IMCR Stock — Immunocore Holdings plc: Cash, EV, Pipeline

What they do

We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$30.99

Market cap

$1,595.9M

Cash

$901.3M

Enterprise value

$694.6M

Balance sheet

Cash	$901.3M
Debt	$0.0M
Net cash	$901.3M
Enterprise value	$694.6M
Basic shares	51.7M shares
Fully diluted shares	66.6M shares
Fully diluted market cap	$2,064.5M
Cash per share	$17.44
Quarterly burn	+$15.9M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

51.5M

Pre-funded warrants

0.0M

Options

10.4M

RSUs

0.5M

Warrants

0.0M

Converts

4.3M

Conv preferred

0.0M

ESPP reserve

—

FDSO

66.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

brenetafusp / IMC-P115C · Est. Nov 7, 2026 · half midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now half midpoint	brenetafusp / IMC-P115C Phase 1/2 data presentations	Phase 1/2	Not disclosed	H2 2026
GUIDEDDec 1-31 in 24d	tebentafusp TEBE-AM Phase 3 topline	Phase 3	Not disclosed	end-2026
GUIDEDEst. Mar 1, 2027 in 8 wks guidance midpoint	IMC-M113V HIV results	Not disclosed	Not disclosed	early 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Tebentafusp (KIMMTRAK)

Approved · Active Modality: ImmTAC bispecific TCR

Target gp100

Partnerships EORTC: leading global ATOM adjuvant uveal melanoma Phase 3 trial

Indications

Metastatic uveal melanoma (Stage not disclosed)
Advanced cutaneous melanoma (2L+) (Phase 3)
Adjuvant uveal (ocular) melanoma (Phase 3)

Catalysts

— End 2026 (as early as)
— 2028

Status note Approved in 39 countries for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma. Additional Phase 3 trial (TEBE-AM) in advanced cutaneous melanoma nearing enrollment target.

Brenetafusp

Phase 3 · Active Modality: ImmTAC bispecific TCR

Target PRAME

Partnerships BMS: clinical trial collaboration and supply agreement; BMS provides nivolumab for PRISM-MEL-301 (no monetary consideration)

Indications

1L advanced cutaneous melanoma (Phase 3)
Platinum-resistant and platinum-sensitive ovarian cancer (Phase 1)
Metastatic NSCLC (Phase 1)

Catalysts

— H2 2026

Status note Phase 3 PRISM-MEL-301 (combination with nivolumab in advanced melanoma) ongoing.

IMC-P115C

Phase 1 · Active Modality: ImmTAC bispecific TCR (half-life extended)

Target PRAME

Indications

Advanced PRAME-expressing cancers (Phase 1)

Catalysts

— H2 2026

Status note Half-life extended variant of brenetafusp targeting PRAME-A02.

IMC-R117C

Phase 1 · Active Modality: ImmTAC bispecific TCR

Target PIWIL1

Indications

Advanced solid tumors including colorectal cancer (Phase 1)

Catalysts

— 2027

Status note First dose administered December 2024; testing monotherapy and combinations.

IMC-M113V

Phase 1 · Active Modality: ImmTAV bispecific TCR

Target HIV gag antigen

Indications

HIV (functional cure) (Phase 1)

Catalysts

— H2 2026

Status note Enrolling multiple ascending dose portion of STRIVE trial.

IMC-I109V

Phase 1 · Active Modality: ImmTAV bispecific TCR

Target HBV envelope antigen

Indications

Chronic hepatitis B (Phase 1)

Status note Completed single ascending dose portion of Phase 1 trial; next steps to be determined in 2026.

IMC-S118AI

Phase 1 · Active Modality: ImmTAAI bispecific (PD1 agonist)

Target Pre-pro-insulin peptide (PPI)

Indications

Type 1 diabetes (Phase 1)

Catalysts

— Coming weeks (as of Q2 2026)

Status note CTA submitted December 2025; Phase 1 sites open.

IMC-U120AI

Preclinical · Active Modality: ImmTAAI bispecific (CD1a-tethered PD1 agonist)

Target CD1a

Indications

Atopic dermatitis (Preclinical)

Catalysts

— H2 2026

Status note Preclinical.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	30,000,000	no change	0.28%	2026-08-14
RTW Investments	4,869,798	no change	1.32%	2026-08-14
Tang Capital Partners	2,649,368	no change	3.82%	2026-08-14
BVF Partners	1,294,463	no change	1.05%	2026-08-14
Logos Global Management	600,000	-900,000	0.82%	2026-08-14
Braidwell LP	521,327	+521,327	0.61%	2026-08-14
Frazier Life Sciences	484,782	no change	0.34%	2026-08-14
Baker Bros. Advisors	0	-734,397	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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IMCR — Immunocore Holdings plc ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

IMCR — Immunocore Holdings plc