Immunocore Holdings plc

Listed Company

IMCRCIK 0001671927NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)X0GBFY ends Dec 31

Period

FY 2025

Revenue

$400.02M

Net Income

$-35.51M

Total Assets

$1.07B

Equity

$381.03M

Shares Out

50.70M

Op. Cash Flow

$-10.71M

Business

Immunocore Holdings plc is a commercial-stage biotechnology company that pioneers and delivers engineered T cell receptor (TCR)–based immunotherapies to treat cancer, infectious diseases, and autoimmune conditions. Its main products and candidates include the approved ImmTAC therapy KIMMTRAK (tebentafusp) for unresectable or metastatic uveal melanoma and a pipeline of bispecific TCR molecules such as brenetafusp and infectious- and autoimmune-targeted ImmTAV and ImmTAAI candidates. The company organizes activities around its ImmTAX platform and three platform families (ImmTAC, ImmTAV, ImmTAAI) supporting discovery, clinical development and commercialization. It commercializes products via an in-house U.S. sales force, contracted commercial resources in the U.S. and Europe, and multi-regional distributor agreements for other territories.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	400	310	249	174	4
Cost of revenue from sale of therapies	−5	−3	−1	−1	0
Research and development expense	−275	−222	−164	−102	−100
Selling, general and administrative expense	−165	−156	−144	−123	−111
Loss from operations	−45	−70	−60	−52	−175
Interest income	16	26	18	4	65,000
Interest expense	−12	−19	−5	−5	—
Foreign currency gain (loss)	2	−3	−13	14	289,000
Other income (expense), net	20	14	−897,000	−2	−73,000
Net loss before income taxes	−19	−53	−61	−41	−180
Income tax (expense) benefit	−16	2	6	−12	−150,000
Net loss	−36	−51	−55	−53	−180
Exchange differences on translation of foreign operations	6	2	18	−24	−254,000
Total comprehensive loss	−30	−49	−37	−77	−180
Basic net loss per share (in dollars per share)	−0.71	−1.02	−1.13	−1.15	−4.24
Diluted net loss per share (in dollars per share)	−0.71	−1.02	−1.13	−1.15	−4.24
Basic weighted-average number of shares outstanding (in shares)	50	50	49	46	42
Diluted weighted-average number of shares outstanding (in shares)	50	50	49	46	42

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-10-31	FY 2022 2022-12-31
Cash and cash equivalents	468	456	443	—	402
Marketable securities	396	365	0	—	—
Accounts receivable, net	74	63	52	—	—
Prepaid expenses and other current assets	50	41	30	—	37
Tax receivable	2	0	—	—	—
Inventory, net	7	5	5	—	692,000
Total current assets	997	930	529	—	474
Property and equipment, net	11	10	9	—	8
Operating lease right of use assets, net	39	38	34	6	31
Deferred tax assets, net	0	15	11	—	5
Other non-current assets	20	17	14	—	9
Total assets	1,067	1,010	597	—	527
Accounts payable	24	25	18	—	14
Accrued expenses and other current liabilities	220	186	120	—	77
Deferred revenue, current	583,000	0	—	—	—
Operating lease liabilities, current	2	2	1	—	2
Total current liabilities	247	212	139	—	101
Deferred revenue, non-current	5	5	—	—	—
Operating lease liabilities, non-current	42	40	36	—	32
Interest-bearing loans and borrowings	393	391	48	—	48
Total liabilities	686	649	228	—	188
Commitments and contingencies (Note 14)	—	—	—	—	—
Ordinary shares (voting and non-voting), 0.002 par value, most recent authority to allot up to a maximum nominal value of 149,633 and 97,454 shares as of December 31, 2025 and 2024, respectively, and 50,689,271 and 50,064,860 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	136,000	135,000	134,000	—	129,000
Deferred shares, 0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of December 31, 2025 and 2024.	1,000	1,000	1,000	—	1,000
Additional paid-in capital	1,240	1,190	1,150	—	1,083
Accumulated deficit	−831	−796	−745	—	−689
Accumulated other comprehensive loss	−28	−34	−36	—	−55
Total shareholders equity	381	361	369	—	339
Total liabilities and shareholders equity	1,067	1,010	597	—	527

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	38	34	32	33	49
Depreciation	3	4	4	5	8
Unrealized foreign exchange losses (gains)	−6	599,000	14	−14	99,000
Unrealized gains on marketable securities	−20	−15	0	0	—
Loss on loan extinguishment	0	4	0	2	0
Non-cash lease expense	2	2	2	2	2
Deferred income taxes	15	−4	−6	—	—
Other	2	2	412,000	−4,000	222,000
Increase in accounts receivable	−7	−12	−18	−26	−5
(Increase) decrease in prepayments and other current assets	−7	−12	9	−15	1
(Decrease) increase in accounts payable	−2	7	3	5	1
Increase in accrued expenses	16	72	39	42	11
Decrease in deferred revenue	−387,000	−1,000	−8	—	—
Decrease in operating lease liabilities	−2	−2	−2	−2	−2
Increase in other operating assets	−6	−4	−9	−5	361,000
Decrease in other operating liabilities	0	0	−1	2	123,000
Net cash (used in) provided by operating activities	−11	26	3	−49	−143
Proceeds from sale of property, plant and equipment	0	44,000	0	6,000	106,000
Proceeds from sale of marketable securities	18	0	0	—	—
Purchase of marketable securities	−30	−350	0	0	—
Purchase of property, plant and equipment	−4	−5	−5	−2	−1
Net cash used in investing activities	−16	−355	−5	−2	−1
Proceeds from issue of ordinary shares, net	0	0	0	140	287
Exercise of share options	12	7	34	10	1
Loan repayments	0	−50	0	−50	0
Debt prepayments and extinguishments	0	−2	0	−2	0
Non-current interest-bearing loan received	0	403	0	50	0
Debt issuance payments	0	−13	0	−2	0
Net cash provided by financing activities	12	344	34	145	288
(Decrease) increase in net cash and cash equivalents	−15	15	32	94	144
Net foreign exchange difference on cash held	27	−2	8	−13	625,000
Cash (paid)/ received for interest, net	−10	−9	6	−4	−6
Cash paid for income taxes, net	−5	−510,000	−977,000	−765,000	17

Filings

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