats the reverse hybrid as transparent for tax purposes and (z) such participant would have been subject to the Dutch conditional withholding tax in respect of dividends distributed by us without the interposition of the reverse hybrid,

all within the meaning of the Dutch Withholding Tax Act 2021 *(Wet bronbelasting 2021).*

For purposes of this section:

"Related Entity" means an entity (i) that has a Qualifying Interest in the Company or (ii) in which a third party has a Qualifying Interest if such third party also has a Qualifying Interest in the Company.

"Qualifying Interest" means a direct or indirectly held interest – either by an entity individually or, if an entity is part of a Qualifying Unity, jointly – that enables such entity or such Qualifying Unity to exercise a definitive influence over another entity's decisions and allows it to determine that other entity's activities (as interpreted by the European Court of Justice in case law on the right of freedom of establishment (vrijheid van vestiging)).

"Qualifying Unity" means entities acting together with the main purpose or one of the main purposes of avoiding Dutch conditional withholding tax at the level of any of those entities (kwalificerende eenheid).

The Dutch conditional withholding tax on dividends will be imposed at the highest Dutch corporate income tax rate in effect at the time of the distribution (2026: 25.8%). The Dutch conditional withholding tax on dividends will be reduced, but not below zero, by any regular Dutch dividend withholding tax withheld in respect of the same dividend distribution. As such, based on the currently applicable rates, the overall effective tax rate of withholding the regular Dutch dividend withholding tax (as described above) and the Dutch conditional withholding tax on dividends will not exceed the highest corporate income tax rate in effect at the time of the distribution (2026: 25.8%).

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*Dual Tax Residency*

We are incorporated under the laws of the Netherlands, and we are therefore a Dutch tax resident for Dutch domestic tax law purposes, including the Dutch Dividend Withholding Tax Act 1969. As set out in the introduction we are also treated as a German tax resident for German domestic tax law purposes, since our place of effective management is located in Germany and therefore a dual tax resident. Based on the so-called tie-breaker provision (the "Tie-Breaker Provision") included in Section 4(3) of the 2012 Convention between the Federal Republic of Germany and the Kingdom of the Netherlands for the avoidance of double taxation with respect to taxes on income (the "double tax treaty between Germany and the Netherlands") as in effect on the date hereof, our tax residence in either the Netherlands or Germany for the purposes of the double tax treaty between Germany and the Netherlands should be determined on our place of effective management. As long as our place of effective management is continuously in Germany, and the Tie-Breaker Provision is not changed (for instance, by change in the reservations and choices made by Germany with respect to the application of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting), we should exclusively be a tax resident of Germany for purposes of the double tax treaty between Germany and the Netherlands. As a consequence, the Netherlands will be restricted to impose Dutch dividend withholding tax on dividends distributed by us pursuant to Section 10(5) of the double tax treaty between Germany and the Netherlands, except for dividends distributed to Dutch Resident Entities, Dutch Resident Individuals and Non-Resident Holders if the ordinary shares are attributable to a permanent establishment in the Netherlands of such Non-Resident Holder. See *"Item 3: Key information - D. Risk factors - If we ever pay dividends, we may need to withhold tax on such dividends in both Germany and the Netherlands."* 

***Taxes on income and capital gains***

*Dutch Resident Entities*

Generally, if the holder of ordinary shares or warrants is a Dutch Resident Entity, any income derived or deemed to be derived from the ordinary shares or warrants or any capital gains realized on the disposal or deemed disposal (or exercise, as applicable) of the ordinary shares or warrants is subject to Dutch corporate income tax at a rate of 19% with respect to taxable profits up to €200,000 and 25.8% with respect to taxable profits in excess of that amount (rates and brackets for 2026).

*Dutch Resident Individuals*

If the holder of ordinary shares or warrants is a Dutch Resident Individual, any income derived or deemed to be derived from the ordinary shares or warrants or any capital gains realized on the disposal or deemed disposal (or exercise, as applicable) of the ordinary shares or warrants is subject to Dutch personal income tax at the progressive rates (with a maximum of 49.5% in 2026), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the ordinary shares or warrants are attributable to an enterprise from which the holder of ordinary shares or warrants derives a share of the profit, whether as an entrepreneur (*ondernemer*) or as a person who has a co-entitlement to the net worth (*medegerechtigd tot het vermogen*) of such enterprise without being a shareholder (as defined in the Dutch Income Tax Act 2001); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the holder of ordinary shares or warrants is considered to perform activities with respect to the ordinary shares or warrants that go beyond ordinary asset management (*normaal, actief vermogensbeheer*) or otherwise derives benefits from the ordinary shares or warrants that are taxable as benefits from miscellaneous activities (*resultaat uit overige werkzaamheden*).

*Taxation of savings and investments*

If the above-mentioned conditions (i) and (ii) do not apply to the Dutch Resident Individual, the ordinary shares and warrants will be subject to an annual Dutch income tax under the regime for savings and investments (*inkomen uit sparen en beleggen*). Taxation only occurs insofar the Dutch Resident Individual's net investment assets for the year exceed a statutory threshold (*heffingvrij vermogen*). The net investment assets for the year are the fair market value of the investment assets less the fair market value of the liabilities on January 1 of the relevant calendar year (reference date; *peildatum*). Actual income or capital gains realized in respect of the ordinary shares and warrants are in principle not subject to Dutch income tax.

The Dutch Resident Individual's assets and liabilities taxed under this regime, including the ordinary shares and warrants, are allocated over the following three categories: (a) bank savings (*banktegoeden*), (b) other investments (*overige bezittingen*), including the ordinary shares and warrants, and (c) liabilities (*schulden*). The taxable benefit for the year (*voordeel uit sparen en beleggen*) is equal to the product of (i) the total deemed return divided by the sum of bank savings, other investments and liabilities and (ii) the sum of bank savings, other investments and liabilities minus the statutory threshold, and is taxed at a flat rate of 36% (rate for 2026).

The deemed return applicable to other investments, including the ordinary shares and warrants, is set at 6.00% for the calendar year 2026. Transactions in the three-month period before and after 1 January of the relevant calendar year implemented to arbitrate

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between the deemed return percentages applicable to bank savings, other investments and liabilities will for this purpose be ignored if the holder of ordinary shares or warrants cannot sufficiently demonstrate that such transactions are implemented for other than tax reasons.

On 6 and 14 June 2024, the Dutch Supreme Court (*Hoge Raad*) ruled that the Dutch income tax regime for savings and investments as described above (the "Box 3 Regime") in certain specific circumstances contravenes with Section 1 of the First Protocol to the European Convention on Human Rights in combination with Section 14 of the European Convention on Human Rights (the "Rulings"). In the Rulings, the Dutch Supreme Court introduced a rebuttal provision (tegenbewijsregeling) pursuant to which taxpayers have the possibility to demonstrate that the actual return realized by the taxpayer in respect of their investments assets (as calculated in line with the rules set out in the Rulings), is less than the deemed return realized by the taxpayer in respect of those assets (as calculated in accordance with the rules of the Box 3 Regime). The rebuttal provision introduced by the Dutch Supreme Court as well as the rules set out in the Rulings have been implemented in Dutch tax law pursuant to the Dutch Box 3 Rebuttal Scheme Act (Wet tegenbewijsregeling box 3). If the taxpayer successfully demonstrates that the actual return is less than the deemed return (using a standardized form), the taxpayer will be taxed on the actual return instead of the deemed return. The Dutch Box 3 Rebuttal Scheme Act offers a temporary solution until a new Box 3 regime is introduced, which is expected as of 1 January 2028 at the earliest.

Holders of ordinary shares and warrants are advised to consult their own tax advisor to ensure that the tax in respect of the ordinary shares and warrants is levied in accordance with the applicable Dutch tax rules at the relevant time.

*Non-residents of the Netherlands*

A holder of ordinary shares or warrants that is neither a Dutch Resident Entity nor a Dutch Resident Individual will not be subject to Dutch income tax in respect of income derived or deemed to be derived from the ordinary shares or warrants or in respect of capital gains realized on the disposal or deemed disposal (or exercise, as applicable) of the ordinary shares or warrants provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such holder does not have an interest in an enterprise or deemed enterprise (as defined in the Dutch Income Tax Act 2001 and the Dutch Corporate Income Tax Act 1969, as applicable) which, in whole or in part, is either effectively managed in the Netherlands or carried on through a permanent establishment, a deemed permanent establishment or a permanent representative in the Netherlands and to which enterprise or part of an enterprise the ordinary shares or warrants are attributable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the event the holder is an individual, such holder does not carry out any activities in the Netherlands with respect to the ordinary shares or warrants that go beyond ordinary asset management and does not otherwise derive benefits from the ordinary shares or warrants that are taxable as benefits from miscellaneous activities in the Netherlands.

***Gift and inheritance taxes***

*Residents of the Netherlands*

Gift or inheritance taxes will arise in the Netherlands with respect to a transfer of ordinary shares or warrants by way of a gift by, or on the death of, a holder of such ordinary shares or warrants who is resident or deemed resident of the Netherlands at the time of the gift or such holder's death.

*Non-residents of the Netherlands*

No gift or inheritance taxes will arise in the Netherlands with respect to a transfer of ordinary shares or warrants by way of a gift by, or on the death of, a holder of such ordinary shares or warrants who is neither resident nor deemed to be resident of the Netherlands, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of a gift of ordinary shares by an individual who at the date of the gift was neither resident nor deemed to be resident of the Netherlands, such individual dies within 180 days after the date of the gift, while being resident or deemed to be resident of the Netherlands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the case of a gift of ordinary shares is made under a condition precedent, the holder of such ordinary shares is resident or is deemed to be resident of the Netherlands at the time the condition is fulfilled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the transfer is otherwise construed as a gift or inheritance made by, or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident of the Netherlands.

For purposes of Dutch gift and inheritance taxes, amongst others, a person that holds the Dutch nationality will be deemed to be resident of the Netherlands if such person has been a resident of the Netherlands at any time during the ten years preceding the date of the gift or such person's death. Additionally, for purposes of Dutch gift tax, amongst others, a person not holding the Dutch nationality

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will be deemed to be resident of the Netherlands if such person has been a resident of the Netherlands at any time during the twelve months preceding the date of the gift. Applicable tax treaties may override deemed residency.

***Value added tax ("VAT")***

No Dutch VAT will be payable by a holder of ordinary shares or warrants in respect of any payment in consideration for the holding or disposal (or exercise, as applicable) of the ordinary shares or warrants.

***Stamp Duties***

No Dutch documentation taxes (commonly referred to as stamp duties) will be payable by a holder of ordinary shares or warrants in respect of any payment in consideration for the holding or disposal (or exercise, as applicable) of the ordinary shares or warrants.

**Material German Tax Considerations** 

The following section is a description of the material German tax considerations that become relevant when acquiring, owning and transferring Immatics' ordinary shares. It is based on the German tax law applicable as of the date of this Annual Report without prejudice to any amendments introduced at a later date and implemented with or without retroactive effect.

This section is intended as general information only and does not purport to be a comprehensive or complete description of all potential German tax effects of the acquisition, ownership or transfer of ordinary shares and does not set forth all German tax considerations that may be relevant to a particular person's decision to acquire ordinary shares. It does not constitute particular German tax advice and potential purchasers of Immatics' ordinary shares are urged to consult their own tax advisors regarding the tax consequences of the acquisition, ownership and transfer of ordinary shares in light of their particular circumstances with regard to the application of German tax law to their particular situations, in particular with respect to the procedure to be complied with to obtain a relief of withholding tax on dividends and on capital gains (*Kapitalertragsteuer*) and with respect to the influence of double tax treaty provisions, as well as any tax consequences arising under the laws of any state, local or other non-German jurisdiction. For German tax purposes, a shareholder may include an individual who or an entity that does not have the legal title to the ordinary shares, but to whom nevertheless the ordinary shares are attributed, based either on such individual or entity owning a beneficial interest in the ordinary shares or based on specific statutory provisions.

All of the following is subject to change. Such changes could apply retroactively and could affect the consequences set forth below. This section does not refer to any foreign account tax compliance act (FATCA) aspects.

***Immatics' Tax Residency Status*** 

Immatics has its statutory seat in the Netherlands and its sole place of management in Germany and is therefore tax resident in Germany (for purposes of the German-Dutch tax treaty). Thus, Immatics qualifies as a corporation subject to German unlimited liability for corporate income tax purposes. However, because Immatics' tax residency depends on future facts regarding its place of management the German unlimited liability for corporate income tax purposes may change in the future.

***Taxation of Dividends*** 

*Withholding Tax on Dividend Payments* 

Dividends distributed from Immatics to its shareholders are generally subject to German withholding tax, conditionally upon certain exemptions (for example, repayments of capital from the tax contribution account (*steuerliches Einlagekonto*)), as further described. The withholding tax rate is 25% plus a 5.5% solidarity surcharge (*Solidaritätszuschlag*) thereon totaling 26.375% of the gross dividend amount. Withholding tax is to be withheld and passed on for the account of the shareholders by a domestic branch of a domestic or foreign credit or financial services institution (*Kredit*- *und Finanzdienstleistungsinstitut*), by the domestic securities trading company (*inländisches Wertpapierhandelsunternehmen*) or a domestic securities trading bank (*inländische Wertpapierhandelsbank*) which keeps and administers the ordinary shares and disburses or credits the dividends or disburses the dividends to a foreign agent, or by the securities custodian bank (*Wertpapiersammelbank*) to which the ordinary shares were entrusted for collective custody if the dividends are distributed to a foreign agent by such securities custodian bank (which is referred to as the "Dividend Paying Agent"). In case the ordinary shares are not held in collective deposit with a Dividend Paying Agent, Immatics is responsible for withholding and remitting the tax to the competent tax office. Such withholding tax is levied and withheld irrespective of whether and to what extent the dividend distribution is taxable at the level of the shareholder and whether the shareholder is a person residing in Germany or in a foreign country.

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In the case of dividends distributed to a company within the meaning of Art. 2 of the amended EU Directive 2011/96/EU of the Council of November 30, 2011 (the "EU Parent Subsidiary Directive") domiciled in another Member State of the European Union, withholding tax is effectively reduced to zero. This also applies to dividends distributed to a permanent establishment located in another Member State of the European Union of such a parent company or of a parent company tax resident in Germany if the participation in Immatics is effectively connected with this permanent establishment. The key prerequisite for the application of the EU Parent Subsidiary Directive is that the shareholder has held a direct participation in the share capital of Immatics of at least 10% for an uninterrupted period of at least one year.

The withholding tax on dividends distributed to other foreign resident shareholders is reduced in accordance with an applicable double tax treaty (to 15%, 5% or 0% depending on certain prerequisites) if Germany has concluded such double tax treaty with the country of residence of the shareholder and if the shareholder does not hold his ordinary shares either as part of the assets of a permanent establishment or a fixed place of business in Germany or as business assets for which a permanent representative has been appointed in Germany. Further, the foreign resident shareholder must be eligible for treaty purposes and no limitation of benefits provision in a double tax treaty and—both in relation to a reduction pursuant to the EU Parent Subsidiary Directive and an applicable tax treaty—no German anti-directive/treaty shopping provision of Section 50d paragraph 3 of the German Income Tax Act (*Einkommensteuergesetz*) must be applicable.

However, the deduction of withholding taxes will generally apply irrespective of a possible reduction pursuant to the EU Parent Subsidiary Directive or applicable double tax treaty except for the case that the recipient of the dividends has been granted an exemption from the German Federal Central Tax Office (*Bundeszentralamt für Steuern*) upon formal application by the recipient of the dividends (*Freistellung im Steuerabzugsverfahren*). In case of deducted withholding taxes, the reduction of the withholding tax pursuant to both the EU Parent Subsidiary Directive and an applicable double tax treaty is procedurally granted in such a manner that the difference between the total amount withheld, including the solidarity surcharge, and the tax liability determined on the basis of the EU Parent Subsidiary Directive (0%) or on the basis of the tax rate set forth in the applicable double tax treaty (15% unless further qualifications are met) is upon request refunded by the German Federal Central Tax Office (*Bundeszentralamt für Steuern*).

In the case of dividends received by corporations that are not tax resident in Germany, two-fifths of the withholding tax deducted and remitted are refunded without the need to fulfill all prerequisites required for such refund under the EU Parent Subsidiary Directive or under a double tax treaty or if no double tax treaty has been concluded between the state of residence of the shareholder, however, likewise subject to the conditions of the German anti-directive/treaty shopping provision. However, such refund is subject to the German anti-directive/treaty shopping provision of Section 50d paragraph 3 of the German Income Tax Act (Einkommensteuergesetz).

In order to receive a refund pursuant to a double tax treaty or the aforementioned option for foreign corporations, the shareholder has to register and electronically submit an application via the Federal Central Tax Office's online portal (www.elster.de/bportal) and upload certain documents during the application, i.a. a withholding tax certificate (*Kapitalertragsteuerbescheinigung*) issued by the institution that deducted the respective withholding tax.

The aforementioned reductions of (or exemptions from) withholding tax are further restricted if (i) the applicable double tax treaty provides for a tax reduction resulting in an applicable tax rate of less than 15% and (ii) the shareholder is not a corporation that directly holds at least 10% in the equity capital of Immatics and is subject to tax on its income and profits in its state of residence without being exempt. In this case, the reduction of (or exemption from) withholding tax is subject to the following three cumulative prerequisites: (i) the shareholder must qualify as beneficial owner of the shares in a company for a minimum holding period of 45 consecutive days occurring within a period of 45 days prior and 45 days after the due date of the dividends, (ii) the shareholder has to bear at least 70 % of the change in value risk related to the shares in a company during the minimum holding period without being directly or indirectly hedged, and (iii) the shareholder must not be required to fully or largely compensate directly or indirectly the dividends to third parties.

In the absence of the fulfillment of all of the three prerequisites, three-fifths of the withholding tax imposed on the dividends must not be credited against the shareholder's (corporate) income tax liability, but may, upon application, be deducted from the shareholder's tax base for the relevant assessment period. Furthermore, a shareholder that has received gross dividends without any deduction of withholding tax due to a tax exemption without qualifying for such a full tax credit has (i) to notify the competent local tax office accordingly, (ii) to declare according to the officially prescribed form and (iii) has to make a payment in the amount of the omitted withholding tax deduction.

However, these special rules on the restriction of withholding tax credit do not apply to a shareholder whose overall dividend earnings within an assessment period do not exceed €20,000 or that has been the beneficial owner of the shares in a company for at least one uninterrupted year upon receipt of the dividends.

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For individual or corporate shareholders tax resident outside Germany not holding the ordinary shares through a permanent establishment (*Betriebsstätte*) in Germany or as business assets (*Betriebsvermögen*) for which a permanent representative (*ständiger Vertreter*) has been appointed in Germany, the remaining and paid withholding tax (if any) is then final (i.e., not refundable) and settles the shareholder's limited tax liability in Germany. For individual or corporate shareholders tax resident in Germany (for example, those shareholders whose residence, domicile, registered office or place of management is located in Germany) holding their ordinary shares as business assets, as well as for shareholders tax resident outside of Germany holding their ordinary shares through a permanent establishment in Germany or as business assets for which a permanent representative has been appointed in Germany, the withholding tax withheld (including solidarity surcharge) can be credited against the shareholder's personal income tax or corporate income tax liability in Germany. Any withholding tax (including solidarity surcharge) in excess of such tax liability is refunded. For individual shareholders tax resident in Germany holding Immatics' ordinary shares as private assets, the withholding tax is a final tax (*Abgeltungsteuer*), subject to the exceptions described in the following section.

*Taxation of Dividend Income of Shareholders Tax Resident in Germany Holding Immatics' Ordinary Shares as Private Assets (Private Individuals)* 

For individual shareholders resident in Germany holding Immatics' ordinary shares as private assets, dividends are subject to a flat rate tax which is satisfied by the withholding tax actually withheld (*Abgeltungsteuer*). Accordingly, dividend income will be taxed at a flat tax rate of 25% plus 5.5% solidarity surcharge thereon totaling 26.375% and church tax (*Kirchensteuer*) in case the shareholder is subject to church tax because of his personal circumstances. An automatic procedure for deduction of church tax by way of withholding will apply to shareholders being subject to church tax unless the shareholder has filed a blocking notice (*Sperrvermerk*) with the German Federal Tax Office (details related to the computation of the specific tax rate including church tax are to be discussed with the individual tax advisor of the relevant shareholder). Except for an annual lump sum savings allowance (*Sparer-Pauschbetrag*) of up to €1,000 (for individual filers) or up to €2,000 (for married couples and for partners in accordance with the registered partnership law (*Gesetz über die Eingetragene Lebenspartnerschaft*) filing jointly), private individual shareholders will not be entitled to deduct expenses incurred in connection with the capital investment from their dividend income.

The income tax owed for the dividend income is satisfied by the withholding tax withheld by the Dividend Paying Agent. However, if the flat tax results in a higher tax burden as opposed to the private individual shareholder's personal income tax rate, the private individual shareholder can opt for taxation at his personal income tax rate. In that case, the final withholding tax will be credited against the income tax. The option can be exercised only for all capital income from capital investments received in the relevant assessment period uniformly and married couples as well as partners in accordance with the registered partnership law filing jointly may only jointly exercise the option.

Exceptions from the flat rate tax (satisfied by withholding the tax at source, *Abgeltungswirkung*) may apply—that is, only upon application—for shareholders who have a shareholding of at least 25% in Immatics and for shareholders who have a shareholding of at least 1% in Immatics and work for the company in a professional capacity. In such a case, the same rules apply as for sole proprietors holding the ordinary shares as business assets (see below "Taxation of Dividend Income of Shareholders Tax Resident in Germany Holding the Company's Ordinary Shares as Business Assets—Sole Proprietors"). Further, the flat rate tax does not apply if and to the extent dividends reduced Immatics taxable income.

*Taxation of Dividend Income of Shareholders Tax Resident in Germany Holding Immatics' Ordinary Shares as Business Assets* 

If a shareholder holds the Immatics' ordinary shares as business assets, the taxation of the dividend income depends on whether the respective shareholder is a corporation, a sole proprietor, a partnership or an investment fund.

*Corporations* 

Dividend income of corporate shareholders is exempt from corporate income tax, provided that the corporation holds a direct participation of at least 10% in the share capital of a company at the beginning of the calendar year in which the dividends are paid (participation exemption). The acquisition of a participation of at least 10% in the course of a calendar year is deemed to have occurred at the beginning of such calendar year. Participations in the share capital of the company which a corporate shareholder holds through a partnership, including co-entrepreneurships (*Mitunternehmerschaften*), are attributable to such corporate shareholder only on a pro rata basis at the ratio of the interest share of the corporate shareholder in the assets of the relevant partnership. However, 5% of the tax-exempt dividends are deemed to be non-deductible business expenses for tax purposes and therefore are effectively subject to corporate income tax (plus solidarity surcharge) and trade tax; i.e., tax exemption of 95%. Business expenses incurred in connection with the dividends received are entirely tax deductible. The participation exemption does not apply if and to the extent dividends reduced Immatics taxable income.

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For trade tax purposes the entire dividend income is subject to trade tax (i.e., the tax-exempt dividends must be added back when determining the trade taxable income), unless the corporation shareholder holds at least 15% of the company's registered share capital at the beginning of the relevant tax assessment period (*Erhebungszeitraum*). In case of an indirect participation via a partnership, please refer to the section "Partnerships" below.

If the shareholding is below 10% in the share capital, dividends are taxable at the applicable corporate income tax rate of 15%, plus 5.5% solidarity surcharge thereon and trade tax (the rate of which depends on the applicably municipality levy rate determined by the municipality the corporate shareholder has its place of management and permanent establishments respectively).

Special regulations apply which abolish the 95% tax exemption, if the company's ordinary shares are held as trading portfolio assets in the meaning of Section 340e of the German Commercial Code (*Handelsgesetzbuch*) by (i) a credit institution (*Kreditinstitut*), (ii) a financial service institution (*Finanzdienstleistungsinstitut*) or (iii) a financial enterprise within the meaning of the German Banking Act (*Kreditwesengesetz*), in case more than 50% of the shares of such financial enterprise are held directly or indirectly by a credit institution or a financial service institution, as well as by a life insurance company, a health insurance company or a pension fund in case the shares are attributable to the capital investments, resulting in fully taxable income.

*Sole Proprietors* 

For sole proprietors resident in Germany holding ordinary shares as business assets, dividends are subject to the partial income rule (*Teileinkünfteverfahren*). Accordingly, only (i) 60% of the dividend income will be taxed at his/her personal income tax rate plus 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible for tax purposes. In addition, the dividend income is entirely subject to trade tax if the ordinary shares are held as business assets of a permanent establishment in Germany within the meaning of the German Trade Tax Act (*Gewerbesteuergesetz*), unless the shareholder holds at least 15% of the company's registered share capital at the beginning of the relevant assessment period. The trade tax levied will be eligible for credit against the shareholder's personal income tax liability based on the applicable municipal trade tax rate and the individual tax situation of the shareholder limited to currently 4.0 times the trade tax measurement amount (*Gewerbesteuer-Messbetrag*).

*Partnerships* 

In case ordinary shares are held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax. In this regard, corporate income tax or personal income tax (and church tax, if applicable) as well as solidarity surcharge are levied only at the level of the partner with respect to their relevant part of the partnership's taxable income and depending on their individual circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the partner is a corporation, the dividend income will be subject to corporate income tax plus solidarity surcharge (see "Corporations" above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the partner is a sole proprietor, the dividend income will be subject to the partial income rule (see "Sole Proprietors" above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the partner is a private individual, the dividend income will be subject to the flat tax rate (see "Private Individuals" above); unless the partnership is a (operative or deemed) commercial partnership in which case the partial income rule applies).

In case the partnership is a (operative or deemed) commercial partnership with its place of management in Germany, the dividend income is subject to German trade tax at the level of the partnership, unless the partnership holds at least 15% of a company's registered share capital at the beginning of the relevant assessment period, in which case the dividend income is exempt from trade tax.

*Investment Funds* 

Investment funds *(Investmentfonds)* and specialized investment funds *(Spezial-Investmentfonds)* in the meaning of the German Investment Tax Act *(Investmentsteuergesetz)* and their investors are subject to special rules concerning the taxation of dividends, in particular in relation to the application of the German participation exemption, withholding tax treatment (applicable rate and exemption/refund procedure) and tax assessment.

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*Taxation of Dividend Income of Shareholders Tax Resident Outside of Germany* 

For foreign individual or corporate shareholders tax resident outside of Germany not holding the ordinary shares through a permanent establishment in Germany or as business assets for which a permanent representative has been appointed in Germany, the deducted withholding tax (possibly reduced by way of a tax relief under a double tax treaty or domestic tax law, such as in connection with the EU Parent Subsidiary Directive) is final (that is, not refundable) and settles the shareholder's limited tax liability in Germany, unless the shareholder is entitled to apply for a withholding tax refund or exemption.

In contrast, individual or corporate shareholders tax resident outside of Germany holding the company's ordinary shares through a permanent establishment in Germany or as business assets for which a permanent representative has been appointed in Germany are subject to the same rules as applicable (and described above) to shareholders resident in Germany holding the ordinary shares as business assets. The withholding tax withheld (including solidarity surcharge) is credited against the shareholder's personal income tax or corporate income tax liability in Germany.

***Taxation of Capital Gains*** 

*Withholding Tax on Capital Gains* 

Capital gains realized on the disposal of ordinary shares are only subject to withholding tax if (i) a permanent establishment in Germany of a German or foreign credit or financial institution, (ii) a German securities trading company or (iii) a German securities trading bank stores or administrates or carries out the disposal of the ordinary shares and pays or credits the capital gains. In those cases, the institution (and not the company) is required to deduct the withholding tax at the time of payment for the account of the shareholder and has to pay the withholding tax to the competent tax authority.

In case the ordinary shares in the company are held (i) as business assets by a sole proprietor, a partnership or a corporation and such shares are attributable to a German business or (ii) in case of a corporation being subject to unlimited corporate income tax liability in Germany, the capital gains are not subject to withholding tax. In case of the aforementioned exemption under (i) above, the withholding tax exemption is subject to the condition that the paying agent has been notified by the beneficiary (*Gläubiger*) that the capital gains are exempt from withholding tax. The respective notification has to be filed by using the officially prescribed form.

*Taxation of Capital Gains Realized by Shareholders Tax Resident in Germany Holding Immatics' Ordinary Shares as Private Assets (Private Individuals)* 

For individual shareholders resident in Germany holding ordinary shares as private assets, capital gains realized on the disposal of ordinary shares are subject to final withholding tax (*Abgeltungsteuer*). Accordingly, capital gains will be taxed at a flat tax rate of 25%, plus 5.5% solidarity surcharge thereon totaling 26.375% and church tax, in case the shareholder is subject to church tax because of his personal circumstances. An automatic procedure for deduction of church tax by way of withholding will apply to shareholders being subject to church tax unless the shareholder has filed a blocking notice (*Sperrvermerk*) with the German Federal Central Tax Office (details related to the computation of the specific tax rate including church tax are to be discussed with the personal tax advisor of the relevant shareholder). The taxable capital gain is calculated by deducting the acquisition costs of the ordinary shares and the expenses directly and materially related to the disposal from the proceeds of the disposal. Apart from that, except for an annual lump sum savings allowance (*Sparer-Pauschbetrag*) of up to €1,000 (for individual filers) or up to €2,000 (for married couples and for partners in accordance with the registered partnership law (*Gesetz über die Eingetragene Lebenspartnerschaft*) filing jointly), private individual shareholders will not be entitled to deduct expenses incurred in connection with the capital investment from their capital gain.

In case the flat tax results in a higher tax burden as opposed to the private individual shareholder's personal income tax rate, the private individual shareholder can opt for taxation at his personal income tax rate. In that case, the withholding tax (including solidarity surcharge) withheld will be credited against the income tax. The option can be exercised only for all capital income from capital investments received in the relevant assessment period uniformly and married couples as well as for partners in accordance with the registered partnership law filing jointly may only jointly exercise the option.

Capital losses arising from the disposal of the ordinary shares can only be offset against other capital gains resulting from the disposition of the ordinary shares or shares in other stock corporations during the same calendar year. Offsetting of overall losses with other income (such as business or rental income) and other capital income is not possible. Such losses are to be carried forward and to be offset against positive capital gains deriving from the disposal of ordinary shares in stock corporations in future years.

The final withholding tax (*Abgeltungsteuer*) will not apply if the seller of the ordinary shares or in case of gratuitous transfer, its legal predecessor has held, directly or indirectly, at least 1% of the company's registered share capital at any time during the five years

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prior to the disposal. In that case, capital gains are subject to the partial income rule (*Teileinkünfteverfahren*). Accordingly, only (i) 60% of the capital gains will be taxed at his/her personal income tax rate, plus 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the capital gains are deductible for tax purposes. The withholding tax withheld (including solidarity surcharge) will be credited against the shareholder's personal income tax liability in Germany.

*Taxation of Capital Gains Realized by Shareholders Tax Resident in Germany Holding Immatics' Ordinary Shares as Business Assets* 

If a shareholder holds ordinary shares as business assets, the taxation of capital gains realized on the disposal of such shares depends on whether the respective shareholder is a corporation, a sole proprietor or a partnership:

*Corporations* 

Capital gains realized on the disposal of ordinary shares by a corporate shareholder are generally exempt from corporate income tax and trade tax. However, 5% of the tax-exempt capital gains are deemed to be non-deductible business expenses for tax purposes and therefore are effectively subject to corporate income tax (plus solidarity surcharge) and trade tax; i.e., tax exemption of 95%. Business expenses incurred in connection with the capital gains are entirely tax deductible.

Capital losses incurred upon the disposal of ordinary shares or other impairments of the share value are not tax deductible. A reduction of profit is also defined as any losses incurred in connection with a loan or security in the event the loan or the security is granted by a shareholder or by a related party thereto or by a third person with the right of recourse against the before mentioned persons and the shareholder holds directly or indirectly more than 25% of the company's registered share capital.

Special regulations apply, if the ordinary shares are held as trading portfolio assets by a credit institution, a financial service institution or a financial enterprise within the meaning of the German Banking Act (*Kreditwesengesetz*) as well as by a life insurance company, a health insurance company or a pension fund (see "Corporations").

*Sole Proprietors* 

If the ordinary shares are held by a sole proprietor, capital gains realized on the disposal of the ordinary shares are subject to the partial income rule (*Teileinkünfteverfahren*). Accordingly, only (i) 60% of the capital gains will be taxed at his /her personal income tax rate plus 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible for tax purposes. In addition, 60% of the capital gains are subject to trade tax if the ordinary shares are held as business assets of a permanent establishment in Germany within the meaning of the German Trade Tax Act (*Gewerbesteuergesetz*). The trade tax levied, depending on the applicable municipal trade tax rate and the individual tax situation, is partly or entirely credited against the shareholder's personal income tax liability.

*Partnerships* 

In case the ordinary shares are held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax as well as solidarity surcharge (and church tax) since partnerships qualify as transparent for German income tax purposes. In this regard, corporate income tax or personal income tax as well as solidarity surcharge (and church tax, if applicable) are levied only at the level of the partner with respect to their relevant part of the partnership's taxable income and depending on their individual circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the partner is a corporation, the capital gains will be subject to corporate income tax plus solidarity surcharge (see above "Corporations"). Trade tax will be levied additionally at the level of the partner insofar as the relevant profit of the partnership is not subject to trade tax at the level of the partnership. However, with respect to both corporate income and trade tax, the 95%-exemption rule as described above applies. With regard to corporate partners, special regulations apply if they are held as trading portfolio assets by credit institutions, financial service institutions or financial enterprises within the meaning of the German Banking Act or life insurance companies, health insurance companies or pension funds, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the partner is a sole proprietor (individual), the capital gains are subject to the partial income rule (see above "Sole proprietors").

In addition, if the partnership is liable to German trade tax, 60% of the capital gains are subject to trade tax at the level of the partnership, to the extent the partners are individuals, and 5% of the capital gains are subject to trade tax, to the extent the partners are corporations. However, if a partner is a private individual the trade tax paid at the level of the is credited against the partner's personal

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income tax liability at up to 4.0 times of the trade tax measurement amount (*Gewerbesteuer-Messbetrag*) depending on the applicable municipal trade tax levy rate and the personal tax situation.

*Taxation of Capital Gains Realized by Shareholders Tax Resident Outside of Germany* 

Capital gains realized on the disposal of the ordinary shares by a shareholder tax resident outside of Germany are subject to German taxation provided that (i) the company's ordinary shares are held as business assets of a permanent establishment or as business assets for which a permanent representative has been appointed in Germany, or (ii) the shareholder or, in case of a gratuitous transfer, its legal predecessor has held, directly or indirectly at least 1% of the company's shares capital at any time during a five-year period prior to the disposal. In these cases, capital gains are generally subject to the same rules as described above for shareholders resident in Germany. However, except for the cases referred to in (i) above, most double tax treaties concluded by Germany provide for a full exemption from German taxation except that the company is considered a real estate holding entity for treaty purposes. Further, in case of non-German corporation, the participation exemption applies in full resulting in a tax exemption of 100% (i.e., no deemed non-tax-deductible business expenses).

***Inheritance and Gift Tax*** 

The transfer of Immatics' ordinary shares to another person by way of succession or donation is subject to German inheritance and gift tax (*Erbschaft- und Schenkungsteuer*) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the decedent, the donor, the heir, the donee or any other beneficiary has his /her /its residence, domicile, registered office or place of management in Germany at the time of the transfer, or is a German citizen who has not stayed abroad for more than five consecutive years without having a residence in Germany; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(irrespective of the personal circumstances) the ordinary shares are held by the decedent or donor as business assets for which a permanent establishment in Germany is maintained or a permanent representative is appointed in Germany; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(irrespective of the personal circumstances) at least 10% of the ordinary shares are held directly or indirectly by the decedent or person making the gift, himself or together with a related party in terms of Section 1 paragraph 2 Foreign Tax Act.

Special regulations apply to qualified German citizens who maintain neither a residence nor their domicile in Germany but in a low tax jurisdiction and to former German citizens, also resulting in inheritance and gift tax. The few double tax treaties on inheritance and gift tax which Germany has entered into provide that German inheritance and gift tax is levied only in case of (i) and, with certain restrictions, in case of (ii).

***Value Added Tax (VAT)*** 

No German value added tax (*Umsatzsteuer*) will be payable by a shareholder in respect of any purchase, ownership and disposal of the ordinary shares except for a valid option to waive VAT exemption requiring a sale between entrepreneurs for VAT purposes.

***Transfer Taxes*** 

No German capital transfer tax (*Kapitalverkehrsteuer*) or stamp duty (*Stempelgebühr*) or similar taxes are levied when acquiring, owning or transferring the company's ordinary shares. Net wealth tax (*Vermögensteuer*) is currently not levied in Germany.

On January 22, 2013, the Council of the European Union approved the resolution of the ministers of finance from eleven EU member states (including Germany) to introduce a financial transaction tax ("FTT") within the framework of enhanced cooperation. On February 14, 2013, the European Commission accepted the proposal for a Council Directive implementing enhanced cooperation in the area of FTT. The plan focuses on levying a financial tax of 0.1% (0.01% for derivates) on the purchase and sale of financial instruments.

A joint statement issued by ten of the eleven participating EU Member States in October 2016 reaffirmed the intention to introduce a FTT. However, at the moment not many details are available. Thus, it is not known to what extent the elements of the European Commission's proposal outlined in the preceding paragraph will be followed in relation to the taxation of shares. The FTT proposal remains subject to negotiation between the participating EU Member States and is subject to political discussion. It may therefore be altered prior to the implementation, the timing of which remains unclear. Additional EU Member States may decide to participate. Prospective holders of the ordinary shares are advised to seek their own professional advice in relation to FTT.

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**F. Dividends and Paying Agents** 

Not applicable.

**G. Statement by Experts** 

Not applicable.

**H. Documents on Display** 

We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at *www.sec.gov* that contains reports, proxy and information statements and other information we have filed electronically with the SEC. As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We also make available on our website, free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website address is *www.immatics.com*. The reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into this Annual Report.

**I. Subsidiary Information** 

Not applicable.

**J. Annual Report to Security Holders**

If we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual report to security holders in electronic format in accordance with the EDGAR Filer Manual.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are exposed to various risks in relation to financial instruments. Our principal financial assets comprise cash and cash equivalents, short-term deposits, accounts receivables. The main purpose of these financial instruments is to invest the proceeds of capital contributions and upfront payments from collaboration agreements. We have various other financial instruments such as other receivables and trade accounts payables, which arise directly from our operations.

The main risks arising from our financial instruments are market risk and liquidity risk. The Board reviews and agrees on policies for managing these risks as summarized below. We also monitor the market price risk arising from all financial instruments.

**Interest rate risk** 

Our exposure to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments. A hypothetical 10% increase or decrease in interest rates would not result in material impact on our consolidated financial statements.

**Credit risk** 

Financial instruments that potentially subject us to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents, accounts receivables and short-term deposits. Our cash and cash equivalents and short-term deposits are denominated in euros and U.S. dollars and maintained with six financial institutions in Germany and two in the United States. Our accounts receivables are denominated in euros.

We continually monitor our positions with, and the credit quality of the financial institutions and corporation, which are counterparts to our financial instruments and we are not anticipating non-performance. The maximum default risk corresponds to the

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carrying amount of the financial assets shown in the statement of financial position. We monitor the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets, as well as expected cash flows from equity measures.

**Currency risk** 

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. In particular, it poses a threat if the value of the currency in which liabilities are priced appreciates relative to the currency of the assets. Our business transactions are generally conducted in euros and U.S. dollars. We aim to match EUR cash inflows with EUR cash outflows and U.S. dollar cash inflows with U.S. dollar cash outflows where possible. Our objective of currency risk management is to identify, manage and control currency risk exposures within acceptable parameters.

Our cash and cash equivalents were €345.9 million as of December 31, 2025. Approximately 95% of our cash and cash equivalents were held in Germany, of which approximately 39% were denominated in euros and 61% were denominated in U.S. dollars. The remainder of our cash and cash equivalents are held in the United States and denominated in U.S. dollars. Additionally, we have short-term deposits classified as other financial assets denominated in euros in the amount of €45.6 million and U.S. dollars in the amount of €77.8 million as of December 31, 2025. A strengthening or weakening of the Euro against the U.S. dollar by 10% would increase our profit by €30.8 million or decrease our profit by €25.2 million, respectively.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**A. Debt Securities** 

Not applicable.

**B. Warrants and Rights** 

Not applicable.

**C. Other Securities** 

Not applicable.

**D. American Depositary Shares** 

Not applicable**.** 

**PART II** 

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES** 

**A. Defaults** 

None.

**B. Arrears and Delinquencies** 

None.

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**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS** 

On January 22, 2024, we issued and sold 18,313,750 ordinary shares at an offering price of $11.00 per share. The offering was made pursuant to our Registration Statement on Form F-3 (No. 333-258351). The managing underwriters were Jefferies LLC, Jefferies GmbH, BofA Securities, Inc. and Leerink Partners LLC. The net proceeds from this offering to us, after deducting underwriting discount and total offering expenses, were €173 million. We intend to use the net proceeds to fund research and development activities and for working capital and other general corporate purposes.

On October 15, 2024 and November 12, 2024, we issued and sold 16,250,000 ordinary shares and 2,185,884 ordinary shares, respectively, at an offering price of $9.25 per share. The offering was made pursuant to our Registration Statement on Form F-3 (No. 333-282569). The managing underwriters were Jefferies LLC, Jefferies GmbH, BofA Securities, Inc. and Leerink Partners LLC. The net proceeds from this offering to us, after deducting underwriting discount and total offering expenses, were €147 million. We intend to use the net proceeds to fund research and development, manufacturing, production and, if approved, commercialization activities and for working capital and other general corporate purposes.

On December 8, 2025, we issued and sold 12,500,000 ordinary shares at an offering price of $10.00 per share. The offering was made pursuant to our Registration Statement on Form F-3 (No. 333-286151). The managing underwriters were Jefferies LLC, Leerink Partners LLC and Cantor Fitzgerald & Co. The net proceeds from this offering to us, after deducting underwriting discount and total offering expenses, were €100.1 million. We intend to use the net proceeds to fund research and development, manufacturing, production and, if approved, commercialization activities and for working capital and other general corporate purposes.

