Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 25

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 the territory. Following the first commercial sale in the territory during the three months ended June 30, 2025, the Company began recognizing this revenue within net revenue from sale of therapies and consequently the Company reclassified the portion of deferred revenue expected to be recognized over the next twelve months as current. 

4. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):June 30,2025December 31,2024Rebates, chargebacks and returns$66,030 $110,924 Clinical accruals43,787 41,448 Employee related expenses7,930 13,102 Contract manufacturing12,174 4,764 Interest accruals4,193 4,205 Commercial services3,906 2,483 Other accruals5,765 8,608 $143,785 $185,534 See Note 3. “Revenue” for a breakdown of rebates, chargebacks and returns.Clinical accruals primarily represent unbilled work undertaken by contract research organizations as part of the advancement of the Company's clinical programs. 

As of June 30, 2025, rebates, chargebacks and returns of $83.4 million were recorded in Accrued expenses, non-current, of which $45.9 million were reclassified from Accrued expenses and other current liabilities as of December 31, 2024 as they are no longer required to be paid in the twelve months from the balance sheet date following additional information received in the six months ended June 30, 2025. 

5. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings consisted of the following as of June 30, 2025 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(10,440)$392,060 $347,840 Level 2

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Interest-bearing loans and borrowings consisted of the following as of December 31, 2024 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(11,487)$391,013 $337,174 Level 2Interest expense consisted of the following (in thousands): Three Months Ended June 30,Six Months Ended June