# EDGAR Filing Document

**Accession Number:** 0001809196
**File Stem:** 0000950103-25-006761
**Filing Date:** 2025-6
**Character Count:** 121760
**Document Hash:** 0adc6f7693bef4696c36c26e9fd2922d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-006761.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0000950103-25-006761

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250602

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39363
- **FILM NUMBER:** 251013108

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K<br>** 

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

June 2, 2025

![](image_001.jpg)

**Commission File Number: 001-39363**

**IMMATICS N.V.**

**Paul-Ehrlich-Straße 15**

**72076 Tübingen, Federal Republic of Germany**

**(Address of principal executive office)**

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

Form 20-F ☒ Form 40-F ☐

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

On May 31, 2025, Immatics N.V. (the "Company" or "Immatics") provided expanded data from the ongoing Phase 1b clinical trial evaluating IMA203 PRAME cell therapy in heavily pretreated patients with metastatic melanoma.

The data cutoff was April 7, 2025. As of the data cutoff, 33 heavily pretreated patients with metastatic melanoma were administered a one-time infusion of 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 cytokine release syndrome (CRS) (Grade 1: 37% of patients, Grade 2: 47% of patients, Grade 3: 11% of patients, Grade 4: no patients). Some patients infrequently experienced immune effector cell-associated neurotoxicity syndrome (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 IMA203-related adverse events were observed in the safety population. The tolerability profile in the melanoma subset was generally consistent with the full IMA203 tolerability profile.

*TEAEs Occurring in in ≥20% of Patients*

![](image_002.jpg)

Patients are counted only once per adverse event and severity classification. <sup>1</sup>Two patients with disease progression after first IMA203 infusion received exploratory second 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 IMA203 in the melanoma efficacy population in the Phase 1b clinical trial.

---

| | | | |
|:---|:---|:---|:---|
| | All melanoma<sup>(12)</sup> (n=33) | Cutaneous melanoma (n=14) | Uveal melanoma<sup>(2)</sup> (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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Melanoma efficacy population includes n=3 patients with other melanoma subtypes (n=2 mucosal melanoma, n=1 melanoma of unknown primary).

&nbsp;&nbsp;&nbsp;&nbsp;(2) cORR excludes 1 uveal melanoma patient with ongoing unconfirmed PR.

*Best Overall Response in Melanoma Efficacy Population*

![](image_003.jpg)

\*Maximum change of target lesions and RECIST1.1 response at different timepoints. <sup>1</sup> Patient out of study due to progressive disease (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.

*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.

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

*Duration of Response*

![](image_004.jpg)

<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.

  <u>All melanoma (n=33)</u> <u>Cutaneous melanoma (n=14)</u> <u>Uveal melanoma (n=16)</u> <br> 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) <br> <u>Median follow up (in months)</u> <u>14.4</u> <u>14.4</u> <u>8.7</u>

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

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 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, 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.

IMA203 is currently being evaluated in two ongoing clinical trials: a Phase 1b clinical trial with an expansion into uveal melanoma, and the SUPRAME Phase 3 trial in patients with previously treated advanced or metastatic cutaneous melanoma. SUPRAME is planned to be conducted in more than 50 sites in North America and Europe.

IMA203 PRAME cell therapy products are manufactured from a patient's leukapheresis (with no surgery required) within 7-8 days, followed by 7-day QC release testing at 95% success rate as of April 7, 2025 to achieve the target dose (1-10x10<sup>9</sup> TCR T cells).

\* \* \*

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

**INCORPORATION BY REFERENCE**

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](dp229416_ex9901.htm) | [Press release dated May 31, 2025](dp229416_ex9901.htm) |
| [99.2](dp229416_ex9902.htm) | [IMA203 PRAME Cell Therapy Phase 1b Data Presentation](dp229416_ex9902.htm) |
| [99.3](dp229416_ex9903.htm) | [Corporate presentation dated May 31, 2025](dp229416_ex9903.htm) |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **IMMATICS N.V.** | **IMMATICS N.V.** |
| Date: June 2, 2025 |  |  |
|  | By: | /s/ Harpreet Singh |
|  | Name: | Harpreet Singh |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](image_005.jpg)

**PRESS RELEASE**

**Immatics IMA203 PRAME Cell Therapy Data Presented at** 

**2025 ASCO Annual Meeting Continues to Show Strong Anti-tumor Activity and Durability in Patients with Metastatic Melanoma**

&nbsp;&nbsp;&nbsp;&nbsp;· Extended Phase 1b trial follow-up on IMA203 PRAME cell therapy in
33 heavily pretreated patients with metastatic melanoma demonstrates favorable tolerability and promising clinical activity with ongoing
deep and durable objective responses up to >2.5 years

&nbsp;&nbsp;&nbsp;&nbsp;· IMA203 PRAME cell therapy one-time infusion in all melanoma patients shows cORR of 56%; mDOR of 12.1 months
at mFU of 13.4 months; mPFS of 6.1 months; mOS of 15.9 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cutaneous melanoma subgroup post-checkpoint inhibitor shows cORR of 50%, mDOR not reached at mFU of 16.7
months; mPFS of 6.0 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Uveal melanoma subgroup, including tebentafusp-refractory patients shows cORR of 67%, mDOR of 11.0 months
at mFU of 13.4 months; mPFS of 8.5 months

&nbsp;&nbsp;&nbsp;&nbsp;· Positive Phase 1b data and high PRAME prevalence in melanoma reinforce the basis for the ongoing SUPRAME
Phase 3 trial in previously treated advanced or metastatic cutaneous melanoma, as well as the continued Phase 1b expansion in uveal melanoma

&nbsp;&nbsp;&nbsp;&nbsp;· ASCO presentations further substantiate Immatics' global leadership in precision targeting of PRAME
and potential of IMA203 to be the Company's first PRAME product

**Stafford, Texas and Tuebingen, Germany, May 31, 2025** – Immatics N.V. (NASDAQ: IMTX, "Immatics" or the "Company"), a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, today announced the presentation of expanded data from the ongoing Phase 1b clinical trial evaluating IMA203 PRAME cell therapy in heavily pretreated patients with metastatic melanoma. The longer follow-up of patients demonstrates a consistent and favorable tolerability profile as well as durable responses with a confirmed ORR of 56%. In addition, the Company provided details from a Trial in Progress poster on SUPRAME, the ongoing Phase 3 clinical trial evaluating IMA203 in patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a checkpoint inhibitor.

Immatics Press Release May 31, 2025 1 \| 7

The data from the ongoing Phase 1b trial will be presented on Saturday, May 31, 2025, during an oral presentation by Martin Wermke, M.D. The Trial in Progress poster (TiP) will be presented at the conference on Monday, June 2, 2025, by Jason Luke, M.D., FACP, FASCO. The IMA203 slides, including the ASCO data and additional data, are accessible in the 'Events & Presentations' section of the Investor & Media section of the Company's website.

"Patients with advanced melanoma post-failure of checkpoint inhibition are left to face frequent and often rapid disease progression and limited long-term survival. These individuals are in urgent need of new treatments that deliver deeper and more durable responses," said Cedrik Britten, M.D., Chief Medical Officer at Immatics. "We believe the data presented today emphasize the strength, durability and tangible therapeutic potential of our one-time infusion PRAME cell therapy, IMA203, in this patient population. These positive results reinforce our commitment to actively advance IMA203 through the ongoing Phase 3 SUPRAME trial to bring this PRAME therapy to the market as soon as possible."

"PRAME is a highly prevalent target that is expressed in more than 50 cancers. This, combined with the data presented at ASCO, further strengthens our position as the global leader in precision targeting of PRAME. We view our progress in melanoma as a critical step in our journey to building the broadest PRAME franchise with the most indications and modalities and delivering novel PRAME immunotherapies to cancer patients with high unmet medical needs," said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder at Immatics.

**<u>Oral Presentation Summary - IMA203 Phase 1b Trial</u>**

**Patient Population:** *Heavily pretreated patients with metastatic melanoma* 

As of April 7, 2025, 33 heavily pretreated patients with metastatic melanoma were administered a one-time infusion of IMA203 at the recommended Phase 2 dose (RP2D, 1 to 10 billion total TCR T cells) in the Phase 1b dose expansion. The treated patient population consisted of cutaneous melanoma (n=14), uveal melanoma (n=16), mucosal melanoma (n=2) and melanoma of unknown primary (n=1). Patients had a median of 2 lines of prior systemic treatments. The subgroup of patients with cutaneous melanoma had a median of 2.5 lines of prior systemic treatments, thereof a median of 2 lines of prior immune checkpoint inhibitors.

**Safety:** *Favorable tolerability* 

The safety population included 74 patients combined from the Phase 1a dose escalation and Phase 1b dose expansion across all dose levels and all tumor types. IMA203 has maintained a favorable tolerability profile.

Immatics Press Release May 31, 2025 2 \| 7

The most frequent treatment-emergent adverse events were anticipated cytopenias associated with lymphodepletion. Expected and manageable cytokine release syndrome (CRS) was mostly Grades 1 and 2, which is consistent with the mechanism of action (Grade 1: 37%, Grade 2: 47%, Grade 3: 11%, Grade 4: 0%). No patients experienced long-term CRS. Immune effector cell-associated neurotoxicity syndrome (ICANS) occurred infrequently, was manageable and mostly mild (Grade 1: 5%, Grade 2: 4%, Grade 3: 4%, Grade 4: 0%). No IMA203-related Grade 5 events were observed.

Tolerability in the Phase 1b melanoma subset was generally consistent with the full IMA203 tolerability profile.

**Anti-tumor activity and durability:** *Encouraging anti-tumor activity of IMA203 PRAME cell therapy, including durable responses up to >2.5 years with longer follow-up*

---

| | | | |
|:---|:---|:---|:---|
| | **All melanoma<sup>1</sup>**,**<sup>2</sup>** <br> **(n=33)**  | Cutaneous melanoma (n=14) | Uveal melanoma**<sup>2</sup>** (n=16) |
| **cORR** | **56%** (18/32) | 50% (7/14) | 67% (10/15) |
| **ORR** | **64%** (21/33) | 57% (8/14) | 69% (11/16) |
| **DCR** | **91%** (30/33) | 93% (13/14) | 88% (14/16) |
| **mDOR** (range) / **mFU [mo]** | **12.1** (1.8+, 32.6+) / **13.4** | NR<sup>3</sup> (4.2, 32.6+) / 16.7 | 11.0 (1.8+, 31.6) / 13.4 |
| **mPFS** (range) / **mFU [mo]** | **6.1** (1.4, 34.0+) / **14.4** | 6.0 (1.4, 34.0+) / 14.4 | 8.5 (1.4, 32.9) / 8.7 |
| **mOS** (range) / **mFU [mo]**  | **15.9** (2.4, 34.2+) / **14.4** | 13.9 (2.4, 34.0+) / 14.4 | 16.2 (3.2+, 34.2+) / 14.5 |

---

The PFS rate was 53% at six months and 27% at 12 months. The overall survival rate was 61% at 12 months. In addition, 42% (14/33) of patients had a deep response (≥50% tumor reduction) with a mPFS of 12.9 months.

_________________

<sup>1</sup> Melanoma efficacy population includes n=3 patients with other melanoma subtypes (n=2 mucosal melanoma, n=1 melanoma of unknown primary; data can be found in the IMA203 slides).

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

<sup>3</sup> NR, not reached <br> PD: progressive disease; BL: baseline; PR: partial response; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; mDOR: median duration of response; mFU: median follow-up; mPFS: median progression-free survival; mOS: median overall survival

Immatics Press Release May 31, 2025 3 \| 7

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

The positive Phase 1b data and high PRAME prevalence (~90-95% in melanoma) reinforce the potential of IMA203, which is currently being evaluated in the ongoing SUPRAME Phase 3 trial in previously treated advanced or metastatic cutaneous melanoma, as well as the continued Phase 1b expansion into uveal melanoma.

**<u>Trial-in-Progress Poster Summary – IMA203 SUPRAME Phase 3 Trial</u>**

Based on the positive clinical data and supported by the FDA RMAT designation<sup>4</sup>, Immatics advanced its PRAME cell therapy, IMA203, into the randomized-controlled Phase 3 SUPRAME trial (NCT06743126).

SUPRAME is a prospective, multicenter, open-label, randomized, actively controlled Phase 3 clinical trial evaluating the efficacy, safety and tolerability of IMA203 vs. investigator's choice in ~360 patients with unresectable or metastatic cutaneous melanoma who have received prior treatment with a checkpoint inhibitor. Patient eligibility is determined by protocol inclusion/exclusion criteria, including HLA screening. If patients are HLA-A\*02:01 positive and meet the eligibility criteria, they will undergo leukapheresis and be randomized 1:1. Patients in the IMA203 arm will undergo lymphodepletion with cyclophosphamide (500 mg/m<sup>2</sup> x 4 days) and fludarabine (30 mg/m<sup>2</sup> x 4 days), subsequent infusion of 1-10 x10<sup>9</sup> IMA203 PRAME-directed TCR T cells, followed by low-dose IL-2<sup>5</sup> (subcutaneous). Patients in the control arm will receive either nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab, lifileucel (in the US), or chemotherapy based on investigator's choice. The primary endpoint is blinded independent central review ("BICR")-assessed (RECIST 1.1) PFS. Secondary endpoints include OS, ORR, safety and patient-reported outcomes about quality of life.

___________________

<sup>4</sup>Includes all benefits of Breakthrough Therapy Designation.

<sup>5</sup>1m IU daily days 1-5 and twice daily 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).

Immatics Press Release May 31, 2025 4 \| 7

The expected median PFS in this post-checkpoint inhibitor patient population<sup>6</sup> is 2-3 months, and the IMA203 Phase 1b data presented today at ASCO indicate a continued median PFS of ≥6 months.

