Immunocore(IMCR) - 2025 Q2 - Quarterly Results

Executive Summary & Business Highlights Q2 2025 Key Achievements Immunocore achieved KIMMTRAK net revenue of $98 million in Q2 2025, a 30% year-over-year increase, and reported robust cash reserves, making progress in several key clinical trials, including Phase 3 trials for TEBE-AM and PRISM-MEL-301, and planning to release Phase 1 HBV data Q2 2025 Key Financial and Business Highlights | Metric | Amount/Status | | :--- | :--- | | KIMMTRAK Net Revenue (Q2 2025) | $98.0 million | | KIMMTRAK Net Revenue YoY Growth (Q2 2025) | 30% | | Cash, Cash Equivalents, and Marketable Securities (as of June 30, 2025) | $883 million | | Phase 3 TEBE-AM Trial | Enrollment on track for H1 2026 | | PRISM-MEL-301 Phase 3 Trial | Dose selection expected H2 2025 | | Phase 1 HBV Data | To be presented at AASLD Liver Meeting 2025 | CEO Commentary CEO Bahija Jallal highlighted strong revenue growth (32% YoY) in H1 2025, attributed to KIMMTRAK's global market expansion, and noted good progress in multiple Phase 3 and Phase 1/2 clinical trials, preparing for autoimmune CTA submissions, demonstrating platform depth and diversity - Revenue grew 32% year-over-year in the first half of 2025, primarily driven by the continued rollout of KIMMTRAK in the US and global markets[3] - The Phase 3 TEBE-AM trial is on track for enrollment completion in the first half of 2026, with other Phase 3 trials like PRISM-MEL-301 and ATOM also progressing well[3] - The company is advancing Phase 1/2 trials in oncology and infectious diseases and preparing to submit clinical trial applications for autoimmune candidates, showcasing platform depth and diversity[3] Product & Pipeline Update KIMMTRAK® (tebentafusp) KIMMTRAK is approved in 39 countries and launched in 28, establishing itself as the standard of care for HLA-A02:01-positive metastatic uveal melanoma (mUM) patients, with plans for continued global mUM expansion and potential extension to 2L+ advanced cutaneous melanoma (CM) and adjuvant uveal melanoma - KIMMTRAK is approved in 39 countries globally and launched in 28 countries for HLA-A02:01-positive metastatic uveal melanoma patients[4] - The company plans to achieve three key growth areas for KIMMTRAK through global mUM expansion, potential extension to 2L+ advanced CM, and adjuvant uveal melanoma[6] Commercial Performance & Expansion KIMMTRAK achieved net sales of $98 million in Q2 2025 and $191.8 million in H1 2025, representing 30% and 32% YoY growth respectively, driven by increased demand, new country launches, and completed price negotiations in France and Germany, with new distribution agreements signed for the Middle East and North Africa KIMMTRAK Net Product Sales (million USD) | Period | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $98.0 | $75.3 | 30% | | Six Months Ended June 30 | $191.8 | $145.7 | 32% | Regional Quarterly Growth (YoY) | Region | Growth Rate | | :--- | :--- | | US | 15% | | Europe & International | 71% | - Growth in Europe and international markets was primarily driven by increased demand, new country launches, and completed price negotiations in France and Germany[10] - The company signed a distribution and commercialization agreement with Er-Kim Pharmaceuticals for KIMMTRAK in Turkey, the Middle East, North Africa, the Caucasus, and CIS regions[10] KIMMTRAK Clinical Development The Phase 3 TEBE-AM trial for KIMMTRAK is recruiting patients, with enrollment expected to complete in H1 2026, addressing unmet needs in 2L+ advanced cutaneous melanoma, while the EORTC is expanding site coverage for the Phase 3 ATOM adjuvant uveal melanoma trial, targeting 1,200 high-risk patients in the US and Europe - The TEBE-AM registrational Phase 3 trial is recruiting patients, with enrollment expected to complete in the first half of 2026, addressing a significant unmet need in 2L+ advanced cutaneous melanoma[10] - The European Organisation for Research and Treatment of Cancer (EORTC) is expanding site coverage for the Phase 3 ATOM adjuvant uveal melanoma