Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 39

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 ended June 30, 2025 compared to the three months ended June 30, 2024, due primarily to increased sales volume in the United States and Europe as well as global country expansion. This was partially offset by fewer shipments in international regions, primarily due to timing of orders.

R&D Expenses

The following table summarizes our R&D expenses (in thousands):

Three Months Ended June 30,20252024Increase / (decrease)% Increase / (decrease)External R&D expenses:PRAME programs$20,678 $21,932 $(1,254)(5.7)%Tebentafusp programs10,417 4,557 5,860 128.6 %Infectious disease programs1,325 1,439 (114)(7.9)%All other external clinical and preclinical costs15,253 4,449 10,804 242.8 %Total external R&D expenses47,673 32,377 15,296 47.2 %Internal R&D expenses:Salaries and other employee-related costs12,907 12,221 686 5.6 %Share-based compensation expense2,318 2,172 146 6.7 %All other internal R&D costs8,326 6,133 2,193 35.8 %U.K. R&D tax credits(2,216)(1,831)(385)21.0 %Total internal R&D expenses21,335 18,695 2,640 14.1 %Total R&D expenses$69,008 $51,072 $17,936 35.1 %

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Table of Contents

For the three months ended June 30, 2025, our R&D expenses were $69.0 million, compared to $51.1 million for the three months ended June 30, 2024. 

For the three months ended June 30, 2025, our external R&D expenses increased by $15.3 million primarily due to an increase in all other external clinical and preclinical costs of $10.8 million related to continued progress in the pipeline, primarily for our autoimmune programs, including clinical material manufacturing for anticipated Phase 1 initiations. In addition, there was an increase of $5.9 million in expenses incurred for our tebentafusp programs as a result of the advanced cutaneous melanoma ("TEBE-