SUPRAME is planned to be conducted in more than 50 sites in North America and Europe.

Patient enrollment and randomization for the trial was initiated in early 2025 and is expected to be completed in 2026. A pre-specified interim data analysis will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death)<sup>7</sup>, anticipated to occur after approximately 200 patients. Immatics aims to submit a Biologics License Application (BLA) to the FDA in 1Q 2027 for full approval.

**About PRAME**

PRAME is a target expressed in more than 50 cancers. Immatics is the global leader in precision targeting of PRAME and has the broadest PRAME franchise with the most PRAME indications and modalities. The Immatics PRAME franchise currently includes three product candidates, two therapeutic modalities and a combination therapy that target PRAME: IMA203 PRAME cell therapy, IMA203CD8 PRAME cell therapy (GEN2), IMA402 PRAME bispecific, IMA203 in combination with Moderna's PRAME adaptive immune modulating therapy.

**About IMA203 PRAME Cell Therapy**

IMA203 is a PRAME-directed TCR T-cell therapy engineered to recognize an intracellular PRAME-derived peptide presented by HLA-A\*02:01 on the cell surface and initiate a potent and specific anti-tumor response. IMA203 PRAME cell therapy is currently being evaluated in a registration-enabling randomized controlled Phase 3 trial, "SUPRAME," in patients with unresectable or metastatic cutaneous melanoma who have disease progression on or after treatment with at least one checkpoint inhibitor. In parallel, the Phase 1b clinical trial in patients with PRAME cancers is ongoing with a focus on uveal melanoma.

**About Immatics**

Immatics combines the discovery of true targets for cancer immunotherapies with the development of the right T cell receptors with the goal of enabling a robust and specific T cell response against these targets. This deep know-how is the foundation for our pipeline of Adoptive Cell Therapies and TCR Bispecifics as well as our partnerships with global leaders in the pharmaceutical industry. We are committed to delivering the power of T cells and to unlocking new avenues for patients in their fight against cancer.

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

__________________

<sup>6</sup> Ascierto et al., 2023, Diab et al., 2024.

<sup>7</sup> Centrally assessed by BICR using RECIST v1.1.

Immatics Press Release May 31, 2025 5 \| 7

**Forward-Looking Statements**

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

**For more information, please contact:**

---

| |
|:---|
| **Media** |
| Real Chemistry |
| Matt Wright |
| mwright@realchemistry.com |

---

Immatics Press Release May 31, 2025 6 \| 7

---

| |
|:---|
| **Immatics N.V.** |
| Jordan Silverstein |
| Head of Strategy |
| Phone: +1 346 319-3325 |
| InvestorRelations@immatics.com |

---

- END -

Immatics Press Release May 31, 2025 7 \| 7

## Exhibit 99.2

**Exhibit 99.2**

![](ex9902_001.jpg)

IMA203 PRAME Cell Therapy in Advanced Melanoma - Phase 1b Dose Expansion Clinical Data Update May 31, 2025 Data cut - off April 7, 2025 Delivering the Power of T cells to Cancer Patients© Immatics. Not for further reproduction or distribution.

![](ex9902_002.jpg)

Background and Key Takeaways • Frequent recurrence and limited long - term survival with unresectable or metastatic melanoma highlight the critical need for new treatments that deliver deeper, more durable responses 1 - 3 • IMA203 is a PRAME - directed TCR T - cell therapy engineered to recognize an intracellular PRAME - derived peptide presented by HLA - A\*02:01 on the cell surface and initiate a potent and specific anti - tumor response 4 • IMA203 exhibited favorable tolerability, with anticipated lymphodepletion - associated cytopenias, mostly mild - to - moderate CRS, infrequent ICANS, and no IMA203 - related grade 5 events • One - time infusion of IMA203 has promising clinical activity in heavily pretreated patients with metastatic melanoma (n=33): – cORR: 56% (18/32) – mDOR: 12.1 mo (range: 1.8+, 32.6+) at mFU of 13.4 mo – mPFS: 6.1 mo (range: 1.4, 34.0+) at mFU of 14.4 mo – mOS: 15.9 mo (range: 2.4, 34.2+) at mFU of 14.4 mo • Encouraging activity was seen in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%) 1 Mooradian MJ, et al. Oncology (Williston Park). 2019;33:141 - 148. 2 Hamid O, et al. Ann Oncol. 2019;30:582 - 588. 3 Goldinger SM, et al. Eur J Cancer. 2022;162:22 - 33. 4 Wermke M, et al. Na t Med. 2025; doi: 10.1038/s41591 - 025 - 03650 - 6 [online ahead of print]. cORR, confirmed objective response rate; CRS, cytokine release syndrome; ICANS, Immune effector cell - associated neurotoxicity syndrome ; mDOR, median duration of response; mFU, median follow - up; mPFS, median progression - free survival; mOS, median overall survival 2 Data cut - off Apr 7, 2025 ASCO 2025

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PRAME Is Expressed in More Than 50 Cancers PRAME prevalence in selected indications % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 2 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 2 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 Indication Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…) ≥95 % ≥10 % 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% shown as 95%); 2 NSCLC: Non - small cell lung cancer; Precision targeting of PRAME

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Phase 1 Study Design: IMA203 in Advanced Solid Tumors Expressing PRAME Key Objectives Primary: • Tolerability • Determination of RP2D (Phase 1a) Secondary: • IMA203 T cell engraftment, persistence • Efficacy Key Eligibility Criteria • Confirmed advanced and/or metastatic solid tumor • Patients ≥ 18 years of age • ECOG performance status 0 - 1 • HLA - A\*02:01 and PRAME positive • Patients having received, or not been eligible for all available indicated SOC treatment • Adequate organ function • No active brain metastasis a Outpatient administration at investigator's discretion. BID, twice daily; IU, international unit; ECOG, Eastern Cooperative Oncology Group; FU, follow - up; RP2D, recommended phase 2 dose at 1 - 10x10 9 TCR T cells; QC, quality control; SC, subcutaneous; SOC, standard of care. 1 Gragert et al. 2013 and census numbers. HLA - A\*02:01 prevalence in Immatics' clinical trials: US 65% and Germany 55% as of March 2025. Manufacturing success rate as of Apr 7, 2025 4 SCREENING/MANUFACTURING Le u k a ph e r e sis IMA203 One - time infusion Lymphodepletion Fludarabine 30mg/m 2 Cyclophosphamide 500mg/m 2 Days - 6 to - 3 Low Dose IL - 2 a 1m IU SC Days 1 - 5; 1m IU SC BID Days 6 - 10 PRAME Testing Biopsy or archived tissue Inclusion of PRAME - positive patients TR E A TM E N T / OB S E R V A TI O N FU HLA - A\*02:01 Testing Blood Inclusion of HLA - A\*02:01 - positive patients Pre v alenc e 1 : US: 41% EU: 48% Ma nu f ac turing of IMA203 ~2 weeks turnaround time (applying CD8/CD4 T cell selection, incl. QC release testing) 95% success rate to reach RP2D Patient Journey Data cut - off Apr 7, 2025 ASCO 2025

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IMA203 Phase 1 Study: Patient Disposition 5 1 Melanoma efficacy population excludes 1 patient with uveal melanoma with ongoing unconfirmed PR from cORR; 2 Mucosal melanoma n=2, melanoma of unknown primary n=1; RP2D: 1 - 10x10 9 TCR T cells; DL4: 0.2 - 1.2x10 9 TCR T cells/m 2 BSA; DL: dose level. Total Safety Population (N=74) Melanoma Efficacy Population 1 (n=33) n=13 n o n - melan o ma n=3 other melanoma 2 n=14 c u t a n e o us melan o ma n=16 uveal melanoma n=27 Phase 1a Dose Escalation (DL1 - 4) n=1 in Phase 1a started lymphodepletion but did not receive IMA203 n=46 Phase 1b Dose Expansion (RP2D) RP2D defined at 1 - 10x10 9 TCR T cells Data cut - off Apr 7, 2025 ASCO 2025

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IMA203 Phase 1 Study: Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; MM, mucosal melanoma; TCR, T - cell receptor; UkM, melanoma of unknown primary; UM, uveal melanoma. 6 n=33 57 (31, 79) n=16 62 (32, 74) n=14 54.5 (31, 79) N=74 54 (18, 79) Age, median (range) 48.5 62.5 21.4 52.7 Female, % 39.4 43.8 35.7 51.4 Baseline ECOG status 1, % 2 (0, 6) 2 (0, 6) 2.5 (1, 5) 3 (0, 10) Prior lines of systemic treatment, median (range) 1 (0, 4) 1 (0, 4) 2 (1, 3) --- Prior ICI treatment , median (range) 81 .8/ 5 7 .6 62.5/43.8 100/64.3 --- ≥1 line of PD1/CTLA4 , % --- 62.5 --- --- Prior tebentafusp , % 57.6 56.3 64.3 63.5 Elevated LDH at baseline, % 104.0 101.6 120.5 116.1 Median target lesion sum of diameter, mm (15.0, 309.8) (30.8, 210.0) (15.0, 309.8) (15.0, 309.8) (range) 78.8 93.8 64.3 62.2 Patients with liver metastasis, % 3.0 0.0 0.0 12.2 Patients with brain metastasis, % 0.0 --- 0.0 --- Metastatic staging, % (CM, MM, UkM only) IIIb/IIIc/IVM1a 100.0 --- 100.0 --- IVM1b/c/d Baseline Characteristics Total Safety Population Cutaneous Melanoma Uveal Melanoma All Melanoma Metastatic staging, % (UM only) IVM1a IVM1b/c/d --- --- --- --- 18.8 81.3 --- --- All Melanoma Uveal Melanoma Cutaneous Melanoma Total Safety Population Treatment Experience 4.04 (1.30, 10.20) 3.94 (1.62, 8.43) 4.58 (1.30, 10.20) 2.34 (0.078, 10.20) Infused TCR T cell dose (x10 9), median (range) Heavily Pretreated Patient Population Melanoma Efficacy Population Data cut - off Apr 7, 2025 ASCO 2025

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IMA203 Safety: Adverse Events Occurring in ≥20% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) 7 Patients are counted only once per adverse event and severity classification. 1 Two patients with disease progression after first IMA203 infusion received exploratory second 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. CRS, cytokine release syndrome; ICANS, immune effector cell - associated neurotoxicity syndrome; HLH, hemophagocytic lymphohistiocytosis; TEAE, treatment - emergent adverse event. N = 74 Grade ≥3 Any grade Preferred terms, n (%) 73 (98.6) 73 (98.6) Blood and lymphatic system disorders 67 (90.5) 68 (91.9) Neutropenia 1 38 (51.4) 57 (77.0) Anaemia 27 (36.5) 50 (67.6) Thrombocytopenia 1 38 (51.4) 39 (52.7) Leukopenia 39 (52.7) 39 (52.7) Lymphopenia 2 (2.7) 65 (87.8) Gastrointestinal disorders 0 (0.0) 45 (60.8) Nausea 1 (1.4) 28 (37.8) Diarrhoea 1 1 (1.4) 25 (33.8) Vomiting 0 (0.0) 23 (31.1) Constipation 2 (2.7) 49 (66.2) General disorders and administration site conditions 1 (1.4) 29 (39.2) Fatigue 1 (1.4) 22 (29.7) Pyrexia 0 (0.0) 17 (23.0) Edema peripheral 10 (13.5) 35 (47.3) Investigations 5 (6.8) 29 (39.2) Aspartate aminotransferase increased 7 (9.5) 28 (37.8) Alanine aminotransferase increased 2 (2.7) 15 (20.3) Blood creatinine increased 6 (8.1) 35 (47.3) Skin and subcutaneous tissue disorders 0 (0.0) 18 (24.3) Rash 6 (8.1) 18 (24.3) Rash maculo - popular 6 (8.1) 33 (44.6) Metabolism and nutrition disorders 3 (4.1) 22 (29.7) Hyponatraemia 3 (4.1) 21 (28.4) Hypokalaemia • Tolerability consistent with previous report • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1/2, consistent with mechanism of action • Infrequent, manageable, and mostly mild ICANS • No IMA203 - related Grade 5 events • Tolerability in the melanoma subset generally consistent with the full IMA203 tolerability profile Adverse events of special interest TEAEs in ≥20% of patients N=74 70 (94.6) CRS, any grade, n (%) 27 (36.5) Grade 1 35 (47.3) Grade 2 8 (10.8) Grade 3 1 0 (0.0) Grade 4 0 (0.0) Grade 5 10 (13.5) ICANS, any grade, n (%) 4 (5.4) Grade 1 3 (4.1) Grade 2 3 (4.1) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 2 (2.7) HLH, any grade, n (%) 0 (0.0) Grade 1 1 (1.4) Grade 2 1 (1.4) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 Data cut - off Apr 7, 2025 ASCO 2025

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IMA203: Best Overall Response in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma 8 \*Maximum change of target lesions and RECIST1.1 response at different timepoints. 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; Melanoma efficacy population excludes 1 uveal melanoma patient with ongoing unconfirmed PR from cORR; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; BL: baseline; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease. n=33 n=3 n=16 n=14 56% (18/32) 1/3 67% (10/15) 50% (7/14) c ORR 64 % (21/33) 2/3 69% (11/16) 57% (8/14) O R R 91% (30/33) 3/3 88% (14/16) 93% (13/14) DCR Cutaneous Mela n o ma Uveal Mela n o ma Mela n o ma (other) All Mela n o m a 3 Data cut - off Apr 7, 2025 ASCO 2025

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IMA203: Duration of Response in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment 9 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; mDOR, median duration of response; mFU, median follow - up; NR, not reached; SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response Data cut - off Apr 7, 2025 ASCO 2025 Ongoing Scans at approximately week 6, month 3 and then every 3 months All Melanoma 3 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 12.1 (1.8+, 32.6+) 13.4 11.0 (1.8+, 31.6) 13.4 NR (4.2, 32.6+) 16.7 mDOR [mo], (range) mFU [mo]

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IMA203: Survival Outcomes in Melanoma Efficacy Population 10 Median Progression Free Survival Median Overall Survival Data cut - off Apr 7, 2025 ASCO 2025 All 1 Melanoma n=33 Uveal Me l a n o ma n=16 C u t ane o u s Me l a n o ma n=14 6.1 (1.4, 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.0 (1.4 , 34.0+) 14.4 mPFS [mo] (range) mFU [mo] All 1 Melanoma n=33 Uveal Me l a n o ma n=16 C u t ane o u s Me l a n o ma n=14 15.9 (2.4, 34.2+) 14.4 16.2 (3.2+, 34.2+) 14.5 13.9 (2.4, 34.0+) 14.4 mOS [mo] (range) mFU [mo] 12 - month OS rate: 61% 6 - month PFS rate: 53% 12 - month PFS rate: 27% 1 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; PFS and OS censored at data - cut; PFS and OS rate shown as % of evaluable patients at indicated timepoint. mFU, median follow - up; mOS, median overall survival; mPFS, median progression - free survival.

