Immunocore, a commercial-stage biotechnology company, has reported its financial results for the fourth quarter and full year 2025, as well as provided a business update. The company's net sales of Kimmtrak (tebentafusp-tebn) for the fourth quarter of 2025 were $104.5 million, representing a 24% increase compared to the same period in 2024. For the full year 2025, net sales of Kimmtrak were $400.0 million, a 29% increase from 2024.
Research and development (R&D) expenses for the fourth quarter of 2025 were $78.8 million, compared to $60.9 million for the same period in 2024. Full-year R&D expenses for 2025 were $274.9 million, up from $222.2 million in 2024. Selling, general, and administrative (SG&A) expenses for the fourth quarter of 2025 were $42.6 million, compared to $42.3 million for the same period in 2024. Full-year SG&A expenses for 2025 were $165.4 million, up from $155.8 million in 2024.
The company's net loss for the fourth quarter of 2025 was $30.1 million, compared to a net loss of $23.8 million for the same period in 2024. The full-year net loss for 2025 was $35.5 million, a decrease from $51.1 million in 2024. Cash, cash equivalents, and marketable securities were reported at $864.2 million as of December 31, 2025, up from $820.4 million as of December 31, 2024.
The company's Kimmtrak net product sales saw a 13% year-over-year growth in the United States, with a mean duration of treatment increasing to 14 months. Additionally, there was a 79% year-over-year sales growth in Europe, driven by increased demand and launches in European markets.
Immunocore's lead prame-a02 immtac bispecific candidate, brenetafusp, reported positive developments, including the recommendation of the dose of 160 mcg for the phase 3 registrational trial in first-line, advanced cutaneous melanoma. The company's phase 1/2 clinical trials of brenetafusp in multiple solid tumors and the phase 1/2 trial of imc-p115c in patients with multiple solid tumors are expected to present data in the second half of 2026.
The company is also making advancements in its functional cure program for infectious diseases, with a phase 1/2 trial of imc-m113v (gag-a02) for people living with HIV. Additionally, Immunocore is progressing with its tissue-specific down modulation of the immune system for autoimmune diseases and has filed a clinical trial application for imc-s118ai (ppi x pd1) in December 2025.
Immunocore's proprietary T cell receptor (TCR) technology, which generates a novel class of bispecific biologics called immtac molecules, and its immtav molecules for infectious diseases are also significant areas of focus for the company.
As a result of these announcements, the company's shares have moved 1.83% on the market, and are now trading at a price of $33.35. Check out the company's full 8-K submission here.