**ITEM 15. CONTROLS AND PROCEDURES** 

**A. Disclosure Controls and Procedures** 

As required by Rule 13a-15 under the Exchange Act, management, including our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the year covered by this Annual Report on Form 20-F and our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of December 31, 2025. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time frame specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and our Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding our required disclosures.

**B. Management's Annual Report on Internal Control over Financial Reporting** 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. This rule defines internal control over financial reporting as a process designed by, or under the supervision of, a company's chief executive officer and chief financial officer and effected by our Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS accounting standards, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. This assessment was performed under the direction and supervision of our Chief Executive Officer and our Chief Financial Officer, and based on criteria established in *Internal Control—Integrated Framework (2013*) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

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**C. Attestation Report of the Registered Public Accounting Firm** 

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, an independent registered public accounting firm that audited our consolidated financial statements prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB") as of and for the year ended December 31, 2025, has also audited the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft issued an attestation report on the effectiveness of our internal control over financial reporting as of December 31, 2025, as stated in their report included herein. See "Report of Independent Registered Public Accounting Firm" beginning on page F-2.

**D. Changes in Internal Control Over Financial Reporting** 

Other than as described in the Remediation of Previous Material Weaknesses below during the period covered by this annual report and as described below, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

**Remediation of Previous Material Weakness in Internal Control Over Financial Reporting**

During 2025 we implemented with the supervision of our Chief Executive Officer and our Chief Financial Officer and our Audit Committee remediation measures to remediate the material weakness related to the recognition, measurement, and disclosure of deferred tax assets and deferred tax liabilities, specifically (i) proper consideration of tax law limitations on the utilization of loss carryforwards, and (ii) effective review and reconciliation procedures as well as sufficient documentation for the accounting treatment of deferred tax assets and deferred tax liabilities.

As part of the remediation, we defined and implemented appropriate control procedures within our tax accounting process to ensure appropriate financial reporting, specifically to ensure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)proper consideration of tax law limitations on the utilization of loss carryforwards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)effective review and reconciliation procedures as well as sufficient documentation for the accounting treatment of deferred tax assets and deferred tax liabilities and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)training of our control owners on the appropriate execution of the controls.

Our management oversaw the remediation efforts associated with the previously identified material weakness and concluded as of December 31, 2025 that the material weaknesses had been remediated.

**ITEM 16. [Reserved]**

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERTS** 

Audit Committee members include Michael G. Atieh (chair), Paul R. Carter, Heather L. Mason and Eliot Forster. Each member of the Audit Committee satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange Act and is financially literate and each of Michael G. Atieh and Paul R. Carter qualifies as an "audit committee financial expert" as defined in applicable SEC rules.

**ITEM 16B. CODE OF ETHICS** 

We have adopted a Code of Business Conduct and Ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. Our Code of Business Conduct and Ethics is available on our website. We intend to disclose any amendment to the code, or any waivers of its requirements, in our Annual Report on Form 20-F. For the year ended December 31, 2025, we did not grant any waivers of the Code of Business Conduct and Ethics.

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**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES** 

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| | | |
|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Audit Fees | 1615 | 1635 |
| Audit-Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees | 240 |  |
| **Total Fees** | **1855** | **1635** |

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For the years ended December 31, 2025 and 2024, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft was the Company's auditor.

Audit fees include the audit work performed each fiscal year necessary to allow the auditor to issue an opinion on our financial statements and to issue an opinion on the local statutory financial statements. Audit fees also include services such as reviews of quarterly financial results and review of securities offering documents.

Audit-related fees consisted of fees billed for assurance and related services that were reasonably related to the performance of the audit or review of our financial statements or for services that were traditionally performed by the external auditor.

Tax fees are fees billed for professional services for tax compliance, tax advice and tax planning.

All other fees include the pre-implementation Assessment of ERP conversion project related to Internal Control Over Financial Reporting and services related to the evaluation of management's identification of adjustments to convert from IFRS to US GAAP.

The Audit Committee evaluates the qualifications, independence and performance of the independent auditor as well as pre-approves and reviews the audit and non-audit services to be performed by the independent auditor. In accordance with this policy, all services performed by and fees paid to PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft were approved by the Audit Committee.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES** 

Not applicable.

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**ITEM 16E.** **PURCHASES OF EQUITY S** **ECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Period | &nbsp;&nbsp;Total number of shares purchased | &nbsp;&nbsp;Average price paid per share | &nbsp;&nbsp;Total number of shares purchased as part of publicly announced plans or programs | &nbsp;&nbsp;Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
| &nbsp;&nbsp;January 1 to January 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;February 1 to February 29, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;March 1 to March 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;April 1 to April 30, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;May 1 to May 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;June 1 to June 30, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;July 1 to July 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;August 1 to August 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;September 1 to September 30, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;October 1 to October 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;November 1 to November 30, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;December 1 to December 31, 2025 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

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**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT** 

Not applicable.

**ITEM 16G. CORPORATE GOVERNANCE** 

As a "foreign private issuer," as defined by the SEC, we are permitted to follow home country corporate governance practices, instead of certain corporate governance standards required by the Nasdaq for U.S. companies. Accordingly, we follow Dutch corporate governance rules in lieu of certain of the Nasdaq's corporate governance requirements. The significant differences between our Dutch corporate governance rules and the Nasdaq's corporate governance requirements are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Quorum Requirements*. In accordance with Dutch law and generally accepted business practices, our articles of association do not provide quorum requirements generally applicable to general meetings of shareholders in the United States. To this extent, our practice varies from the requirement of Nasdaq Listing Rule 5620(c), which requires an issuer to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding voting stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Solicitation of Proxies*. Although we must provide shareholders with an agenda and other relevant documents for the general meeting of shareholders, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation of proxies is not a generally accepted business practice in the Netherlands, thus our practice will vary from the requirement of Nasdaq Listing Rule 5620(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Compensation Committee*. As permitted by the listing requirements of Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5605(d), which requires an issuer to have a compensation committee that, inter alia, consists entirely of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Nominating and Corporate Governance Committee*. As permitted by the listing requirements of Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5605(e), which requires an issuer to have independent director oversight of director nominations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Director Compensation*. As permitted by the listing requirements of Nasdaq, we have also opted out of the requirements of Nasdaq Listing Rule 5250(b)(3), which requires an issuer to disclose information regarding third-party compensation of its directors or director nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Shareholder Approval*. We have opted out of shareholder approval requirements for the issuance of securities in connection with certain events such as the acquisition of stock or assets of another company, the establishment of or amendments to equity-based compensation plans for employees, a change of control of us and certain private placements. To this extent, our practice varies from the requirements of Nasdaq Rule 5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with such events.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer may rely on home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that it nevertheless complies with Nasdaq's Notification of Noncompliance requirement (Rule 5625) and the Voting Rights requirement (Rule 5640) and that it has an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). We intend to use these exemptions for as long as we continue to qualify as a foreign private issuer.

**ITEM 16H. MINE SAFETY DISCLOSURE** 

Not applicable.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** 

Not applicable.

**ITEM 16J. INSIDER TRADING POLICIES**

We maintain insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our company's securities by directors, officers, and employees, as well as the company itself, that we believe are reasonably designed to promote compliance with insider trading laws, rules, and regulations, as well as Nasdaq listing standards. A copy of our insider trading policy is filed as Exhibit 11.1 to this Annual Report.

**ITEM 16K. CYBERSECURITY**

We rely on communications and information systems to conduct our business. In the ordinary course of business we collect and store sensitive data, including our own intellectual property and other proprietary business information and that of our collaboration partners, suppliers and business partners, as well as personally identifiable information of our employees in our data centers and on our networks or in the cloud.

*Cybersecurity Risk Management*

At Immatics N.V., cybersecurity risk management is an integral part of our overall enterprise risk management program. Our cybersecurity risk management program is based on industry best practices and provides a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed and services provided by third-party service providers and facilitates coordination across different departments of our company. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat, including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our Board of material cybersecurity threats and incidents. Our cybersecurity team also engages third-party security experts for risk assessment and system enhancements. The Center for Internet Security ("CIS") has a cybersecurity program which has been designed to balance the need to conduct business and the need to protect confidential information. In addition, our cybersecurity team provides training to all employees. All employees are held accountable for maintaining cybersecurity through adherence to the Information Security Policy and IT Acceptable Use Policy. A mandatory Security Awareness Program is in place for

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all new hires and annual training for all employees. This includes policy acknowledgement, training videos and regular updates in company-wide meetings.

Our Board has overall oversight responsibility for our risk management, and delegates cybersecurity risk management oversight to the Audit Committee. The Audit Committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The Audit Committee is provided security metrics on cybersecurity and data protection programs in accordance with the control framework established by the Center for Internet Security controls on a regular basis and also reports material cybersecurity risks to our full Board. Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs.

Our cybersecurity programs are under the direction of our Chief Operating Officer, who receives reports through the Head of IT from our cybersecurity team and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents. Management, including the COO, the Head of IT and our cybersecurity team, regularly update the Audit Committee on the Company's cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports quarterly that cover, among other topics, developments in cybersecurity and updates to the company's cybersecurity programs and mitigation strategies. Our Head of IT, who leads our cybersecurity function, holds a degree in computer science and has more than 20 years of experience in information technology, including managing IT systems and teams. Our cybersecurity team consists of two professionals, one with a degree in computer science and one with a formal IT apprenticeship, each with multiple years of experience in IT and cybersecurity-related roles, including security administration, monitoring and incident response support.

In 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see "Risk Factors – Risks Related to Our Business and Industry" in this annual report on Form 20-F.

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**PART III** 

**ITEM 17. FINANCIAL STATEMENTS** 

We have responded to Item 18 in lieu of this item.

**ITEM 18. FINANCIAL STATEMENTS** 

Financial statements are filed as part of this Annual Report beginning on page F-1.

**ITEM 19. EXHIBITS** 

The following documents are filed as part of this Annual Report or incorporated by reference herein:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
|  |  | **Form** | **File**<br>**Number** | **Exhibit<br>Number** | **Filing Date** |
| 1.1 | [<u>Deed of Conversion of Immatics B.V. and Articles of Association of Immatics N.V.</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520206488/d96389dex31.htm) | &nbsp;&nbsp;F-1 | 333-240260 | 3.1 | &nbsp;&nbsp;July 31, 2020 |
| 2.3 | [<u>Investor Rights and Lock-up Agreement</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001809196/000119312524073296/d804832d20f.htm) | &nbsp;&nbsp;F-1 | 333-240260 | 10.1 | &nbsp;&nbsp;July 31, 2020 |
| 2.4\* | [<u>Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934</u>](imtx-ex2_4.htm) |  |  |  |  |
| 4.1# | [<u>Form of Indemnification Agreement (Executive Officers and Directors)</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520162185/d865842dex104.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.4 | &nbsp;&nbsp;June 5, 2020 |
| 4.2† | [<u>Collaboration & License Agreement, dated as of August 14, 2015, by and between Immatics US, Inc. and The University of Texas M.D. Anderson Center</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex105.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.5 | &nbsp;&nbsp;April 16, 2020 |
| 4.3† | [<u>Master Clinical Trial Agreement, dated as of December 1, 2016, by and between Immatics US, Inc. and The University of Texas MD Anderson Center</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex107.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.7 | &nbsp;&nbsp;April 16, 2020 |
| 4.4† | [<u>Non-Exclusive License Agreement, dated as of August 3, 2015, by and between Immatics Biotechnologies GmbH and Stichting Sanquin Bloedvoorziening</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex109.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.9 | &nbsp;&nbsp;April 16, 2020 |
| 4.5† | [<u>Facilities/Equipment Use and Services Agreement, dated as of September 1, 2015, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1010.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.10 | &nbsp;&nbsp;April 16, 2020 |
| 4.6† | [<u>Amendment Number 1 — Facilities/Equipment Use and Services Agreement, dated as of February 1, 2016, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1011.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.11 | &nbsp;&nbsp;April 16, 2020 |
| 4.7† | [<u>Amendment Number 2 — Facilities/Equipment Use and Services Agreement, dated as of August 10, 2016, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1012.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.12 | &nbsp;&nbsp;April 16, 2020 |
| 4.8† | [<u>Amendment Number 3 — Facilities/Equipment Use and Services Agreement, dated as of October 1, 2016, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1013.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.13 | &nbsp;&nbsp;April 16, 2020 |
| 4.9† | [<u>Amendment Number 4 — Facilities/Equipment Use and Services Agreement, dated as of April 1, 2017, by and between</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1014.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.14 | &nbsp;&nbsp;April 16, 2020 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
|  |  | **Form** | **File**<br>**Number** | **Exhibit<br>Number** | **Filing Date** |
|  | [<u>Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1014.htm) |  |  |  |  |
| 4.10† | [<u>Amendment Number 5 — Facilities/Equipment Use and Services Agreement, dated as of July 1, 2018, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520108419/d865842dex1015.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.15 | &nbsp;&nbsp;April 16, 2020 |
| 4.11† | [<u>Amendment Number 6 — Facilities/Equipment Use and Services Agreement, dated as of June 1, 2020, by and between Immatics US, Inc. and The University of Texas Health Science Center at Houston</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312521099162/d149615dex414.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.14 | &nbsp;&nbsp;March 30, 2021 |
| 4.12# | [<u>2020 Stock Option and Incentive Plan and forms of award agreements thereunder</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312520163109/d865842dex1016.htm) | &nbsp;&nbsp;F-4 | 333-237702 | 10.16 | &nbsp;&nbsp;June 8, 2020 |
| 4.13† | [<u>Collaboration Agreement, dated as of September 7, 2023, by and between Immatics GmbH and ModernaTX, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex417.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.17 | &nbsp;&nbsp;March 21, 2024 |
| 4.14† | [<u>TCER Collaboration Project Agreement, pursuant to the</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex418.htm)<br>[<u>Collaboration Agreement, dated as of September 7, 2023, by and between Immatics GmbH and ModernaTX, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex418.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.18 | &nbsp;&nbsp;March 21, 2024 |
| 4.15† | [<u>Database / Vaccine Collaboration Project Agreement, pursuant to the Collaboration Agreement, dated as of September 7, 2023, by and between Immatics GmbH and ModernaTX, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex419.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.19 | &nbsp;&nbsp;March 21, 2024 |
| 4.16† | [<u>Combination Collaboration Project Agreement, pursuant to the Collaboration Agreement, dated as of September 7, 2023, by and between Immatics GmbH and ModernaTX, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex420.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.20 | &nbsp;&nbsp;March 21, 2024 |
| 4.17† | [<u>Lease Agreement between Weatherford Farms DC, L.P. as Landlord, and Immatics US, Inc. dated as of March 24, 2022</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex421.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.21 | &nbsp;&nbsp;March 21, 2024 |
| 4.18† | [<u>Amendment No 8 - Facilities-Equipment Use and Services Agreement between The University of Texas Health Science Center at Houston and Immatics US, Inc. effective as of May 1, 2023</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex422.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.22 | &nbsp;&nbsp;March 21, 2024 |
| 4.19† | [<u>Master Services Agreement, dated as of March 20, 2024, by and between Immatics Biotechnologies GmbH. and Patheon UK Limited</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex423.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.23 | &nbsp;&nbsp;March 21, 2024 |
| 4.20† | [<u>Amendment No 9 - Facilities-Equipment Use and Services Agreement between The University of Texas Health Science Center at Houston and Immatics US, Inc. effective as of May 1, 2024</u>](https://www.sec.gov/Archives/edgar/data/1809196/000095017025045724/imtx-ex4_20.htm) | &nbsp;&nbsp;20-F | 001-39363 | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 27, 2025 |
| 4.21† | [<u>Amendment No 10 - Facilities-Equipment Use and Services Agreement between The University of Texas Health Science Center at Houston and Immatics US, Inc. effective as of February 1, 2025</u>](https://www.sec.gov/Archives/edgar/data/1809196/000095017025045724/imtx-ex4_21.htm) | &nbsp;&nbsp;20-F | &nbsp;&nbsp;&nbsp;&nbsp;001-39363 | 4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 27, 2025 |
| 4.22†\*<br>| [<u>Amendment No 7 - Facilities-Equipment Use and Services Agreement between The University of Texas Health Science Center at Houston and Immatics US, Inc. effective as of May 1, 2021</u>](imtx-ex4_22.htm)<br>|  |  |  |  |
| 4.23†\*<br>| [<u>Commercial Manufacturing and Supply Agreement<br>for Custom Lentiviral Vector dated as of September 22, 2025</u>](imtx-ex4_23.htm)<br>|  |  |  |  |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
|  |  | **Form** | **File**<br>**Number** | **Exhibit<br>Number** | **Filing Date** |
| 4.24†\*<br>| [<u>Clinical Trial (MAGEB2) Project Agreement dated as of December 19, 2025, by and between Immatics GmbH and ModernaTX, Inc.</u>](imtx-ex4_24.htm)<br>|  |  |  |  |
| 8.1 | [<u>Subsidiaries</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312521099162/d149615dex81.htm) | &nbsp;&nbsp;20-F | 001-39363 | 8.1 | &nbsp;&nbsp;March 30, 2021 |
| 11.1 | [<u>Insider Trading Policy</u>](https://www.sec.gov/Archives/edgar/data/1809196/000095017025045724/imtx-ex11_1.htm)<br>| &nbsp;&nbsp;20-F | &nbsp;&nbsp;&nbsp;&nbsp;001-39363 | 11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 27, 2025<br>|
| 12.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](imtx-ex12_1.htm) |  |  |  |  |
| 12.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](imtx-ex12_2.htm) |  |  |  |  |
| 13.1\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](imtx-ex13_1.htm) |  |  |  |  |
| 13.2\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](imtx-ex13_2.htm) |  |  |  |  |
| 15.1\* | [<u>Consent of PricewaterhouseCoopers GmbH</u>](imtx-ex15_1.htm)<br>[<u>Wirtschaftsprüfungsgesellschaft</u>](imtx-ex15_1.htm) |  |  |  |  |
| 97.1 | [<u>Policy Regarding Recovery of Erroneously Awarded Compensation</u>](https://www.sec.gov/Archives/edgar/data/1809196/000119312524073296/d804832dex971.htm) | &nbsp;&nbsp;20-F | 001-39363 | 97.1 | &nbsp;&nbsp;March 21, 2024 |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |  |  |  |  |
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |  |  |  |  |

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\* Filed herewith.

# Indicates a management contract or any compensatory plan, contract or arrangement.

† Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(a)(6) and Item 601(b)(10).

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**INDEX TO FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, Germany, Auditor Firm ID:</u> 1275<u>)</u>](#report_of_independent_registered_public) | &nbsp;&nbsp;F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Profit or Loss of Immatics N.V.</u>](#consolidated_statement_of_profit_and_los) | &nbsp;&nbsp;F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.</u>](#consolidated_statement_of_comprehensive) | &nbsp;&nbsp;F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Financial Position of Immatics N.V.</u>](#consolidated_statement_financial_positio) | &nbsp;&nbsp;F-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Cash Flows of Immatics N.V.</u>](#consolidated_statement_of_cash_flows) | &nbsp;&nbsp;F-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statement of Changes in Shareholders' Equity of Immatics N.V.</u>](#consolidated_statement_changes_share) | &nbsp;&nbsp;F-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to the Consolidated Financial Statements of Immatics N.V.</u>](#notes_to_the_consolidated_financial_stat) | &nbsp;&nbsp;F-10 |

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors and Shareholders of Immatics N.V.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statements of financial position of Immatics N.V. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of profit or loss, of comprehensive income/(loss), of changes in shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 15B. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Revenue Recognition from Collaboration Agreements using the Cost-to-Cost Method*

As described in Notes 4.1, 5 and 6 to the consolidated financial statements, the Company recognized €48.3 million of revenue from collaboration agreements, the majority of which was accounted for using the cost-to-cost method for the year ended December 31, 2025. The company provides development services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the service (cost-to-cost method), because the customer simultaneously receives and consumes the benefits provided. The cost-to-cost basis using direct costs and directly attributable personnel costs is considered the best measure of progress in which control of the performance obligations transfers to the Company's collaboration partners, due to the nature of the work being performed. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement, which includes estimates of total internal personnel costs and external costs to be incurred.

The principal considerations for our determination that performing procedures relating to revenue recognition from collaboration agreements using the cost-to-cost method is a critical audit matter are (i) the significant judgment by management in determining the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations, specifically the estimation of total internal personnel costs and external costs to be incurred; and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to estimating total costs to complete the performance obligations.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the budgeting and revenue recognition process, including controls over the revenue recognized for development services, controls over the costs incurred to date for each performance obligation, and controls over the inputs and assumptions used to estimate the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. These procedures also included, among others (i) testing the actual costs incurred to date for each identified performance obligation; (ii) evaluating and testing management's process for estimating total costs to complete each performance obligation which included evaluating the reasonableness of management's estimates of total forecasted internal personnel costs and external costs to be incurred; (iii) evaluating the reasonableness of the assumptions used including evaluating the appropriateness of changes to management's estimates of total costs to complete; and (iv) performing a comparison of management's prior period cost estimates to actual costs incurred.

Stuttgart, Germany

March 5, 2026

PricewaterhouseCoopers GmbH

Wirtschaftsprüfungsgesellschaft

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| | |
|:---|:---|
| /s/ Marcus Nickel | /s/ Jens Rosenberger |
| Wirtschaftsprüfer | Wirtschaftsprüfer |
| (German Public Auditor) | (German Public Auditor) |

---

We have served as the Company's auditor since 2019.

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**Consolidated Statement of Profit or Loss of Immatics N.V.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **Notes** | **2025** | **2024** | **2023** |
|  |  | **(Euros in thousands, except per share data)** | **(Euros in thousands, except per share data)** | **(Euros in thousands, except per share data)** |
| Revenue from collaboration agreements | 6 | 48266 | 155835 | 53997 |
| Research and development expenses |  | (183832) | (148079) | (118663) |
| General and administrative expenses |  | (51184) | (46449) | (38198) |
| Other income | 7 | 4734 | 78 | 1139 |
| **Operating result** |  | **(182016)** | **(38615)** | **(101725)** |
| Change in fair value of liabilities for warrants | 8 | 1730 | 17264 | (2079) |
| Other financial income | 8 | 18516 | 44018 | 13850 |
| Other financial expenses | 8 | (36666) | (1321) | (7040) |
| **Financial result** |  | **(16420)** | **59961** | **4731** |
| **Profit/(loss) before taxes** |  | **(198436)** | **21346** | **(96994)** |
| Taxes on income | 10 | 1989 | (6128) | 2345 |
| **Net profit/(loss)** |  | **(196447)** | **15218** | **(94649)** |
| **Net profit/(loss) per share:** | 24 |  |  |  |
| Basic |  | (1.61) | 0.14 | (1.18) |
| Diluted |  | (1.61) | 0.14 | (1.18) |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **Notes** | **2025** | **2024** | **2023** |
|  |  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| **Net profit/(loss)** |  | **(196447)** | **15218** | **(94649)** |
| **Other comprehensive income/(loss)** |  |  |  |  |
| **Items that may be reclassified subsequently to profit or loss** |  |  |  |  |
| Currency translation differences from foreign operations |  | (9623) | 2667 | (155) |
| **Total comprehensive income/(loss) for the year** |  | **(206070)** | **17885** | **(94804)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statement of Financial Position of Immatics N.V.** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of December 31,** | **As of December 31,** |
|  | **Notes** | **2025** | **2024** |
|  |  | **(Euros in thousands)** | **(Euros in thousands)** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 20 | 345918 | 236748 |
| &nbsp;&nbsp;&nbsp;Other financial assets | 20 | 123419 | 367704 |
| &nbsp;&nbsp;&nbsp;Accounts receivables | 12 | 6099 | 5857 |
| &nbsp;&nbsp;&nbsp;Other current assets | 13 | 28572 | 19246 |
| **Total current assets** |  | **504008** | **629555** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 14 | 42111 | 50380 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 15 | 1582 | 1629 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 16 | 12786 | 13332 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 13 | 1850 | 1250 |
| **Total non-current assets** |  | **58329** | **66591** |
| **Total assets** |  | **562337** | **696146** |
| **Liabilities and shareholders' equity** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payables | 17 | 18832 | 20693 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 6 | 15816 | 35908 |
| &nbsp;&nbsp;&nbsp;Liabilities for warrants | 21 |  | 1730 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 16 | 2757 | 2851 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 18 | 5607 | 6805 |
| **Total current liabilities** |  | **43012** | **67987** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 6 | 18541 | 34161 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 16 | 12878 | 13352 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 10 | 3807 | 5804 |
| **Total non-current liabilities** |  | **35226** | **53317** |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | 19 | 1341 | 1216 |
| &nbsp;&nbsp;&nbsp;Share premium | 19 | 1277338 | 1162136 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | 19 | (785988) | (589541) |
| &nbsp;&nbsp;&nbsp;Other reserves | 19 | (8592) | 1031 |
| **Total shareholders' equity** |  | **484099** | **574842** |
| **Total liabilities and shareholders' equity** |  | **562337** | **696146** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statement of Cash Flows of Immatics N.V.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  |  | **2025** | **2024 (as revised)\*** | **2023 (as revised)\*** |
|  |  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| **Cash flows from operating activities** |  |  |  |  |
| Net profit/(loss) |  | (196447) | 15218 | (94649) |
| Taxes on income | 10 | (1989) | 6128 | (2345) |
| **Profit/(loss) before tax** |  | **(198436)** | **21346** | **(96994)** |
| **Adjustments for:** |  |  |  |  |
| Interest income | 8 | (17179) | (25001) | (13845) |
| Depreciation and amortization | 141516 | 12400 | 12225 | 7234 |
| Interest expenses | 16 | 946 | 886 | 831 |
| Equity-settled share-based payment | 11 | 15015 | 17642 | 20705 |
| Net foreign exchange differences and expected credit losses | 8 | 34132 | (18706) | 6861 |
| Change in fair value of liabilities for warrants | 21 | (1730) | (17264) | 2079 |
| (Gains)/losses from disposal of fixed assets | 14 | 750 | 1 | (150) |
| **Changes in:** |  |  |  |  |
| (Increase)/decrease in accounts receivables | 12 | (242) | (1764) | (2982) |
| (Increase)/decrease in other assets | 13 | (6108) | 727 | 1573 |
| Increase/(decrease) in deferred revenue, accounts payables and other liabilities | 61718 | (37615) | (149743) | 85999 |
| Interest received | 8 | 26817 | 15605 | 10167 |
| Interest paid | 16 | (946) | (886) | (290) |
| Income tax paid | 10 | (9163) | (13098) | (2960) |
| Income tax refunded | 10 | 4733 |  |  |
| **Net cash provided by/(used in) operating activities** |  | **(176626)** | **(158030)** | **18228** |
| **Cash flows from investing activities** |  |  |  |  |
| Payments for property, plant and equipment | 14 | (6558) | (16272) | (30799) |
| Payments for intangible assets | 15 | (247) | (208) | (158) |
| Proceeds from disposal of property, plant and equipment |  |  | 2 | 150 |
| Payments for investments classified in Other financial assets | 21 | (338267) | (450349) | (415325) |
| Proceeds from maturity of investments classified in Other financial assets | 21 | 549859 | 314440 | 414744 |
| **Net cash provided by/(used in) investing activities** |  | **204787** | **(152387)** | **(31388)** |
| **Cash flows from financing activities** |  |  |  |  |
| Proceeds from issuance of shares to equity holders | 19 | 107310 | 343010 | 90404 |
| Transaction costs deducted from equity | 19 | (6998) | (21314) | (2039) |
| Payments of lease liabilities | 21 | (2959) | (2012) | (3849) |
| **Net cash provided by/(used in) financing activities** |  | **97353** | **319684** | **84516** |
| **Net increase/(decrease) in cash and cash equivalents** |  | **125514** | **9267** | **71356** |
| **Cash and cash equivalents at the beginning of the period** |  | **236748** | **218472** | **148519** |
| Effects of exchange rate changes and expected credit losses on cash and cash equivalents | 8 | (16344) | 9009 | (1403) |
| **Cash and cash equivalents at the end of the period** |  | **345918** | **236748** | **218472** |

---

\* See Note 2.2 for details regarding the revision as a result of a correction of income tax paid

The accompanying notes are an integral part of these consolidated financial statements.

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**Consolidated Statement of Changes in Shareholders' Equity of Immatics N.V.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Notes** | **Share<br>capital** | **Share<br>premium** | **Accumulated<br>deficit** | **Other<br>reserves** | **Total<br>share-<br>holders'<br>equity** |
| **Balance as of January 1, 2023** |  | **767** | **714177** | **(510110)** | **(1481)** | **203353** |
| Other comprehensive loss |  |  |  |  | (155) | (155) |
| Net loss |  |  |  | (94649) |  | (94649) |
| **Comprehensive loss for the year** |  |  |  | **(94649)** | **(155)** | **(94804)** |
| Equity-settled share-based compensation | 11 |  | 20705 |  |  | 20705 |
| Share options exercised | 11 |  | 139 |  |  | 139 |
| Issue of share capital – net of transaction costs | 19 | 80 | 88145 |  |  | 88225 |
| **Balance as of December 31, 2023** |  | **847** | **823166** | **(604759)** | **(1636)** | **217618** |
| **Balance as of January 1, 2024** |  | **847** | **823166** | **(604759)** | **(1636)** | **217618** |
| Other comprehensive income |  |  |  |  | 2667 | 2667 |
| Net profit |  |  |  | 15218 |  | 15218 |
| **Comprehensive income for the year** |  |  |  | **15218** | **2667** | **17885** |
| Equity-settled share-based compensation | 11 |  | 17642 |  |  | 17642 |
| Share options exercised | 11 | 1 | 1114 |  |  | 1115 |
| Issue of share capital – net of transaction costs | 19 | 368 | 320214 |  |  | 320582 |
| **Balance as of December 31, 2024** |  | **1216** | **1162136** | **(589541)** | **1031** | **574842** |
| **Balance as of January 1, 2025** |  | **1216** | **1162136** | **(589541)** | **1031** | **574842** |
| Other comprehensive loss |  |  |  |  | (9623) | (9623) |
| Net loss |  |  |  | (196447) |  | (196447) |
| **Comprehensive loss for the year** |  | **—** | **—** | **(196447)** | **(9623)** | **(206070)** |
| Equity-settled share-based compensation | 11 |  | 15015 |  |  | 15015 |
| Share options exercised | 11 |  | 60 |  |  | 60 |
| Issue of share capital – net of transaction costs | 19 | 125 | 100127 |  |  | 100252 |
| **Balance as of December 31, 2025** |  | **1341** | **1277338** | **(785988)** | **(8592)** | **484099** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**Notes to the Consolidated Financial Statements of Immatics N.V.** 

**1.** **Group information** 

Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH ("Immatics GmbH") and its U.S. subsidiary, Immatics US, Inc. ("Immatics" or the "Group"), is a biotechnology company that is primarily engaged in the research and development of PRAME-directed immunotherapies that harness the power of T cells for the treatment of cancer patients.

Immatics N.V. is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 Tübingen, Germany.

The Group manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Group's focus is on the research and development of PRAME-directed immunotherapies that harness the power of T cells for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group's resources.

These annual consolidated financial statements of the Group for the year ended December 31, 2025 were authorized for issue by the Board on March 5, 2026.

**2.** **Basis of presentation**

The consolidated financial statements of the Group have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB"), taking into account the recommendations of the IFRS Interpretations Committee ("IFRIC® Interpretations"). The consolidated financial statements are presented in Euro. The consolidated financial statements comprise the financial statements of Immatics N.V. and its wholly-owned subsidiaries Immatics GmbH and Immatics US, Inc. Amounts are stated in thousands of euros, unless otherwise indicated. For technical reasons, the information provided in these financial statements may contain rounding differences of +/- one unit.

The subsidiaries Immatics GmbH and Immatics US, Inc., were fully consolidated from the date upon which control was transferred to Immatics N.V. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between the Group are eliminated in full upon consolidation. The consolidated statement of profit or loss is prepared based on the function of expense method. The financial statements were prepared in accordance with the historical cost principle and on a going concern basis. This excludes financial liabilities for warrants, which are measured at fair value. The presentation in the consolidated statement of financial position distinguishes between current and non-current assets and liabilities. Assets are classified as current if the assets are expected to be realised, intended to be sold or consumed in their normal operating cycle. Liabilities are classified as current if they are due within one year.

The functional currency of Immatics N.V. and Immatics GmbH is Euro and the functional currency of Immatics US, Inc. is U.S. dollar. Transactions in foreign currencies are initially recorded by the Group's entities at the spot exchange rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated into the respective functional currency at the closing rate at the reporting date. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary items measured at fair value are translated using the exchange rate at the date when the fair value was determined. Exchange differences arising on the settlement or translation of monetary items are recognized in profit or loss. For purpose of translating the results and financial position of Immatics US, Inc. into Euro, assets and liabilities are translated at the closing rate at the reporting date, income and expenses are translated at average exchange rates for the period and equity components are translated at historical exchange rates. Resulting exchange differences are recognized in other comprehensive income.

The Group used the following exchange rates to convert the financial statements of its U.S. subsidiary:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** |
|  | **Year-end<br>rate** | **Year-end<br>rate** | **Average<br>rate** | **Average<br>rate** | **Year-end<br>rate** | **Year-end<br>rate** | **Average<br>rate** | **Average<br>rate** | **Year-end<br>rate** | **Year-end<br>rate** | **Average<br>rate** | **Average<br>rate** |
| Euros per U.S. dollar |  | 0.85106 |  | 0.87428 |  | 0.96256 |  | 0.92417 |  | 0.90498 |  | 0.92460 |

---

The reporting period for Immatics N.V. and its subsidiaries corresponds with the calendar year. The reporting period 2025 began on January 1, 2025 and ended on December 31, 2025.

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**2.1.** **Going concern** 

Since inception, the Group's activities have consisted primarily of raising capital and performing research and development activities to advance its technologies. The Group is still in the development phase and has not yet marketed any products commercially. Immatics' ongoing success depends on the successful development and regulatory approval of its products and its ability to finance operations. The Group will seek additional funding to reach its development and commercialization objectives.

The Group plans to seek funds through further private or public equity financings, debt financings, collaboration agreements and marketing, distribution or licensing arrangements. The Group may not be able to obtain financing or enter into collaboration or other arrangements on acceptable terms. If the Group is unable to obtain funding, it could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. However, Immatics' cash and cash equivalents and other financial assets will be sufficient to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the financial statements.

The accompanying consolidated financial statements have been prepared on a going concern basis. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, were the Group unable to continue as a going concern.

**2.2.** **Revision of prior-period financial statements**

During the preparation of the unaudited interim condensed Consolidated Financial Statements for the three months ended March 31, 2025, the Group identified and corrected a misstatement related to the presentation of income tax paid in the Consolidated Statement of Cash Flows. The Group has evaluated the effect, both qualitatively and quantitatively, and concluded that the previously filed annual financial statements were not materially affected. The Group adjusted the prior periods to provide increased comparability. The revision of the presentation of income tax paid in the Consolidated Statement of Cash Flows for the year ended December 31, 2024 resulted in an increase in 'Income tax paid' of €13.1 million and a corresponding decrease in '(Increase)/decrease in other assets' of €2.8 million and in 'Increase/(decrease) in deferred revenue, accounts payables and other liabilities' of €10.3 million. Net cash provided by/(used in) operating activities remained unchanged. For the year ended December 31, 2023, the revision of the presentation of income tax paid in the Consolidated Statement of Cash Flow resulted in an increase in 'Income tax paid' of €3.0 million and a corresponding decrease in '(Increase)/decrease in other assets' of €3.0 million. Net cash provided by/(used in) operating activities remained unchanged.

**3.** **Application of new and revised International Financial Reporting Standards** 

**3.1.** **Application of new standards and amendments to existing standards**

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards and amendments effective as of January 1, 2025. The Group has not early adopted any standard or amendment that has been issued but is not yet effective.

New amendments to existing standards applied for the first time:

---

| | |
|:---|:---|
| **Standards/Amendments** | **Effective date** |
| Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates | January 1, 2025 |

---

On August 15, 2023, the IASB issued the amendment 'Lack of Exchangeability' to IAS 21. The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable.

The amendments on standards had no effect on the consolidated financial statements of the Group.

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**3.2.** **Assessment of potential impact of future standards and amendments to existing standards**

The following standards and amendments to existing standards have been issued by the IASB, but were not yet mandatory for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Standards/Amendments** | **Effective date** | **Potential effects**<br>**expected on Immatics**<br>**consolidated financial statements** |
| Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments | January 1, 2026 | No |
| Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity | January 1, 2026 | No |
| Annual Improvements to IFRS Accounting Standards – Volume 11 | January 1, 2026 | No |
| IFRS 18 replaces IAS 1 - Presentation and Disclosure in Financial Statements | January 1, 2027 | Yes |
| IFRS 19 Subsidiaries without Public Accountability: Disclosures | January 1, 2027 | No |
| Amendment to IFRS 19 Subsidiaries without Public Accountability: Disclosures | January 1, 2027 | No |
| Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' | January 1, 2027 | No |

---

In April 2024, IFRS 18, "Presentation and Disclosure in Financial Statements" was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 "Presentation of Financial Statements", impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements.

The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard. We anticipate that the implementation will influence the level of detail in the Consolidated Statement of Profit or Loss and related notes, particularly through enhanced requirements for how expense items are aggregated, classified and presented.

**4.** **Summary of material accounting policies applied by the Group for the annual reporting period ending December 31, 2025** 

The following are the material accounting policies applied by the Group in preparing its consolidated financial statements:

**4.1.** **Revenue from collaboration agreements** 

The Group currently earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of December 31, 2025, the Group had two revenue-generating strategic collaboration agreements in place, one with Bristol-Myers-Squibb ("BMS") and one agreement with ModernaTX, Inc. ("Moderna"), which both are in pre-clinical stage. Prior collaboration agreements with Genmab, BMS IMA401 and BMS Allo were terminated during the year ended December 31, 2024, and all remaining deferred revenue was recognized within the respective period, described in detail in Note 6.

Under IFRS 15, the Group applies significant judgement when evaluating whether the obligations under the collaboration agreements represent one or more combined performance obligations, the determination of the transaction price and the allocation of the transaction price to identified performance obligations.

**Identification of distinct performance obligations**

*Pre-clinical collaboration agreements with BMS and Genmab*

Under the terms of these agreements, Immatics agreed to collaborate in the development, manufacture, and commercialization of cancer immunotherapy treatments for specified targets identified through the use of Immatics XPRESIDENT technology.

As part of the collaboration arrangements, Immatics granted licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreements. Additionally, Immatics agreed to perform certain research activities under the collaboration agreements, including screening of highly specific molecules for reactivity with the

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specified targets and off-targets using Immatics' proprietary technology and know-how, participation on steering committees, and preparation of data packages.

The Group performed an analysis to identify the performance obligations under the contract, including licenses and rights to future intellectual property developed under the contract and research activities. As these agreements comprise several promises, the Group assessed whether these promises are capable of being distinct and distinct within the context of the contract.

The licenses contributed under the collaboration agreements did not represent distinct performance obligations, because the Group's collaboration partners would likely be unable to derive significant benefits from their access to these targets without Immatics' research activities. Identification of a viable product candidate that will bind to the targets specified in the agreements required use of the Group's XPRESIDENT technology and database of target and off-target data.

*Clinical collaboration agreement (BMS IMA401 agreement)*

Under the terms of the agreement, Immatics granted to Bristol-Myers Squibb (BMS) an exclusive, worldwide, sublicensable license to develop, manufacture and commercialize IMA401. Under the Agreement, Immatics was also responsible for, and bore the cost of, the first Phase 1 clinical trial.

The Group transferred license rights and performed clinical trial services. While the clinical trial is a prerequisite for approval of the product, it does not modify the underlying product. The license contributed under the collaboration agreement represented a distinct performance obligation, because they were separately identifiable from other promises in the BMS IMA401 agreement.

*Moderna agreement*

Under the terms of the agreement, Immatics granted to Moderna five main elements:

-Early TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for specified early pre-clinical targets identified through the use of Immatics XPRESIDENT technology. As part of the collaboration arrangement, Immatics grants licensing rights for the development and commercialization of future product candidates, developed for targets defined in the collaboration agreement. Additionally, Immatics agrees to perform certain research activities under the collaboration agreement, including screening of highly specific molecules for reactivity with the specified targets and off-targets using Immatics' proprietary technology and know-how, participation on steering committees, and preparation of data packages. The Group performs an analysis to identify the performance obligations under the contract, including licenses and rights to future intellectual property developed under the contract and research activities. As the agreement comprises several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. The licenses contributed under the collaboration agreement do not represent distinct performance obligations, because the Group's collaboration partner would likely be unable to derive significant benefits from its access to these targets without Immatics' research activities. Identification of a viable product candidate that will bind to the targets specified in the agreement requires use of the Group's XPRESIDENT technology and database of target and off-target data.

-Advanced TCER Activities: Immatics agrees to collaborate in the development, manufacturing and commercialization of cancer immunotherapy treatments for one specified more advanced pre-clinical target identified through the use of Immatics XPRESIDENT technology. The product candidate, while in pre-clinical stage, is more advanced and therefore distinct from the Early TCER activities.

-Database Activities: Immatics agrees to give limited insights into Immatics XPRESIDENT and XCUBE technologies. The research and development services associated with the database pillar are mainly focused on preparing and formatting the data. The four individual reporting elements within the database agreement represent distinct performance obligations. However, as all of them are accounted for as stand ready obligations over the identical license term, the accounting treatment does not differ from a combination into one performance obligation.

-Clinical Combination: Immatics agrees to jointly run a clinical combination trial. The results of the trial will be co-owned and cost will be shared. The clinical combination is accounted for as a joint arrangement in accordance with IFRS 11.

-Clinical trial for Advanced TCER Activities: During the year ended December 31, 2025, Immatics entered into an amendment to the Moderna master agreement to conduct a clinical trial in accordance with the clinical research plan embedded in the agreement. The contract modification contains a single distinct performance obligation, which is to deliver clinical trial services.

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**Determination of transaction price**

*Upfront payment* 

Each of the Group's strategic collaboration agreements includes a non-refundable upfront payment.

With respect to pre-clinical collaboration agreements, the Group records these payments as deferred revenue, which it allocates to the combined performance obligations for each agreement. Such amounts are recognized as revenue over the performance period of the research activities on a cost-to-cost basis.

