Immunocore reports first quarter financial results and provides a business update
Rhea-AI Summary
Immunocore (Nasdaq: IMCR) reported Q1 2026 results: KIMMTRAK net sales $106.7M (13.6% YoY) and cash, cash equivalents and marketable securities $844.9M. The company presented five-year Phase 3 OS data showing a doubling of 5-year survival (16% vs 8%; HR 0.67) and median OS 21.6 vs 16.9 months. Pipeline updates include ongoing Phase 3 trials (TEBE-AM, PRISM-MEL-301), registrational timelines in 2026, and multiple Phase 1/2 programs with data expected in H2 2026.
AI-generated analysis. Not financial advice.
Positive
- KIMMTRAK net sales $106.7M in Q1 2026 (+13.6% YoY)
- Cash and marketable securities $844.9M as of March 31, 2026
- Five-year OS benefit doubled (16% vs 8%; HR 0.67)
- Approved and launched in 39 countries for mUM
Negative
- Revenue concentration primarily from a single product, KIMMTRAK
- Eligible market limited to HLA-A*02:01 positive patients
- International revenue outside US/Europe was only $4.8M in Q1
News Market Reaction – IMCR
On the day this news was published, IMCR gained 6.55%, reflecting a notable positive market reaction. This price movement added approximately $97M to the company's valuation, bringing the market cap to $1.58B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
IMCR was up 1.12% while only one tracked peer (HRMY) appeared in momentum scans, dropping 12.75%. Other close peers showed mixed, smaller moves, suggesting today’s reaction was more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Annual results | Positive | -4.5% | Reported FY 2025 growth in KIMMTRAK sales with ongoing net loss narrowing. |
| Nov 06 | Quarterly earnings | Positive | +2.6% | Q3 2025 showed strong KIMMTRAK growth and robust cash while advancing Phase 3 trials. |
| Aug 07 | Quarterly earnings | Positive | -0.5% | Q2 2025 delivered 30% YoY revenue growth and expanding international KIMMTRAK launches. |
| May 07 | Quarterly earnings | Positive | +6.6% | Q1 2025 results highlighted strong KIMMTRAK growth and a swing to net income. |
| Feb 26 | Annual results | Positive | +5.3% | FY 2024 report showed rising KIMMTRAK sales, pipeline progress and solid cash levels. |
Earnings releases have generally been received positively, but reactions are mixed, with both strong rallies and occasional selloffs.
Over the last five earnings cycles, Immunocore has consistently highlighted growing KIMMTRAK revenues and a strong cash position, with quarterly sales rising from $84.1M in Q4 2024 to over $104.5M in Q4 2025. Cash balances remained high (e.g., $892.4M as of Sep 30, 2025). Multiple earnings updates emphasized advancing Phase 3 oncology trials and new autoimmune and infectious disease programs. Today’s Q1 2026 update continues this trajectory of revenue growth and pipeline execution within oncology, infectious disease, and autoimmune indications.
Historical Comparison
In the past year, IMCR issued 5 earnings updates with an average move of 1.9%. The current earnings reaction sits well within this historically moderate range.
Earnings releases have traced steady KIMMTRAK revenue growth, rising from Q4 2024’s $84.1M to Q4 2025’s $104.5M, while maintaining cash near or above $820M. Across this period, Immunocore has repeatedly emphasized advancing multiple Phase 3 oncology trials and expanding into infectious disease and autoimmune indications, with Q1 2026 continuing that pattern of commercial growth funding a broad late-stage pipeline.
Market Pulse Summary
The stock moved +6.5% in the session following this news. A strong positive reaction aligns with recurring earnings updates that have often coincided with revenue growth and robust cash levels. Historical earnings moves averaged about 1.9%, so a much larger gain would stand out versus prior periods. Investors later monitored whether enthusiasm persisted as pipeline milestones approached and whether operating expenses, particularly R&D, continued to scale alongside KIMMTRAK revenue growth without pressuring profitability.
Key Terms
overall survival (os) medical
phase 3 trial medical
metastatic uveal melanoma medical
hla-a*02:01 medical
control arm medical
lactate dehydrogenase [ldh] medical
multiple ascending dose (mad) medical
investigational new drug (ind) application regulatory
AI-generated analysis. Not financial advice.
