Company: IMCR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001671927-25-000006
Chunk: 232

Company: Immunocore Holdings plc
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 232
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, our SG&A expenses were $155.8 million, compared to $144.5 million for the year ended December 31, 2023, an increase of $11.3 million. Salaries and other employee-related costs increased by $12.5 million during the year ended December 31, 2024, due to the internalization of our U.S. sales force in the fourth quarter of 2023. Prior to this, these costs were outsourced and included in selling and commercial costs. In addition, there was an increase in the number of employees in business support functions to support our growing pipeline and global commercial expansion. Other administrative expenses increased by $2.0 million in the year ended December 31, 2024, due primarily to higher information technology and facilities costs.

Interest Income and Interest Expense

For the year ended December 31, 2024, interest income was $25.6 million compared to $18.0 million for the year ended December 31, 2023. This increase of $7.6 million reflects higher levels of cash and cash equivalents held in 2024 relative to 2023 due primarily to the net cash proceeds from the Notes issued in February 2024 and increases in interest rates earned on our cash and cash equivalents balances. For the year ended December 31, 2024, interest expense was $18.8 million compared to $5.2 million for the year ended December 31, 2023 and the increase was primarily related to interest arising on the Notes and the loss on extinguishment of our Pharmakon Loan Agreement of $3.9 million in 2024.

Foreign Currency (Loss) Gain

For the year ended December 31, 2024, foreign currency loss was $3.4 million compared to a loss of $13.2 million for the year ended December 31, 2023. This change of $9.8 million mainly related to the company holding a greater portion of its cash and cash equivalents and marketable securities within a U.S. dollar denominated entity. 

Other Income (Expense), Net

For the year ended December 31, 2024, other income, net was $14.2 million compared to other expense, net of $0.9 million for the year ended December 31, 2023. The change is primarily related to the unrealized gains resulting from the change in fair value of