Immunocore Holdings PLC
IMCRHealthcare|Biotechnology|UK
$31.95
-1.18 (-3.56%)
Tangible Book
$7.75
Financials
Financial Snapshot
Market Cap
$1.63B
Enterprise Value
$409.2M
Revenue (TTM)
$412.8M
Net Income (TTM)
$-27.6M
Cash & Equivalents
—
Net Cash/Share
$3.27
Free Cash Flow (TTM)
$-30.7M
Operating CF (TTM)
$-24.9M
Debt/Equity
1.11
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$6.2M
Monthly Burn
$2.1M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $157.8M | $97.0M | $176.8M | $321.1M | $402.5M | $442.6M | $820.4M | $864.2M | $844.9M | |
| Operating Cash Flow | $-21.1M | $-134.9M | $-83.5M | $-143.1M | $-49.2M | $2.9M | $26.1M | $-10.7M | $-24.9M | |
| Free Cash Flow | $-25.6M | $-140.5M | $-87.7M | $-144.5M | $-51.4M | $-2.5M | $20.9M | $-15.1M | $-30.7M | |
| Capital Expenditure | $-4.5M | $-5.6M | $-4.2M | $-1.4M | $-2.2M | $-5.4M | $-5.2M | $-4.3M | $-5.8M | |
| Financing Cash Flow | $128.0K | $72.3M | $158.0M | $288.2M | $145.4M | $34.3M | $343.9M | $12.4M | $10.5M |
R&D Spending
R&D (TTM)
$279.5M
R&D Intensity
67.7%
R&D Growth YoY
+1.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.0M | $33.7M | $41.0M | $36.5M | $174.4M | $249.4M | $310.2M | $400.0M | $412.8M | |
| R&D Expense | $106.0M | $131.1M | $102.0M | $100.2M | $101.9M | $163.5M | $222.2M | $274.9M | $279.5M | |
| R&D % of Revenue | 353.3% | 389.5% | 248.4% | 274.8% | 58.5% | 65.6% | 71.6% | 68.7% | 67.7% | |
| SG&A | $43.3M | $57.9M | $62.3M | $110.8M | $123.1M | $144.5M | $155.8M | $165.4M | $163.1M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.0M | $33.7M | $41.0M | $36.5M | $174.4M | $249.4M | $310.2M | $400.0M | $412.8M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $1.1M | $1.0M | $2.7M | $5.1M | $4.7M | |
| Gross Profit | $30.0M | $33.7M | $41.0M | $36.5M | $173.3M | $248.4M | $307.5M | $394.9M | $408.1M | |
| R&D | $106.0M | $131.1M | $102.0M | $100.2M | $101.9M | $163.5M | $222.2M | $274.9M | $279.5M | |
| SG&A | $43.3M | $57.9M | $62.3M | $110.8M | $123.1M | $144.5M | $155.8M | $165.4M | $163.1M | |
| Operating Income | $-119.4M | $-155.4M | $-121.7M | $-174.6M | $-51.7M | $-59.6M | $-70.5M | $-45.4M | $-34.5M | |
| Interest Expense | $-1.1M | $-5.0M | $-4.2M | $-5.6M | $-5.4M | $-5.2M | $-18.8M | $-12.2M | $-12.7M | |
| Pretax Income | $-111.9M | $-165.5M | $-119.1M | $-179.9M | $-40.9M | $-60.9M | $-52.9M | $-19.1M | $-11.9M | |
| Net Income | $-90.9M | $-136.3M | $-101.0M | $-180.0M | $-52.5M | $-55.3M | $-51.1M | $-35.5M | $-27.6M | |
| EPS (Diluted) | -0.00 | -0.01 | -3.18 | -4.24 | -1.15 | -1.13 | -1.02 | -0.71 | -0.55 | |
| EBITDA | $-102.3M | $-148.4M | $-102.6M | $-166.7M | $-30.1M | $-51.6M | $-29.9M | $-3.7M | $4.1M | |
| Shares Out. (M) | 27306.94 | 27306.94 | 31.78 | 42.49 | 45.72 | 48.89 | 49.99 | 50.35 | 52.94 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $157.8M | $97.0M | $176.8M | $321.1M | $402.5M | $442.6M | $455.7M | $467.7M | $452.7M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $364.6M | $396.4M | $392.2M | |
| Total Current Assets | $217.2M | $163.0M | $208.4M | $354.6M | $474.0M | $528.8M | $929.9M | $996.7M | $1.00B | |
| Total Assets | $248.4M | $243.4M | $268.7M | $407.3M | $526.8M | $597.0M | $1.01B | $1.07B | $1.07B | |
| Total Current Liabilities | $62.9M | $110.8M | $75.0M | $82.6M | $100.8M | $139.0M | $212.2M | $246.7M | $240.1M | |
| Long-Term Debt | $24.0M | $0.00 | $50.0M | $50.2M | $47.8M | $48.0M | $391.0M | $393.1M | $393.7M | |
| Total Liabilities | $176.6M | $224.0M | $193.3M | $175.8M | $187.9M | $228.2M | $648.8M | $686.2M | $678.4M | |
| Stockholders' Equity | $71.8M | $19.4M | $75.4M | $231.5M | $338.9M | $368.8M | $360.7M | $381.0M | $393.7M | |
