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Immunocore(IMCR) - 2022 Q2 - Quarterly Report

Revenue Performance - Product revenue for the three months ended June 30, 2022, was £23,992,000, compared to £0 in the same period of 2021[4] - Total revenue from the sale of therapies for the six months ended June 30, 2022, was £38,211,000, significantly up from £0 in 2021[4] - Total revenue for the six months ended June 30, 2022, was £54,476,000, a significant increase from £14,003,000 in the same period of 2021[44] - Revenue recognized during the three and six months ended June 30, 2022, included product revenue from KIMMTRAK and pre-product revenue from tebentafusp[43] - Collaboration revenue for the six months ended June 30, 2022, was £16,265,000, up from £14,003,000 in 2021, representing a 16% increase[4] - Collaboration revenue from Genentech for the three months ended June 30, 2022, was £4,302,000, slightly down from £4,447,000 in the same period of 2021[48] Financial Losses - Operating loss for the three months ended June 30, 2022, was £6,993,000, an improvement from a loss of £34,499,000 in the same period of 2021[4] - Loss for the period for the six months ended June 30, 2022, was £22,249,000, compared to £62,000,000 in 2021, indicating a reduction of 64%[4] - The operating loss for the six months ended June 30, 2022, was £23,453,000, with net cash used in operating activities of £40,017,000[24] - The company reported a basic and diluted loss per share of £0.14 for the three months ended June 30, 2022, compared to £0.75 for the same period in 2021[56] Cash and Assets - Cash and cash equivalents at the end of the period were £208,064,000, down from £278,870,000 at the end of June 30, 2021[12] - The Group reported cash and cash equivalents of £208,064,000 and net current assets of £192,548,000 as of June 30, 2022[24] - Total assets as of June 30, 2022, were £295,568,000, a decrease from £301,773,000 as of December 31, 2021[7] - As of June 30, 2022, trade receivables increased to £24,424,000 from £6,047,000 at the end of 2021[58] Research and Development - Research and development costs for the six months ended June 30, 2022, were £38,731,000, compared to £36,356,000 in 2021, reflecting a 6% increase[4] - The company is developing a pipeline of five clinical stage programs in oncology and infectious disease, leveraging its ImmTAX platform[17] Regulatory Approvals - KIMMTRAK received regulatory approval from the FDA and EC in January and April 2022, respectively, and is now approved in over 30 countries[18] - The Group expects to obtain further regulatory approvals for KIMMTRAK in additional territories in the second half of 2022[18] Funding and Future Outlook - The Group anticipates needing additional funding to support ongoing operations and further development of its pipeline[26] - The Group's estimated rebates and chargebacks are subject to significant judgment due to limited sales history in the U.S.[30] - The Board assessed downside risks, including the impact of COVID-19 and geopolitical tensions, concluding minimal future impact on clinical trials[25] Capital and Lease Activities - The company issued 2,000,000 American Depositary Shares (ADSs) generating proceeds of £116,700,000 in July 2022[16] - The company completed a capital reduction on April 28, 2022, creating distributable reserves of £261.4 million[59] - The company entered into a new lease for additional laboratory space in the UK, with potential total payments of up to £5,317,000[66]