Filing Flows › Immunocore Holdings (IMCR) › Q4 2025
Immunocore Holdings (IMCR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Immunocore Holdings (IMCR) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +0.8% from the quarter before. Operating margin was -18.8%, net loss $30.1M (28.8% of revenue).
Immunocore Holdings, Q4 2025: revenue $104M (+24% year over year), operating margin -18.8%, net loss $30.1M, operating cash flow −$32.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | +0.8% | +24% |
| Operating profit | −$19.7M | — | — |
| Net earnings | −$30.1M | — | — |
| Operating cash flow | −$32.7M | — | — |
What changed
Revenue was $104.5M in Q4 2025, up 24% year over year and up 1% from the previous quarter.
Operating costs exceeded revenue by $19.7M, an operating margin of -18.8%. Total costs grew 20% against revenue growth of 24%. The fastest-growing cost line was Cost of revenue (+719%). The quarter ended with a net loss of $30.1M, wider than the previous quarter's $177K loss. Non-operating items added $3.9M, -25% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$32.7M. Non-cash charges added back $834K of depreciation and $8.3M of share-based compensation. Working capital and other items used $11.8M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$35.5M.
Questions
What was Immunocore Holdings' revenue in the fourth quarter 2025?
Immunocore Holdings (IMCR) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +0.8% from the quarter before.
Was Immunocore Holdings profitable in the fourth quarter 2025?
Operating loss was $19.7M (-18.8% of revenue) and net loss $30.1M.