Company: IMCR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001671927-25-000014
Chunk: 79

Company: Immunocore Holdings plc
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 of which $120.7 million was in the United States, $65.8 million in Europe (including the impact of a net decrease in estimated reserves related to prior periods of $6.0 million) and $5.3 million in International. Revenue from sale of therapies, net increased in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due primarily to increased volume in the United States and Europe as well as global country expansion. This was partially offset by fewer shipments in international regions, primarily due to timing of orders.

R&D Expenses

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

Six Months Ended June 30,20252024Increase / (decrease)% Increase / (decrease)External R&D expenses:PRAME programs$37,983 $48,632 $(10,649)(21.9)%Tebentafusp programs18,407 10,451 7,956 76.1 %Infectious disease programs2,730 3,685 (955)(25.9)%All other external clinical and preclinical costs26,484 10,948 15,536 141.9 %Total external R&D expenses85,604 73,716 11,888 16.1 %Internal R&D expenses:Salaries and other employee-related costs23,950 21,975 1,975 9.0 %Share-based compensation expense4,499 4,152 347 8.4 %All other internal R&D costs15,725 12,342 3,383 27.4 %U.K. R&D tax credits(4,302)(3,654)(648)17.7 %Total internal R&D expenses39,872 34,815 5,057 14.5 %Total R&D expenses$125,476 $108,531 $16,945 15.6 %

For the six months ended June 30, 2025, our R&D expenses were $125.5 million, compared to $108.5 million for the six months ended June 30, 2024. 

For the six months ended June 30, 2025, our external R&D expenses increased by $11.9 million primarily due to an increase in all other external clinical and preclinical costs of $15.5 million related to continued progress in the