Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 82

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 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 second half of 2025, we expect to pay approximately $65.0 million related to accrued revenue deductions.

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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 June 30, 2025, we had cash and cash equivalents of $487.9 million, as compared to $455.7 million as of December 31, 2024 and we also have marketable securities of $394.9 million as of June 30, 2025 as compared to $364.6 million as of December 31, 2024. Our working capital was $832.2 million as of June 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):

Six Months Ended June 30,20252024Cash and cash equivalents at beginning of period$455,731 $442,626 Net cash provided by operating activities26,399 18,885 Net cash used in investing activities(20,712)(350,761)Net cash provided by financing activities6,221 395,194 Net foreign exchange difference on cash held20,294 (959)Cash and cash equivalents at end of period$487,933 $504,985     

Net cash provided by our operating activities was $26.4 million for the six months ended June 30, 2025, compared to $18.9 million for the six months ended June 30, 2024. This increase of $7.5 million was primarily due to an increase in net revenue from sale of therapies and cash collections,