Related party disclosures

12 Months Ended

Dec. 31, 2024

Disclosure of transactions between related parties [abstract]

Related party disclosures

22.Related party disclosures

Key management personnel have been defined as the members of the Executive Committee of Immatics N.V.

Compensation of key management personnel consists of the following:

	Year ended December 31,
	2024		2023		2022
	(Euros in thousands)
Fixed		3,848		3,611		2,706
Variable		1,733		1,818		1,543
Share-based compensation expenses		9,002		14,033		14,325
Total		14,583		19,462		18,574

Fixed and variable key management compensation represents short-term employee benefits.

The non-executive members of the Board of Directors of the Group received a fixed fee.

Total compensation for the non-executive members of the Board amounted to €2.6 million in 2024:

(Euros in thousands)	Peter Chambré		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Mathias Hothum		Eliot Forster		Alise Reicin		Total
Board compensation		85		68		63		48		48		48		48		21		429
Share-based compensation    expenses		285		285		285		285		285		269		287		211		2,192
Total		370		353		348		333		333		317		335		232		2,621

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2023:

(Euros in thousands)	Peter Chambré		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Mathias Hothum		Eliot Forster		Total
Board compensation		80		60		56		43		43		23		43		348
Share-based compensation expenses		203		203		203		203		203		97		206		1,318
Total		283		263		259		246		246		120		249		1,666

Total compensation for the non-executive members of the Board amounted to €1.7 million in 2022:

(Euros in thousands)	Peter Chambré		Friedrich von Bohlen und Halbach		Michael G. Atieh		Paul Carter		Heather L. Mason		Adam Stone		Nancy Valente		Eliot Forster		Total
Board compensation		80		40		55		52		40		40		32		40		379
Share-based compensation expenses		178		206		177		177		177		177		64		180		1,336
Total		258		246		232		229		217		217		96		220		1,715

Prior to the ARYA Merger, Immatics N.V. established the 2020 Incentive Plan. Immatics N.V. granted certain service-based options out of the 2020 Incentive Plan to its management and directors and, in addition, performance-based options to its management upon closing of the ARYA Merger. This plan was complemented by the Company’s 2022 stock option and incentive plan (“2022 Equity Plan”) which was approved by the Immatics shareholders at the Annual General Meeting on June 13, 2022. At the Annual General Meeting on June 20, 2024, Immatics shareholders approved the Company’s 2024 stock option and incentive plan (“2024 Equity Plan”). The 2024 Equity Plan allows the company to grant additional options.

Under the 2020 Equity Plan, the 2022 Equity Plan and the 2024 Equity Plan, Immatics issues employee stock options with a service requirement (“Service Options”) to acquire shares of Immatics N.V. The service-based options for employees including management will vest on a four-year time-based quarterly vesting schedule with a one-year cliff period. Under the 2022 Equity Plan and the 2024 Equity Plan, service options granted based on initial election to the Board of Directors will vest on a three-year time-based quarterly vesting schedule and annual service options for members of the Board of Directors will vest entirely after one year. Service Options are granted on a recurring basis. The Company granted Service Options, which were accounted for using the respective grant date fair value. The performance-based options will vest based both on achievement of certain market capitalization milestones and satisfaction of a four-year time-based vesting schedule, which provides for 25% vesting on the first anniversary of the vesting commencement date and quarterly vesting thereafter. The following options were granted to Immatics’ Directors:

	Type of options	Grant date	Number of Options		Strike Price in USD		Expiration date
Executive Director
Harpreet Singh	Performance-based options	June 30, 2020		1,598,000		10.00	June 30, 2030
Harpreet Singh	Service options	June 30, 2020		168,000		10.00	June 30, 2030
Harpreet Singh	Matching Stock options	June 30, 2020		264,624		10.00	June 30, 2030
Harpreet Singh	Converted Stock options	June 30, 2020		30,939		1.06	July 1, 2027
Harpreet Singh	Converted Stock options	June 30, 2020		145,371		1.17	January 1, 2028
Harpreet Singh	Service options	December 17, 2020		168,000		9.70	December 17, 2030
Harpreet Singh	Service options	December 9, 2021		168,000		11.00	December 9, 2031
Harpreet Singh	Service options	June 14, 2022		135,000		7.94	June 14, 2032
Harpreet Singh	Service options	December 13, 2022		388,000		9.75	December 13, 2032
Harpreet Singh	Service options	December 5, 2023		390,000		9.06	December 5, 2033
Harpreet Singh	Service options	December 3, 2024		300,000		8.06	December 3, 2034
Non-executive Directors
Peter Chambré	Service options	June 30, 2020		25,000		10.00	June 30, 2030
Peter Chambré	Matching Stock options	June 30, 2020		211,974		10.00	June 30, 2030
Peter Chambré	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Peter Chambré	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Peter Chambré	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Peter Chambré	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Adam Stone	Service options	June 30, 2020		25,000		10.00	June 30, 2030
Adam Stone	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Adam Stone	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Adam Stone	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Adam Stone	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Heather L. Mason	Service options	June 30, 2020		25,000		10.00	June 30, 2030
Heather L. Mason	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Heather L. Mason	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Heather L. Mason	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Heather L. Mason	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Michael G. Atieh	Service options	June 30, 2020		25,000		10.00	June 30, 2030
Michael G. Atieh	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Michael G. Atieh	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Michael G. Atieh	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Michael G. Atieh	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Paul Carter	Service options	June 30, 2020		25,000		10.00	June 30, 2030
Paul Carter	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Paul Carter	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Paul Carter	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Paul Carter	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Eliot Forster	Service options	September 14, 2020		25,000		9.16	September 13, 2030
Eliot Forster	Service options	December 9, 2021		15,000		11.00	December 9, 2031
Eliot Forster	Service options	June 14, 2022		25,000		7.94	June 14, 2032
Eliot Forster	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Eliot Forster	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Mathias Hothum	Service options	June 27, 2023		25,000		11.41	June 27, 2033
Mathias Hothum	Service options	June 25, 2024		40,000		12.00	June 25, 2034
Alise Reicin	Service options	July 29, 2024		60,000		12.08	June 29, 2034

In 2024, an additional aggregate of 718,000 service options to purchase ordinary shares, were granted to other Immatics’ key management personnel who are members of the Executive Committee but not Directors. Certain key management personnel were also participants in the share-based compensation plans of Immatics GmbH (2010 Plan and 2016 Plan).

Until December 31, 2024, no options granted to directors and executive officers were forfeited or exercised. Refer to section “10. Share-based payments” regarding further details of the Group’s share-based compensation.

There are no outstanding balances, including commitments, other than the above mentioned with related parties.

The Group did not enter into transactions with related entities in 2024, 2023 and 2022 other than the mentioned compensation contracts.