Company: IMCR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001671927-25-000018
Chunk: 102

Company: Immunocore Holdings plc
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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971,267 Basic net (loss) income per share$(0.00)$0.17 $(0.11)$(0.55)Diluted net (loss) income per share$(0.00)$0.17 $(0.11)$(0.55)A total of 11,064,752 shares issuable upon the exercise of outstanding share options and vesting of RSUs for the three and nine months ended September 30, 2025 have been excluded from the calculation of diluted net (loss) income per share due to their anti-dilutive effect. For the three and nine months ended September 30, 2024, there were 2,222,171 and 9,650,718, respectively, shares issuable upon the exercise of options granted under the Company’s option plans excluded from the calculation for diluted earnings per share, because they are considered to be anti-dilutive.

For the three and nine months ended September 30, 2025, shares issuable upon the potential conversion of all of the Notes were excluded from the calculation of diluted net (loss) income per share due to their anti-dilutive effect. 

8. Income taxes

Income tax expense is recognized at an amount determined by multiplying the net income (loss) before income taxes for the interim reporting period by the Company’s estimated annual effective tax rate, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the condensed consolidated financial statements may differ from the Company’s estimate of the effective tax rate for the Company’s consolidated financial statements for the year ending December 31, 2025.The Company’s consolidated estimated effective tax rate for the three and nine months ended September 30, 2025 was 155.5% and (64.9)%, respectively. During the three and nine months ended September 30, 2025, the Company recorded a tax charge of $0.5 million and $2.1 million, respectively (September 30, 2024: tax benefit of $2.6 million and $0.8 million, respectively). The Company benefits from the U.K. large company Research & Development Expenditure Credit ("RDEC") regime which can generate a cash rebate of up to 15% of qualifying research and development expenditures incurred after April 1, 2023. Tax credits receivable under the RDEC regime are recorded "above the line" as a reduction from research and