Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 24

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
 and $63.0 million, respectively. An allowance for lifetime expected credit losses on accounts receivable is measured using historical credit loss experience, conditions at the end of each reporting period, and reasonable and supportable forecasts that affect collectability. Expected credit losses as of June 30, 2025 and December 31, 2024 were immaterial.Accruals for rebates, chargebacks and returnsCurrent and non-current accruals for rebates, chargebacks and returns as of June 30, 2025 were as follows (in thousands): RebatesChargebacksReturnsTotalAs of December 31, 2024$108,521 $2,038 $365 $110,924 Provisions related to sales in the period78,009 20,001 7,247 105,257 Adjustments related to sales in prior periods(5,983)— — (5,983)Credits and payments made(34,372)(19,578)(6,780)(60,730)As of June 30, 2025$146,175 $2,461 $832 $149,468     

9

Table of Contents

Included in the above are non-current accruals for rebates, chargebacks and returns of $83.4 million and $0 million as of June 30, 2025 and December 31, 2024, respectively, which are not required to be paid in the twelve months from the balance sheet date following additional information received in the six months ended June 30, 2025. The adjustments related to prior period sales in the period ended June 30, 2025 were due to changes in estimates primarily related to European pricing negotiations.Deferred revenue

Current and non-current deferred revenue as of June 30, 2025 and December 31, 2024 relates to a revised distribution agreement with Medison entered into in November 2022. Under the revised agreement, the Company received a non-refundable payment of $5.0 million in exchange for granting Medison exclusive distribution rights in South America. The Company has determined that the deferred revenue relates to the Company’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The revenue will be recognized on a straight-line basis over the term of the contract of 10 years from the date of the first commercial sale in