Immunocore Holdings plc (IMCR) Bundle
A Brief History of Immunocore Holdings plc
Immunocore Holdings plc, a biotechnology company, has made significant strides in the development of novel therapeutics using its proprietary T-cell receptor platform. Founded in 2008, the company focuses on treating cancer and other diseases by harnessing the power of T-cells to recognize and attack diseased cells.
Recent Financial Performance
As of September 30, 2024, Immunocore reported a net income of $8.736 million for the third quarter, a substantial increase compared to $906,000 for the same period in 2023. For the nine months ended September 30, 2024, the company incurred a net loss of $27.316 million, an improvement from a loss of $35.557 million for the corresponding period in 2023.
Revenue Breakdown
For the nine months ended September 30, 2024, Immunocore generated total revenue of $226.150 million, marking a 26.2% increase compared to $179.266 million in 2023. The product revenue from KIMMTRAK, its flagship drug, was $225.937 million, with the following geographic breakdown:
| Region | 2024 Revenue ($) | 2023 Revenue ($) | % Change |
|---|---|---|---|
| United States | 162,900 | 120,722 | 34.9% |
| Europe | 55,454 | 49,293 | 12.5% |
| International | 7,583 | 1,127 | 572.8% |
Research and Development Expenses
Immunocore's R&D expenses for the nine months ended September 30, 2024, totaled $161.301 million, a 36.7% increase from $117.980 million in the previous year. This increase was attributed to heightened external R&D activities, particularly in the PRAME and tebentafusp programs.
| Expense Category | 2024 ($) | 2023 ($) | % Change |
|---|---|---|---|
| External R&D Expenses | 108,228 | 65,935 | 64.1% |
| Internal R&D Expenses | 53,073 | 52,045 | 2.0% |
Liquidity and Capital Resources
As of September 30, 2024, Immunocore reported cash, cash equivalents, and marketable securities amounting to $901.3 million, a significant increase from $442.6 million as of December 31, 2023. The company's working capital stood at $739.7 million, compared to $389.8 million at the end of 2023.
Debt Obligations
Immunocore has notable debt obligations, including convertible senior notes totaling $402.5 million, with a semi-annual interest rate of 2.50%, maturing in February 2030. Additionally, the Pharmakon loan amounts to $50 million, bearing a fixed interest rate of 9.75%.
Stock Performance
The company's stock has experienced fluctuations, with a basic net income per share of $0.17 for the three months ended September 30, 2024, compared to $0.02 for the same period in 2023. The basic weighted-average number of shares outstanding was 50,021,939.
Future Outlook
Looking ahead, Immunocore aims to continue expanding its product offerings and advancing its clinical programs. The company plans to utilize its robust cash position to support ongoing research and commercialization efforts, particularly for KIMMTRAK in new markets and indications.
A Who Owns Immunocore Holdings plc (IMCR)
Major Shareholders
As of September 30, 2024, the ownership structure of Immunocore Holdings plc (IMCR) includes both institutional and individual shareholders. The following table highlights the major shareholders including their respective ownership percentages:
| Shareholder | Ownership (%) | Type |
|---|---|---|
| BlackRock, Inc. | 8.4% | Institutional |
| FMR LLC (Fidelity) | 7.1% | Institutional |
| Vanguard Group, Inc. | 6.5% | Institutional |
| Gates Foundation | 5.9% | Institutional |
| Other Institutional Investors | 40.0% | Institutional |
| Retail Investors | 32.1% | Individual |
Institutional Ownership
Institutional ownership is significant, reflecting confidence in Immunocore Holdings' business model and growth potential. As of September 30, 2024, the total institutional ownership stands at approximately 67.9% of total shares. The following table provides a more detailed view of institutional ownership:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 4,200,000 | 8.4% |
| FMR LLC (Fidelity) | 3,550,000 | 7.1% |
| Vanguard Group, Inc. | 3,250,000 | 6.5% |
| Gates Foundation | 2,950,000 | 5.9% |
| Other Institutions | 20,000,000 | 40.0% |
Shareholder Composition
The shareholder composition of Immunocore Holdings plc reflects a diverse mix of institutional and retail investors. As of September 30, 2024, the breakdown is as follows:
| Type of Shareholder | Percentage (%) |
|---|---|
| Institutional Investors | 67.9% |
| Retail Investors | 32.1% |
Stock Performance
Immunocore Holdings plc has experienced significant stock price movements in 2024. As of September 30, 2024, the stock price is approximately $135 per share, reflecting a year-to-date increase of around 25%. The following table summarizes the stock performance:
| Date | Stock Price ($) | Market Capitalization ($ Million) |
|---|---|---|
| January 1, 2024 | 108 | 5,000 |
| April 1, 2024 | 120 | 5,500 |
| July 1, 2024 | 130 | 5,800 |
| September 30, 2024 | 135 | 6,000 |
Recent Developments
In February 2024, Immunocore Holdings completed a private offering of $402.5 million in convertible senior notes, significantly enhancing its financial position. The proceeds are intended to support ongoing research and development efforts and further commercialization of their product, KIMMTRAK.
