IMCR earnings analysis
What we found in IMCR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Immunocore Holdings demonstrated a revenue growth of 13.6% year-over-year, driven primarily by increased sales of KIMMTRAK, resulting in net revenue of $106.7 million and a notable net income of $13.0 million compared to a $5.0 million income a year prior. Management remains cautious about future operating expenses and financing needs due to ongoing losses and the unpredictable nature of drug development and commercialization.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 13.6%
- Net revenue from sale of therapies increased to $106.7 million, up from $93.9 million in the prior year.
- Significant Net Income
- Net income for Q1 2026 was $13.0 million, contrasting with $5.0 million for Q1 2025.
- U.S. Revenue Surge
- Revenue from the United States rose 19.1% to $67.4 million over the same period last year.
- R&D Activity Ramp-Up
- R&D expenses grew to $61.1 million, a rise of 8.2% from $56.5 million, indicating continued investment in developmental programs.
- Slight Decrease in SG&A Expenses
- SG&A expenses decreased to $37.9 million from $40.2 million, reflecting operational efficiencies.
- Foreign Currency Gains
- Foreign currency gains increased to $3.8 million from $3.1 million due to favorable exchange rates.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Accumulated Deficit Pursue
- Accumulated deficit reached $818.3 million as of March 31, 2026.
- R&D Expenses May Escalate
- R&D expenses are expected to rise further, impacting future profitability as clinical trials advance.
- Future Funding Concerns
- The company may need additional funding as ongoing losses persist despite recent revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $13
- Segment
- United States $67.4M
- Segment
- Europe $34.4M
- Segment
- International $4.8M
What they said about what is next.
Management anticipates continued operational losses in the near future despite recent net income.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Immunocore presents a commercial-stage oncology and infectious disease pipeline anchored by KIMMTRAK, approved in 39 countries and commercially launched in 30, with over 2,000 treated patients. The company is advancing…
- 10-Q · November 6, 2025
- Immunocore reported Q3 revenue of $103.693M, up 29.2% YoY (Q3 2024: $80.248M), driven by U.S. and European KIMMTRAK sales. Operating loss narrowed to $7.171M from $8.502M a year ago and net (loss) income was $(0.177)M…
- 10-Q · August 7, 2025
- Immunocore reported Q2 revenue of $97.964M, up 29.9% from $75.400M a year ago, driven by KIMMTRAK sales in the U.S. and Europe. Operating loss narrowed modestly to $14.875M (−15.2% operating margin) and GAAP EPS…
- 10-Q · May 7, 2025
- Immunocore reported strong commercial momentum with total revenue of $93,881,000 for Q1 2025, up from $70,502,000 a year ago, and GAAP net income of $5,023,000 versus a net loss of $(24,436,000) in Q1 2024. Operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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