Immunocore Holdings plc
IMCR · Biological Products, (No Diagnostic Substances) · 50.9M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Reference price $32.35 · est. market cap ~$1.6B — last insider sale, 2026-02-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Commercial T-cell-therapy biopharma (Kimmtrak/tebentafusp) — near breakeven and growing, with elite gross margin.
Strengths
- Near profitability with elite gross margin — gross margin 99% (89th), operating margin -11% (81st), revenue +29%
Risks
- Still loss-making, modest burn — net margin -9%, FCF -$15M
- Single-product concentration — per 10-K
- Competition/label-expansion dependence — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -8.9%)
- Cash burnNegative free cash flow (-15.1M)
- Strong balance sheetStrong balance sheet — $864M cash & investments, ~230 quarters of runway
- Notable holderHeld by 6 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$619,082, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
98.7%
Operating margin
-11.3%
Net margin
-8.9%
Return on equity
-9.3%
Return on assets
-3.3%
Revenue growth (QoQ)
2.1%
Current ratio
4.0×
Free cash flow
-$15M
EBITDA
-$42M
Tangible book value
$381M
Cash & investments
$864M
Cash runway
230q
Stock comp / revenue
9.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-18 | St Leger Tina Amber | Sell | 1.0K | $32.35 |
| 2026-02-18 | Berman David M | Sell | 6.0K | $32.35 |
| 2026-02-18 | GOLL JOHN | Sell | 698 | $32.35 |
| 2026-02-18 | Jallal Bahija | Sell | 11K | $32.35 |
| 2026-02-17 | GOLL JOHN | Option exercise | 1.4K | — |
| 2026-02-17 | St Leger Tina Amber | Option exercise | 2.1K | — |
| 2026-02-17 | Jallal Bahija | Option exercise | 24K | — |
| 2026-02-17 | Berman David M | Option exercise | 12K | — |
| 2025-12-05 | Berman David M | Sell | 572 | $40.14 |
| 2025-12-05 | Berman David M | Option exercise | 572 | $17.46 |
| 2025-12-04 | Berman David M | Option exercise | 31K | $17.46 |
| 2025-12-04 | Berman David M | Sell | 31K | $40.26 |
| 2025-11-28 | Berman David M | Option exercise | 5.5K | $17.46 |
| 2025-11-28 | Berman David M | Sell | 5.5K | $40.09 |
| 2025-11-26 | Berman David M | Option exercise | 69K | $17.46 |
| 2025-11-26 | Berman David M | Sell | 69K | $40.12 |
| 2025-11-25 | Berman David M | Option exercise | 18K | $17.46 |
| 2025-11-25 | Berman David M | Sell | 18K | $40.03 |
| 2025-11-24 | Berman David M | Option exercise | 100 | $17.46 |
| 2025-11-24 | Berman David M | Sell | 100 | $40.00 |
| 2025-09-30 | Berman David M | Sell | 62K | $35.23 |
| 2025-09-30 | Berman David M | Option exercise | 62K | $17.46 |
| 2025-09-15 | Berman David M | Option exercise | 200 | $17.46 |
| 2025-09-15 | Berman David M | Sell | 200 | $35.01 |
| 2025-09-12 | Berman David M | Sell | 1.3K | $36.31 |
| 2025-09-12 | Berman David M | Sell | 21K | $35.63 |
| 2025-09-12 | Berman David M | Option exercise | 23K | $17.46 |
| 2025-09-11 | Berman David M | Sell | 19K | $36.28 |
| 2025-09-11 | Berman David M | Option exercise | 19K | $17.46 |
| 2025-09-10 | Berman David M | Sell | 30K | $36.12 |
| 2025-09-10 | Berman David M | Option exercise | 31K | $17.46 |
| 2025-09-10 | Berman David M | Sell | 1.2K | $36.77 |
| 2025-03-17 | BAKER BROS. ADVISORS LP | Buy | 60K | $29.74 |
| 2025-03-17 | BAKER BROS. ADVISORS LP | Buy | 646K | $29.74 |
| 2025-03-17 | BAKER BROS. ADVISORS LP | Buy | 8.6K | $29.56 |
| 2025-03-17 | BAKER BROS. ADVISORS LP | Buy | 92K | $29.56 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-27 | 0001140361-26-022984 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001671927-26-000009 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001140361-26-019205 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001671927-26-000005 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001140361-26-006721 ↗ |
| 8-K | 2026-01-30 | 2026-01-27 | 0001140361-26-002894 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001140361-26-000780 ↗ |
| 8-K | 2025-11-28 | 2025-11-26 | 0001140361-25-043600 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001671927-25-000018 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001140361-25-040664 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001140361-25-029350 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001671927-25-000014 ↗ |