Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 15

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 15
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 biotechnology companies, has been and is likely to continue to be highly volatile. These fluctuations in our ADS price may significantly affect the trading price of our securities, including the notes offered hereby. The trading price of our securities has and is likely to**

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continue to be subject to wide fluctuations in response to various factors, some of which are beyond our control, including, for example, fluctuations in our operating results, announcements of collaborations, clinical study results, technological innovations or new products being developed by us or our competitors, the commercial success of our approved medicines, governmental regulation, announcements or decisions by regulatory authorities regarding our products under development, marketing authorizations, changes in payers’ reimbursement policies, developments in patent or other proprietary rights and public concern regarding the safety of our medicines.

Broad market and industry factors, including impacts thereon of regulatory actions by the U.S. government (including the imposition and suspension of tariffs), the war in Ukraine, the conflict in the Middle East, and global geopolitical tension, as well as changes in inflation and interest rates, supply chain disruptions, and volatility in the capital markets, may negatively affect the market price of our securities, regardless of our actual operating performance. Further, a decline in the financial markets and related factors beyond our control may cause the price of our securities to decline rapidly and unexpectedly. For example, negative publicity regarding drug pricing and price increases by pharmaceutical companies has negatively impacted, and may continue to negatively impact, the markets for biotechnology and pharmaceutical stocks. A loss of investor confidence in the market for biotechnology or pharmaceutical stocks or the stocks of other companies that investors perceive to be similar to us, the opportunities in the biotechnology and pharmaceutical market or the stock market in general, could depress the price of our ADSs, and consequently the trading price of the notes, regardless of our business, prospects, financial conditions or results of operations.

**We may incur substantially more debt or take other actions which would intensify the risks discussed above.**

**We and our subsidiaries may incur substantial additional debt in the future. We are not restricted under the terms of the indenture governing the notes offered hereby from incurring additional debt, securing existing or future debt, recapitalizing our debt or taking a number of other actions that are not limited by the terms of the applicable indenture governing the notes that could have the effect of diminishing our ability to make payments on the notes when due.

We may not have the ability to raise the funds necessary