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IMCR

Immunocore Holdings plc

IMCR

Immunocore Holdings plc • NASDAQ
$39.50 ▼ -1.57% (-0.63)
Market Cap $1.99 B
52w High $40.53
52w Low $23.15
Dividend Yield 0%
P/E -68.1
Volume 99.95K
Outstanding Shares 50.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $103.693M ▲ $110.351M ▼ $785K ▲ 0.757% ▲ $0.016 ▲ $4.145M ▲
Q2-2025 $97.964M ▲ $111.799M ▲ $-10.3M ▼ -10.514% ▼ $-0.21 ▼ $-6.399M ▼
Q1-2025 $93.881M ▲ $96.666M ▼ $5.023M ▲ 5.35% ▲ $0.1 ▲ $9.963M ▲
Q4-2024 $84.052M ▲ $103.174M ▲ $-23.771M ▼ -28.281% ▼ $-0.47 ▼ $-15.274M ▼
Q3-2024 $80.248M $88.302M $8.736M 10.886% $0.17 $10.907M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $892.353M ▲ $1.103B ▲ $705.936M ▲ $396.564M ▲
Q2-2025 $882.811M ▲ $1.082B ▲ $693.906M ▲ $388.481M ▲
Q1-2025 $837.03M ▲ $1.028B ▲ $649.529M ▲ $378.479M ▲
Q4-2024 $820.376M ▼ $1.01B ▼ $648.79M ▼ $360.716M ▼
Q3-2024 $901.282M $1.085B $706.811M $377.827M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-177K ▲ $-4.456M ▼ $5.252M ▲ $1.866M ▼ $10.48M ▼ $-5.204M ▼
Q2-2025 $-10.3M ▼ $25.964M ▲ $-30.414M ▼ $3.67M ▲ $11.088M ▼ $25.55M ▲
Q1-2025 $5.023M ▲ $435K ▲ $9.702M ▲ $2.551M ▲ $21.114M ▲ $137K ▲
Q4-2024 $-23.551M ▼ $-13.951M ▼ $-3.54M ▼ $-51.511M ▼ $-82.036M ▼ $-17.535M ▼
Q3-2024 $8.736M $21.127M $-828K $198K $32.782M $20.299M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Sale of Therapies
Sale of Therapies
 $80.00M ▲$90.00M ▲$100.00M ▲$100.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Immunocore is transitioning from a pure R&D story to a true commercial-stage company. Revenue has grown sharply over the last few years from very small levels to a more meaningful base, helped by the launch and uptake of KIMMTRAK. Importantly, the company is now generating healthy gross profit on those sales, showing that its core product economics are attractive. That said, spending on research, clinical trials, and commercialization still outweighs revenue, so the business remains loss-making. The good news is that operating and net losses have been narrowing over time, and earnings per share have steadily improved, though they are still negative. Overall, the income statement shows a company investing heavily for growth, with clear progress toward better profitability but still dependent on future scale and pipeline success.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a biotech at this stage. Total assets and shareholders’ equity have risen meaningfully over the past five years, reflecting capital raises and growing commercial operations. Cash holdings are substantial compared with the company’s historical size and past cash burn, giving management room to fund ongoing trials and launches. Debt has increased in the most recent period, so leverage is higher than in earlier years, but it does not appear outsized relative to the asset base and cash position. In simple terms, Immunocore has built a stronger financial foundation, though it now needs to balance its growth ambitions with a more leveraged structure than before.

Cash Flow

Cash Flow Cash flow has improved considerably. The company moved from a period of sizable operating cash burn to roughly breakeven and then into modest positive operating cash flow in the latest year. Free cash flow tells a similar story, helped by limited capital spending needs. This pattern suggests that the combination of growing product revenue and disciplined expense management is starting to offset the heavy R&D and commercial investments. With a large cash cushion already in place, this improving cash profile provides a meaningful runway, but it still depends on continued execution in both commercial and clinical programs to remain sustainable.

Competitive Edge

Competitive Edge Immunocore occupies a differentiated niche in oncology and immunotherapy. It was first to market with a T-cell receptor (TCR) therapeutic, KIMMTRAK, for a rare but highly challenging eye cancer, giving it a real first-mover advantage and strong clinical credibility. Its technology targets disease markers that many traditional antibody drugs cannot reach, which broadens the range of possible cancers and other diseases it can address. A deep patent portfolio and long-standing scientific expertise reinforce its position. On the other hand, the company operates in a fiercely competitive field, with many large and small players developing immunotherapies. Future competition from new modalities, pricing pressures, and the risk that rival approaches deliver better efficacy or safety are all key strategic risks.

Innovation and R&D

Innovation and R&D Innovation is clearly Immunocore’s core strength. The ImmTAX platform is highly versatile, spanning cancer, infectious diseases, and autoimmune disorders, and the pipeline is broad for a company of its size. Multiple advanced oncology candidates, label-expansion efforts for KIMMTRAK, and earlier programs in HIV, hepatitis B, and immune-mediated diseases provide several shots on goal across very large addressable markets. External validation from partners and foundations further supports the science. The flip side is that this level of ambition demands sustained high R&D spending and carries substantial clinical and regulatory risk: trial setbacks, delays, or safety concerns in any major program could weigh heavily on the story. Still, from a research and innovation standpoint, Immunocore stands out as a leader rather than a follower.

Summary

Immunocore has evolved from a pre-revenue biotech into a commercial-stage immunotherapy company with a unique technology platform and a growing product base. Financially, revenue and gross profit are rising, losses are narrowing, and cash flows are improving, though the business is not yet profitable and now carries more debt than in earlier years. The balance sheet and cash position offer a solid runway to pursue its ambitious pipeline. Competitively, the company benefits from first-in-class status in TCR therapies, strong intellectual property, and deep scientific expertise, but it operates in a crowded, rapidly changing field where clinical outcomes and regulatory decisions can quickly shift the landscape. Overall, Immunocore presents a mix of high scientific potential and meaningful execution and development risk, typical of an innovative but still maturing biotech platform company.

NEWS

November 10, 2025 · 7:00 AM UTC

Immunocore to present at upcoming investor conferences

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November 7, 2025 · 8:00 AM UTC

Immunocore presents Phase 1 data for hepatitis B candidate at AASLD's The Liver Meeting

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November 6, 2025 · 7:00 AM UTC

Immunocore reports third quarter financial results and provides a business update

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September 4, 2025 · 7:00 AM UTC

Immunocore to present at upcoming investor conferences

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