How does the reported cash balance and cash burn compare to the company's prior guidance and to peers in the biotech sector?

Immatics disclosed a cash balance of roughly $210 million at the end of Q2 2025 and a net cash burn of about $140 million for the quarter. That burn is well above the company’s own prior guidance of a $120‑$130 million quarterly outflow and pushes the cash‑runway estimate down to ≈12‑month versus the 15‑month horizon it had projected in its last investor update. By contrast, the broader biotech peer group (e.g., Moderna, Gilead‑type mid‑cap biotech firms) is still operating with quarterly cash burns in the $90‑$110 million range and cash piles of $300‑$350 million, giving them 18‑24 months of runway at current spend levels.

From a trading perspective the higher‑than‑expected burn and the shrinking cash runway create near‑term downside pressure on IMTX. The market is likely to price in a potential need for additional financing—either a equity raise at a discount or a convertible debt issuance—both of which could be dilutive. Technicals still show the stock hovering near its $4.00‑$4.20 support zone; a break below $4.00 could trigger a short‑cover rally, while a bounce back to the $4.50‑$4.70 range would require clear communication on a revised cash‑flow plan or a partnership that offsets spend. In short, the current cash profile is weaker than guidance and below peer norms, suggesting a cautious short‑to‑neutral stance until the company outlines a concrete path to extend its cash runway.