With respect to the BMS IMA401 agreement and the Moderna agreement, the Group determined the underlying stand-alone selling price for each performance obligation to allocate the transaction price to each performance obligations. The estimation of the stand-alone selling price requires significant judgement regarding the estimation approach of the stand-alone selling prices for the distinct performance obligations as well as significant estimates regarding the expected cost for future services, profit margins and development timelines.

*Reimbursement for services* 

Under the collaboration agreement with Moderna, the Group receives reimbursement for employee research and development costs. In addition, the Group received reimbursements for employee research and development costs under the collaboration agreement with Genmab, which was terminated in the first quarter of 2024. These employee costs are presented as research and development expenses, while reimbursements of those costs, which is based on an FTE rate defined in the contract, are part of the transaction price and presented as revenue and not deducted from expenses.

*Development and Commercial Milestones* 

The collaboration agreements include contingent payments related to development and commercial milestone events. These milestone payments represent variable consideration that are not initially recognized within the transaction price, due to the scientific uncertainties and the required commitment from the collaboration partners to develop and commercialize a product candidate. The Group assesses the probability of significant reversal of cumulative revenue for any amounts that become likely to be realized prior to recognizing the variable consideration associated with these payments within the transaction price.

*Sales-based milestones and royalty payments* 

The collaboration agreements also include sales-based royalty payments upon successful commercialization of a licensed product. In accordance with IFRS 15.B63, where the license is predominant, the Group recognizes revenue from sales-based milestones and royalty payments at the later of either (i) the occurrence of the subsequent sale; or (ii) the performance obligation to which some or all of the sales-based milestone, or royalty payments have been allocated. The Group anticipates recognizing these milestones and royalty payments, when subsequent sales are generated from a licensed product by the collaboration partner.

**Measuring progress towards complete satisfaction of a performance obligation**

The cost-to-cost basis using direct costs and directly attributable personnel costs is considered the best measure of progress in which control of the performance obligations transfers to the Group's collaboration partners, due to the nature of the work being performed.

**Other material accounting considerations**

*Cost to fulfill contracts* 

The Group incurs costs for personnel, supplies and other costs related to its laboratory operations as well as fees from third parties and license expenses in connection with its research and development obligations under the collaboration and licensing agreement. These costs are recognized as research and development expenses over the period in which services are performed.

*Cost to obtain a contract* 

For some collaboration agreements, the Group incurs incremental costs of obtaining a contract with a customer. The Group capitalizes those incremental costs if the costs are expected to be recovered. The recognized asset is amortized consistent with the method used to determine the pattern of revenue recognition of the underlying contract.

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**4.2.** **Deferred income tax** 

Deferred income tax results from temporary differences between the carrying amount of an asset or a liability and its tax base. Deferred income tax is provided in full using the liability method on temporary differences. In accordance with IAS 12 ("Income Taxes"), the deferred tax assets and liabilities reflect all temporary valuation and accounting differences between financial statements prepared for tax purposes and our consolidated financial statements. Tax losses carried forward are considered in deferred tax assets calculation. The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets with current tax liabilities and deferred tax assets with deferred tax liabilities which relate to income taxes levied by the same tax authority.

**4.3.** **Share-based payment** 

The Group's employees as well as others providing similar services to the Group, receive remuneration in the form of share-based payments, which are equity-settled transactions. The Group's equity-settled option plans include Matching Stock Options, Converted Stock Options, Service Options, PSUs and RSUs and are described in detail in Note 11.

The costs of equity-settled transactions are determined by the fair value at grant date, using an appropriate valuation model. Share-based expenses for the respective vesting periods are recognized in research and development expenses and general and administrative expenses, reflecting a corresponding increase in equity.

**4.4.** **Financial Instruments**

**Financial assets** within the scope of IFRS 9 include cash and cash equivalents, short-term deposits and receivables. Immatics determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value, plus, in case of a financial asset not at fair value through profit or loss, transaction costs. Purchases and sales of financial assets are recognized on their trade date, on which the Group commits to purchase or sell the asset. The subsequent measurement of financial assets depends on their classification as described below.

Cash and cash equivalents in the Consolidated Statement of Financial Position is comprised of cash held at banks and short-term deposits with an original maturity of three months or less. Immatics has short-term deposits with original maturities between three and 12 months, which are classified as other financial assets. Short-term deposits with an original maturity of three months or less are classified as cash and cash equivalents. Under IFRS 9, short-term deposits are classified within financial assets at amortized costs.

For debt securities which have high credit ratings and no significant increases in credit risk since initial recognition, the Group determines the exposure to credit default using CDS pricing information (credit default swap values) published by credit agencies and recognizes a 12-month expected credit loss ("ECL").

**Financial liabilities** within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss or at amortized cost, as appropriate. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognized initially at fair value. The Company's financial liabilities include accounts payables, lease liabilities, liabilities for warrants and other financial liabilities. Immatics recognized accounts payables and other current liabilities as financial liabilities at amortized costs.

Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit or loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments are initially recognized at fair value on the date on which the merger is consummated and are subsequently remeasured at fair value through profit or loss.

The Group does not engage in hedging transactions that meet the criteria to apply hedge accounting.

**4.5.** **Research and development**

Research expenses are defined as costs incurred for current or planned investigations undertaken with the prospect of gaining new scientific or technical knowledge and understanding. All research costs are expensed as incurred.

An intangible asset arising from development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditure during the development. The Group did not recognize any intangible

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assets from development expenditures in 2025, 2024 and 2023 due to the existing uncertainties in connection with its development activities.

**4.6.** **Government Grants**

Government grants and similar grants which are accounted for in accordance with IAS 20 are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with.

When the grant relates to an expense item, it is recognized as other income on a systematic basis over the periods that the related costs for which the grant is intended to compensate are expensed. When the grant relates to an asset, it is recognized as deferred income within the consolidated financial statements. Other income is subsequently recognized in our consolidated statements of profit or loss over the useful life of the underlying asset subject to funding.

**5.** **Significant accounting judgements, estimates and assumptions** 

The preparation of the Group's consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, income taxes and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. In particular, material management judgments and estimation uncertainties apply to the recognition and measurement of income taxes (including deferred taxes), the revenue recognition from collaboration agreements and the measurement of share-based payments. Management bases its assessment of these judgments and estimation uncertainties on past experience, estimates from experts (lawyers, tax consultants, etc.) and the results of carefully weighing up different scenarios. Actual events and developments that lie beyond the control of management may deviate considerably from the expressed developments and assumptions. For this reason, the Group examines the estimates and assumptions made on an ongoing basis. Changes in estimates are recognized in profit or loss as soon as better information is available.

*Revenue recognition from collaboration agreements* 

*Pre-clinical collaboration agreements with BMS and Genmab*

As the collaboration agreements comprise several promises, it must be assessed whether these promises are capable of being distinct within the context of the contract. For the pre-clinical collaboration agreements with Genmab and BMS, the Group assessed that these promises are not capable of being distinct within the context of the contract, which results in accounting for all goods and services promised as a single performance obligation with a single measure of progress. The performance obligation is accounted for as a performance obligation, satisfied over time using a cost-to-cost method as the customer simultaneously receives and consumes the benefits from Immatics' performance.

*BMS IMA401 agreement*

For the BMS IMA401 agreement, the Group assessed that these promises were two distinct performance obligations, the granted license and the conduct of clinical trial services. Since the collaboration agreement consist of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation and allocated the transaction price to the performance obligations. The Group used the expected cost method for the performance obligation related to clinical trial services, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. The Group decided to estimate a stand-alone selling price for the performance obligation related to the license by using the residual approach, since it is a unique license and there is no available market price for the license.

*Moderna agreement*

For the Moderna agreement, the Group assessed that these promised obligations were several distinct performance obligations, all of them being combinations of research and development services and license portions. The Group used the adjusted market assessment approach for the Early TCER Activities as well as for the Database Activities. For the Advanced TCER Activities, the Group decided to estimate a stand-alone selling price for the performance obligation by using the residual approach, since it is a unique product candidate and license and there is no available market price for the performance obligation. Under the Database Activities, the stand ready obligation is predominant and the revenue is therefore recognized based on the term of the stand ready obligation. A modification was made to the Advanced TCER Activities which contains one distinct performance obligation for

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research and development services. The Group estimated the stand-alone selling price for the distinct performance obligation using the Expected cost plus margin approach. The modification included an adjustment to the transaction price of the original master agreement which is allocated to the stand-alone selling price for the Advanced TCER Activities.

*General considerations*

Milestone payments are included in the transaction price at the amount stipulated in the respective agreement and recognized as revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. To date, other than mentioned in Note 6, no milestone has been included in the transaction price. Changes in this estimate can have a material effect on revenue recognized.

Immatics provides development services to customers and recognizes revenue over time using an input-based method to measure progress toward complete satisfaction of the service (cost-to-cost method), because the customer simultaneously receives and consumes the benefits provided. Forecast values are used for the calculation of expected future revenue for the remaining term of the contract. These costs estimated as part of the budgeting process must be reviewed and approved before the Group can use them for recognition purposes. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement, which includes total internal personnel costs and external costs to be incurred. Changes in these estimates can have a material effect on revenue recognized. For more information, see Note 6.

*Taxes* 

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expenses already recorded. Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available which can be utilized against the losses. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Due to the Group's history of loss-making over the last several years as well as the plans for the foreseeable future, the Group has not recognized any deferred tax assets on tax losses carried forward beyond offsetting amounts for deferred tax liabilities from temporary differences. Changes in the estimation of our potential to use tax losses carried forward can have a material effect on the Group's net income. For more information, see Note 10.

*Share-based payments* 

Determining the fair value of share-based payment transactions requires the most appropriate valuation for the specific program, which depends on the underlying terms and conditions.

Management determined the value of share-based awards with the assistance of a software solution of a third-party valuation specialist using certain assumptions, such as volatility, risk-free interest rate, exercise pattern and expected dividends. Changes in these estimates can have a material effect on share-based expenses recognized. For more information, see Note 11.

**6.** **Revenue from collaboration agreements** 

The Group earns revenue through strategic collaboration agreements with third-party pharmaceutical and biotechnology companies. As of December 31, 2025, the Group had two revenue-generating strategic collaboration agreements in place with Moderna and BMS, after the termination of the collaboration agreement IMA401 ("BMS IMA401") and Allo ("BMS Allo"), as well as the termination of the collaboration agreement with Genmab A/S, Copenhagen /Denmark ("Genmab") in 2024.

As part of these collaboration arrangements, Immatics grants exclusive licensing rights or options thereto for the development and commercialization of future product candidates, developed for several targets defined in the respective collaboration agreements, in addition to research activities, including screening of highly specific molecules for reactivity with the specified targets and off-targets using Immatics' proprietary technology and know-how, participation on a joint steering committee, and preparation of data packages. For the preclinical collaboration agreement with Moderna, the promises represent multiple distinct performance obligations.

Other than the achievement and recognition of a €4.3 million ($5.0 million) milestone for Advanced TCER Activities related to the Moderna agreement in December 2025, the Group has not recognized any royalty or milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. As of December 31, 2025, Immatics had not received any royalty payments in connection with the collaboration agreements. The Group

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plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract. Deferred revenues are contract liabilities within the scope of IFRS 15.

Each of the Group's strategic collaboration agreements included a non-refundable upfront payment recognized as deferred revenue. For all collaboration agreements, these upfront payments exceeded the Group's right to consideration for services performed. Therefore, only deferred revenue net of contract assets is presented as of December 31, 2025, December 31, 2024 and December 31, 2023, respectively.

*Genmab Collaboration Agreement* 

In July 2018, Immatics Biotechnologies GmbH entered into a research collaboration and license agreement with Genmab to develop conducting joint research to combine Immatics' XPRESIDENT and bispecific TCR technology platforms with Genmab's proprietary antibody technologies to develop multiple bispecific immunotherapies in oncology. The two companies planned to develop immunotherapies directed against three proprietary targets.

The Group received a non-refundable upfront payment of €46 million ($54 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue, which was recognized into revenue on a cost-to-cost basis using forecasted costs.

In October 2023, Genmab provided Immatics with notice of its decision to terminate one of the bispecific programs under the collaboration. Immatics and Genmab continue their collaboration with the development of one TCER program.

On March 14, 2024, Genmab provided Immatics with a termination notice relating to our collaboration, originally announced in July 2018.

As a result, the Group would not receive any future milestone or royalty payments under the collaboration. Immatics recognized the remaining deferred revenue of €14.9 million within revenue during the three months ended March 31, 2024.

For the year ended December 31, 2025 no revenue was recognized under the Genmab collaboration agreement. During the year ended December 31, 2024 and December 31, 2023, the Group recognized €14.9 million positive revenue and €2.1 million negative revenue on a cost-to-cost method associated with the upfront payment and with reimbursements for research and development costs performed, respectively. The revenue for the year ended December 31, 2024 from the collaboration agreement with Genmab is positive, which results from the recognition of the remaining deferred revenue. For the year ended December 31, 2023 the Group generated a negative revenue due to changes in inputs to the cost-to-cost model which led to an increase in expected cost of the collaboration agreement, resulting in a reduction in calculated percentage of completion.

Total deferred revenue under the agreement was €0.0 million as of December 31, 2025 and December 31, 2024.

*Moderna Collaboration Agreement* 

On September 7, 2023, Immatics Biotechnologies GmbH and ModernaTX, Inc., a Delaware corporation, entered into a strategic research and development collaboration agreement to develop TCER products and cancer vaccines (the "Moderna agreement"). The Moderna agreement became effective on October 12, 2023, after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on October 11, 2023.

Under the terms of the Moderna agreement, the Group received an upfront cash payment of €113 million ($120 million) related to the performance obligations under the contract and will receive research funding.

The Group is eligible to receive additional development, regulatory and commercial milestone payments that could exceed $1.7 billion for TCER products resulting from the collaboration. For each target, depending on certain product characteristics, Immatics may be eligible to receive milestone payments of up to a mid-eight-digit amount upon the achievement of certain development milestones and up to a mid-nine-digit amount upon the achievement of certain regulatory and commercial milestones. In addition, the Group is eligible to receive tiered mid-single-digit to low-double-digit percentage royalties on net sales of TCER products and certain vaccine products that are commercialized under the agreement. Immatics has a right to co-fund the development and commercialization of certain products by making an opt-in payment in exchange for profit or loss sharing on such products.

Moderna leads the clinical development and commercialization of cancer vaccines and TCER therapeutics resulting from the collaboration agreement. Immatics is responsible for conducting the preclinical studies and a potential Phase 1 clinical trial

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investigating anzu-cel (IMA203) TCR-T in combination with the PRAME mRNA vaccine to further enhance anzu-cel (IMA203) T cell responses. Immatics and Moderna retain full ownership of its investigational PRAME compound and the clinical study funding will be on a cost-sharing basis.

Immatics concluded that the Clinical Combination is not a contract with a customer and should not be accounted for under IFRS 15, due to the fact that Moderna does not act as a customer and Immatics does not act as a vendor with regard to the Clinical Combination. Both parties jointly run the clinical trial, pay and will then jointly decide on how to proceed in case of a successful combination. In case of a successful combination, either party can still withdraw and not enter into an agreement afterwards. Immatics concluded that the Clinical Combination is a Joint operation under IFRS 11 instead of a contract with a customer under IFRS 15.

The Group concluded for other elements of the contract that Moderna is a customer, since they contain elements of a customer relationship even though it is a collaboration agreement, where to some degree both risks and benefits are shared between the Group and Moderna. They clearly state deliverables to be delivered by the Group and Moderna as mentioned below and create enforceable rights and obligations.

Under IFRS 15, the Group applied significant judgement when evaluating whether the obligations under the Moderna agreement represent one performance obligation, combined performance obligations or multiple performance obligations as well as the allocation of the transaction price to identified performance obligations, and the determination of whether milestone payments should be included in the transaction price.

The Group identified the following distinct performance obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.initial early pre-clinical targets from the TCER part ("Early TCER Activities")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.one initial advanced pre-clinical target from the TCER part ("Advanced TCER Activities")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.four distinct performance obligations which, due to their identical accounting treatment as license accesses, are jointly accounted for as one performance obligation ("Database Activities")

The Early TCER Activities and the Advanced TCER Activities include licenses for target rights, TCRs and our bispecific format TCER, contractually agreed research and development services and the participation in Joint Steering Committee meetings and in TCER Project Committee meetings as distinct performance obligations. The Database Activities include limited access to our database XPRESIDENT and XCUBE and the participation in Database Project Committee meetings as a distinct performance obligation.

Immatics is required to perform research and development for the Early TCER Activities. The work which Immatics promised to perform on the Early TCER Activities is separately identifiable from all other promised goods and services and is not significantly modifying another promised good or service from the agreement. Moderna can benefit from the Early TCER Activities on its own, independently of other promised goods and services. The Early TCER Activities represent one joint obligation as the goal is to maximize the likelihood of one treatment option. All targets are early pre-clinical, meaning the likelihood of failure during the pre-clinical phase is high for each of the targets. Immatics considered the Early TCER Activities as a distinct performance obligation considering the uncertainty that the targets result at the end in a successful TCER product.

The Advanced TCER Activities are focused on a more advanced pre-clinical target. The target is in an advanced pre-clinical phase and, therefore, the Advanced TCER Activities are separately identifiable from all other promised goods and services and are not significantly modifying another promised good or service from the agreement.

The Database Activities involve four distinct performance obligations. All four performance obligations represent different limited access rights to Immatics' XPRESIDENT and XCUBE. Since the database access rights are predominant in each of the four performance obligations, Immatics concluded to account for the four performance obligations as if they were a single performance obligation, since the revenue recognition pattern will be identical for all four performance obligations.

At inception of the Moderna agreement, the Group determined the transaction price. The Group evaluated inclusion of the milestones as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The contractual agreed milestone payments with Moderna relate to the license. Based on that, the Group concluded that no variable consideration, except for reimbursements, was considered as the transaction price at contract inception. At the end of each reporting period, the Group reevaluates the probability of achievement of milestones and, if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties will only be recognized as sales occur since the license is the predominant item to which the royalty relates.

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The Group is required to allocate the determined transaction price, consisting of the upfront payment of €113 million ($120 million) as well as expected research funding of €40 million ($43 million) to the separately identified performance obligations of the Moderna agreement, based on the standalone selling price of each performance obligation. Since these are treated as three performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the standalone selling price included estimates regarding forecasted cost for future services, profit margins and development timelines.

The most reasonable estimation method for the Early TCER Activities and the Database Activities is the adjusted market assessment approach, due to the fact that the Group is able to use insights from prior collaborations as well as information implicit in the contract to estimate the stand-alone selling price.

To estimate a stand-alone selling price for the performance obligation related to the Advanced TCER Activities, the Group concluded to use the residual approach due to the fact that the product candidate in combination with further research to be performed is unique and there is no available market price for the license and hence no specific stand-alone selling price apart from the residual amount was identified. The Group concluded the following transaction price allocation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Stand-alone selling price for Early TCER Activities: €70 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Stand-alone selling price for Advanced TCER Activities: €62 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Stand-alone selling price for Database Activities: €21 million

The Company assessed whether any of the upfront payment should be allocated to the Clinical Combination project and concluded based on the terms of the cost share that no allocation needed to be made.

The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over all performance obligations is satisfied over time. The Group transfers control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method. For the Database Activities, the Group will recognize revenue linearly over time, as the performance obligations represent a right to access the database. At inception of the Moderna agreement, the entire upfront payment was initially deferred on the Group's Consolidated Statement of Financial Position.

In December 2025, a modification was approved, which contains one distinct performance obligation for research and development services for Advanced TCER Activities. The Group estimated the stand-alone selling price for the distinct performance obligation using the Expected cost plus margin approach. The performance obligation is satisfied over time and therefore revenue will be recognized on a cost-to-cost basis over time. The expected reimbursement over the estimated service period of four years amounts to €18.8 million. The modification also includes an adjustment to the transaction price of the original agreement which is allocated to the stand-alone selling price for the Advanced TCER Activities. The initial transaction price for Advanced TCER Activities of €62 million increased to €66.3 million, due to a €4.3 million milestone achieved in December 2025.

For the year ended December 31, 2025 the Group recognized €32.9 million of revenue associated with the upfront payment, of which €10.7 million were recognized for Advanced TCER Activities on a cost-to-cost method, €15.5 million for Early TCER Activities on a cost-to-cost method and €6.7 million for Database Activities. In addition, the Group recognized revenue of €4.3 million for the achievement of a milestone in December 2025. Total deferred revenue under the agreement was €31.5 million as of December 31, 2025.

For the year ended December 31, 2024 the Group recognized €62.8 million of revenue associated with the upfront payment, of which €45.8 million were recognized for Advanced TCER Activities on a cost-to-cost method, €9.2 million for Early TCER Activities on a cost-to-cost method and €7.8 million for Database Activities. Total deferred revenue under the agreement was €56.2 million as of December 31, 2024.

For the year ended December 31, 2023 the Group recognized €5.4 million of revenue associated with the upfront payment, €3.4 million for Advanced TCER Activities on a cost-to-cost method, €0.4 million for Early TCER Activities on a cost-to-cost method and €1.6 million for Database Activities. Total deferred revenue under the agreement was €110.9 million as of December 31, 2023.

*BMS Collaboration Agreement* 

In August 2019, Immatics Biotechnologies GmbH and BMS entered into a collaboration and option agreement to develop novel adoptive cell therapies targeting multiple cancers. Under the agreement, Immatics may develop T Cell Receptor Engineered T Cell Therapy (TCR-T) programs against solid tumor targets discovered with Immatics' XPRESIDENT technology. Programs would utilize proprietary T Cell Receptors (TCRs) identified by Immatics' XCEPTOR TCR discovery and engineering platform. If Immatics

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develops programs against the TCR-T targets, Immatics will be responsible for the development and validation of these programs through lead candidate stage, at which time BMS may exercise opt-in rights and assume sole responsibility for further worldwide development, manufacturing and commercialization of the TCR-T cell therapies.

Immatics would have certain early-stage co-development rights or co-funding rights for selected TCR-T cell therapies arising from the collaboration. With respect to this collaboration agreement with BMS, Immatics may be eligible to receive up to $505 million for each licensed product in option exercise payments, development, regulatory and commercial milestone payments as well as tiered royalties on net sales. In addition, Immatics is entitled to royalty payments. Royalty rates are based on aggregate net sales of a licensed product resulting from the collaboration. The agreement provides for higher royalty rates as annual net sales of a licensed product increases. Under each contract, the royalty rates begin in the mid-single-digits, increasing to the low teen-digits as a percentage of aggregate annual net sales of a licensed product.

The Group received a non-refundable upfront payment of €68 million ($75 million) upon signing of the agreement. The Group classified the initial receipt of the upfront payment as deferred revenue, which recognizes into revenue as on a cost-to-cost basis using forecasted costs.

On June 1, 2022, Immatics Biotechnologies GmbH entered into an Amendment to the Strategic Collaboration Agreement originally signed in 2019 (the "amendment") with BMS. Pursuant to the amendment, the Group received a €18.7 million ($20 million) upfront cash payment related to the performance obligations under the contract. Under the amendment, Immatics will undertake an additional T Cell Receptor Engineered T cell Therapy (TCR-T) program against a solid tumor target discovered with Immatics' XPRESIDENT technology. The program will utilize proprietary T Cell Receptors (TCRs) identified by Immatics' XCEPTOR TCR discovery and engineering platform. The increased consideration reflects the stand-alone selling price at contract inception and the amendment contains performance obligations that are distinct from the original performance obligation under the contract. Therefore, the Group determined to account for the modification of the Allogeneic ACT agreement signed in 2019 triggered by the amendment as a separate contract.

Immatics entered into a License agreement (the "BMS Opt-In agreement") with BMS. The agreement became effective on April 28, 2023. Pursuant to the BMS Opt-In agreement, the Group received an option exercise fee in the amount of €13.7 million ($15 million) for the year ended December 31, 2023. Under the 2019 agreement with BMS, Immatics granted BMS the option to enter into a pre-negotiated license agreement on a target-by-target basis. Immatics developed individual TCR-T products candidates directed against targets under the terms of that 2019 agreement. Under the BMS Opt-In agreement signed on April 28, 2023, BMS exercised its first option and entered into an exclusive license agreement for one target.

On December 13, 2023, BMS decided to terminate one program and substitute another program under the 2019 collaboration agreement.

The Group recognized €11.0 million, €10.9 million and €12.9 million of revenue on a cost-to-cost method associated with the upfront payment for the years ended December 31, 2025, 2024 and 2023, respectively. The Group recognized €13.7 million of revenue associated with the BMS Opt-In agreement during the year ended December 31, 2023. Total deferred revenue under the agreement was €2.8 million, €13.8 million and €24.7 million as of December 31, 2025, 2024 and 2023, respectively.

*BMS IMA401 Collaboration Agreement* 

On December 10, 2021, Immatics Biotechnologies GmbH entered into a License, Development and Commercialization agreement (the "BMS IMA401 agreement") with BMS. The BMS IMA401 agreement became effective on January 26, 2022, after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on January 25, 2022. Pursuant to the BMS IMA401 agreement, the Group received a €133 million ($150 million) upfront cash payment related to the performance obligations under the contract. The Group identified the transfer of a global exclusive IMA401 license, including technology transfer and the contractually agreed clinical trial services including participation in Joint Steering Committee meetings as distinct performance obligations.

The Group was required to allocate the determined transaction price of €133 million ($150 million) to the two separate identified performance obligations of the BMS IMA401 agreement, based on the standalone selling price of each performance obligation, as the upfront payment of €133 million ($150 million) covers the cost of clinical trial services as well as an initial payment for the license. Since the BMS IMA401 agreement consisted of two performance obligations, the Group determined the underlying stand-alone selling price for each performance obligation, to allocate the transaction price to the performance obligations. The estimation of the stand-alone selling price included estimates regarding forecasted cost for future services, profit margins and development timelines.

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The most reasonable estimation method for the performance obligation related to clinical trial services is the expected cost method, due to the fact that the Group is able to use expected costs including a profit margin to estimate the stand-alone selling price. On top of the forecast of expected costs, the Group added an appropriate profit margin based on average company profit margins for clinical trial services.

To estimate a stand-alone selling price for the performance obligation related to the IMA401 license, the Group concluded to use the residual approach due to the fact that the license is a unique license and there is no available market price for the license and, hence, no specific stand-alone selling price apart from the residual amount was identified. The Group concluded the following transaction price allocation of the €133 million ($150 million) upfront payment as of March 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Stand-alone selling price for clinical trial services: €41.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Stand-alone selling price for the license grant: €91.3 million

The Group evaluated each performance obligation to determine if it can be satisfied at a point in time or over time. The control over the granted license is transferred at a point in time, after BMS obtains the rights to use the license at the effective date of the agreement. The performance obligation related to promised clinical trial services is satisfied over time. The Group transfers control of these agreed services over time and will therefore recognize revenue over time as costs are incurred using a cost-to-cost method. At the inception of the BMS IMA401 agreement, €41.8 million were initially deferred on the Group's Consolidated Statement of Financial Position.

On September 13, 2024, the Group received the notice of termination by Bristol Myers Squibb for the collaboration regarding IMA401 ("BMS IMA401"). The termination resulted in the recognition of the remaining deferred revenue of €21.0 million from the collaboration during the three months ended September 30, 2024.

For the year ended December 31, 2025 no revenue was recognized under the BMS IMA401 agreement. During the year ended December 31, 2024 and December 31, 2023, the Group recognized €26.1 million and €8.8 million of revenue on a cost-to-cost method associated with the upfront payment, respectively. Total deferred revenue under the agreement was €0.0 million as of December 31, 2025 and December 31, 2024, as well as €26.0 million as of December 31, 2023.

*Allogeneic ACT Collaboration Agreement* 

On June 1, 2022, Immatics US, Inc. entered into a License, Development and Commercialization agreement (the "Allogeneic ACT agreement") with Bristol-Myer-Squibb Company ("BMS"). Pursuant to the Allogeneic ACT agreement, the Group received a $60 million upfront cash payment plus an additional payment of $5 million related to the performance obligations under the contract. Applying the foreign exchange rate of June 1, 2022, the received payments represent €60.7 million. As the contract was accounted for in the functional currency of Immatics US, Inc., U.S. dollar, the € amount is subject to currency fluctuations. The Group identified the transfer of an exclusive right and license with the right to grant sublicenses under the Immatics Licensed IP, technology transfer, contractually agreed research and development services, including participation in Joint Steering Committee meetings and the delivery of research progress reports to BMS, as a combined performance obligation.

At inception of the Allogeneic ACT agreement, the Group determined the transaction price. The Group evaluated inclusion of the milestones as well as potential cost reimbursements as part of the transaction price under the most-likely method. Milestone payments are included at the most likely amount in the transaction price. However, variable consideration is only included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For the contractual agreed milestone payments with BMS, the license is predominant. Based on that, the Group concluded that no variable consideration is considered as transaction price at contract inception. At the end of each reporting period, the Group re-evaluated the probability of achievement of milestones and, if necessary, adjusted its estimate of the overall transaction price.

The Group allocated the determined total transaction price of €66.1 million ($70.8 million), consisting of the received payments of €60.7 million ($65 million) as well as cost reimbursements, to the single combined performance obligation of the Allogeneic ACT agreement. Based on the facts mentioned above, the Group determined that the combined performance obligation related to promised research and development services is satisfied over time and therefore revenue will be recognized over time as costs for the research and development services incurred using a cost-to-cost method.

At inception of the Allogeneic ACT agreement, €60.7 million were initially deferred on the Group's Consolidated Statement of Financial Position.

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On December 12, 2024, we received the notice of termination by Bristol Myers Squibb for the collaboration regarding Allo ("BMS Allo"). The termination resulted in the recognition of the remaining deferred revenue of €33.1 million from the collaboration during the three months ended December 31, 2024.

For the year ended December 31, 2025 no revenue was recognized under the Allogeneic ACT agreement. During the year ended December 31, 2024 and December 31, 2023, the Group recognized €41.1 million and €15.3 million of revenue on a cost-to-cost method associated with the upfront payment, respectively. Total deferred revenue under the agreement was €0.0 million as of December 31, 2025 and December 31, 2024, as well as €39.3 million as of December 31, 2023.

Revenue from collaboration agreements was realized with the following partners:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| **Revenue from collaboration agreements:** |  |  |  |
| Moderna, United States | 37247 | 62785 | 5369 |
| BMS, United States | 11019 | 78099 | 50695 |
| Genmab, Denmark |  | 14951 | (2067) |
| **Total** | **48266** | **155835** | **53997** |

---

Deferred revenue related to the collaboration agreements consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Current | 15816 | 35908 |
| Non-current | 18541 | 34161 |
| **Total** | **34357** | **70069** |

---

**7.** **Other income**

Other income consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Grants and other reimbursements from government agencies | 4647 |  |  |
| Other | 87 | 78 | 1139 |
| **Total** | **4734** | **78** | **1139** |

---

Immatics GmbH claimed the tax research allowance under the German Research Allowance Act (FZulG) for eligible research and development activities. The research allowance is treated as a government grant and the allowance of €4.6 million was recognized as other income with the intention to compensate costs which occurred between 2021 and 2025. The allowance of €4.6 million has not yet been paid and is presented as other current assets.

The granting of the research allowance is contingent upon the recognition of the underlying research and development projects as well as a possible subsequent review by the competent authorities. According to the company's assessment, there are no significant uncertainties or risk of repayment as of December 31, 2025.

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**8.** **Financial result**

Financial income and financial expenses consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| **Change in fair value of liabilities of warrants** | **1730** | **17264** | **(2079)** |
| Interest income | 17179 | 25001 | 13845 |
| Foreign currency gains | 446 | 18798 | 5 |
| Gains on other financial instruments | 891 | 219 |  |
| **Other financial income** | **18516** | **44018** | **13850** |
| Interest expenses | (946) | (886) | (831) |
| Foreign currency losses | (35720) | (435) | (5633) |
| Losses on other financial instruments |  |  | (576) |
| **Other financial expenses** | **(36666)** | **(1321)** | **(7040)** |
| **Financial result** | **(16420)** | **59961** | **4731** |

---

The Company's public warrants expired on July 1, 2025. As a result, the related warrant liabilities were derecognized from the Statement of Financial Position on that date, with a respective impact on the Statement of Profit or Loss for the year ended December 31, 2025. For the year ended December 31, 2025, changes in the fair value of the warrants resulted in a decrease of €1.7 million, recognized as income, as the fair value declined from €0.24 ($0.25) per warrant as of December 31, 2024, to €0.00 ($0.00) as of June 30, 2025, prior to their expiration on July 1, 2025.

The fair value of warrants decreased from €2.64 ($2.92) per warrant as of December 31, 2023 to €0.24 ($0.25) per warrant as of December 31, 2024. The result is a decrease in fair value of liabilities for warrants of €17.3 million for the year ended December 31, 2024.

The fair value of warrants increased from €2.35 ($2.51) per warrant as of December 31, 2022 to €2.64 ($2.92) per warrant as of December 31, 2023. The result is an increase in fair value of liabilities for warrants of €2.1 million for the year ended December 31, 2023.

Interest income mainly results from short-term deposits as well as cash balances. Interest expenses mainly result from leases.

Foreign currency gains and losses mainly consist of realized and unrealized gains and losses in connection with our USD holdings of cash and cash equivalents as well as short-term deposits in Immatics N.V. and Immatics GmbH.

Losses and gains on other financial instruments include expected credit losses and expected credit income on cash and cash equivalents and other financial assets for the year ended December 31, 2025, 2024 and 2023.

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**9.** **Personnel expenses** 

Personnel expenses consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| **Wages and salaries** |  |  |  |
| Research and development expenses | (60409) | (48906) | (37770) |
| General and administrative expenses | (15591) | (13109) | (11224) |
| **Total Wages and salaries** | **(76000)** | **(62015)** | **(48994)** |
| **Other employee benefits** |  |  |  |
| Research and development expenses | (8840) | (7364) | (4802) |
| General and administrative expenses | (3218) | (2321) | (1824) |
| **Total other employee benefits** | **(12058)** | **(9685)** | **(6626)** |
| **Share-based compensation expenses** |  |  |  |
| Research and development expenses | (7538) | (9587) | (11972) |
| General and administrative expenses | (7477) | (8055) | (8733) |
| **Total share-based compensation expenses** | **(15015)** | **(17642)** | **(20705)** |
| **Total** | **(103073)** | **(89342)** | **(76325)** |

---

Other employee benefits include employee retirement fund contributions, health insurance, and statutory social expenses. Immatics sponsors a defined contribution retirement plan for employees in Germany and the United States. During 2025, 2024 and 2023, total Group contributions to the defined contribution plan amounted to €2.2 million, €1.6 million and €0.5 million, respectively.

For the years ended December 31, 2025, 2024 and 2023, other employee benefits also include employee health insurance costs amounting to €2.5 million, €1.8 million and €1.3 million for Immatics US, Inc., statutory social expenses amounting to €5.7 million, €5.0 million and €3.7 million for our German operations and other miscellaneous expenses amounting to €0.4 million, €0.3 million and €0.2 million, respectively.

**10.** **Income Tax** 

The following table illustrates the current and deferred taxes for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| &nbsp;&nbsp;Current income tax | (9) | (7790) |  |
| &nbsp;&nbsp;Deferred income tax | 1998 | 1662 | 2345 |
| &nbsp;&nbsp;**Taxes on income** | **1989** | **(6128)** | **2345** |

---

During the year ended December 31, 2025, the Group generated a net loss. Correspondingly the Group did not recognize a current income tax expense and no equivalent current tax liability for the year ended December 31, 2025.

During the year ended December 31, 2024, the Group generated a net profit mainly due to the recognition of revenue from the collaboration agreements with BMS, Genmab and Moderna and correspondingly recognized current income tax expenses.

The Group generated a net loss during the year ended December 31, 2023 and correspondingly recognized no current income tax expense and no equivalent current tax liability.

Immatics received an income tax refund of €4.7 million for the year ended December 31, 2025, from income tax prepayments made in prior periods.

Immatics paid income tax of €9.2 million during the year ended December 31, 2025, for income tax prepayments that the Group expects to fully claim back.

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For Immatics N.V., no profit in accordance with German tax accounting was incurred during the years ended December 31, 2025, 2024 and 2023, respectively.

For Immatics GmbH, the Group recognized a current income tax expense of €0.0 million, €7.8 million and €0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Group incurred taxable losses for the years ended December 31, 2025 and December 31, 2023. Therefore, no current income tax expense has been recorded for the respective periods. For the year ended December 31, 2024, the current income tax expense is calculated based on taxable income of Immatics GmbH. The Group took into account the tax losses carried forward that can be used to offset the taxable income generated during the year ended December 31, 2024 for the purpose of income tax calculation. In accordance with §10d para 2 EStG (German income tax code), 70% (corporate tax) / 60% (trade tax) of income of a given year can be offset with tax losses carried forward. Accordingly, 30% / 40% of the income before tax of Immatics GmbH is subject to income tax.

As the profit generated by Immatics GmbH during the year ended December 31, 2024, is considered as one-time profit, no deferred tax assets exceeding the deferred tax liability for temporary differences have been recognized in respect of tax losses carried forward. The current assessment regarding the usability of deferred tax assets may change, depending on the Group's taxable income in future years, which could result in the recognition of deferred tax assets.

Immatics N.V. and Immatics US, Inc. generated losses for all periods during the years ended December 31, 2025 and December 31, 2024.

The Group generated losses for all entities within the Group during the year ended December 31, 2023.

The Group's German operations were subject to a statutory tax rate of 30.6%, 30.2% and 30.4% during the year ended December 31, 2025, 2024 and 2023, respectively. The Group's U.S. operations were subject to a corporate income tax rate of 21% for the year ended December 31, 2025, 2024 and 2023.

Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.

A reconciliation between taxes on income reflected on the Consolidated Statement of Profit or Loss and the expected income tax benefit, based on the Group's German statutory tax rate, for the years ended December 31, 2025, 2024 and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| &nbsp;&nbsp;Profit/(loss) before taxes | (198436) | 21346 | (96994) |
| &nbsp;&nbsp;Expected taxes | 60758 | (6453) | 29475 |
| &nbsp;&nbsp;*Effects* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Difference in tax rates | (13101) | (5428) | (4670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grants exempted from taxes | 1423 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Permanent Differences | (1925) | 6329 | (6304) |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilization of previously unrecorded tax losses carried forward |  | 14452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recognition of deferred taxes on tax losses and temporary differences | (45166) | (15028) | (16156) |
| &nbsp;&nbsp;**Taxes on income** | **1989** | **(6128)** | **2345** |

---

For the year ended December 31, 2025, 2024 and 2023, permanent differences relate to share-based compensation expenses, to transaction costs directly attributable and incremental to capital raises and to the change in fair value of the financial liabilities for the warrants.

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Due to the limitations on ability to offset deferred tax liabilities with tax losses carried forward in accordance with §10d para 2 EStG, Immatics N.V. and Immatics GmbH need to account for all deferred tax liabilities for temporary differences whereas deferred tax assets can only be recognized to a certain percentage.

Deferred tax assets and deferred tax liabilities consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
|  | **Deferred tax assets** | **Deferred tax liabilities** | **Deferred tax assets** | **Deferred tax liabilities** |
| Right-of-use assets |  | (3517) |  | (3494) |
| Deferred revenue |  | (11391) |  | (12379) |
| Cash and cash equivalents and Other financial assets |  |  | 331 | (4751) |
| Lease liabilities | 3721 |  | 3596 |  |
| Tax loss carryforward | 7380 |  | 10893 |  |
| **Total** | **11101** | **(14908)** | **14820** | **(20624)** |
| Netting | (11101) | 11101 | (14820) | 14820 |
| **Net deferred tax assets/liabilities** | **—** | **(3807)** | **—** | **(5804)** |

---

Deferred tax liabilities decreased by €2.0 million from €5.8 million as of December 31, 2024 to €3.8 million as of December 31, 2025 with a corresponding deferred income tax benefit. The decrease is mainly related to the decrease in temporary differences in Deferred revenue, Cash and cash equivalents and Other financial assets.

In 2025, the Act on a Tax Investment Incentive Program to Strengthen Germany as a Business Location was enacted. Among other measures, this law provides for a gradual reduction of the German corporate income tax rate from the current 15% to 10% over the period from 2028 to 2032. As a result, deferred tax assets and deferred tax liabilities arising from temporary differences as well as from tax loss carryforwards were measured using the tax rate expected to apply at the time when the respective temporary differences reverse or when the loss carryforwards are utilized. The remeasurement of deferred taxes resulted in a tax income of €0.1 million for the year ended December 31, 2025. The effect from the remeasurement of deferred taxes mainly arises from temporary differences related to deferred revenue.

For the years ended December 31, 2025, and 2024, the Group had accumulated tax losses of €493.5 million and €301.7 million, respectively, that may be offset against future taxable profits of the Group, subject to certain limitations. For €493.5 million and €301.7 million of the accumulated tax losses, no deferred tax assets beyond offsetting amounts for deferred tax liabilities from temporary differences have been recognized in the financial statements. For the year ended December 31, 2025, €26 million of total tax losses is subject to a 20-year carry forward period. All other tax losses have an indefinite carry forward period.

The limitation on tax loss carry forwards in Immatics US, Inc. is 80.00% of each subsequent year's net income, starting with losses generated after January 1, 2018. These have an indefinite carry forward period, but no carry back option. Any losses generated prior to January 1, 2018 still can be utilized at 100.00% and are subject to a twenty-year carry forward expiration period. Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the Code.

**11.** **Share-based payments** 

Immatics N.V. has four share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan ("2020 Equity Plan"). This plan was complemented by the Company's 2022 stock option and incentive plan ("2022 Equity Plan") which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company's 2024 stock option and incentive plan ("2024 Equity Plan"). At the Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company's 2025 stock option and incentive plan ("2025 Equity Plan"). The 2025 Equity Plan allows the company to grant additional options and restricted stock units ("RSUs").

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Under the 2020 Equity Plan, the 2022 Equity Plan and the 2024 Equity Plan, directors, management and employees have been granted different types of options, all of which are equity-settled transactions.

Under the plans, the Company has the settlement choice for all options granted and has no present obligation to settle in cash, therefore, all options are treated as equity-settled transactions.

Granted options shall accelerate and become vested and exercisable in full immediately prior to and subject to the consummation of a sale event, which is not deemed probable as of December 31, 2025, 2024 and 2023, respectively.

