Immatics N : Corporate Presentation March 2024

Immatics Corporate Presentation

March 21, 2024

Delivering the Power of T cells to Cancer Patients

© Immatics. Not for further reproduction or distribution.

© Immatics. Not for further reproduction or distribution.

Forward-Looking Statement

This presentation ("Presentation") is provided by Immatics N.V. ("Immatics" or the "Company") for informational purposes only. The information contained herein does not purport to be all- inclusive and none of Immatics, any of its affiliates, any of its or their respective control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation.

Forward-Looking Statements. Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements concerning timing of data read-outs for product candidates, the timing and outcome of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing of IND or CTA filing for pre-clinical stage product candidates, estimated market opportunities of product candidates, the Company's focus on partnerships to advance its strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "plan", "target", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable, Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company's Annual report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements.

No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or in an offering exempt from registration.

Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Company's own internal estimates and research. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. All the scientific and clinical data presented within this presentation are - by definition prior to completion of the clinical trial and a clinical study report - preliminary in nature and subject to further quality checks including customary source data verification.

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Building a Leading TCR Therapeutics Company

Two Clinical-Stage Modalities

Pipeline of TCR-T and TCR Bispecific product candidates in clinical & preclinical development

Clinical PoC for	Differentiated	Therapeutic
Cell Therapy	Platforms	Opportunity
Anti-tumor activity and	Unique technologies	Potential for addressing
durability of response	to identify true	large patient populations
across multiple solid	cancer targets	with high prevalence
tumors in early TCR-T	and right TCRs	targets in solid tumors
clinical development

Intro	3

Upcoming 2024 Catalysts for ACTengine® and TCER® Clinical Lead Assets

Projected Cash Runway into 2027 to Reach Multiple Value Inflections Points

ACTengine®

IMA203 / IMA203CD8 (PRAME)

• Targeted registration-enabling randomized Phase 2/3 trial1 for ACTengine® IMA203 GEN1
  in 2L+ melanoma in 2024
• Data updates for IMA203 GEN1 & IMA203CD8 GEN2 planned in 2H 2024

TCER® IMA401 (MAGEA4/8)

First clinical data update from dose escalation in ongoing Phase 1 trial planned in 2H 2024

TCER® IMA402 (PRAME)

First clinical data update from dose escalation in ongoing Phase 1/2 trial planned in 2H 2024

Initial focus indications: Ovarian cancer, uterine cancer, lung cancer, melanoma and others

Updates planned across the entire clinical portfolio throughout 2024

Intro	1 This trial will be designed to support accelerated approval based on an interim readout and full approval based on overall survival. The high prevalence of PRAME (≥95%) in cutaneous melanoma may enable enrollment of patients without	4
PRAME pre-testing and could remove the need to develop a companion diagnostic in this indication. The full trial design is currently being developed and is subject to further alignment with the FDA as part of the ongoing discussions.

Our TCR-based Approaches Leverage the Full Target Space beyond the Cancer Cell Surface

Intro	5

Two Distinct TCR-based Therapeutic Modalities in Clinical Development

Autologous TCR-T (ACTengine®)

TCR Bispecifics (TCER®)

• Strong clinical activity in patients with high tumor burden1
• Single dose2
• Proprietary manufacturing process for enhanced potency of T cells
• Specialized medical centers
• Target requirements: stringent tumor selectivity, low, medium, high copy numbers

• Off-the-shelfbiologic for immediate treatment
• Repeat dosing
• All hospitals and out-patient, opportunity for larger patient reach
• Favorable commercial characteristics
• Target requirements: strong tumor association, medium to high copy numbers

Differentiated positioning of ACTengine® vs. TCER® based on patient population and medical need

Intro	1 Interim data update from the ACTengine® IMA203/IMA203CD8 monotherapies (published November 08, 2023);	6
2 Initial manufacturing may provide sufficient quantity for potential repeat dosing.

