| Financial Instruments |
Set out below are the carrying amounts and fair values of the Group’s financial instruments that are carried in the consolidated financial statements as of December 31, 2025 and 2024, respectively.
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Carrying amount per measurement category |
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Financial assets as of December 31,
2025 |
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Financial liabilities as of December 31,
2025 |
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(Euros in thousands) |
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At fair value
through profit
and loss |
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At amortized
cost |
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At fair value
through profit
and loss |
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At amortized
cost |
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IFRS 7 not
applicable and
IFRS 16 |
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December 31, 2025 |
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Current/non-current assets |
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Cash and cash equivalents |
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— |
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345,918 |
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— |
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— |
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— |
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345,918 |
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Short-term deposits* |
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— |
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123,419 |
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— |
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— |
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— |
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123,419 |
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Accounts receivables |
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— |
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6,099 |
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— |
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— |
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— |
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6,099 |
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Other current/non-current assets* |
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— |
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2,388 |
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— |
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— |
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28,034 |
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30,422 |
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Current/non-current liabilities |
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Accounts payables |
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— |
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— |
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— |
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18,832 |
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— |
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18,832 |
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Other current liabilities |
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— |
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— |
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— |
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50 |
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5,557 |
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5,607 |
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Lease liabilities |
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— |
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— |
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— |
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— |
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15,635 |
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15,635 |
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Total |
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— |
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477,824 |
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— |
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18,882 |
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49,226 |
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Carrying amount per measurement category |
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Financial assets as of December 31, 2024 |
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Financial liabilities as of December 31, 2024 |
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(Euros in thousands) |
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At fair value
through profit
and loss |
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At amortized
cost |
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At fair value
through profit
and loss |
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At amortized
cost |
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IFRS 7 not
applicable and
IFRS 16 |
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December 31, 2024 |
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Current/non-current assets |
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Cash and cash equivalents |
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— |
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236,748 |
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— |
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— |
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— |
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236,748 |
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Short-term deposits* |
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— |
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367,704 |
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— |
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— |
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— |
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367,704 |
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Accounts receivables |
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— |
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5,857 |
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— |
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— |
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— |
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5,857 |
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Other current/non-current assets* |
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— |
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1,244 |
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— |
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— |
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19,252 |
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20,496 |
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Current/non-current liabilities |
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Accounts payables |
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— |
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— |
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— |
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20,693 |
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— |
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20,693 |
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Other current liabilities |
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— |
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— |
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— |
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50 |
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6,755 |
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6,805 |
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Liabilities for warrants |
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— |
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— |
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1,730 |
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— |
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— |
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1,730 |
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Lease liabilities |
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— |
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— |
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— |
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— |
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16,203 |
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16,203 |
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Total |
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— |
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611,553 |
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1,730 |
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20,743 |
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42,210 |
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* “Short-term deposits” are classified within the balance sheet item “other financial assets”. Other current/non-current assets classified as financial instruments comprise mainly of deposits. The book value of financial assets and liabilities other than lease liabilities and liabilities for warrants represent a reasonable approximation of the fair value. All financial liabilities classified as "at fair value through profit or loss" are measured by using quoted prices in an active market for identical assets and liabilities (Level 1), respectively. Liabilities for warrants are comprised of the Immatics Warrants issued to investors with a cashless exercise mechanism as a current liability which the Company accounted for according to provisions of IAS 32. The Company measures the warrants at fair value by using the closing price of warrants at Nasdaq. The warrants are measured in each reporting period. Changes in the fair value are recognized in the Company’s Consolidated Statement of Profit or Loss as financial income or expenses, as appropriate. The warrants are classified as Level 1 of the fair value hierarchy. The maturity of the liabilities for warrants is dependent on the development of the share price as well as the decisions by the Immatics Warrants holders. The warrants expired on July 1, 2025. The Group’s net results from financial instruments by measurement categories are disclosed below for the years ended December 31, 2025, 2024 and 2023, respectively.
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Year ended December 31, |
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(Euros in thousands) |
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2025 |
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2024 |
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2023 |
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Financial assets at amortized cost |
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(17,544 |
) |
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43,583 |
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7,612 |
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Financial liabilities at amortized cost |
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(946 |
) |
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(886 |
) |
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(802 |
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Financial liabilities at fair value through profit or loss |
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1,730 |
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17,264 |
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(2,079 |
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Total |
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(16,760 |
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59,961 |
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4,731 |
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The following table shows the changes of the liabilities from financing activities, classified as cash effective and non-cash effective as of December 31, 2025 and 2024, respectively.
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(Euros in thousands) |
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January 1, 2025 |
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Cash effective |
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Non-cash effective |
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December 31, 2025 |
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Liabilities for warrants |
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1,730 |
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— |
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(1,730 |
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— |
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Lease Liabilities |
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16,203 |
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(2,959 |
) |
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2,391 |
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15,635 |
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Total |
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17,933 |
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(2,959 |
) |
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661 |
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15,635 |
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(Euros in thousands) |
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January 1, 2024 |
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Cash effective |
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Non-cash effective |
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December 31, 2024 |
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Liabilities for warrants |
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18,993 |
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— |
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(17,263 |
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1,730 |
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Lease Liabilities |
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15,402 |
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(2,012 |
) |
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2,813 |
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16,203 |
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Total |
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34,395 |
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(2,012 |
) |
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(14,450 |
) |
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17,933 |
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