*Service Options* 

Under the 2020 Equity Plan, the 2022 Equity Plan and the 2024 Equity Plan, Immatics issues employee stock options with a service requirement ("Service Options") to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based quarterly vesting schedule with a one-year cliff period. Under the 2022 Equity Plan and the 2024 Equity Plan, service options granted based on initial election to the Board will vest on a three-year time-based quarterly vesting schedule and annual service options for members of the Board will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, which were accounted for using the respective grant date fair value.

Immatics applied a Black-Scholes pricing model to determine the fair value of the Service Options, with a weighted average fair value of $4.78, $8.23 and $6.99 for Service Option granted during the years ended December 31, 2025, 2024 and 2023, respectively and used the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Exercise price in USD | $6.62 | $10.24 | $9.28 |
| Underlying share price in USD | $6.62 | $10.24 | $9.28 |
| Volatility | 82.34% | 101.93% | 87.98% |
| Time period (years) | 6.01 | 6.04 | 6.06 |
| Risk-free rate | 4.06% | 4.08% | 4.07% |
| Dividend yield | 0.00% | 0.00% | 0.00% |

---

Service Options outstanding as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Service Options outstanding on January 1, 2025 | 9.94 | 10089474 |
| Service Options granted in 2025 | 6.62 | 2136200 |
| Service Options forfeited in 2025 | 9.54 | 151493 |
| Service Options exercised in 2025 | 8.87 | 5862 |
| Service Options expired in 2025 | 10.37 | 178471 |
| Service Options outstanding on December 31, 2025 | 9.35 | 11889848 |
| Service Options exercisable on December 31, 2025 | 10.11 | 6983155 |
| Weighted average remaining contract life (years) | 6.93 |  |

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Service Options outstanding as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Service Options outstanding on January 1, 2024 | 9.87 | 7757974 |
| Service Options granted in 2024 | 10.24 | 2691550 |
| Service Options forfeited in 2024 | 11.25 | 202520 |
| Service Options exercised in 2024 | 9.92 | 91844 |
| Service Options expired in 2024 | 9.91 | 65686 |
| Service Options outstanding on December 31, 2024 | 9.94 | 10089474 |
| Service Options exercisable on December 31, 2024 | 10.03 | 4811500 |
| Weighted average remaining contract life (years) | 7.41 |  |

---

Service Options outstanding as of December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2023** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Service Options outstanding on January 1, 2023 | 10.07 | 6129160 |
| Service Options granted in 2023 | 9.28 | 2004838 |
| Service Options forfeited in 2023 | 9.70 | 326895 |
| Service Options exercised in 2023 | 9.96 | 12832 |
| Service Options expired in 2023 | 10.85 | 36297 |
| Service Options outstanding on December 31, 2023 | 9.87 | 7757974 |
| Service Options exercisable on December 31, 2023 | 10.06 | 3048090 |
| Weighted average remaining contract life (years) | 8.41 |  |

---

*Performance-Based Options ("PSUs")* 

In addition, at the initial listing on Nasdaq, certain executive officers and key personnel of the Group received under the 2020 Equity Plan performance-based options ("PSUs"), vesting based on both the achievement of market capitalization milestones and satisfaction of a four-year time-based vesting schedule. The PSUs are split into three equal tranches. The performance criteria for each of the three respective tranches requires Immatics to achieve a market capitalization of at least $1.5 billion, $2 billion and $3 billion, respectively.

The Company did not grant PSUs during the year ended December 31, 2025.

PSUs outstanding as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| PSUs outstanding on January 1, 2025 | 10.09 | 3680000 |
| PSUs granted in 2025 |  |  |
| PSUs forfeited in 2025 | 10.00 | 12000 |
| PSUs outstanding on December 31, 2025 | 10.10 | 3668000 |
| PSUs exercisable on December 31, 2025 |  |  |
| Weighted average remaining contract life (years) | 4.60 |  |

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PSUs outstanding as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| PSUs outstanding on January 1, 2024 | 10.08 | 3642000 |
| PSUs granted in 2024 | 11.15 | 50000 |
| PSUs forfeited in 2024 | 10.00 | 12000 |
| PSUs outstanding on December 31, 2024 | 10.09 | 3680000 |
| PSUs exercisable on December 31, 2024 |  |  |
| Weighted average remaining contract life (years) | 5.60 |  |

---

PSUs outstanding as of December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2023** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| PSUs outstanding on January 1, 2023 | 10.08 | 3666000 |
| PSUs granted in 2023 |  |  |
| PSUs forfeited in 2023 | 10.00 | 24000 |
| PSUs outstanding on December 31, 2023 | 10.08 | 3642000 |
| PSUs exercisable on December 31, 2023 |  |  |
| Weighted average remaining contract life (years) | 6.55 |  |

---

*Restricted Stock Units ("RSUs")* 

Under the 2025 Equity Plan, Immatics issues employee restricted stock units with a service requirement ("Restricted Stock Units") to obtain shares of Immatics N.V. The Restricted Stock Units for all employees will vest in four equal annual installments upon satisfaction of service requirements. Restricted Stock Units are granted on a recurring basis. During the year ended December 31, 2025, the Company did not grant any Restricted Stock Units and no related expenses were recognized. In January 2026, the Company granted 1,055,080 Restricted Stock Units, which are accounted for using the respective grant date fair value.

**Total share-based compensation expenses:** 

The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2025, 2024 and 2023 as set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended<br>December 31,** | **Year ended<br>December 31,** | **Year ended<br>December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Research and development expenses | (7538) | (9587) | (11972) |
| General and administrative expenses | (7477) | (8055) | (8733) |
| **Total share-based compensation** | **(15015)** | **(17642)** | **(20705)** |

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**Additional outstanding awards fully vested**

Immatics GmbH previously issued share-based awards to employees under different plans. As part of the initial listing on Nasdaq, all outstanding awards were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. These awards are fully vested and no additional expense is recognized.

Matching Stock Options outstanding as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Matching Stock Options outstanding on January 1, 2025 | 10.00 | 1315798 |
| Matching Stock Options forfeited in 2025 | 10.00 | 4950 |
| Matching Stock Options exercised in 2025 |  |  |
| Matching Stock Options expired in 2025 | 10.00 | 20166 |
| Matching Stock Options outstanding on December 31, 2025 | 10.00 | 1290682 |
| Matching Stock Options exercisable on December 31, 2025 | 10.00 | 1290682 |
| Weighted average remaining contract life (years) | 4.50 |  |

---

Matching Stock Options outstanding as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Matching Stock Options outstanding on January 1, 2024 | 10.00 | 1342648 |
| Matching Stock Options forfeited in 2024 |  |  |
| Matching Stock Options exercised in 2024 | 10.00 | 25938 |
| Matching Stock Options expired in 2024 | 10.00 | 912 |
| Matching Stock Options outstanding on December 31, 2024 | 10.00 | 1315798 |
| Matching Stock Options exercisable on December 31, 2024 | 10.00 | 1315798 |
| Weighted average remaining contract life (years) | 5.50 |  |

---

Matching Stock Options outstanding as of December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2023** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Matching Stock Options outstanding on January 1, 2023 | 10.00 | 1348004 |
| Matching Stock Options forfeited in 2023 |  |  |
| Matching Stock Options exercised in 2023 | 10.00 | 720 |
| Matching Stock Options expired in 2023 | 10.00 | 4636 |
| Matching Stock Options outstanding on December 31, 2023 | 10.00 | 1342648 |
| Matching Stock Options exercisable on December 31, 2023 | 10.00 | 1342648 |
| Weighted average remaining contract life (years) | 6.50 |  |

---

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Converted Options outstanding as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Converted Options outstanding on January 1, 2025 | 2.90 | 477842 |
| Converted Options forfeited in 2025 | 1.50 | 2275 |
| Converted Options exercised in 2025 | 1.08 | 15401 |
| Converted Options expired in 2025 | 1.37 | 2451 |
| Converted Options outstanding on December 31, 2025 | 2.97 | 457715 |
| Converted Options exercisable on December 31, 2025 | 2.97 | 457715 |
| Weighted average remaining contract life (years) | 2.00 |  |

---

Converted Options outstanding as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Converted Options outstanding on January 1, 2024 | 2.81 | 503310 |
| Converted Options forfeited in 2024 |  |  |
| Converted Options exercised in 2024 | 1.22 | 23207 |
| Converted Options expired in 2024 | 1.24 | 2261 |
| Converted Options outstanding on December 31, 2024 | 2.90 | 477842 |
| Converted Options exercisable on December 31, 2024 | 2.90 | 477842 |
| Weighted average remaining contract life (years) | 3.00 |  |

---

Converted Options outstanding as of December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2023** |
|  | **Weighted<br>average<br>exercise price<br>in USD** | **Number** |
| Converted Options outstanding on January 1, 2023 | 2.74 | 525181 |
| Converted Options forfeited in 2023 | 1.14 | 909 |
| Converted Options exercised in 2023 | 1.24 | 20951 |
| Converted Options expired in 2023 | 0.85 | 11 |
| Converted Options outstanding on December 31, 2023 | 2.81 | 503310 |
| Converted Options exercisable on December 31, 2023 | 2.81 | 503310 |
| Weighted average remaining contract life (years) | 4.01 |  |

---

**12.** **Accounts receivables** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Receivables from collaboration agreements | 6099 | 5857 |
| **Total** | **6099** | **5857** |

---

As of December 31, 2025 and 2024, no expected credit losses were recognized.

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**13.** **Other current and non-current assets** 

Other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Prepaid expenses | 12920 | 12048 |
| Value added tax receivables | 782 | 888 |
| Other assets | 14870 | 6310 |
| **Total** | **28572** | **19246** |

---

Prepaid expenses include expenses for the supply of lentiviral vector of €2.7 million of which €0.9 million are attributable to an upfront payment pursuant to the execution of a commercial supply agreement for anzu-cel as of December 31, 2025. Prepaid expenses also include expenses for licenses and software of €3.4 million as of December 31, 2025 and €3.6 million as of December 31, 2024 and prepaid maintenance expenses of €1.0 million as of December 31, 2025 and €1.2 million as of December 31, 2024.

The remaining prepaid expenses of €5.8 million as of December 31, 2025 and €7.2 million as of December 31, 2024 are mainly prepayments for clinical research organizations, insurance and other services.

Other assets include receivables from capital gains tax and tax research allowance of €13.0 million as of December 31, 2025 and €5.9 million as of December 31, 2024.

Other non-current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Prepaid expenses | 1081 | 333 |
| Other assets | 769 | 917 |
| **Total** | **1850** | **1250** |

---

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**14.** **Property, plant and equipment** 

Property, plant and equipment consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Laboratory<br>equipment** | **Computer<br>equipment** | **Office<br>equipment<br>and<br>installations** | **Lease hold<br>improvements** | **Total** |
| **Cost as of January 1, 2024** | **30266** | **6710** | **4223** | **25413** | **66612** |
| Additions | 7101 | 763 | 709 | 4306 | 12879 |
| Disposals | (5) |  | (8) |  | (13) |
| Currency translation differences | 1045 | 110 | 112 | 1698 | 2965 |
| **Cost as of December 31, 2024** | **38407** | **7583** | **5036** | **31417** | **82443** |
| **Accumulated depreciation as of January 1, 2024** | **(15750)** | **(4157)** | **(2533)** | **(425)** | **(22865)** |
| Additions | (4172) | (877) | (730) | (2847) | (8626) |
| Disposals | 3 |  | 7 |  | 10 |
| Currency translation differences | (380) | (60) | (31) | (111) | (582) |
| **Accumulated depreciation as of December 31, 2024** | **(20299)** | **(5094)** | **(3287)** | **(3383)** | **(32063)** |
| **Net book value as of December 31, 2024** | **18108** | **2489** | **1749** | **28034** | **50380** |
| **Cost as of January 1, 2025** | **38407** | **7583** | **5036** | **31417** | **82443** |
| Additions | 3747 | 928 | 471 | 1102 | 6248 |
| Disposals | (5367) | (3046) | (1774) | (330) | (10517) |
| Currency translation differences | (2426) | (222) | (227) | (3425) | (6300) |
| **Cost as of December 31, 2025** | **34361** | **5243** | **3506** | **28764** | **71874** |
| **Accumulated depreciation as of January 1, 2025** | **(20299)** | **(5094)** | **(3287)** | **(3383)** | **(32063)** |
| Additions | (4450) | (1062) | (480) | (3039) | (9031) |
| Disposals | 4812 | 3014 | 1757 | 184 | 9767 |
| Currency translation differences | 920 | 126 | 80 | 438 | 1564 |
| **Accumulated depreciation as of December 31, 2025** | **(19017)** | **(3016)** | **(1930)** | **(5800)** | **(29763)** |
| **Net book value as of December 31, 2025** | **15344** | **2227** | **1576** | **22964** | **42111** |

---

The Group's additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €5.0 million for the year ended December 31, 2025, of which €0.6 million are in construction.

The Group's additions include leasehold improvements, lab equipment, office equipment and computer equipment for the research and commercial GMP manufacturing facility construction in Houston, Texas of €8.7 million for the year ended December 31, 2024, of which €0.0 million are in construction.

The acquired property, plant and equipment include non-cash investments of €0.5 million and €0.8 million for the year ended December 31, 2025 and 2024, respectively.

The unpaid investments decreased from €0.8 million as of December 31, 2024 to €0.5 million as of December 31, 2025 which is accounted for in accounts payable.

Depreciation expenses consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Research and development expenses | (6911) | (6600) | (2419) |
| General and administrative expenses | (2120) | (2026) | (868) |
| **Total** | **(9031)** | **(8626)** | **(3287)** |

---

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**15.** **Intangible assets** 

Intangible assets consist of the following:

---

| | | | |
|:---|:---|:---|:---|
| **(Euros in thousands)** | **Patents<br>and<br>licenses** | **Software<br>licenses** | **Total** |
| **Cost as of January 1, 2024** | **2052** | **1060** | **3112** |
| Additions | 202 | 6 | 208 |
| Currency translation differences | 113 | 7 | 120 |
| **Cost as of December 31, 2024** | **2367** | **1073** | **3440** |
| **Accumulated amortization as of January 1, 2024** | **(629)** | **(960)** | **(1589)** |
| Additions | (104) | (78) | (182) |
| Currency translation differences | (33) | (7) | (40) |
| **Accumulated amortization as of December 31, 2024** | **(766)** | **(1045)** | **(1811)** |
| **Net book value as of December 31, 2024** | **1601** | **28** | **1629** |
| **Cost as of January 1, 2025** | **2367** | **1073** | **3440** |
| Additions | 247 |  | 247 |
| Disposal | (183) | (574) | (757) |
| Currency translation differences | (229) | (13) | (242) |
| **Cost as of December 31, 2025** | **2202** | **486** | **2688** |
| **Accumulated amortization as of January 1, 2025** | **(766)** | **(1045)** | **(1811)** |
| Additions | (110) | (28) | (138) |
| Disposal | 183 | 574 | 757 |
| Currency translation differences | 73 | 13 | 86 |
| **Accumulated amortization as of December 31, 2025** | **(620)** | **(486)** | **(1106)** |
| **Net book value as of December 31, 2025** | **1582** | **—** | **1582** |

---

Amortization expenses consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Research and development expenses | (79) | (98) | (115) |
| General and administrative expenses | (59) | (84) | (108) |
| **Total** | **(138)** | **(182)** | **(223)** |

---

**16.** **Leases** 

Right-of-use assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Buildings | 12588 | 13154 |
| Vehicles | 149 | 107 |
| IT and telecommunication | 49 | 71 |
| **Total** | **12786** | **13332** |

---

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Lease liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Lease liabilities – current | 2757 | 2851 |
| Lease liabilities – non-current | 12878 | 13352 |
| **Total** | **15635** | **16203** |

---

Additions related to new contracts and additions related to modifications of existing contracts to the right-of-use assets and liabilities were €3.3 million and €3.1 million for the year ended December 31, 2025 and 2024, respectively.

Currency translation differences included in right-of-use assets were €0.6 million and €0.4 million for the year ended December 31, 2025 and 2024, respectively.

Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense. Short-term leases are leases with a lease term of 12 months or less. Low-value assets have a value of less than €5 thousand.

Expenses related to right-of-use assets and lease liabilities consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Depreciation expenses of right-of-use assets** | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Buildings | (3137) | (3213) | (3265) |
| Laboratory equipment |  | (115) | (360) |
| Vehicles | (72) | (64) | (72) |
| IT and telecommunication | (22) | (25) | (26) |
| **Total** | **(3231)** | **(3417)** | **(3723)** |
| **Interest expenses from leases** | (946) | (886) | (801) |
| Expenses relating to short-term leases |  |  | (1548) |
| Expenses relating to low-value assets | (109) | (85) | (86) |

---

The total cash payments for leases were €4.0 million, €4.2 million and €4.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the Group has committed lease payments associated with lease liabilities of €15.6 million, of which €2.8 million will occur in the next 12 months. The remaining lease payments will occur between January 1, 2026 and June 30, 2033.

The Group has several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group's business needs. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised.

The undiscounted potential future lease payments, which relate to periods after the exercise date of renewal options and are not included in lease liabilities, amount up to €27.8 million until 2043 for the year ended December 31, 2025 and up to €29.3 million until 2043 for the year ended December 31, 2024. For commitments for future lease payments, refer to Note 22.

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**17.** **Accounts payables** 

Accounts payables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Trade payables | 340 | 10112 |
| Accrued liabilities | 18492 | 10581 |
| **Total** | **18832** | **20693** |

---

Accounts payables are non-interest-bearing and are due within one year. The carrying amounts of accounts payables represent fair values due to their short-term nature.

**18.** **Other current liabilities**

Other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Payroll tax | 2318 | 2008 |
| Income tax liability | 32 | 1761 |
| Accrual for vacation and overtime | 1707 | 1579 |
| Other liabilities | 1550 | 1457 |
| **Total** | **5607** | **6805** |

---

Other current liabilities are non-interest-bearing and are due within one year. The carrying amounts of other current liabilities represent fair values due to their short-term nature.

**19.** **Shareholders' equity**

As of December 31, 2025 and 2024, the total number of ordinary shares of Immatics N.V. outstanding is 134,071,432 and 121,550,169 with a par value of €0.01, respectively.

On December 08, 2025, the Group closed an offering of 12,500,000 ordinary shares with a public offering price of €8.58 ($10.00) per ordinary share. The Group received gross proceeds of €107.2 million ($125.0 million) less transaction costs of €7.0 million ($8.0 million), resulting in an increase in share capital of €125.0 thousand and share premium of €100.1 million.

Additionally, the number of ordinary shares increased by 21,263 during the year ended December 31, 2025, due to exercised share options from the Group's equity incentive plan, resulting in an increase in share capital of €0.2 thousand and share premium of €60 thousand.

On January 22, 2024, the Group closed an offering of 18,313,750 ordinary shares with a public offering price of €10.10 ($11.00) per ordinary share. The Group received gross proceeds of €185.0 million ($201.5 million) less transaction costs of €11.6 million ($12.6 million), resulting in an increase in share capital of €183.0 thousand and share premium of €173.2 million.

On October 15, 2024, the Group closed an offering of 16,250,000 ordinary shares with a public offering price of €8.48 ($9.25) per ordinary share. The Group received gross proceeds of €137.9 million ($150.3 million) less transaction costs of €8.6 million ($9.4 million) resulting in an increase in share capital of €162.5 thousand and share premium of €129.1 million.

In addition, on November 12, 2024, the Group issued 2,185,884 shares with a public offering price of €8.71 ($9.25) per ordinary share from the exercise of the option to purchase additional shares according to the underlying offering from October 15, 2024. The Group received gross proceeds of €19.0 million ($20.2 million) less transaction costs of €1.1 million ($1.2 million) resulting in an increase in share capital of €21.9 thousand and share premium of €17.9 million.

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Additionally, the number of ordinary shares increased by 142,746 during the year ended December 31, 2024, due to exercised share options from the Group's equity incentive plan, resulting in an increase in share capital of €1.4 thousand and share premium of €1.1 million.

Other reserves are related to accumulated foreign currency translation amounts associated with the Group's U.S. operations.

**20.** **Financial Risk Management Objectives and Policies** 

The Group's principal financial assets comprise cash and cash equivalents, short-term deposits and accounts receivables. The main purpose of these financial assets is to invest the proceeds of capital contributions and upfront payments from collaboration agreements. The Group has various other financial instruments such as other receivables and trade accounts payables, which arise directly from its operations.

The main risks arising from the Group's financial instruments are market risk and liquidity risk. The Board reviews and agrees on policies for managing these risks as summarized below. The Group also monitors the market price risk arising from all financial instruments.

**Interest rate risk** 

The exposure of the Group to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits.

Regarding the liabilities shown in the Consolidated Statement of Financial Position, the Group is currently not subject to interest rate risks.

**Credit risk** 

Financial instruments that potentially subject us to concentrations of credit and liquidity risk consist primarily of cash and cash equivalents, accounts receivables and short-term deposits. Our cash and cash equivalents and short-term deposits are denominated in euros and U.S. dollars and maintained with six financial institutions in Germany and two in the United States. Our accounts receivables are denominated in U.S. dollars.

We continually monitor our positions with, and the credit quality of, the financial institutions and corporation, which are counterparts to our financial instruments and we are not anticipating non-performance. The maximum default risk corresponds to the carrying amount of the financial assets shown in the statement of financial position. We monitor the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets, as well as expected cash flows from equity measures.

The maximum default risk is €475.4 million and €610.3 million as of December 31, 2025 and 2024, respectively. These amounts consist of €345.9 million and €236.7 million cash and cash equivalents, €6.1 million and €5.9 million accounts receivables as well as €123.4 million and €367.7 million other financial assets as of December 31, 2025 and 2024, respectively.

The cash and cash equivalents are held with banks, which are rated BBB+ to Aa3 by S&P and Moody's. Short-term deposits are with banks, which are rated Aa3 and A1 by the rating agency Moody's. The Group monitors the risk of a liquidity shortage. The main factors considered here are the maturities of financial assets as well as expected cash flows from equity measures**.** 

**Currency risk** 

Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. In particular, it poses a threat if the value of the currency in which liabilities are priced appreciates relative to the currency of the assets. Our business transactions are generally conducted in euros and U.S. dollars. We aim to match EUR cash inflows with EUR cash outflows and U.S. dollar cash inflows with U.S. dollar cash outflows where possible. Our objective of currency risk management is to identify, manage and control currency risk exposures within acceptable parameters.

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Our cash and cash equivalents were €345.9 million as of December 31, 2025. Approximately 95% of our cash and cash equivalents were held in Germany, of which approximately 39% were denominated in euros and 61% were denominated in U.S. dollars. The remainder of our cash and cash equivalents are held in the United States and denominated in U.S. dollars. Additionally, we have short-term deposits classified as other financial assets denominated in euros in the amount of €45.6 million and U.S. dollars in the amount of €77.8 million as of December 31, 2025.

The Group recognized significant foreign exchange income and losses in 2025 and 2024, as Immatics N.V.'s and Immatics GmbH's functional currency is euro, due to significant holdings of U.S. dollar amounts.

Cash and cash equivalents and other financial assets balances denominated in U.S. dollars held by entities with functional currency of euro are as follows:

**Cash, cash equivalents and other financial assets of Immatics N.V. and Immatics GmbH held in USD** 

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Cash and cash equivalents | 198974 | 76351 |
| Other financial assets | 77792 | 268423 |
| **Total assets exposed to the risk** | **276766** | **344774** |

---

Conversion rate EUR/USD as of December 31, 2025: 1/1.175

**Sensitivity analysis of Immatics N.V. and Immatics GmbH for 2025:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conversion<br>rate** | **Profit/(loss)** | **Carrying<br>amount** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Euro weakens by 10% against U.S. dollars | 1.2925 | (25161) | 251605 |
| Euro strengthens by 10% against U.S. dollars | 1.0575 | 30752 | 307517 |

---

In 2025, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group's profit would have been €25.2 million lower/€30.8 million higher, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH.

**Sensitivity analysis of Immatics N.V. and Immatics GmbH for 2024:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conversion<br>rate** | **Profit/(loss)** | **Carrying<br>amount** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Euro weakens by 10% against U.S. dollars | 1.1428 | (31343) | 313431 |
| Euro strengthens by 10% against U.S. dollars | 0.9350 | 38308 | 383083 |

---

In 2024, if the euro had weakened/strengthened by 10% against U.S. dollars by considering that all other variables held constant, the Group's profit would have been €31.3 million lower/€38.3 million higher, resulting from foreign exchange on translation of U.S. dollar assets of Immatics N.V. and Immatics GmbH.

The wholly-owned subsidiary Immatics US, Inc. is located in the United States and has U.S. dollars as its functional currency. Therefore, the Group is subject to currency fluctuations that would affect the other comprehensive income and equity of the Group.

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**Sensitivity analysis of Immatics US, Inc. for 2025:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conversion<br>rate** | **OCI** | **Carrying<br>amount** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Euro weakens by 10% against U.S. dollars | 1.2925 | (4541) | 45408 |
| Euro strengthen by 10% against U.S. dollars | 1.0575 | 5550 | 55499 |

---

**Sensitivity analysis of Immatics US, Inc. for 2024:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Conversion<br>rate** | **OCI** | **Carrying<br>amount** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Euro weakens by 10% against U.S. dollars | 1.1428 | (7395) | 73953 |
| Euro strengthen by 10% against U.S. dollars | 0.9350 | 9039 | 90387 |

---

**Liquidity risk** 

The Group continuously monitors its risk to a shortage of funds. The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of capital raises.

As of December 31, 2025, and 2024, the Group held the following funds to counteract liquidity risk.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(Euros in thousands)** | **(Euros in thousands)** |
| Cash and cash equivalents | 345918 | 236748 |
| Short-term deposits | 123419 | 367704 |
| **Total funds available** | **469337** | **604452** |

---

**Market risk and currency risk of warrants** 

During the year ended December 31, 2025 and the year ended December 31, 2024 we were exposed to financial risks of changes in price of the warrants. As the warrants are recognized at fair value on the consolidated statement of financial position of the Group, our exposure to market risks results from the volatility of the warrants price. The Warrants were publicly traded at the Nasdaq Stock Exchange.

On July 1, 2025, the Company's public warrants expired. As a result, the related warrant liabilities were derecognized from the Statement of Financial Position on that date, with a respective impact on the Statement of Profit or Loss for the year ended December 31, 2025.

Since the warrants expired during the year ended December 31, 2025, a reasonable increase (decrease) in the warrant price by 10%, with all other variables held constant, would lead to no impact in equity as of December 31, 2025. A reasonable increase/decrease in the warrant price by 10%, with all other variables held constant, would lead to a loss/gain before tax of €0.2 million with a corresponding effect in the equity as of December 31, 2024.

Currency risk shows the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The warrants are traded in U.S. dollar while the functional currency of Immatics N.V. is euro.

If the euro had weakened/strengthened by 10% against U.S. dollars, with all other variables held constant, the Group's gain/loss before tax would not have an effect in equity as of December 31, 2025, since the warrants expired during the year ended December 31, 2025.

If the euro had weakened/strengthened by 10% against U.S. dollars, with all other variables held constant, the Group's gain/loss before tax would be €0.2 million/(€0.2 million) with a corresponding effect in the Statement of Profit or Loss as of December 31, 2024.

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The risks associated with our warrants result in non-cash, non-operating financial statement effects and have no impact on the Company's cash position, operating expenses or cash flows.

**Capital management**

The Group's capital management objectives are designed primarily to finance our growth strategy.

The Group reviews the total amount of cash on a regular basis. As part of this review, the Group considers the total cash and cash equivalents and other financial assets, the cash outflow, currency translation differences and refinancing activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year. In general, the aim is to maximize the financial resources available for further research and development projects. The Group is not subject to externally imposed capital requirements. The Group's capital management objectives were achieved in the reporting year.

**21.** **Financial Instruments** 

Set out below are the carrying amounts and fair values of the Group's financial instruments that are carried in the consolidated financial statements as of December 31, 2025 and 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying amount per measurement category** | **Carrying amount per measurement category** | **Carrying amount per measurement category** | **Carrying amount per measurement category** |  |  |
|  | **Financial assets as of December 31,<br>2025** | **Financial assets as of December 31,<br>2025** | **Financial liabilities as of December 31,<br>2025** | **Financial liabilities as of December 31,<br>2025** |  |  |
| **(Euros in thousands)** | **At fair value<br>through profit<br>and loss** | **At amortized<br>cost** | **At fair value<br>through profit<br>and loss** | **At amortized<br>cost** | **IFRS 7 not<br>applicable and<br>IFRS 16** | **December 31, 2025** |
| &nbsp;&nbsp;**Current/non-current assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents |  | 345918 |  |  |  | **345918** |
| &nbsp;&nbsp;Short-term deposits\* |  | 123419 |  |  |  | **123419** |
| &nbsp;&nbsp;Accounts receivables |  | 6099 |  |  |  | **6099** |
| &nbsp;&nbsp;Other current/non-current assets\* |  | 2388 |  |  | 28034 | **30422** |
| &nbsp;&nbsp;**Current/non-current liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Accounts payables |  |  |  | 18832 |  | **18832** |
| &nbsp;&nbsp;Other current liabilities |  |  |  | 50 | 5557 | **5607** |
| &nbsp;&nbsp;Lease liabilities |  |  |  |  | 15635 | **15635** |
| &nbsp;&nbsp;**Total** |  | **477824** |  | **18882** | **49226** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Carrying amount per measurement category** | **Carrying amount per measurement category** | **Carrying amount per measurement category** | **Carrying amount per measurement category** |  |  |
|  | **Financial assets as of December 31, 2024** | **Financial assets as of December 31, 2024** | **Financial liabilities as of December 31, 2024** | **Financial liabilities as of December 31, 2024** |  |  |
| **(Euros in thousands)** | **At fair value<br>through profit<br>and loss** | **At amortized<br>cost** | **At fair value<br>through profit<br>and loss** | **At amortized<br>cost** | **IFRS 7 not<br>applicable and<br>IFRS 16** | **December 31, 2024** |
| &nbsp;&nbsp;**Current/non-current assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents |  | 236748 |  |  |  | **236748** |
| &nbsp;&nbsp;Short-term deposits\* |  | 367704 |  |  |  | **367704** |
| &nbsp;&nbsp;Accounts receivables |  | 5857 |  |  |  | **5857** |
| &nbsp;&nbsp;Other current/non-current assets\* |  | 1244 |  |  | 19252 | **20496** |
| &nbsp;&nbsp;**Current/non-current liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Accounts payables |  |  |  | 20693 |  | **20693** |
| &nbsp;&nbsp;Other current liabilities |  |  |  | 50 | 6755 | **6805** |
| &nbsp;&nbsp;Liabilities for warrants |  |  | 1730 |  |  | **1730** |
| &nbsp;&nbsp;Lease liabilities |  |  |  |  | 16203 | **16203** |
| &nbsp;&nbsp;**Total** |  | **611553** | **1730** | **20743** | **42210** |  |

---

<sup>\*</sup>"Short-term deposits" are classified within the balance sheet item "other financial assets". Other current/non-current assets classified as financial instruments comprise mainly of deposits.

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The book value of financial assets and liabilities other than lease liabilities and liabilities for warrants represent a reasonable approximation of the fair value.

All financial liabilities classified as "at fair value through profit or loss" are measured by using quoted prices in an active market for identical assets and liabilities (Level 1), respectively.

Liabilities for warrants are comprised of the Immatics Warrants issued to investors with a cashless exercise mechanism as a current liability which the Company accounted for according to provisions of IAS 32. The Company measures the warrants at fair value by using the closing price of warrants at Nasdaq. The warrants are measured in each reporting period. Changes in the fair value are recognized in the Company's Consolidated Statement of Profit or Loss as financial income or expenses, as appropriate. The warrants are classified as Level 1 of the fair value hierarchy. The maturity of the liabilities for warrants is dependent on the development of the share price as well as the decisions by the Immatics Warrants holders. The warrants expired on July 1, 2025.

The Group's net results from financial instruments by measurement categories are disclosed below for the years ended December 31, 2025, 2024 and 2023, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **(Euros in thousands)** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;Financial assets at amortized cost | (17544) | 43583 | 7612 |
| &nbsp;&nbsp;Financial liabilities at amortized cost | (946) | (886) | (802) |
| &nbsp;&nbsp;Financial liabilities at fair value through profit or loss | 1730 | 17264 | (2079) |
| &nbsp;&nbsp;**Total** | **(16760)** | **59961** | **4731** |

---

The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash effective as of December 31, 2025 and 2024, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(Euros in thousands)** | **January 1, 2025** | **Cash effective** | **Non-cash effective** | **December 31, 2025** |
| &nbsp;&nbsp;Liabilities for warrants | 1730 |  | (1730) |  |
| &nbsp;&nbsp;Lease Liabilities | 16203 | (2959) | 2391 | 15635 |
| &nbsp;&nbsp;**Total** | **17933** | **(2959)** | **661** | **15635** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(Euros in thousands)** | **January 1, 2024** | **Cash effective** | **Non-cash effective** | **December 31, 2024** |
| &nbsp;&nbsp;Liabilities for warrants | 18993 |  | (17263) | 1730 |
| &nbsp;&nbsp;Lease Liabilities | 15402 | (2012) | 2813 | 16203 |
| &nbsp;&nbsp;**Total** | **34395** | **(2012)** | **(14450)** | **17933** |

---

**22.** **Commitments and contingencies** 

Contractual obligations for 2025 consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by year** | **Payments due by year** | **Payments due by year** | **Payments due by year** | **Payments due by year** |
| (Euros in thousands) | **Less than<br>1 year** | **1 - 3<br>years** | **3 - 5<br>years** | **More than<br>5 years** | **Total** |
| Lease liabilities | 3549 | 6053 | 4047 | 5048 | 18697 |
| Other contractual obligations | 5540 | 1928 | 815 |  | 8283 |
| **Total** | **9089** | **7981** | **4862** | **5048** | **26980** |

---

Contractual obligations for 2024 consist of the following:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by year** | **Payments due by year** | **Payments due by year** | **Payments due by year** | **Payments due by year** |
| (Euros in thousands) | **Less than<br>1 year** | **1 - 3<br>years** | **3 - 5<br>years** | **More than<br>5 years** | **Total** |
| Lease liabilities | 3698 | 5742 | 4765 | 5468 | 19673 |
| Other lease obligations | 349 | 761 | 792 | 1902 | 3804 |
| Other contractual obligations | 915 | 1990 | 1462 | 79 | 4446 |
| **Total** | **4962** | **8493** | **7019** | **7449** | **27923** |

---

Other lease obligations comprise of obligations for leases classified as short-term and low value as well as obligations for leases signed but not yet started.

Other contractual obligations comprise of obligations for contingent liabilities of contracts.

The warrants expired on July 1, 2025, five years after the completion of the ARYA Merger.

The Group is potentially liable to pay €0.8 million and €0.8 million to a third party upon successfully completing the milestone of the first clinical lead selection in connection with Immatics collaboration agreements as of December 31, 2025, and 2024, respectively. The Group does not recognize a liability for these contingent payments due to the scientific uncertainty of achieving the related milestones.

**23.** **Related party disclosures** 

Key management personnel have been defined as the members of the Executive Committee of Immatics N.V.

Compensation of key management personnel consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands)** | **(Euros in thousands)** | **(Euros in thousands)** |
| Fixed | 4310 | 3848 | 3611 |
| Variable | 1803 | 1733 | 1818 |
| Share-based compensation expenses | 7474 | 9002 | 14033 |
| **Total \*** | **13587** | **14583** | **19462** |

---

\*including the compensation of (former) key personnel for the period of their services during the year ended December 31, 2025

Fixed and variable key management compensation represents short-term employee benefits.

For the year ended December 31, 2025, the Group entered into a commitment of a termination benefit of €0.3 million to key management personnel.

The non-executive members of the Board of the Group received a fixed fee.

Total compensation for the non-executive members of the Board amounted to €2.5 million in 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Peter<br>Chambré** | **Michael G.<br>Atieh** | **Paul<br>Carter** | **Heather L.<br>Mason** | **Adam<br>Stone** | **Mathias<br>Hothum** | **Eliot<br>Forster** | **Alise<br>Reicin** | **Total** |
| Board compensation | 90 | 70 | 65 | 50 | 50 | 50 | 50 | 50 | **475** |
| Share-based compensation expenses | 239 | 239 | 239 | 239 | 239 | 236 | 239 | 307 | **1977** |
| **Total** | **329** | **309** | **304** | **289** | **289** | **286** | **289** | **357** | **2452** |

---

Total compensation for the non-executive members of the Board amounted to €2.6 million in 2024:

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Peter<br>Chambré** | **Michael G.<br>Atieh** | **Paul<br>Carter** | **Heather L.<br>Mason** | **Adam<br>Stone** | **Mathias<br>Hothum** | **Eliot<br>Forster** | **Alise<br>Reicin** | **Total** |
| Board compensation | 85 | 68 | 63 | 48 | 48 | 48 | 48 | 21 | **429** |
| Share-based compensation expenses | 285 | 285 | 285 | 285 | 285 | 269 | 287 | 211 | **2192** |
| **Total** | **370** | **353** | **348** | **333** | **333** | **317** | **335** | **232** | **2621** |

---

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2023:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Euros in thousands)** | **Peter<br>Chambré** | **Michael G.<br>Atieh** | **Paul<br>Carter** | **Heather L.<br>Mason** | **Adam<br>Stone** | **Mathias<br>Hothum** | **Eliot<br>Forster** | **Total** |
| Board compensation | 80 | 60 | 56 | 43 | 43 | 23 | 43 | **348** |
| Share-based compensation<br>expenses | 203 | 203 | 203 | 203 | 203 | 97 | 206 | **1318** |
| **Total** | **283** | **263** | **259** | **246** | **246** | **120** | **249** | **1666** |

---

Prior to the ARYA Merger, Immatics N.V. established the 2020 Incentive Plan. Immatics N.V. granted certain service-based options out of the 2020 Incentive Plan to its management and directors and, in addition, performance-based options to its management upon closing of the ARYA Merger. This plan was complemented by the Company's 2022 stock option and incentive plan ("2022 Equity Plan") which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company's 2024 stock option and incentive plan ("2024 Equity Plan"). At the Annual General Meeting on June 18, 2025, Immatics shareholders approved the Company's 2025 stock option and incentive plan ("2025 Equity Plan"). The Equity Plans allow the company to grant additional options.

Under the 2020 Equity Plan, the 2022 Equity Plan, the 2024 Equity Plan and the 2025 Equity Plan, Immatics issues employee stock options with a service requirement ("Service Options") to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based quarterly vesting schedule with a one-year cliff period. Under the 2022 Equity Plan and the 2024 Equity Plan, service options granted based on initial election to the Board will vest on a three-year time-based quarterly vesting schedule and annual service options for members of the Board will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, which were accounted for using the respective grant date fair value. The performance-based options will vest based both on achievement of certain market capitalization milestones and satisfaction of a four-year time-based vesting schedule, which provides for 25% vesting on the first anniversary of the vesting commencement date and quarterly vesting thereafter. The following options were granted to Immatics' Directors:

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Type of options** | **Grant date** | **Number of<br>Options** | **Strike<br>Price in<br>USD** | **Expiration date** |
| **Executive Director** |  |  |  |  |  |
| Harpreet Singh | Performance-based options | June 30, 2020 | 1598000 | 10.00 | June 30, 2030 |
| Harpreet Singh | Service options | June 30, 2020 | 168000 | 10.00 | June 30, 2030 |
| Harpreet Singh | Matching Stock options | June 30, 2020 | 264624 | 10.00 | June 30, 2030 |
| Harpreet Singh | Converted Stock options | June 30, 2020 | 30939 | 1.06 | July 1, 2027 |
| Harpreet Singh | Converted Stock options | June 30, 2020 | 145371 | 1.17 | January 1, 2028 |
| Harpreet Singh | Service options | December 17, 2020 | 168000 | 9.70 | December 17, 2030 |
| Harpreet Singh | Service options | December 9, 2021 | 168000 | 11.00 | December 9, 2031 |
| Harpreet Singh | Service options | June 14, 2022 | 135000 | 7.94 | June 14, 2032 |
| Harpreet Singh | Service options | December 13, 2022 | 388000 | 9.75 | December 13, 2032 |
| Harpreet Singh | Service options | December 5, 2023 | 390000 | 9.06 | December 5, 2033 |
| Harpreet Singh | Service options | December 3, 2024 | 300000 | 8.06 | December 3, 2034 |
| **Non-executive Directors** |  |  |  |  |  |
| Peter Chambré | Matching Stock options | June 30, 2020 | 211974 | 10.00 | June 30, 2030 |
| Peter Chambré | Service options | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
| Peter Chambré | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Peter Chambré | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Peter Chambré | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Peter Chambré | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Peter Chambré | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Adam Stone | Service options | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
| Adam Stone | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Adam Stone | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Adam Stone | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Adam Stone | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Adam Stone | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Heather L. Mason | Service options | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
| Heather L. Mason | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Heather L. Mason | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Heather L. Mason | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Heather L. Mason | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Heather L. Mason | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Michael G. Atieh | Service options | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
| Michael G. Atieh | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Michael G. Atieh | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Michael G. Atieh | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Michael G. Atieh | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Michael G. Atieh | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Paul Carter | Service options | June 30, 2020 | 25000 | 10.00 | June 30, 2030 |
| Paul Carter | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Paul Carter | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Paul Carter | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Paul Carter | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Paul Carter | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Eliot Forster | Service options | September 14, 2020 | 25000 | 9.16 | September 13, 2030 |
| Eliot Forster | Service options | December 9, 2021 | 15000 | 11.00 | December 9, 2031 |
| Eliot Forster | Service options | June 14, 2022 | 25000 | 7.94 | June 14, 2032 |
| Eliot Forster | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Eliot Forster | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Eliot Forster | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Mathias Hothum | Service options | June 27, 2023 | 25000 | 11.41 | June 27, 2033 |
| Mathias Hothum | Service options | June 25, 2024 | 40000 | 12.00 | June 25, 2034 |
| Mathias Hothum | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |
| Alise Reicin | Service options | July 29, 2024 | 60000 | 12.08 | June 29, 2034 |
| Alise Reicin | Service options | June 24, 2025 | 41500 | 5.44 | June 24, 2035 |

---

In 2025, an additional aggregate of 561,000 service options to purchase ordinary shares, were granted to other Immatics' key management personnel who are members of the Executive Committee but not Directors. Certain key management personnel were also participants in the share-based compensation plans of Immatics GmbH (2010 Plan and 2016 Plan).