trial[10] - The company estimates the HLA-A02:01 high-risk adjuvant uveal melanoma patient population could be as many as 1,200 individuals in the US and Europe[10] PRAME Portfolio (Brenetafusp) Brenetafusp, the company's leading PRAME-A02 ImmTAC bispecific candidate, is being evaluated in multiple clinical trials, including the Phase 3 registrational trial PRISM-MEL-301 for first-line advanced cutaneous melanoma, and Phase 1/2 trials as monotherapy and in combination across various tumor types like ovarian cancer and non-small cell lung cancer - Brenetafusp, the company's leading PRAME-A02 ImmTAC bispecific candidate, is undergoing a Phase 3 registrational trial (PRISM-MEL-301) in combination with nivolumab for first-line advanced cutaneous melanoma patients[9] - Brenetafusp is also being evaluated in Phase 1/2 clinical trials as monotherapy and in combination across various tumor types, including ovarian cancer and non-small cell lung cancer[9] PRISM-MEL-301 Phase 3 Trial PRISM-MEL-301, a Phase 3 registrational trial for brenetafusp combined with nivolumab in first-line advanced cutaneous melanoma, has activated over 150 global sites, with the IDMC recommending continuation after reviewing safety data from the first 30 patients, and final dose selection expected in H2 2025, addressing an unmet need for approximately 10,000 HLA-A02:01-positive patients - The PRISM-MEL-301 trial has activated over 150 clinical sites globally and is recruiting HLA-A02:01-positive, first-line, advanced or metastatic cutaneous melanoma patients[15] - The IDMC reviewed safety data from the first 30 patients and recommended continuation of the study, with final brenetafusp dose selection expected in the second half of 2025[15] - The company estimates approximately **10,000 HLA-A02:01-positive patients** in the US and Europe have an unmet need for improved progression-free and overall survival[15] Brenetafusp Phase 1/2 in Multiple Solid Tumors Brenetafusp is being evaluated in Phase 1/2 trials in combination with non-platinum chemotherapy for platinum-resistant ovarian cancer, and with bevacizumab or platinum chemotherapy for early platinum-sensitive ovarian cancer, while also undergoing signal detection in non-small cell lung cancer cohorts, including combinations with docetaxel and osimertinib, with an estimated 150,000 eligible HLA-A02:01-positive solid tumor patients globally annually - The company continues to evaluate brenetafusp in Phase 1/2 trials in combination with non-platinum chemotherapy for platinum-resistant ovarian cancer, and with bevacizumab or platinum chemotherapy for early platinum-sensitive ovarian cancer[15] - In the same trial, the company continues signal detection in metastatic non-small cell lung cancer cohorts, including brenetafusp in combination with docetaxel and osimertinib[15] - The company estimates that as many as **150,000 HLA-A02:01-positive patients** are eligible for testing across all solid tumors globally each year[15] Other PRAME Candidates The company is conducting a Phase 1 dose-escalation trial for IMC-P115C (PRAME-A02 half-life extended) in multiple solid tumors - The company is recruiting patients for a Phase 1 dose-escalation trial of IMC-P115C (PRAME-A02 half-life extended) in multiple solid tumors[12] Other Oncology Programs (IMC-R117C) The company is conducting a Phase 1/2 dose-escalation trial for IMC-R117C (PIWIL1) in HLA-A02:01-positive advanced solid tumors, including colorectal cancer, as monotherapy and in combination with standard of care - The company is recruiting patients for a Phase 1/2 dose-escalation trial of IMC-R117C (PIWIL1) in HLA-A02:01-positive advanced solid tumors, including colorectal cancer, as monotherapy and in combination with standard of care[13] Infectious Disease Programs (ImmTAV) The ImmTAV platform aims for a 'functional cure' of chronic infections through bispecific TCR technology, with two candidates in Phase 1 or Phase 1/2 trials targeting HIV and chronic Hepatitis B virus (HBV) infection - The ImmTAV platform aims to