Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 41

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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in thousands).Three Months Ended March 31,20252024Increase / (decrease)% Increase / (decrease)United States$56,607 $50,026 $6,581 13.2 %Europe32,804 18,952 13,852 73.1 %International4,470 1,364 3,106 227.7 %Revenue from sale of therapies, net$93,881 $70,342 $23,539 33.5 %

20

For the three months ended March 31, 2025, we generated net revenue from sale of therapies of $93.9 million, due to the sale of KIMMTRAK, of which $56.6 million was in the United States, $32.8 million in Europe (including the impact of a net decrease in estimated reserves related to prior periods of $6.0 million) and $4.5 million in International. Revenue from sale of therapies, net increased in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due primarily to global country expansion and increased sales volume in the United States, as we continued our commercialization efforts.

R&D Expenses

The following table summarizes our R&D expenses (in thousands):

Three Months Ended March 31,20252024Increase / (decrease)% Increase / (decrease)External R&D expenses:PRAME programs$17,305 $26,700 $(9,395)(35.2)%Tebentafusp programs7,990 5,894 2,096 35.6 %Infectious disease programs1,405 2,246 (841)(37.4)%All other external clinical and preclinical costs11,231 6,499 4,732 72.8 %Total external R&D expenses37,931 41,339 (3,408)(8.2)%Internal R&D expenses:Salaries and other employee-related costs11,043 9,754 1,289 13.2 %Share-based compensation expense2,181 1,980 201 10.2 %All other internal R&D costs7,399 6,209 1,190 19.2 %U.K. R&D tax credits(2,086)(1,823)(263)14.4 %Total internal R&D