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Dec 31, 2025
Immunocore Q4 2025 Earnings Report
Immunocore reported higher KIMMTRAK net sales in Q4 2025, alongside an increased net loss driven by higher R&D expenses.
Key Takeaways
Immunocore generated $104478000 in Q4 2025 revenue from KIMMTRAK, reflecting continued growth year-over-year, while net loss widened to $30060000 due to increased R&D investment and ongoing Phase 3 trials.
Q4 2025 net product sales increased year-over-year to $104478000.
R&D expenses rose significantly to support Phase 3 trials and autoimmune programs.
Net loss widened to $30060000 compared to the prior year period.
Cash, cash equivalents, and marketable securities totaled $864153000 at quarter end.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects moderating revenue growth in 2026 and anticipates key clinical data readouts in the second half of 2026, including from TEBE-AM and PRAME programs.
Positive Outlook
- TEBE-AM enrollment completion anticipated in 1H 2026.
- Topline TEBE-AM data expected as early as 2H 2026.
- PRAME Phase 1/2 data expected in 2H 2026.
- Additional Phase 1 HIV data expected in 2H 2026.
- Strong cash position supports pipeline execution.
Challenges Ahead
- Expect moderating revenue growth in 2026.
- Continued elevated R&D expenses to support pipeline.
- Ongoing operating losses.
- Dependence on KIMMTRAK as primary revenue source.
- Clinical trial timelines subject to regulatory and enrollment risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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