Company: IMCR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001671927-25-000006
Chunk: 235

Company: Immunocore Holdings plc
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 235
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 of rebate payments, partly offset by increases in R&D expenses primarily related to clinical trial costs in the year ended December 31, 2024 as compared to the year ended December 31, 2023.

Net cash used in investing activities was $355.1 million for the year ended December 31, 2024, compared to $5.4 million for the year ended December 31, 2023. The net cash used in investing activities increased for the year ended December 31, 2024 due to purchases of marketable securities of $350.0 million.

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Net cash provided by our financing activities during the year ended December 31, 2024 was $343.9 million as compared to $34.3 million for the year ended December 31, 2023. The increase of $309.5 million was the result of the net cash proceeds of $389.1 million from the offering of the Notes after deducting issuance costs of $13.4 million, partially offset by the $52.1 million Pharmakon loan repayment.

Future Capital Requirements

Since our inception, we have incurred significant losses due to our substantial R&D and SG&A expenses. We have an accumulated deficit of $795.8 million as of December 31, 2024. We expect to continue to incur significant losses in the foreseeable future and expect our expenses to increase in connection with our ongoing activities, particularly as we continue to commercialize KIMMTRAK in additional territories, continue our research and development programs and the advancement of our product candidates through preclinical and clinical development, and seek regulatory approval and pursue commercialization of any approved product candidates.

Our expenses will also increase if, and as, we:

•pursue further approval and commercialization of KIMMTRAK in additional indications and territories;

•continue to advance the development of our clinical trials and pre-clinical programs;

•continue to invest in our soluble TCR platforms to conduct research to identify novel technologies;

•change or add additional suppliers;

•add additional infrastructure to our quality control, quality assurance, legal, compliance and other groups to support our operations as we progress product candidates toward commercialization;

•seek to attract and retain skilled personnel;

•create additional infrastructure to further support our operations as a public company listed in the United States and our product development and planned future commercialization efforts;

•seek marketing approvals and reimbursement for our other