| Retained Earnings | $-222.3M | $-366.0M | $-476.8M | $-649.7M | $-689.4M | $-744.7M | $-795.8M | $-831.3M | $-818.3M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-21.1M | $-134.9M | $-83.5M | $-143.1M | $-49.2M | $2.9M | $26.1M | $-10.7M | $-24.9M | |
| Capital Expenditure | $-4.5M | $-5.6M | $-4.2M | $-1.4M | $-2.2M | $-5.4M | $-5.2M | $-4.3M | $-5.8M | |
| Free Cash Flow | $-25.6M | $-140.5M | $-87.7M | $-144.5M | $-51.4M | $-2.5M | $20.9M | $-15.1M | $-30.7M | |
| Investing Cash Flow | $73.6M | $-3.4M | $1.6M | $-1.3M | $-2.2M | $-5.4M | $-355.1M | $-16.3M | $-21.8M | |
| Financing Cash Flow | $128.0K | $72.3M | $158.0M | $288.2M | $145.4M | $34.3M | $343.9M | $12.4M | $10.5M | |
| Issuance of Stock | $0.00 | $78.5M | $113.4M | $286.9M | $139.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $51.2M | $0.00 | $50.0M | $0.00 | $402.5M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $-5.3M | $-6.0M | $0.00 | $-50.0M | $0.00 | $-50.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $845.0K | $4.0M | $11.1M | $48.9M | $32.9M | $32.5M | $34.2M | $37.7M | $34.5M | |
| Net Change in Cash | $52.7M | $-66.1M | $76.0M | $144.4M | $81.4M | $40.2M | $13.1M | $12.0M | $-24.2M |
Dilution Tracker
Shares outstanding grew 24.6% over 5 years — significant dilution
Shares Outstanding
53M
5-Year Share Growth
+24.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 27306.94 | 27306.94 | 31.78 | 42.49 | 45.72 | 48.89 | 49.99 | 50.35 | 52.94 | |
| YoY Change % | — | 0.0% | -99.9% | 33.7% | 7.6% | 6.9% | 2.3% | 0.7% | 5.1% | |
| Stock Issuance | $0.00 | $78.5M | $113.4M | $286.9M | $139.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $845.0K | $4.0M | $11.1M | $48.9M | $32.9M | $32.5M | $34.2M | $37.7M | $34.5M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 99.4% | 99.6% | 99.1% | 98.7% | 98.9% | |
| Operating Margin % | -397.7% | -461.7% | -296.5% | -478.5% | -29.7% | -23.9% | -22.7% | -11.3% | -8.3% | |
| Net Margin % | -302.8% | -404.9% | -246.0% | -493.4% | -30.1% | -22.2% | -16.5% | -8.9% | -6.7% | |
| EBITDA Margin % | -340.9% | -440.9% | -250.0% | -457.0% | -17.3% | -20.7% | -9.6% | -0.9% | 1.0% | |
| FCF Margin % | -85.2% | -417.5% | -213.6% | -396.0% | -29.5% | -1.0% | 6.7% | -3.8% | -7.5% | |
| ROE % | -126.6% | -299.0% | -213.0% | -117.3% | -18.4% | -15.6% | -14.0% | -9.6% | -7.1% | |
| ROA % | -36.6% | -55.4% | -39.4% | -53.3% | -11.3% | -9.8% | -6.4% | -3.4% | -2.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S3.95
Historical3.47 / 12.74 / 76.67
Industry Med.9.51
P/B4.13
Historical3.53 / 5.38 / 20.74
Industry Med.2.93
EV/EBITDA293.07
Historical-1774.08 / -35.24 / 6901.36
Industry Med.13.14
EV/Revenue2.95
Historical2.61 / 11.23 / 37.75
Industry Med.8.71
P/FCF—
Historical53.18 / 184.71 / 34160.00
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$7.75
Net Current Assets
$6.400
Net-Net Working Capital
$4.55
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 0.00 | 39.86 | 14.96 | 13.39 | 4.75 | 4.37 | 3.95 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 6.49 | 8.10 | 9.21 | 4.09 | 4.62 | 4.13 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -7.60 | -80.41 | -58.86 | -36.44 | -363.13 | 293.07 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 34.73 | 13.90 | 12.19 | 3.51 | 3.33 | 2.95 |
Analyst Estimates & Quality
Altman Z-Score
1.61
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-2.48
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $447.1M | $489.2M | $582.9M |
| Net Income | $7.0M | $-43.3M | $4.4M |
| EPS | 0.14 | -0.28 | 0.85 |
| Book Value per Share | 463.80 | 522.81 | 651.38 |
| Operating Cash Flow per Share | 1.02 | 0.45 | 1.77 |
| Operating CF | $54.15M | $23.98M | $93.75M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Immunotherapies | $400.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $257.0M |
| Europe | $131.4M |
| International | $11.6M |