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Until December 31, 2025, no options granted to directors and executive officers were forfeited or exercised. Refer to section "11. Share-based payments" regarding further details of the Group's share-based compensation.

There are no outstanding balances, including commitments, other than the above mentioned with related parties.

The Group did not enter into transactions with related parties in 2025, 2024 and 2023 other than the mentioned compensation contracts.

**24.** **Earnings and Loss per Share**

The Group reported basic and diluted loss and earnings per share during the year ended December 31, 2025, 2024 and 2023. Basic earnings and loss per share are calculated by dividing the net profit or loss by the weighted-average number of ordinary shares outstanding for the reporting period.

Diluted earnings and loss per share for the year ended December 31, 2025 are calculated by adjusting the weighted average number of ordinary shares outstanding for any dilutive effects resulting from equity awards granted to the Board and employees of the Group as well as from publicly traded Immatics Warrants. The Group's equity awards and Immatics Warrants for which the exercise price is exceeding the Group's weighted average share price for the year ended December 31, 2025 are excluded from the calculation of diluted weighted average number of ordinary shares.

The Group was loss-making during the year ended December 31, 2025. Therefore all instruments under the 2020, 2022, 2024 and 2025 Equity Plan are anti-dilutive instruments and are excluded in the calculation of diluted weighted average number of ordinary shares outstanding.

The 7,187,500 Immatics Warrants issued in 2020 expired on July 1, 2025. During the year ended December 31, 2025 the warrants had an exercise price exceeding the Group's weighted average share price and are therefore not included in the calculation.

The Group generated a profit during the year ended December 31, 2024. Therefore all instruments under the 2020, 2022 and 2024 Equity Plan that have an exercise price below the weighted average share price for the year ended December 31, 2024 are dilutive instruments and are included in the calculation of diluted weighted average number of ordinary shares outstanding.

The 7,187,500 Immatics Warrants issued in 2020 and outstanding as of December 31, 2024 have an exercise price exceeding the Group's weighted average share price for the year ended December 31, 2024 and are therefore not included in the calculation.

For the year ended December 31, 2023 the Group was loss-making. The Group's weighted average share price was below the exercise price for the given period. Therefore, Immatics Warrants have no dilutive effect.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Euros in thousands, except share and per share data)** | **(Euros in thousands, except share and per share data)** | **(Euros in thousands, except share and per share data)** |
| **Numerator:** |  |  |  |
| **Net Profit/(loss)** | **(196447)** | **15218** | **(94649)** |
| Adjustments of profit or loss |  |  |  |
| **Net Profit/(loss) available to common shareholders** | **(196447)** | **15218** | **(94649)** |
| **Denominator:** |  |  |  |
| **Weighted average shares outstanding - Basic** | **122348434** | **105744929** | **80546682** |
| Effect of potentially dilutive warrants / shares option |  | 1050171 |  |
| **Weighted average shares outstanding - Diluted** | **122348434** | **106795100** | **80546682** |
| Earning/(Loss) per share - Basic | (1.61) | 0.14 | (1.18) |
| Earning/(Loss) per share - Diluted | (1.61) | 0.14 | (1.18) |

---

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**25.** **Events occurring after the reporting period** 

The Company evaluated further subsequent events for recognition or disclosure through March 5, 2026 and did not identify additional material subsequent events.

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**SIGNATURES** 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this report on its behalf.

Date: March 5, 2026

---

| | | |
|:---|:---|:---|
| **Immatics N.V.** | **Immatics N.V.** | **Immatics N.V.** |
| By: | /s/ Harpreet Singh | /s/ Harpreet Singh |
|  | Name: | Harpreet Singh |
|  | Title: | Chief Executive Officer and Managing Director |

---

------

## Exhibit 2.4

**Exhibit 2.4**

# DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
**Share Capital**

***Authorized Share Capital***

Our authorized share capital consists of 285,000,000 ordinary shares, nominal value of €0.01 per share, and 15,000,000 financing preferred shares. The financing preferred shares are divided into five series, each consisting of 3,000,000 financing preferred shares.

The financing preferred shares may, at the request of the holder, be converted into ordinary shares pursuant to a resolution of our board of directors. The conditions for conversion and the further terms and conditions related to the financing preferred shares will be determined by our board of directors, our general meeting and the meeting of holders of the series of financing preferred shares concerned, if such series of financing preferred shares has been issued and are held by persons other than us. The preceding sentence applies by analogy to any adjustment to the conditions.

***Issuance of Ordinary Shares***

Under Dutch law, shares are issued and rights to subscribe for shares are granted pursuant to a resolution of our general meeting. Our articles of association provide that the general meeting may only resolve to issue shares upon the proposal of our board of directors. The general meeting may authorize our board of directors to issue new ordinary shares or grant rights to subscribe for ordinary shares. The authorization can be granted and extended, in each case for a period not exceeding five years. For as long as, and to the extent, that such authorization is effective, our general meeting will not have the power to issue ordinary shares.

Pursuant to a resolution of the general meeting dated June 20, 2024, our board of directors is irrevocably authorized to for a period of five years from June 20, 2024, to issue ordinary shares up to the amount of the authorized share capital (from time to time).

***Preemptive Rights***

Subject to restrictions in our articles of association, holders of ordinary shares have preemptive rights in relation to newly issued ordinary shares under Dutch law.

Under our articles of association, the preemptive rights in respect of newly issued ordinary shares may be restricted or excluded by a resolution of our general meeting upon the proposal of our board of directors, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share capital is present or represented at the meeting. The general meeting may authorize our board of directors to limit or exclude the preemptive rights in respect of newly issued ordinary shares, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share capital is present or represented at the meeting. Such authorization for our board of directors can be granted and extended, in each case for a period not exceeding five years.

Pursuant to a resolution of the general meeting dated June 20, 2024, our board of directors is irrevocably authorized for a period of five years from June 20, 2024 to limit or exclude preemptive rights on ordinary shares up to 100% of the number of ordinary shares in our authorized share capital (from time to time).

Preemptive rights do not exist with respect to (a) the issuance of ordinary shares or grant of rights to subscribe for ordinary shares to our employees or a "group" company of ours, and (b) the issuance of ordinary shares against a contribution in kind. Preemptive rights do not exist with respect to the issuance of financing preferred shares and holders of financing preferred shares have no preemptive right to acquire newly issued ordinary shares.

***Transfer of Ordinary Shares***

Under Dutch law, transfers of ordinary shares (other than in book-entry form) require a written deed of transfer and, unless the company is a party to the deed of transfer, and acknowledgement by or proper service upon the company to be effective.

Under our articles of association, if one or more ordinary shares are admitted to trading on Nasdaq or any other regulated foreign stock exchange located in the United States, we may, by resolution of our board of directors, determine that the laws of the State of New York will apply to the property law aspects of the ordinary shares included in the part of the register of shareholders kept by the relevant transfer agent. Such resolution, as well as the revocation thereof, will be made public as required by law and will be made available for inspection at our office and the Dutch trade register. Our board has adopted such resolution effective as of July 1, 2020.

***Form of Ordinary Shares***

Pursuant to our articles of association, the ordinary shares are registered shares.

------

***Purchase and Repurchase of Ordinary Shares***

Under Dutch law, we may not subscribe for newly issued ordinary shares. We may acquire ordinary shares, subject to applicable provisions and restrictions of Dutch law and our articles of association, to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such ordinary shares are fully paid up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such repurchase would not cause our shareholders' equity to fall below an amount equal to the sum of the paid-up and called-up part of the issued share capital and the reserves we are required to maintain pursuant to Dutch law or our articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•immediately after the acquisition of such ordinary shares, we and our subsidiaries would not hold, or would not hold as pledgees, shares having an aggregate nominal value that exceeds 50% of our issued share capital.

Other than ordinary shares acquired for no valuable consideration or under universal title of succession (*onder algemene titel*) (e.g., through a merger or spin-off) under statutory Dutch or other law, we may acquire ordinary shares only if our general meeting has authorized our board of directors to acquire ordinary shares. An authorization by our general meeting for the acquisition of ordinary shares can be granted for a maximum period of 18 months. Such authorization must specify the number of ordinary shares that may be acquired, the manner in which these shares may be acquired and the price range within which the shares may be acquired. No authorization of our general meeting is required if ordinary shares are acquired by us on Nasdaq with the intention of transferring such ordinary shares to our employees or employees of a group company pursuant to an arrangement applicable to them. We cannot derive any right to any distribution from ordinary shares, or voting rights attached to ordinary shares, acquired by us.

Pursuant to a resolution of the general meeting dated June 18, 2025, our board of directors is irrevocably authorized for a period of 18 months to resolve for us to acquire fully paid-up ordinary shares up to the maximum number of ordinary shares permitted pursuant to the law and our articles of association from time to time, through privately negotiated repurchases, in self-tender offers, or through accelerated repurchase arrangements, at prices ranging from the nominal value of the ordinary shares up to one hundred and ten percent (110%) of the market price of ordinary shares, provided that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)for open market or privately negotiated repurchases, the market price will be the price of the ordinary shares on Nasdaq at the time of the transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for self-tender offers, the market price will be the volume-weighted average price of the ordinary shares on Nasdaq during a period, determined by our board of directors, of no less than one and no more than five consecutive trading days immediately prior to the expiration of the tender offer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)for accelerated repurchase arrangements, the market price will be the volume-weighted average price of the ordinary shares on Nasdaq over the term of the arrangement. The volume-weighted average price for any number of trading days will be calculated as the arithmetic average of the daily volume-weighted average price on those trading days.

***Capital Reduction***

At a general meeting, our shareholders may resolve on the proposal of our board of directors to reduce our issued share capital by (i) cancelling ordinary shares or (ii) reducing the nominal value of the ordinary shares by amending our articles of association. In either case, this reduction would be subject to applicable statutory provisions. A resolution to cancel ordinary shares may only relate to (i) ordinary shares held by us or in respect of which we hold the depository receipts, or (ii) all financing preferred shares of a class if approved by the holders of all shares of that class. In order to be approved by our general meeting, a resolution to reduce the capital requires approval of a majority of the votes cast at a general meeting if at least 50% of the issued share capital is represented at such meeting or at least 66 2/3% of the votes cast at a general meeting if less than 50% of the issued share capital is represented at such meeting. A reduction of the nominal value of ordinary shares without repayment and without release from the obligation to pay up the ordinary shares must be effectuated proportionally on shares of the same class (unless all affected shareholders agree to a disproportional reduction).

A resolution that would result in a reduction of capital requires approval by a majority of the votes cast of each group of shareholders of the same class whose rights are prejudiced by the reduction. In addition, a reduction of capital involves a two-month waiting period during which creditors have the right to object to a reduction of capital under specified circumstances.

**General Meeting of Shareholders and Voting Rights**

***General Meeting of Shareholders***

General meetings are held in Amsterdam, Rotterdam, The Hague, Arnhem, Utrecht, or in the municipality of Haarlemmermeer (Schiphol Airport), the Netherlands. All of our shareholders and others entitled to attend our general meetings are authorized to address the meeting and, in so far as they have such right, to vote, either in person or by proxy.

We will hold at least one general meeting each year, to be held within six months after the end of our financial year. A general meeting will also be held within three months after our board of directors has determined it to be likely that our equity has decreased to an amount equal to or lower than half of its paid-up and called-up capital, in order to discuss the measures to be taken if so required. If our board of directors fails to hold such general meeting in a timely manner, each shareholder and other person entitled to attend our general meeting may be authorized by the Dutch court to convene our general meeting.

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Our board of directors may convene additional extraordinary general meetings of shareholders at its discretion, subject to the notice requirements described below. Pursuant to Dutch law, one or more shareholders and/or others entitled to attend general meetings of shareholders, alone or jointly representing at least 10% of our issued share capital, may on their application be authorized by the Dutch court to convene a general meeting. The Dutch court will disallow the application if (i) the applicants have not previously requested in writing that our board of directors convenes a shareholders' meeting, (ii) our board of directors convenes a shareholders' meeting or (iii) our board of directors has taken the necessary steps so that the shareholders' meeting could be held within six weeks after such request.

The general meeting is convened by a notice, which includes an agenda stating the items to be discussed and the location and time of our general meeting. For the annual general meeting, the agenda will include, among other things, the adoption of our annual accounts, the appropriation of its profits or losses and proposals relating to the composition of and filling of any vacancies on our board of directors. In addition, the agenda for a general meeting includes such additional items as determined by our board of directors. Pursuant to Dutch law, one or more shareholders and/or others entitled to attend general meetings of shareholders, alone or jointly representing at least 3% of the issued share capital, have the right to request the inclusion of additional items on the agenda of shareholders' meetings. Such requests must be made in writing, and may include a proposal for a shareholder resolution, and must be received by us no later than on the sixtieth (60th) day before the day the relevant shareholders' meeting is held. No resolutions will be adopted on items other than those which have been included in the agenda. Under our articles of association, certain items can only be put on the agenda as a voting item by our board of directors. Shareholders meeting the relevant requirements may still request the inclusion of such items on the agenda as a discussion item.

We will give notice of each general meeting by publication on our website and, to the extent required by applicable law, in a Dutch daily newspaper with national distribution, and in any other manner that we may be required to follow in order to comply with Dutch law and applicable stock exchange and SEC requirements. We will observe the statutory minimum convening notice period for a general meeting. Holders of registered shares may further be provided notice of the meeting in writing at their addresses as stated in its shareholders' register.

Pursuant to our articles of association and Dutch law, our board of directors may determine a record date (*registratiedatum*) of 28 calendar days prior to a general meeting to establish which shareholders and others with meeting rights are entitled to attend and, if applicable, vote at our general meeting. The record date, if any, and the manner in which shareholders can register and exercise their rights will be set out in the notice of our general meeting. Our articles of association provide that a shareholder must notify us in writing of his or her identity and his or her intention to attend (or be represented at) our general meeting, such notice to be received by us on the date set by our board of directors in accordance with our articles of association and as set forth in the convening notice. If this requirement is not complied with or if upon request no proper identification is provided by any person wishing to enter our general meeting, the chairman of our general meeting may, in his or her sole discretion, refuse entry to the shareholder or his or her proxy holder.

Pursuant to our articles of association, our general meeting is chaired by the chairman of our board of directors, who, nevertheless, may charge another person to preside over the meeting in his place even if he himself is present at the meeting. If the chairman of our board of directors is absent and he has not charged another person to preside over the meeting in his place, our directors present at the meeting will appoint one of them to be chairman. In the absence of all directors, our general meeting will appoint its chairman.

***Voting Rights and Quorum***

In accordance with Dutch law and our articles of association, each ordinary share, irrespective of which class it concerns, confers the right on the holder thereof to cast one vote at our general meeting. The voting rights attached to any ordinary shares held by us or our direct or indirect subsidiaries are suspended, unless the ordinary shares were encumbered with a right of usufruct or a pledge in favor of a party other than us or a direct or indirect subsidiary before such ordinary shares were acquired by us or such a subsidiary, in which case, the other party may be entitled to exercise the voting rights on the ordinary shares. We may not exercise voting rights for ordinary shares in respect of which we or a direct or indirect subsidiary has a right of usufruct or a pledge.

Voting rights may be exercised by shareholders or by a duly appointed proxy holder (the written proxy being acceptable to the chairman of our general meeting) of a shareholder, which proxy holder need not be a shareholder. The holder of a usufruct or pledge on shares will have the voting rights attached thereto if so provided for when the usufruct or pledge was created.

Under our articles of association, blank votes (votes where no choice has been made), abstentions and invalid votes will not be counted as votes cast. However, shares in respect of which a blank vote or invalid vote has been cast and shares in respect of which the person with meeting rights who is present or represented at the meeting has abstained from voting are counted when determining the part of the issued share capital that is present or represented at a general meeting. The chairman of our general meeting will determine the manner of voting and whether voting may take place by acclamation.

Resolutions of the shareholders are adopted at a general meeting by a majority of votes cast, except where Dutch law or our articles of association provide for a special majority in relation to specified resolutions. Our articles of association do not provide for a quorum requirement, subject to any provision of mandatory Dutch law.

Subject to certain restrictions in our articles of association, the determination during our general meeting made by the chairman of that general meeting with regard to the results of a vote will be decisive. Our board of directors will keep a record of the resolutions passed at each general meeting.

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**Amendment of Articles of Association**

At a general meeting, at the proposal of our board of directors, our general meeting may resolve to amend the articles of association. A resolution by the shareholders to amend the articles of association requires a majority of the votes cast.

**Merger, Demerger and Dissolution**

At the proposal of our board of directors, our general meeting may resolve with a majority of the votes cast (subject to certain exceptions), or with at least two-thirds of the votes cast if less than half of the issued capital is present or represented at our general meeting, to legally merge or demerge the company within the meaning of Title 7, Book 2 of the Dutch Civil Code.

Our shareholders may at a general meeting, based on a proposal by our board of directors, by means of a resolution passed by a majority of the votes cast, resolve that the company will be dissolved. In the event of dissolution of the company, the liquidation will be effected by our executive directors, under the supervision of our non-executive directors, unless our general meeting decides otherwise.

**Squeeze-Out**

A shareholder who for its own account (or together with its group companies) holds at least 95% of our issued share capital may institute proceedings against the other shareholders jointly for the transfer of their shares to the shareholder who holds such 95% majority. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal (*Ondernemingskamer van het Gerechtshof Amsterdam*) (the "Enterprise Chamber") and can be instituted by means of a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*). The Enterprise Chamber may grant the claim for squeeze-out in relation to all minority shareholders and will determine the price to be paid for the shares, if necessary after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the value of the shares of the minority shareholders. Once the order to transfer by the Enterprise Chamber becomes final and irrevocable, the majority shareholder that instituted the squeeze-out proceedings will give written notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to the majority shareholder. Unless the addresses of all minority shareholders are known to the majority shareholder acquiring the shares, the majority shareholder is required to publish the same in a newspaper with a national circulation.

A shareholder that holds a majority of our issued share capital, but less than the 95% required to institute the squeeze-out proceedings described above, may seek to propose and implement one or more restructuring transactions with the objective of obtaining at least 95% of our issued share capital so the shareholder may initiate squeeze-out proceedings. Those restructuring transactions could, among other things, include a merger or demerger involving the company, a contribution of cash and/or assets against issuance of ordinary shares, the issuance of new ordinary shares to the majority shareholder without preemptive rights for minority shareholders or an asset sale transaction.

Depending on the circumstances, an asset sale of a Dutch public limited liability company (*naamloze vennootschap*) is sometimes used as a way to squeeze out minority shareholders, for example, after a successful tender offer through which a third party acquires a supermajority, but less than all, of the company's shares. In such a scenario, the business of the target company is sold to a third party or a special purpose vehicle, followed by the liquidation of the target company. The purchase price is distributed to all shareholders in proportion to their respective shareholding as liquidation proceeds, thus separating the business from the company in which minority shareholders had an interest.

Any sale or transfer of all of our assets and our dissolution or liquidation is subject to approval by a majority of the votes cast in our general meeting. Our articles of association provide that our general meeting may only adopt such resolution upon a proposal of our board of directors.

**Certain Other Major Transactions**

Our articles of association and Dutch law provide that resolutions of our board of directors concerning a material change in our identity, character or business are subject to the approval of our general meeting. Such changes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a transfer of all or materially all of our business to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the entry into or termination of a long-lasting alliance of the company or of a subsidiary either with another entity or company, or as a fully liable partner of a limited partnership or partnership, if this alliance or termination is of significant importance to the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the acquisition or disposition of an interest in the capital of a company by the company or by its subsidiary with a value of at least one-third of the value of our assets, according to the balance sheet with explanatory notes or, if the company prepares a consolidated balance sheet, according to the consolidated balance sheet with explanatory notes in our most recently adopted annual accounts.

**Dividends and Other Distributions**

We may only make distributions to our shareholders if our equity exceeds the aggregate amount of the issued share capital and the reserves that must be maintained pursuant to Dutch law or our articles of association. Under our articles of association, any profits or distributable reserves must first be applied to pay a dividend on the financing preferred shares, if outstanding.

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Any remaining profits may be reserved by our board of directors. After reservation by our board of directors of any distributable profits, our general meeting will be authorized to declare distributions on the proposal of our board of directors. Our board of directors is permitted, subject to certain requirements, to declare interim dividends without the approval of the shareholders. Interim dividends may be declared as provided in our articles of association and may be distributed to the extent that the shareholders' equity, based on interim financial statements, exceeds the paid-up and called-up share capital and the reserves that must be maintained under Dutch law or our articles of association. We may reclaim any distributions, whether interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay its due and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen that result may be liable to its creditors.

Upon proposal of our board of directors, the general meeting may determine that distributions will be made in whole or in part in a currency other than the euro. We shall announce any proposal for a distribution and the date when and the place where the distribution will be payable to all shareholders by electronic means of communication with due observance of the applicable law and stock exchange rules. Claims for payment of dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse, and any such amounts will be considered to have been forfeited (*verjaring*) to us.

**Notices**

We will give notice of each general meeting by publication on our website and, to the extent required by applicable law, in a Dutch daily newspaper with national distribution, and in any other manner that we may be required to follow in order to comply with Dutch law and applicable stock exchange and SEC requirements. Holders of registered shares may further be provided notice of the meeting in writing at their addresses as stated in our shareholders' register.

**Registration Rights**

We have granted to certain of our securityholders registration rights pursuant to an Investor Rights and Lock-Up Agreement, dated July 1, 2020, among us and the investors party thereto. Such securityholders are entitled to the following rights with respect to the registration of their ordinary shares for public resale under the Securities Act.

***Shelf Registration***. We are obligated to file and keep effective a shelf registration statement pursuant to Rule 415 under the Securities Act with respect to all securities subject to registration rights, subject to certain exceptions.

***Demand Registration***. Upon the demand of certain securityholders, we are obligated to effect a resale registration under the Securities Act with respect to all or any portion of their shares subject to registration rights, subject to certain exceptions. Demand registration rights will not be triggered if there is an effective resale shelf registration statement.

***Piggyback Registration***. In the event that we propose to register any of our securities under the Securities Act, either for our account or for the account of our other securityholders, holders will be entitled to certain piggyback registration rights allowing each to include its shares in the registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to a demand registration, a registration statement on Form S-4, F-4 or S-8 and or a registration of convertible debt securities, these holders will be entitled to notice of the registration and will have the right to include their registrable securities in the registration, subject to certain limitations.

Piggyback registration rights will not be triggered if there is an effective resale shelf registration statement, the registration is solely for an offering of securities by us and no other securityholder is entitled to participate in such registration.

***Expenses; Indemnification***. We must pay all registration expenses in connection with effecting any demand registration, piggyback registration or shelf registration. We are also subject customary indemnification and contribution provisions.

**Stock Exchange Listing**

Our ordinary shares are listed on Nasdaq under the symbol "IMTX." Our warrants are listed on Nasdaq under the symbol "IMTXW."

**Transfer Agent**

Continental Stock Transfer & Trust Company serves as our agent in New York to maintain our shareholders' register on behalf of our board of directors and acts as transfer agent and registrar for the ordinary shares.

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## Exhibit 4.22

**Exhibit 4.22**

**THE UNIVERSITY OF TEXAS HEALTH SCIENCE CENTER AT HOUSTON AND**

**IMMATICS US, INC.**

**AMENDMENT NUMBER 7 - FACILITIES/EQUIPMENT USE AND SERVICES AGREEMENT**

This Amendment Number 7 ("Amendment") to the Facilities/Equipment Use and Services Agreement ("Agreement") is entered into effective the 1st day of May 2021, by and between The University of Texas Health Science Center at Houston, ("UTHealth") and lmmatics US, Inc. ("lmmatics"). UTHealth and lmmatics shall be known collectively as "the Parties" and singularly as "a Party" or "the Party."

WHEREAS, the Parties previously entered into an Agreement effective September 1, 2015, as previously amended, whereby UTHealth makes available certain facilities, equipment, and personnel in support of projects; and

WHEREAS, the Parties now desire to amend the Agreement. NOW, THEREFORE, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Section 9 shall be deleted in its entirety and replaced with the following: For the period May 1, 2021 through December 31, 2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a comprehensive monthly fee of $15,704.33 per production suite (i.e., BBS 6310, BBS 6312, and BBS 6314) inclusive of a 5.263% administrative fee and calculated in accordance with the budget set forth in **<u>Exhibit E-2</u>** for the applicable term set forth in section 1.1a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a monthly fee of $4,883.66 for the exclusive use of two Biosafe Sepax 2 RM automated cell processing <br>systems for the same term set forth in section 5.1. This fee is inclusive of a 5.263% administrative fee and covers the maintenance of the instrument. In case of breakdown, during the downtime of the instrument the samples may be processed on an identical system located in The Judith R. Hoffberger Cellular Therapeutics Laboratory and such service will be invoiced separately.

Process specific reagents and other supplies are not included in the cost set forth above and shall be procured by UTHealth and invoiced to lmmatics as a separate line item charge. Additionally, individual extra-ordinary services as set forth in **<u>Exhibit F</u>** shall be invoiced to Immatics as a separate line item charge. The invoices for reagents, other supplies, and extra-ordinary services shall also include a 5.263% administrative fee.

All payments shall be made within thirty (30) days after receipt of the invoice and mailed to the address below or sent by electronic funds transfer:

The University of Texas Health Science Center at

Houston 6431 Fannin Street, MSB 5.248

Houston, TX 77030

Attn: Diane Harnden

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period January 1, 2022 through December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a comprehensive monthly fee of $17,157.01 per production suite (i.e., BBS 6310, BBS 6312, and BBS 6314) inclusive of a 15% administrative fee and calculated in accordance with the budget set forth in **<u>Exhibit E-2</u>** for the applicable term set forth in section 1.1a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a monthly fee of $5,335.40 for the exclusive use of two Biosafe Sepax 2 RM automated cell processing <br>systems for the same term set forth in section 5.1. This fee is inclusive of a 15% administrative fee and covers the maintenance of the instrument. In case of breakdown, during the downtime of the instrument the samples may be processed on an identical system located in The Judith R. Hoffberger Cellular Therapeutics Laboratory and such service will be invoiced separately.

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Process specific reagents and other supplies are not included in the cost set forth above and shall be procured by UTHealth and invoiced to lmmatics as a separate line item charge. Additionally, individual extra-ordinary services as set forth in **<u>Exhibit F</u>** shall be invoiced to Immatics as a separate line item charge. The invoices for reagents, other supplies, and extra-ordinary services shall also include a 15% administrative fee.

All payments shall be made within thirty (30) days after receipt of the invoice and mailed to the address below or sent by electronic funds transfer:

The University of Texas Health Science Center at

Houston 6431 Fannin Street, MSB 5.248

Houston, TX 77030

Attn: Diane Harnden

Except as provided for herein, all other terms and conditions of the Agreement effective September 1, 2015, as previously amended, shall remain in full force and effect.

IN WITNESS WHEREOF, the Parties have executed this Amendment to be effective as of the first date written above.

SIGNED:

IMMATICS US, INC. THE UNIVERSITY OF TEXAS HEALTH SCIENCE CENTER AT HOUSTON

By: <u>/s/</u> By: <u>/s/ _</u> 

[\*\*] [\*\*]

[\*\*] [\*\*]

Date: April 29, 2021 Date: April 30, 2021

![img94992534_0.jpg](img94992534_0.jpg)

[\*\*] 4/29/2021

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## Exhibit 4.23

**Exhibit 4.23**

**COMMERCIAL MANUFACTURING AND SUPPLY AGREEMENT**

**for Custom Lentiviral Vector**

**THIS COMMERCIAL MANUFACTURING AND SUPPLY AGREEMENT** (this

**"<u>CMSA</u>"**) is entered into as of . 2025 (the **"<u>Effective Date</u>"**), by and between **LENTIGEN TECHNOLOGY, INC.**, a Delaware corporation and wholly-owned subsidiary of Miltenyi Biotec B.V. & Co. KG, having a principal place of business at 1201 Clopper Road, Gaithersburg, MD 20878, USA (**"<u>LTI</u>"**), and **Immatics US Inc.**, a Delaware corporation having a principal place of business at 13203 Murphy Road, Stafford Texas, USA **"<u>Client</u>"**), each individually a "Party" and collectively the "Parties."

**RECITALS**

WHEREAS, Client has expertise in the field of innovative cellular therapies and is engaged in the development of cellular therapy products for patient treatment;

WHEREAS, LTI provides contract development and manufacturing services with respect to lentiviral vectors for research, clinical applications, and commercial cell therapy product manufacturing;

WHEREAS, Client desires to use Vector (as defined below) solely for the Permitted Use (as defined below) in connection with the development and manufacture of certain Client Products (as defined below) for use in preclinical and clinical development programs and, if approved, for commercial use; and

WHEREAS, LTI desires to sell to Client, and Client desires to purchase from LTI, the Vector in accordance with the terms and conditions set forth in this CMSA.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the Parties agree as follows:

**ARTICLE 1 DEFINITIONS AND INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.<u>Definitions</u>. For the purposes of this CMSA, unless the context requires otherwise, the following terms shall have the meanings set forth below:

"<u>Acknowledgment</u>" shall have the meaning set forth in Section 5.3(b).

"<u>Additional Work</u>" shall have the meaning set forth in Section 2.4 of this CMSA.

"<u>Affiliate</u>" means, with respect to a Party, any corporation, association, or other entity which, directly or indirectly, controls the Party or is controlled by the Party or is under common control with such Party, where "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a corporation, association, or other entity through the ownership of fifty percent or more of the voting securities or otherwise, including having the power to elect a majority of the board of directors or other governing body of such corporation, association, or other entity.

"<u>Affiliate Technology Transfer</u>" shall have the meaning set forth in Section 5.5(c).

"<u>Agreed Standards</u>" means (i) all standards, guidelines and regulations as to quality, safety and performance as are consistently applied by LTI with respect to the manufacture and quality control of vectors in accordance with LTI's established quality system, standard operating procedures, and quality control procedures all of which are in accordance with the Commercial Quality Agreement, (ii) any standard(s) as may be specifically determined to be applicable to the materials, manufacture and quality control of the relevant Vector (if any) by any relevant Regulatory Authority (ii) the Commercial Quality Agreement, (iii) Applicable Laws, (iv) Good Manufacturing Practices ("<u>GMP</u>") or (v) any

------

standard(s) as may be expressly agreed between the Parties with respect to a Vector from time to time in writing in this CMSA or in an amendment to this CMSA or by way of a separate agreement.

"<u>Applicable Laws</u>" means all supranational, national, state and local laws, rules and regulations and guidelines governing the activities of a Party described in this CMSA.

"<u>Authorized Representative</u>" shall have the meaning set forth in Section 14.2.

"<u>Business Day</u>" means any day on which banking institutions in both Munich, Germany, and Gaithersburg, MD, are open for business*.*

"<u>Calendar Quarter</u>" means each successive period of three consecutive calendar months commencing on January 1, April 1, July 1 and October 1.

"<u>Calendar Year</u>" means each successive period of twelve (12) months (each, a "Calendar Month") commencing on January 1 and ending on December 31, except that Calendar Year Zero shall be that period from and including the Effective Date through December 31 of that same year, and the last Calendar Year shall be that period from and including the last January 1 of the Term through the earlier of the date of expiration or termination of this CMSA.

"<u>Change</u>" shall have the meaning set forth in Section 3.2(a).

"<u>Client Gene Sequence</u>" means, with respect to any Vector, the applicable Client-provided gene sequence that is used in the manufacture of such Vector.

"<u>Client Indemnitee</u>" shall have the meaning set forth in Section 13.1.

"<u>Client Materials</u>" means any and all biological and/or chemical materials that are to be supplied by or on behalf of Client to LTI (and/or its Affiliates in instance of an Affiliate Technology Transfer) for use in the manufacturing of Vector, and any client-specific materials or samples (such as quality control samples and retains) that result from LTI's activities hereunder.

"<u>Client Product</u>" means **[\*\*\*\*]**.

"<u>Client-Specific Plasmid</u>" means a plasmid manufactured by LTI (or an Affiliate or subcontractor of LTI), for use in production of Vector that incorporates a Client Gene Sequence and LTI Technology. Client-Specific Plasmids shall be considered a Raw Material.

"<u>Client-Specific Required Change</u>" shall have the meaning set forth in Section 3.2(c).

"<u>Client-Requested Change</u>" shall have the meaning set forth in Section 3.2(d).

"<u>Client Technology</u>" means all technology and Intellectual Property Rights in the possession of or Controlled by Client or its Affiliates, inclusive of Client Gene Sequence, conceived, developed or reduced to practice before or after the Effective Date by Client, relating to the research, development, manufacturing, handling, or use of Client Product. For the avoidance of doubt, Client Technology shall exclude LTI Technology. For purposes of this definition, "Controlled" shall mean that an entity has ownership or has a license to such technology or Intellectual Property Rights, and has the ability to grant other parties access, a license, or a sublicense (as applicable) in or to such technology or Intellectual Property Rights without violating the terms of any written agreement with any party.

"<u>Client Technology Transfer</u>" shall have the meaning set forth in Section 5.5(d).<br>

"<u>CMSA</u>" means this Commercial Manufacturing and Supply Agreement, including Exhibits A, B, C, D, E, F, G, H, and I attached hereto and incorporated herein, as amended from time to time in accordance with Section 20.3 hereof.

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"<u>Commercial Quality Agreement</u>" shall mean a written agreement between Client and LTI to be entered into prior to initiation of manufacturing of commercial-grade Vector that defines the quality roles and responsibilities of each Party in connection with the manufacture of commercial grade Vector. The Parties shall work in good faith to enter into a Commercial Quality Agreement within ninety (90) days after the Effective Date.

"<u>Commercially Reasonable Efforts</u>" shall mean, with respect to the efforts and resources required to fulfill any obligation hereunder, [\*\*\*\*].

"<u>Communication</u>" shall have the meaning set forth in Section 4.2(a).

"<u>Confidential Information</u>" shall have the meaning set forth in Section 14.1.

"<u>Delivery</u>" and "<u>Deliver</u>" shall have the meaning set forth in Section 6.1(a).

"<u>Designated Countries</u>" means those countries listed in <u>Exhibit B.</u>

"<u>Disclosing Party</u>" shall have the meaning set forth in Section 14.1. "<u>Dispute</u>" shall have the meaning set forth in Section 19.2.

"*<u>Ex Vivo</u>* <u>Cell Processing</u>" means the selection, activation, transduction, and/or expansion of cells outside the human body.

"<u>Facility</u>" means (i) the manufacturing site owned by LTI at 1201 Clopper Rd, Gaithersburg, MD, or (ii) any manufacturing site owned or leased by LTI or its Affiliate or by a Subcontractor of LTI that is used for the manufacture of Vector as agreed to by the Parties.

"<u>Firm Zone</u>" shall have the meaning set forth in Section 5.1(b).

"<u>Force Majeure Event</u>" shall have the meaning set forth in Article 18.

"<u>Forecast</u>" shall have the meaning set forth in Section 5.1(a).

"<u>Indemnitee</u>" shall have the meaning set forth in Section 13.3(a).

"<u>Indemnitor</u>" shall have the meaning set forth in Section 13.3(a).

"<u>Intellectual Property Rights</u>" means any and all past, present, and future rights which exist, or which may exist or be created in the future, under the laws of any jurisdiction in the world with respect to all: (i) rights associated with works of authorship, including exclusive exploitation rights, copyrights, moral rights, and mask works; (ii) trademarks and trade name rights and similar rights; (iii) trade secret rights; (iv) inventions, patents, patent applications, and industrial property rights; (v) other proprietary rights in intellectual property of every kind and nature; and (vi) rights in or relating to registrations, renewals, re-examinations, extensions, combinations, continuations, divisions, and reissues of, and applications for, any of the rights referred to in sub-clauses (i) through (v) above.

"<u>Late Delivery</u>" shall have the meaning set forth in Section 5.5(b).

"<u>Licensee</u>" means [\*\*\*\*].

"<u>Long-Term Storage Fee</u>" shall have the meaning provided in Section 2.11 with respect to Client Materials and Client-Specific Plasmids, and in Section 6.1(f) with respect to Vector.

"<u>Losses</u>" shall have the meaning set forth in Section 13.1.

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"<u>LTI Direct Competitors</u>" are [\*\*\*\*].

"<u>LTI Indemnitee</u>" shall have the meaning set forth in Section 13.2.

"<u>LTI-Requested Change</u>" shall have the meaning set forth in Section 3.2(e).

"<u>LTI Technology</u>" means: [\*\*\*\*].

"<u>Minimum Purchase Requirement</u>" shall have the meaning set forth in Section 5.3(c).

"<u>Non-Conformance Notice</u>" shall have the meaning set forth in Section 7.2.

"<u>Non-Conforming Vector</u>" shall have the meaning set forth in Section 7.2.

"<u>Permitted Use</u>" shall have the meaning set forth in Section 2.2(a).

"<u>Price</u>" shall have the meaning set forth in Section 8.4(a).

"<u>Purchase Order</u>" shall have the meaning set forth in Section 5.3(a).

"<u>Raw Materials</u>" shall mean all starting materials, cell lines, plasmids, reagents, cell culture media or processing formulations, components, consumables, disposables, excipients, other ingredients and packaging and labeling materials used for Vector manufacturing.

"<u>Receiving Party</u>" shall have the meaning set forth in Section 14.1.

"<u>Regulatory Approval</u>" means with respect to a country, all approvals, supplements, amendments, pre- and post-approvals, marketing authorizations based upon such approvals (including any prerequisite manufacturing approvals or authorizations related thereto) and labeling approval(s), required by Applicable Laws to sell Client Product in such country, such as a biologics license application (BLA) in the United States or a marketing authorization application (MAA) in the EU.

"<u>Regulatory Approval Fee</u>" shall have the meaning provided in Section 8.3.

"<u>Regulatory Authority</u>" means any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity having the primary responsibility, jurisdiction, and authority to approve the manufacture, use, importation, packaging, labelling and/or marketing of Vector, including the United States Food and Drug Administration ("<u>FDA</u>") and the European Medicines Agency ("<u>EMA</u>"), and any equivalent or successor agency thereto.

"<u>Regulatory Laws</u>" shall have the meaning set forth in Section 4.1(c).

"<u>Regulatory Submission Fee</u>" shall have the meaning provided in Section 8.2.

"<u>Required Change</u>" shall have the meaning set forth in Section 3.2(c).

"<u>Specifications</u>" means [\*\*\*\*].

"<u>Subcontractor</u>" means a Third Party to which, as applicable: (i) LTI subcontracts the manufacture or testing of Vector, or any component thereof, on behalf of LTI and under LTI's authority and responsibility in accordance with Section 2.8; or (ii) Client (or its Affiliates or Licensees) subcontracts any of the Permitted Uses on behalf of Client or its Licensees and under Client's (or its Affiliates' or Licensees') authority and responsibility in accordance with Section 2.9, as set forth in Exhibit D.

"Supply Failure" shall have the meaning set forth in Section 5.5(b).

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"<u>Term</u>" shall have the meaning set forth in Section 15.1.

"<u>Testing Methods</u>" shall have the meaning set forth in Section 7.1 and, if applicable, further detailed in the Specifications or the Commercial Quality Agreement.

"<u>Third Party</u>" means any corporation, association, or other entity that is not a Party or an Affiliate of a Party.

"<u>Third Party Technology Transfer</u>" shall have the meaning set forth in Section 5.5(e).

"<u>Upfront Fee</u>" shall have the meaning provided in Section 8.1.

"<u>Vector</u>" means the lentiviral vector(s) manufactured under this CMSA [\*\*\*\*], subject to amendment from time to time.

"<u>Vector Warranty</u>" shall have the meaning provided in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.<u>Certain Rules for Interpretation</u>. The descriptive headings of Articles and Sections of the CMSA are inserted solely for convenience and ease of reference and shall not constitute any part of this CMSA, or have any effect on its interpretation or construction. All references in this CMSA to the singular shall include the plural where applicable, and vice versa, as the context may require. As used in this CMSA, (i) the word "including" is not intended to be exclusive and means "including without limitation"; (ii) neutral pronouns and any derivations thereof shall be deemed to include the feminine and masculine,; (iii) the words "hereof" and "hereunder" and other words of similar import refer to this CMSA as a whole, including all exhibits and appendices, as the same may be amended from time to time, and not to any subdivision of this CMSA; (iv) the word "days" means "calendar days," unless otherwise stated; (v) the words "shall" and "will" are used interchangeably and have the same meaning; and (vi) the word "<u>Section</u>" refers to sections and subsections in this CMSA. Whenever any payment to be made or action to be taken under the CMSA is required to be made or taken on a day other than a Business Day, such payment shall be made, or action shall be taken, on the next Business Day following such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.<u>Scope of CMSA</u>. Nothing in this CMSA shall be construed as creating any relationship between LTI and Client other than that of seller and buyer, or licensor and licensee, respectively. This CMSA is not intended to be, nor shall it be construed as, a joint venture, association, partnership, franchise, or other form of business organization or agency relationship. Neither Party shall have any right, power, or authority to assume, create, or incur any expense, liability, or obligation, express or implied, on behalf of the other Party, except as expressly provided herein.

