Immunocore Holdings plc (NASDAQ:IMCR) Capital Efficiency Analysis

Core Insights - Immunocore Holdings plc (NASDAQ:IMCR) is a biotechnology company focused on T cell receptor-based therapeutics, operating in a capital-intensive industry where efficiency is critical [1] Financial Performance - Immunocore's Return on Invested Capital (ROIC) is -4.49%, while its Weighted Average Cost of Capital (WACC) is 6.65%, indicating that the company is not generating returns above its cost of capital [2][5] - The ROIC to WACC ratio for Immunocore is -0.675, suggesting inefficiency in capital utilization compared to its cost [2] Peer Comparison - Vor Biopharma Inc. (VOR) has a significantly lower ROIC of -232.79% and a WACC of 8.17%, resulting in a ROIC to WACC ratio of -28.49, indicating even poorer capital efficiency than Immunocore [3] - Cullinan Therapeutics, Inc. (CGEM) and Sana Biotechnology, Inc. (SANA) also exhibit negative ROIC to WACC ratios of -11.51 and -6.34, respectively, reflecting similar challenges in generating returns above capital costs [3] - Design Therapeutics, Inc. (DSGN) has the highest ROIC to WACC ratio among peers at -3.01, suggesting relatively better capital utilization despite still being negative [4][5]