provide a new approach for certain chronic infections, targeting a 'functional cure' where patients eliminate evidence of the virus from their bodies after stopping treatment[14] HIV Program (IMC-M113V) The Phase 1/2 multi-dose escalation trial for IMC-M113V (Gag-A02) continues to recruit patients to determine a safe and tolerable dose - The Phase 1/2 multi-dose escalation clinical trial for IMC-M113V (Gag-A02) continues to recruit patients at higher doses to determine a safe and tolerable dose[16] HBV Program (IMC-I109V) Phase 1 single-dose escalation trial data for IMC-I109V (Envelope-A02) will be presented at the AASLD Liver Meeting in November 2025 - The company will present single-dose escalation data from the Phase 1 trial of IMC-I109V (Envelope-A02) at the AASLD Liver Meeting in November 2025[17] Autoimmune Disease Programs (ImmTAAI) The ImmTAAI platform aims to tissue-specifically downregulate the immune system by inhibiting pathogenic T cells via PD1 receptor agonism, with two candidates in development: IMC-S118AI (PPI-A02) for Type 1 Diabetes, with CTA/IND submission expected in H2 2025, and IMC-U120AI (CD1a) for Atopic Dermatitis, with CTA/IND submission expected in 2026 - The ImmTAAI platform achieves tissue-specific downregulation of the immune system by inhibiting pathogenic T cells via PD1 receptor agonism when binding to target tissues[18] Type 1 Diabetes (IMC-S118AI) IMC-S118AI (PPI-A02) for Type 1 Diabetes is expected to have its Clinical Trial Application (CTA) or Investigational New Drug (IND) application submitted in the second half of 2025 - The company is on track to submit a CTA or IND application for IMC-S118AI (PPI x PD1) for Type 1 Diabetes in the second half of 2025[19] Atopic Dermatitis (IMC-U120AI) IMC-U120AI (CD1a) for Atopic Dermatitis is expected to have its CTA/IND submission in 2026 - The company plans to submit a CTA/IND application for IMC-U120AI (CD1a x PD1) for Atopic Dermatitis in 2026[20] Corporate Update Director Resignation Rob Perez resigned from the company's Board of Directors on August 5, 2025, effective September 16, 2025, with the company expressing gratitude for his six years of contributions to Immunocore - Rob Perez resigned from the company's Board of Directors on August 5, 2025, effective September 16, 2025[21] Financial Results Q2 2025 Financial Performance Overview Immunocore achieved net product sales of $98 million in Q2 2025, a 30% YoY increase, with R&D expenses rising to $69 million due to autoimmune programs and Phase 3 trials, and SG&A expenses increasing to $42.8 million to support pipeline and global commercial expansion, resulting in a narrowed net loss of $10.3 million, or $0.20 per share Q2 2025 Key Financial Data (million USD) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net Product Sales | $98.0 | $75.3 | 30% increase | | R&D Expenses | $69.0 | $51.1 | increase of $17.9 | | SG&A Expenses | $42.8 | $38.6 | increase of $4.2 | | Net Loss | ($10.3) | ($11.6) | loss narrowed by $1.3 | | Basic and Diluted Loss Per Share | ($0.20) | ($0.23) | loss narrowed by $0.03 | - R&D expenses increased primarily due to the advancement of autoimmune programs and Phase 3 trials (TEBE-AM and PRISM-MEL-301)[23] - SG&A expenses increased mainly due to business support function costs for the company's growing pipeline and global commercial expansion[24] Balance Sheet & Cash Position As of June 30, 2025, the company's cash, cash equivalents, and marketable securities totaled $882.8 million, an increase from $820.4 million at the end of 2024, with an estimated $65 million in sales-related rebate accruals expected to be paid in H2 2025 Cash, Cash Equivalents, and Marketable Securities (million USD) | Date | Amount | | :--- | :--- | | June 30, 2025 | $882.8 | | December 31, 2024 | $820.4 | | Change | increase of $62.4 | - The company expects to pay approximately $65 million in sales-related rebate accruals in the second half of 2025[27] About Immunocore & Technologies About ImmTAC® molecules for cancer ImmTAC molecules are novel