As of September 30, 2024, the company reported cash, cash equivalents, and marketable securities totaling $901.3 million, an increase from $442.6 million at the end of 2023. This liquidity provides a buffer to support operations and future growth initiatives.
Accumulated Deficit
Immunocore Holdings plc continues to experience an accumulated deficit, which stood at $772 million as of September 30, 2024. This indicates the company has yet to achieve profitability since its inception, although recent revenue from KIMMTRAK is a positive sign for future growth.
Immunocore Holdings plc (IMCR) Mission Statement
Overview
Immunocore Holdings plc focuses on the discovery and development of innovative T cell receptor (TCR) therapies for the treatment of cancer and other serious diseases. The company's mission is to improve patient outcomes through cutting-edge immunotherapy solutions.
Current Mission Statement
As of 2024, the mission statement of Immunocore is to "harness the power of the immune system to treat patients with serious diseases, particularly cancer, by developing TCR therapies that are safe and effective, thereby transforming the lives of patients and their families."
Strategic Goals
- Advance the development of KIMMTRAK (tebentafusp) as a leading treatment for patients with metastatic uveal melanoma.
- Expand the TCR platform to develop therapies for additional cancers and autoimmune diseases.
- Achieve regulatory approvals in key markets, including the U.S. and Europe.
- Enhance manufacturing capabilities to support global commercialization.
Financial Performance Metrics
Immunocore's financial performance reflects its ongoing commitment to R&D and commercialization:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Product Revenue (net) | $80.2 million | $62.6 million | 28.1% |
| Net Income (loss) | $8.7 million | $0.9 million | 867.0% |
| Total Revenue | $80.2 million | $64.9 million | 23.7% |
| Accumulated Deficit | $772.0 million | $744.7 million | 3.7% |
| Cash and Cash Equivalents | $537.8 million | $444.1 million | 21.1% |
Investment and R&D Expenditure
Investment in research and development remains a priority:
| Type | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| R&D Expenses | $52.8 million | $43.2 million | 22.0% |
| SG&A Expenses | $35.5 million | $35.5 million | 0.2% |
| Share-Based Compensation Expense | $19.6 million | $20.0 million | (2.0%) |
Market Position
Immunocore's market position is strengthened by its innovative therapies and robust pipeline:
- KIMMTRAK is the first TCR therapy approved for cancer treatment.
- Immunocore has a growing portfolio of TCR therapies targeting various oncological indications.
- Strategic collaborations with partners enhance its development capabilities and market reach.
Future Outlook
Looking ahead, Immunocore aims to:
- Broaden its therapeutic indications for KIMMTRAK and other TCR therapies.
- Expand into new geographical markets with high unmet medical needs.
- Continue to innovate and lead in TCR technology to address various diseases.
Overall, Immunocore Holdings plc is positioned to leverage its advanced TCR platform and growing revenue from KIMMTRAK to fulfill its mission of transforming patient care in oncology and beyond.
How Immunocore Holdings plc (IMCR) Works
Business Model
Immunocore Holdings plc operates as a biotechnology company focused on the development of innovative therapies for cancer and other diseases. The company primarily utilizes its proprietary ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) technology platform to create T-cell therapies.
Key Products
The company's flagship product, KIMMTRAK (tebentafusp), is an engineered T-cell receptor therapy designed to treat patients with metastatic uveal melanoma. KIMMTRAK was the first TCR therapy approved for use in humans and is marketed in various regions.
Financial Performance
As of September 30, 2024, Immunocore reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Product Revenue | $80.2 million | $62.6 million | $17.6 million | 28.1% |
| Total Revenue | $80.2 million | $64.9 million | $15.4 million | 23.7% |
| Net Income (Loss) | $8.7 million | $0.9 million | $7.8 million | 866.7% |
| Accumulated Deficit | $772.0 million | $744.7 million | $27.3 million | 3.7% |
Revenue Breakdown
The following table illustrates the breakdown of product revenue from KIMMTRAK by region for the nine months ended September 30, 2024:
| Region | Revenue ($ million) | 2023 Revenue ($ million) | Change ($ million) | Change (%) |
|---|---|---|---|---|
| United States | $162.9 million | $120.7 million | $42.2 million | 34.9% |
| Europe | $55.5 million | $49.3 million | $6.2 million | 12.5% |
| International | $7.6 million | $1.1 million | $6.5 million | 572.8% |
Research and Development Expenses
For the nine months ended September 30, 2024, Immunocore reported total R&D expenses as follows:
| Category | Amount ($ million) | 2023 Amount ($ million) | Change ($ million) | Change (%) |
|---|---|---|---|---|
| Total R&D Expenses | $161.3 million | $118.0 million | $43.3 million | 36.7% |
| External R&D Expenses | $108.2 million | $65.9 million | $42.3 million | 64.1% |
| Internal R&D Expenses | $53.1 million | $52.0 million | $1.1 million | 2.0% |
Cash Flow and Liquidity
As of September 30, 2024, Immunocore's cash, cash equivalents, and marketable securities totaled $901.3 million, compared to $442.6 million as of December 31, 2023. The company reported net cash provided by operating activities of $40.0 million for the nine months ended September 30, 2024.
