Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 62

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 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 three months ended March 31, 2025. 

5. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings consisted of the following as of March 31, 2025 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(10,970)$391,530 $337,979 Level 2Interest-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 2

9

Interest expense consisted of the following (in thousands): Three Months Ended March 31,20252024Convertible senior notesCoupon interest$2,516 $1,627 Amortization of debt issuance costs509 319 Pharmakon loan $— 1,293 Total interest expense$3,025 $3,239 Convertible senior notesOn February 2, 2024, the Company completed a private offering (the "Offering") of $402.5 million aggregate principal amount of Notes, including the exercise in full of the initial purchasers’ option to purchase up to an additional $52.5 million principal amount of Notes. The Notes were issued pursuant to an indenture, dated February 2, 2024, as supplemented on March 17, 2025 (the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as trustee. The Company’s net proceeds from the Offering of the Notes were $389.1 million, after deducting issuance costs of $13.4 million.The Notes are senior, unsecured obligations of the Company and will mature on February 1, 2030, unless earlier converted, redeemed or repurchased. The Notes will accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024, at a rate of 2.50