Immunocore reports first quarter financial results and provides a business update
KIMMTRAK® (tebentafusp-tebn) Q1 net sales of
year-over-year
Oral presentation at AACR: KIMMTRAK doubles likelihood of being alive at five years for patients with HLA-A*02:01 positive metastatic uveal melanoma
Cash, cash equivalents and marketable securities of
(OXFORDSHIRE, England & RADNOR, Penn. & GAITHERSBURG, Md., US, 6 May 2026) Immunocore Holdings plc (Nasdaq: IMCR) (“Immunocore” or the “Company”), a commercial-stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases and autoimmune diseases, today announced its financial results for the first quarter ended March 31, 2026, and provided a business update.
“We are proud to report another quarter of strong commercial performance, with KIMMTRAK generating
First Quarter Highlights (including post-period)
Financial Results
For the first quarter of 2026 (Q1 2026), total net product revenue (or ‘net sales’) arising from the sales of KIMMTRAK was
Research & development (R&D) expenses for Q1 2026 were
Selling, general and administrative (SG&A) expenses for Q1 2026 were
Net income for Q1 2026 was
The Q1 2026 diluted income per share was
Cash, cash equivalents and marketable securities were
KIMMTRAK
The Company’s lead product, KIMMTRAK® (tebentafusp), is approved in 39 countries and has been launched in over 30 countries globally to date for HLA-A*02:01 positive people with unresectable or metastatic uveal melanoma (mUM). KIMMTRAK continues to be the standard of care in most markets where it is launched.
The Company sees three key growth areas as it plans to expand patient reach for KIMMTRAK, including continued US community and global market penetration in mUM, the potential expansion into 2L+ advanced cutaneous melanoma (CM), and the potential expansion into adjuvant uveal melanoma.
Metastatic uveal melanoma
- KIMMTRAK net product sales were
$106.7 million for the first quarter ended March 31, 2026, representing an increase of13.6% , as compared to the same period in 2025. 19.1% year-over-year sales growth in the United States with mean duration of treatment of 14 months.4.9% year-over-year sales growth in Europe, driven by increased demand and launches in European markets.- Five-year overall survival (OS) data from the landmark Phase 3 trial of KIMMTRAK in patients with unresectable or mUM were presented in an oral session at the American Association for Cancer Research (AACR) 2026 meeting, representing the longest follow-up reported for any T cell engager in a solid tumor. In this study of 378 patients, KIMMTRAK doubled the likelihood of being alive at five years with an OS rate of
16% versus8% in the control arm (HR 0.67), while demonstrating a median OS of 21.6 months compared to 16.9 months for investigator’s choice. - The OS benefit with KIMMTRAK was observed regardless of known poor prognostic factors at baseline (high tumor burden [≥10cm]; elevated lactate dehydrogenase [LDH]) or tumor location (hepatic only; hepatic and extra-hepatic). OS benefit was also observed in patients with a best response of progressive disease, including those with >
20% tumor growth as best change on treatment. - The data also confirmed that the OS benefit was primarily driven by KIMMTRAK rather than subsequent therapies. Among patients treated with KIMMTRAK who were alive at five years, nearly half (
44% ) received only KIMMTRAK, while among patients in the control arm alive at the same time point,86% subsequently received KIMMTRAK.
2L+ advanced cutaneous melanoma
- The Company is currently enrolling patients in the TEBE-AM registrational Phase 3 trial and expects to complete enrollment in the first half of 2026 with topline data expected as early as the second half of 2026.
- The Phase 3 trial is enrolling three arms: tebentafusp monotherapy, tebentafusp in combination with pembrolizumab, and a control (investigator's choice of therapy including clinical trials, chemotherapy, or retreatment with anti-PD1 or BRAF therapy). The primary endpoint of the randomized Phase 3 trial is Overall Survival (OS).
- There is great unmet need in second- and later-line cutaneous melanoma, with no therapy having shown, to date, an OS improvement post checkpoint inhibitors in a randomized clinical trial. The Company estimates that there is a potential to address up to 4,000 previously treated advanced HLA-A*02:01 positive CM patients.
Adjuvant uveal (or ocular) melanoma
- The European Organisation for Research and Treatment of Cancer (EORTC) continues to expand the site footprint of the Phase 3 Adjuvant Trial in Ocular Melanoma (ATOM).
- The Company estimates that the HLA-A*02:01 positive, high-risk adjuvant uveal melanoma patient population could be up to 1,200 patients in the US and Europe.
