Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 106

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 106
---

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

Six Months Ended June 30,20252024Increase / (decrease)% Increase / (decrease)External R&D expenses:PRAME programs$37,983 $48,632 $(10,649)(21.9)%Tebentafusp programs18,407 10,451 7,956 76.1 %Infectious disease programs2,730 3,685 (955)(25.9)%All other external clinical and preclinical costs26,484 10,948 15,536 141.9 %Total external R&D expenses85,604 73,716 11,888 16.1 %Internal R&D expenses:Salaries and other employee-related costs23,950 21,975 1,975 9.0 %Share-based compensation expense4,499 4,152 347 8.4 %All other internal R&D costs15,725 12,342 3,383 27.4 %U.K. R&D tax credits(4,302)(3,654)(648)17.7 %Total internal R&D expenses39,872 34,815 5,057 14.5 %Total R&D expenses$125,476 $108,531 $16,945 15.6 %

For the six months ended June 30, 2025, our R&D expenses were $125.5 million, compared to $108.5 million for the six months ended June 30, 2024. 

For the six months ended June 30, 2025, our external R&D expenses increased by $11.9 million primarily due to an increase in all other external clinical and preclinical costs of $15.5 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 $8.0 million as a result of the TEBE-AM and ATOM Phase 3 trials and purchases of drug consumables. There was a decrease of $10.6 million in expenses incurred for our PRAME programs resulting from higher costs in the six months ended June 30, 2024 due to timing of manufacturing batches and purchases of drug consumables for our clinical trials partially offset by higher costs in the six months