Cell Therapy at a Crossroads: Immatics CEO Harpreet Singh Addresses Industry Challenges

In the ever-evolving landscape of cell therapy, Immatics CEO Harpreet Singh is charting a course through skepticism and market volatility. As the pharmaceutical industry grapples with the complexities of cell therapy commercialization, Singh's approach focuses on raising the bar for efficacy, safety, and accessibility.

Navigating Market Sentiment and Setting New Standards

The cell therapy sector has experienced significant fluctuations in investor sentiment over the past five years. Singh acknowledges the skepticism surrounding cell therapies, particularly regarding their commercial viability. "I at least partially understand the sentiment—some of that skepticism has been founded on business models in cell therapy that are difficult in their commercial viability," Singh remarked during an interview at the 2025 American Society of Clinical Oncology (ASCO) annual meeting.

To address these concerns, Immatics has established ambitious internal benchmarks. The company aims for a 40% response rate in advanced refractory settings, adjusting slightly based on tumor type. This self-imposed standard is designed to justify the expenses associated with cell therapy and to demonstrate clear value to patients and physicians.

IMA203: Promising Results and Strategic Development

Immatics' flagship program, IMA203, a preferentially expressed antigen in melanoma (PRAME) cell therapy, has shown encouraging results in recent clinical trials. In a phase 1b study involving 32 heavily pretreated patients with metastatic melanoma, IMA203 achieved a 56% objective response rate following a single infusion.

Building on these results, Immatics has initiated SUPRAME, a phase 3 trial comparing IMA203 to investigator's choice of treatment in 360 patients who have previously received checkpoint inhibitor therapy. The company anticipates interim data from this study in early 2026.

Singh highlighted several key advantages of IMA203, including:

1. Reduced patient burden by eliminating the need for tumor surgery or high-dose IL-2 treatment
2. Rapid manufacturing and release time of approximately 14-15 days
3. Potential for outpatient administration due to its safety profile

Safety data from 74 patients in the phase 1 trial revealed that the most common treatment-emergent adverse events were cytopenias associated with lymphodepletion. Cytokine release syndrome (CRS) cases were predominantly mild to moderate, with 37% of patients experiencing grade 1 CRS and 47% experiencing grade 2 events.

Commercialization Strategy and Industry Outlook

Immatics is preparing for a potential commercial launch of IMA203 in the third quarter of 2027, pending successful trial outcomes. Notably, the company plans to commercialize the therapy independently, without partnering. Singh explained, "It's not always easy for a biotech company to commercialize drugs to the maximum extent possible. However, cell therapy is little different."

The CEO believes that the specialized nature of cell therapy delivery and patient selection may actually favor biotechs with built-in infrastructure over larger pharmaceutical companies that may lack specific resources required for cell therapies.

As the cell therapy landscape continues to evolve, Singh remains focused on the factors within his control. He views the current market sentiment as one extreme of a pendulum swing, cautioning against overreaction to either the highs or lows of investor sentiment.

With ongoing regulatory developments, including recent FDA initiatives to streamline cell and gene therapy approvals, Immatics remains optimistic about the future of cell therapy. Singh praised the FDA's pragmatic approach and efforts to engage with industry leaders, citing the agency's recent listening tour and cell and gene therapy roundtable as positive steps toward addressing industry challenges.