bispecific biologics generated by Immunocore's proprietary T-cell receptor (TCR) technology, designed to redirect the immune system to recognize and kill cancer cells, functioning as soluble TCRs with ultra-high affinity for intracellular cancer antigens and selective killing via anti-CD3 immune activating effector function, holding promise for various hematological and solid tumors - ImmTAC molecules are novel bispecific biologics generated by Immunocore's proprietary T-cell receptor (TCR) technology, designed to redirect the immune system to recognize and kill cancer cells[28] - ImmTAC molecules selectively kill cancer cells by recognizing intracellular cancer antigens with ultra-high affinity and employing anti-CD3 immune activating effector function, holding promise for both hematological and solid tumors[28] About ImmTAV infectious disease molecules ImmTAV molecules are novel bispecific drugs designed to enable the immune system to recognize and eliminate virally infected cells, with Immunocore advancing clinical candidates to achieve a 'functional cure' for HIV and HBV patients, meaning sustained viral control after stopping medication - ImmTAV molecules are novel bispecific drugs designed to enable the immune system to recognize and eliminate virally infected cells[29] - Immunocore is advancing clinical candidates to achieve a 'functional cure' for HIV and HBV patients, meaning sustained control of HIV after stopping antiretroviral therapy (ART), and sustained clearance of circulating viral antigens and replication markers for HBV after stopping medication[29] About ImmTAAI autoimmune disease molecules ImmTAAI molecules are novel bispecific drugs designed for tissue-specific downregulation of the immune system, inhibiting pathogenic T cells via PD1 receptor agonism when binding to target tissues, currently in development for Type 1 Diabetes and inflammatory skin diseases - ImmTAAI molecules are novel bispecific drugs designed to achieve tissue-specific downregulation of the immune system[30] - When binding to target tissues, ImmTAAI candidates inhibit pathogenic T cells via PD1 receptor agonism[30] - The company is currently advancing two autoimmune disease candidates, including for Type 1 Diabetes and inflammatory skin diseases[30] Detailed Clinical Trial Information This section provides detailed information on Immunocore's key clinical trials, including the design, patient populations, randomization, and primary endpoints for PRISM-MEL301, IMC-F106C-101, TEBE-AM, and ATOM trials PRISM-MEL301 (NCT06112314) PRISM-MEL301 is a Phase 3 registrational trial for untreated HLA-A02:01-positive advanced melanoma patients, randomized to brenetafusp + nivolumab or control, with an initial three-arm randomization and a primary endpoint of blinded independent central review of progression-free survival (PFS) - PRISM-MEL301 is a Phase 3 registrational trial for HLA-A02:01-positive, untreated advanced melanoma patients[32] - Patients are randomized to brenetafusp + nivolumab or a control arm (nivolumab or nivolumab + relatlimab)[32] - The primary endpoint is blinded independent central review of progression-free survival (PFS), with secondary endpoints including overall survival (OS) and overall response rate (ORR)[32] IMC-F106C-101 Phase 1/2 trial IMC-F106C-101 is a first-in-human Phase 1/2 dose-escalation trial for various solid tumor patients, aiming to determine the maximum tolerated dose and evaluate the safety, preliminary anti-tumor activity, and pharmacokinetics of IMC-F106C (brenetafusp), with a current focus on recruiting patients for combination with standard of care - IMC-F106C-101 is a first-in-human Phase 1/2 dose-escalation trial for various solid tumor patients, including non-small cell lung cancer and ovarian cancer[33] - The trial aims to determine the maximum tolerated dose (MTD) and evaluate the safety, preliminary anti-tumor activity, and pharmacokinetics of IMC-F106C (brenetafusp)[33] - The company's current focus is on recruiting patients for combination with standard