**ARTICLE 2 SUPPLY OF VECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Supply of Vector</u>. During the Term, and subject to the terms and conditions hereof, LTI will manufacture, supply and sell to Client, and Client will purchase from LTI, Vector solely for the Permitted Use (as defined below). Each Purchase Order placed under this CMSA shall be exclusively governed by the terms and conditions of this CMSA and the applicable Commercial Quality Agreement, as amended from time to time, unless specifically otherwise agreed between the Parties in writing. Unless expressly set forth and agreed to in writing by both Parties (for which, in the case of LTI, shall be approved only by the Site Head or a more senior officer of LTI or its Affiliate), any terms and conditions of any Purchase Order or acknowledgement given or received which are inconsistent with this CMSA or the applicable Commercial Quality Agreement shall have no effect and such terms and conditions are hereby excluded and rejected. Except as set forth in Section 5.5, LTI shall be the sole manufacturer of Vector (as such Vector utilizes LTI Technology). Each subsequent Vector under the CMSA shall similarly be manufactured solely by LTI unless the Parties agree in writing otherwise or as set forth in Section 5.5. In any case, Client shall retain the right to itself develop and manufacture vectors or procure vectors from Third Parties so long as such vectors do not utilize or contain LTI Technology. For clarity, any Vector manufactured hereunder based on Client's Gene Sequence shall only be manufactured for and supplied to Client. Nothing herein shall prohibit LTI from performing similar services for, or supplying similar vector to, any Third Party so long as no Client Confidential Information, Client Technology inclusive of Client Gene Sequence, and/or any other Client Materials are utilized in such manufacturing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Permitted Use.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The supply of Vector hereunder conveys to Client the limited, non-exclusive, non-transferable (except as expressly provided herein) right to use [\*\*\*\*], (the "<u>Permitted Use</u>") in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Client shall not use Vector and/or any component thereof for any purpose or in any manner whatsoever other than a Permitted Use expressly set forth in Section 2.2(a) above. Without limitation to the generality of the foregoing, any and all Vector supplied hereunder [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Including for purposes of Section 8.2 and Section 8.3, if Client wishes to have LTI manufacture Vector for a new Client Product pursuant to this CMSA, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as expressly provided in this CMSA, no other right, express or implied, is conveyed by the sale or purchase of Vector (including the right to make or have made Vector). Except as expressly provided in this CMSA, Client specifically agrees not to, and agrees not to grant permission to any Third Party to, sell, market, export, transfer, or re-export Vector without LTI's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Client may offer and permit its Affiliates, Licensees, and Subcontractors (if any) to use Vector supplied hereunder only if and so long as such use is in compliance with the terms and conditions of this CMSA and Applicable Laws. Client, if applicable, shall instruct and oblige each of its Affiliates, Licensees, and Subcontractors accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Client acknowledges that Vector should be used with the same caution applied to any potentially hazardous compound. Use of Vector by Client, its Affiliates, its Licensees or Subcontractors shall be supervised by technically qualified individual(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Restrictions on Use.</u> Without limitation to the generality of Section 2.2 above, Client further will not, and will cause its Affiliates, Licensees and Subcontractors not to, without express prior written consent from LTI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Modify or alter, or cause or permit any Third Party to modify or alter, any Vector supplied hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reverse engineer, disassemble or otherwise analyze, or cause or permit any Third Party to reverse engineer, disassemble or otherwise analyze, any Vector supplied hereunder, in whole or in part; provided, however, that the foregoing shall not limit the right or ability of Client or its Licensees or Subcontractors to identify defects, troubleshoot problems, evaluate, test, use or conduct any study utilizing any Vector as reasonably necessary to achieve the purposes of this CMSA and/or fulfill regulatory, safety, and/or other ethical obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Transfer any Vector supplied hereunder to any Third Party, except [\*\*\*\*] solely for the Permitted Use or for training, regulatory, or validation purposes in connection with Client's development and commercialization of Client Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Resell Vector supplied hereunder to any Third Party, except to Client Affiliates and/or Licensees, without prior express written permission from LTI; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Transfer, use, import or export any Vector supplied hereunder in any country or territory other than the Designated Countries except for non-commercial use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Additional Countries</u>. LTI acknowledges that Client may, from time to time, desire to use, or have its Affiliates, Licensees, or Subcontractors use, Vector for the Permitted Use in one or more additional countries that are currently not part of the Designated Countries. The Parties agree, upon reasonable written request by Client from time to time during the Term, to evaluate the regulatory and other requirements for utilizing Vector for the Permitted Use in such additional country(ies) as specified by Client in such written request. Such request should be made at [\*\*\*\*] prior to an intended regulatory submission. After receipt of such request, LTI will provide Client with such estimates for such regulatory work within [\*\*\*\*]. Based on the assessment of potentially required additional work, including but not limited to regulatory work, quality requirement evaluations, audit preparations, import/export licenses and the like in support of Client Product filings in such additional country(ies) (collectively "<u>Additional Work</u>"), the Parties will negotiate in good faith with the goal of entering into a written agreement on mutually acceptable terms with respect to LTI's provision of such Additional Work.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Reserved Rights</u>. LTI reserves the right, at its sole discretion and without any restriction or limitation whatsoever, to manufacture, have manufactured, use, have used, sell, have sold, offer for sale, export, import or otherwise commercialize or dispose of vectors (other than Vector) in any manner and for any purpose whatsoever. Client reserves the right, at its sole discretion and without any restriction or limitation whatsoever, to manufacture, have manufactured, use, have used, sell, have sold, offer for sale, export, have exported, import, have imported, or otherwise commercialize or dispose of any Client product other than Client Product in any manner and for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Capacity</u>. [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Subcontracting by LTI</u>. LTI may, upon prior written consent from Client, [\*\*\*\*]. LTI will first impose limitations and obligations on such Subcontractors or Affiliates, in writing, that are no less onerous than the corresponding limitations and obligations imposed on LTI hereunder and in no event shall any such delegation or subcontract release LTI from any of its obligations under this CMSA. LTI's Subcontractors and Affiliates for the manufacture and/or supply of Vector will be listed in the Commercial Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)LTI shall have sole responsibility for ensuring, and shall ensure, that LTI's and its Affiliates' and Subcontractors' activities and performance in connection with the manufacture of Vector, inclusive of any materials manufactured for Vector by LTI and its Affiliates and Subcontractors, and the supply of such Vector to Client under this CMSA are at all times in compliance with this CSMA, the Commercial Quality Agreement, and Applicable Laws. Without limiting the generality of the foregoing, it shall be the sole responsibility of LTI to obtain and maintain, and LTI shall obtain and maintain, all licenses, permits, authorizations, or registrations required by Applicable Laws in order for LTI, its Affiliates, and/or Subcontractors (as the case may be) to manufacture and make Delivery of Vector, except as otherwise provided in this CMSA, at LTI's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Client shall have sole responsibility for ensuring, and shall ensure, that the use of Vector for their respective Permitted Use by Client, its Affiliates, Subcontractors, and Licensees (as the case may be) is at all times in compliance with Applicable Laws. Without limiting the generality of the foregoing, it shall be the sole responsibility of Client to obtain and maintain, and Client shall obtain and maintain, all licenses, permits, authorizations, registrations, additional validations or additional testing required by Applicable Laws in order for Client, its Affiliates, Subcontractors, and Licensees to use Vector for the Permitted Use, at Client's expense. LTI shall comply with all reasonable requests for assistance by Client in connection with Client's efforts to obtain such licenses, permits, authorizations, registrations, additional validations or additional testing, to the extent applicable to Vector; provided that the Parties shall agree on the scope of such assistance to be provided by LTI and, for any out of the ordinary requests, upon the reasonable costs to be paid by Client to LTI for such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As of the Effective Date and during the Term, each Party represents, warrants and covenants to the other Party that: (i) such Party, and, to its actual knowledge, its owners, directors, officers, employees, and any agent, representative, Subcontractor or other Third Party acting for or on such its behalf, shall not, directly or indirectly, offer, pay, promise to pay, or authorize such offer, promise or payment, of anything of value, to any person for the purposes of obtaining or retaining business through any improper advantage in connection with this CMSA, or that would otherwise violate any Applicable Laws, rules and regulations concerning or relating to public or commercial bribery or corruption in any applicable jurisdiction; and (ii) its financial books, accounts, records and invoices related to this CMSA or related to any work conducted for or on behalf of the other Party are and will be complete and accurate in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Client Licensees and Subcontractors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If and to the extent that Client grants rights with respect to a Client Product under license or other agreement(s) with one or more Affiliates, Licensees, or Subcontractors, in no event shall Client grant any rights under LTI Intellectual Property Rights other than as expressly permitted hereunder or which are necessary to use Vector for the Permitted Use, or any rights that are otherwise inconsistent with the terms of this CMSA or the Commercial Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that the rights granted to Client hereunder (including Client's right to use Vector for its Permitted Use) are sublicensed in accordance with Section 10.2a) to one or more of its Affiliates, Licensees, or Subcontractors in accordance with the terms hereof, Client shall first impose limitations and obligations on such party, in writing, that are no less onerous than the corresponding limitations and obligations imposed on Client hereunder, and Client shall notify LTI of the name for each such Affiliate, Licensee, or Subcontractor that it shares such rights with, in writing, in accordance with Article 16 of this CMSA, which Affiliate, Licensee, or Subcontractor shall automatically be added to Exhibit D by amendment. For purposes of clarity, LTI shall not have the right to decline to sign the amendment of a new Affiliate, Licensee, or Subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Liability for Non-Compliance</u>. Notwithstanding anything to the contrary herein, each Party shall, in relation to the other Party, at all times and in all respects continue to remain fully and primarily responsible and liable to the other Party for the performance and the acts or omissions of its Affiliate(s), Subcontractor(s), and in the case of Client, Licensee(s), in connection with the subject matter of this CMSA, including the failure of an Affiliate, Subcontractor, or Licensee (in case of Client) to comply with all of the limitations and obligations imposed on either Party hereunder. For clarity, in no event shall any permitted delegation or subcontracting of any activities to be performed in connection with this CMSA release a Party from any of its limitations or obligations under this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Client Materials, Client-Specific Plasmids, and Raw Materials</u>. Any Client Materials supplied directly by Client for the manufacture of Vector (as agreed by the Parties) [\*\*\*\*] by LTI pursuant to Section 6.1.

**ARTICLE 3 VECTOR QUALITY; CHANGE CONTROL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.<u>Vector Quality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Specifications</u>. LTI shall manufacture or have manufactured Vector to meet the agreed Specifications, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Agreed Standards</u>. All Vector, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Testing</u>. LTI shall test each batch of Vector purchased pursuant to this CMSA before Delivery to Client to ensure that Vector conforms with Specifications and the Commercial Quality Agreement. [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Quality System</u>. All Vector supplied under this CMSA shall be manufactured and quality controlled under an appropriate quality system in accordance with Agreed Standards, Applicable Laws, Specifications, and the Commercial Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Commercial Quality Agreement</u>. [\*\*\*\*] from the Effective Date (or such longer period as agreed by the Parties), the Parties shall enter into a Commercial Quality Agreement on mutually acceptable, commercially reasonable terms relating to commercial Vector. In the event of a conflict between the terms of the Commercial Quality Agreement and the terms of this CMSA, the provisions of this CMSA shall govern; provided, however, that the Commercial Quality Agreement shall govern in respect of quality issues.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Change Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Changes to the Facility location, Specifications, Agreed Standards and/or otherwise with respect to manufacture and/or testing of Vector (including changes with respect to: suppliers of Raw Materials; quality of Raw Materials; methods of manufacturing; packaging; equipment and/or premises; Subcontractors; control techniques and methods of analysis; and/or presentation and content of relevant documentation, including certificates pursuant to Section 6.4, and any other change with the potential to require or impact a regulatory dossier or filing) [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Change Notification</u>. Change notifications shall be provided in accordance with the applicable notification procedures set forth in the Commercial Quality Agreement. [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Changes Required for Compliance</u>. If during the Term a Change is required to comply with changes in Agreed Standards made by Regulatory Authorities, Applicable Laws and/or other requirements of a Regulatory Authority applicable to LTI Technology (in each case, a "<u>Required</u> <u>Change</u>"), LTI shall promptly notify Client, and following written approval by Client, implement such Required Change and the costs incurred by LTI for such implementation shall be borne by LTI. In the event and to the extent that a Required Change relates to the use of Vector for a Permitted Use (a "<u>Client-Specific Required Change</u>"), then LTI shall implement such Client-Specific Required Change only if the Parties agree on the below factors, and then shall provide to Client all information reasonably necessary for Client to make appropriate filings with the applicable Regulatory Authority regarding any such Client-Specific Required Change. Prior to implementing a Required Change or a Client-Specific Required Change in accordance with this Section 3.2(c), LTI shall promptly advise Client as to any scheduling and/or Price adjustments which may result from any such Required Change or Client-Specific Required Change, if any. [\*\*\*\*]. For clarity, LTI shall have no obligation to implement a Client-Specific Required Change unless and until the Parties have reached agreement on all items as described in the preceding sentence. In instances where Client is unable to place an order to meet its Minimum Purchase Requirements due to a Required Change or Client Specific Required Change, the Minimum Purchase Requirement shall toll while such changes are implemented and Parties conduct necessary negotiations as set forth in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Changes Requested by Client</u>. If during the Term Client desires LTI to make any Change that is not a Required Change or Client-Specific Required Change pursuant to Section 3.2(c) above (a "<u>Client-Requested Change</u>"), inclusive of changes that may be required for new regulatory submissions in countries other than Designated Countries, Client shall notify LTI thereof in writing. Implementation of any such proposed Client-Requested Change shall be subject to LTI's consent. LTI may withhold its consent to a Client-Requested Change if LTI reasonably determines that such change: [\*\*\*\*]. For clarity, an agreed Price adjustment shall become effective only with respect to orders for Vector that are manufactured in accordance with the Client-Requested Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Changes Requested by LTI</u>. LTI agrees that any proposed Changes by LTI that are not Required Changes (in each case, a "<u>LTI-Requested Change</u>") shall require the written approval of Client. LTI shall be responsible for drafting relevant documentation at LTI's sole expense and shall provide to Client any information reasonably necessary for Client to make appropriate filings with the applicable Regulatory Authority for Client to obtain any required amendment or other modification of the Client Product Regulatory Approvals regarding changes under this subsection, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Cooperation</u>. In connection with any Change pursuant to this Section 3.2, the Parties shall cooperate, share information, and otherwise act in good faith to prepare the appropriate documentation as may be necessary to secure and maintain appropriate regulatory approvals or manufacturing permits for Vector and Client Product, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Continued Supply</u>. Except in the event of a Change requiring the prompt implementation of a proposed Change (including where prescribed by Applicable Laws or the requirements of an applicable Regulatory Authority), [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Costs</u>. [\*\*\*\*].

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**ARTICLE 4 REGULATORY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.<u>Regulatory Responsibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Client Product(s).</u> Subject to responsibilities that are set forth under this CMSA or solely reserved by LTI under this CMSA, Client will be solely responsible for all regulatory activities with respect to any Client Product, including the manufacture and quality control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Vector</u>. The regulatory responsibilities pertaining to Vector will be as set forth under this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Disclaimer</u>. Client hereby acknowledges and agrees that [\*\*\*\*] (hereinafter collectively referred to as "<u>Regulatory Laws</u>"). Client further acknowledges and agrees that [\*\*\*\*]. Save as set out in the Specifications, in this CMSA or the applicable Commercial Quality Agreement, it shall be the sole responsibility of Client [\*\*\*\*], provided that LTI will provide reasonable assistance to Client in this regard upon Client's written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Requirement for Regulatory Approval.</u> Vector supplied hereunder may not be used for any purpose, including the Permitted Use, that would require Regulatory Authority approvals or consents unless such proper Regulatory Authority approvals or consents have been obtained or it is permitted under Applicable Laws. Client agrees that if it elects to use, or permits or causes any Client Affiliate, Subcontractor or Licensee to use, any Vector for a purpose that would subject LTI or such Vector to the jurisdiction of any Regulatory Laws, Client will be primarily responsible for obtaining any required Regulatory Authority approvals or consents, and for otherwise ensuring that Client's (or its Affiliates', Subcontractors' or Licensees') use of such Vector for such purpose complies with such Regulatory Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Extension of Scope, Supplemental Services</u>. With respect to any Client Product, Client may request that LTI provide additional regulatory assistance beyond the scope of baseline regulatory assistance provided for herein or other Additional Work, and/or may request that LTI perform additional services [\*\*\*\*] or equivalent) that alter, amend, or add to Additional Work. Client shall submit each such request to LTI with reasonable detail in writing. Any request that constitutes a material modification or increase in scope of Additional Work or the provision of additional services shall require a written agreement signed by Authorized Representatives of both Parties. Such written agreement shall specify in detail any modification or scope change of the Additional Work performed by LTI, the compensation to be paid to LTI by Client for the performance of such Additional Work assistance or services, and the appropriate time schedule for completion of such Additional Work assistance or services. Upon executing such written agreement, the Additional Work assistance or services shall be deemed included within Additional Work and subject to the standards of performance described in this CMSA. In addition, LTI will cooperate with Client with respect to all reporting obligations relevant to the Vector or Client Product under applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.<u>Communication to/from Regulatory Authorities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Communication from Regulatory Authorities</u>. Each Party will promptly notify the other Party in writing of any communication from any Regulatory Authority that is related specifically to (i) [\*\*\*\*] and that would, in each case of (i) and (ii), reasonably be expected to have an adverse effect on either Party's products that are the subject matter of this CMSA, or ability of a Party to comply with its obligations under this CMSA (collectively, "<u>Communication(s)</u>"). Each Party shall, as soon as practicable after any contact with or receipt of any Communication, forward a copy or description of the same (to the extent it so relates) to the other Party. Each Party reserves the right to redact its Confidential Information and confidential Third Party information from such Communications provided such Confidential Information does not relate directly to the Vector or impede either Parties ability to evaluate or respond to the Communication. Each Party shall obligate its Affiliates, Licensees, and Subcontractors accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Communication to Regulatory Authorities</u>. In the event that a response to a Regulatory Authority is required in connection with any Communication, Client will have sole responsibility for the form and content of any response regarding Client Product or Client Technology, and LTI will have sole responsibility for the form and content of any response regarding Vector, Facility, or LTI Technology; provided, however, that Client shall be permitted to review and comment on the form and content of any response to a Communication regarding Vector, Facility, or LTI Technology to the extent utilized with Client Product, and LTI shall incorporate such comments

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in good faith. At the responding Party's reasonable request and expense, the other Party will collaborate in good faith with the responding Party in preparing such responses and, subject to Section 4.4 , will promptly, but no later [\*\*\*\*] provided by the Regulatory Authority, provided that responding party has made such request [\*\*\*\*], provide the responding Party with information that the responding Party reasonably believes is required to develop a requested response for questions in relation to such Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Protection of Confidential Information</u>. If a Party is required to communicate with any Regulatory Authority specifically regarding any product or technology of the other Party in connection with the subject matter of this CMSA, then the Party shall so advise the other Party as soon as practicable and, unless prohibited by Applicable Law, or to the extent that such a disclosure would result in the violation of any contractual obligations to a Third Party, provide the other Party in advance with a copy of any proposed written Communication with such Regulatory Authority to the extent that such Communication pertains to its products or technology. The disclosing Party may provide suggested [\*\*\*\*] which the receiving Party will use good faith efforts to implement. The Party shall endeavour to comply with all reasonable direction of the other Party pertaining to the foregoing. To the extent permitted by the Regulatory Authority, the other Party shall have the right to participate in any planned oral communications or meetings between the Party and any Regulatory Authority specifically relating to the other Party's products or technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.<u>Assistance</u>. LTI shall, if requested by Client, consult with and provide reasonable assistance to Client with regard to regulatory matters concerning Vector or other relevant LTI Technology, as appropriate. Client shall pay for LTI's time for such consulting and assistance at LTI's then-standard rates, which scope and limits shall be discussed between the Parties and mutually agreed in writing prior to the performance of the assistance by LTI. In the interest of time, if the total cost of consulting and assistance provided by LTI is expected to be [\*\*\*\*] or less, the Parties agree that LTI may invoice Client at LTI's then standard rates without the need for Parties to enter into a separate SOW, provided the Parties have agreed to such in writing, with email being sufficient. For any expenses incurred [\*\*\*\*] the Parties agree that they will negotiate in good faith a separate SOW to cover such services. Absent LTI's gross negligence or wilful misconduct, Client shall bear all responsibility for Client's or Client Affiliates', Subcontractors' or Licensees' use of information provided by LTI (including use in regulatory filings and any Third Party liability) pursuant to this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.<u>Disclaimer</u>. Except as provided in this Article 4 or otherwise in the CMSA, LTI provides no warranty that any regulatory submission by Client will be approved by any Regulatory Authority. LTI shall in no way be held responsible for any refusal by any Regulatory Authority or ethics committee to grant permission to conduct a clinical trial(s) and/or for any refusal by any Regulatory Authority to grant approval under an Investigational New Drug Application (IND), under a Biological License Application (BLA), under a Marketing Authorization Application (MAA), or for compassionate use of Client Product.

**ARTICLE 5 FORECASTS AND ORDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.<u>Forecasts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. In order to assist LTI with its capacity, procurement and manufacturing planning, Client agrees to provide LTI with rolling forecasts of Client's anticipated requirements for quantities of Vector (based on the defined units of ordering specified in Exhibit C) during the Term, in accordance with the provisions of this Article 5(each, a "<u>Forecast</u>"). All Forecasts provided by Client shall be good faith estimates of Client's (and should incorporate its Affiliates', Subcontractors', and Licensees') anticipated requirements for Vector during the relevant period. Client agrees to use Commercially Reasonable Efforts in preparing all Forecasts to minimize variances between Forecasts. Each Forecast shall be duly signed by an authorized representative of Client and submitted in writing to LTI, by mail or email, and shall supersede any prior Forecasts to the extent the Forecast period overlaps with such prior Forecasts. Any modifications to the Forecast will be subject to the provisions set forth in Section 5.1(e).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Rolling Quarterly Forecast in the Firm Zone</u>. Client shall [\*\*\*\*]. For clarity, all forecasted demands for Vector during the Firm Zone shall constitute a binding commitment by Client to submit corresponding Purchase Orders for Vector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Long-Term Forecast</u>. In addition to the Firm Zone, each Forecast shall contain forecasted demand for Vector to be Delivered [\*\*\*\*] to provide a non-binding rolling Forecast of Client's anticipated demand for Vector beyond the Firm Zone for the purposes of assisting LTI with its capacity and manufacturing planning for Vector during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Forecasts Due Periodically</u>. In the event that LTI has failed to receive an updated Forecast for any relevant forecast period within the times or by the dates provided herein, LTI shall notify Client of such failure and, if Client fails to respond with an updated Forecast [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Permitted Forecast Changes</u>. Client may [\*\*\*\*]. In instances where the Forecast increase for a given quarter [\*\*\*\*], LTI must provide written consent, which consent shall not be unreasonably withheld and which shall be provided [\*\*\*\*]. For clarity, changes for any Calendar Quarter within the Firm Zone shall not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Volume Limitations.</u> Subject to Client's adherence to its Forecast obligations pursuant to Section 5.1 above, LTI shall meet the demands of any Purchase Orders (as defined below) that are made by Client, in compliance with the Forecasts. LTI shall not be obligated to supply Client with quantities of Vector [\*\*\*\*]. Acceptance of such alternative date shall in no way impact any rights Client may have under Section 5.5 as it relates to the original scheduled Delivery date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Purchase Orders; Minimum Purchase Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Purchase Orders.</u> Client shall order Vector by submitting written purchase orders to LTI, in such form as the Parties may agree from time to time and in accordance with the provisions of this CMSA (each, a "<u>Purchase Order</u>"). All Purchase Orders (and any related acceptances or objections by LTI) may be delivered electronically or by other means to LTI's applicable project management representative or to such location as LTI shall reasonably designate from time to time. Each Purchase Order will specify the quantity of Vector ordered based on the defined units of ordering specified in Exhibit C, the desired Delivery date(s) consistent with the Forecast, on which Vector will be made available to Client for pick-up by Client's designated carrier or freight forwarder, the relevant ship-to address, and any special shipping instructions. [\*\*\*\*]. Each Purchase Order submitted by Client shall be governed exclusively by the terms and conditions of this CMSA and the applicable Commercial Quality Agreement. Unless expressly set forth and agreed to in writing by both Parties, none of the terms and conditions set forth on any Purchase Order, order form, invoice, acceptance, objection or similar document shall change or modify the terms and conditions of this CMSA, and the Parties hereby agree that the terms and conditions of this CMSA shall supersede any conflicting term or condition set forth in any Purchase Order, order form, invoice, acceptance, objection or similar document furnished by Client to LTI or by LTI to Client, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Acceptance; Rejection</u>. [\*\*\*\*] of a Purchase Order, LTI shall issue a written acknowledgment ("<u>Acknowledgment</u>") that it accepts or rejects such Purchase Order which may be given via e-mail. Each acceptance Acknowledgment shall either confirm the requested Delivery date set forth in the Purchase Order or set forth a reasonable alternative Delivery date, but which in no instance would be outside of the applicable forecasted quarter. [\*\*\*\*]. In the event that LTI does not issue an Acknowledgement in writing [\*\*\*\*] of the Purchase Order delivered by Client, the Purchase Order shall be deemed confirmed by LTI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Minimum Purchase Requirement</u>. Except in instances where there is either a delay in manufacturing Vector or a failure to manufacture Vector attributable to a cause outside of the control of Client, beginning the second Calendar Year, in the event Client's aggregate purchases of Vector from LTI under this CMSA in any Calendar Year during the Term is less than the amount shown in Exhibit I (the "<u>Minimum Purchase Requirement</u>"), then LTI shall invoice Client for an amount equal to the Minimum Purchase Requirement shortfall and Client [\*\*\*\*] of the invoice date. If Client orders more than the Minimum Purchase Requirement in any given Calendar Year, the Minimum Purchase Requirement for the following Calendar Year shall be reduced by the excess amount ordered.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Client-Specific Plasmids</u>. Client shall order Client-Specific Plasmids under this CMSA by (i) including the Client-Specific Plasmids within a Vector Purchase Order that has been placed pursuant to this Article 5, or (ii) by submitting a standalone written purchase order or statement of work that contains the quantity and the cost. LTI (or an Affiliate or subcontractor of LTI) shall manufacture Client-Specific Plasmid batches and LTI is responsible for ensuring such Client-Specific Plasmid batches conform to all applicable standards, regulations, laws and specifications for such Raw Materials. If it is determined that the batch of Client-Specific Plasmid is non-conforming to such standards for Raw materials, LTI shall re-manufacture the Client-Specific Plasmid at no cost to Client. LTI shall notify Client if stock of Client-Specific Plasmid reaches its minimum (or maximum) quantity as agreed by the parties (or as required for LTI to ensure meeting its production obligations under this CMSA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>PPQ Batches.</u> The Parties agree that Client shall be permitted to utilize PPQ Batches for the Permitted Use, provided that: [\*\*\*\*]. If the preceding four (4) conditions have been met, Parties agree that the PPQ Batches shall be governed by the terms and conditions of this CMSA, inclusive of the Permitted Use, but only as it relates to commercial activities. For purposes of clarity, [\*\*\*\*] shall govern the PPQ Batches for all activities prior to commercial use of the PPQ Batches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Safety Stock; Supply Failure; Technology Transfer</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Safety Stock</u>. [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Supply Failure.</u> Contingent upon Client's adherence to its obligations in accordance with this CMSA, LTI shall ensure continuous supply of Vector to Client during the Term. In the event that LTI fails to Deliver [\*\*\*\*] Vector batches set forth in any Purchase Order on or before [\*\*\*\*] specified per applicable confirmed Purchase Orders (or a reasonable alternative Delivery date proposed in the Acknowledgement which has been agreed upon by both Parties in writing, if applicable) ("<u>Late Delivery</u>"), Client will issue a notice of potential Late Delivery to LTI. In the event that a Late Delivery issue is not rectified [\*\*\*\*] of Late Delivery, LTI shall be considered to be in "<u>Supply Failure</u>" status. Further, [\*\*\*\*] LTI shall also be considered to be in Supply Failure. Without limiting its obligations herein, LTI shall, [\*\*\*\*] inform Client of any known or anticipated events or conditions that may result in such a Late Delivery or Supply Failure and immediately investigate the causes for such delay and keep Client informed of discoveries and actions being performed to remediate or address such causes. [\*\*\*\*]. In the event of a Supply Failure or an instance where LTI has notified Client that a Supply Failure or Late Delivery shall not be curable within the timelines set forth within this CMSA, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Technology Transfer to an LTI Affiliate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the Term of the CMSA, [\*\*\*\*]. If requested, LTI shall deliver such draft SOW to Client [\*\*\*\*]. Client may elect to approve such SOW in order to proactively develop or implement the plan for an Affiliate Technology Transfer, but shall have no obligation to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In instances of a Supply Failure, or a Force Majeure event that is not cured within the specified time period set forth in Section 15.2(c), [\*\*\*\*]. Following receipt of the written approval from Client and any associated SOWs, LTI shall initiate the Affiliate Technology Transfer [\*\*\*\*] and shall use Commercially Reasonable Efforts to complete the Affiliate Technology Transfer [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Technology Transfer to Client</u>. In instances of a Supply Failure that is not remedied as set forth in Section 5.5(b) or Section 5.5(c), a Termination for Cause as set forth in Section 15.2, or if LTI declines to renew this CMSA under the terms of Section 15.1, Client shall have the right, but not the obligation, to initiate a technology transfer to Client ("<u>Client Technology Transfer</u>"). If Client elects to initiate a Client Technology Transfer, it shall first provide LTI with a written notice requesting a Client Technology Transfer and identifying the Client receiving site to which the technology will be transferred. LTI will provide its approval of the selected Client receiving site [\*\*\*\*], with such approval not to be unreasonably withheld, along with a SOW containing cost and time estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Technology Transfer to a Third Party Organization</u>. Solely in the instance where LTI declines to renew this CMSA under the terms of Section 15.1, [\*\*\*\*]. Client agrees to take all necessary steps to ensure that the Third Party is bound by confidentiality terms no less stringent that those in this CMSA, and that any LTI Technology can only be utilized in the manufacturing of Vector.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Technology Transfer and License</u>. In the case of a Client Technology Transfer or Third Party Technology Transfer, [\*\*\*\*]. LTI shall initiate the technology transfer within [\*\*\*\*] any associated SOWs have been mutually agreed upon and executed in writing, and shall use its Commercially Reasonable Efforts to complete the Client Technology Transfer or Third Party Technology Transfer [\*\*\*\*]. The technology transfer shall be deemed to be completed upon achievement of the tasks that are assigned to LTI within any SOWs, and LTI shall not be responsible for any delays caused by the receiving site actions or inactions. The receiving site representatives shall have the right to make technical visits to the Facility for the purpose of the technology transfer. The Parties shall also negotiate in good faith a license to LTI Technology required to effectuate such Client Technology Transfer or Third Party Technology Transfer (as applicable).

**ARTICLE 6 DELIVERY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.<u>Delivery; Shipment; Long-Term Storage Fee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each quantity of Vector ordered by Client in a particular Purchase Order pursuant to this CMSA shall be delivered [\*\*\*\*], on or before the mutually agreed date of delivery ("<u>Delivery</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each shipment of Vector will be picked up by Client's designated carrier on the agreed delivery date(s) confirmed by LTI for the applicable Purchase Order during normal business hours (Monday to Friday, excluding statutory holidays) unless special arrangements are agreed to by LTI in writing. [\*\*\*\*]. Alternatively, upon Client's written request, LTI will make all necessary shipping arrangements on behalf of Client with a carrier designated by Client. Client will provide LTI with a list of approved carriers. As between the Parties, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon Delivery, [\*\*\*\*]. If Client's carrier is tendered a shipment of Vector which is not in suitable condition or shows a deficiency in quantity or secondary packaging, it shall notify LTI immediately. Any shipment which has been tendered to the carrier intact and is released by the carrier, in whole or in part, in a damaged condition, or shows a deficiency in quantity or secondary packaging, or is lost or destroyed subsequent to such tender to the carrier, shall be conclusively presumed to have been lost, damaged or destroyed by the carrier unless Client can establish otherwise by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)LTI shall have Vector appropriately labelled with a traceable lot or batch number and packaged for shipping in commercial packaging materials in compliance with Agreed Standards, Specifications, LTI's standard procedures, and the applicable Commercial Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Quantities actually Delivered to Client (or Client's designee) pursuant to an accepted Purchase Order may not vary from the [\*\*\*\*]. In the event that Client consents to accept Delivery of less than the quantity of Vector in an accepted Purchase Order, LTI shall include, in the next Delivery, any quantity ordered pursuant to an accepted Purchase Order but not actually Delivered on the designated Delivery date. If such amount Delivered is less than what was originally ordered, LTI shall, at Client's option, initiate the remanufacture of Vector as promptly as possible, but in no instance [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Long-Term Storage Fees</u>. Client shall [\*\*\*\*] accept delivery of Vector, after which time LTI shall have the right to charge a long-term storage fee (the "<u>Long-Term Storage Fee</u>"). LTI may request in writing that Client accept delivery of any Vector (or Client Materials or Client-Specific Plasmids) that is being stored by LTI, at which time Client shall provide disposition instructions [\*\*\*\*] regarding shipment to Client at Client's expense, or Vector destruction by LTI. If Client does not respond to such written request regarding shipment of stored Vector (or Client Materials or Client-Specific Plasmids), LTI shall send a second notice and may store such material at the then established Long-Term Storage Fee for [\*\*\*\*] at Client's sole cost. If Client has still not responded at the conclusion of this period, LTI may dispose of Vector and shall have no further obligations regarding storage of Vector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Title and Risk</u>. [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Partial Delivery</u>. With Client's specific prior written consent, LTI may make partial shipment against Purchase Orders, to be separately invoiced with each shipment and paid for when due in accordance with this CMSA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Certificates</u>. LTI shall include proper release certificates, certificates of compliance, and/or certificates of analysis with all shipments of Vector, as applicable, in accordance with the requirements of the Commercial Quality Agreement.

**ARTICLE 7 ACCEPTANCE AND REJECTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.<u>Acceptance Testing</u>. Client (or Client's designated recipient of Vector) will promptly upon receipt visually inspect each shipment of Vector delivered hereunder to (i) determine whether such Vector is damaged and (ii) verify that the quantity of Vector contained in such shipment conforms with the Purchase Order and applicable shipping documentation. Further, Client shall have [\*\*\*\*] of each shipment of Vector hereunder to perform incoming quality control testing on each shipment of Vector in accordance with Client-approved quality control procedures, as set forth in the Specifications or Commercial Quality Agreement, as applicable (the "<u>Testing Methods</u>"), to verify conformance with Specifications. For the avoidance of doubt, Client shall have no obligation under this Section 7.1 to inspect or check the contents of Vector other than as in accordance with the agreed Testing Methods, save as prescribed by Applicable Laws. The Parties acknowledge that in addition to certain acceptance testing being performed by LTI pursuant to this CMSA, Client will also conduct additional tests necessary for its own internal release of the Vector. In an instance where a specific batch of Vector fails these additional Client administrated tests, [\*\*\*\*] LTI agrees to cooperate with Client in an expeditious manner to determine the root cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.<u>Non-Conforming Vector</u>. Client shall have the right to reject any shipment of Vector that does not conform with the applicable Vector Warranty at the time of Delivery when tested in accordance with the Testing Methods (each, a "<u>Non-Conforming Vector</u>"). Except in the case of latent defects as described in Section 7.3, each shipment of Vector shall be deemed accepted by Client if Client does not provide LTI with written notice of non-conformance (a "<u>Non-Conformance Notice</u>") within [\*\*\*\*] of the relevant shipment of Vector, describing the reasons for the rejection and the non-conforming characteristics of such Non-Conforming Vector in reasonable detail. Once a Delivery of Vector is accepted or deemed accepted hereunder, Client shall have no recourse against LTI in the event any such Vector is subsequently deemed unsuitable for use for any reason, except for Vector that does not conform to the Vector Warranty after [\*\*\*\*] due to a latent defect in the Vector that could not be detected through the performance of the Testing Methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.<u>Latent Defects</u>. Client shall have the further right to reject such quantities of Vector accepted or deemed accepted pursuant to Section 7.2above by providing a Non-Conformance Notice on the grounds that all or part of the shipment fails to comply with the Vector Warranty to the extent such non-conformance could not have reasonably been determined by visual inspection or incoming quality control testing in accordance with Section 7.1, provided that the applicable shelf-life of Vector has not expired and such non-conformance is unrelated to the shipping or storage of Vector after Delivery. Notification to LTI by Client must occur [\*\*\*\*] becomes aware or reasonably should have become aware that Vector fails to comply with the Vector Warranty in accordance with the Non-Conformance Notice requirements set forth in Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.<u>Confirmation</u>. After its receipt of a Non-Conformance Notice from Client pursuant to Section 7.2 or Section 7.3, LTI shall notify Client in writing as soon as reasonably practical whether or not it accepts Client's basis for rejection, and Client shall reasonably cooperate with LTI in good faith to assess whether such rejection was necessary or justified. Upon LTI's reasonable request, [\*\*\*\*]. If the Parties are unable to agree as to whether a shipment of Vector supplied by LTI hereunder conforms to the applicable Vector Warranty, such question shall be [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.<u>Return or Destruction of Non-Conforming Vector</u>. Client may not return or destroy any batch of Vector until it receives written notification from LTI that LTI does not dispute that such batch fails to conform to the applicable Vector Warranty. LTI will indicate in its notice either that Client is authorized to destroy the Non-Conforming Vector, or that LTI requires return of the Non-Conforming Vector. Upon written authorization from LTI to do so, Client shall promptly destroy the Non-Conforming Vector and provide LTI with written certification of such destruction. Upon receipt of LTI's request for return, Client shall promptly return the Non-Conforming Vector to LTI at LTI's cost.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.<u>Replacement or Refund</u>. Client [\*\*\*\*]. If Client pays in full, or in part, for a shipment of Vector and subsequently properly rejects such shipment in accordance with Section 7.2or Section 7.3, [\*\*\*\*], initiate the manufacturing to replace and Deliver to Client an amount of Vector that conforms to the requirements of this CMSA at no additional cost to Client. Excluding such obligations set forth under Article 13 (Indemnification) or in instances of a Supply Failure, Client acknowledges and agrees that Client's rights to a refund or credit for, or to receive replacement of, properly rejected shipments of Non-Conforming Vector hereunder shall be Client's sole and exclusive remedy, and LTI's sole obligation, with respect to Non-Conforming Vector delivered hereunder provided LTI has adhered to the terms of this Section 7.6. For clarity, and without limiting the generality of the foregoing, if the non-conformity of any Non-Conforming Vector is the result of non-conformity of any Client Material, or if Client elects to take delivery of the Non-Conforming Vector for clinical use, then Client shall not be entitled to the foregoing remedy. Furthermore, if Client elects to take delivery of any Non-Conforming Vector for use in non-clinical research purposes only, a mutually agreed commercially reasonable fee for such Non-Conforming Vector shall be paid by Client to LTI, and LTI shall not support any requests for information (e.g., including any support to be provided under Sections 4 and 6.4) that would be applicable to clinical use of such Non-Conforming Vector.

**ARTICLE 8 FINANCIAL TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.<u>Upfront Payment</u>. Following execution of this CMSA and [\*\*\*\*], and as consideration for, among other things (i) the right to use Vector and/or related LTI Technology; (ii) LTI's obligation to supply Vector and/or related LTI Technology for the Permitted Use; and (iii) LTI's support of Client' development, regulatory and commercialization efforts for any Client Product(s), Client will pay to LTI [\*\*\*\*] (the "<u>Upfront Fee</u>"). For purposes of clarity, this Upfront Fee shall be payable only once and shall not be tied to any additional Client Products that may be subsequently added to this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.<u>Regulatory Submission Fee</u>. At the time of each first regulatory submission of a Biologics License Application ("<u>BLA</u>"), Market Authorization Application ("<u>MAA</u>") or its equivalent, in each of (a) the US, (b) the EU, and (c) Asia for a Client Product manufactured using Vector, Client shall pay regulatory submission fees (each a "<u>Regulatory Submission Fee</u>") as follows: [\*\*\*\*] For clarity, each additional unique Client Product will be subject to Regulatory Submission Fees on a Product-by-Product basis. No Regulatory Submission Fee shall be paid more than once for the same Client Product per applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.<u>Regulatory Approval Fee</u>. At the time of each first regulatory approval of a BLA, MAA or its equivalent, in each of (a) the US, (b) the EU, and (c) Asia for a Client Product manufactured using Vector, Client shall pay regulatory approval fees (each a "<u>Regulatory Approval Fee</u>") as follows: [\*\*\*\*] For clarity, each additional unique Client Product will be subject to Regulatory Approval Fees on a Product-by-Product basis. No Regulatory Approval Fee shall be paid more than once for the same Client Product per applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.<u>Pricing.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Price</u>. LTI agrees to sell and Deliver and Client agrees to purchase Vector under and in accordance with this CMSA at the Price listed for each Vector on <u>Exhibit F</u> (the "<u>Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Price Adjustments</u>. LTI shall be entitled to modify Prices for any Vector as set forth in Exhibit F on or after the commencement of each Calendar Year during the Term in accordance with this Section 8.4(b), provided that there shall not be more than one (1) Price increase with respect to the same Vector in any given Calendar Year during the Term and such increase shall be [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Price Adjustments Resulting from Changes.</u> [\*\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Payment Terms</u>. The payment terms for all payments made by Client for purchased Vector shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon receipt of each Purchase Order, LTI shall invoice Client [\*\*\*\*] in accordance with this CMSA. LTI shall invoice Client for the remaining balance upon Delivery of Vector to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided herein, all undisputed and properly due payments are payable [\*\*\*\*] Client's receipt of each invoice, such invoices to be issued by LTI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Client shall make all payments by wire transfer or electronic fund transfer in immediately available funds to an account designated by LTI. All payments by Client to LTI under this CMSA shall be made in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All Prices stated under this CMSA shall be stated exclusive of any and all taxes, duties, tariffs, levies, fees or other charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Without prejudice to any other right or remedy available to LTI, LTI reserves the right [\*\*\*\*]. Client acknowledges that failure to cure [\*\*\*\*] by LTI shall constitute a material breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Except as expressly provided herein, Client shall not exercise any right of setoff, net-out or deduction, take any credit, or otherwise reduce the balance owed to LTI with respect to any payments under this CMSA, unless the Parties otherwise agree or until Client has obtained a final and non-appealable judgment against LTI in the amount asserted by Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Taxes</u>. All payments made under this CMSA shall be free and clear of any and all taxes, duties, tariffs, levies, fees or other charges, except for withholding taxes. Each Party shall be entitled to deduct from its payment to the other Party under this CMSA the amount of any withholding taxes required to be withheld, to the extent paid to the appropriate governmental authority on behalf of the other Party (and not refunded or reimbursed). Each Party shall deliver to the other Party, upon request, proof of payment of all such withholding taxes. Each Party shall provide reasonable assistance to the other Party in seeking any benefits available to such Party with respect to government tax withholdings by any relevant law, regulation or double tax treaty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Right to Suspend</u>. Without prejudice to any other right or remedy available to LTI, LTI shall have the right to suspend its performance under this CMSA if and to the extent Client materially fails to perform its payment obligations for undisputed payments under this CMSA. For the avoidance of doubt, the failure by Client to make timely undisputed payments of any material, undisputed amount that is properly due LTI under this CMSA shall constitute a material failure of Client to perform its payment obligations under this CMSA.

