Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 102

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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 / (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 expenses18,537 16,120 2,417 15.0 %Total R&D expenses$56,468 $57,459 $(991)(1.7)%

For the three months ended March 31, 2025, our R&D expenses were $56.5 million, compared to $57.5 million for the three months ended March 31, 2024. 

For the three months ended March 31, 2025, our external R&D expenses decreased by $3.4 million primarily due to a decrease of $9.4 million in expenses incurred for our PRAME programs as a result of higher costs related to timing of manufacturing batches and purchases of drug consumables for our clinical trials in the three months ended March 31, 2024. This was partially offset by expenses incurred for our tebentafusp programs which increased by $2.1 million primarily due to the advanced cutaneous melanoma ("TEBE-AM") and ATOM Phase 3 trials. All other external clinical and preclinical costs increased by $4.7 million due to continued progress in the pipeline, primarily related to our autoimmune programs.

For the three months ended March 31, 2025, our internal R&D expenses increased by $2.4 million primarily due to an increase in salaries and other employee-related costs and all other internal R&D costs due to the growth of our clinical and