of care[33] TEBE-AM Phase 2/3 trial The TEBE-AM trial targets 2L+ advanced cutaneous melanoma patients who progressed after anti-PD1 therapy and received ipilimumab, randomizing them to tebentafusp monotherapy, tebentafusp plus anti-PD1, or a control arm, with overall survival as the primary endpoint - The TEBE-AM trial targets 2L+ advanced cutaneous melanoma patients who progressed after anti-PD1 therapy and received ipilimumab[34] - Patients are randomized to tebentafusp monotherapy, tebentafusp plus anti-PD1, or a control arm[34] - The primary endpoint is overall survival (OS)[34] ATOM Phase 3 trial The EORTC-sponsored Phase 3 ATOM clinical trial will establish sites in 10 EU countries and the US, recruiting HLA-A02:01-positive, high-risk primary uveal melanoma patients randomized 1:1 to tebentafusp monotherapy or observation, with recurrence-free survival (RFS) as the primary endpoint - The EORTC-sponsored Phase 3 ATOM clinical trial will establish sites in 10 EU countries and the US[35] - The trial will recruit HLA-A02:01-positive, high-risk primary uveal melanoma patients, randomized to tebentafusp monotherapy or observation[35] - The primary endpoint is recurrence-free survival (RFS), with secondary objectives including overall survival and the safety and tolerability of tebentafusp[35] Disease Background This section describes the characteristics, prognosis, and unmet treatment needs of uveal melanoma and cutaneous melanoma, highlighting KIMMTRAK's significance in uveal melanoma treatment Uveal Melanoma Uveal melanoma is a rare, aggressive ocular melanoma and the most common primary intraocular malignancy in adults, with up to 50% of patients developing metastatic disease, often leading to poor prognosis, and no approved treatments existed before KIMMTRAK - Uveal melanoma is a rare and aggressive ocular melanoma, representing the most common primary intraocular malignancy in adults[37] - Up to 50% of uveal melanoma patients eventually develop metastatic disease, often with a poor prognosis, and no approved treatment options existed prior to KIMMTRAK's approval[37] Cutaneous Melanoma Cutaneous melanoma is the most common and aggressive form of melanoma, responsible for the vast majority of skin cancer-related deaths, and despite advances in advanced melanoma treatment, unmet needs persist in improving first-line response rates, extending response duration, and treating patients resistant to first-line therapies - Cutaneous melanoma is the most common form of melanoma and the most aggressive skin cancer, associated with the vast majority of skin cancer-related deaths[38] - Despite advances in advanced melanoma treatment, unmet needs persist in improving first-line response rates, extending response duration, and treating patients resistant to first-line therapies[38] About KIMMTRAK® KIMMTRAK is a novel bispecific protein, a soluble T-cell receptor fused to an anti-CD3 immune-effector function, specifically targeting the gp100 antigen, and is the first molecule developed from Immunocore's ImmTAC technology platform, designed to redirect and activate T cells to recognize and kill tumor cells, approved for HLA-A02:01-positive, unresectable or metastatic uveal melanoma in adults - KIMMTRAK is a novel bispecific protein, a soluble T-cell receptor fused to an anti-CD3 immune-effector function, specifically targeting the gp100 antigen[39] - KIMMTRAK is the first molecule developed from Immunocore's ImmTAC technology platform, designed to redirect and activate T cells to recognize and kill tumor cells[39] - KIMMTRAK is approved for the treatment of HLA-A02:01-positive, unresectable or metastatic uveal melanoma in adults, with approvals in the US, EU, Canada, Australia, and the UK[39] Important Safety Information KIMMTRAK treatment may cause serious cytokine release syndrome (CRS), skin reactions, elevated liver enzymes, and embryo-fetal toxicity, requiring close monitoring for CRS symptoms and treatment or discontinuation based on severity, with common side effects including