Financial flexibility has improved significantly as the debt-to-equity ratio dropped from 1.27 in 2024Q3 to 0.11 by 2026Q1, bolstered by a stable asset base of $1.1 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Sep'14 | Sep'13 |
|---|
| Total Current Assets | 1B | 996.74M | 929.86M | 418.48M | 473.98M | 354.58M | 152.93M | 164.64M | 171.18M | 192.85M | 234.63M | 338.34M | 87.5M | 29.12M |
| Cash & Short-Term Investments | 844.9M | 864.15M | 820.38M | 350.27M | 402.47M | 321.06M | 176.78M | 97.99M | 124.39M | 157.27M | 216.73M | 325.07M | 82.01M | 26.34M |
| Cash Only | 452.68M | 467.71M | 455.73M | 350.27M | 402.47M | 321.06M | 176.78M | 97.99M | 124.39M | 111.42M | 164.89M | 325.07M | 82.01M | 26.34M |
| Short-Term Investments | 392.22M | 396.44M | 364.64M | 0 | 0 | 0 | 0 | 0 | 0 | 45.84M | 51.84M | 0 | 0 | 0 |
| Accounts Receivable | 81.07M | 73.98M | 83.1M | 48.62M | 57.08M | 33.52M | 2.05M | 66.3M | 4.37M | 5.38K | 527.74K | 275.17K | 327.31K | 495.89K |
| Days Sales Outstanding | 71.13 | 90.74 | 122.31 | 89.9 | 144.45 | 452.46 | 24.86 | 942.79 | 67.49 | 0.1 | 9.53 | 5.93 | 11.61 | 54.83 |
| Inventory | 8.25M | 6.74M | 5.45M | 3.56M | 692K | 0 | -6.51M | 0 | -7.57M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 516.94 | 396.03 | 358.55 | 1.58K | 47.71 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 69.59M | 51.87M | 7.9M | 7.68M | 3.62M | -7.69M | -25.9M | 352.38K | 42.42M | 24.06M | 13.02M | 9.68M | 3.79M | 2.28M |
| Total Non-Current Assets | 68.29M | 70.53M | 79.64M | 53.96M | 52.78M | 52.7M | 44.26M | 81.3M | 24.6M | 69.88M | 34.37M | 65.86M | 10.69M | 2.49M |
| Property, Plant & Equipment | 49.67M | 50.24M | 47.73M | 33.82M | 38.78M | 42.56M | 36.85M | 72.7M | 20.87M | 32.16M | 13.58M | 11.55M | 4.27M | 2.08M |
| Fixed Asset Turnover | 7.80x | 5.92x | 5.20x | 5.84x | 3.72x | 0.64x | 0.82x | 0.35x | 1.13x | 0.60x | 1.49x | 1.47x | 2.41x | 1.59x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 410 | 0 | 0 | 0 | 318K | 985.41K | 456.56K | 210.07K | 333.76K | 416.13K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 137K | 222.69K | 973K | 0 | 0 | 0 | 18.12M | 54.11M | 6.09M | 105 |
| Other Non-Current Assets | 18.61M | 20.28M | 17.12M | 11.45M | 8.75M | 6.44M | 4.21M | 6.6M | 2.53M | 36.74M | 2.21M | 0 | 0 | 0 |
| Total Assets | 1.07B | 1.07B | 1.01B | 472.44M | 526.76M | 407.28M | 197.19M | 245.94M | 195.78M | 262.73M | 269M | 404.2M | 98.19M | 31.61M |
| Asset Turnover | 0.36x | 0.28x | 0.25x | 0.42x | 0.27x | 0.07x | 0.15x | 0.10x | 0.12x | 0.07x | 0.08x | 0.04x | 0.10x | 0.10x |
| Asset Growth % | 17.42% | 5.72% | 113.68% | -10.31% | 29.34% | 106.54% | -19.82% | 25.62% | -25.48% | -2.33% | -33.45% | 311.65% | 210.62% | - |
| Total Current Liabilities | 240.11M | 246.7M | 212.18M | 110.01M | 100.83M | 82.57M | 55M | 111.96M | 49.61M | 40M | 26.77M | 33.44M | 30.01M | 13.62M |
| Accounts Payable | 30.16M | 24.36M | 25.1M | 14.08M | 14.45M | 10.12M | 7.88M | 20.84M | 6.44M | 10.81M | 3.82M | 5.35M | 1.33M | 914.46K |
| Days Payables Outstanding | 2.01K | 1.43K | 1.65K | 6.26K | 996.23 | - | 38.45 | 76.06 | - | - | - | - | - | - |
| Short-Term Debt | 2M | 2.01M | 0 | 0 | 0 | 0 | 9.84M | 27.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.33M | 583K | 0 | 0 | 7.76M | 33M | 27.12M | 37.78M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 207.39M | 219.74M | 13.1M | 9.18M | 9.15M | 83.68K | -19.8M | 25.28M | 29.91M | 20.78M | 16.53M | 442.34K | 254.75K | 13.62M |