Our Pipeline of TCR-based Adoptive Cell Therapies and Bispecifics

Modality	Product Candidate	Target	Preclinical	Phase 1a1	Phase 1b1	Phase 2	Phase 3
	ACTengine® IMA203	PRAME
Autologous ACT	ACTengine® IMA203CD8	PRAME
ACTengine® IMA204	COL6A3
	Multiple programs	Undisclosed
Allogeneic ACT	ACTallo® IMA30x	Undisclosed	2
γδ T cells	Multiple programs	Undisclosed
	TCER® IMA401	MAGEA4/8
Bispecifics	TCER® IMA402	PRAME
TCER® IMA40x	Undisclosed
	Multiple programs3	Undisclosed

Intro	1 Phase 1a: Dose escalation, Phase 1b: Dose expansion; 2 Immatics' proprietary ACTallo® platform utilizing Editas' CRISPR gene editing technology;	7
3 mRNA-enabledin vivo expressed TCER® molecules

Potential for Large Patient Populations across Multiple Solid Cancers

IMA203 / IMA402

PRAME

Uterine Carcinoma - 97% Uterine Carcinosarcoma - 100% Sarcoma Subtypes - up to 100% Cut. Melanoma ≥ 95%

Uveal Melanoma1 ≥ 91% Ovarian Carcinoma - 84% Squamous NSCLC - 68% TNBC - 63%

Small Cell Lung Cancer - 45% Kidney Carcinoma - up to 40% Cholangiocarcinoma - 33% HNSCC - 27%

Esophageal Carcinoma - 27% Breast Carcinoma- 26% Adeno NSCLC - 25%

HCC - 18%

Bladder Carcinoma - 18%

IMA401

MAGEA4/8

Squamous NSCLC - 52% Sarcoma Subtypes - up to 60% HNSCC - 36%

Bladder Carcinoma - 29% Uterine Carcinosarcoma - 29% Esophageal Carcinoma - 23% Ovarian Carcinoma - 23% Melanoma - 18%

IMA204

COL6A3 Exon 6

Pancreatic Carcinoma - 76%

Breast Carcinoma - 77%

Stomach Carcinoma - 67%

Sarcoma - 63%

Colorectal Carcinoma - 60%

Esophageal Carcinoma - 60%

Squamous NSCLC- 55%

Adeno NSCLC- 57%

HNSCC - 56%

Uterine Carcinosarcoma - 50%

Mesothelioma - 44%

Cholangiocarcinoma - 36%

Melanoma - 35%

Bladder Carcinoma - 34%

Ovarian Carcinoma - 31%

ACTengine® and TCER® targets demonstrate high prevalence in multiple solid cancers

Intro	Target prevalence for selected solid cancer indications are based on TCGA (for SCLC: in-house) RNAseq data combined with a proprietary mass spec-guided RNA expression threshold;	8
1 Uveal melanoma target prevalence is based on IMADetect® qPCR testing of screening biopsies from clinical trial patients (n=33)

Realizing the Full Multi-Cancer Opportunity of PRAME

ACTengine® IMA203 (TCR-T) and TCER® IMA402 (TCR Bispecific)

Indication

Uterine Carcinoma

Uterine Carcinosarcoma

Sarcoma Subtypes

Cut. Melanoma

Uveal Melanoma2

Ovarian Carcinoma

Squamous NSCLC

TNBC

Small Cell Lung Cancer

Kidney Carcinoma

Cholangiocarcinoma

HNSCC

Esophageal Carcinoma

Breast Carcinoma

Adeno NSCLC

HCC

Bladder Carcinoma

• PRAME
  positive patients1

97%

100%

up to 100% ≥95% ≥91% 84% 68% 63% 45%

up to 40% 33% 27% 27% 26% 25% 18% 18%

ACTengine®	Phase 1b dose
IMA203	expansion
(TCR-T)	ongoing

Cancer Cell	TCER® IMA402
Death
	(TCR Bispecific)

Dose escalation of Phase 1/2 trial ongoing

PRAME is one of the most promising and most prevalent, clinically validated solid tumor targets known to date

Leverage the full potential of targeting PRAME by continued

evaluation of the best suited therapeutic modality (ACTengine® vs. TCER® or both) for each cancer type

Intro	1 PRAME target prevalence is based on TCGA (for SCLC: in-house) RNAseq data combined with a proprietary mass spec-guided RNA expression threshold; 2 Uveal melanoma target prevalence is based on IMADetect® qPCR testing of	9
screening biopsies from clinical trial patients (n=33); NSCLC: Non-small cell lung cancer, TNBC: Triple-negative breast cancer, HNSCC: Head and neck squamous cell carcinoma; HCC: Hepatocellular carcinoma

ACTengine® IMA203 - TCR-T Targeting PRAME

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