Immunocore Holdings plc (IMCR)

Price$36.70Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market value looks balanced against current sales, cash, debt, and near-term clinical uncertainty.

Immunocore Holdings plc trades on Nasdaq under IMCR. Using the latest close and roughly 51.5 million shares outstanding implies an equity value near $1.8 billion. After about $880 million of cash and marketable securities and $394 million of borrowings, enterprise value is roughly $1.3 billion. Enterprise value means what investors effectively pay for the operating business after adjusting for cash and debt. That is about 2.9 times first-half annualized sales, a reasonable level given growth but substantial clinical risk.

Big pictureKIMMTRAK is growing, but one commercial product still carries most of the economic weight.

KIMMTRAK generated $400.0 million of 2025 sales, up 29%, while first-half 2026 sales reached $222.6 million, about 16% above the prior-year period. The product therefore provides a real commercial base rather than a purely speculative biotechnology story. Demand is not strongly tied to normal economic cycles, because cancer treatment is medically driven. However, the shares remain highly catalyst-driven: growth in the existing metastatic uveal melanoma market and success or failure in larger melanoma indications can change expected long-term revenue quickly.

Business strengthStrong liquidity and improving earnings reduce financing pressure, though research spending remains structurally high.

At June 30, Immunocore held about $880 million of cash and marketable securities, versus $394 million of convertible senior notes carrying 2.5% interest and maturing in 2030. Working capital was $815.8 million. First-half net income was $12.2 million and operating cash flow was modestly positive at $2.2 million, although management still expects significant future development spending. No shares had been sold through its $250 million at-the-market facility by quarter-end, but share-option exercises and stock compensation create ongoing dilution, and management may raise additional capital when terms are favorable.

What could change the storyPositive late-stage melanoma data could re-rate shares, while trial setbacks or dilution could reverse sentiment.

A bull case assumes KIMMTRAK keeps delivering roughly double-digit growth, TEBE-AM demonstrates a meaningful survival benefit in previously treated cutaneous melanoma, and brenetafusp eventually creates a second substantial commercial franchise. That combination could make today's valuation look inexpensive relative to future sales. A bear case assumes KIMMTRAK growth slows toward low single digits, one or more Phase 3 programs disappoint or are delayed, and rising research costs restore sustained cash losses. In that outcome, further equity financing could dilute existing shareholders and compress the valuation multiple.

AI: News

Second-quarter sales riseKIMMTRAK quarterly sales grew 18%, while Immunocore maintained a large cash reserve for late-stage development.

On August 6, Immunocore reported second-quarter KIMMTRAK net sales of $115.9 million, versus $98.0 million a year earlier. The company ended June with approximately $880 million in cash, cash equivalents and marketable securities. Management also said enrollment in the Phase 3 TEBE-AM trial was nearing its 540-patient target, with topline data potentially arriving as early as the end of 2026, making that study an important near-term valuation catalyst.

Brenetafusp data strengthen caseUpdated melanoma data supported the selected brenetafusp dose now being tested in a pivotal Phase 3 study.

On May 31, Immunocore presented updated Phase 1 brenetafusp results in heavily pretreated HLA-A02:01-positive advanced melanoma. Monotherapy produced an 87% six-month overall survival rate and a 52% disease-control rate, with activity also seen in difficult-to-treat subgroups. The findings supported selection of the 160-microgram dose for the ongoing Phase 3 PRISM-MEL-301 trial in first-line advanced melanoma. Early-stage results are encouraging, but randomized Phase 3 evidence remains necessary to establish commercial value.

KIMMTRAK survival durabilityFive-year randomized data reinforced KIMMTRAK's survival benefit and durability in metastatic uveal melanoma.

On April 19, Immunocore reported five-year follow-up from the pivotal KIMMTRAK study. Five-year overall survival was 16% with KIMMTRAK versus 8% with investigator's choice, with a hazard ratio of 0.67; median survival was 21.6 months versus 16.9 months. The long follow-up strengthens the evidence behind Immunocore's existing commercial franchise and supports physician confidence, although metastatic uveal melanoma remains a relatively specialized market, limiting how large the current indication alone can become.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$400.0M	$310.2M	$249.4M	$174.4M	$4.1M	—	—
Gross profit	$394.9M	$307.5M	$248.4M	$173.3M	$4.1M	—	—
Gross margin	98.73%	99.12%	99.58%	99.38%	100.00%	—	—
Research & development	$274.9M	$222.2M	$163.5M	$101.9M	$100.2M	—	—
Operating expenses	$440.3M	$377.9M	$308.0M	$225.0M	$178.7M	—	—
Operating income	−$45.4M	−$70.5M	−$59.6M	−$51.7M	−$174.6M	—	—
Operating margin	−11.34%	−22.71%	−23.91%	−29.66%	−4,281.19%	—	—
EBITDA	−$42.3M	−$66.3M	−$55.5M	−$46.4M	−$167.0M	—	—
EBITDA margin	−10.56%	−21.36%	−22.27%	−26.62%	−4,094.83%	—	—
Net income	−$35.5M	−$51.1M	−$55.3M	−$52.5M	−$180.0M	—	—
Net profit margin	−8.88%	−16.47%	−22.17%	−30.13%	−4,414.64%	—	—
Basic EPSper basic share	-$0.71	-$1.02	-$1.13	-$1.15	-$4.24	—	—
Diluted EPSper diluted share	-$0.71	-$1.02	-$1.13	-$1.15	-$4.24	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of IMCR
Holder	Shares held
WELLINGTON MANAGEMENT GROUP LLP	5.72M
RTW INVESTMENTS, LP	4.87M
FMR LLC	4.31M
PRIMECAP MANAGEMENT CO/CA/	3.64M
Bellevue Group AG	2.79M
TANG CAPITAL MANAGEMENT LLC	2.65M
Vestal Point Capital, LP	1.8M
TWO SIGMA INVESTMENTS, LP	1.65M
MILLENNIUM MANAGEMENT LLC	1.6M
ARMISTICE CAPITAL, LLC	1.43M
Caligan Partners LP	1.38M
Kynam Capital Management, LP	1.38M
BVF INC/IL	1.29M
ACADIAN ASSET MANAGEMENT LLC	1.21M
Trails Edge Capital Partners, LP	1.06M
BlackRock, Inc.	1M
Point72 Asset Management, L.P.	990.28K
PRICE T ROWE ASSOCIATES INC /MD/	831.07K
Jupiter Topco LLC	709.02K
CANTOR FITZGERALD, L. P.	680.2K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$23.99M disclosed value

Sells (SEC code S)19$160.45M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 18, 2026Form 4	St Leger Tina AmberCHIEF HR OFFICER	SellOrdinary Shares	1.0K	$32.35	$32.4K	1.1K
Feb 18, 2026Form 4	Berman David MHEAD OF R&D	SellOrdinary Shares	6.0K	$32.35	$193.0K	5.9K
Feb 18, 2026Form 4	GOLL JOHNSVP, FINANCE & CAO	SellOrdinary Shares	698	$32.35	$22.6K	653
Feb 18, 2026Form 4	Jallal BahijaCHIEF EXECUTIVE OFFICER	SellOrdinary Shares	11.5K	$32.35	$371.2K	12.3K
Dec 5, 2025Form 4 · 10b5-1	Berman David MHEAD OF R&D	SellOrdinary Shares	572	$40.14	$23.0K	0