IMCR

Immunocore is no longer a story stock — it's a commercial-stage company with a real, growing product. KIMMTRAK (approved in 39 countries for metastatic uveal melanoma, launched in 30) drove FY2025 revenue of $400M, up 29% YoY, extending a remarkably consistent ramp: $4M→$174M→$249M→$310M→$400M across FY2021–2025. Crucially, the bottom line is converging on profitability: net loss narrowed to -$35.5M from -$51.1M (FY24) and -$55.3M (FY23), and operating cash flow was only -$10.7M — i.e., the business is roughly self-funding at the cash level despite $275M of R&D spend. That R&D is the optionality: management is advancing three late-stage ImmTAC programs (KIMMTRAK plus PRAME-targeted brenetafusp) and a preclinical pipeline across oncology, infectious and autoimmune disease, all financed largely by KIMMTRAK rather than dilution (shares up just 1.3%).

Valuation is the clincher. At $30.42 the market cap is $1.54B, or 3.9x trailing sales — undemanding for a 29% grower that is nearly cash-flow breakeven. With $468M cash against a ~$11M operating cash burn, runway is effectively years, so the equity is not held hostage to capital markets. Total liabilities of $686M (1.80x equity) look heavier than they are for a near-breakeven commercial biotech, and the $831M accumulated deficit is sunk history, not forward burn. The MD&A's candor — 'we expect to continue to incur significant and increasing expenses and operating losses' — tempers the timeline, but the five-year trend and the narrowing loss argue the inflection to GAAP profitability is in sight rather than hypothetical.