Immatics is a clinical-stage biopharmaceutical company developing T-cell receptor (TCR)-based cancer immunotherapies, focused primarily on a tumor antigen called PRAME. PRAME is a protein expressed inside cancer cells that gets displayed on the cell surface, making it accessible to TCR-based therapies — an advantage over antibodies and CAR-T therapies that cannot reach intracellular targets. Immatics' therapies engineer a patient's own T cells to recognize and kill PRAME-expressing tumors. The lead product, anzu-cel, is an autologous cell therapy targeting advanced melanoma, with a BLA submission targeted for 1H 2027. Immatics also has a second-generation cell therapy (IMA203CD8) designed for broader tumor-agnostic use, and two bispecific TCR-based molecules (IMA402 and IMA401) that recruit existing T cells without personalized manufacturing. The company owns a purpose-built GMP manufacturing facility in Texas for cell therapy production. Immatics generates no product revenue today; income comes from collaborations with Moderna and Bristol Myers Squibb, which provided upfront payments and offer milestone and royalty economics on future products. Immatics' three proprietary platforms — XPRESIDENT (target discovery), XCEPTOR (TCR engineering), and XCUBE (AI-driven target-TCR pairing) — underpin both its internal pipeline and its partnered programs.