Immatics (IMTX) Operating Expenses (2019 - 2025)
Immatics recorded quarterly Operating Expenses of -$73.7 million in Q4 2025, down 5.32% quarter-over-quarter from -$70.0 million in Q3 2025, and down 24.54% year-over-year from -$97.7 million in Q4 2024.
Immatics' Operating Expenses history runs 7 years deep, the most recent figure standing at -$73.7 million for Q4 2025.
- In Q4 2025, Operating Expenses fell 24.54% year-over-year to -$73.7 million; the TTM figure through Dec 2025 stood at -$266.0 million (down 26.34% YoY), while the FY2025 annual figure was -$265.5 million, down 27.73% from the prior year.
- Operating Expenses came in at -$73.7 million for Q4 2025 at Immatics, down from -$70.0 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$34.5 million in Q2 2021 to a low of -$73.7 million in Q4 2025.
- A 5-year average of -$47.0 million and a median of -$41.4 million in 2023 frame the typical range for Operating Expenses.
- Across the five-year window, Operating Expenses tumbled 86.6% in 2021 and declined 1.74% in 2022, its largest moves.
- Immatics' Operating Expenses stood at -$36.4 million in 2021, then declined by 5.41% to -$38.3 million in 2022, then dropped by 22.44% to -$47.0 million in 2023, then slipped by 26.02% to -$59.2 million in 2024, then fell by 24.54% to -$73.7 million in 2025.
- According to Business Quant data, Operating Expenses over the past three periods registered -$73.7 million, -$70.0 million, and -$65.5 million for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Quantum Biopharma | 1,216,509.61 Bn | 1,216,509.61 Bn | - | 2.97 Mn |
| 2 | Alterity Therapeutics | 764,224.41 Bn | 764,224.38 Bn | - | 4.33 Mn |
| 3 | Legend Biotech | 2,716.00 Bn | 2,715.71 Bn | 242.10 Mn | -138.30 Mn |
| 4 | Nanobiotix | 2,248.83 Bn | 2,248.77 Bn | - | - |
| 5 | Akari Therapeutics | 1,951.18 Bn | 1,951.17 Bn | - | 15.76 Mn |
| 6 | Vertex Pharmaceuticals | 113.69 Bn | 106.44 Bn | 2.59 Bn | 1.85 Bn |
| 7 | Evaxion A | 64.16 Bn | 64.14 Bn | - | -3.82 Mn |
| 8 | Regeneron Pharmaceuticals | 63.94 Bn | 55.18 Bn | 3.31 Bn | 2.96 Bn |
| 9 | Alnylam Pharmaceuticals | 40.13 Bn | 37.12 Bn | 959.66 Mn | 898.54 Mn |
| 10 | Immatics | 1.80 Bn | 1.80 Bn | - | -73.69 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -73.69 Mn |
| Sep 30, 2025 | -69.97 Mn |
| Jun 30, 2025 | -65.52 Mn |
| Mar 31, 2025 | -56.78 Mn |
| Dec 31, 2024 | -59.17 Mn |
| Sep 30, 2024 | -54.98 Mn |
| Jun 30, 2024 | -48.83 Mn |
| Mar 31, 2024 | -47.53 Mn |
| Dec 31, 2023 | -46.95 Mn |
| Sep 30, 2023 | -42.87 Mn |
| Jun 30, 2023 | -39.94 Mn |
| Mar 31, 2023 | -39.89 Mn |
| Dec 31, 2022 | -38.35 Mn |
| Sep 30, 2022 | -37.30 Mn |
| Jun 30, 2022 | -36.17 Mn |
| Mar 31, 2022 | -38.63 Mn |
| Dec 31, 2021 | -36.38 Mn |
| Sep 30, 2021 | -34.78 Mn |
| Jun 30, 2021 | -34.46 Mn |
| Mar 31, 2021 | -37.97 Mn |
| Dec 31, 2020 | -35.23 Mn |
| Sep 30, 2020 | -31.19 Mn |
| Jun 30, 2020 | -29.28 Mn |
| Mar 31, 2020 | -20.35 Mn |
| Dec 31, 2019 | -18.52 Mn |
| Sep 30, 2019 | -14.47 Mn |
| Jun 30, 2019 | -13.31 Mn |