| Current Ratio | 4.18x | 4.04x | 4.38x | 3.80x | 4.70x | 4.29x | 2.78x | 1.47x | 3.45x | 4.82x | 8.76x | 10.12x | 2.92x | 2.14x |
| Quick Ratio | 4.15x | 4.01x | 4.36x | 3.77x | 4.69x | 4.29x | 2.90x | 1.47x | 3.60x | 4.82x | 8.76x | 10.12x | 2.92x | 2.14x |
| Cash Conversion Cycle | -1.42K | -944.39 | -1.17K | -4.59K | -804.07 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 438.31M | 439.54M | 436.61M | 70.54M | 87.02M | 93.19M | 86.85M | 114.41M | 89.59M | 40.25M | 27.37M | 53.8M | 71.58M | 0 |
| Long-Term Debt | 40.03M | 41.56M | 391.01M | 37.99M | 47.81M | 50.24M | 36.65M | 0 | 18.88M | 22.77M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 42.56M | 0 | 40.16M | 27.41M | 31.76M | 34.22M | 25.19M | 50.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -24.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 398.28M | 397.98M | 0 | 773.94K | 2.21M | 76.93K | 25.01M | 139.1K | 70.71M | 17.48M | 27.37M | 53.8M | 71.58M | 0 |
| Total Liabilities | 678.42M | 686.24M | 648.79M | 180.55M | 187.86M | 175.76M | 141.85M | 226.37M | 139.19M | 80.25M | 54.15M | 87.24M | 101.58M | 13.62M |
| Total Debt | 42.02M | 43.56M | 432.72M | 66.5M | 81.45M | 86.16M | 74.47M | 78.7M | 18.88M | 22.77M | 0 | 0 | 0 | 0 |
| Net Debt | -410.65M | -424.15M | -23.01M | -283.77M | -321.02M | -234.9M | -102.31M | -19.29M | -105.51M | -88.65M | -164.89M | -325.07M | -82.01M | -26.34M |
| Debt / Equity | 0.11x | 0.11x | 1.20x | 0.23x | 0.24x | 0.37x | 1.35x | 4.02x | 0.33x | 0.12x | - | - | - | - |
| Debt / EBITDA | -1.55x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 15.12x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -0.85x | -0.17x | -2.22x | -10.81x | -7.91x | -23.18x | -28.57x | -31.17x | -110.99x | - | - | - | - | - |
| Total Equity | 393.67M | 381.03M | 360.72M | 291.89M | 338.9M | 231.53M | 55.35M | 19.57M | 56.58M | 182.48M | 214.85M | 316.97M | -3.39M | 4.85M |
| Equity Growth % | 22.78% | 5.63% | 23.58% | -13.87% | 46.38% | 318.32% | 182.84% | -65.42% | -68.99% | -15.07% | -32.22% | 9438.98% | -170.03% | - |
| Book Value per Share | 7.44 | 7.57 | 7.22 | 5.97 | 7.41 | 5.28 | 1.74 | 0.72 | 2.07 | 74.20 | 87.72 | - | -1.53 | - |
| Total Shareholders' Equity | 393.67M | 381.03M | 360.72M | 291.89M | 338.9M | 231.53M | 55.35M | 19.57M | 56.58M | 182.48M | 214.85M | 316.97M | -3.39M | 4.85M |
| Common Stock | 137K | 136K | 135K | 83.18K | 129K | 118.77K | 64K | 0 | 0 | 0 | 0 | 0 | 3.22K | 3.12K |
| Retained Earnings | -818.3M | -831.27M | -795.76M | -589.3M | -689.39M | -649.7M | -349.87M | -369.75M | -175.18M | -147.9M | -74.99M | -16.25M | -44.8M | -35.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -35.37M | -28.08M | -33.76M | -28.7M | -54.67M | 521.31M | 405.15M | 14.08M | 67K | 29.27M | 15.62M | 2.81M | 111.25K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
HLA-restricted market ceiling
According to recent financial disclosures, Immunocore has maintained a stable asset base of approximately $1.1 billion since 2024Q3, suggesting that the company is successfully managing its transition toward commercial self-sufficiency without requiring significant balance sheet expansion to support its ongoing clinical and operational activities.
