Company: IMCR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001671927-25-000018
Chunk: 13

Company: Immunocore Holdings plc
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 offerings, for which Jefferies will act as sales agent and/or principal. The at-the-market facility has been registered under the Securities Act of 1933, as amended, pursuant to our Registration Statement on Form S-3ASR (File No. 333-278120). As of September 30, 2025, no issuances or sales had been made pursuant to the Sales Agreement.

In February 2024, we completed a private offering of $402.5 million aggregate principal amount of the Notes. Our net proceeds from the offering of the Notes were $389.1 million, after deducting the initial purchasers’ discounts and commissions and the offering expenses. The Notes are senior, unsecured obligations of the Company and will mature on February 1, 2030, unless earlier converted, redeemed or repurchased. The Notes will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024, at a rate of 2.50% per year. Part of the proceeds were used to repay in full loans outstanding under our previous loan agreement with Pharmakon. 

In the three months ending December 31, 2025, we expect to pay approximately $65.0 million related to accrued revenue deductions.

Other than the above mentioned indebtedness and payments, we currently have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, other than our lease obligations and supplier purchase commitments in the normal course of business.

Cash Flows 

As of September 30, 2025, we had cash and cash equivalents of $498.4 million, as compared to $455.7 million as of December 31, 2024 and we also have marketable securities of $393.9 million as of September 30, 2025 as compared to $364.6 million as of December 31, 2024. Our working capital was $852.5 million as of September 30, 2025, compared to $717.7 million as of December 31, 2024.

The following table summarizes the primary sources and uses of cash and cash equivalents for each period presented (in thousands):

Nine Months Ended September 30,20252024Cash and cash equivalents at beginning of period$455,731 $442,626 Net cash provided by operating activities21,943 40,012 Net cash used