IMA-203 is a gene-modified cell therapy commercialized by Immatics, with a leading Phase II program in Ovarian Cancer;Endometrial Cancer. According to Globaldata, it is involved in 2 clinical trials, of which 1 is ongoing, and 1 is planned. GlobalData uses proprietary data and analytics to provide a complete picture of IMA-203’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for IMA-203 is expected to reach an annual total of $161 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
IMA-203 Overview
IMA-203 is under development for the treatment of solid tumors include hepatocellular carcinoma ovarian cancer, endometrial cancer, uterine cancer, triple negative breast cancer, small-cell lung cancer, kidney carcinoma, cholangiocarcinoma, esophageal carcinoma, squamous non-small cell lung cancer, subtypes of synovial sarcoma, fibrosarcoma, rhabdomyosarcoma, thymic carcinoma, bladder cancer, uveal melanoma, cutaneous melanoma, head and neck squamous cell carcinoma. It is based on XPRESIDENT, ACTengine platform and XCEPTOR platform. XPRESIDENT is a target discovery engine which identifies tumor-associated peptides (TUMAPs) / T-cell targets. ACTengine platform uses autologous T-cells which are genetically engineered to express T-cell receptors upon lentiviral transduction which recognize targets identified by XPRESIDENT. These cells are expanded ex-vivo and reinfused back into the patient. It acts by targeting cells expressing preferentially expressed antigen in melanoma (PRAME). It is administered through intravenous route.
Immatics Overview
Immatics is a biopharmaceutical company focused on the development of T cell immunotherapies to fight against cancer. The company is headquartered in Tubingen, Baden-Wurttemberg, Germany.
The company reported revenues of (Euro) EUR54 million for the fiscal year ended December 2023 (FY2023), a decrease of 68.8% over FY2022. The operating loss of the company was EUR101.7 million in FY2023, compared to an operating profit of EUR30 million in FY2022. The net loss of the company was EUR97 million in FY2023, compared to a net profit of EUR37.5 million in FY2022.
The company reported revenues of EUR30.3 million for the first quarter ended March 2024, an increase of 90.1% over the previous quarter.
For a complete picture of IMA-203’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