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

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17 4 11 23 14 41 n - 46.2% - 22.1% - 62.6% - 54.2% - 44.9% - 48.9% Med i a n s h ri n k a ge IMA203: Responses of Metastases Throughout the Body in Melanoma Efficacy Population Shrinkage in Difficult - to - Treat Target Lesions Including Liver 12 Other: brain, kidney, pelvis, pericardium, pleura, bone, adrenal, retroperitoneum, rectum, soft tissue, gluteal, dorsal Data cut - off Apr 7, 2025 ASCO 2025

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IMA203 PRAME Cell Therapy: Conclusions Extended Phase 1 Data Continues to Show Strong Anti - tumor Activity and Durability • IMA203 PRAME - directed TCR T - cell therapy exhibited favorable tolerability, with anticipated lymphodepletion - associated cytopenias, mostly mild - to - moderate CRS, infrequent ICANS, and no IMA203 - related grade 5 events • One - time infusion of IMA203 has promising clinical activity in heavily pretreated patients with metastatic melanoma (n=33): • cORR: 56% (18/32) • mDOR: 12.1 mo (range: 1.8+, 32.6+) at mFU of 13.4 mo • mPFS: 6.1 mo (range: 1.4, 34.0+) at mFU of 14.4 mo • mOS: 15.9 mo (range: 2.4, 34.2+) at mFU of 14.4 mo • Encouraging activity was observed in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%) • Given its promising Phase 1 profile with high PRAME prevalence in melanoma, a registration - directed Phase 3 trial (SUPRAME; NCT06743126) is underway in previously treated advanced or metastatic cutaneous melanoma cORR, confirmed objective response rate; CRS, cytokine release syndrome; ICANS, Immune effector cell - associated neurotoxicity syndrome; mDOR, median duration of response; mFU, median follow - up; mPFS, median progression - free survival; mOS, median overall survival. 13 Data cut - off Apr 7, 2025 ASCO 2025

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SUPRAME: A Randomized Phase 3 Trial of IMA203 PRAME - directed TCR T - cell Therapy vs Investigator's Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >50 Sites Planned across North America and Europe 14 IMA203 n=180 Investigator's choice n=180 Primary Endpoint • P F S Key Secondary Endpoint • Overall survival Ra nd o mi z at i o n 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab, lifileucel (US), chemotherapy 1 A pre - specified interim data analysis will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death) anticipated to occur after approximately 200 patients are enrolled; 2 Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death); ICI: immune checkpoint inhibitor; PFS: progression - free survival; ORR: objective response rate; TESAEs: treatment - emergent serious adverse events; AE: adverse event; EORTC: European Organization for Research and Treatment of Cancer; QLQ - C30: Core Quality of Life questionnaire; EQ - 5D - 5L: European Quality of Life 5 Dimensions 5 Level Version Secondary Endpoints • Efficacy: ORR • Safety: TESAEs, AEs of special • interest • Quality of life: EORTC QLQ - C30 and EQ - 5D - 5L Expected timelines of the SUPRAME trial December 2024 SUPRAME Phase 3 trial start Q1 2026 Interim analysis 1 Q4 2026 Final analysis 2 Q1 2027 BLA submission Q3 2027 La u n c h

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15 IMA203 Phase 1 Study Sponsor: Immatics University Hospital Dresden University Hospital Bonn University Hospital Würzburg University Hospital Hamburg Charité Berlin University Hospital Heidelberg University Medicine Mainz Columbia U n iv er sity University of Pittsburgh MD Anderson Cancer Center Uni t e d S t a t e s Ge r ma n y University of Miami Health System Fox Chase Cancer Center Thank You to the Patients, their Families and the Participating Clinical Trial Sites Data cut - off Apr 7, 2025 ASCO 2025

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A p pend i x 16

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IMA203 Phase 1 Study: Baseline Characteristics & Treatment Experience Including Melanoma Dose Escalation Population Data cut - off Apr 7, 2025 17 Melanoma Efficacy Population Melanoma Dose Escalation Population Total Safety Population Treatment Experience 4.04 (1.30, 10.20) 0.586 (0.099, 2.09) 2.34 (0.078, 10.20) Infused TCR T cell dose (x10 9), median (range) Melanoma Efficacy Population n=33 Melanoma Dose Escalation Population n=11 Total Safety Population N=74 Baseline Characteristics 57 (31, 79) 51 (18, 72) 54 (18, 79) Age, median (range) 48.5 45.5 52.7 Female, % 39.4 63.6 51.4 Baseline ECOG status 1, % 2 (0, 6) 4 (2, 7) 3 (0, 10) Prior lines of systemic treatment, median (range) 1 (0, 4) 81.8 (27/33) 62.5 (10/16) 2 (1, 4) 100% (11/11) 50% (1/2) --- --- --- Prior ICI treatment , median (range) ≥1 line of ICI treatment , % (n/N) Prior tebentafusp , % (n/N) (UM only) 57.6 81.8 63.5 Elevated LDH at baseline, % 104.0 (15.0, 309.8) 117.5 (37.0, 211.0) 116.1 (15.0, 309.8) Median target lesion sum of diameter, mm (range) 78.8 54.5 62.2 Patients with liver metastasis, % 3.0 27.3 12.2 Patients with brain metastasis, % 0.0 (0/17) 100.0 (17/17) 11.1 (1/9) 88.9 (8/9) 3.8 (1/26) 96.2 (25/26) Metastatic staging, % (CM, MM, UkM only) IIIb/IIIc/IVM1a IVM1b/c/d 18.8 (3/16) 81.3 (13/16) 0.0 (0/2) 100 (2/2) 15.8 (3/19) 84.2 (16/19) Metastatic staging, % (UM only) IVM1a IVM1b/c/d ICI: immune checkpoint inhibitor; LDH: lactate dehydrogenase; CM: cutaneous melanoma; MM: mucosal melanoma; UkM: melanoma of unknown primary; UM: uveal melanoma

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IMA203: Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population Progression Free Survival Data cut - off Apr 07, 2025 18 Overall Survival mPFS N 2.6 months 11 Dose Escalation 6.1 months 33 Dose Expansion mOS N 6.3 months 11 Dose Escalation 15.9 months 33 Dose Expansion • Significant shift in mPFS and mOS between melanoma patients treated during the dose escalation and dose expansion • mPFS in dose escalation is comparable to reported data in 2L+ cut. melanoma population \* • mOS in dose escalation is shorter than reported mOS for 2L+ cut. melanoma population \* • All patients in the dose escalation group deceased and 17/30 evaluable patients are alive in dose expansion # Log - rank test: p <0.0001 Log - rank test: p <0.0001 Overall survival (OS) and progression - free survival (PFS) censored at data - cut; \* These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted # 3 patients out of study at data - cut (withdrew consent)

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Tolerability Profile of IMA203 Across All Dose Levels in Phase 1a/b All ≥ Grade 3 Adverse Events (N=74) ≥ Grade 3 Adverse event (System organ class , Preferred term) % No. 100 .0 74 Patients with any adverse event 13.5 10 Adverse Events of Special Interest 10 .8 8 Cytokine release syndrome 1 4 .1 3 ICANS 2 1 .4 1 Haemophagocytic lymphohistiocytosis 98.6 73 Blood and lymphatic system disorders 90 .5 67 Neutropenia 1 52 .7 39 Lymphopenia 51 .4 38 Anaemia 51 .4 38 Leukopenia 36 .5 27 Thrombocytopenia 1 2 .7 2 Febrile neutropenia 1 .4 1 Cytopenia 1 .4 1 Leukocytosis 16.2 12 Infections and infestations 2 .7 2 Urinary tract infection 1 .4 1 Appendicitis 1 .4 1 COVID - 19 1 .4 1 Cytomegalovirus infection reactivation 1 .4 1 Enterococcal infection 1 .4 1 Fournier's gangrene 1 .4 1 Human herpesvirus 6 encephalitis 1 .4 1 Infection 1 .4 1 Orchitis 1 .4 1 Pneumonia 1 .4 1 Sepsis 3,4 1 .4 1 Septic shock 3 14.9 11 Investigations 9 .5 7 Alanine aminotransferase increased 6 .8 5 Aspartate aminotransferase increased 2 .7 2 Blood creatinine increased 1 .4 1 Blood alkaline phosphatase increased 1 .4 1 Blood bilirubin increased 1 .4 1 Blood fibrinogen decreased 1 .4 1 Lymphocyte count increased 13.5 10 Respiratory, thoracic and mediastinal disorders 5 .4 4 Hypoxia 2 .7 2 Pleural effusion 1 .4 1 Bronchial obstruction 1 .4 1 Dyspnoea 1 .4 1 Epistaxis 1 .4 1 Laryngeal inflammation 1 .4 1 Respiratory failure table continued… 9.5 7 Metabolism and nutrition disorders 4.1 3 Hypokalaemia 1 4.1 3 Hyponatraemia 2.7 2 Hypophosphataemia 1.4 1 Dehydration 1.4 1 Failure to thrive 9.5 7 Skin and subcutaneous tissue disorders 8.1 6 Rash maculo - papular 1.4 1 Eczema 9.5 7 Vascular disorders 8.1 6 Hypertension 1.4 1 Hypotension 6.8 5 Gastrointestinal disorders 4.1 3 Abdominal pain 1 1.4 1 Diarrhoea 1 1.4 1 Ileus 1.4 1 Vomiting 6.8 5 Renal and urinary disorders 5.4 4 Acute kidney injury 1.4 1 Proteinuria 1 5.4 4 General disorders and administration site conditions 1.4 1 Fatigue 1.4 1 General physical health deterioration 3 1.4 1 Pyrexia 1.4 1 Swelling face 4.1 3 Cardiac disorders 4.3 3 Atrial fibrillation 5 2.7 2 Eye disorders 1.4 1 Periorbital oedema 1.4 1 Ulcerative keratitis 2.7 2 Injury, poisoning and procedural complications 1.4 1 Humerus fracture 1 1.4 1 Infusion related reaction 2.7 2 Musculoskeletal and connective tissue disorders 1.4 1 Back pain 1.4 1 Muscle spasms 1 Adverse event (System organ class , Preferred term) ≥ Grade 3 No. % table continued… 2.7 2 Nervous system disorders 1 .4 1 Headache 1 .4 1 Posterior reversible encephalopathy syndrome 1.4 1 Endocrine disorders 1 .4 1 Inappropriate antidiuretic hormone secretion 1.4 1 Hepatobiliary disorders 1 .4 1 Cholangitis 1.4 1 Reproductive system and breast disorders 1 .4 1 Vaginal haemorrhage Adverse event (System organ class , Preferred term) ≥ Grade 3 No. % All treatment - emergent adverse events (TEAEs) with ≥ Grade 3 regardless of relatedness to study treatment . Adverse events were coded using the Medical Dictionary for Regulatory Activities . Grades were determined according to National Cancer Institute Common Terminology Criteria of Adverse Events, version 5 . 0 . Grades for Cytokine release syndrome and ICANS were determined according to CARTOX criteria (Neelapu et al . , 2019) . Patients are counted only once per adverse event and severity classification . Based on interim data extracted from open clinical database (07 - Apr - 2025) ; 1 Two patients with disease progression after first IMA 203 infusion received exploratory second IMA 203 infusion . They had these ≥ Grade 3 TEAEs only after second infusion, which are included in the table : First patient : Abdominal pain, Cytokine release syndrome, Diarrhoea, Hypokalaemia, Proteinuria ; Second patient : Humerus fracture, Muscle spasms, Neutropenia, Thrombocytopenia ; 2 ICANS : Immune effector cell - associated neurotoxicity syndrome ; 3 Fatal Adverse events were not considered related to any study drug ; 4 Patient died from sepsis of unknown origin and did not receive IMA 203 TCR - T cells ; 5 DLT : Dose limiting toxicity in phase 1 a at DL 2 reported on March 17 , 2021 . Data cut - off Apr 7, 2025 19

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CRS Events and Interventions After IMA203 Infusion in Melanoma Efficacy Population Manageable and Consistent with Mechanism of Action • Median day of onset (range): 1 (0, 3) • Median duration, days (range): 9 (2, 27) • Most CRS resolved by day 14 • No long - term CRS CRS Interventions Data cut - off Apr 7, 2025 20 n=33 24 (72.7) Interventions, n (%) 23 (69.7) Tocilizumab 11 (33.3) Steroids CRS Dynamics CRS, cytokine release syndrome G r a d e 3 2 1

