Immunocore Holdings plc reported total revenue of $400 million for the year ended December 31, 2025, a 29% increase compared to $310.2 million in 2024. The growth was primarily driven by increased sales volume of KIMMTRAK in the United States and Europe, as well as global country expansion. Revenue from the United States accounted for $257 million, Europe $131.4 million, and International $11.6 million. Despite the revenue increase, the company experienced a net loss of $35.5 million, a decrease from the $51.1 million net loss in the previous year.
The company's research and development expenses totaled $274.9 million in 2025, up 24% from $222.2 million in 2024. This increase was attributed to a $37.6 million rise in external R&D expenses, particularly in "all other external clinical and preclinical costs" related to autoimmune programs, and a $9.7 million increase in tebentafusp program expenses due to ongoing Phase 3 trials. Internal R&D expenses also increased by $15.1 million due to higher salaries and employee-related expenses. Selling, general, and administrative expenses increased to $165.4 million from $155.8 million, primarily due to costs related to commercial and business support functions.
Strategic developments included the submission of a Clinical Trial Application for IMC-S118AI, a potential treatment for type 1 diabetes, in December 2025. The company also highlighted its 2026 strategic priorities, which include growing KIMMTRAK sales, expanding into new melanoma indications, and realizing growth opportunities beyond oncology, particularly in infectious and autoimmune diseases. A Phase 3 trial evaluating brenetafusp in first-line melanoma (PRISM-MEL-301) is ongoing, and multiple Phase 1 readouts are anticipated in 2026 for PRAME bispecific candidates across various tumor types.
Immunocore's financial position as of December 31, 2025, included working capital of $750 million, cash and cash equivalents of $467.7 million, and marketable securities of $396.4 million. The company expects these resources, along with anticipated KIMMTRAK revenue, to fund operations for at least the next 12 months. However, the company acknowledges the need for additional financing to support long-term clinical development and intends to consider financing opportunities when market conditions are favorable. The company also noted that it is subject to various risks and uncertainties that could affect its ability to achieve its strategic goals and financial projections.
About Immunocore Holdings plc
Immunocore Holdings plc is a biotechnology company developing immunomodulating medicines using its proprietary ImmTAX platform. Its focus includes cancer, infectious diseases, and autoimmune conditions, with key products like KIMMTRAK for uveal melanoma. The company leverages engineered TCRs to create off-the-shelf bispecific therapeutics targeting intracellular and cell surface proteins, aiming to improve patient outcomes through innovative, targeted immunotherapies.
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