v3.26.1
Revenue from collaboration agreements (Tables)
6 Months Ended
Jun. 30, 2026
Revenue [abstract]  
Summary of Deferred revenue related to the collaboration agreements

Deferred revenue related to the collaboration agreements consists of the following:

 

 

As of

 

 

June 30, 2026

 

 

December 31, 2025

 

 

(Euros in thousands)

 

Current

 

 

9,567

 

 

 

15,816

 

Non-current

 

 

13,632

 

 

 

18,541

 

Total

 

 

23,199

 

 

 

34,357

 

Summary of revenue from collaboration agreements explanatory

Revenue from collaboration agreements was realized with the following partners:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

(Euros in thousands)

 

 

(Euros in thousands)

 

Revenue from collaboration agreements:

 

 

 

 

 

 

 

 

 

 

 

 

Moderna, United States

 

 

6,488

 

 

 

3,795

 

 

 

13,913

 

 

 

18,197

 

BMS, United States

 

 

2,656

 

 

 

942

 

 

 

2,843

 

 

 

5,121

 

Total

 

 

9,144

 

 

 

4,737

 

 

 

16,756

 

 

 

23,318

 

As of June 30, 2026, other than the achievement and recognition of a €4.3 million ($5.0 million) milestone for Advanced TCER Activities related to the Moderna agreement in December 2025 and of a €0.5 million milestone for Database Activities related to the Moderna agreement recognized during the three months ended June 30, 2026, the Group has not recognized any significant royalty or milestone revenue under the collaboration agreements. As of June 30, 2026, Immatics has not received any royalty payments in connection with the collaboration agreements. The Group plans to recognize the remaining deferred revenue balance into revenue as it performs the related performance obligations under each contract.

 

The revenue from the remaining collaboration agreements with BMS and Moderna is recognized over time on a cost-to-cost basis.