Filing Flows › Immunocore Holdings (IMCR) › Q3 2025
Immunocore Holdings (IMCR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Immunocore Holdings (IMCR) reported revenue of $104M for the third quarter 2025 (Q3 2025), +29% from a year earlier and +6% from the quarter before. Operating margin was -6.9%, net loss $177K (0.2% of revenue).
Immunocore Holdings, Q3 2025: revenue $104M (+29% year over year), operating margin -6.9%, net loss $177K, operating cash flow −$4.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | +6% | +29% |
| Operating profit | −$7.2M | — | — |
| Net earnings | −$177K | — | — |
| Operating cash flow | −$4.5M | -117% | — |
What changed
Revenue was $103.7M in Q3 2025, up 29% year over year and up 6% from the previous quarter.
Operating costs exceeded revenue by $7.2M, an operating margin of -6.9%. Total costs grew 25% against revenue growth of 29%. The fastest-growing cost line was Research & development (+34%). The quarter ended with a net loss of $177K, narrower than the previous quarter's $10.3M loss. Non-operating items added $7.5M, 2459% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$4.5M. Non-cash charges added back $798K of depreciation and $9.8M of share-based compensation. Working capital and other items used $14.9M. Capital expenditures of $748K exceeded it, leaving free cash flow of −$5.2M.
Questions
What was Immunocore Holdings' revenue in the third quarter 2025?
Immunocore Holdings (IMCR) reported revenue of $104M for the third quarter 2025 (Q3 2025), +29% from a year earlier and +6% from the quarter before.
Was Immunocore Holdings profitable in the third quarter 2025?
Operating loss was $7.2M (-6.9% of revenue) and net loss $177K.