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Melanoma Efficacy Population (n=33) Patients with Melanoma Treated with IMA203 in Phase 1b Dose Expansion Reason for Progression Comment BOR (Max % change of target lesions) BOR Total infused dose TCR - T cells 1 [x10 9 ] Prior treatments No of prior treatment lines Indication Patient ID Ongoing response at 34.0 months PFS - 7 8.3 cPR 1.30 Dabrafenib + Trametinib Pembrolizumab Dabrafenib + Trametinib + Vemurafenib + Cobimetinib Tebentafusp Encorafenib + Binimetinib 5 Cut. Melanoma A - DL4 - 03 Ongoing response at 19.5 months PFS - 65.6 cPR 9.80 Nivolumab Pembrolizumab Ipilimumab + Nivolumab 3 Cut. Melanoma A - DL5 - 13 Ongoing response at 14.8 months PFS - 76.6 cPR 8.14 Melphalan T eben taf us p 2 Uveal Melanoma A - DL5 - 26 Ongoing response at 14.4 months PFS - 73.3 cCR 10.20 Relatlimab + Nivolumab 1 Cut. Melanoma A - DL5 - 27 Ongoing disease stabilization at 11.7 months PFS - 18.8 SD 3.68 Ipilimumab + Nivolumab Zimberelimab + Domvanalimab Encorafenib + Binimetinib 3 Cut. Melanoma A - DL5 - 31 Ongoing response at 8.7 months PFS - 39.5 cPR 3.18 Ipilimumab + Nivolumab Tebentafusp Melphalan Ipilimumab + Nivolumab DYP - 688 Ipilimumab + Nivolumab 6 Uveal Melanoma A - DL5 - 32 Initial disease stabilization transitioned into unconfirmed response ongoing at 7.8 months PFS - 43.8 PR 1.62 Ipilimumab + Nivolumab Darovasertib Tebentafusp 3 Uveal Melanoma A - DL4 - 09 # Ongoing response at 5.1 months PFS - 41.7 cPR 1.62 Tebentafusp 1 Uveal Melanoma A - DL4 - 10 \* Ongoing response at 4.9 months PFS - 50.0 cPR 3.68 Tebentafusp 1 Uveal Melanoma A - DL5 - 34 \* Ongoing response at 3.2 months PFS - 60.4 cPR 7.93 Brenetafusp 1 Uveal Melanoma A - DL5 - 36 \* New lesions Response until 32.9 months PFS - 83.9 cPR 4.16 ARRY614 + Nivolumab 1 Uveal Melanoma A - DL5 - 01 Progression as determined by external assessment Response until 13.4 months PFS - 65.1 cPR 5.12 Interferon Pembrolizumab Ipilimumab + Nivolumab 3 Cut. Melanoma A - DL5 - 03 Non - target lesion progression Response until 12.4 months PFS - 78.8 cPR 7.19 Valproic acid + Sunitinib Tebentafusp 2 Uveal Melanoma A - DL5 - 21 Non - target lesion progression Disease stabilization until 8.6 months PFS - 17.6 SD 8.43 Ipilimumab + Pembrolizumab Tebentafusp Ipilimumab + Nivolumab Darovasertib + Binimetinib Camibirstat 5 Uveal Melanoma A - DL5 - 20 \* New since data cut - off on Aug 23, 2024; # has previously been reported as AA - 1, patient withdrew consent at data - cut; 1 Transduced viable CD8 T cells; BOR: Best overall response; DL: Dose level; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; PFS: Progression - free survival (censored at data - cut) Data cut - off 07 - Apr - 2025 21

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Melanoma Efficacy Population (n=33) Patients with Melanoma Treated with IMA203 in Phase 1b Dose Expansion Reason for Progression Comment BOR (Max % change of target lesions) BOR Total infused dose TCR - T cells 1 [x10 9 ] Prior treatments No of prior treatment lines Indication Patient ID Non - target lesion progression Response until 8.5 months PFS - 50.9 cPR 5.42 Pembrolizumab Clinical trial intrahepatic PV10 Ipilimumab + Nivolumab Clinical trial Anti - CTLA - 4 NF AB + XRT Camibirstat Pem b ro li z u mab 6 Uveal Melanoma A - D L5 - 19 New lesions Response until 6.2 months PFS - 48.1 cPR 2.89 NOX66 - 005 Idronoxil with radiotherapy Darovasertib + Crizotinib LVGN3616 + LVGN6051 + LVGN7409 + Bevacizumab + Cyclophosphamide 3 Uveal Melanoma A - D L5 - 24 New lesion Disease stabilization until 6.1 months PFS - 18.6 SD 4.04 Ipilimumab + Nivolumab+Tociliziumab Nivolumab + Relatlimab + Tocilizumab + Ipilimumab 2 Cut. Melanoma A - D L5 - 17 Target lesion and non - target lesion progression Response until 6.0 months PFS - 57.1 cPR 7.94 Nivolumab Ipilimumab + Nivolumab 2 Mucosal Melanoma A - D L5 - 29 Response until 6.0 months PFS, patient off study at data - cut due to investigator decision (radiation of one target lesion) - 44.8 cPR 6.94 Ipilimumab + Nivolumab Encorafenib + Binimetinib Relatlimab + Nivolumab 3 Cut. Melanoma A - D L5 - 23 New lesions, target lesion progression Disease stabilization until 5.9 months PFS 11.4 SD 1.63 Nivolumab Ipilimumab+Nivolumab Dabrafenib + Trametinib Nivolumab 4 Cut. Melanoma A - D L4 - 05 Target lesion progression Response until 5.8 months PFS - 40.8 cPR 2.68 SEA - CD40 + Pembrolizumab 1 Uveal Melanoma A - D L5 - 10 New lesion Disease stabilization until 5.7 months PFS 0.0 SD 1.73 Ipilimumab + Nivolumab 1 Melanoma (Unk. Primary) A - D L4 - 04 New lesions Response until 5.7 months PFS - 65.9 cPR 1.55 Ipilimumab + Nivolumab Brektovi + Mektovi + Nivolumab + Relatlimab 2 Cut. Melanoma A - D L4 - 07 New lesions Response until 5.6 months PFS - 58.8 cPR 3.02 Pembrolizumab 1 Cut. Melanoma A - D L5 - 15 New lesion Disease stabilization until 5.5 months PFS - 25.4 SD 5.71 Tebentafusp Ipilimumab + Nivolumab 2 Uveal Melanoma A - D L5 - 18 New lesion Disease stabilization until 2.7 months post infusion, unconfirmed response from 2.7 until 5.5 months PFS - 59.3 PR 6.31 Ipilimumab+Nivolumab Tafinlar + Mekinist 2 Cut. Melanoma A - D L5 - 22 Target and non - target lesion progression, new lesion Disease stabilization until 3.5 months PFS - 22.6 SD 4.50 Tyrosinase peptides Nivolumab + Ipilimumab + Denosumab Tebentafusp 3 Uveal Melanoma A - D L5 - 12 Target lesion progression Unconfirmed response until 2.8 months PFS - 36.9 PR 3.33 Ipilimumab + Nivolumab Avapritinib Opdualag 3 Mucosal Melanoma A - D L5 - 28 Non - target lesion progression, new lesions Disease stabilization until 2.7 months PFS 4.6 SD 5.14 Ipilimumab + Nivolumab Axitinib + Nivolumab 2 Cut. Melanoma A - D L5 - 25 New lesion Disease stabilization until 2.1 months PFS - 11.5 SD 9.76 Pem b ro li z u mab Pem b ro li z u mab TC TLR7/8 + Pembrolizumab Brenetafusp 4 Cut. Melanoma A - D L5 - 33 \* \* New since data cut - off on Aug 23, 2024; 1 Transduced viable CD8 T cells; BOR: Best overall response; DL: Dose level; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; PFS: Progression - free survival (censored at data - cut) Data cut - off 07 - Apr - 2025 22

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Melanoma Efficacy Population (n=33) Patients with Melanoma Treated with IMA203 in Phase 1b Dose Expansion Reason for Progression Comment BOR (Max % change of target lesions) BOR Total infused dose TCR - T cells 1 [x10 9 ] Prior treatments No of prior treatment lines Indication Patient ID New lesions Progressive disease at 1.4 months PFS - 41.5 PD 2.34 Nivolumab Encorafenib + Binimetinib 2 Cut. Melanoma A - DL5 - 14 Non - target lesion progression Progressive disease at 1.4 months PFS - 37.5 PD 3.71 Tebentafusp Ipilimumab + Nivolumab 2 Uveal Melanoma A - DL5 - 35 \* New lesion Progressive disease at 1.4 months PFS - 6.3 PD 2.56 NA 0 Uveal Melanoma A - DL4 - 06 \* New since data cut - off on Aug 23, 2024; 1 Transduced viable CD8 T cells; BOR: Best overall response; DL: Dose level; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; PFS: Progression - free survival (censored at data - cut) Data cut - off 07 - Apr - 2025 23

## Exhibit 99.3

**Exhibit 99.3**

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Delivering the Power of T cells to Cancer Patients© Immatics. Not for further reproduction or distribution. Immatics Corporate Presentation May 31, 2025

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

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PRAME Is Expressed in More Than 50 Cancers ≥95 % ≥10 % 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided expression threshold applied to RNAseq and/or IHC data (approximate values, values between 95 - 100% shown as 95%); 2 NSCLC: Non - small cell lung cancer; IMA203, IM203CD8, IMA402 are being evaluated in separate clinical trials. Cancer Cell Death IMA402 PRAME Bispecific IMA203 PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) Precision targeting of PRAME with 3 clinical product candidates PRAME prevalence in selected indications % PRAME+ patients 1 Indication 95% Cutaneous Melanoma 95% Uterine Carcinoma 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 90% Uveal Melanoma 90% Mucosal Melanoma 85% Ovarian Carcinoma Subtypes 70% Squamous Cell NSCLC 2 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 45% Esophageal Carcinoma Subtype 40% Kidney Carcinoma Subtype 35% Cholangiocarcinoma 30% HER2 - Enriched Breast Carcinoma 25% Adenocarcinoma NSCLC 2 25% Head & Neck Squamous Cell Carcinoma 20% Hepatocellular Carcinoma 20% Bladder Carcinoma 3 P RAME Indication Cutaneous Melanoma Endometrioid Endometrial Carcinoma Uterine Carcinosarcoma Synovial Sarcoma Acral Melanoma Uveal Melanoma Mucosal Melanoma Endometrial Clear Cell Carcinoma Endometrial Serous Carcinoma Ovarian Serous Cystadenocarcinoma Ovarian Clear Cell Carcinoma Ovarian Endometrioid Carcinoma Head and Neck Salivary Duct Carcinoma Adenoid Cystic Carcinoma Neuroblastoma Malignant Rhabdoid Tumor Wilms Tumor (Nephroblastoma) Squamous Cell NSCLC Triple Negative Breast Carcinoma (TNBC) Cervical Adenosquamous Cell Carcinoma Large Cell Neuroendocrine Lung Carcinoma (LCNEC) Basal Cell Carcinoma Mucoepidermoid Carcinoma Large Cell Lung Carcinoma (LCLC) Spindle Cell Melanoma Testicular Germ Cell Tumor (Seminoma and Non - Seminoma) Myxoid Liposarcoma Angiosarcoma Small Cell Lung Cancer (SCLC) Esophageal Small Cell Carcinoma Cutaneous Squamous Cell Carcinoma Thymoma Merkel Cell Carcinoma Endometrial Sarcoma Esophageal Squamous Carcinoma Esophageal Adenosquamous Carcinoma Kidney Renal Papillary Cell Carcinoma Malignant Peripheral Nerve Sheath Tumor (MPNST) Cholangiocarcinoma Cervical Adenocarcinoma Head and Neck Salivary Gland Carcinoma Osteosarcoma HER2 - Enriched Breast Carcinoma Embryonal Rhabdomyosarcoma Adenosquamous NSCLC Diffuse Large B - cell Lymphoma (DLBCL) Sarcomatoid Carcinoma of the Lung Adenocarcinoma NSCLC Head and Neck Squamous Cell Carcinoma (HNSCC) Alveolar Rhabdomyosarcoma Ovarian Mucinous Carcinoma Adrenocortical Carcinoma Kidney Renal Clear Cell Carcinoma Hepatocellular Carcinoma Bladder Urothelial Carcinoma Cervical Squamous Cell Carcinoma Non - Squamous Anal Carcinoma Pancreatic Neuroendocrine Adenocarcinoma Prostate Neuroendocrine Adenocarcinoma Liposarcoma Undifferentiated Pleomorphic Sarcoma Acute Myeloid Leukemia (AML) Ewing Sarcoma Ovarian Leiomyosarcoma Breast Carcinoma, Luminal A Breast Carcinoma, Luminal B Squamous Anal Carcinoma Stomach Adenocarcinoma Esophageal Adenocarcinoma Fibrosarcoma Anaplastic Thyroid Carcinoma (…)