**ARTICLE 9 INSPECTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.<u>Facility Audits</u>. Upon commercially reasonable notice (to be provided [\*\*\*\*]) and during LTI's normal business hours, not more often than [\*\*\*\*] this CMSA, Client may inspect those portions of LTI's Facilities that are used to manufacture, store or conduct testing of Vector to determine compliance with Agreed Standards, Applicable Laws and the applicable Commercial Quality Agreement. All personnel performing the audit on behalf of Client shall comply with the applicable rules and regulations for workers at such Facilities. In addition, prior to any such audit, Client will ensure that any representatives of Client are bound by terms of confidentiality and non-use with LTI at least as restrictive as set forth in this CMSA in order to protect any LTI Confidential Information that will be disclosed or otherwise made accessible during such audit. All audits shall be conducted in a manner that is intended to minimize disruption to the operations at such Facility. LTI shall promptly address and correct any deviations from Agreed Standards, Applicable Laws and/or the provisions of the applicable Commercial Quality Agreement identified in connection with such inspections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.<u>Exempt Documentation</u>. LTI reserves the right, at its sole discretion, to exempt certain documentation from such audit described in Section 9.1 if and to the extent this is reasonably required in order to protect LTI's trade secrets in LTI Technology and/or other LTI Intellectual Property Rights or Third Party Intellectual Property rights. Documentation specifically related to Client Product or necessary from a quality perspective to assess the services being performed under this CSMA will not be exempted pursuant to this Section 9.2. For documentation that is not related to

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Client Product or services being performed under this CSMA, if such exemption will have a material impact on the scope of a representative's inspection, the Parties will discuss in good faith other means to provide sufficient information to such representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.<u>Inspection by Regulatory Authority</u>. LTI shall permit inspections of the LTI Facility by Regulatory Authorities and shall respond to any notices or requests for information by Regulatory Authorities inclusive of for any import or export license, registration or pending registration for manufacturing of Vector during the Term. LTI shall permit representatives of any applicable Regulatory Authority to access, at any reasonable time during normal business hours, any and all relevant records, information, and personnel at the Facility. To the extent that a Regulatory Authority raises any issue during or following a Regulatory Authority inspection that would be reasonably likely to adversely affect the suitability of Vector for any Permitted Use, LTI shall promptly advise Client in writing of such issue. The Parties will promptly give written notice to each other in advance of any scheduled inspection of the Facility by a Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.<u>Cost of Audits and Inspections</u>. Client shall reimburse LTI for all reasonable out-of-pocket expenses reasonably incurred by LTI as a direct result of Facility audits and/or inspections pursuant to Sections 9.1 and 9.3 solely to the extent that they relate to the review of a Client Product. For clarity, Client shall not be liable for any costs and expenses incurred by LTI to correct deficiencies of LTI manufacturing procedures in order to comply with Agreed Standards, Applicable Laws, or the applicable Commercial Quality Agreement, or inspection related to a Third Party vector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.<u>Serious Breach</u>. In certain locations, local regulations require the reporting of scientific misconduct, significant deviations or non-compliance with cGMP and/or study protocol to a Regulatory Authority. If such non-compliance or deviation is deemed a "Serious Breach" within the meaning provided in the application regulation, Client will report it to the Regulatory Authority. If a potential Serious Breach is identified by LTI, LTI shall promptly communicate and escalate it to Client [\*\*\*\*] and provide further information [\*\*\*\*]. Any disagreements regarding Serious Breach reporting will be escalated to management for resolution.

**ARTICLE 10 INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.<u>Existing Intellectual Property</u>. Except as the Parties may otherwise expressly agree in writing, each Party shall continue to own all rights, including all Intellectual Property Rights, in and title to its technology existing as of the Effective Date or developed during the Term but outside the scope of this CMSA, without conferring any interests therein on the other Party. Without limiting the generality of the preceding sentence, as between the Parties, the [\*\*\*\*], and LTI shall not acquire any right, interest in or title to Client Technology and Client Product (and any Intellectual Property Rights thereof) by virtue of this CMSA or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.<u>Limited License</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)LTI hereby grants to Client, subject to all the terms and conditions of this CMSA, a limited, non-exclusive, royalty-free right and license under LTI Technology incorporated or embodied in Vector supplied hereunder, solely to use such Vector for the Permitted Use. The foregoing license shall be sub-licensable through multiple tiers to Affiliates and to Licensees of Client and to Client's, its Affiliates', and its Licensees' respective Subcontractors (but not to provide any LTI Confidential Information to LTI Direct Competitors) solely in conjunction with the use of such Vector for the Permitted Use, provided however that Subcontractors shall not have the right to grant sublicenses under LTI Technology. For the avoidance of doubt, the license granted to Client under this Section 10.2(a) conveys no right to Client, its Affiliates, Subcontractors or Licensees to use LTI Technology to make, have made, import, have imported, offer for sale and/or sell any Vector. For Vector that has been Delivered or ordered under this CMSA, this license shall survive the expiration or termination of this CMSA, provided that Client has complied with all of its obligations under this CMSA, including but not limited to making payment when due.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Client hereby grants to LTI, subject to all the terms and conditions of this CMSA, a limited, non-exclusive, royalty-free right and license under Client Technology incorporated or embodied in Vector supplied hereunder, solely to manufacture and supply such Vector for Client. The foregoing license shall be sub-licensable to Affiliates of LTI and its respective Subcontractors solely in conjunction with the manufacture and supply of such Vector, provided however that Subcontractors shall not have the right to grant sublicenses under Client Technology. For the avoidance of doubt, the license granted to LTI under this Section 10.2(b) conveys no right to LTI, its Subcontractors or Affiliates to use Client Technology to make, have made, import, have imported, offer for sale and/or sell any Vector except to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.<u>Notification</u>. Each Party will promptly notify the other Party in writing upon such Party's receipt of any written claim or demand from any Third Party alleging that the practice of LTI (or Client, as applicable) Technology infringes such Third Party's Intellectual Property Rights, or such Party's receipt of written notice of the initiation of any legal action or other legal proceeding by any Third Party alleging that the practice of LTI (or Client, as applicable) Technology infringes such Third Party's Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.<u>Disclaimer</u>. Except as otherwise expressly provided herein, nothing contained in this CMSA shall be construed or interpreted, either expressly or by implication, estoppel or otherwise, as:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a grant, transfer or other conveyance by either Party to the other of any right, title, license or other interest of any kind in any portion of its technology or Intellectual Property Rights, or (ii) creating an obligation on the part of either Party to make any such grant, transfer or other conveyance.

**ARTICLE 11 WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Vector Warranty</u>. Subject to Section 11.4 below, LTI warrants, represents and covenants to Client, that Vector Delivered hereunder will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)be manufactured in [\*\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)at the time of Delivery, [\*\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)at the time of Delivery, not be adulterated, misbranded, or mislabeled under Applicable Laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)other than as set forth in this CMSA, be free and clear of any lien or encumbrance, provided that all fees due (pursuant to Sections 8.1 through 8.4) and Prices payable (pursuant to Sections 8.5 and 8.6) have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(collectively, the "<u>Vector Warranty</u>"), provided, however, that LTI shall have no [\*\*\*\*]. Further, Client's rights of refund and replacement set forth in Article 7 shall not apply to any Vector that is non-conforming due to: (i) [\*\*\*\*]. Client's sole and exclusive remedy for LTI's breach of this Vector Warranty is as expressly set forth in Section 7.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Additional LTI Representations, Warranties, and Covenants</u>. LTI further represents, warrants and covenants to Client as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the Effective Date and during the Term, LTI and its Affiliates and Subcontractors have the scientific, technical and other requisite competencies, and full right and power to perform the obligations set forth in this CMSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)That it has, and will continue to maintain, all necessary licenses, permits, and approvals required by Applicable Laws in connection with the manufacture of Vector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As of the Effective Date and during the Term, [\*\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)That LTI shall use [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)As of the Effective Date, [\*\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To LTI's knowledge on the Effective Date or on the Delivery date of Vector, there are no agreements between

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LTI and a Third Party that would result in any payment obligation on Client for royalties or license fees with respect to the Permitted Use of such Vector other than any listed on Exhibit E, as amended from time to time consistent with Section 11.5(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)That neither it nor its Affiliates or Subcontractors will in the performance of its obligations under this CMSA use the services of any person debarred or suspended by FDA as described in 21 U.S.C. §335(a) or (b). LTI agrees to promptly notify Client in writing if LTI or any of its Affiliates, employees, or Subcontractors are debarred by FDA or other governmental entities. LTI further covenants, represents and warrants that neither it, nor any Affiliate or Subcontractor currently has hired, and will not hire, as an officer or an employee any person who has been convicted of a felony under the laws of the United States for conduct relating to the regulation of any drug product under the Federal Food, Drug, and Cosmetic Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)That it (i) has the full right and authority to enter into this CMSA, (ii) has obtained all necessary corporate approvals to enter and execute this CMSA, (iii) is not aware of any impediment that would inhibit its ability to perform its obligations under this CMSA, and (iv) will not enter into agreements with third parties that would prevent LTI from meeting the Forecast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Client Representations, Warranties, and Covenants</u>. Client hereby represents, warrants and covenants to LTI as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the Effective Date and during the Term, Client has the scientific, technical and other requisite competencies, and full right and power to perform the obligations set forth in this CMSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)That the Specifications of Vector will be adequate and Vector (including its packaging and labelling) will be suitable for Client's Permitted Use for such Vector prior to any commercial sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To Client's knowledge on the Effective Date and on the date of Delivery of a Vector, Client owns all right, title, and interest in and to, or otherwise possesses all necessary rights and licenses to, Client Technology and Client Intellectual Property Rights, required for LTI [\*\*\*\*] Client Materials in the manufacture of Vector for Client's Permitted Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)That Client shall use [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On the Effective Date and on the date of Delivery of a Vector, Client has not received any written communication from any Third Party alleging that the manufacture, use, sale, offer for sale or import of [\*\*\*\*] Client Material infringes any Third Party patent or misappropriates any other Third Party Intellectual Property Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)During the Term, Client shall use, and will cause its Affiliates, Licensees, and Subcontractors to use Vector in accordance with all Applicable Laws and all requirements of Regulatory Authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)That (i) it has the full right and authority to enter into this CMSA, (ii) it has obtained all necessary corporate approvals to enter and execute this CMSA, and (iii) that it is not aware of any impediment that would inhibit its ability to perform its obligations under this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Disclaimer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)EXCEPT AS EXPRESSLY SET FORTH IN THIS CMSA, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE OR USE, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY OF PATENTS, OR THE PROSPECTS OR LIKELIHOOD OF DEVELOPMENT OR COMMERCIAL SUCCESS OF CLIENT PRODUCT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the generality of clause [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In no event shall LTI or its Affiliates be responsible or liable for any non-conformance or other defects in Vector, including any non-conformance with the warranties in Section 11.1 and 11.2,to the extent resulting from accident, improper use, handling, storage, transportation, or disposal of Vector after Delivery thereof (including without limitation failure to use Vector in accordance with the terms of this CMSA or Specifications).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)LTI's warranty under Section 11.2 [\*\*\*\*]. Notwithstanding any of the above, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Remedies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Excluding potential liabilities set forth in Article 12 and Article 13, [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[\*\*\*\*].

**ARTICLE 12 LIMITATION OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.<u>General</u>. Nothing in this CMSA shall exclude or in any way limit either Party's liability

for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)death or personal injury caused by its gross negligence or wilful misconduct, or that of its Affiliates, Licensees, or Subcontractors, or its and their respective officers, directors, employees, consultants and agents, (to the extent the same may not be excluded or limited as a matter of law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)fraud or fraudulent misrepresentation by it or its Affiliates, Licensees. or Subcontractors, or its and their respective officers, directors, employees, consultants and agents (to the extent the same may not be excluded or limited as a matter of law); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any other liability to the extent the same may not be excluded or limited as a matter of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.<u>Applicability.</u> The limitations and exclusions of liability set out in this Article 12 shall also apply in favor of the Parties' Affiliates, Licensees and Subcontractors, and their respective officers, directors, employees, consultants and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.<u>Limitation of Liability</u>. Subject to Section 12.1 above, except for liability for damages resulting from: (i) breach of the confidentiality obligations described in Article 14; (ii) misappropriation or infringement by a Party of the other Party's Intellectual Property Rights; or (iv) gross negligence or wilful misconduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)IN NO EVENT SHALL A PARTY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES OR EXPENSES, INCLUDING LOSS OF PROFITS, REVENUE, DATA, OR USE, WHETHER IN AN ACTION IN CONTRACT OR TORT (INCLUDING ERRORS OR OMISSIONS OR BREACH OF WARRANTY), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)OTHER THAN [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.<u>Indirect or Consequential Damages.</u> LTI will not in any event be liable for increased manufacturing costs, downtime costs, purchase of substitute products, lost profits, revenue, or goodwill, or any other indirect incidental, special, or consequential damages caused by a breach of the Vector Warranty or the warranties in Section 11.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.<u>No Liability for Clinical Trials or Client Product</u>. Except in the case of Latent Defects or as otherwise expressly stated elsewhere in this CMSA, [\*\*\*\*]).

**ARTICLE 13 INDEMNIFICATION; INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.<u>Indemnification by LTI</u>. Subject to the limitations set forth in Article 12 above, [\*\*\*\*]. This indemnity will not apply to the extent that these Losses are those for which Client is obliged to indemnify the LTI Indemnitees under 13.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.<u>Indemnification by Client</u>. Subject to the limitations set forth in Article 12 above, Client will save, defend and hold harmless LTI, its Affiliates, Subcontractors and their respective officers, directors, employees, consultants and agents (each a "<u>LTI Indemnitee</u>" and collectively, "<u>LTI</u> <u>Indemnitees</u>") from and against any and all Losses to which any such LTI Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the extent such Losses arise out of: [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.<u>Indemnification Procedure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the case of a claim or demand made by any Third Party who is not a Party to this CMSA (or an Affiliate thereof) as to which a Party (the "<u>Indemnitor</u>") may be obligated to provide indemnification pursuant to this CMSA, such Party seeking indemnification hereunder ("<u>Indemnitee</u>") will notify the Indemnitor in writing of the Third Party claim (and specifying in reasonable detail the factual basis for the Third Party claim and, to the extent known, the amount of the Third Party claim) promptly after becoming aware of such Third Party claim; provided, however, that failure to give such notification will not affect the indemnification provided hereunder except to the extent the Indemnitor shall have been actually materially prejudiced as a result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a Third Party claim is made against an Indemnitee, then the Indemnitor will be entitled, within thirty (30) days after receipt of written notice from the Indemnitee of the commencement or assertion of any such Third Party claim, to assume the defense thereof, at the expense of the Indemnitor, by providing written notice to Indemnitee of its intention to assume the defense of such Third Party claim within such thirty (30) day period with counsel selected by the Indemnitor and reasonably satisfactory to the Indemnitee for so long as the Indemnitor is conducting a good faith and diligent defense. Should the Indemnitor so elect to assume the defense of such Third Party claim, the Indemnitor will not be liable to the Indemnitee for any legal or other expenses subsequently incurred by the Indemnitee in connection with the defense thereof; provided however, that if under applicable standards of professional conduct a conflict of interest exists between the Indemnitor and an Indemnitee in respect of such claim, such Indemnitee shall have the right to employ separate counsel to represent such Indemnitee with respect to the matters as to which a conflict of interest exists and in that event the reasonable fees and expenses of such separate counsel shall be paid by such Indemnitor; provided further, that the Indemnitor shall only be responsible for the reasonable fees and expenses of one separate counsel for all Indemnitees where a conflict a conflict of interest is found to exist. If the Indemnitor assumes the defense of any Third Party claim, the Indemnitee shall have the right to participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnitor. If the Indemnitor assumes the defense of any Third Party claim, the Indemnitor will promptly supply to the Indemnitee copies of all material correspondence and documents relating to or in connection with such Third Party claim and keep the Indemnitee reasonably informed of developments relating to or in connection with such Third Party claim, including when reasonably requested in writing by the Indemnitee (including providing to the Indemnitee updates and summaries as to the status thereof). If the Indemnitor chooses to defend a Third Party claim, all Indemnitees shall reasonably cooperate with the Indemnitor in the defense thereof (such cooperation to be at the expense, including reasonable legal fees and expenses, of the Indemnitor). If the Indemnitor does not elect to assume control by written acknowledgement of the defense of any Third Party claim within the thirty (30) day period set forth above, or if such good faith and diligent defense is not being or ceases to be conducted by the Indemnitor, the Indemnitee shall have the right, at the expense of the Indemnitor (but limited to the reasonable legal fees and expenses of one counsel for all Indemnitees, except for separate local counsel), after five (5) business days' written notice to the Indemnitor of its intent to do so, to undertake the defense of the Third Party claim for the account of the Indemnitor (with counsel selected by the Indemnitee), and to compromise or settle such Third Party claim, exercising reasonable business judgment; provided, however, that Indemnitee shall not compromise and settle any Third Party claim without the prior written consent of the Indemnitor, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In no event may the Indemnitor compromise or settle any Third Party claim in a manner which admits fault or negligence on the part of the Indemnitee, or requires the Indemnitee to make any payments, without the prior written consent of the Indemnitee. Without limiting the foregoing, if the Indemnitor acknowledges in writing its obligation to indemnify the Indemnitee for a Third Party claim, the Indemnitee will agree to any settlement, compromise or discharge of such Third Party claim that the Indemnitor may recommend that by its terms obligates the Indemnitor to pay the full amount of Losses (whether through settlement or otherwise) in connection with such Third Party claim and unconditionally and irrevocably releases the Indemnitee completely from all Losses in connection with such Third Party claim; provided, however, that, without the Indemnitee's prior written consent, the Indemnitor shall not consent

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to any settlement, compromise or discharge (including the consent to entry of any judgment) that provides for injunctive or other nonmonetary relief affecting the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything to the contrary contained herein, an Indemnitee shall be entitled to assume the defense of any Third Party claim with respect to the Indemnitee upon written notice to the Indemnitor pursuant to this Section 13.3(d) in which case, the Indemnitor shall be relieved of liability under Section 13.1 or 13.2, as applicable, solely for such Third Party claim and related Losses. For the avoidance of doubt, this Section 13.3(d) shall not apply to the Indemnitee's assumption of, or participation in, the defense as permitted pursuant to Section 13.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.<u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Required Coverages.</u> Each Party will maintain at its sole expense an adequate amount of commercial general liability and product liability insurance, throughout the Term and for a period of three (3) years thereafter, to protect against potential liabilities and risk arising out of activities to be performed under this CMSA (and any Commercial Quality Agreement related hereto) upon such terms (including coverages, deductible limits and self-insured retentions) as are customary in the industry for the activities to be conducted by such Party under this CMSA. Client shall insure against personal injury, physical injury or property damage arising out of the pre-clinical, clinical (upon filing of an Investigational New Drug application or Clinical Trial Application or similar application) and commercial (upon acceptance of a Biologics License Application or Marketing Authorization Application or similar application) manufacture, sale, use, distribution or marketing of Client Product manufactured in connection with this CMSA. LTI shall insure against personal injury, physical injury or property damage arising out of manufacturing and supply of Vector under this CMSA. Each Party shall at its sole expense procure and maintain the following insurance coverages with reputable carriers rated A- or better and authorized in the relevant jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [\*\*\*\*], which can be evidenced by a combination of primary and excess, or umbrella liability policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [\*\*\*\*] per claim and aggregate, covering also product use, testing, and third-party administration, including difference in limits coverage above any locally admitted clinical trials liability policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If applicable to Client Product [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Protection of LTI.</u> [\*\*\*\*]. The policies shall provide worldwide coverage, including all jurisdictions where Client Product is manufactured, tested, used, or marketed; provide coverage for tort liability assumed in this insured contract, including indemnity obligations under this CMSA; not contain exclusions for third-party reliance, breach of specifications, or acts or omissions of subcontractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates and Audit Rights.</u> Each Party shall provide Certificates of Insurance upon: (i) initial commercial launch of Client Product; (ii) annual renewal after commercialization of Client Product; and (iii) immediately upon reasonable written request. Each certificate must confirm that no policy will be cancelled or materially changed by the applicable Party without at least [\*\*\*\*] prior written notice to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Survival and Enforcement.</u> This Section 13.4 shall survive the expiration or termination of this Agreement for [\*\*\*\*]. Its provisions shall take precedence over conflicting language in the Commercial Quality Agreement or related documents. Each Party may enforce compliance via injunctive or equitable relief without bond, and all obligations herein shall bind each Party and its successors, assigns, and legal representatives. In the event of breach by Client of this Section 13.4, LTI may, in its sole discretion, suspend supply of Vector or activities performed by LTI under this CMSA or initiate termination for cause pursuant to Section 15.2.

**ARTICLE 14 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.<u>Definition</u>. As used in this CMSA, the term "<u>Confidential Information</u>" means any information disclosed by one Party or its Affiliates, (the "<u>Disclosing Party</u>") to the other Party or its Affiliates, (the "<u>Receiving Party</u>"), pursuant to this CMSA which is: (i) in written, graphic, machine readable or other tangible form and is marked "Confidential," "Proprietary," or in some other manner to indicate its confidential nature; or (ii) oral information disclosed pursuant to this CMSA, provided that such information is designated as confidential at the time of disclosure and reduced to a written summary by the Disclosing Party within thirty (30) calendar days after its oral disclosure, which is marked in a manner to indicate its confidential nature and delivered to the Receiving Party. Notwithstanding the foregoing, the Disclosing

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Party's failure to so mark any of its Confidential Information, whether disclosed in written, graphic, machine readable or other tangible form, or its failure to designate as confidential and reduce to writing any Confidential Information disclosed orally, shall not relieve the Receiving Party of its obligations hereunder with respect to such Confidential Information if its confidential nature would be apparent to a reasonable person in the biotechnology or biopharmaceutical industry, based on the subject matter of such Confidential Information or the circumstances under which it is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.<u>Non-Disclosure and Non-Use</u>. During the Term and [\*\*\*\*] thereafter, the Receiving Party shall keep Confidential Information of the Disclosing Party in strict confidence and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;(i) use the other Party's Confidential Information for any use or purpose except as expressly permitted under this CMSA, the Commercial Quality Agreement or as otherwise authorized in writing in advance by the other Party; or (ii) disclose the other Party's Confidential Information to anyone other than those of its Affiliates' or Subcontractors' directors, officers, employees, agents, contractors, collaborators and consultants, and in the case of Client, also its Licensees (collectively, "<u>Authorized Representatives</u>") who need to know such Confidential Information for a use or purpose expressly permitted under this CMSA. Each Receiving Party shall take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information of the Disclosing Party. Without limiting the foregoing, each Receiving Party shall take at least those measures that it takes to protect its own confidential information of a similar nature (but not less than reasonable measures) and shall ensure that any Authorized Representative of the Receiving Party who is permitted access to Confidential Information of the Disclosing Party pursuant to clause (ii) in the first sentence of this Section 14.2 is contractually or legally bound by obligations of non-disclosure and non-use in scope and content at least as protective of the Disclosing Party's Confidential Information as the provisions hereof prior to any disclosure of the Disclosing Party's Confidential Information to such Authorized Representative. The Receiving Party shall be responsible for any breach of this CMSA by its Authorized Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.<u>Exceptions</u>. Notwithstanding the above, a Receiving Party shall have no obligations under this Article 14 with regard to any information of the Disclosing Party which the Receiving Party can demonstrate through competent proof: (i) [\*\*\*\*]; (ii) [\*\*\*\*]; (iv) [\*\*\*\*]; or (v) [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.<u>Permitted Disclosure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Compelled Disclosure</u>. Notwithstanding the provisions of this Article 14, nothing in this CMSA shall prevent the Receiving Party from disclosing Confidential Information of the Disclosing Party to the extent the Receiving Party is legally required or compelled to do so by any governmental investigative or judicial agency or body pursuant to proceedings over which such agency or body has jurisdiction; provided however, that prior to making any such required or compelled disclosure, the Receiving Party shall: (i) assert the confidential nature of the Confidential Information to such agency or body; (ii) promptly notify the Disclosing Party in writing of such order or requirement to disclose; and (iii) cooperate fully with the Disclosing Party in protecting against or limiting any such disclosure and/or obtaining a protective order, confidential treatment and/or any other remedy narrowing the scope of the required or compelled disclosure and protecting its confidentiality. In the event that a protective order, confidential treatment and/or other remedy is not obtained, or if the Disclosing Party waives compliance with the provisions of this CMSA as applied to such required or compelled disclosure, then the Receiving Party may, without liability, disclose the Disclosing Party's Confidential Information to the extent that it is legally required or compelled to disclose. The Receiving Party will furnish only that portion of the Disclosing Party's Confidential Information that it is legally required to disclose and will make all reasonable and diligent efforts to obtain reliable assurances that confidential treatment will be afforded to Confidential Information so disclosed. Disclosure of Confidential Information pursuant to this Section 14.4(a) shall not alter the character of that information as Confidential Information hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Authorized Disclosure</u>. Notwithstanding the provisions of this Article 14, each Receiving Party (or in the instance of Section 14.4(b)(3), its Affiliates, Licensees or Subcontractors) may disclose Confidential Information, without violating its obligations under this CMSA, to the extent the disclosure is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in connection with a securities filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) required for purposes of fulfilling obligations of Regulatory Authorities provided such disclosure only provides such confidential information that is necessary to fulfill the obligations and takes all necessary

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precautions to ensure that the information remains confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as required in context of furtherance of the Permitted Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in confidence, to accountants, attorneys, other professional advisors, banks, and financing sources and their advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in confidence, in connection with the enforcement of this CMSA or rights under this CMSA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) in the case of Client, to existing or potential acquirers or merger candidates, investment bankers, existing or potential investors, or collaboration partners, in each case, as applicable, for purposes of obtaining financing, negotiating the sale or acquisition of any assets or business or collaborations related to the subject matter under the CMSA, each of whom prior to disclosure will be bound by obligations of confidentiality at least equivalent in scope to those set forth within this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.<u>Publicity</u>. Each Party may disclose the existence of this CMSA, but agrees that the terms and conditions of this CMSA will be treated as Confidential Information of the other Party. Except as otherwise required by Applicable Laws or regulations, or permitted under Section 14.4(b), neither Party shall make any public announcement or press release regarding this CMSA or any terms thereof, or otherwise use the name, logos, trademarks or products of the other Party in any publication, without the other Party's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6.<u>Remedies</u>. The Parties acknowledge and agree that the provisions of this Article 14 are necessary for the protection of the business and goodwill of the Parties and are considered by the Parties to be reasonable for such purpose. Each Party agrees that any violation of this Article 14 by it (or its Affiliate, Licensee, or Subcontractor) may cause substantial and irreparable harm to the other Party and, therefore, in the event of any violation or threatened violation of this Article 14 by the Receiving Party, the Disclosing Party shall be entitled to seek specific performance and other injunctive and equitable relief in addition to any other legal remedies available.

**ARTICLE 15 TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.<u>Term</u>. This CMSA shall enter into force on the Effective Date, and unless earlier terminated by either Party in accordance with the provisions of Section 15.2 or Section 15.3, shall continue for a period of [\*\*\*\*] from the Effective Date, and thereafter shall automatically renew for successive [\*\*\*\*] periods, unless either Party provides written notice to the other Party of its desire not to renew at least [\*\*\*\*] periods prior to the expiration of the then-current term (the initial [\*\*\*\*], together with any renewal terms, collectively, the "<u>Term</u>"); provided that any existing Purchase Orders shall be fulfilled by LTI even if the Delivery dates are beyond the Term in which case this CMSA shall continue in effect solely with respect to such existing Purchase Orders until Delivery. In instances where LTI chooses not to automatically renew the Term of this CSMA the provisions of Section 5.5 shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.<u>Termination for Cause</u>. Notwithstanding Section 15.1 either Party may, in addition to any other remedies available to it under this CMSA or by law, terminate this CMSA as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination for Material Breach</u>. A Party may terminate this CMSA by providing written notice to the other Party describing the other Party's material breach and demanding its cure, in the event that the other Party materially breaches a material provision of this CMSA and fails to cure such breach within [\*\*\*\*] of receipt of such notice of the breach or, if the breach is not susceptible to cure within such [\*\*\*\*] period, if the breaching Party fails to submit to the notifying Party and implement within such [\*\*\*\*] period a written remedial action plan reasonably satisfactory to the notifying Party that sets out appropriate corrective action for remedying such breach promptly after such [\*\*\*\*] period expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination for Bankruptcy or Insolvency</u>. A Party may terminate this CMSA upon thirty (30) days' written notice to the other Party in the event the other Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or there shall have been appointed a trustee or receiver of the other Party, or if any case or proceeding shall have been commenced or other action taken by or against the other Party

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in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereinafter in effect that is not dismissed within thirty (30) days after commencement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination for Force Majeure Event</u>. A Party may terminate this CMSA upon providing written notice to the other Party if the other Party is unable to fulfill its obligations under this CMSA and/or any applicable Purchase Order, or related type document due to a Force Majeure Event which cannot be removed, overcome or abated within [\*\*\*\*] (or within such other period as the Parties jointly shall agree in writing) from the initial date of such Force Majeure Event. For purposes of clarity, a Party does not waive the right to terminate under this Section 15.2(c) by not initially notifying the other Party of such intent, and retains the right to exercise such termination rights for the duration that the Force Majeure event has not been removed, overcome, or abated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.<u>Discontinuance or Suspension of Client Product Program</u>. Client may terminate this CMSA upon [\*\*\*\*] written notice to LTI if Client, in its sole and absolute discretion, discontinues the development or commercialization of Client Product. Upon termination of this CMSA pursuant to this Section 15.3, Client's sole obligation shall be for it [\*\*\*\*]. For clarity, termination of this CMSA pursuant to this Section 15.3 shall not release Client from its payment obligations with respect to the quantities set forth in any Purchase Orders or quantities forecasted for within the Firm Zone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 <u>Accrued Liabilities.</u> Expiration or termination of this CMSA for any reason shall not release either Party from any liability accrued under this CMSA prior to such expiration or termination, nor preclude either Party from pursuing any rights or remedies accrued prior to such expiration or termination or accrued at law or in equity with respect to any uncured material breach of this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 <u>Payments Due Upon Termination.</u> Expiration or termination of this CMSA shall not operate to relieve Client from its obligation to pay undisputed and properly due amounts of [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 <u>Post Termination</u>. Upon the termination or expiration of this CMSA, each Party shall promptly return to the other Party or destroy, at the other Party's request,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any and all Confidential Information of the other Party then in its possession or control, except if such information is covered under surviving license rights, and further provided that each Party may keep one (1) copy of such information in its legal archives for regulatory compliance purposes (inclusive of regulatory submissions) and in order to determine its ongoing obligations hereunder, including in connection with legal proceedings; and such additional copies of or any computer records or files containing such Confidential Information that have been created solely by the Receiving Party's automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with the Receiving Party's standard archiving and back-up procedures, but not for any other use or purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any and all remaining materials (including Client Materials, to the extent such Client Material does not contain LTI Technology), of the other Party then in its possession or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in the instance of a termination of this CSMA due to a reason where Client is entitled to initiate a technology transfer pursuant to Section 5.5, any remaining Raw Materials containing Client Gene Sequence shall be included within the technology transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 <u>Survival</u>. Other than obligations which have accrued and are outstanding as of the date of any expiration or termination of this CMSA, and except as otherwise expressly provided in this CMSA or the Commercial Quality Agreement or as otherwise mutually agreed by the Parties in writing, all rights granted and obligations undertaken by the Parties hereunder shall terminate immediately upon the termination or expiration of this CMSA, subject to Section 15.4 above and except for the following which shall survive according to their terms: Article 1 (Definitions and Interpretation); Section 2.2 (Permitted Use); Section 2.3 (Restrictions on Use); Section 2.8 (Compliance); Section 2.9 (Client Licenses and Subcontractors); Section 4.2 (Communication to/from Regulatory Authorities); Section 6.1(f) (Long-Term Storage Fees); Section 10.2(a) (Limited License);Article 12 (Limitation of Liability); Article 13 (Indemnification; Insurance); Article 14 (Confidentiality); Section 15.6 (Post Termination); Section 15.7 (Survival);

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Article 16 (Notices); Article 17 (Assignment); Article 19 (Applicable Laws; Jurisdiction); and Article 20 (Miscellaneous); and any and all rights and obligations of the Parties thereunder, as well as any other provision hereunder which by its nature is intended to survive expiration or termination of this CMSA. Expiration or termination of this CMSA for any reason shall not release either Party from liability accrued under this CMSA prior to such expiration or termination, nor preclude either Party from pursuing any rights or remedies accrued prior to such expiration or termination or accrued at law or in equity with respect to any uncured material breach of this CMSA.

**ARTICLE 16 NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.All notices, demands, requests, consents, approval and other communications required or permitted to be given under this CMSA shall be in writing in the English Language, and shall be deemed duly given: (a) when personally received by the intended recipient on a Business Day (or the first Business Day thereafter if not); (b) when delivered by messenger or overnight courier upon confirmation of receipt; or (c) when delivered via e-mail on a Business Day (or the first Business Day thereafter if not), addressed to the applicable Party at the address set forth below or to such other address as any Party may give to the other Party in writing for such purpose in accordance with this Article 16:

If to LTI: [\*\*\*\*]

with a copy to: [\*\*\*\*]

And to: [\*\*\*\*]

If to Client: [\*\*\*\*]

with a copy to: [\*\*\*\*]

**ARTICLE 17 ASSIGNMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.<u>Assignment.</u> This CMSA shall not be assignable, pledged or otherwise transferred, nor may any right or obligations hereunder be assigned, pledged or transferred, by either Party to any Third Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld, conditioned or delayed by the other Party; [\*\*\*\*]. In addition, either Party shall have the right to assign or otherwise transfer this CMSA to an Affiliate upon written notice to the non-assigning Party. In each case of a permitted assignment or transfer hereunder, the assigning or transferring Party shall remain liable for any obligations of such Party arising before the effective date of such assignment or transfer, and the provisions of Sections 15.4 and 15.5 shall apply, mutatis mutandis, to such assignment or transfer. Subject to the foregoing, this CMSA shall inure to the benefit of each Party, its successors and permitted assigns. No Party may assign or transfer any of its rights under this CMSA except as expressly permitted in this Section 17.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.<u>Sale or Licensing of Client Product.</u> In the case of Client's sale or out-licensing to a Third Party of any Client rights in one or more Client Product asset(s) that is/are supported by the CMSA in one or more territories, the Third Party (excluding entities whose primary business is contract manufacturing and who are LTI Direct Competitors) that has purchased or licensed such Client Product asset(s) has the right to request, and upon written request, LTI shall enter into a CMSA to support such Client Product on substantially the same terms as this CMSA.

**ARTICLE 18 FORCE MAJEURE EVENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.Neither Party will be liable to the other Party on account of any loss or damage resulting from any delay or failure to perform all or any part of this CMSA if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the reasonable control and without gross negligence of the Parties ("<u>Force Majeure Event</u>"). Such events, occurrences, or causes will include [\*\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.The Party affected by a Force Majeure Event shall promptly inform the other Party in writing of the Force Majeure Event's occurrence, anticipated duration and cessation. The Party giving such notice shall thereupon be excused from such of its obligations hereunder as it is thereby disabled from performing for so long as it is so disabled, provided,

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however, that such affected Party commences and continues to take Commercially Reasonable Efforts and diligent actions to cure such cause.

**ARTICLE 19 APPLICABLE LAWS; JURISDICTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.<u>Governing Law</u>. This CMSA shall be governed in all respects by, and construed and enforced in accordance with, the laws of the State of Delaware and the federal laws of the United States of America, without reference to conflicts of laws principles. The exclusive venue of any dispute arising out of or in connection with the performance or breach of this CMSA shall be the state and/or federal courts in Delaware, and the Parties hereby consent to the personal jurisdiction of such courts. Due to the high costs and time involved in commercial litigation before a jury, THE PARTIES HEREBY WAIVE ALL RIGHT TO A JURY TRIAL WITH RESPECT TO ANY AND ALL ISSUES IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS CMSA. Notwithstanding

the foregoing, a Party may apply to any court of competent jurisdiction for temporary or preliminary injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.<u>Dispute Resolution Procedures</u>. Should any dispute, claim or controversy arise between the Parties relating to the validity, interpretation, performance, termination or breach of this CMSA (collectively, a "<u>Dispute</u>"), the Parties shall use their best efforts to resolve the Dispute by good faith negotiations, first between their respective representatives directly involved in that Dispute and then, if necessary, between senior representatives of the Parties. Any such Dispute not satisfactorily settled by negotiation after [\*\*\*\*] shall be brought exclusively in the courts of competent jurisdiction located in Delaware; provided that nothing in this Section 19.2 will preclude either Party from seeking injunctive relief in any court of competent jurisdiction in accordance with Section 19.3 below. During the period where the Parties are attempting to resolve the issue in good faith, any applicable statute of limitations shall be tolled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.<u>Injunctive Relief</u>. Each Party acknowledges that a breach of its obligations under this CMSA may result in immediate and irreparable harm to the other Party, for which there may be no adequate remedy at law. Therefore, in the event of a breach or threatened breach, the non-breaching Party may, in addition to other remedies, immediately seek from any court of competent jurisdiction injunctive relief (including a temporary restraining order, preliminary injunction or other interim equitable relief) prohibiting the breach or threatened breach or compelling specific performance, without the necessity of proving actual damages. Such right to injunctive relief as provided for in this paragraph is in addition to, and is not in limitation of, whatever remedies either Party may be entitled to as a matter of law or equity, including money damages. The Parties agree to waive the requirement of posting a bond in connection with a court's issuance of an injunction.

**ARTICLE 20 MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.<u>Governing Further Actions</u>. Each Party will execute, acknowledge and deliver such further instruments, and do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3.<u>Entire CMSA and Amendment</u>. This CMSA (including all Exhibits attached hereto, which are incorporated herein by reference, and as amended from time to time in accordance with the provisions hereof) and any Commercial Quality Agreement(s) sets forth all of the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof, and constitutes and contains the complete, final, and exclusive understanding and agreement of the Parties with respect to the subject matter hereof, and cancels, supersedes and terminates all prior agreements and understanding between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations conditions or understandings, whether oral or written, between the Parties other than as set forth herein or in a Commercial Quality Agreement. No subsequent alteration, amendment, change or addition to this CMSA (including all Exhibits attached hereto) shall be binding upon the Parties hereto unless reduced to writing and signed by the respective authorized officers

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of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4.<u>Severability and Headings</u>. If any term, condition or provision of this CMSA is held to be invalid, unlawful or unenforceable to any extent by a court of competent jurisdiction, then the Parties will negotiate in good faith a substitute, valid and enforceable provision that most nearly effects the Parties' intent and the Parties agree to be bound by the mutually agreed substitute provision. If the Parties fail to agree on such an amendment, such invalid term, condition or provision will be severed from the remaining terms, conditions and provisions, which will continue to be valid and enforceable to the fullest extent permitted by law. Headings used in this CMSA are provided for convenience only, and shall not in any way affect the meaning or interpretation of this CMSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5.<u>No Waiver</u>. Any waiver of the provisions of this CMSA or of a Party's rights or remedies under this CMSA must be in writing to be effective. Failure, neglect or delay by a Party to enforce the provisions of this CMSA or its rights or remedies at any time, will not be construed as a waiver of such Party's rights under this CMSA and will not in any way affect the validity of the whole or any part of this CMSA or prejudice such Party's right to take subsequent action. No exercise or enforcement by either Party of any right or remedy under this CMSA will preclude the enforcement by such Party of any other right or remedy under this CMSA or that such Party is entitled by law to enforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6.<u>Negotiated Terms</u>. The Parties agree that the terms and conditions of this CMSA are the result of negotiations between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7.<u>Counterparts</u>. This CMSA may be executed in any number of counterparts, each of which need not contain the signature of more than one Party but all such counterparts taken together shall constitute one and the same agreement, and may be executed through exchange of original signatures or electronic copies (PDF).

[Remainder of this page intentionally left blank. Signature page follows.]

IN WITNESS WHEREOF, the Parties, having read the terms of this CMSA and intending to be legally bound thereby, do hereby execute this CMSA.

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| | |
|:---|:---|
| **LENTIGEN TECHNOLOGY, INC.** | **CLIENT** |
| <br>By: | <br>By: |
| <br>Name: <u>[\*\*\*\*]</u> | <br>Name: [\*\*\*\*] |
| Title: <u>[\*\*\*\*]</u> | Title: [\*\*\*\*] |

---

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<u>EXHIBITS</u>

EXHIBIT A List of Client Product(s)

EXHIBIT B Designated Countries

EXHIBIT C List of Vector(s)

EXHIBIT D Licensees and Subcontractors

EXHIBIT E Third Party Licenses

EXHIBIT F Price

EXHIBIT G LTI Direct Competitors

EXHIBIT H Initial Forecast

EXHIBIT I Minimum Purchase Requirement

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EXHIBIT A

[\*\*\*\*]

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EXHIBIT B

[\*\*\*\*]

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EXHIBIT C

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## Exhibit 4.24

**Exhibit 4.24**

**EXHIBIT D**

**CLINICAL TRIAL (TCER [\*\*\*]) PROJECT AGREEMENT**

**pursuant to the**

**COLLABORATION AND LICENSE AGREEMENT**

**by and between**

**IMMATICS BIOTECHNOLOGIES GMBH** 

**MODERNATX, INC.**

Dated as of December 19, 2025

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**<u>**Table of Contents**</u>**

**<u>Page</u>**

---

| | |
|:---|:---|
| **ARTICLE 1 SCHEDULES, ORDER OF PRECEDENCE AND CONSTRUCTION** | 1 |
| 1.1 General | 1 |
| **ARTICLE 2 DEFINITIONS** | 1 |
| **ARTICLE 3 GOVERNANCE** | 4 |
| 3.1 Clinical Study Project Committee | 4 |
| **ARTICLE 4 COLLABORATION** | 5 |
| 4.1 Overview | 5 |
| 4.2 Performance | 5 |
| 4.3 Records | 5 |
| 4.4 Reporting | 5 |
| 4.5 Product Supply | 6 |
| 4.6 Use of Supplied Quantities | 6 |
| **ARTICLE 5 CLINICAL DEVELOPMENT** | 6 |
| 5.1 Protocol | 7 |
| 5.2 Informed Consents | 7 |
| 5.3 Samples | 7 |
| 5.4 Clinical Study Data | 7 |
| 5.5 Publication | 7 |
| 5.6 Processing | 8 |
| 5.7 Reporting | 8 |
| 5.8 Quality Agreement | 8 |
| **ARTICLE 6 REGULATORY MATTERS** | 8 |
| 6.1 Regulatory Responsibilities | 8 |
| 6.2 Regulatory Communications | 9 |
| 6.3 Regulatory Materials | 10 |
| 6.4 Pharmacovigilance and Safety | 10 |
| **ARTICLE 7 GRANTS OF RIGHTS** | 12 |
| 7.1 License Grants | 12 |

---

i

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---

| | |
|:---|:---|
| **ARTICLE 8 FINANCIAL PROVISIONS** | 13 |
| 8.1 Milestone Due and Payable | 13 |
| 8.2 Research Program Costs | 13 |
| 8.3 Records and Audits | 13 |
| 8.4 No Other Compensation | 14 |
| **ARTICLE 9 INTELLECTUAL PROPERTY** | 14 |
| 9.1 In General | 14 |
| 9.2 IP Arising Under This Project Agreement | 14 |
| **ARTICLE 10 INDEMNIFICATION** | 15 |
| 10.1 By Immatics | 15 |
| 10.2 By Moderna | 15 |
| **ARTICLE 11 TERM AND TERMINATION** | 15 |
| 11.1 Term | 15 |
| 11.2 Termination | 15 |
| 11.3 Completion of Research Program Activities | 16 |
| 11.4 Effects of Expiration or Termination | 16 |
| **ARTICLE 12 MISCELLANEOUS** | 16 |
| 12.1 Performance by Affiliates | 16 |
| 12.2 Press Release; Publicity | 17 |

---

ii

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**CLINICAL TRIAL (TCER MAGEB2) PROJECT AGREEMENT**

This **CLINICAL TRIAL (TCER MAGEB2) PROJECT AGREEMENT** (this "**Project**

**Agreement**") is entered into and made effective as of December 19, 2025 (the "**Effective Date**") by and between Immatics Biotechnologies GmbH, a German corporation ("**Immatics**"), and ModernaTX, Inc., a Delaware corporation ("**Moderna**"). Moderna and Immatics are each referred to herein as a "**Party**," or, together, as the "**Parties**."

