Immunocore (IMCR) Q3 2025 earnings summary

Executive summary

• Net revenue from sale of therapies for Q3 2025 was $103.7 million, up 29.2% year-over-year, driven by increased KIMMTRAK sales in the US and Europe and global expansion.

• KIMMTRAK is approved in 39 countries and launched in 28, maintaining its position as the standard of care for unresectable or metastatic uveal melanoma.

• Net loss for Q3 2025 was $0.2 million, compared to net income of $8.7 million in Q3 2024; nine-month net loss was $5.5 million versus $27.3 million loss in the prior year.

• R&D expenses rose 33.7% year-over-year to $70.6 million in Q3 2025, reflecting pipeline progress and increased clinical activity.

• Multiple late-stage clinical programs are advancing, including three Phase 3 melanoma trials and several mid-stage oncology and infectious disease programs.

Financial highlights

• Q3 2025 revenue: $103.7 million (+29.2% YoY); nine months: $295.5 million (+30.8% YoY).

• US quarterly sales grew 18% year-over-year, with mean treatment duration rising to 14 months; Europe and international sales grew 58% and 52% year-over-year, respectively.

• R&D expenses increased to $70.6 million in Q3 2025 from $52.8 million in Q3 2024.

• SG&A expenses increased to $39.8 million in Q3 2025, up from $35.5 million in Q3 2024.

• Cash, cash equivalents, and marketable securities totaled $892.4 million as of September 30, 2025.

Outlook and guidance

• Existing cash, marketable securities, and anticipated KIMMTRAK revenue expected to fund operations for at least 12 months from filing.

• Ongoing expansion of KIMMTRAK into new territories and indications; further commercial launches planned.

• Enrollment for the Phase 3 TEBE-AM trial is expected to complete in 1H 2026.

• R&D expenses expected to increase as clinical and preclinical pipeline advances.

• Plans to file clinical trial applications for autoimmune and dermatological candidates in late 2025 and 2026.