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

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P h ase P r ec lini c al 1 a 1 b 2 3 Target Indication Modality Product c an d id a t e PRAME 2L Melanoma Cell therapy IMA203 PRAME Uveal melanoma Cell therapy IMA203 PRAME Solid cancers Cell therapy + mRNA - 4203 IMA203 PRAME Gynecologic cancers Cell therapy IMA203CD8 PRAME Other solid cancers PRAME Melanoma, others Bispecific IMA402 MAGEA4/8 HNSCC, sqNSCLC, others Bispecific IMA401 2 COL6A3 COL6A3+ solid cancers Cell therapy IMA204 other Undisclosed Bispecific Undisclosed 3 other Undisclosed Cell therapy Undisclosed 4 other Undisclosed Allogeneic cell therapy IMA30x 5 1 Phase 1a: Dose escalation, Phase 1b: Dose expansion; 2 With or without checkpoint inhibitor (pembrolizumab); 3 mRNA - enabled in vivo expressed TCER® molecules; 4 Immatics' proprietary ACTallo® platform utilizing Editas' CRISPR gene editing technology; 2L Melanoma: patients with unresectable or metastatic melanoma who have received at least 1 prior therapy; HNSCC: head and neck squamous cell carcinoma; sqNSCLC: squamous cell non - small - cell lung cancer Product C a nd id a t es Th e r a p e u tic Modalities 3 2 PRAME Franchise 1 Combination P RAME Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities

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Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #2 PRAME Wave #3 All patient numbers refer to PRAME+/HLA - A\*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; ICI: Immune checkpoint inhibitor; 2L: patients who have received at least 1 prior therapy ~230K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 p.a. IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific Market entry in advanced melanoma ~9K addressable patients p.a. Expansion to all advanced PRAME cancers ~75K addressable patients p.a. Expansion to early - stage PRAME cancers ~145K addressable patients p.a. • Enhanced pharmacology provides potential to expand to tumor - agnostic label in 2L PRAME solid cancers • First target indications: ovarian cancer, endometrial cancer IMA203CD8 • Next - gen half - life extended bispecific primarily in first - line in combination with ICI and targeted agents • First target indications: melanoma, ovarian cancer, endometrial cancer IMA402 • IMA203 will be Immatics' first PRAME therapy to enter the market – launch targeted in 2027 • First target indications: 2L cutaneous melanoma, uveal melanoma IMA203 PRAME Wave #1 IMA203 PRAME Cell Therapy 6 P RAME

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Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 ~230K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 p.a. IMA203 PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific • Ph1a data incl. ovarian cancer: 2025 EXPECTED MILESTONES • Ph1a data in 2L melanoma: 2025 EXPECTED MILESTONES • Ph1b data update at ASCO 2025 • Ph3 interim data analysis 2 : 1Q26 • Ph3 final analysis 2 : 4Q26 • BLA submission: 1Q27 • Launch: 3Q27 EXPECTED MILESTONES S TA TUS S TA TUS S TA TUS • GEN2 PRAME cell therapy leveraging CD8 and CD4 T cells • Enhanced pharmacology • Phase 1 dose escalation ongoing • Off - the - Shelf Bispecific • Next - gen, half - life extended format • Phase 1 dose escalation ongoing • RMAT designation 1 by FDA • Phase 3 SUPRAME trial in patients with advanced melanoma post ICI ongoing; Primary endpoint: PFS for full approval • Phase 1b trial in patients with PRAME cancers ongoing, focus on uveal melanoma 1 Includes all benefits of Breakthrough Therapy Designation; 2 Triggered upon the occurrence of a defined number of events for PFS (progressive disease or death) 7 P RAME

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8 P RAME 1 Target product profile (TPP) in monotherapy in 2L or later settings post SOC at recommended phase 2 dose ("RP2D"). Other factors such as mPFS (median progression free survival) and mOS (median overall survival) may also be considered. LYMPHODEPLETION & INFUSION Tu mor cell H L A Target p e ptide A D MI N I S TR A TION TO PATIENT LEUKAPHERESIS GENETIC E N GIN EE R I N G & EXPANSION TCER® PRODUCTION "OFF - THE - SHELF" PRODUCT PRAME Bispecific Half - life extended (HLE) bispecific T cell engager (TCER®) M o d a lity: Repeat dose App l i c a t i o n : Primarily frontline (+ adjuvant) combination setting P osit i o n in g : Outpatient administration, hospitals and community centers De p l o yme nt : ≥20% cORR, ≥6 months mDOR (monotherapy, last line) TPP at RP2D 1 : PRAME Cell Therapy Autologous TCR T - cell Therapy M o d a lity: Single dose ("one and done") (no tumor surgery, no high - dose IL - 2) Appli c a t i o n : Primarily second line and later monotherapy setting P osit i o n in g : Administered in specialized academic medical centers; potential for outpatient administration Deployment : ≥40% cORR, ≥6 months mDOR (monotherapy, last line) TPP at RP2D 1 : ACTengine® TC E R® Immatics has the Broadest PRAME Franchise with the Most PRAME Indications and Modalities

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IMA203 PRAME Cell Therapy Market Entry in Advanced Melanoma PRAME Wave #1 9

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IMA203 PRAME Cell Therapy: Market Entry in Advanced Melanoma 10 IMA203 Opportunity ~7.3K ad d r e s s a ble PRAME + /HLA - A\*02:01 + patients in the US & EU5 ~1.3K addressable P RA M E + /HLA - A\*02:01 + patients in the US & EU5 All patient numbers refer to PRAME+/HLA - A\*02:01+ patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior therapy; EU5: France, Germany, Italy, Spain, United Kingdom PRAME Wave #1: IMA203 2L Unresectable or Metastatic Cutaneous Melanoma US EU5 ~3.7K ~3.6K Unresectable or Metastatic Uveal Melanoma US EU5 ~0.6K ~0.7K

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Data cut - off 11 Apr 07, 2025 SUPRAME Phase 3 trial in 2L cutaneous melanoma actively enrolling patients 1 Includes all benefits of Breakthrough Therapy Designation; \* PRAME + /HLA - A\*02:01 + addressable patient population, source: Clarivate Disease Landscape and Forecast 2025; CRS: cytokine release syndrome; ICANS: immune effector cell associated neurotoxicity syndrome; cORR: confirmed objective response rate; mDOR: median duration of response; mPFS: median progression - free survival; OS: overall survival ; mFU: median follow - up; 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior therapy; EU5: France, Germany, Italy, Spain, United Kingdom; Manufacturing success rate as of Apr 7, 2025 IMA203 PRAME Cell Therapy in Advanced Melanoma Positive Data and High Unmet Need Favorable T ole r ability Mostly mild to moderate CRS Infrequent ICANS (5.4% Gr1, 4.1% Gr2, 4.1% Gr3) No IMA203 - related grade 5 events Potential for outpatient administration Compelling Response Rate cORR: 56% (18/32) 42% (14/33) of patients had deep responses (≥50% tumor size reduction) Encouraging activity in both cutaneous melanoma (cORR 50%) and uveal melanoma (cORR 67%) Durable R es p on s es 12.1 months mDOR and ongoing responses for up to 2.5+ years mPFS of 6.1 months mPFS 12.9 months in patients with deep responses mOS: 15.9 months Rapid & Robust Manufacturing Fast turnaround time: 7 - 8 days + 7 days QC release testing 95% manufacturing success rate to reach target dose Optimized process to achieve desirable cellular functionality Commercial Op p ortuni t y ∼ 9K \* addressable patients in US/EU5 in cutaneous and uveal melanoma FDA RMAT designation 1 received in multiple PRAME expressing cancers, including cutaneous and uveal melanoma PRAME Wave #1: IMA203

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IMA203 PRAME Cell Therapy – Patient Journey 12 1 Gragert et al. 2013 and census numbers; HLA - A\*02:01 prevalence in Immatics' clinical trials: US 65% and Germany 55% as of March 2025; 2 30 mg/m 2 Fludarabine and 500 mg/m 2 Cyclophosphamide for 4 days; 3 1m IU daily days 1 - 5 and twice daily 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); Manufacturing success rate as of Apr 7, 2025 HLA - A\*02:01 Testing Blood sample Treatment & Observation Phase Long Term Follow - up Screening & Manufacturing Phase Manufacturing by Immatics IMA203 One - time infusion Safety and efficacy monitoring for 12 months Lymphodepletion 2 Low dose IL - 2 3 Le u k ap h e r esis as source for cell product Process time of ~14 days 7 - 8 - day manufacturing process applying CD8/CD4 T cell selection 7 - day QC release testing ≥95% of cutaneous melanoma patients are PRAME - positive  no target testing in SUPRAME trial Inclusion by HLA testing only – no PRAME testing required Fast turn - around - time (2 weeks) and manufacturing success rate of 95% Favorable tolerability profile with potential outpatient administration – no high - dose IL - 2 Standard leukapheresis for product manufacturing – no need for tumor biopsy or surgery Prevalence 1 : US: 41%, EU: 48% PRAME Wave #1: IMA203

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IMA203 Phase 1 Study: Baseline Characteristics & Treatment Experience CM, cutaneous melanoma; ECOG, Eastern Cooperative Oncology Group; ICI, immune checkpoint inhibitor; LDH, lactate dehydrogenase; MM, mucosal melanoma; TCR, T - cell receptor; UkM, melanoma of unknown primary; UM, uveal melanoma. 13 n=33 57 (31, 79) n=16 62 (32, 74) n=14 54.5 (31, 79) N=74 54 (18, 79) Age, median (range) 48.5 62.5 21.4 52.7 Female, % 39.4 43.8 35.7 51.4 Baseline ECOG status 1, % 2 (0, 6) 2 (0, 6) 2.5 (1, 5) 3 (0, 10) Prior lines of systemic treatment, median (range) 1 (0, 4) 1 (0, 4) 2 (1, 3) --- Prior ICI treatment , median (range) 81 .8/ 5 7 .6 62.5/43.8 100/64.3 --- ≥1 line of PD1/CTLA4 , % --- 62.5 --- --- Prior tebentafusp , % 57.6 56.3 64.3 63.5 Elevated LDH at baseline, % 104.0 101.6 120.5 116.1 Median target lesion sum of diameter, mm (15.0, 309.8) (30.8, 210.0) (15.0, 309.8) (15.0, 309.8) (range) 78.8 93.8 64.3 62.2 Patients with liver metastasis, % 3.0 0.0 0.0 12.2 Patients with brain metastasis, % 0.0 --- 0.0 --- Metastatic staging, % (CM, MM, UkM only) IIIb/IIIc/IVM1a 100.0 --- 100.0 --- IVM1b/c/d Baseline Characteristics Total Safety Population Cutaneous Melanoma Uveal Melanoma All Melanoma Metastatic staging, % (UM only) IVM1a IVM1b/c/d --- --- --- --- 18.8 81.3 --- --- All Melanoma Uveal Melanoma Cutaneous Melanoma Total Safety Population Treatment Experience 4.04 (1.30, 10.20) 3.94 (1.62, 8.43) 4.58 (1.30, 10.20) 2.34 (0.078, 10.20) Infused TCR T cell dose (x10 9), median (range) Heavily Pretreated Patient Population Melanoma Efficacy Population Data cut - off Apr 7, 2025 ASCO 2025 PRAME Wave #1: IMA203

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IMA203 PRAME Cell Therapy Safety: Adverse Events Occurring in ≥20% of Patients N=74 Patients Across All Dose Levels in Phase 1a/b (Total Safety Population) 14 Patients are counted only once per adverse event and severity classification. 1 Two patients with disease progression after first IMA203 infusion received exploratory second 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. CRS, cytokine release syndrome; ICANS, immune effector cell - associated neurotoxicity syndrome; HLH, hemophagocytic lymphohistiocytosis; TEAE, treatment - emergent adverse event. N = 74 Grade ≥3 Any grade Preferred terms, n (%) 73 (98.6) 73 (98.6) Blood and lymphatic system disorders 67 (90.5) 68 (91.9) Neutropenia 1 38 (51.4) 57 (77.0) Anaemia 27 (36.5) 50 (67.6) Thrombocytopenia 1 38 (51.4) 39 (52.7) Leukopenia 39 (52.7) 39 (52.7) Lymphopenia 2 (2.7) 65 (87.8) Gastrointestinal disorders 0 (0.0) 45 (60.8) Nausea 1 (1.4) 28 (37.8) Diarrhoea 1 1 (1.4) 25 (33.8) Vomiting 0 (0.0) 23 (31.1) Constipation 2 (2.7) 49 (66.2) General disorders and administration site conditions 1 (1.4) 29 (39.2) Fatigue 1 (1.4) 22 (29.7) Pyrexia 0 (0.0) 17 (23.0) Edema peripheral 10 (13.5) 35 (47.3) Investigations 5 (6.8) 29 (39.2) Aspartate aminotransferase increased 7 (9.5) 28 (37.8) Alanine aminotransferase increased 2 (2.7) 15 (20.3) Blood creatinine increased 6 (8.1) 35 (47.3) Skin and subcutaneous tissue disorders 0 (0.0) 18 (24.3) Rash 6 (8.1) 18 (24.3) Rash maculo - popular 6 (8.1) 33 (44.6) Metabolism and nutrition disorders 3 (4.1) 22 (29.7) Hyponatraemia 3 (4.1) 21 (28.4) Hypokalaemia • Tolerability consistent with previous report • Most frequent TEAEs were anticipated cytopenias associated with lymphodepletion • Expected and manageable CRS, mostly Grade 1/2, consistent with mechanism of action • Infrequent, manageable, and mostly mild ICANS • No IMA203 - related Grade 5 events • Tolerability in the melanoma subset generally consistent with the full IMA203 tolerability profile Adverse events of special interest TEAEs in ≥20% of patients N=74 70 (94.6) CRS, any grade, n (%) 27 (36.5) Grade 1 35 (47.3) Grade 2 8 (10.8) Grade 3 1 0 (0.0) Grade 4 0 (0.0) Grade 5 10 (13.5) ICANS, any grade, n (%) 4 (5.4) Grade 1 3 (4.1) Grade 2 3 (4.1) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 2 (2.7) HLH, any grade, n (%) 0 (0.0) Grade 1 1 (1.4) Grade 2 1 (1.4) Grade 3 0 (0.0) Grade 4 0 (0.0) Grade 5 Data cut - off Apr 7, 2025 ASCO 2025 PRAME Wave #1: IMA203