PRAME portfolio
Brenetafusp is the Company’s lead PRAME-A02 ImmTAC bispecific candidate. Brenetafusp is being evaluated in combination with nivolumab in a Phase 3 registrational trial (PRISM-MEL-301) in patients with first-line, advanced cutaneous melanoma, and in a Phase 1/2 clinical trial as monotherapy and in combination across multiple tumor types, including ovarian cancer and non-small cell lung cancer (NSCLC).
PRISM-MEL-301 – First PRAME Phase 3 clinical trial with brenetafusp in first-line, advanced cutaneous melanoma
- The Company is enrolling HLA-A*02:01 positive patients with first-line, advanced or metastatic cutaneous melanoma to brenetafusp 160 mcg + nivolumab or a control arm of either nivolumab or nivolumab + relatlimab.
- Despite approved therapies, there remains a need for improved progression-free survival and OS, and there is the potential to address an estimated 10,000 HLA-A*02:01 positive patients in the US and Europe.
Phase 1/2 clinical trials of brenetafusp and IMC-P115C (PRAME-A02 Half-Life Extended) in multiple solid tumors
- The Company continues to evaluate brenetafusp in a Phase 1/2 trial in combination in platinum-resistant ovarian cancer (PROC) and in earlier lines of platinum-sensitive ovarian cancer (PSOC). In the same trial, the Company continues signal detection in metastatic NSCLC cohorts, including combination in earlier-line NSCLC.
- The Company is enrolling patients in the Phase 1 dose escalation trial evaluating IMC-P115C in patients with multiple solid tumors.
- The Company expects to present Phase 1/2 data from both trials in the second half of 2026.
IMC-R117C (PIWIL1) for colorectal and other gastrointestinal cancers
- The Company is enrolling patients in the Phase 1/2 dose escalation trial evaluating IMC-R117C in HLA-A*02:01 positive patients with advanced solid tumors, including colorectal cancer, as a single agent and in combination with standards of care.
- The Company expects to present initial data in 2027.
ImmTAV candidates for a functional cure in infectious diseases
The Company’s bispecific TCR technology platform has the potential to offer a new approach for the treatment of certain chronic infections and aims to eliminate evidence of remaining virus in circulation after the patient stops taking medication – known as a ‘functional cure’. The Company is studying an investigational candidate for people living with human immunodeficiency virus (HIV).
Phase 1/2 trial of IMC-M113V (Gag-A02) for people living with HIV
- Patient enrollment continues at higher doses in the multiple ascending dose (MAD) part of the Phase 1/2 clinical trial to identify a safe and tolerable dose.
- Additional Phase 1 MAD data is expected to be presented in the second half of 2026.
Tissue-specific down modulation of the immune system for autoimmune diseases
The key differentiator of the ImmTAAI platform is tissue-specific, down modulation of the immune system, as the candidates suppress pathogenic T cells via PD1 receptor agonism only when tethered to the target tissue.
- The Company filed a clinical trial application (CTA) for IMC-S118AI (PPI x PD1) in December 2025 and expects to begin the Phase 1 trial in the first half of 2026.
- The Company plans to file a CTA or investigational new drug (IND) application for IMC-U120AI (CD1a x PD1) in the second half of 2026.
Corporate update
The Company will present the following two posters at the 2026 American Society of Clinical Oncology Meeting:
Title: Phase 1 evaluation of the PRAME-targeted ImmTAC brenetafusp in advanced melanoma (Mel). (Abstract number: 9527)
Session: Melanoma/Skin Cancers (Poster Board: 243)
Date and Time: May 31, 2026, 9:00 AM-12:00 PM CDT
Title: Effect of IL7 on ImmTAC-mediated killing by T cells in vitro and T-cell fitness in patients. (Abstract number: 2662)
Session: Developmental Therapeutics - Immunotherapy (Poster Board: 452)
Date and Time: May 30, 2026, 1:30 PM-4:30 PM CDT
###
About ImmTAC® molecules for cancer
Immunocore’s proprietary T cell receptor (TCR) technology generates a novel class of bispecific biologics called ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) molecules that are designed to redirect the immune system to recognize and kill cancerous cells. ImmTAC molecules are soluble TCRs engineered to recognize intracellular cancer antigens with ultra-high affinity and selectively kill these cancer cells via an anti-CD3 immune-activating effector function. Based on the demonstrated mechanism of T cell infiltration into human tumors, the ImmTAC mechanism of action holds the potential to treat hematologic and solid tumors, regardless of mutational burden or immune infiltration, including immune “cold” low mutation rate tumors.
