$IMCR

Immunocore Holdings plc

CIK:0001671927|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 115,927	$ 97,964	$ 222,604	$ 191,845
Cost and operating expenses:
Cost of revenue from sale of therapies	(1,088)	(1,040)	(1,522)	(1,871)
Research and development expense	(73,945)	(69,008)	(135,058)	(125,476)
Selling, general and administrative expense	(43,890)	(42,791)	(81,740)	(82,989)
Income (loss) from operations	(2,996)	(14,875)	4,284	(18,491)
Other income (expense):
Interest income	3,582	4,271	7,000	8,447
Interest expense	(3,062)	(3,045)	(6,113)	(6,070)
Foreign currency gain (loss)	(1,108)	(738)	2,741	2,342
Other income, net	3,070	4,693	4,846	10,162
Net income (loss) before income taxes	(514)	(9,694)	12,758	(3,610)
Income tax expense	(294)	(606)	(595)	(1,667)
Net income (loss)	(808)	(10,300)	12,163	(5,277)
Other comprehensive income (loss):
Exchange differences on translation of foreign operations	1,043	6,476	(6,246)	7,149
Total comprehensive (loss) income	$ 235	$ (3,824)	$ 5,917	$ 1,872
Basic net income (loss) per share (in USD per share)	$ (0.02)	$ (0.20)	$ 0.24	$ (0.11)
Basic weighted-average number of shares outstanding (in shares)	50,973,830	50,294,205	50,868,252	50,191,018
Diluted net income (loss) per share (in USD per share)	$ (0.02)	$ (0.20)	$ 0.23	$ (0.11)
Diluted weighted-average number of shares outstanding (in shares)	50,973,830	50,294,205	52,903,203	50,191,018
Revenue from sale of therapies, net
Revenue:
Total revenue	$ 115,927	$ 97,964	$ 222,604	$ 191,845

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 12,163	$ (5,277)
Adjustments for:
Share-based compensation expense	15,706	19,522
Depreciation	1,974	1,634
Unrealized foreign exchange gains, net	(2,682)	(607)
Unrealized gains on marketable securities	(4,847)	(10,162)
Non-cash lease expense	1,237	1,114
Other	1,080	1,049
Changes in assets and liabilities:
Increase in accounts receivable	(22,551)	(3,341)
(Increase) decrease in prepayments and other current assets	(16,675)	365
Increase (decrease) in accounts payable	1,171	(3,587)
Increase in accrued expenses	18,698	22,787
Decrease in deferred revenue	(292)	(97)
Decrease in operating lease liabilities	(2,224)	(528)
Decrease in other operating assets	(605)	3,527
Net cash provided by operating activities	2,153	26,399
Cash flows from investing activities
Purchase of marketable securities	0	(30,000)
Proceeds from sale of marketable securities	6,000	10,000
Purchase of property and equipment	(2,567)	(712)
Net cash provided by (used in) investing activities	3,433	(20,712)
Cash flows from financing activities
Proceeds from exercise of share options	17,141	6,221
Net cash provided by financing activities	17,141	6,221
Increase in cash and cash equivalents	22,727	11,908
Net foreign exchange difference on cash held	(5,516)	20,294
Cash and cash equivalents at beginning of period	467,709	455,731
Cash and cash equivalents at end of period	484,920	487,933
Supplemental disclosure of cash flow and noncash information
Cash paid for interest	(5,031)	(5,031)
Cash paid for income taxes, net of refunds	$ (754)	$ (1,510)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 484,920	$ 467,709
Marketable securities	395,291	396,444
Accounts receivable, net	95,350	73,977
Prepaid expenses and other current assets	67,692	51,870
Inventory, net	7,791	6,742
Total current assets	1,051,044	996,742
Property and equipment, net	12,863	11,462
Operating lease right of use assets, net	37,020	38,783
Other non-current assets	18,495	20,282
Total assets	1,119,422	1,067,269
Current liabilities
Accounts payable	26,319	24,364
Accrued expenses and other current liabilities	206,400	219,744
Deferred revenue, current	573	583
Operating lease liabilities, current	1,906	2,006
Total current liabilities	235,198	246,697
Accrued expenses, non-current	26,883	0
Deferred revenue, non-current	4,490	4,858
Operating lease liabilities, non-current	38,847	41,556
Interest-bearing loans and borrowings	394,206	393,125
Total liabilities	699,624	686,236
Commitments and contingencies (Note 10)
Shareholders’ equity
Ordinary shares (voting), £0.002 par value, most recent authority to allot up to a maximum nominal value of £149,303 and £149,633 shares as of June 30, 2026 and December 31, 2025, respectively, and 51,480,159 and 50,689,271 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	138	136
Deferred shares, £0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025.	1	1
Additional paid-in capital	1,273,101	1,240,255
Accumulated deficit	(819,112)	(831,275)
Accumulated other comprehensive loss	(34,330)	(28,084)
Total shareholders' equity	419,798	381,033
Total liabilities and shareholders' equity	$ 1,119,422	$ 1,067,269