Immunocore Holdings plcIMCR

Immunocore Holdings plc Segments Disclosure

10-KFiled Feb 25, 20262 min read
Segment information
The Company operates in one operating segment: immunotherapies, which is focused on pioneering and delivering transformative immunomodulating medicines in the areas of cancer, infectious diseases and autoimmune diseases. The Company primarily generates revenue from one stream, revenue from the sale of therapies, which consists of sales of KIMMTRAK. Historically, the Company had a second stream, collaboration revenue, which is no longer significant. The Company manages its business activities on a consolidated basis. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker ("CODM"), the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM evaluates financial performance, monitors budget versus actual results and allocates resources using financial information reported on a company-wide basis and therefore the measure of segment profit or loss used is consolidated net loss. The measure of segment assets is reported on the consolidated balance sheet as total assets. The accounting policies of the immunotherapies segment are the same as those described in Note 2. "Summary of significant accounting policies". The following table summarizes the reportable segment's financial information (in thousands):
202520242023
Revenue
$400,016 $310,202 $249,428 
Less:
Cost of revenue from sale of therapies
(5,087)(2,731)(1,037)
External R&D expenses:
PRAME programs(82,594)(90,377)(54,761)
Tebentafusp programs(40,824)(31,166)(16,024)
Infectious disease programs(6,450)(6,662)(5,111)
All other external clinical and preclinical costs
(59,716)(23,747)(23,215)
Total external R&D expenses(189,584)(151,952)(99,111)
R&D salaries and other employee-related costs(49,898)(43,706)(38,182)
SG&A salaries and other employee-related costs(48,657)(48,739)(36,202)
Other SG&A expenses
(87,836)(80,623)(82,291)
Other segment expense, net (a)
(54,468)(33,538)(47,892)
Segment and consolidated net loss
$(35,514)$(51,087)$(55,287)

(a) Other segment expenses, net includes other internal R&D expenses, share-based compensation expense, R&D tax credits, interest income, interest expense, foreign currency (loss) gain, other income (expense), net and income tax benefit (expense).
Other information
The total of non-current assets other than deferred tax assets located in the United Kingdom as of December 31, 2025 is $62.1 million (2024: $55.9 million). The total located in the United States is $8.4 million (2024: $8.8 million).

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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