Company: IMCR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001671927-25-000018
Chunk: 59

Company: Immunocore Holdings plc
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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(5,983)— — (5,983)Credits and payments made(51,534)(29,431)(8,110)(89,075)As of September 30, 2025$166,132 $2,765 $1,339 $170,236     

9

Included in the above are non-current accruals for rebates, chargebacks and returns of $96.1 million and $0 million as of September 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 nine months ended September 30, 2025. The adjustments related to prior period sales in the period ended September 30, 2025 were due to changes in estimates primarily related to European pricing negotiations.Deferred revenue

Current and non-current deferred revenue as of September 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 the territory. Following the first commercial sale in the territory during the three months ended June 30, 2025, the Company began recognizing this revenue within net revenue from sale of therapies and consequently the Company reclassified the portion of deferred revenue expected to be recognized over the next twelve months as current. 

4. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):September 30,2025December 31,2024Rebates, chargebacks and returns$74,148 $110,924 Clinical accruals41,116 41,448 Employee related expenses10,786 13,102 Contract manufacturing10,241 4,764 Interest accruals1,677 4,205 Commercial services1,680 2,483 Other accruals5,289