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IMA203 PRAME Cell Therapy: Best Overall Response in Melanoma Efficacy Population 56% Confirmed Objective Responses in Heavily Pretreated Patients with Metastatic Melanoma 15 \*Maximum change of target lesions and RECIST1.1 response at different timepoints. 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown primary n=1; Melanoma efficacy population excludes 1 uveal melanoma patient with ongoing unconfirmed PR from cORR; (c)ORR: (confirmed) objective response rate; DCR: disease control rate at week 6; BL: baseline; (c)CR: (confirmed) complete response; (c)PR: (confirmed) partial response; SD: stable disease; PD: progressive disease. n=33 n=3 n=16 n=14 56% (18/32) 1/3 67% (10/15) 50% (7/14) c ORR 64 % (21/33) 2/3 69% (11/16) 57% (8/14) O R R 91% (30/33) 3/3 88% (14/16) 93% (13/14) DCR Cutaneous Mela n o ma Uveal Mela n o ma Mela n o ma (other) All Mela n o m a 3 Data cut - off Apr 7, 2025 ASCO 2025 PRAME Wave #1: IMA203

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IMA203 PRAME Cell Therapy: Duration of Response in Melanoma Efficacy Population Prolonged Ongoing Responses up to 2.5+ Years after Treatment 16 1 Patient out of study due to PD (external assessment); 2 Patient out of study at data - cut (withdrew consent); 3 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; mDOR, median duration of response; mFU, median follow - up; NR, not reached; SD: stable disease; PD: progressive disease; BL: baseline; (c)PR: (confirmed) partial response; (c)CR: (confirmed) complete response Data cut - off Apr 7, 2025 ASCO 2025 Ongoing Scans at approximately week 6, month 3 and then every 3 months All Melanoma 3 n=33 Uveal Melanoma n=16 Cutaneous Melanoma n=14 12.1 (1.8+, 32.6+) 13.4 11.0 (1.8+, 31.6) 13.4 NR (4.2, 32.6+) 16.7 mDOR [mo], (range) mFU [mo] PRAME Wave #1: IMA203

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IMA203 PRAME Cell Therapy: Survival Outcomes in Melanoma Efficacy Population 17 Median Progression Free Survival Median Overall Survival Data cut - off Apr 7, 2025 ASCO 2025 All 1 Melanoma n=33 Uveal Me l a n o ma n=16 C u t ane o u s Me l a n o ma n=14 6.1 (1.4, 34.0+) 14.4 8.5 (1.4, 32.9) 8.7 6.0 (1.4 , 34.0+) 14.4 mPFS [mo] (range) mFU [mo] All 1 Melanoma n=33 Uveal Me l a n o ma n=16 C u t ane o u s Me l a n o ma n=14 15.9 (2.4, 34.2+) 14.4 16.2 (3.2+, 34.2+) 14.5 13.9 (2.4, 34.0+) 14.4 mOS [mo] (range) mFU [mo] 12 - month OS rate: 61% 6 - month PFS rate: 53% 12 - month PFS rate: 27% 1 Includes melanoma (other) n=3: mucosal melanoma n=2, melanoma of unknown origin n=1; PFS and OS censored at data - cut; PFS and OS rate shown as % of evaluable patients at indicated timepoint. mFU, median follow - up; mOS, median overall survival; mPFS, median progression - free survival. PRAME Wave #1: IMA203

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IMA203 Phase 1b in Melanoma: Overview of Studies PFS and OS Data in Melanoma Cohorts mOS (months) mPFS (months) Prior lines of therapies Melanoma patient population N Phase Drug Product 15.9 6.1 3% n=0, 24% n=1, 30% n=2, 24% n=3:, 6% n=4, 6% n=5, 6% n=6 82% received prior ICI (median of 1 prior line of ICI in overall population, median of 2 prior lines of ICI in cut. melanoma) Median of 2 prior lines, median of 2.5 prior lines in cut. melanoma 42% cutaneous 48% uveal 9% other 33 1b (Dose Expansion) IMA203 in Melanoma 6.3 2.6 0% n=1, 27% n=2, 73% n>2 prior lines 100% received prior CPI (median of 2 prior lines of CPI, median of 2.5 prior lines of CPI in cut. melanoma) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 73% cutaneous 18% uveal 9% other 11 1a (Dose Escalation) IMA203 in Melanoma 5.3 2.5 0% n=1, 16% n=2, 84% n>2 prior lines 100% received prior CPI (median 3 prior lines of CPI) Median of 4 prior lines, median of 4.5 prior lines in cut. melanoma 63% cutaneous 11% uveal 26% other 19 1a (Dose Escalation) IMA201/202/203 combined in Melanoma 13.9 4.1 median of 3 prior lines (min/max: 1/9) 100% received prior CPI 54% cutaneous 0% uveal 45% other 153 2 Lifileucel (C - 144 - 01, Cohort 2+4) 1 11.6 2.9 57% n=1, 27% n=2, 12% n>2 prior lines 99% received prior CPI 85% cutaneous 0% uveal 15% other 238 3 Tilsotolimod + Ipilimumab (ILLUMINATE - 301) 2 14.7 2.1 46% n=1, 35% n=2, 19% n≥3 prior lines 99% received prior CPI 68% cutaneous 0% uveal 32% other 354 1/2 Nivolumab + Relatlimab (RELATIVITY - 020, D1 Cohort) 3 Data cut - off Apr 7, 2025 18 1 Chesney et al., 2022; 2 Diab et al., 2024; 3 Ascierto et al., 2023 PFS: progression - free survival; OS: overall survival; CPI: checkpoint inhibitor These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted. PRAME Wave #1: IMA203

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

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SUPRAME: A Randomized Phase 3 Trial of IMA203 PRAME - directed TCR T - cell Therapy vs Investigator's Choice in Unresectable or Metastatic Melanoma post ICI Actively Enrolling, >50 Sites Planned across North America and Europe IMA203 n=180 Investigator's choice n=180 Primary Endpoint • P F S Key Secondary Endpoint • Overall survival Ra nd o mi z at i o n 1:1 Patient Population: Unresectable or metastatic melanoma post ICI N=360 nivolumab/relatlimab, nivolumab, ipilimumab, pembrolizumab, lifileucel (US), chemotherapy 1 A pre - specified interim data analysis will be triggered upon the occurrence of a defined number of events for PFS (progressive disease or death) anticipated to occur after approximately 200 patients are enrolled; 2 Triggered upo n t h e o ccu r ren c e o f a d e fin e d nu m b e r o f even t s fo r PFS (p r o g ressiv e d i s e a s e o r de a t h) ; ICI: i mm un e ch e c k p o in t inhib it or ; PFS: p r o g ressio n - fre e surviv a l ; ORR : o bj e c t iv e respon s e r a t e ; TESA E s : t re a t m ent - e m er g en t s e riou s 20 adverse events; AE: adverse event; EORTC: European Organization for Research and Treatment of Cancer; QLQ - C30: Core Quality of Life questionnaire; EQ - 5D - 5L: European Quality of Life 5 Dimensions 5 Level Version Secondary Endpoints • Efficacy: ORR • Safety: TESAEs, AEs of special • interest • Quality of life: EORTC QLQ - C30 and EQ - 5D - 5L Expected timelines of the SUPRAME trial December 2024 SUPRAME Phase 3 trial start Q1 2026 Interim analysis 1 Q4 2026 Final analysis 2 Q1 2027 BLA submission Q3 2027 La u n c h PRAME Wave #1: IMA203

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

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

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IMA203CD8 PRAME Cell Therapy (GEN2): Expansion of Commercial Opportunity to all Advanced PRAME Cancers 23 IMA203CD8 Opportunity 2L Solid Tumors All patient numbers refer to PRAME + /HLA - A\*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom 1 Bajwa et al. 2021 Journal for Immunotherapy of Cancer; 2 Melenhorst et al. 2022 Nature, Bai et al. 2022 Science Advances; 2L: patients with unresectable or metastatic melanoma who have received at least 1 prior therapy; sqNSCLC: squamous cell non - small - cell lung cancer, HNSCC: head and neck squamous cell carcinoma The PRAME + /HLA - A\*02:01 + addressable patient opportunity incl. indications with both high and medium - level PRAME expression is ~ 75K per year • Co - transduction of CD8αβ alongside PRAME TCR adds functional CD4 + T cells designed to boost cytotoxicity • Proof of concept from preclinical experiments 1 and CD19 CAR T cell studies in leukemia 2 • First clinical data with IMA203CD8 in Phase 1a dose escalation indicates potential for deeper responses and targeting both high and medium - level PRAME indications EU5 US 2K 2K Ovarian 2K 2K Uterine 10K 7K sqNSCLC 2K 2K HNSCC 8K 5K Breast 18K 16K Others TUMOR CELL DEATH CD 8 - engin e e r ed CD4 T CELL Cytotoxic Activity CD8 T CELL T cell H elp C yt o t o x ic Activity CD8 PR A M E T CR PRAME Wave #2: IMA203CD8

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24 Data cut - off Sep 30, 2024 SITC 2024 Dose escalation ongoing to investigate full clinical potential in hard - to - treat solid tumors outside of melanoma Tolerability Manageable tolerability ≥Grade 3 AEs mainly expected cytopenia DLTs at DL4b led to dose adjustment to DL4a Adjustments to DL4a dosing and criteria enable higher dose exploration Ongoing dose escalation to reach RP2D, both in melanoma and indications outside melanoma Deep and durable objective responses at low doses 41% (14/34) cORR (at presumably suboptimal doses) 84% (32/38) of patients had tumor shrinkage; two patients with complete response of target lesions 9.2 months mDOR with 3 confirmed responses ongoing at 1+ years Activity & Duration of Response Development Potential Focus on indications with both high and medium - level PRAME expression startin CD g 8 with gynecologic cancers Pursue tumor - agnostic label in PRAME+ cancers to leverage full breadth of PRAME, incl. NSCLC, triple - negative breast cancer, others Possibility to administer IMA203CD8 without post - infusion IL - 2 AE: adverse event; DLT: dose - limiting toxicity; RP2D: recommended phase 2 dose; cORR: confirmed objective response rate; mDOR: median duration of response; NSCLC: non - small - cell lung cancer IMA203CD8 PRAME Cell Therapy (GEN2) Summary: Clinical Data & Next Steps PRAME Wave #2: IMA203CD8

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IMA203CD8 PRAME Cell Therapy (GEN2) – Patient Characteristics 25 1 DL4a cleared in Dec 2023; 2 DLTs at DL4b triggered modifications of the eligibility criteria, adapted patient population is treated with DL4c; 3 All patients who started lymphodepletion. 4 All infused patients with at least one tumor assessment postbaseline. Data cut - off Sep 30, 2024 SITC 2024 DL4a 1 (N=33) Cleared for safety, defined as provisional MTD Dose Escalation with and without IL - 2 ongoing DL4b (N=4) Phase 1a Dose Escalation DL3 (N=5) Efficacy Population Total Safety Population N=41 4 N=44 3 Number of patients 3 (0, 8) 3 (0, 8) Prior lines of systemic treatment (median, min, max) 43.9 47.7 LDH at baseline >1 x ULN [% of patients] 83.0 (12.4, 434.4) 84.5 (12.4, 434.4) Baseline tumor burden Median target lesion sum of diameter [mm] (min, max) 43.9 45.5 With liver/brain lesions at baseline [% of patients] DL3: 0.2 - 0.48 DL4a: 0.481 - 0.8 DL4b: 0.801 - 1.2 DL4c 2 : 0.801 - 1.2 DL3: 0.2 - 0.48 DL4a: 0.481 - 0.8 DL4b: 0.801 - 1.2 DL4c 2 : 0.801 - 1.2 Infused dose levels TCR - T cells/m 2 BSA [x10 9 ] 1.47 (0.44, 2.05) 1.48 (0.44, 2.05) Total infused dose TCR - T cells [x10 9 ] (median, min, max) PRAME Wave #2: IMA203CD8 DL4c 2 Without IL - 2 (N=2) DL4c 2 With IL - 2 (pl a nn ed)

