Company: IMCR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001671927-25-000018
Chunk: 116

Company: Immunocore Holdings plc
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 due primarily to increased volume in the United States and Europe as well as global country expansion. 

R&D Expenses

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

Nine Months Ended September 30,20252024Increase / (decrease)% Increase / (decrease)External R&D expenses:PRAME programs$59,950 $67,144 $(7,194)(10.7)%Tebentafusp programs30,196 18,766 11,430 60.9 %Infectious disease programs4,077 5,009 (932)(18.6)%All other external clinical and preclinical costs42,035 17,309 24,726 142.9 %Total external R&D expenses136,258 108,228 28,030 25.9 %Internal R&D expenses:Salaries and other employee-related costs35,882 33,247 2,635 7.9 %Share-based compensation expense6,667 5,971 696 11.7 %All other internal R&D costs23,780 19,577 4,203 21.5 %U.K. R&D tax credits(6,539)(5,722)(817)14.3 %Total internal R&D expenses59,790 53,073 6,717 12.7 %Total R&D expenses$196,048 $161,301 $34,747 21.5 %

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For the nine months ended September 30, 2025, our R&D expenses were $196.0 million, compared to $161.3 million for the nine months ended September 30, 2024. 

For the nine months ended September 30, 2025, our external R&D expenses increased by $28.0 million due to an increase in all other external clinical and preclinical costs of $24.7 million related to continued progress in the pipeline, primarily for our autoimmune programs, including clinical material manufacturing for anticipated Phase 1 initiation. In addition, R&D expenses incurred for our tebentafusp programs increased by $11.4 million as a result of the TEBE-AM and ATOM Phase 3 trials and purchases of drug consumables. There was a decrease of $7.2 million in expenses incurred for our PRAME programs primarily resulting from higher costs in the nine months ended September 30, 2024 due