Immatics (IMTX) Operating Expenses (2019 - 2025)
Immatics (IMTX) posted Operating Expenses of $1.4 billion for Q4 2025, up 2119.8% sequentially from -$70.0 million in Q3 2025, and up 305.06% YoY from $348.9 million in Q4 2024.
Immatics (IMTX) Operating Expenses (2019 - 2025) Analysis & Trends
Immatics has reported Operating Expenses for 7 years, with the latest figure at $1.4 billion in Q4 2025.
- Quarterly Operating Expenses rose 305.06% year-over-year to $1.4 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $1.2 billion (up 245.26% YoY) and the FY2025 annual result came in at $1.2 billion, up 238.77% from the prior year.
- Operating Expenses improved to $1.4 billion in Q4 2025 per IMTX's latest filing, from -$70.0 million in the prior quarter.
- Over five years, Operating Expenses peaked at $1.4 billion in Q4 2025 and troughed at -$689.2 million in Q4 2024.
- A 5-year average of $108.9 million and a median of -$39.3 million in 2022 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2021 and 2024: Operating Expenses jumped 1832.07% in 2021, then tumbled 182.17% in 2024.
- Over 5 years, Operating Expenses stood at $610.2 million in 2021, then climbed by 13.13% to $690.3 million in 2022, then climbed by 21.5% to $838.7 million in 2023, then plunged by 182.17% to -$689.2 million in 2024, then surged by 305.06% to $1.4 billion in 2025.
- According to Business Quant data, Operating Expenses over the past three periods registered $1.4 billion, -$70.0 million, and -$65.5 million for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | Immatics | 1.27 Bn | 719.31 Mn | - | -73.69 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 1.41 Bn |
| Sep 30, 2025 | -69.97 Mn |
| Jun 30, 2025 | -65.52 Mn |
| Mar 31, 2025 | -56.78 Mn |
| Dec 31, 2024 | -689.15 Mn |
| Sep 30, 2024 | -54.98 Mn |
| Jun 30, 2024 | -48.83 Mn |
| Mar 31, 2024 | -47.53 Mn |
| Dec 31, 2023 | 838.72 Mn |
| Sep 30, 2023 | -42.87 Mn |
| Jun 30, 2023 | -39.94 Mn |
| Mar 31, 2023 | -39.89 Mn |
| Dec 31, 2022 | 690.29 Mn |
| Sep 30, 2022 | -37.30 Mn |
| Jun 30, 2022 | -36.17 Mn |
| Mar 31, 2022 | -38.63 Mn |
| Dec 31, 2021 | 610.18 Mn |
| Sep 30, 2021 | -34.78 Mn |
| Jun 30, 2021 | -34.46 Mn |
| Mar 31, 2021 | -37.97 Mn |