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Tolerability of IMA203CD8 PRAME Cell Therapy (GEN2) 26 All ≥Grade 3 Adverse Events (N=44) 2.3 1 Immune effector cell - associated neurotoxicity syndrome 100.0 44 Blood and lymphatic system disorders 90.9 40 Neutropenia 56.8 25 Anaemia 56.8 25 Lymphopenia 34.1 15 Thrombocytopenia 25.0 11 Leukopenia 4.5 2 Febrile neutropenia 20.5 9 Investigations 11.4 5 Alanine aminotransferase increased 11.4 5 Aspartate aminotransferase increased 2.3 1 Hyperglycaemia 2.3 1 Hypermagnesaemia 2.3 1 Hypoalbuminaemia 11.4 5 General disorders and administration site conditions 11.4 5 Fatigue 2.3 1 Oedema peripheral Musculoskeletal and connective tissue disorders 5 11.4 TEAEs by maximum severity for all patients (N=44) e 3 ≥ Grad Adverse event rade 3 ≥ G Adverse event % No. (System organ class , preferred term) % No. (System organ class , preferred term) … table continued 100.0 44 Patients with any adverse event 9.1 4 Immune system disorders 15.9 7 Adverse events of special interest 9.1 4 Haemophagocytic lymphohistiocytosis 2 13.6 6 Cytokine release syndrome 1 9.1 4 Infections and infestations 4.5 2 Pneumonia 2.3 1 Infection 2.3 1 Sepsis 3 2.3 1 Systemic candida 6.8 3 Gastrointestinal disorders 4.5 2 Diarrhoea 2.3 1 Abdominal pain 6.8 3 Skin and subcutaneous tissue disorders 2.3 1 Alopecia 4.5 2 Blood creatinine increased 2.3 1 Rash maculo - papular 2.3 1 Blood alkaline phosphatase increased 6.8 3 Vascular disorders 2.3 1 Blood bilirubin increased 6.8 3 Hypertension 2.3 1 Gamma - glutamyltransferase increased 4.5 2 Nervous system disorders 13.6 6 Metabolism and nutrition disorders 2.3 1 Neurotoxicity 2 4.5 2 Hypophosphataemia 2.3 1 Syncope 2.3 1 Acidosis 4.5 2 Renal and urinary disorders 2.3 1 Decreased appetite R a s h 2 4.5 2.3 1 Acute kidney injury 2.3 1 Urinary tract obstruction 2.3 1 Hepatobiliary disorders 2.3 1 Hepatic function abnormal 2.3 1 Reproductive system and breast disorders 2.3 1 Pelvic pain All treatment - emergent adverse events (TEAEs) with ≥ Grade 3 regardless of relatedness to study treatment that occurred in at least 1 patient are presented; 1 DLT: Dose limiting toxicity in patient DL4b - 04. 2 DLTs in patient DL4b - 01; CRS: cytokine release syndrome, HLH: hematophagocytic lymphohistiocytosis • 6.8 3 Bone pain 4.5 2 Myalgia 4.5 2 Back pain 2.3 1 Arthralgia • Overall manageable tolerability profile • Expected cytopenias • Mostly mild to moderate CRS:  36% (16/44) Grade 1  48% (21/44) Grade 2  11% (5/44) Grade 3  2% (1/44) Grade 4 • DLTs in 2 patients at DL4b as previously reported by the Company:  Patient DL4b - 01: high in vivo T cell expansion, Grade 4 neurotoxicity, Grade 4 CRS, Grade 3 HLH  Patient DL4b - 04: Grade 3 CRS defined by Grade 3 ALT resolved to Grade 2 within 10 days; no need for vasopressors or ventilation 3 • No IMA203CD8 - related patient death • Consecutive modification of inclusion/exclusion criteria + IL - 2 scheme Dose escalation ongoing based upon manageable tolerability in patients at DL4a 3 Possibly related Grade 5 event as previously reported was determined by the PI to be unlikely related to IMA203CD8 after complete assessment. Patient died from sepsis that was aggravated by immunosuppression from Flu/Cy (possibly related), high grade HLH event, the toxicity management and the fast - progr essive disease PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 SITC 2024

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Clinical Anti - Tumor Activity of IMA203CD8 PRAME Cell Therapy (GEN2) (N=41) Ongoing Dose Escalation 27 41% (14/34) c O R R 9.2 months 2.0+, 23.5+ 13.1 months median DOR (min, max) m FU 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions 41% (17/41) O R R 84% (32/38) Tumor shrinkage 3 85% (34/40) DCR 4 (at week 6) ongoing \* Maximum change of target lesions and RECIST1.1 response at different timepoints; 1 Patients off study at data - cut; 2 Metabolic CR according to PET - CT; 3 Three patients excluded from tumor shrinkage analysis and figures due to lack of post - treatment assessment; 4 One patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut - off. Median DOR is analyzed by using the Kaplan - Meier method; Median Follow - up (mFU) is analyzed by using the reverse Kaplan - Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; CR: complete response; BL: Baseline; BOR: Best Overall Response; DCR: disease control rate; NSCLC: non - small - cell lung cancer PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 SITC 2024

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Duration of IMA203CD8 PRAME Cell Therapy (GEN2) Therapy Responses (N=41) Ongoing Dose Escalation 28 1 Metabolic complete response (CR) according to PET - CT 2 Patients off study at data - cut; 3 three patients excluded from tumor shrinkage analysis and figures due to lack of post - treatment assessment; 4 one patient had an early tumor assessment, outside the first assessment visit window and is not included in DCR calculation. 41% (14/34) c O R R 9.2 months 2.0+, 23.5+ 13.1 months median DOR (min, max) m FU 10/17 responses ongoing including 3 confirmed responses at 1+ year Deep responses with ≥50% tumor size reduction in 11/17 responders incl. 2 patients with complete response of target lesions 41% (17/41) O R R 84% (32/38) Tumor shrinkage 3 85% (34/40) DCR 4 (at week 6) Initial ORR: Objective response rate according to RECIST 1.1 at any post infusion scan; Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint, patients with ongoing unconfirmed PR not included in cORR calculation; Duration of response (DOR) in confirmed responders is defined as time from first documented response until disease progression/death. Patients with ongoing response will be censored at date of data cut - off. Median DOR is analyzed by using the Kaplan - Meier method; Median Follow - up (mFU) is analyzed by using the reverse Kaplan - Meier method; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; BL: Baseline; BOR: Best Overall Response; DOR: Duration of Response; DCR: disease control rate; NSCLC: non - small - cell lung cancer O ngoi n g PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 SITC 2024

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Opportunity of IMA203CD8 in Medium - Level PRAME Expressing Indications 29 \* Patients treated at RP2D during Ph1b with evaluable post baseline assessments at data - cut off IMA203: Aug 23, 2024; BOR: best of response; PD: progressive disease; SD: stable disease; (c)PR: (confirmed) partial response; sqNSCLC: squamous cell non - small - cell lung cancer N=38 N=39\* Number of patients 1.48 (0.443, 2.05) 5.09 (1.0, 10.2) Total infused dose TCR - T cells [x10 9 ] Deep responses with IMA203CD8 at low doses - 30% to - 50% - 50% to - 85% - 85% to - 100% PRAME expression level associates with IMA203 and IMA203CD8 activity Potential for targeting medium - level PRAME expressing tumors with IMA203CD8 IMA203CD8 offers similar responses at 1.5 x 10 9 total infused dose to those demonstrated by IMA203 at 3x higher dose. With higher doses currently being explored, IMA203CD8 may offer an enhanced opportunity to treat cancers with both high and medium - level PRAME expression including ovarian cancer, uterine cancer, sqNSCLC, triple - neg. breast cancer and others. Next clinical data update including focus on ovarian cancer in 2025 . PRAME Wave #2: IMA203CD8 Data cut - off Sep 30, 2024 SITC 2024

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IMA402 PRAME Bispecific Expansion to Early - Stage PRAME Cancers PRAME Wave #3

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31 IMA402 Opportunity All patient numbers refer to PRAME + /HLA - A\*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous cell non - small - cell lung cancer 1L Solid Tumors ~145K addressable P R AM E + /HLA - A\*02:0 1 + patients in the US & EU5 • Off - the - shelf biologic for immediate treatment • Antibody - like properties: half - life extended (HLE) format with enhanced stability, t 1/2 1+ week(s) • Repeat dosing • Patient reach also into community setting IMA402 PRAME Bispecific: Expansion of the Commercial Opportunity to Early - Stage PRAME Cancers TCR Bispecifics (TCER®) 2 1 3 L o w - a ffinity T cell recruiter against CD3/TCR Fc part for half - life extension, favorable stability and ma n u f actu r a b ili t y High - affinity TCR domains targeting XPRESIDENT® - selected tumor - specific peptide - HLA molecules EU5 US 6K 6K Cut. Melanoma 9K 7K Ovarian 6K 6K Uterine 17K 12K sqNSCLC 10K 7K Breast 32K 25K Others PRAME Wave #3: IMA402

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C a nc er Cell IMA402 PRAME Bispecific Summary: Phase 1 Dose Escalation Study 32 Dose escalation in advanced stage indications at higher DLs ongoing Tolerability Favorable tolerability profile Most common treatment - related AEs are low - grade CRS and transient lymphopenia Early dose escalation ongoing Initial clinical signal observed depending on target expression and TCER® dose Pharmacokinetics Median half - life of ~7 days Potential for: • Bi - weekly dosing • Combination with CPIs Activity D e v elo p m e n t Potential Primarily frontline (and adjuvant) settings in combination with checkpoint inhibitors and targeted agents • Near - term: 1L melanoma • Mid - term: Gynecologic AE: adverse event; CRS: Cytokine release syndrome; CPI: checkpoint inhibitor Data cut - off Nov 6, 2024 P RAME cancers, others Multiplexing with Bispecifics against other targets, such as MAGEA 4 / 8 TCER® IMA 402 PRAME Wave #3: IMA402

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Phase 1/2 Clinical Trial to Evaluate IMA402 PRAME Bispecific D L1 D L2 D L3 D L4 D L5 D L7 D L9 D L6 t bd 20 µg 60 µg 120 µg 360 µg 800 µg 1600 µg 3000 µg 4000 µg 5000 µg D L8 • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • Weekly infusions 2 with potential to explore less frequent dosing based on PK data Key Eligibility Criteria Object iv es Primary: • Determine MTD and/or RP2D • Tolerability Secondary: • Initial anti - tumor activity • Pharmacokinetics • Recurrent and/or refractory solid tumors 1 • HLA - A\*02:01 positive • ECOG status 0 - 1 • Received or not eligible for all available indicated standard of care treatments Total safety population (N=33) • MTD not yet determined • Dose escalation ongoing at DL11 (12 mg) as of May 13, 2025 33 1 Cutaneous melanoma, uveal melanoma, synovial sarcoma, endometrial cancer, ovarian cancer, squamous cell non - small cell lung cancer; 2 Step dosing introduced at DL4; Low - dose dexamethasone used as preventive measure for initial doses as applied for other bispecific T cell engagers; Clinicians can increase patient's dose to previously cleared dose levels; MTD: maximum tolerated dose, RP2D: recommended phase 2 dose; BLRM: Bayesian logistic regression model PRAME Wave #3: IMA402 Data cut - off Nov 6, 2024

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34 IMA402 PRAME Bispecific Demonstrates Favorable Tolerability in N=33 Patients Most Frequent Related AEs were Lymphopenia and CRS ≥ Grade 3 All Grades TEAEs, n [%] 17 [52] 33 [100] Any 15 [45] 32 [97] Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n [%] 10 [30] 17 [52] Lymphopenia 1 [3] 16 [48] Cytokine release syndrome 0 9 [27] Arthralgia 0 9 [27] Fatigue 0 7 [21] Pruritus 0 7 [21] Rash 2 [6] 6 [18] Aspartate aminotransferase increased 1 [3] 5 [15] Alanine aminotransferase increased 0 5 [15] Pyrexia 2 [6] 4 [12] Anaemia 0 4 [12] Vomiting 0 3 [9] C - reactive protein increased 0 3 [9] Headache 0 3 [9] Rash maculo - popular 2 [6] 2 [6] Neutropenia 1 [3] 2 [6] Stomatitis 1 [3] 1 [3] Blood creatinine increased 1 [3] 1 [3] Electrocardiogram abnormal 1 [3] 1 [3] Gamma - glutamyltransferase increased 1 [3] 1 [3] Hypertension 1 [3] 1 [3] Immune - mediated arthritis 1 [3] 1 [3] Tumor lysis syndrome 1 [3] 1 [3] Tumor pain • Data here includes patients up to DL8 • Favorable tolerability profile • Most frequent/relevant related AEs were • transient lymphopenia, • mostly mild to moderate CRS (42% Grade 1, 3% Grade 2, 0% Grade 3, 3% Grade 4), majority at first dose • one DLT: Grade 4 CRS (fully resolved) • No IMA402 - related Grade 5 events • As of May 13, dose escalation remains ongoing at DL11 (12 mg) • MTD not reached 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA402 infusion with grade 1 - 2 occurring in at least 9% of patients and all events with grade 3 - 5; CRS: Cytokine release syndrome; MTD: Maximum tolerated dose; DLT: dose limiting toxicity; One AE "Rash, Intermittent" was not coded at data cut - off, but added to the preferred term "Rash" Data cut - off Nov 6, 2024 PRAME Wave #3: IMA402

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Positive/NT Negative PRAME Status 7+ \* 1 - 6 Across DLs Dose Levels 78% 25% 14% Patients with Tumor Shrinkage Early Signs of Clinical Activity Associated with PRAME Expression and IMA402 Dose 35 BOR (RECIST 1.1) Ongoing response / SD (RECIST1.1/ iRECIST) Data cut - off Nov 6, 2024 \* Patients who received DL7 or higher, either from start or as part of intra - patient dose - escalation; # continuing treatment; PD: Progressive Disease; SD: Stable Disease; PR: Partial Response; cPR: Confirmed Partial Response; BOR: Best Overall Response; BL: Baseline; NT: not tested or not evaluable for PRAME expression # # • Melanoma patient with confirmed partial response ongoing at 3 months (DL7, see next slide) • Melanoma patient with - 27.5% tumor shrinkage at first scan (DL8) • Uveal melanoma patient with - 25.0% tumor shrinkage deepening over time (started at DL4 and currently at DL7, see next slide) • Ovarian cancer patient with - 13% tumor shrinkage ongoing at 3 months (started at DL6 and currently at DL7) • Next update on Phase 1a with data at relevant dose levels in second - line and later melanoma planned in 2025 PRAME Wave #3: IMA402

