Immunocore Holdings plc Earnings Per Share Disclosure
| 2025 | 2024 | 2023 | |||||||||||||||
| Net loss for the year | $ | (35,514) | $ | (51,087) | $ | (55,287) | |||||||||||
Basic and diluted weighted average number of shares outstanding | 50,345,666 | 49,991,064 | 48,888,975 | ||||||||||||||
| Basic and diluted net loss per share | $ | (0.71) | $ | (1.02) | $ | (1.13) | |||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.