Company: IMCR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001671927-25-000006
Chunk: 231

Company: Immunocore Holdings plc
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 231
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For the year ended December 31, 2024, our R&D expenses were $222.2 million, as compared to $163.5 million for the year ended December 31, 2023.

For the year ended December 31, 2024, our external R&D expenses increased by $52.8 million. This was driven by an increase of $35.6 million in expenses incurred for our PRAME programs as a result of the initiation of our registrational Phase 3 PRISM-MEL-301 clinical trial, scale-up of manufacturing and increase in the number of patients in combination expansions in our brenetafusp Phase 1/2 clinical trial. R&D expenses incurred for our tebentafusp programs increased by $15.1 million primarily due to the progression of the advanced cutaneous melanoma ("TEBE-AM") and ATOM Phase 3 clinical trials. 

For the year ended December 31, 2024, our internal R&D expenses increased by $5.8 million. This was primarily due to an increase of $5.5 million in salaries and other employee-related costs as our average number of employees and associated personnel costs increased with the growth of our clinical and preclinical programs, and an increase of $2.3 million in other internal R&D costs related to higher information technology and facilities costs. These cost increases were partially offset by an increase in the U.K. R&D tax credits of $3.3 million in 2024, primarily due to an increase in eligible U.K. R&D expenses.

We expect our R&D expenses to increase in future periods as we advance our trials and further develop our clinical and preclinical pipeline.

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SG&A Expenses

The following table summarizes our SG&A expenses (in thousands):

Year ended December 31,20242023Increase / (decrease)% Increase / (decrease)Salaries and other employee-related costs$48,739 $36,202 $12,537 35 %Selling and commercial costs48,772 52,436 (3,664)(7 %)Share-based compensation expense26,419 26,002 417 2 %Other administrative expenses31,851 29,855 1,996 7 %Total SG&A expenses$155,781 $144,495 $11,286 8 %

For the year ended December 31, 2024