About ImmTAV® molecules and infectious diseases
ImmTAV (Immune mobilizing monoclonal TCRs Against Virus) molecules are novel bispecifics that are designed to enable the immune system to recognize and eliminate virally infected cells.
Immunocore is advancing a clinical candidate, aiming to achieve sustained control of HIV after people living with HIV stop anti-retroviral therapy (ART), without the risk of virological relapse or onward transmission. This is known as ‘functional cure’.
About ImmTAAITM molecules and autoimmune diseases
ImmTAAI (Immune mobilizing monoclonal TCRs Against AutoImmune disease) molecules are novel bispecifics that are designed for tissue-specific down modulation of the immune system. When tethered to the tissue of interest, ImmTAAI candidates suppress pathogenic T cells via PD1 receptor agonism. The Company is currently advancing two candidates for autoimmune diseases, including type 1 diabetes and inflammatory dermatological diseases.
About PRISM-MEL-301 (NCT06112314) – Phase 3 trial with brenetafusp (IMC-F106C, PRAME-A02) in 1L advanced cutaneous melanoma
The Phase 3 registrational trial is randomizing HLA-A*02:01-positive patients with previously untreated, advanced or metastatic cutaneous melanoma, to brenetafusp 160 mcg + nivolumab or a control arm of either nivolumab or nivolumab + relatlimab. The primary endpoint of the trial is progression free survival (PFS) by blinded independent central review (BICR), with secondary endpoints of overall survival (OS) and overall response rate (ORR).
About the IMC-F106C-101 Phase 1/2 trial
IMC-F106C-101 is a first-in-human, Phase 1/2 dose escalation trial in patients with multiple solid tumors, including non-small cell lung and ovarian cancers. The Phase 1 dose escalation trial was designed to determine the maximum tolerated dose (MTD), as well as to evaluate the safety, preliminary anti-tumor activity and pharmacokinetics of IMC-F106C (brenetafusp), a bispecific protein built on Immunocore’s ImmTAC technology, and the Company’s first molecule to target the PRAME antigen. The Company is currently focusing on enrolling patients in combination arms with standards-of-care across multiple tumor types.
About TEBE-AM – Phase 3 registrational trial with tebentafusp in previously treated advanced cutaneous melanoma
The trial is randomizing patients with second-line or later advanced cutaneous melanoma who have progressed on an anti-PD1, received prior ipilimumab and, if applicable, received a BRAF kinase inhibitor. Patients are randomized to one of three arms, including tebentafusp – as monotherapy or in combination with an anti-PD1 – or a control arm. The primary endpoint is overall survival.
About the ATOM Phase 3 trial
The EORTC-sponsored Phase 3 clinical trial will include sites in 10 EU countries and the United States and is randomizing HLA-A*02:01-positive patients with high-risk primary uveal melanoma after definitive treatment, by surgery or radiotherapy, and no evidence of metastatic disease on imaging. The trial is expected to enroll a total of 290 patients who will be randomized 1:1 to one of two arms: tebentafusp as monotherapy or observation. The primary endpoint of the trial is relapse-free survival (RFS), with secondary objectives of overall survival and safety and tolerability of tebentafusp. Exploratory objectives include the comparison of the health-related quality of life between the treatment arms and the evaluation of the role of circulating tumor DNA (ctDNA) as a biomarker for the presence of residual disease.
About Uveal Melanoma
Uveal melanoma is a rare and aggressive form of melanoma, which affects the eye. This is the most common primary intraocular malignancy in adults and up to
About Cutaneous Melanoma
Cutaneous melanoma (CM) is the most common form of melanoma. It is the most aggressive skin carcinoma and is associated with the vast majority of skin cancer-related mortality. The majority of patients with CM are diagnosed before metastasis but survival remains poor for the large proportion of patients with metastatic disease. Despite recent progress in advanced melanoma therapy, there is still an unmet need for new therapies that improve first-line response rates and duration of response as well as for patients who are refractory to first-line treatments.
About KIMMTRAK®
KIMMTRAK is a novel bispecific protein comprised of a soluble T cell receptor fused to an anti-CD3 immune-effector function. KIMMTRAK specifically targets gp100, a lineage antigen expressed in melanocytes and melanoma. This is the first molecule developed using Immunocore’s ImmTAC technology platform, designed to redirect and activate T cells to recognize and kill tumor cells. KIMMTRAK has been approved for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom.
