Share-based payments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Statements [Line Items] |
|
| Summary of Employee Related Share Based Compensation Expense |
The Group recognized total employee-related share-based compensation expenses from all plans for the years ended December 31, 2025, 2024 and 2023 as set out below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
(Euros in thousands) |
|
Research and development expenses |
|
|
(7,538 |
) |
|
|
(9,587 |
) |
|
|
(11,972 |
) |
General and administrative expenses |
|
|
(7,477 |
) |
|
|
(8,055 |
) |
|
|
(8,733 |
) |
Total share-based compensation |
|
|
(15,015 |
) |
|
|
(17,642 |
) |
|
|
(20,705 |
) |
|
| Additional Grants Under 2020 Plan [Member] |
|
| Statements [Line Items] |
|
| Summary of Options Granted Priced Using Black Scholes for SARs, Tandem Awards, Converted Options, Matching Stock Options and Monte Carlo Option Pricing Model |
Immatics applied a Black-Scholes pricing model to determine the fair value of the Service Options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Exercise price in USD |
|
$ |
6.62 |
|
|
$ |
10.24 |
|
|
$ |
9.28 |
|
Underlying share price in USD |
|
$ |
6.62 |
|
|
$ |
10.24 |
|
|
$ |
9.28 |
|
Volatility |
|
|
82.34 |
% |
|
|
101.93 |
% |
|
|
87.98 |
% |
Time period (years) |
|
|
6.01 |
|
|
|
6.04 |
|
|
|
6.06 |
|
Risk-free rate |
|
|
4.06 |
% |
|
|
4.08 |
% |
|
|
4.07 |
% |
Dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
| Summary of Employee Share Options |
Service Options outstanding as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Service Options outstanding on January 1, 2025 |
|
|
9.94 |
|
|
|
10,089,474 |
|
Service Options granted in 2025 |
|
|
6.62 |
|
|
|
2,136,200 |
|
Service Options forfeited in 2025 |
|
|
9.54 |
|
|
|
151,493 |
|
Service Options exercised in 2025 |
|
|
8.87 |
|
|
|
5,862 |
|
Service Options expired in 2025 |
|
|
10.37 |
|
|
|
178,471 |
|
Service Options outstanding on December 31, 2025 |
|
|
9.35 |
|
|
|
11,889,848 |
|
Service Options exercisable on December 31, 2025 |
|
|
10.11 |
|
|
|
6,983,155 |
|
Weighted average remaining contract life (years) |
|
|
6.93 |
|
|
|
|
Service Options outstanding as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Service Options outstanding on January 1, 2024 |
|
|
9.87 |
|
|
|
7,757,974 |
|
Service Options granted in 2024 |
|
|
10.24 |
|
|
|
2,691,550 |
|
Service Options forfeited in 2024 |
|
|
11.25 |
|
|
|
202,520 |
|
Service Options exercised in 2024 |
|
|
9.92 |
|
|
|
91,844 |
|
Service Options expired in 2024 |
|
|
9.91 |
|
|
|
65,686 |
|
Service Options outstanding on December 31, 2024 |
|
|
9.94 |
|
|
|
10,089,474 |
|
Service Options exercisable on December 31, 2024 |
|
|
10.03 |
|
|
|
4,811,500 |
|
Weighted average remaining contract life (years) |
|
|
7.41 |
|
|
|
|
Service Options outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Service Options outstanding on January 1, 2023 |
|
|
10.07 |
|
|
|
6,129,160 |
|
Service Options granted in 2023 |
|
|
9.28 |
|
|
|
2,004,838 |
|
Service Options forfeited in 2023 |
|
|
9.70 |
|
|
|
326,895 |
|
Service Options exercised in 2023 |
|
|
9.96 |
|
|
|
12,832 |
|
Service Options expired in 2023 |
|
|
10.85 |
|
|
|
36,297 |
|
Service Options outstanding on December 31, 2023 |
|
|
9.87 |
|
|
|
7,757,974 |
|
Service Options exercisable on December 31, 2023 |
|
|
10.06 |
|
|
|
3,048,090 |
|
Weighted average remaining contract life (years) |
|
|
8.41 |
|
|
|
|
|
| Performance Based Options [Member] |
|
| Statements [Line Items] |
|
| Summary of Employee Share Options |
PSUs outstanding as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
PSUs outstanding on January 1, 2025 |
|
|
10.09 |
|
|
|
3,680,000 |
|
PSUs granted in 2025 |
|
|
— |
|
|
|
— |
|
PSUs forfeited in 2025 |
|
|
10.00 |
|
|
|
12,000 |
|
PSUs outstanding on December 31, 2025 |
|
|
10.10 |
|
|
|
3,668,000 |
|
PSUs exercisable on December 31, 2025 |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
4.60 |
|
|
|
|
PSUs outstanding as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
PSUs outstanding on January 1, 2024 |
|
|
10.08 |
|
|
|
3,642,000 |
|
PSUs granted in 2024 |
|
|
11.15 |
|
|
|
50,000 |
|
PSUs forfeited in 2024 |
|
|
10.00 |
|
|
|
12,000 |
|
PSUs outstanding on December 31, 2024 |
|
|
10.09 |
|
|
|
3,680,000 |
|
PSUs exercisable on December 31, 2024 |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