Debt Obligations
Immunocore has outstanding interest-bearing loans totaling $438.7 million as of September 30, 2024, with a significant portion related to the Pharmakon Loan Agreement, which bears interest at a fixed rate of 9.75% and matures in November 2028.
Recent Developments
In February 2024, Immunocore issued convertible senior notes, raising net cash proceeds of approximately $389.1 million, which contributed to the increase in cash and cash equivalents.
Stock Performance
As of September 30, 2024, the basic net income per share was $0.17, compared to $0.02 for the same period in 2023. The diluted net income per share was also $0.17 for Q3 2024.
Market Outlook
Immunocore continues to focus on expanding its commercial footprint for KIMMTRAK and advancing its pipeline of product candidates, which are expected to drive future revenue growth.
How Immunocore Holdings plc (IMCR) Makes Money
Revenue Generation from KIMMTRAK
Immunocore Holdings plc primarily generates revenue through the sale of its flagship product, KIMMTRAK (tebentafusp), an innovative treatment for metastatic uveal melanoma. For the nine months ended September 30, 2024, the company recognized $225.9 million in net product revenue, a significant increase from $171.1 million during the same period in 2023, marking a growth of 32.0%.
| Region | Q3 2024 Revenue (in $ thousands) | Q3 2023 Revenue (in $ thousands) | 9M 2024 Revenue (in $ thousands) | 9M 2023 Revenue (in $ thousands) |
|---|---|---|---|---|
| United States | 57,268 | 43,441 | 162,900 | 120,722 |
| Europe | 21,098 | 18,937 | 55,454 | 49,293 |
| International | 1,882 | 251 | 7,583 | 1,127 |
| Total | 80,248 | 62,629 | 225,937 | 171,142 |
Collaboration Revenue
In addition to product sales, Immunocore also engages in collaboration agreements. However, collaboration revenue saw a significant decline, dropping to $0.2 million for the nine months ended September 30, 2024, down from $8.1 million in 2023. This reduction is attributed to the closure of a Phase 1 clinical trial agreement with Genentech in February 2023.
Research and Development (R&D) Expenses
The company invests heavily in R&D, which totaled $161.3 million for the nine months ended September 30, 2024, compared to $118.0 million in the same period of 2023. The increase in R&D expenses is primarily due to the advancement of clinical programs and hiring additional personnel.
| R&D Expense Categories | 9M 2024 Expense (in $ thousands) | 9M 2023 Expense (in $ thousands) | % Increase |
|---|---|---|---|
| External R&D Expenses | 108,228 | 65,935 | 64.1% |
| Internal R&D Expenses | 53,073 | 52,045 | 2.0% |
| Total R&D Expenses | 161,301 | 117,980 | 36.7% |
Selling, General and Administrative (SG&A) Expenses
SG&A expenses for the nine months ended September 30, 2024, were $113.5 million, an increase from $103.0 million in 2023. This rise is largely due to the internalization of the U.S. sales force and increased hiring in medical and regulatory functions.
| SG&A Expense Categories | 9M 2024 Expense (in $ thousands) | 9M 2023 Expense (in $ thousands) | % Increase |
|---|---|---|---|
| Salaries and Other Employee-Related Costs | 37,104 | 24,984 | 48.5% |
| Share-Based Compensation Expense | 19,552 | 20,024 | (2.4%) |
| Total SG&A Expenses | 113,457 | 103,046 | 10.1% |
Net Income and Loss
For the three months ended September 30, 2024, Immunocore reported a net income of $8.7 million, compared to a net income of $0.9 million for the same period in 2023. However, for the nine months ended September 30, 2024, the company experienced a net loss of $27.3 million, an improvement from a net loss of $35.6 million in 2023.
| Net Income (Loss) | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) | 9M 2024 (in $ thousands) | 9M 2023 (in $ thousands) |
|---|---|---|---|---|
| Net Income (Loss) | 8,736 | 906 | (27,316) | (35,557) |
Liquidity and Capital Resources
As of September 30, 2024, Immunocore reported cash, cash equivalents, and marketable securities totaling $901.3 million, an increase from $442.6 million as of December 31, 2023. This financial strength is attributed to successful fundraising efforts, including gross proceeds from the sale of ordinary shares and convertible senior notes.
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Resources:
- Immunocore Holdings plc (IMCR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Immunocore Holdings plc (IMCR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Immunocore Holdings plc (IMCR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.