IMPORTANT SAFETY INFORMATION
Cytokine Release Syndrome (CRS), which may be serious or life-threatening, occurred in patients receiving KIMMTRAK. Monitor for at least 16 hours following first three infusions and then as clinically indicated. Manifestations of CRS may include fever, hypotension, hypoxia, chills, nausea, vomiting, rash, elevated transaminases, fatigue, and headache. CRS occurred in
Skin Reactions
Skin reactions, including rash, pruritus, and cutaneous edema occurred in
Elevated Liver Enzymes
Elevations in liver enzymes occurred in
Embryo-Fetal Toxicity
KIMMTRAK may cause fetal harm. Advise pregnant patients of potential risk to the fetus and patients of reproductive potential to use effective contraception during treatment with KIMMTRAK and 1 week after the last dose.
The most common adverse reactions (≥
For more information, please see full Summary of Product Characteristics (SmPC) or full U.S. Prescribing Information (including BOXED WARNING for CRS).
About KIMMTRAKConnect
Immunocore is committed to helping patients who need KIMMTRAK obtain access via its KIMMTRAKConnect program. The US program provides services with dedicated nurse case managers who provide personalized support, including educational resources, financial assistance, and site of care coordination. To learn more, visit KIMMTRAKConnect.com or call 844-775-2273.
About Immunocore
Immunocore is a commercial-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – Immune mobilizing monoclonal TCRs Against X disease – designed to treat a broad range of diseases, including cancer, autoimmune diseases and infectious diseases. Leveraging its proprietary, flexible, off-the-shelf ImmTAX platform, Immunocore is developing a deep pipeline in multiple therapeutic areas, including clinical and pre-clinical programs in oncology, infectious diseases, and autoimmune diseases. The Company’s most advanced oncology TCR therapeutic, KIMMTRAK, has been approved for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “believe”, “expect”, “plan”, “anticipate”, “aim”, “continue”, “target” and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These statements include, but are not limited to, statements regarding the Company’s ability to reach more patients for KIMMTRAK, including continued U.S. community and global market penetration in mUM, the potential expansion into 2L+ advanced cutaneous melanoma, and the potential expansion into adjuvant uveal melanoma; the Company’s ability to grow and advance its clinical pipeline; the estimated size of the patient populations for the Company’s product candidates; expectations regarding the design, progress, timing, enrollment, randomization, scope, expansion, and results of the Company’s and its collaborators’ existing and planned clinical trials; the timing and sufficiency of clinical trial outcomes to support potential approval of any of the Company’s product candidates or those of, or combined with, its collaboration partners; the expected submission of clinical trial applications or investigational new drug applications; the potential regulatory approval, and expected clinical benefits and availability of the Company’s product candidates. Any forward-looking statements are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially and adversely from those set forth in or implied by such forward-looking statements, many of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, the impact of worsening macroeconomic conditions, including as a result of health epidemics or pandemics, war in Ukraine, the conflict in the Middle East, or global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones, including Immunocore’s ability to conduct ongoing and planned clinical trials; the Company’s ability to obtain a clinical supply of current or future product candidates or commercial supply of KIMMTRAK or any future approved products; the Company’s ability to obtain and maintain regulatory approval of KIMMTRAK and its other product candidates; the Company’s ability and plans in continuing to establish and expand a commercial infrastructure and to successfully launch, market and sell KIMMTRAK and any future approved products; the Company’s ability to successfully expand the approved indications for KIMMTRAK or obtain marketing approval for KIMMTRAK in additional geographies in the future; the delay of any current or planned clinical trials, whether due to patient enrollment delays or otherwise; the Company’s ability to successfully demonstrate the safety and efficacy of its product candidates and gain approval of its product candidates on a timely basis, if at all; competition with respect to market opportunities; unexpected safety or efficacy data observed during preclinical studies or clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials or future regulatory approval; Immunocore’s need for and ability to obtain additional funding, on favorable terms or at all, including as a result of worsening macroeconomic conditions, including changes in inflation and interest rates and unfavorable general market conditions, and the impacts thereon of the war in Ukraine, the conflict in the Middle East, and global geopolitical tension; Immunocore’s ability to obtain, maintain and enforce intellectual property protection for KIMMTRAK or any of its product candidates it or its collaborators are developing; and the success of Immunocore’s current and future collaborations, partnerships or licensing arrangements. These and other risks and uncertainties are described in greater detail in the section titled "Risk Factors" in Immunocore’s filings with the Securities and Exchange Commission, including Immunocore’s most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 25, 2026, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the SEC. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information, except as required by law.