5.60 |
|
|
|
|
PSUs outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
PSUs outstanding on January 1, 2023 |
|
|
10.08 |
|
|
|
3,666,000 |
|
PSUs granted in 2023 |
|
|
— |
|
|
|
— |
|
PSUs forfeited in 2023 |
|
|
10.00 |
|
|
|
24,000 |
|
PSUs outstanding on December 31, 2023 |
|
|
10.08 |
|
|
|
3,642,000 |
|
PSUs exercisable on December 31, 2023 |
|
|
— |
|
|
|
— |
|
Weighted average remaining contract life (years) |
|
|
6.55 |
|
|
|
|
|
| Matching Stock Options [Member] |
|
| Statements [Line Items] |
|
| Summary of Employee Share Options |
Matching Stock Options outstanding as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Matching Stock Options outstanding on January 1, 2025 |
|
|
10.00 |
|
|
|
1,315,798 |
|
Matching Stock Options forfeited in 2025 |
|
|
10.00 |
|
|
|
4,950 |
|
Matching Stock Options exercised in 2025 |
|
|
— |
|
|
|
— |
|
Matching Stock Options expired in 2025 |
|
|
10.00 |
|
|
|
20,166 |
|
Matching Stock Options outstanding on December 31, 2025 |
|
|
10.00 |
|
|
|
1,290,682 |
|
Matching Stock Options exercisable on December 31, 2025 |
|
|
10.00 |
|
|
|
1,290,682 |
|
Weighted average remaining contract life (years) |
|
|
4.50 |
|
|
|
|
Matching Stock Options outstanding as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Matching Stock Options outstanding on January 1, 2024 |
|
|
10.00 |
|
|
|
1,342,648 |
|
Matching Stock Options forfeited in 2024 |
|
|
— |
|
|
|
— |
|
Matching Stock Options exercised in 2024 |
|
|
10.00 |
|
|
|
25,938 |
|
Matching Stock Options expired in 2024 |
|
|
10.00 |
|
|
|
912 |
|
Matching Stock Options outstanding on December 31, 2024 |
|
|
10.00 |
|
|
|
1,315,798 |
|
Matching Stock Options exercisable on December 31, 2024 |
|
|
10.00 |
|
|
|
1,315,798 |
|
Weighted average remaining contract life (years) |
|
|
5.50 |
|
|
|
|
Matching Stock Options outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Matching Stock Options outstanding on January 1, 2023 |
|
|
10.00 |
|
|
|
1,348,004 |
|
Matching Stock Options forfeited in 2023 |
|
|
— |
|
|
|
— |
|
Matching Stock Options exercised in 2023 |
|
|
10.00 |
|
|
|
720 |
|
Matching Stock Options expired in 2023 |
|
|
10.00 |
|
|
|
4,636 |
|
Matching Stock Options outstanding on December 31, 2023 |
|
|
10.00 |
|
|
|
1,342,648 |
|
Matching Stock Options exercisable on December 31, 2023 |
|
|
10.00 |
|
|
|
1,342,648 |
|
Weighted average remaining contract life (years) |
|
|
6.50 |
|
|
|
|
|
| Converted Options [Member] |
|
| Statements [Line Items] |
|
| Summary of Employee Share Options |
Converted Options outstanding as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Converted Options outstanding on January 1, 2025 |
|
|
2.90 |
|
|
|
477,842 |
|
Converted Options forfeited in 2025 |
|
|
1.50 |
|
|
|
2,275 |
|
Converted Options exercised in 2025 |
|
|
1.08 |
|
|
|
15,401 |
|
Converted Options expired in 2025 |
|
|
1.37 |
|
|
|
2,451 |
|
Converted Options outstanding on December 31, 2025 |
|
|
2.97 |
|
|
|
457,715 |
|
Converted Options exercisable on December 31, 2025 |
|
|
2.97 |
|
|
|
457,715 |
|
Weighted average remaining contract life (years) |
|
|
2.00 |
|
|
|
— |
|
Converted Options outstanding as of December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Converted Options outstanding on January 1, 2024 |
|
|
2.81 |
|
|
|
503,310 |
|
Converted Options forfeited in 2024 |
|
|
— |
|
|
|
— |
|
Converted Options exercised in 2024 |
|
|
1.22 |
|
|
|
23,207 |
|
Converted Options expired in 2024 |
|
|
1.24 |
|
|
|
2,261 |
|
Converted Options outstanding on December 31, 2024 |
|
|
2.90 |
|
|
|
477,842 |
|
Converted Options exercisable on December 31, 2024 |
|
|
2.90 |
|
|
|
477,842 |
|
Weighted average remaining contract life (years) |
|
|
3.00 |
|
|
|
|
Converted Options outstanding as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
Weighted
average
exercise price
in USD |
|
|
Number |
|
Converted Options outstanding on January 1, 2023 |
|
|
2.74 |
|
|
|
525,181 |
|
Converted Options forfeited in 2023 |
|
|
1.14 |
|
|
|
909 |
|
Converted Options exercised in 2023 |
|
|
1.24 |
|
|
|
20,951 |
|
Converted Options expired in 2023 |
|
|
0.85 |
|
|
|
11 |
|
Converted Options outstanding on December 31, 2023 |
|
|
2.81 |
|
|
|
503,310 |
|
Converted Options exercisable on December 31, 2023 |
|
|
2.81 |
|
|
|
503,310 |
|
Weighted average remaining contract life (years) |
|
|
4.01 |
|
|
|
|
|