Company: IMCR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001671927-25-000006
Chunk: 229

Company: Immunocore Holdings plc
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 229
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 tax benefit (expense) represents the sum of income taxes payable in the United States, Ireland and Switzerland, offset by deferred tax credits arising on deferred tax assets generated.

Unsurrendered tax losses are carried forward to be offset against future taxable profits. After accounting for tax credits receivable, there were accumulated tax losses available for carry forward in the United Kingdom of $277.4 million as of December 31, 2024. A full valuation allowance is recognized in respect of accumulated tax losses and other temporary differences in the United Kingdom because future profits are not sufficiently certain. A deferred tax asset is, however, recognized in respect of the subsidiary in the United States, relating to unused tax credits on share-based compensation expense and other temporary differences on the basis that we expect to continue generating U.S. taxable income against which deductible temporary differences can unwind.

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Table of Contents

As we begin to generate significant net revenue from sale of therapies, we may benefit from the U.K.’s “patent box” regime, which allows profits attributable to revenues from patents or patented products to be taxed at a lower rate than other revenue. The effective rate of tax for relevant streams of revenue for companies receiving this relief is 10%.

Comparison of the Years ended December 31, 2024 and 2023

Revenue

The following table summarizes our total revenue (in thousands):

Year ended December 31,20242023Increase / (decrease)% Increase / (decrease)Revenue from sale of therapies, net$309,989 $238,735 $71,254 30 %Collaboration revenue213 10,693 (10,480)(98)%Total revenue$310,202 $249,428 $60,774 24 %

Revenue from sale of therapies, net

Revenue from sale of therapies, net is presented by country / region based on location of the end customer below (in thousands):

Year ended December 31,20242023Increase / (decrease)% Increase / (decrease)United States$226,687 $169,791 $56,896 34 %Europe73,224 67,628 5,596 8 %International10,078 1,316 8,762 666 %Revenue from sale of therapies, net$309,989 $238,735 $71,254 30 %

For the year ended December 31, 2024, we generated net revenue from sale of therapies of