Company: IMCR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001671927-25-000006
Chunk: 193

Company: Immunocore Holdings plc
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 193
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 conversion rate, which could make it more costly for a potential acquirer to engage in such takeover. Such additional costs may have the effect of delaying or preventing a takeover of us that would otherwise be beneficial to investors.

Risks Related to Ownership of Our Securities and Our Status as a Public Company

An active trading market for our ADSs may not be sustained.

Prior to our initial public offering in February 2021, there was no public trading market for our ordinary shares or ADSs. Although our ADSs are listed on The Nasdaq Global Select Market, we cannot assure you that an active trading market for our ADSs will be sustained. If an active market for our ADSs is not sustained, it may be difficult to for investors to sell ADSs without depressing the market price for the ADSs or to sell the ADSs at all. You may not be able to sell your ADSs quickly or at the market price if trading in our ADSs is not active.

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The trading price of our ADSs has been and may continue to be highly volatile and may fluctuate due to factors beyond our control.

The market price for our ADSs may be volatile. From January 1, 2024 to February 14, 2025, the closing price of our ADSs ranged from a high of $75.36 to a low of $28.14 per ADS. The trading price of our ADSs has and is likely to continue to be subject to wide fluctuations in response to various factors, some of which are beyond our control, including limited trading volume. In addition to the factors discussed in this “Risk Factors” section and elsewhere in this Annual Report, these factors include but not limited to:

•our failure to successfully execute our commercialization strategy with respect to KIMMTRAK;

•actions or announcements by third-party or government payors with respect to coverage and reimbursement of KIMMTRAK;

•adverse regulatory decisions, or our ability to obtain regulatory approval of, tebentafusp in other jurisdictions or for other indications, or any of our other product candidates;

•adverse results or delays in pre-clinical studies or clinical trials;

•reports of adverse events in products similar or perceived to be similar to those we are developing or clinical trials of such products;

•an inability to obtain additional funding on favorable terms or at all, including as a result of recently worsening macroeconomic conditions;

•failure by us to