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Exemplary Patient Cases Suggesting Dose - Dependent Tumor Response 36 Data cut - off Nov 6, 2024 BOR: Best Overall Response; SD: Stable Disease; cPR: Confirmed Partial Response; arrow: Ongoing response / stable disease (RECIST 1.1/ iRECIST) Patients with Disease Control (RECIST1.1) at Relevant Doses (DL7+) Case 1 Case 2 DL 7 DL 7 Patient Characteristics & Outcomes 52 - year - old female with cutaneous melanoma Lesions in lung, lymph nodes, gall bladder, fat tissue, pancreas 1 prior line of therapy and maintenance with anti - PD - 1 Patient received DL7 from start (after step - up dosing) Ongoing cPR at 3 months post treatment start with - 40.2% reduction of target lesion size Patient Characteristics & Outcomes 46 - year - old female with uveal melanoma Lesions in liver 3 prior lines of therapy with anti - PD1 and tebentatafusp Patient received DL4 and went up to DL7 through intra - patient dose escalation Ongoing SD at 8+ months post - treatment start with - 25% reduction of target lesion size PRAME Wave #3: IMA402

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IMA401 MAGEA4/8 Bispecific Driving Innovation beyond PRAME beyond PRAME

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Beyond the PRAME Franchise PRAME Wave #1 PRAME Wave #2 PRAME Wave #3 ~230K addressable PRAME + /HLA - A\*02:01 + patients in the US & EU5 p.a. IMA203 PRAME Cell Therapy IMA203CD8 PRAME Cell Therapy (GEN2) IMA402 PRAME Bispecific ~62K addressable MAGEA4/8+ and HLA - A\*02:01+ in the US & EU5 p.a. EXPECTED MILESTONES • IMA401 Ph1a data with head & neck cancer focus: 2025 • IMA401 Ph1a data with NSCLC focus: 2026 IMA401 beyond PRAME • Bispecific targeting MAGEA4/8 • IMA401 in 1L sqNSCLC, HNSCC, bladder cancer & others • Advancement of mRNA - encoded TCER® molecules in collaboration with Moderna 38

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IMA401 MAGEA4/8 Bispecific: Driving Innovation beyond PRAME 39 IMA401 Opportunity 1L Solid Tumors 1 Target prevalence is based on TCGA RNAseq data combined with a proprietary mass spec - guided RNA expression threshold; All patient numbers refer to MAGEA4/8 + /HLA - A\*02:01 + patients in the US and EU5 in 2025; Source: Clarivate Disease Landscape and Forecast; EU5: France, Germany, Italy, Spain, United Kingdom; sqNSCLC: squamous non - small - cell lung cancer, HNSCC: head and neck squamous cell carcinoma The MAGEA4/8 + and HLA - A\*02:01 + addressable patients in the selected indications is ~62K per year ~26K US: ~36K EU5: Beyond PRAME: IMA401 EU5 US 13K 9K sqNSCLC 4K 3K HNSCC 6K 3K Bladder 13K 11K Others 52% sqNSCLC: MAGEA4/8 target 36% HNSCC: prevalence 1

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C a nc er Cell MAGEA4/8 IMA401 MAGEA4/8 Bispecific Summary: Phase 1 Dose Escalation Study 40 AE: Adverse Event; CRS: Cytokine Release Syndrome; (c)ORR: (confirmed) objective response rate; PR: Partial Response; DCR: disease control rate; CPI: checkpoint inhibitors; q4w: once every four weeks; HNSCC: Head and neck squamous cell carcinoma; sqNSCLC: squamous cell non - small - cell lung cancer Data cut - off Jul 23, 2024 ESMO 2024 Durable ongoing PRs of up to 13+ months 53% (9/17) DCR Tumor shrinkage in 53% (8/15) of patients Deep responses (tumor shrinkage of ≥ 50%) in four patients with deepening of responses observed over time Tolerability Activity & Duration of Response 29% (5/17) ORR and 25% (4/16) cORR in patients with MAGEA4/8 high expression at relevant doses • Mid - term: sqNSCLC, bladder and other squamous solid cancers Multiplexing with other T cell engagers , e.g., IMA402 (PRAME) D e v elop m e n t Potential Primarily frontline (and adjuvant) settings in combination with checkpoint inhibitors and targeted agents • Near - term: HNSCC Most common treatment - related AEs are low - grade CRS, transient lymphopenia and neutropenia Pharmacokinetics Median terminal half - life of 16.9 days Potential for: • Flexibility in dosing schedules • Combination with CPIs • Increasing dosing intervals to q4w Monotherapy and checkpoint inhibitor combination dose refinement ongoing TCER® IMA401 Beyond PRAME: IMA401

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41 180 µg 540 µg 1800 µg 2500 µg Key Eligibility Criteria Object iv es Primary: • Determine MTD and/or RP2D Secondary: • Tolerability • Pharmacokinetics • Initial anti - tumor activity • Recurrent and/or refractory solid tumors • HLA - A\*02:01 positive • MAGEA4/8 - positive as confirmed by mRNA - based assay 3 • ECOG status 0 - 2 • Received or not eligible for all available indicated standard of care treatments 60 µg 1200 µg 20 µg 6.6 µg • MTD not yet determined • Dose escalation ongoing to optimize dosing intervals and schedule Total safety population (N=35) • MABEL - based starting dose • Dose escalation based on cohorts of 1 - 6 patients using adaptive design (BLRM model) • Four initial q1w step dosings 1 up to target dose, q2w after reaching target dose 2 Trial Design – IMA401 - 101 Phase 1a Dose Escalation First - in - Human Basket Trial Targeting the MAGEA4/8 Peptide in Solid Tumors 1 Step dosing with 300 µg and 600 µg introduced at DL6; Low - dose dexamethasone pre - medication used at higher dose levels as used with other approved bispecific products has been implemented as preventive measure for continued dose escalation; Patients can increase their dose to previously cleared dose levels; 2 q2w: once every two weeks, weekly (q1w) dosing was applied up to DL5; 3 IMADetect®: proprietary mRNA - based assay using Immatics' MS - guided threshold; BLRM: Bayesian logistic regression model; MTD: Maximum tolerated dose. D L1 D L2 D L3 D L4 D L5 D L6a D L7 D L6 t bd 2000 µg D L6b Beyond PRAME: IMA401 Data cut - off Jul 23, 2024 ESMO 2024

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42 IMA401 MAGEA4/8 Bispecific Demonstrates Manageable Tolerability (N=35) Most Frequent Related AEs were Lymphopenia, CRS and Neutropenia ≥ Grade 3 All Grades TEAEs, n [%] 26 [74] 32 [91] Any 19 [54] 28 [80] Treatment - related ≥ Grade 3 All Grades Treatment - related AEs 1 , n [%] 11 [31] 12 [34] Lymphopenia 0 11 [31] Cytokine release syndrome 5 [14] 8 [23] Neutropenia 2 [6] 6 [17] Facial pain 4 [11] 5 [14] Anaemia 2 [6] 5 [14] Thrombocytopenia 1 [3] 5 [14] Headache 2 [6] 4 [11] Hypertension 2 [6] 4 [11] Leukopenia 0 4 [11] Fatigue 0 3 [9] Nausea 1 [3] 2 [6] Hypoxia 1[3] 1 [3] Aspartate aminotransferase increased 1[3] 1 [3] Febrile neutropenia 1[3] 1 [3] Pneumonia 1[3] 1 [3] Sinus tachycardia • Overall manageable tolerability profile • Most frequent/relevant related AEs were • transient lymphopenia • mild to moderate CRS (23% Grade 1, 9% Grade 2, no Grade ≥ 3), majority at first dose • neutropenia 2 occurred mostly at initial target dose and fully resolved in all cases except one (see below) • one possibly related death (pneumonia in the context of lung tumor progression and concurrent neutropenia) as previously reported 3 • MTD not reached based on the BLRM 1 All treatment - emergent adverse events (TEAEs) at least possibly related to IMA401 infusion with grade 1 - 2 occurring in at least 9% of patients and all events with grade 3 - 5; 2 with three dose - limiting events at 2.5 mg (DLT), neutropenia observed in patients with and without dexamethasone pre - medication; 3 reported in Annual Report 2023, patient did not receive dexamethasone pre - medication; CRS: Cytokine Release Syndrome; BLRM: Bayesian logistic regression model; MTD: Maximum tolerated dose Beyond PRAME: IMA401 Data cut - off Jul 23, 2024 ESMO 2024

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1 Patients in this analysis had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression above indicated MAGEA4/A8 high qPCR threshold (n=17); PD: Progressive disease; PR: Partial response; cPR: confirmed Partial response; SD: Stable disease. Objective Responses are Associated with Target Expression Exploratory Analysis in Patients with MAGEA4/8 high Expression at Relevant IMA401 Doses (DL6 - 7; N=17) 43 qPCR - threshold MAGEA4/8 high qPCR - threshold for patient screening MAGEA4/8 RNA expression in pre - treatment biopsies relative to t h r es ho ld N=17 patients with relevant IMA401 doses and MAGEA4/8 high levels 1 Beyond PRAME: IMA401 Data cut - off Jul 23, 2024 ESMO 2024

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IMA401 Demonstrates Initial Anti - Tumor Activity in Multiple Tumor Types 44 \* Patients in this analysis are part of the efficacy analysis set with at least one post - treatment tumor assessment and had received IMA401 infusions at ≥1 mg and showed MAGEA4/8 target expression higher than the MAGEA4/8 qPCR threshold (n=17); Confirmed ORR (cORR): Confirmed objective response rate according to RECIST 1.1 for patients with at least two available post infusion scans or patients with progressive disease (PD) at any prior timepoint; two patients not included in tumor shrinkage calculation or shown in the figures as they had clinical progression and post - treatment tumor assessment is not available; PR: Partial Response; cPR: Confirmed Partial Response; SD: Stable Disease 11 12 13 14 - 1 0 0 - 5 0 0 50 1 0 0 Change in Sum of Longest Diameter of Target Lesions from Baseline [%] ⯈ BL PR PD ⯈ ⯈ ⯈ ⯈ ⯈ Target Lesion r e s e c t e d ⯈ ⯈ Exploratory Analysis in Patients with MAGEA4/8 high Expression at Relevant IMA401 Doses (DL6 - 7; N=17\*) ORR 29% (5/17) cO R R 25% (4/16) D CR 53% (9/17) Tumor s h rin k a g e 53% (8/15) 0 1 2 3 4 5 6 7 8 9 10 Months post First IMA401 Infusion Cancer Indications: Cut.: Cutaneous; HNSCC: Head & Neck Squamous Cell Carcinoma; LCNEC: Large Cell Neuroendocrine Carcinoma; Muc.: Mucosal; NET CUP: Neurodendocrine Tumor, Cancer of Unknown Primary; SCLC: Small Cell Lung Cancer; sqNSCLC: Squamous Cell Non - small Cell Lung Cancer; TNBC: Triple Negative Breast Cancer. BOR (RECIST 1.1) Ongoing treatment Cancer indications Beyond PRAME: IMA401 Data cut - off Jul 23, 2024 ESMO 2024

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Deli v ering© Immatics. Not for further reproduction or distribution. www.immatics.com the Power of T cells to Cancer Patients Appendix

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Potential of PRAME Therapies in Solid Cancers 46 Hukelmann et al., SITC 2022, updated prevalences as of May 2025 1 Data on file: PRAME target prevalence is based on a proprietary mass spec - guided expression threshold applied to TCGA or in - house (SCLC) RNAseq data (approximate values, values between 95 - 100% shown as 95%); 2 PRAME target Immatics' current MS - guided mRNA threshold for patient selection Selected indications Clinical activity shown No clinical activity expected PRAME Target Expression and Prevalences in Selected Solid Cancer Types Potential opportunity to see clinical activity PRAME prevalence in uveal melanoma based on IMADetect® qPCR testing of screening biopsies from clinical trial patients demonstrates substantial higher prevalence of ~90% compared to prevalence based on TCGA data of 50%, TCGA: early & late - stage primary tumor samples, Immatics clinical trials: late - stage/metastatic tumor samples, Role of PRAME in metastasis of uveal melanoma: Field et al. 2016 Clinical Cancer Research; MS: mass spectrometry 95% Cutaneous Melanoma 90% (50% 2) Uveal Melanoma 2 95% Uterine Carcinoma 85% Ovarian Carcinoma (serous) 95% Uterine Carcinosarcoma 95% Synovial Sarcoma 70% Squamous Cell NSCLC 65% Triple - negative Breast Carcinoma 45% Small Cell Lung Cancer 40% Kidney Carcinoma (papillary) 35% C h o l a n g ioc a r cin o m a 25% Adenocarcinoma NSCLC 25% Breast Carcinoma (all subtypes) 25% Head & Neck Squamous Cell Carcinoma 25% Esophageal Carcinoma (all subtypes) 20% Hepatocellular Carcinoma 20% Bladder Carcinoma PRAME positive patients 1

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IMA203: Significant Shift in PFS and OS Between Dose Escalation & Dose Expansion PFS of 6 Months and OS of 16 Months in Melanoma Efficacy Population Progression Free Survival Data cut - off Apr 07, 2025 47 Overall Survival mPFS N 2.6 months 11 Dose Escalation 6.1 months 33 Dose Expansion mOS N 6.3 months 11 Dose Escalation 15.9 months 33 Dose Expansion • Significant shift in mPFS and mOS between melanoma patients treated during the dose escalation and dose expansion • mPFS in dose escalation is comparable to reported data in 2L+ cut. melanoma population \* • mOS in dose escalation is shorter than reported mOS for 2L+ cut. melanoma population \* • All patients in the dose escalation group deceased and 17/30 evaluable patients are alive in dose expansion # Log - rank test: p <0.0001 Log - rank test: p <0.0001 Overall survival (OS) and progression - free survival (PFS) censored at data - cut; \* These data are derived from different clinical trials at different points in time with differences in trial design and patient populations. As a result, cross - trial comparisons cannot be made, and no head - to - head clinical trials have been conducted # 3 patients out of study at data - cut (withdrew consent) PRAME Wave #1: IMA203