Immunocore reported strong revenue growth driven by KIMMTRAK sales, demonstrating commercial momentum. The company is advancing its clinical pipeline with anticipated data readouts in oncology and plans to initiate its first autoimmune candidate trial, supported by a solid cash position.
KIMMTRAK net product sales increased 24% year-over-year to $104.5 million in Q4 2025 and 29% year-over-year to $400.0 million for FY 2025.
positiveDemonstrated commercial momentum with 15 consecutive quarters of KIMMTRAK revenue growth.
positiveCash, cash equivalents and marketable securities increased to $864.2 million as of December 31, 2025, up from $820.4 million in the prior year.
positiveNet loss improved to $30.1 million in Q4 2025 from $23.8 million in Q4 2024, and full year net loss improved to $35.5 million from $51.1 million in 2024.
positiveOperating loss widened in Q4 2025 to $19.7 million from $19.5 million in Q4 2024, and full year operating loss was $45.4 million compared to $70.5 million in 2024, indicating continued unprofitability.
attentionR&D expenses increased significantly to $78.8 million in Q4 2025 from $60.9 million in Q4 2024, and full year R&D expenses rose to $274.9 million from $222.2 million, driven by preclinical and clinical expenses for autoimmune programs and Phase 3 trials.
attentionSG&A expenses increased slightly to $42.6 million in Q4 2025 from $42.3 million in Q4 2024, and full year SG&A expenses rose to $165.4 million from $155.8 million, due to costs supporting a growing pipeline and global commercial expansion.
attentionNet cash used in operating activities was $10.7 million in FY 2025, a significant decrease from $26.1 million provided by operating activities in FY 2024.
negativeGuidance for 2026 anticipates moderating revenue growth, suggesting a slowdown from the current growth trajectory.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
With $400 million in KIMMTRAK sales and a diverse clinical portfolio, Immunocore had a productive year of growth and progress in 2025.
Our priority for 2026 is the clear execution of our clinical trials, particularly as we anticipate key data in oncology and begin our first trial in autoimmune disease.
We remain focused on the long-term goal of developing medicines that can significantly improve patient lives.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.