Contact Information
Immunocore
Sébastien Desprez, Head of Communications
T: +44 (0) 7458030732
E: sebastien.desprez@immunocore.com
Follow on LinkedIn: @Immunocore
Investor Relations
Morgan Morse
T: +1 (215) 384-4781
E: ir@immunocore.com
Immunocore Holdings plc
Condensed Consolidated Statement of Operations
Comparison of the Quarters Ended March 31, 2026 and 2025
(In thousands, except share and per share data)
(Unaudited)
| Quarter Ended | ||||
| March 31, 2026 | March 31, 2025 | |||
| Revenue from sale of therapies, net | $ | 106,677 | $ | 93,881 |
| Total revenue | 106,677 | 93,881 | ||
| Cost of revenue from sale of therapies | (434) | (831) | ||
| Research and development expense | (61,113) | (56,468) | ||
| Selling, general, & administrative expense | (37,850) | (40,198) | ||
| Income (Loss) from operations | 7,280 | (3,616) | ||
| Interest income | 3,418 | 4,176 | ||
| Interest expense | (3,051) | (3,025) | ||
| Foreign currency gain | 3,849 | 3,080 | ||
| Other income, net | 1,776 | 5,469 | ||
| Net income before income taxes | 13,272 | 6,084 | ||
| Income tax expense | (301) | (1,061) | ||
| Net income | $ | 12,971 | $ | 5,023 |
| Basic net income per share | $ | 0.26 | $ | 0.10 |
| Basic weighted-average number of shares outstanding | 50,754,763 | 50,086,684 | ||
| Diluted net income per share | $ | 0.25 | $ | 0.10 |
| Diluted weighted-average number of shares outstanding | 52,934,787 | 51,949,798 | ||
Immunocore Holdings plc
Condensed Consolidated Balance Sheets
As of March 31, 2026 and December 31, 2025
(In thousands)
(Unaudited)
| March 31, 2026 | December 31, 2025 | |||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 452,675 | $ | 467,709 |
| Marketable securities | 392,221 | 396,444 | ||
| Accounts receivable, net | 81,068 | 73,977 | ||
| Prepaid expenses and other current assets | 69,590 | 51,870 | ||
| Inventory, net | 8,253 | 6,742 | ||
| Total current assets | 1,003,807 | 996,742 | ||
| Property and equipment, net | 12,128 | 11,462 | ||
| Operating lease right of use assets, net | 37,546 | 38,783 | ||
| Other non-current assets | 18,614 | 20,282 | ||
| Total assets | $ | 1,072,095 | $ | 1,067,269 |
| Liabilities and shareholders’ equity | ||||
| Current liabilities | ||||
| Accounts payable | $ | 30,157 | $ | 24,364 |
| Accrued expenses and other current liabilities | 207,388 | 219,744 | ||
| Deferred revenue, current | 572 | 583 | ||
| Operating lease liabilities, current | 1,996 | 2,006 | ||
| Total current liabilities | 240,113 | 246,697 | ||
| Deferred revenue, non-current | 4,622 | 4,858 | ||
| Operating lease liabilities, non-current | 40,027 | 41,556 | ||
| Interest-bearing loans and borrowings | 393,660 | 393,125 | ||
| Total liabilities | $ | 678,422 | $ | 686,236 |
| Shareholders' equity | ||||
| Ordinary shares | 137 | 136 | ||
| Deferred shares | 1 | 1 | ||
| Additional paid-in capital | 1,247,212 | 1,240,255 | ||
| Accumulated deficit | (818,304) | (831,275) | ||
| Accumulated other comprehensive loss | (35,373) | (28,084) | ||
| Total shareholders' equity | 393,673 | 381,033 | ||
| Total liabilities and shareholders' equity | $ | 1,072,095 | $ | 1,067,269 |
Immunocore Holdings plc
Summary Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2026 and 2025
(In thousands)
(Unaudited)
| 2026 | 2025 | |||
| Cash and cash equivalents at beginning of period | $ | 467,709 | $ | 455,731 |
| Net cash (used in) provided by operating activities | (13,775) | 435 | ||
| Net cash provided by investing activities | 4,219 | 9,702 | ||
| Net cash provided by financing activities | 656 | 2,551 | ||
| Net foreign exchange difference on cash held | (6,134) | 8,426 | ||
| Cash and cash equivalents at end of period | $ | 452,675 | $ | 476,845 |
