Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 61

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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,693 $1,775 $826 $121,294     

8

Included in the above are non-current accruals for rebates, chargebacks and returns of $61.8 million and $0 million as of March 31, 2025 and December 31, 2024, respectively, which are not 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. The adjustments related to prior period sales in the period ended March 31, 2025 were due to changes in estimates primarily related to European pricing negotiations.Deferred revenue

Non-current deferred revenue as of March 31, 2025 and December 31, 2024 relates to a revised distribution agreement with Medison entered into in November 2022. Under the revised agreement, the Company received a non-refundable payment of $5.0 million in exchange for granting Medison exclusive distribution rights in South America. The Company has determined that the deferred revenue relates to the Company’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The Company expects to recognize this revenue within net revenue from sale of therapies following first commercial sale in the territory. As of March 31, 2025, the Company estimates that revenue recognition of this non-current deferred revenue will commence after one year or later. 

4. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):March 31,2025December 31,2024Rebates, chargebacks and returns$59,479 $110,924 Clinical accruals35,954 41,448 Employee related expenses4,654 13,102 Contract manufacturing7,087 4,764 Interest accruals1,677 4,205 Commercial services3,152 2,483 Other accruals6,338 8,608 $118,341 $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 March 31, 2025, rebates, chargebacks and returns of $61.8 million were