Immunocore(IMCR) - 2025 Q3 - Quarterly Results

Revenue Performance - KIMMTRAK® net revenues reached $103.7 million in Q3 2025, a 29% increase year-over-year[1] - The company reported a total of $295.5 million in KIMMTRAK sales for the nine months ended September 30, 2025, representing a 31% increase compared to the same period in 2024[8] - The U.S. experienced an 18% year-over-year quarterly sales growth, with the mean duration of treatment increasing to 14 months[8] - European and international sales grew by 58% year-over-year, driven by increased demand and market launches[8] - Total revenue for the quarter ended September 30, 2025, was $103.693 million, a 29.2% increase from $80.248 million in the same quarter of 2024[47] - Revenue from the sale of therapies for the year to date was $295.538 million, compared to $225.937 million for the same period in 2024, reflecting a 30.7% increase[47] Expenses and Financial Loss - Research and development expenses for Q3 2025 were $70.6 million, up from $52.8 million in Q3 2024, due to advancements in autoimmune programs and Phase 3 trials[21] - Selling, general and administrative expenses increased to $39.8 million in Q3 2025 from $35.5 million in Q3 2024, primarily for business support functions[22] - The company reported a net loss of $0.2 million for Q3 2025, compared to a net profit of $8.7 million in Q3 2024[23] - The net loss for the quarter was $177,000, compared to a net income of $8.736 million in the same quarter of 2024[47] - The basic net loss per share for the quarter was $(0.00), compared to a basic net income per share of $0.17 in the prior year[47] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $892 million as of September 30, 2025, up from $820.4 million at the end of 2024[24] - Total current assets amounted to $1,022,848,929, an increase from $1,009,506,000[48] - Cash and cash equivalents reached $498,413,000, up from $455,731,000[48] - Total assets increased to $1,102,500,000 from $1,009,506,000[48] - Total equity for shareholders was $396,564,360, an increase from $716,000[48] Liabilities - Total liabilities stood at $705,936,000, compared to $648,790,000 previously[48] - Current liabilities totaled $170,353,221, an increase from $181,000[48] - Accounts payable decreased to $22,956,000 from $25,100,000[48] - Deferred revenue, current, was reported at $582,000, compared to $547,000[48] Clinical Trials and Product Development - The company is advancing three Phase 3 melanoma trials and multiple mid-stage programs to enhance patient outcomes and shareholder value[2] - The Independent Data Monitoring Committee recommended a 160 mcg dose for the brenetafusp in the Phase 3 PRISM-MEL-301 trial[8] - KIMMTRAK has been approved for treatment in multiple regions, including the United States, European Union, Canada, Australia, and the United Kingdom[36] - The company is focused on expanding KIMMTRAK's indications and global market presence, targeting advanced cutaneous melanoma and adjuvant uveal melanoma[45] Patient Outcomes and Side Effects - 89% of patients receiving KIMMTRAK experienced Cytokine Release Syndrome (CRS), with 0.8% classified as grade 3 or 4[37] - Skin reactions occurred in 91% of patients treated with KIMMTRAK, necessitating monitoring and potential treatment[38] - Elevations in liver enzymes were reported in 65% of patients treated with KIMMTRAK, requiring careful monitoring[39] Cash Flow Activities - Net cash provided by operating activities decreased to $21,943,000 from $40,012,000 year-over-year[50] - Net cash used in investing activities significantly decreased to $(15,460,000) compared to $(351,589,000) in the prior year[50] - Net cash provided by financing activities decreased to $8,087,000 from $395,392,000 year-over-year[50] - Cash and cash equivalents at the beginning of the period were $455,731,000, an increase from $442,626,000 in the previous year[50] - Cash and cash equivalents at the end of the period (September 30) were $498,413,000, down from $537,767,000 in the previous year[50] - Net foreign exchange difference on cash held increased to $28,112,000 from $11,326,000 year-over-year[50]