Company: IMCR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001671927-25-000018
Chunk: 60

Company: Immunocore Holdings plc
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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8,608 $144,937 $185,534 See Note 3. “Revenue” for a breakdown of rebates, chargebacks and returns.Clinical accruals primarily represent unbilled work undertaken by contract research organizations as part of the advancement of the Company's clinical programs. 

As of September 30, 2025, rebates, chargebacks and returns of $96.1 million were recorded in Accrued expenses, non-current, of which $45.9 million were reclassified from Accrued expenses and other current liabilities as of December 31, 2024 as they are no longer 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. 

5. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings consisted of the following as of September 30, 2025 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(9,913)$392,587 $364,947 Level 2

10

Interest-bearing loans and borrowings consisted of the following as of December 31, 2024 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(11,487)$391,013 $337,174 Level 2Interest expense consisted of the following (in thousands): Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Convertible senior notesCoupon interest$2,516 $2,890 $7,547 $6,997 Amortization of debt issuance costs527 511 1,566 1,343 Pharmakon loan — 889 — 3,466 Total interest expense$3,043 $4,290 $9,113 $11,806 

6. Share-based compensation

The following table shows the total share-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Research and development$2,168 $1,819 $6,667 $5,971 Selling, general and administrative $7,669 $4,