Filing Flows › Immunocore Holdings (IMCR) › Q2 2025
Immunocore Holdings (IMCR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Immunocore Holdings (IMCR) reported revenue of $98.0M for the second quarter 2025 (Q2 2025), +30% from a year earlier and +4% from the quarter before. Operating margin was -15.2%, net loss $10.3M (10.5% of revenue).
Immunocore Holdings, Q2 2025: revenue $98.0M (+30% year over year), operating margin -15.2%, net loss $10.3M, operating cash flow $26.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.0M | +4% | +30% |
| Operating profit | −$14.9M | — | — |
| Net earnings | −$10.3M | -305% | — |
| Operating cash flow | $26.0M | 60× | +11% |
| Free cash flow | $25.6M | 186× | +10% |
What changed
Revenue was $98.0M in Q2 2025, up 30% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $14.9M, an operating margin of -15.2%. Total costs grew 23% against revenue growth of 30%. The fastest-growing cost line was Research & development (+35%). The quarter ended with a net loss of $10.3M, after a profit of $5.0M the previous quarter. Non-operating items added $5.2M, -53% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $26.0M (up 11% year over year). Non-cash charges added back $780K of depreciation and $10.0M of share-based compensation. Working capital and other items added $25.5M. Capital expenditures of $414K left free cash flow of $25.6M.
Questions
What was Immunocore Holdings' revenue in the second quarter 2025?
Immunocore Holdings (IMCR) reported revenue of $98.0M for the second quarter 2025 (Q2 2025), +30% from a year earlier and +4% from the quarter before.
Was Immunocore Holdings profitable in the second quarter 2025?
Operating loss was $14.9M (-15.2% of revenue) and net loss $10.3M.