Immatics N.V. (IMTX) Balance Sheet

NASDAQ: IMTXAssets, liabilities, debt and equity over 8 years.

IMTX balance sheet, 2025

December 31, 2025 · euros

€562.1M assets = €78.2M liabilities + €483.9M equity

What it owns€562.1MCash & ST investments: €469.1M (83.5%)Cash & ST investments€469.1M · 83%Receivables: €6.9M (1.2%)Other current: €27.8M (4.9%)PP&E: €54.9M (9.8%)PP&E €54.9MGoodwill & intangibles: €1.6M (0.3%)Other non-current: €1.8M (0.3%)=How it is financed€562.1MCurrent liabilities: €43.0M (7.6%)Current liabilities €43.0MOther LT liabilities: €35.2M (6.3%)€35.2MShareholders’ equity: €483.9M (86.1%)Shareholders’ equity€483.9M · 86%

Both columns are drawn to the same scale: what IMTX owns equals what it owes plus shareholders’ equity. Hover a block for its value.

IMTX financial health

Debt / equity0.03
Low leverage · €0.03 of debt for each $1 of equity
Equity / assets86.1%
Equity-funded · of assets funded by shareholders
Cash / debt3,001.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.3%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

IMTX balance sheet trends, 2018–2025

MetricTrendThenLatestChange
Total assets€61.3M2018€562.1M2025+37.2%/yr
Total liabilities€70.5M2018€78.2M2025+1.5%/yr
Shareholders’ equity−€10.4M2018€483.9M2025—
Cash & short-term investments€52.5M2018€469.1M2025+36.7%/yr
Total debt€3.2M2019€15.6M2025+30.0%/yr
Net cash (debt)€116.1M2019€453.5M2025+€337.4M
Working capital€28.5M2018€460.8M2025+€432.3M
Debt / equity0.0720200.032025−0.04
Shares outstanding62.9M2018122.3M2025+10.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

IMTX assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

IMTX liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

IMTX debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

IMTX balance sheet in euros

20252024202320222021202020192018
Assets
Cash & short-term investments€469.1M€604.5M€425.9M€362.2M€145.1M€232.0M€119.4M€52.5M
Cash & equivalents€345.8M€236.7M€218.5M€148.5M€133.0M€207.5M€103.4M€39.4M
Short-term investments€123.4M€367.7M€207.4M€213.7M€12.1M€24.4M€16.0M€13.1M
Receivables€6.9M€6.7M€5.7M€1.1M€2.4M€2.9M€2.7M€1.8M
Inventory€0€0€1€1€1€3.3M€1.2M€1
Other current assets€27.8M€18.4M€17.7M€13.8M€4.7M€787,000€665,000€1.0M
Total current assets€503.8M€629.6M€449.4M€377.2M€152.2M€239.0M€124.0M€55.3M
Property, plant & equipment (net)€54.9M€63.7M€57.1M€26.5M€20.5M€14.0M€8.0M€4.0M
Goodwill & intangible assets€1.6M€1.6M€1.5M€1.6M€1.3M€913,000€1.0M€1.0M
Long-term investments€0€0€0€0€0€0€0€0
Other non-current assets€1.8M€1.2M€2.0M€2.5M€636,000€726,000€1.3M€984,001
Total assets€562.1M€696.1M€510.0M€407.8M€174.6M€254.6M€134.3M€61.3M
Liabilities
Accounts payable€339,855€10.1M€7.7M€13.1M€3.0M€2.6M€4.9M€4.8M
Short-term debt€2.8M€2.9M€2.6M€2.2M€2.7M€1.9M€1.4M—
Deferred revenue€15.8M€35.9M€100.4M€65.0M€50.4M€46.6M€59.6M€21.7M
Total current liabilities€43.0M€68.0M€156.6M€106.5M€95.1M€77.5M€69.3M€26.8M
Long-term debt€0€0€0€0€0€0€0€0
Lease obligations€15.6M€16.2M€15.4M€14.6M€9.9M€6.2M€3.2M—
Other long-term liabilities€35.2M€53.3M€135.8M€98.0M€55.4M€89.8M€105.8M€43.7M
Total liabilities€78.2M€121.3M€292.3M€204.5M€150.6M€167.3M€175.1M€70.5M
Shareholders' equity
Common stock & paid-in capital€1.3M€1.2M€847,000€767,000€629,000€629,000€1.2M€1.2M
Retained earnings (deficit)−€785.7M−€589.5M−€604.8M−€510.1M−€537.8M−€444.5M−€233.2M−€201.6M
Accumulated other comprehensive income−€8.6M€1.0M−€1.6M−€1.5M−€3.9M−€7.5M−€770,000−€741,000
Total shareholders' equity€483.9M€574.8M€217.6M€203.4M€24.1M€87.4M−€41.9M−€10.4M
Key figures
Total debt€15.6M€16.2M€15.4M€14.6M€9.9M€6.2M€3.2M—
Net cash (debt)€453.5M€588.2M€410.5M€347.6M€135.3M€225.8M€116.1M—
Working capital€460.8M€561.6M€292.8M€270.7M€57.1M€161.5M€54.7M€28.5M
Tangible book value€482.3M€573.2M€216.1M€201.7M€22.7M€86.5M−€42.9M−€11.4M
Shares outstanding122.3M106.8M80.5M68.2M62.9M48.0M62.9M62.9M
Current ratio11.729.262.873.541.603.081.792.06
Quick ratio11.078.992.763.411.553.031.762.02
Debt / equity0.030.030.070.070.410.07——
Equity / assets86.1%82.6%42.7%49.9%13.8%34.3%−31.2%−17.0%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 5, 2026); data from EODHD.

IMTX financial position

At the end of fiscal 2025 (December 31, 2025), Immatics had total assets of €562.1 million (down 19.3% from a year earlier), total liabilities of €78.2 million and shareholders' equity of €483.9 million. It held €469.1 million in cash and short-term investments against €15.6 million of debt, a net cash position of €453.5 million. Its current ratio was 11.72. In the latest quarter (ended June 30, 2026) total assets were €485.5 million and equity €399.5 million.

Related: IMTX income statement, IMTX cash flow statement, IMTX key metrics. See the IMTX stock overview for the latest quote and news.

IMTX balance sheet FAQ

What are Immatics's total assets?

Immatics reported total assets of €562.1 million at the end of fiscal 2025 (December 31, 2025), compared with €696.1 million a year earlier.

How much debt does Immatics have?

Immatics had €15.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.

How much cash does Immatics have?

Immatics held €469.1 million in cash and short-term investments at the end of fiscal 2025; with €15.6 million of debt that is net cash of €453.5 million.

What is Immatics's book value?

Immatics's shareholders' equity (book value) was €483.9 million at the end of fiscal 2025.

What is Immatics's current ratio?

Immatics had current assets of €503.8 million and current liabilities of €43.0 million, a current ratio of 11.72 (it can cover its short-term obligations).

How much goodwill does Immatics have?

Immatics carried €1.6 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.

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