Immunocore Holdings plc is a UK-headquartered (Abingdon) biotechnology company focused on developing immunomodulating medicines built on T-cell receptor (TCR) science. The company is widely recognized for pioneering and delivering the world’s first approved TCR therapy, positioning its platform around the ImmTAX approach—TCR bispecific immunotherapies designed to recruit and activate immune ...Immunocore Holdings plc is a UK-headquartered (Abingdon) biotechnology company focused on developing immunomodulating medicines built on T-cell receptor (TCR) science. The company is widely recognized for pioneering and delivering the world’s first approved TCR therapy, positioning its platform around the ImmTAX approach—TCR bispecific immunotherapies designed to recruit and activate immune responses against targeted diseases.
Commercially, Immunocore has an approved product, KIMMTRAK, indicated for treatment of patients with uveal melanoma that is either unresectable or has metastasized. This creates an initial revenue base while the company continues to expand both its clinical pipeline and its future commercial potential across additional indications.
From a pipeline and product-development perspective, Immunocore’s R&D strategy spans multiple therapeutic areas. In oncology, it is progressing candidates such as IMC-C103C and IMC-F106C through early-stage clinical development (including Phase I/II dose escalation studies) across a range of solid tumor types—such as non-small-cell lung cancer, gastric, head and neck, ovarian, and synovial sarcoma for IMC-C103C, and broader solid malignancies including NSCLC, small-cell lung, endometrial, ovarian, cutaneous melanoma, and breast cancer for IMC-F106C. These dose-escalation studies reflect an emphasis on determining safe dosing, pharmacology, and preliminary anti-tumor activity for different tumor contexts.
In infectious diseases, the company advances IMC-I109V in Phase I/II clinical trials for chronic hepatitis B virus and is developing IMC-M113V for HIV, currently described as preclinical. For autoimmune diseases, Immunocore is developing additional therapeutic candidates aimed at delivering “precise, targeted immunosuppression,” reflecting a differentiated approach versus broad immunosuppressive regimens.
Operationally, as a TCR-bispecific platform company, Immunocore’s cost structure is typically dominated by R&D and clinical trial execution (protocols, sites, patient enrollment, monitoring), regulatory and pharmacovigilance activities, and biologics manufacturing and quality systems. These factors can drive cash burn during development phases, even when a commercial product exists. Financial snapshot signals provided for the period show profitability and cash flow metrics that can be consistent with a development-intensive biotech profile (e.g., negative operating margins and negative free cash flow measures), while valuation multiples and balance-sheet metrics indicate the market’s expectation of future value creation from continued clinical progress and commercialization.
Key leadership centers on Dr. Bahija Jallal, who serves as Chief Executive Officer and Director. With roughly 524 employees, Immunocore operates at a scale appropriate for bridging advanced clinical development with commercialization capabilities. Looking forward, the company’s priorities implied by its pipeline include advancing multiple candidates into later-stage trials, broadening clinical evidence across tumor and disease settings, and translating platform innovation into durable patient outcomes.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$297.6M
+20.0%
+8.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-26.4M
+35.3%
-106.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+97.9%
+0.2%
-0.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-11.3%
+50.0%
-137.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-8.9%
+46.0%
-105.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-11.2M
-153.6%
+59.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-3.8%
-144.7%
+62.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
114.6%
-4.5%
-6.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.04x
-7.8%
+6.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Immunocore Holdings plc Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note that this conference is being recorded. I will now turn the conference over to Morgan Morse, Investor Relations. Thank you, Morgan. You may begin.
Morgan Morse: Thank you, Daryl. Good morning, and good afternoon. Thank you for joining us on our Q4 and full year 2025 earnings call. During today's call, we will make forward-looking statements, which are qualified by our safe harbor provision under the Private Securities Litigation Reform Act of 1995. Please note that actual results can vary materially from those indicated by these forward-looking statements, including those discussed in our filings with the SEC. On today's call, I am joined by Dr. Bahija Jallal, CEO of Immunocore Holdings plc, who will share our 2025 overview and achievements; Ralph Torbay, Head of Commercial, who will review our Q4 and full-year KIMTRAK results; Mohammed M. Dar, our Chief Medical Officer, who will provide a pipeline update, including our ongoing registrational TEBE-AM in cutaneous melanoma and other highlights across our pipeline; and finally, Travis A. Coy, our CFO and Head of Corporate Development, who will provide some key highlights from our financial results reported earlier this morning. I will now turn the call to Dr. Bahija Jallal. Thank you, Morgan. Good morning and good afternoon, and thank you all for joining us.
Bahija Jallal: 2025 was a year of consistent execution across every part of our business. I am pleased to share our results, and where we are headed as we continue to deliver on our mission. For the year 2025, we generated $400,000,000 in net revenue from KIMTRAK, up over 29% from the prior year. KIMTRAK is now approved in 39 countries and launched in 30 markets. Growth continues to be driven by deeper U.S. community penetration and continued global expansion. Real-world duration of therapy is now 14 months, exceeding our clinical trials experience. Before KIMTRAK, patients with uveal melanoma diagnosis were given 12 months or less to live. Now with KIMTRAK, it is not unusual to see patients living three, four, five years or more. This is why we are here and this is why we come to work every day. But we are not stopping here. To reach even more patients, we are expanding the reach of KIMTRAK through a robust life cycle management program with two Phase 3 trials. TEBE-AM in second-line cutaneous melanoma enrollment on track for the 2026 completion. ATOM in adjuvant uveal melanoma enrolling across multiple sites in Europe and planning to open sites in the U.S. in 2026. This is, to our knowledge, the only active Phase 3 in this setting. Beyond KIMTRAK, we have our third Phase 3 trial—PRISM-MEL-301 with brenetafusp in first-line cutaneous melanoma. The IDMC has selected the 160 microgram dose, which is the highest dose, …