CRS, rash, fever, pruritus, fatigue, and laboratory abnormalities like decreased lymphocyte count, elevated creatinine, and liver enzymes - KIMMTRAK treatment may cause serious cytokine release syndrome (CRS), occurring in 89% of patients, with 0.8% being Grade 3 or 4[40] - Skin reactions (including rash, pruritus, skin edema) occurred in 91% of patients, and elevated liver enzymes in 65%[41][43] - KIMMTRAK may cause fetal harm, and patients of reproductive potential are advised to use effective contraception during treatment and for 1 week after the last dose[44] - The most common adverse reactions (≥30%) include cytokine release syndrome, rash, pyrexia, pruritus, fatigue, nausea, chills, abdominal pain, edema, hypotension, dry skin, headache, and vomiting[45] KIMMTRAKConnect The KIMMTRAKConnect program provides personalized support services, including educational resources, financial assistance, and care site coordination, delivered by dedicated nurse case managers, to help patients access KIMMTRAK - The KIMMTRAKConnect program offers personalized support, including educational resources, financial assistance, and care site coordination, to help patients access KIMMTRAK[47] About Immunocore Immunocore is a commercial-stage biotechnology company developing novel TCR bispecific immunotherapies, ImmTAX, for cancer, autoimmune diseases, and infectious diseases, leveraging its proprietary ImmTAX platform to build a deep pipeline across multiple therapeutic areas, including KIMMTRAK, approved for HLA-A02:01-positive, unresectable or metastatic uveal melanoma in adults - Immunocore is a commercial-stage biotechnology company dedicated to developing novel TCR bispecific immunotherapies, ImmTAX, for cancer, autoimmune diseases, and infectious diseases[48] - The company leverages its proprietary, flexible, and off-the-shelf ImmTAX platform to develop a deep pipeline across oncology, infectious diseases, and autoimmune diseases[48] - The company's most advanced oncology TCR therapeutic, KIMMTRAK, is approved for the treatment of HLA-A02:01-positive, unresectable or metastatic uveal melanoma in adults[48] Forward-Looking Statements Nature and Risks of Forward-Looking Statements This press release contains forward-looking statements regarding the company's clinical pipeline progress, KIMMTRAK's commercial performance and potential expansion, TCR technology platform potential, patient population size, clinical trial design and results, regulatory approvals, funding needs, and intellectual property protection, which are based on management's current expectations and subject to various risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements cover the company's clinical pipeline progress, KIMMTRAK's commercial performance and expansion, TCR technology platform potential, patient population size, clinical trial design and results, regulatory approvals, funding needs, and intellectual property protection[50] - These statements are based on management's current expectations but are subject to various risks and uncertainties, including macroeconomic conditions, clinical trial delays, regulatory actions, ability to obtain funding, and intellectual property protection, which could cause actual results to differ materially from expectations[50] Contact Information Company Contacts Provides contact information for Immunocore's corporate communications and investor relations, including names, phone numbers, and email addresses, for media and investor inquiries - Immunocore's corporate communications contact is Sébastien Desprez, and investor relations contacts are Clayton Robertson / Morgan Warenius[52] Financial Statements Condensed Consolidated Statement of Operations In Q2 2025, the company reported total revenue of $97.964 million, a net loss of $10.3 million, and basic and diluted loss per share of $0.20, showing increased revenue and narrowed loss compared to Q2 2024, with H1 total revenue of $191.8 million and a net loss of $5.277 million, or $0.11 per share Immunocore Holdings plc Condensed