**WHEREAS**, Immatics and Moderna are parties to that certain Master Collaboration and License Agreement (the "**CLA**") effective as of September 7, 2023, pursuant to which the Parties set forth a general framework to guide various Research Programs (as defined in the CLA);

**WHEREAS**, the Parties desire to collaborate to conduct a Phase 1 Clinical Trial to explore the treatment of cancers using the Product Candidate (as defined below); and

**WHEREAS**, the Parties are entering into this Project Agreement to set forth additional terms and conditions with respect to the Clinical Study (as defined below), which is made pursuant to and subject to the terms and conditions of the CLA.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

**ARTICLE 1**

**SCHEDULES, ORDER OF PRECEDENCE AND CONSTRUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 General**. This Project Agreement is made pursuant to and subject to the terms and conditions of the CLA and includes the following Schedule, which is incorporated by this reference. In the event of a conflict or inconsistency between the terms and conditions in the Schedule and those in the body of this Project Agreement, the terms and conditions in the body of this Project Agreement will take precedence and control, except to the extent the Schedule expressly references and states that it supersedes such term or condition. Capitalized terms not otherwise defined herein shall have the meaning given to them in Article 2 or the CLA.

**ARTICLE 2** 

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** "**cGMP**" means the current Good Manufacturing Practices officially published and interpreted by the FDA or other applicable Regulatory Authorities that may be in effect from time to time and are applicable to the Manufacture of the Product Candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** "**Clinical Development**" means any and all clinical drug development activities, Clinical Trials, statistical analysis, and report writing, preparation and submission of Regulatory Materials, regulatory affairs with respect to the foregoing, and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Regulatory Approval for a product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** "**Clinical Development Budget**" has the meaning set forth in <u>Section 4.1</u>.

1<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** "**Clinical Development FTE Costs**" means,[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** "**Clinical Development Out-of-Pocket Costs**" means, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** "**Clinical Development Research Program Costs**" means[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** "**Clinical Research Plan**" means the activities undertaken by the Parties in furtherance of the Clinical Study, as further described on <u>Schedule 4.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** "**Clinical Supply Agreement**" has the meaning set forth in <u>Section 4.5.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** "**Clinical Study**" means a Phase 1 Clinical Trial designed to evaluate the safety and early evidence of effectiveness of the Product Candidate, as further described in the Clinical Research Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** "**Clinical Study Completion**" means the date on which the Final Trial Report is finalized and delivered to Moderna in accordance with <u>Section 5.7(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** "**Clinical Study Data**" means all data and reports generated in the performance of the Clinical Study by or on behalf of either Party pursuant to this Project Agreement, other than the Joint Study Data. The Clinical Study Data shall be deemed to be "Results" under the CLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** "**Clinical Study Invention**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** "**Clinical Study Patents**" [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14** "**CMC**" means chemistry, manufacturing, and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15** "**Commercially Reasonable Efforts**" means, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16** "**Converted Invention**" has the meaning set forth in <u>Section 9.2.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** "**Converted IP**" has the meaning set forth in <u>Section 9.2.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18** "**CRO**" means any Third Party contract research organization used to conduct the Clinical Study, including laboratories, but, for clarity, excluding Clinical Trial sites and any Third Parties who are individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19** "**Data Breach**" has the meaning set forth in <u>Section 6.4.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20** "**Data Protection Laws**" means laws, statutes, rules, regulations, orders, judgments, or ordinances having the effect of law, including any rules, regulations, guidelines, or other requirements of Governmental Authorities, in each case, that may be in effect from time to time and which relate to the protection of individuals with regards to the Processing of Personal Data to which a Party is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21** "**Delivery**" means, with respect to the Product Candidate for use in Clinical Development, the time set forth in a Clinical Supply Agreement or as otherwise agreed in writing by the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22** "**DMF**" means any drug master file filed with the FDA, and any equivalent filing in other countries or regulatory jurisdictions, or any other mechanism for achieving the purposes of a drug master file in any countries or regulatory jurisdiction where there is no equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23** "**Final Trial Report**" has the meaning set forth in <u>Section 5.7(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24** "**Good Clinical Practices**" or "**GCP**" means all applicable current Good Clinical Practice standards for the design, conduct, performance, monitoring, auditing, recording, analysis and reporting of Clinical Trials, including, as applicable, (a) as set forth in the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use E6 and any other guidelines for good clinical practice for trials on medicinal products in the Territory, (b) the Declaration of Helsinki (2004) as last amended at the 52nd World Medical Association in October 2000 and any further amendments or clarifications thereto, (c) U.S. Code of Federal Regulations Title 21, Parts 50, 54, 56, 312 and 314, as may be amended from time to time, and (d) the equivalent Applicable Law in any relevant country, in each case as may be amended and applicable from time to time and in each case that provide for, among other things, assurance that the clinical data and reported results are credible and accurate and protect the rights, integrity, and confidentiality of trial subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25** "**HIPAA**" means the Health Insurance Portability and Accounting Act of 1996, as codified in 45 C.F.R. §§ 160, 162, 164.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26** "**ICF**" has the meaning set forth in <u>Section 5.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27** "**Joint Study Data**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28** "**Joint Study Invention**" means any Invention to the extent relating to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29** "**Joint Study Patents**" means any Patents to the extent claiming any Joint Study Invention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.30** "**Material Safety Issue**" means, with respect to the Product Candidate, (a) any safety concern which is required to be reported under 21 C.F.R. § 312.32; or (b) the occurrence of a toxicity or drug safety issue or a serious adverse event reasonably related to or observed and that is unexpected for the Product Candidate or the applicable patient population, and as determined by either Party in accordance with its standard operating procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31** "**Moderna CMC Data**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.32** "**Product Candidate**" means [\*\*\*]TCER (as defined in the TCER Collaboration Project Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.33** "**Personal Data**" means all information identifying, or in combination with other information, identifiable to an individual, including pseudonymized (key-coded) Clinical Study Data containing such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.34** "**Processing**" means any operation or set of operations that is performed upon Personal Data, whether or not by automatic means, such as collection, recording, organization,

3<br>

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storage, adaptation, or alternation, retrieval, consultation, use, disclosure by transmission, dissemination, or otherwise making available, alignment or combination, blocking, erasure, or destruction, "**Process**" and "**Processed**" shall have a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.35** "**Prosecuting Party**" has the meaning set forth in <u>Section</u> 9.2.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.36** "**Protocol**" has the meaning set forth in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.37** "**Quality Agreement**" has the meaning set forth in Section 5.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38** "**Research Program Activities**" means all Development activities performed by or on behalf of a Party pursuant to this Project Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.39** "**Research Program Period**" means the period beginning on the Effective Date and ending on the earliest of (a) Clinical Study Completion, (b) early termination of the Research Program Activities upon written agreement by both Parties, or (c) termination of this Project Agreement pursuant to <u>Section</u> 11.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40** "**Research Program Report**" has the meaning set forth in <u>Section</u> 4.4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.41** "**Research Program Results**" means [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.42** "**Samples**" means biological specimens collected from the Clinical Study subjects [\*\*\*]. Samples shall be considered Collaboration Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.43** "**Specifications**" means, with respect to the Product Candidate, the set of requirements for such product as set forth in the Quality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44** "**Top-Line Results Memo**" has the meaning set forth in <u>Section</u> 5.7(a).

**ARTICLE 3** 

**GOVERNANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Clinical Study Project Committee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1. Formation; Responsibilities**. The Project Committee for this Project Agreement (the "**Clinical Study Project Committee**") shall oversee and coordinate the conduct of the Clinical Study, including to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [\*\*\*];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [\*\*\*].

**ARTICLE 4**

**COLLABORATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Overview**. Notwithstanding Section 3.1 of the CLA, subject to the terms and conditions of this Project Agreement, the Parties shall collaborate to conduct the Clinical Study in accordance with the Clinical Research Plan. The Clinical Research Plan will include: (a) a description of the Research Program Activities and each Party's obligations in connection therewith; (b) the projected timelines for completion of the Research Program Activities; (c) an estimated budget for the Clinical Development activities (the "**Clinical Development Budget**"); and (d) a clinical trial synopsis with respect to the Clinical Study. An initial copy of the Clinical Research Plan is set forth on <u>Schedule 4.1</u>. Except as otherwise expressly set forth in the Clinical Research Plan: (i) Immatics shall be primarily responsible for the conduct of all Development activities set out in the Clinical Research Plan, including acting as sponsor of the Clinical Study; and (ii) Moderna shall be solely responsible for supplying quantities of the Product Candidate as set out in the Clinical Research Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Performance**. Each Party shall: (a) conduct all Research Program Activities allocated to it in accordance with the Clinical Research Plan, in good scientific manner, in compliance with all Applicable Laws, and, subject to Article 8, at its sole cost and expense; and (b) [\*\*\*] perform such obligations within the applicable timelines set forth in the Clinical Research Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Records**. Each Party shall, and shall cause its Subcontractors to, maintain records of its Research Program Activities, including with respect to the Research Program Results, in sufficient detail, in compliance with Applicable Laws, and in good scientific manner appropriate for patent and regulatory purposes, which records shall reflect the work done and the results achieved in the performance of the Research Program Activities in a reasonable level of detail customary for companies engaged in biopharmaceutical research and development. Each Party shall make such records available to the other Party upon such other Party's request, including any such request made to enable the requesting Party to: (a) comply with any of its legal, regulatory, or contractual obligations, or any request by any Regulatory Authority related to a Product Candidate or an Immatics Product (including, in each case, as part of the Clinical Study), as applicable; and (b) determine whether the Research Program Activities have been conducted in accordance with this Project Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Reporting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1 In General**. Without limiting the provisions of <u>Section</u> 5.7, each Party shall promptly provide the other Party with copies of all results and information (including Research Program Results) generated by or on behalf of such Party relating to the Clinical Study; *provided*,

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*however*, that in no event shall Moderna be obligated to provide to Immatics any information relating to the Manufacturing of any Product Candidate (including, for clarity, the Moderna CMC Data).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2 Research Program Reports**. Without limiting <u>Section</u> 4.4.1, each Party shall deliver to the other Party, at least five Business Days prior to each regular Clinical Study Project Committee meeting, a reasonably-detailed written report regarding such Party's Research Program Activities (if any) and all progress and Research Program Results since the Clinical Study Project Committee's prior meeting (or, with respect to the first Clinical Study Project Committee meeting, since the Effective Date) (each, a "**Research Program Report**"). The Clinical Study Project Committee shall discuss such Research Program Reports at each Clinical Study Project Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Product Supply.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1 In General**. Moderna shall Manufacture and supply Product Candidate for use under and as set out in the Clinical Research Plan. The Parties shall enter into a Clinical Supply Agreement no later than [\*\*\*] prior to the planned IND submission relating to the Clinical Study (the "**Clinical Supply Agreement**"), which shall contain the terms set forth in this <u>Section</u> 4.5<u>,</u> <u>and shall be substantially similar to that certain</u> Clinical Supply Agreement between the Parties dated April 29, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2 Supply Forecast**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.3 Designated Supply Contact**. Each Party will designate an individual that a Party may contact to assist with coordinating supplies and facilitating the resolution of any issues or concerns arising in connection with the supply of the Product Candidate for use in the Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.4 Delivery; Title and Risk of Loss. [\*\*\*].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.5 Product Warranties**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.6 Manufacturing Issues**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Use of Supplied Quantities**. Moderna shall provide quantities of the Product Candidates to the Immatics as specified in the Protocol and the Clinical Research Plan, or as otherwise agreed to by the Clinical Study Project Committee. Immatics shall: (a) use such quantities of the Product Candidates only for the testing contemplated by the Protocol and the Clinical Research Plan; and (b) conduct such testing solely in accordance with the Protocol and the Clinical Research Plan. Immatics shall share the results of such testing, in electronic form or other mutually agreeable alternate form, on the timelines specified in the Clinical Research Plan. Except to the extent otherwise agreed in a writing signed by authorized representatives of each Party, each Party may use and disclose such testing results in accordance with the Protocol solely for the purposes expressly contemplated by the Clinical Research Plan.

**ARTICLE 5** 

**CLINICAL DEVELOPMENT**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Protocol**. The Clinical Study Project Committee shall approve the initial protocol for the Clinical Study (the "**Protocol**") as soon as practicable after the Effective Date, but no later than [\*\*\*] following the Effective Date. Either Party may, from time to time, propose amendments to the Protocol to the Clinical Study Project Committee in writing at least ten Business Days prior to the next regular meeting of the Clinical Study Project Committee. The Clinical Study Project Committee shall review any such proposed amendment at the Clinical Study Project Committee's next regular meeting and, upon the Clinical Study Project Committee's approval thereof, the Protocol shall be deemed to be amended by such amendment. Subject to <u>Section</u> 11.2.1 with respect to potential Protocol amendments, the Clinical Study shall be conducted in accordance with the Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Informed Consents**. Immatics shall prepare the patient informed consent form for the Clinical Study ("**ICF**") and provide a draft thereof to Moderna for its review and comment and insertion of information relating to the Product Candidate no later than [\*\*\*] after approval of the Protocol. Immatics shall implement all comments from Moderna regarding the portion of the ICF relating to the Clinical Study or any Product Candidate, and any changes to the ICF to the extent relating to the Clinical Study or any Product Candidate shall be subject to Moderna's prior written consent. Immatics shall provide the Clinical Study Project Committee with a copy of the final ICF for the Clinical Study Project Committee's review and approval, which shall be completed within five Business Days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Samples**. Samples collected in the course of the Clinical Study shall be owned jointly by the Parties (to the extent not owned by the patient and/or the clinical trial site) and may be used as set forth in the Protocol and the Clinical Research Plan. Any such Samples shall be collected in accordance with the applicable Protocol and ICFs. Except as set forth in the Protocol or the Clinical Research Plan, neither Party shall be permitted to use the Samples for any purpose without the prior written consent of the other Party (with the terms of such use to be set forth in a written agreement between the Parties setting forth the Samples to be used, and any appropriate terms/restrictions on such use). Storage and access to the Samples shall be in accordance with the IND for the Clinical Study and associated ICFs, unless otherwise agreed by the Parties. If the Party holding the Samples determines that it no longer has a use for the Samples and the other Party determines that it does, then the Samples shall, subject to Applicable Law and the terms of the signed ICFs, be transferred to the other Party and may be used solely thereafter by the other Party. If neither Party has any further use for the Samples, then the remaining Samples will be destroyed pursuant to the respective Party's standard operating procedures for sample retention and destruction, subject to the terms of and permission(s) granted in the ICFs signed by the subjects contributing the Samples in the Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Clinical Study Data**. Pursuant to Sections 6.1 and 7.2 of the CLA, Moderna shall own all Clinical Study Data, and pursuant to Section 1.30 and Article 6 of the CLA, all Clinical Study Data shall be deemed the Confidential Information of Moderna and Immatics shall not disclose any such Clinical Study Data to any Third Party except as permitted by Section 6.3.1 of the CLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Publication**. Publication of any Clinical Study Data is governed by Sections 6.7 and 6.8 of the CLA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Processing**. Immatics shall ensure that all patient authorizations and consents required under HIPAA or any other similar Applicable Law in connection with the Clinical Study permit the sharing of Clinical Study Data with Moderna as contemplated by this Project Agreement. The Parties shall comply with any Applicable Law relating to Processing of Personal Data in connection with the Clinical Study Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Reporting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immatics shall provide to Moderna: (i) access to Immatics' or its CRO's electronic data capture system; (ii) copies of all Clinical Study Data upon Moderna's request; (iii) substantially final drafts and final versions of interim analyses or interim reports (if any) from the ongoing Clinical Study (the "**Interim Reports**"); (iv) substantially final drafts and final versions of a memorandum that sets forth top-line results following database lock from the completed Clinical Study (the "**Top-Line Results Memo**"); and (v) the final Clinical Study clinical study report ("**Final Trial Report**"), in each case as applicable and in electronic form or other mutually agreeable alternate form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, Immatics shall promptly provide to Moderna an electronic draft of each Interim Report, the Top-Line Results Memo, and the Final Trial Report, as applicable. Moderna shall have [\*\*\*] after receipt of the draft Interim Report or Top-Line Results Memo and [\*\*\*] after receipt of the draft Final Trial Report to provide comments thereon. Immatics shall incorporate any reasonable comments provided by Moderna and shall not include any statements therein relating to the Product Candidate that have not been approved by Moderna. Immatics shall deliver to Moderna the final versions of each Interim Report, the Top-Line Results Memo, and the Final Trial Report promptly (but in no event later than five Business Days) following the finalization thereof (which versions, for clarity, shall include any reasonable comments provided by Moderna and shall not include any statements therein relating to the Product Candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immatics shall, upon Moderna's reasonable request, provide an update as to the status of the Clinical Study (including as to enrolment and progress towards achieving the study objectives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Quality Agreement**. By the earlier of: (a) [\*\*\*] following the Effective Date; and (b) [\*\*\*]prior to the anticipated initiation of the Clinical Study as set forth in the Clinical Research Plan, the Parties shall enter into a quality agreement that shall address and govern issues related to the quality of clinical product to be supplied by Moderna for use in the Clinical Study (the "**Quality Agreement**"). In the event of any inconsistency between the terms of this Project Agreement and the Quality Agreement, the terms of the Quality Agreement shall govern with respect to quality-related matters, and the terms of this Project Agreement shall govern with respect to all other matters.

**ARTICLE 6** 

**REGULATORY MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Regulatory Responsibilities.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1 In General**. Notwithstanding Section 3.2 of the CLA and except as otherwise set forth in this <u>Article 6</u>, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2 Limitations**. Notwithstanding anything to the contrary in this Project Agreement: (a) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Regulatory Communications.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1 Prompt Disclosures**. Subject to <u>Section 6.1.2</u>, each Party shall inform the other Party within 48 hours, or such shorter time as is necessary to comply with the reporting requirements of any applicable Regulatory Authority or under Applicable Laws, of notification of any action by, or notification or other information that it receives (directly or indirectly) from, any Regulatory Authority in the Territory to the extent such information: [\*\*\*]. The Parties shall reasonably cooperate with and assist each other in complying with regulatory obligations and communications, including by providing to the applicable Party, within [\*\*\*]after a request, such information and documentation that is in the other Party's possession as may be necessary or helpful for such Party to prepare a response to an inquiry from a Regulatory Authority in the Territory with respect to the Clinical Study. Subject to <u>Section 6.1.2</u>, each Party shall also promptly provide the other Party with a copy of all correspondence received from a Regulatory Authority in the Territory specifically regarding the matters referred to above. In addition, in the case of safety issues relating to the Product Candidate, or as needed to meet Moderna's requirements for reporting to Regulatory Authorities relating to the Product Candidate, Immatics shall immediately provide Moderna with any Case Report Forms or data and analysis from the Clinical Study as reasonably necessary for Moderna to evaluate such safety issue or comply with any such regulatory requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2 Material Communications**. To the extent not provided pursuant to this <u>Section</u> 6.2, subject to <u>Section</u> 6.1.2, Immatics shall provide the Clinical Study Project Committee for its review and discussion a reasonably detailed description of the principal issues raised in each material communication with Regulatory Authorities with respect to the Clinical Study promptly after receipt thereof, but in any event within [\*\*\*] after receipt thereof. Immatics shall allow Moderna a reasonable opportunity to review and comment (but no more than [\*\*\*], and in any case in a timeframe feasible to permit Immatics to respond within the timeframes provided by any applicable Regulatory Authorities) on Immatics' proposed response to any material communications with any Regulatory Authority with respect to the Clinical Study in advance of the transmission of such response, and Immatics shall implement all comments timely provided by Moderna in connection therewith. For clarity, no material communication with any Regulatory Authority with respect to the Clinical Study shall be provided to such Regulatory Authority without following the process set forth in this <u>Section 6.2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3 Other Disclosures**. Without limiting its other obligations under this Project Agreement, each Party shall promptly disclose to the other Party the following regulatory information Controlled by such Party, subject to <u>Section 6.1.2</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all material information pertaining to actions taken by Regulatory Authorities related to the Clinical Study in the Territory, including any notice, audit notice, notice of initiation by Regulatory Authorities of investigations, inspections, detentions, seizures, or

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injunctions, concerning the Clinical Study in the Territory, notice of violation letter (*i.e.*, an untitled letter), warning letter, service of process, or other inquiry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all information pertaining to notices from Regulatory Authorities in the Territory of non-compliance with Applicable Laws in connection with the Clinical Study, including receipt of a warning letter or other notice of alleged material non-compliance from any Regulatory Authority relating to the Clinical Study;

*provided*, that, in each case ((a) and (b)), such Party shall be entitled to redact those portions thereof to the extent not related to the Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4 Regulatory Meetings**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Regulatory Materials.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1 In General**. Immatics shall provide Moderna with a copy of all proposed Regulatory Materials to be filed with or submitted to any Regulatory Authority for the Clinical Study for Moderna's review and comment sufficiently in advance of, but in any event at least [\*\*\*] prior to, Immatics' filing or submission thereof. Moderna shall provide comments to such proposed Regulatory Materials within [\*\*\*]. Immatics shall incorporate any comments received within such [\*\*\*] period from Moderna into such Regulatory Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2 CMC Filings**. Notwithstanding anything to the contrary in this <u>Section</u> 6.3, Moderna shall be responsible for all CMC-related components of all Regulatory Materials, including product labeling, for Product Candidates in the Territory. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Pharmacovigilance and Safety.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1 Pharmacovigilance Agreement**. Immatics will be solely responsible for compliance with all Applicable Laws pertaining to safety reporting for the Clinical Study and related activities. The Parties will execute a pharmacovigilance agreement (the "**Pharmacovigilance Agreement**") by the earlier of: (a) [\*\*\*] following the Effective Date; and (b) [\*\*\*] prior to the initiation of Clinical Development activities under the Clinical Research Plan, to ensure the exchange of relevant safety data within appropriate timeframes and in an appropriate format to enable the Parties to fulfill local and international regulatory reporting obligations and to facilitate appropriate safety reviews. In the event of any inconsistency between the terms of this Project Agreement and the Pharmacovigilance Agreement, the terms of the Pharmacovigilance Agreement shall govern with respect to pharmacovigilance- and safety-related matters, and the terms of this Project Agreement shall govern with respect to all other matters. The Pharmacovigilance Agreement will (a) include safety data exchange procedures governing the coordination of collection, investigation, reporting, and exchange of information concerning any adverse experiences, pregnancy reports, and any other safety information arising from or related to the use of the Clinical Study in the Clinical Study, consistent with Applicable Law, (b) provide that (i) each Party will immediately provide the other Party notice of any serious adverse event or other event of special interest arising from Research Program Activities conducted by or on behalf of such Party and provide an opportunity for both Parties to jointly participate in substantially contemporaneous decision-making regarding responsive actions to such event (including any public disclosure) and (ii) any determination or assessment as to the causality of any adverse

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experiences or other drug related effects be reached by unanimous decision and prior to any communication with any Regulatory Authority, and (c) provide for a joint safety committee, the governance of which would be outlined in such Pharmacovigilance Agreement. Such guidelines and procedures shall be in accordance with, and enable the Parties and their Affiliates to fulfill, local and international regulatory reporting obligations to Regulatory Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2 Global Safety Database**. Immatics shall initially set up, hold, and maintain the global safety database for the Clinical Study with respect to safety data obtained in connection with the Research Program Activities. Upon Moderna's request, Immatics shall provide to Moderna access to or copies of, in an electronic format reasonably satisfactory to Moderna, the complete contents of the global safety database maintained by Immatics pursuant to the immediately foregoing sentence. Immatics shall provide Moderna with all information necessary or reasonably useful for Moderna to comply with its pharmacovigilance responsibilities in the Territory, including, as applicable, any adverse drug experiences, from pre-clinical or clinical laboratory, animal toxicology, and pharmacology studies, and the Clinical Study, in each case, in any form reasonably requested by Moderna.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.3 Data Privacy and Security.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. With respect to all Personal Data collected, Processed, hosted, or transmitted in connection with Immatics' performance under this Project Agreement, including in connection with the conduct of the Clinical Study, Immatics shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply at all times with Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent permitted by Applicable Law, notify Moderna, as soon as practicable and in any event prior to making the relevant disclosure, if it is obliged to make a disclosure of the Personal Data under Applicable Law (unless Applicable Law requires such disclosure on a timetable where prior notification to Moderna is impracticable in which case such notification shall be substantially contemporaneous with such disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make timely notification to, and obtain any necessary authorizations from, any applicable Regulatory Authority where required under applicable Data Protection Laws of its collection and other Processing of Personal Data in order to comply with its obligations under this Project Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at all times, act in a manner such that it is not subject to any prohibition or restriction that: (x) prevents or restricts it from disclosing or transferring Personal Data to Moderna as required under this Project Agreement; or (y) prevents or restricts either Party from Processing the Personal Data as contemplated by this Project Agreement. If Immatics becomes aware of any circumstances that it reasonably believes may give rise to such a prohibition or restriction, it shall promptly notify Moderna of the same and take all reasonable steps, including following Moderna's reasonable instructions, to ensure that it does not impact its performance of its obligations under this <u>Section 6.4.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ensure that all fair Processing, required notices, and informed consents have been obtained and are maintained and are sufficient in scope, and that Immatics has an appropriate legal basis under Data Protection Laws sufficient in scope to enable

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Immatics to Process Personal Data as required in order to obtain the benefit of its rights and to fulfil its obligations under this Project Agreement (including the transfer of all applicable Personal Data to Moderna), in each case, in accordance with Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) implement and maintain reasonable administrative, technical, and physical safeguards designed to: (x) maintain the security and confidentiality of Personal Data; (y) protect against reasonably anticipated threats or hazards to the security or integrity of Personal Data; and (z) protect against unauthorized access to or use of Personal Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) notify Moderna in writing promptly, and in any event within 48 hours of receipt, of: (x) any correspondence from a data protection regulator in relation to the Processing of Personal Data related to this Project Agreement; or (y) a request or notice from a data subject exercising its rights under Data Protection Laws, including to access, rectify, or delete its Personal Data in relation to the Personal Data that is Processed under this Project Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) refrain from taking actions related to the Processing of Personal Data that would be reasonably likely to damage or impair Moderna's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Data Agreements**. At the reasonable request of either Party, the Parties shall cooperate to enter into any necessary joint controller agreements or controller-processor agreements with respect to Personal Data as necessary to comply with Applicable Law, including the cross-border transfer of Personal Data requirements set forth in Data Protection Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.4 Security Breach Notification**. Immatics shall provide notice to Moderna immediately, and in any event no later than [\*\*\*], upon learning of any actual or suspected misappropriation or unauthorized access to, or disclosure or use of Personal Data collected, Processed, hosted, or transmitted by Immatics in connection with Immatics' performance under this Project Agreement, including in connection with the conduct of the Clinical Study (a "**Data Breach**"). Immatics shall promptly investigate each Data Breach that it becomes aware of or has reason to suspect may have occurred and, in the case of an actual Data Breach, shall, at request, provide reasonable levels of access and information to Moderna in connection with any independent investigation that Moderna may desire to conduct with respect to such Data Breach. Immatics shall cooperate with Moderna in identifying any reasonable steps that should be implemented to limit, stop, or otherwise remedy any actual or suspected Data Breach. Immatics shall perform all remediation efforts required by Data Protection Laws, and shall be responsible for all liabilities, costs, and expenses associated with the Data Breach.

**ARTICLE 7** 

**GRANTS OF RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 License Grants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1 Non-Exclusive License Grants to Immatics**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2 Non-Exclusive License Grant to Moderna**.

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(a) [\*\*\*].

(b) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3 Sublicensing**. [\*\*\*].

**ARTICLE 8** 

**FINANCIAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Milestone Due and Payable.** In consideration for Immatics' activities prior to the Effective Date in furtherance of the Clinical Research Plan, a milestone of Five Million U.S. Dollars ($5,000,000) will be payable by Moderna to Immatics within [\*\*\*] after the Effective Date, [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Research Program Costs.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1 In General**. Subject to <u>Section 8.2.2</u>, Moderna shall be responsible for all Clinical Development Research Program Costs incurred by either Party in connection with Clinical Development Research Program Activities under the Clinical Research Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2 Reporting; Payment**. No later than [\*\*\*] following the end of each Calendar Quarter during the Research Program Period, Immatics shall calculate the total amount of Clinical Development Research Program Costs incurred by Immatics during such Calendar Quarter and provide Moderna written notice, in reasonable detail with supporting documentation in a format mutually agreed by the Parties, of the amount of reimbursement of Clinical Development Research Program Costs to which Immatics a is entitled in accordance with <u>Section 8.2.1</u>, together with an invoice to Moderna for such amount, and Moderna shall pay such undisputed amounts within [\*\*\*] after receipt of such invoice. Each [\*\*\*], Immatics shall provide Moderna with a rolling budget forecast for [\*\*\*], plus an estimate for the overall budget for the Clinical Development Budget. In the event that Immatics reasonably determines that the increase for any given Calendar Quarter [\*\*\*], Immatics will notify Moderna, through the Clinical Study Project Committee, and the Clinical Study Project Committee (or the JSC) will [\*\*\*]. For clarity, In no event shall Immatics be required to incur any Clinical Development Research Program Costs that are not reimbursed by Moderna, and in no event shall Moderna be required to reimburse Immatics for any Clinical Development Research Program Costs that [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Records and Audits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.1 Records**. Immatics will keep complete and accurate records of its Research Program Costs for a period of five years after the end of the Calendar Year in which such Research Program Costs were incurred. Such records shall be kept in accordance with Applicable Law and Immatics' normal business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.2 Audits**. Moderna shall have the right, at its own expense, to have a nationally-recognized, independent, and certified public accounting firm, selected by Moderna and subject to Immatics' prior written consent (not to be unreasonably withheld, conditioned, or delayed), review any such records of Immatics in the location(s) where such records are maintained upon reasonable written notice (which shall be no less than [\*\*\*] prior written notice) and during

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regular business hours for the sole purpose of verifying the basis and accuracy of payments made under this Project Agreement during the [\*\*\*] period preceding the date of the request for review. Upon Moderna's request, prior to performing the applicable audit, the accounting firm shall enter into a reasonable and customary confidentiality agreement with Immatics to protect the confidentiality of its records. The accounting firm shall report to the Parties only whether or not the basis and accuracy of such payments are correct and the amount of any discrepancy. The results of any such review of Immatics' records under this <u>Section</u> 8.3.2 shall be deemed the Confidential Information of Immatics. If such an inspection leads to the discovery of a discrepancy to Moderna's detriment, Immatics shall, within [\*\*\*] after receipt of such report from the accounting firm, pay any undisputed amount of the discrepancy. If such an inspection leads to the discovery of a discrepancy to Immatics' detriment, Moderna shall pay to Immatics the amount of the discrepancy, without interest, within [\*\*\*] of the audited Party's receipt of the report. Moderna will pay the full cost of any such inspection unless the overpayment of amounts due to Immatics with respect to audited period is more than [\*\*\*], whichever is greater, of the amount due for such period, in which case Immatics will pay the cost charged by such accounting firm for such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 No Other Compensation**. Notwithstanding Article 5 of the CLA, each Party hereby agrees that the terms of this Project Agreement fully define all consideration, compensation, and benefits, monetary or otherwise, to be paid, granted, or delivered by one Party to the other Party in connection with the transactions contemplated herein. Neither Party previously has paid or entered into any other commitment to pay, whether orally or in writing, any of the other Party's employees, directly or indirectly, any consideration, compensation, or benefits, monetary or otherwise, in connection with the Clinical Study.

**ARTICLE 9** 

**INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 In General**. Notwithstanding anything to the contrary in the CLA (including Article 7 of the CLA), ownership of the intellectual property rights developed or conceived by the Parties pursuant to this Project Agreement is set forth below. Except as set forth below, Articles 8 and 9 of the CLA shall govern the Prosecution and Maintenance and enforcement of the intellectual property rights developed or conceived by the Parties pursuant to this Project Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 IP Arising Under This Project Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1 Clinical Study Inventions and Clinical Study Data.** [\*\*\*]**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2 Joint Study Inventions and Joint Study Data**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Generally**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Moderna Option to Convert**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Information Sharing and Cooperation.** [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Cost Sharing**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Filing Decision and Unilateral Continuation.** [\*\*\*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Separation of Patents.** [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Infringement of Joint Study Patents**. [\*\*\*].

**ARTICLE 10** 

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 By Immatics**. Without limiting Section 10.1 of the CLA and subject to Section 10.3 of the CLA, Immatics shall defend, indemnify and hold harmless each Moderna Indemnitee from and against any and all Losses to which any Moderna Indemnitee may become subject as a result of any Claim to the extent such Losses arise out of: (a) the conduct of Immatics' Research Program Activities, to the extent such conduct is not in accordance with the Clinical Research Plan or Applicable Law, (b) any breach by Immatics of any provision of this Project Agreement, or (c) the use by Immatics, its Affiliates, contractors or Licensees of Joint Study Data, Joint Study Inventions, or Joint Study Patents, except, in each case, to the extent such Losses result from matters subject to clause (a)–(c) of <u>Section</u> 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 By Moderna**. Without limiting Section 10.2 of the CLA and subject to Section 10.3 of the CLA, Moderna shall defend, indemnify and hold harmless each Immatics Indemnitee from and against any and all Losses to which any Immatics Indemnitee may become subject as a result of any Claim to the extent such Losses arise out of: (a) the conduct of Moderna's Research Program Activities, to the extent such conduct is not in accordance with the Clinical Research Plan or Applicable Law, (b) any breach by Moderna of any provision of this Project Agreement, or (c) the use by Moderna, its Affiliates, contractors or Sublicensees of Joint Study Data, Joint Study Inventions, or Joint Study Patents, except, in each case, to the extent such Losses result from matters subject to clause (a)–(c) of <u>Section</u> 10.1.

**ARTICLE 11**

**TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 Term**. This Project Agreement shall become effective on the Effective Date and, unless earlier terminated pursuant to this Article 11, shall remain in effect until the expiration or termination of the Research Program Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1 Amendments to Protocol and Termination for Patient Safety**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing, if either Party reasonably and in good faith believes that there is imminent danger to patients as a result of any Material Safety Issue such Party may, at its sole discretion, elect to temporarily pause conducting the Clinical Study, effective immediately upon written notice to the other Party. Following any such election, and for so long as the conduct of the Clinical Study remains paused, Immatics shall not incur any Research Program Costs (other than previously committed and non-refundable costs) in connection therewith except as necessary to comply with Applicable Laws, and, for clarity, Immatics' failure to conduct activities during such period in accordance with this <u>Section</u> 11.2.1 shall not constitute a material breach of this Project Agreement. If, notwithstanding the Parties' implementation of any such modifications or other good-faith efforts to address such Material Safety Issue, such

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Material Safety Issue has not been resolved within [\*\*\*] following the temporary pause of the Clinical Study, then either Party may terminate this Project Agreement immediately effective upon written notice to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, if either Party determines in good faith that the Clinical Study presents a Material Safety, such Party shall promptly notify the other Party of such determination. The Parties will then promptly meet and each Party may propose good faith modifications to the Clinical Study to address such Material Safety Issue and, if both Parties agree, Immatics shall act to implement immediately such modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2 Termination for Futility.** In the event that Moderna has a reasonable basis to believe, that continuation of the Clinical Study is no longer justified for scientific or technical reasons, Moderna shall raise the matter with the Clinical Study Project Committee, and the Parties (through the Clinical Study Project Committee or the JSC) shall promptly terminate and wind-down of the Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.3 Termination without Cause**. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.4 Termination for Budget Overage.** Moderna may terminate this Project Agreement in the event that Immatics' has given notice to Moderna pursuant to Section 8.2.2 that the anticipated Clinical Development Costs for a given Calendar Year are [\*\*\*], and the Parties are unable to agree on a mitigation strategy within [\*\*\*] of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.5 Termination for Program Termination.** Moderna may terminate this Project Agreement in the event that the [\*\*\*] TCER Project has been terminated under the TCER Collaboration Project Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 Completion of Research Program Activities**. In the event that this Project Agreement is terminated for any reason prior to Clinical Study Completion, Immatics shall responsibly wind-down the Research Program Activities, and Moderna will reasonably assist Immatics (including provision of supply) with respect to such wind-down, in accordance with accepted biopharmaceutical industry norms and ethical practices and Moderna shall reimburse Immatics for all reasonably documented costs associated with such wind-down activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 Effects of Expiration orTermination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.1 Clinical Data**. Upon the expiration or termination of this Project Agreement for any reason, Immatics shall promptly provide Moderna a copy of all Clinical Study Data which has not previously been provided to such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.2 Reversion License**. [\*\*\*].

**ARTICLE 12** 

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Performance by Affiliates**. Without limiting the generality of Section 13.19 of the CLA, each Party may use one or more of its Affiliates to perform its obligations and duties hereunder and such Affiliates are expressly granted certain rights herein to perform such

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obligations and duties; *provided* that each such Affiliate shall be bound by the corresponding obligations of such Party. For purposes of this Project Agreement and the CLA, Immatics Biotechnologies GmbH is the Party to this Project Agreement and Immatics US, Inc. is an Affiliate of Immatics Biotechnologies GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Press Release; Publicity.** The Parties shall issue a press release upon a mutually agreed-upon date promptly after the commencement of the Clinical Study. Otherwise the terms and conditions of Section 6.8 of the CLA shall apply to public announcements relating to this Project Agreement.

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IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have caused this Project Agreement to be executed by their respective duly authorized officers as of the Effective Date.

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| | |
|:---|:---|
| **IMMATICS BIOTECHNOLOGIES GMBH** | **MODERNATX, INC.** |
| By: | By: |
| Name: <u>[\*\*\*\*]</u><br>Title: <u>[\*\*\*\*]</u> | <br>Name: <u>[\*\*\*\*]</u><br><u>T</u>itle: <u>[\*\*\*\*]</u><br>|
| <br>By: |  |
| Name: <u>[\*\*\*\*]</u><br>Title: <u>[\*\*\*\*]</u> |  |

---

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SCHEDULE 4.1

**CLINICAL RESEARCH PLAN AND BUDGET**

Omitted pursuant to Item 601(a)(5) of Regulation S-K.

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## Exhibit 12.1

**Exhibit 12.1** 

**CERTIFICATION PURSUANT TO** 

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Harpreet Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 20-F of Immatics N.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 5, 2026

---

| |
|:---|
| /s/ Harpreet Singh |
| Name: Harpreet Singh |
| Title: Chief Executive Officer and Executive Director |

---

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## Exhibit 12.2

**Exhibit 12.2** 

**CERTIFICATION PURSUANT TO** 

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Venkat Ramanan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 20-F of Immatics N.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: March 5, 2026

---

| |
|:---|
| /s/ Venkat Ramanan |
| Name: Venkat Ramanan |
| Title: Chief Financial Officer |

---

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## Exhibit 13.1

**Exhibit 13.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

The certification set forth below is being submitted in connection with Immatics N.V.'s annual report on Form 20-F for the year ended December 31, 2025 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, Harpreet Singh, the Chief Executive Officer of Immatics N.V., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Immatics N.V.

Date: March 5, 2026

---

| |
|:---|
| /s/ Harpreet Singh |
| Name: Harpreet Singh |
| Title: Chief Executive Officer and Executive Director |

---

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## Exhibit 13.2

**Exhibit 13.2** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

The certification set forth below is being submitted in connection with Immatics N.V.'s annual report on Form 20-F for the year ended December 31, 2025 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, Venkat Ramanan, the Chief Financial Officer of Immatics N.V., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Immatics N.V.

Date: March 5, 2026

---

| |
|:---|
| /s/ Venkat Ramanan |
| Name: Venkat Ramanan |
| Title: Chief Financial Officer |

---

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## Exhibit 15.1

**Exhibit 15.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-249408, 333-265820, 333-280935 and 333-288466) and on Form F-3 (Nos. 333-274218, 333-240260 and 333-286151) of Immatics N.V. of our report dated March 5, 2026, relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20-F.

Stuttgart, Germany

March 5, 2026

PricewaterhouseCoopers GmbH

Wirtschaftsprüfungsgesellschaft

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| | |
|:---|:---|
| /s/ Marcus Nickel<br>Wirtschaftsprüfer<br>(German Public Auditor) | /s/ Jens Rosenberger<br>Wirtschaftsprüfer<br>(German Public Auditor) |

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