The consistency in total assets indicates that the company is not currently over-leveraging its balance sheet to fund growth. This stability suggests that management is prioritizing capital efficiency as they scale the commercialization of KIMMTRAK while simultaneously advancing the PRAME pipeline.
Based on reported figures, Immunocore has significantly reduced its debt burden from a peak of $481.1 million in 2024Q3 to $42.0 million by 2026Q1, effectively lowering the debt-to-equity ratio from 1.27 to 0.11 over the same period, which substantially improves the company's long-term financial durability.
This rapid deleveraging appears to be a strategic move to reduce interest-related cash outflows and improve the company's risk profile. Investors should monitor whether this reduction in leverage provides the necessary headroom to fund future clinical trials without resorting to dilutive equity financing.
As reported in quarterly filings, the company maintains a strong liquidity position with a current ratio of 4.18 as of 2026Q1, supported by $452.7 million in cash, which provides a substantial buffer against potential operational shocks or delays in milestone-based collaboration revenue streams.
The high current ratio reflects a conservative approach to working capital management, ensuring that the company can meet its near-term obligations despite the inherent lumpiness of its revenue model. This liquidity cushion is essential for maintaining R&D momentum during the transition to broader oncology indications.
Based on the provided balance sheet data, Immunocore continues to carry a significant accumulated deficit of $818.3 million as of 2026Q1, which highlights the long-term capital intensity required to develop and commercialize its proprietary ImmTAC platform before reaching consistent, sustainable profitability.
While the equity base has shown resilience, the persistent negative retained earnings underscore the historical cost of R&D and clinical development. Future equity quality will likely depend on the company's ability to convert its pipeline into sustained, profitable commercial growth rather than relying on external capital.
Analysis of the company's reported figures reveals that the asset base is notably devoid of goodwill or significant intangible assets, which suggests that the company's valuation is currently driven by its internal R&D capabilities rather than acquired technology or external intellectual property portfolios.
The absence of goodwill may be viewed as a positive indicator of organic growth, yet it also implies that the company lacks a diversified portfolio of acquired assets to mitigate the risk of clinical failure. This concentration warrants further investigation into the long-term viability of the ImmTAC platform.
Quick answers to the most common questions about buying IMCR stock.
As of 2025, Immunocore Holdings plc (IMCR) had total assets of $1.07B including $996.7M in current assets.
Immunocore Holdings plc (IMCR) carries total debt of $43.6M, offset by $864.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Immunocore Holdings plc (IMCR) has total shareholders' equity (book value) of $381.0M ($7.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Immunocore Holdings plc (IMCR) reported a current ratio of 4.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.