Consolidated Statement of Operations (Unaudited, in thousands of USD, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net product sales | $97,964 | $75,347 | $191,845 | $145,689 | | Collaboration revenue | — | $53 | — | $213 | | Total revenue | $97,964 | $75,400 | $191,845 | $145,902 | | Cost of product sales | ($1,040) | ($1,707) | ($1,871) | ($1,953) | | Research and development expenses | ($69,008) | ($51,072) | ($125,476) | ($108,531) | | Selling, general and administrative expenses | ($42,791) | ($38,638) | ($82,989) | ($77,925) | | Operating loss | ($14,875) | ($16,017) | ($18,491) | ($42,507) | | Interest income | $4,271 | $6,239 | $8,447 | $14,485 | | Interest expense | ($3,045) | ($4,277) | ($6,070) | ($7,516) | | Foreign currency (loss) gain | ($738) | ($508) | $2,342 | ($2,914) | | Other income, net | $4,693 | $4,433 | $10,162 | $4,243 | | Net income (loss) before income taxes | ($9,694) | ($10,130) | ($3,610) | ($34,209) | | Income tax expense | ($606) | ($1,486) | ($1,667) | ($1,843) | | Net income (loss) | ($10,300) | ($11,616) | ($5,277) | ($36,052) | | Net loss per share, basic and diluted | ($0.20) | ($0.23) | ($0.11) | ($0.72) | | Weighted-average shares outstanding, basic and diluted | 50,294,205 | 50,014,086 | 50,191,018 | 49,944,767 | Condensed Consolidated Balance Sheets As of June 30, 2025, the company reported total assets of $1.0824 billion, total liabilities of $693.9 million, and total shareholders' equity of $388.5 million, with cash and cash equivalents at $487.9 million and marketable securities at $394.9 million, totaling $882.8 million Immunocore Holdings plc Condensed Consolidated Balance Sheets (Unaudited, in thousands of USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $487,933 | $455,731 | | Marketable securities | $394,878 | $364,645 | | Accounts receivable, net | $69,761 | $63,009 | | Prepaid expenses and other current assets | $44,270 | $41,033 | | Inventories, net | $5,456 | $5,446 | | Total current assets | $1,002,298 | $929,864 | | Property and equipment, net | $9,548 | $10,092 | | Operating lease right-of-use assets, net | $39,428 | $37,643 | | Deferred tax assets, net | $14,077 | $14,790 | | Other non-current assets | $17,036 | $17,117 | | Total assets | $1,082,387 | $1,009,506 | | Liabilities and Shareholders’ Equity | | | | Accounts payable | $23,856 | $25,100 | | Accrued expenses and other current liabilities | $143,785 | $185,534 | | Deferred revenue, current | $0 | $0 | | Operating lease liabilities, current | $1,843 | $1,547 | | Total current liabilities | $170,078 | $212,181 | | Accrued expenses, non-current | $83,960 | $0 | | Deferred revenue, non-current | $5,247 | $5,434 | | Operating lease liabilities, non-current | $42,561 | $40,162 | | Interest-bearing loans and borrowings | $392,060 | $391,013 | | Total liabilities | $693,906 | $648,790 | | Ordinary shares | $135 | $135 | | Deferred shares | $1 | $1 | | Additional paid-in capital | $1,215,997 | $1,190,104 | | Accumulated deficit | ($801,038) | ($795,761) | | Accumulated other comprehensive loss | ($26,614) | ($33,763) | | Total shareholders’ equity | $388,481 | $360,716 | | Total liabilities and shareholders’ equity | $1,082,387 | $1,009,506 | Summary Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash provided by operating activities was $26.4 million, net cash used in investing activities was $20.712 million, and net cash provided by financing activities was $6.221 million, with cash and cash equivalents totaling $487.9 million at period end Immunocore Holdings plc Summary Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands of USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents at beginning of period | $455,731 | $442,626 | | Net cash provided by operating activities | $26,399 | $18,885 | | Net cash used in investing activities | ($20,712) | ($350,761) | | Net cash provided by financing activities | $6,221 | $395,194 | | Net effect of exchange rate changes on cash | $20,294 | ($959) | | Cash and cash equivalents at end of period | $487,933 | $504,985 |