Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 29

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 maintains discretion over the type and terms of equity awards granted. Share options lapse on the tenth anniversary from the date of grant, and they are not subject to performance conditions or entitled to dividends. The Company has reserved 6,250,865 authorized shares for future issuance under the EIP. The number and weighted average exercise prices of share options were as follows:Number of  Share OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value (in thousands)Outstanding as of December 31, 20249,422,875$31.14 6.0 years$50,455 Awards granted1,529,15929.57 Awards exercised(119,749)21.34 Awards forfeited (13,193)56.49 Awards expired(7,176)48.79 Outstanding as of March 31, 202510,811,916$30.99 6.4 years$50,832 Exercisable as of March 31, 20257,817,348$26.56 5.4 years$49,489 As of March 31, 2025, total unrecognized compensation expense related to share options granted but not vested was $36.6 million, which the Company expects to recognize over a remaining weighted-average period of 1.9 years. 

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Awards granted in the three months ended March 31, 2025 and 2024 have been valued using the Black-Scholes option pricing model. The assumptions used in the models for share options granted were as follows: Three Months Ended March 31,20252024Share price at grant date$29.21 - $29.60$67.51 - $70.50Exercise price$29.21 - $29.60$67.51 - $70.50Expected volatility53.30% - 55.78%59.94% - 66.17%Expected life5.5 years5 years - 5.5 yearsRisk free rate4.14% - 4.41%3.93% - 4.30%Fair value$15.70 - $16.21$39.50 - $40.47Restricted share unit activityIn February 2025, the Company granted RSU awards that vest over a four-year service period with 25% on each anniversary of the grant date. An RSU award represents the right to receive one of the Company’s