Revenue growth remains strong and losses are narrowing, but the EPS miss relative to consensus may cause short-term pressure. The key catalyst is TEBE-AM Phase 3 data expected by end of 2026 — a positive readout could significantly expand KIMMTRAK's addressable market into cutaneous melanoma. Monitor upcoming pipeline data presentations in H2 2026.
Price Chart
Executive Summary
Immunocore reported Q2 2026 KIMMTRAK revenue of $115.9M (+18% YoY), beating consensus of $110.4M, but posted a small net loss of $0.8M ($-0.02 EPS) vs consensus expectations of $0.02 EPS. The EPS miss was driven by higher R&D spend on three Phase 3 trials. Cash position remains strong at $880M. Enrollment in the pivotal TEBE-AM trial for cutaneous melanoma is nearing completion with data possible by year-end.
Key Financial Metrics
Key Facts
- Q2 2026 KIMMTRAK net revenue $115.9M, up 18% YoY from $98.0M
- Net loss of $0.8M ($-0.02 EPS) vs net loss of $10.3M ($-0.20 EPS) in Q2 2025
- Revenue beat consensus of $110.4M; EPS missed consensus of $0.02
- Cash, cash equivalents and marketable securities $880.2M as of June 30, 2026
- Enrollment in Phase 3 TEBE-AM trial nearing target of 540 patients; topline data possible end of 2026
- Phase 3 PRISM-MEL-301 (brenetafusp) and ATOM (adjuvant uveal melanoma) trials ongoing
Financial Impact
Revenue grew 18% YoY to $115.9M; net loss narrowed to $0.8M from $10.3M; EPS miss of -$0.04 vs consensus
Risk Factors
- KIMMTRAK is the sole revenue source; any sales disruption or competitive threat would materially impact financials
- Clinical trial risks for TEBE-AM, PRISM-MEL-301, and ATOM trials
- Expected $120M in sales-related rebate payments in H2 2026 could pressure cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001671927-26-000020 |
| Document: imcr-20260806.htm | 0001671927-26-000020 |
| Document: 0001671927-26-000020-index-headers.html | 0001671927-26-000020 |
| Document: 0001671927-26-000020-index.html | 0001671927-26-000020 |
| Document: 0001671927-26-000020.txt | 0001671927-26-000020 |
| 8-K Data (Synthetic) | 0001671927-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $32.46 $32.18 | ▼ −0.86% | ▼ −0.97% | $29.71 (−8.47%) |
Aug 6, 2026 8w ago | 8-K | $34.50 $34.20 | ▼ −0.87% | ▼ −2.08% | $29.71 (−13.88%) |
May 31, 2026 17w ago | Press Release | $29.13 $28.29 | ▼ −2.88% | ▼ −0.13% | $29.71 (+1.99%) |
Apr 19, 2026 23w ago | Press Release | $31.46 $28.56 | ▼ −9.22% | ▼ −10.13% | $29.71 (−5.56%) |
Apr 8, 2026 25w ago | 144 | $31.85 $31.64 | ▼ −0.66% | ▼ −4.18% | $29.71 (−6.72%) |
Mar 17, 2026 28w ago | Press Release | $30.04 $30.28 | ▲ +0.80% | ▲ +1.51% | $29.71 (−1.10%) |
Feb 25, 2026 31w ago | 8-K | $32.16 $33.73 | ▲ +4.88% | ▲ +5.98% | $29.71 (−7.62%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access