Immunocore Holdings plc 6-K, filed Nov 7, 2023

Immunocore Holdings plc (IMCR)

6-K 2023-11-07 For: 2023-11-07

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Added on April 07, 2026

About this 6-K

Immunocore Holdings plc filed this 6-K on November 7, 2023.

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Exhibit No.		Description
99.1		Unaudited Condensed Consolidated Interim Financial Statements as at and for the Three and Nine Months Ended September 30, 2023.

99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations as at and for the Three and Nine Months Ended September 30, 2023.

99.3		Press Release dated November 7, 2023.

		IMMUNOCORE HOLDINGS PLC

Date:	November 7, 2023	By:	/s/ Bahija Jallal, Ph.D.
			Name:	Bahija Jallal, Ph.D.
			Title:	Chief Executive Officer

			Three Months Ended September 30,						Nine Months Ended September 30,
	Notes		2023 £’000			2022 £’000			2023 £’000			2022 £’000
Product revenue, net		3		49,719			33,252			137,285			64,926
Pre-product revenue, net		3		—			3,051			—			9,588
Total revenue from sale of therapies				49,719			36,303			137,285			74,514
Collaboration revenue		3		1,769			4,896			6,508			21,161
Total revenue				51,488			41,199			143,793			95,675

Cost of product revenue				(220	)		(63	)		(1,284	)		(345	)
Research and development expenses				(31,679	)		(23,301	)		(88,895	)		(62,032	)
Selling and administrative expenses		4		(20,288	)		(11,663	)		(87,473	)		(50,579	)
Operating (loss) / profit				(699	)		6,172			(33,859	)		(17,281	)

Finance income		5		4,091			597			10,049			725
Finance costs				(1,632	)		(1,785	)		(4,817	)		(4,515	)
Net finance income / (costs)				2,459			(1,188	)		5,232			(3,790	)

Profit / (loss) before taxation				1,760			4,984			(28,627	)		(21,071	)
Income tax credit / (charge)		6		144			1,244			(243	)		5,050
Profit / (loss) for the period				1,904			6,228			(28,870	)		(16,021	)

Other comprehensive loss
Other comprehensive loss that is or may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations				(2,603	)		(1,730	)		(1,169	)		(1,848	)
Total other comprehensive loss for the period				(2,603	)		(1,730	)		(1,169	)		(1,848	)

Total comprehensive (loss) / income for the period				(699	)		4,498			(30,039	)		(17,869	)
Basic earnings / (loss) per share - £		7		0.04			0.13			(0.59	)		(0.36	)
Diluted earnings / (loss) per share - £		7		0.04			0.12			(0.59	)		(0.36	)

	Notes		September 30, 2023 £’000			December 31, 2022 £’000
Non-current assets
Property, plant and equipment		8		8,025			6,472
Intangible assets				1,589			410
Right of use assets				25,832			25,173
Other non-current assets				8,846			7,342
Deferred tax asset		6		4,135			4,240
Total non-current assets				48,427			43,637
Current assets
Inventory				1,857			943
Trade and other receivables		9		49,880			46,711
Tax receivable		6		—			11,688
Cash and cash equivalents				363,955			332,539
Total current assets				415,692			391,881
Total assets				464,119			435,518
Equity
Share capital		10		99			97
Share premium				146,205			123,751
Foreign currency translation reserve				(4,266	)		(3,097	)
Other reserves				337,847			337,847
Share-based payment reserve		11		101,781			81,411
Accumulated deficit				(290,123	)		(261,253	)
Total equity				291,543			278,756
Non-current liabilities
Non-current accruals				2,531			1,479
Interest-bearing loans and borrowings				38,484			39,500
Deferred revenue		3		4,331			4,331
Lease liabilities				29,469			28,248
Provisions				153			114
Total non-current liabilities				74,968			73,672
Current liabilities
Trade and other payables		12		93,135			75,076
Corporation tax liability		6		367			—
Interest-bearing loans and borrowings				1,024			-
Deferred revenue		3		1,602			6,408
Lease liabilities				1,445			1,555
Provisions				35			51
Total current liabilities				97,608			83,090
Total liabilities				172,576			156,762
Total equity and liabilities				464,119			435,518

	Notes	Share capital £’000		Share premium £’000		Foreign currency translation reserve £’000			Share- based payment reserve £’000		Other reserve £’000		Accumulated deficit £’000			Total equity £’000
At January 1, 2023			97		123,751		(3,097	)		81,411		337,847		(261,253	)		278,756
Loss for the period			—		—		—			—		—		(28,870	)		(28,870	)
Other comprehensive loss			—		—		(1,169	)		—		—		—			(1,169	)
Total comprehensive loss for the period			—		—		(1,169	)		—		—		(28,870	)		(30,039	)
Exercise of share options	10, 11		2		22,454		—			—		—		—			22,456
Equity-settled share-based payment transactions	11		—		—		—			20,370		—		—			20,370
At September 30, 2023			99		146,205		(4,266	)		101,781		337,847		(290,123	)		291,543

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023 £’000		2022 £’000		2023 £’000		2022 £’000

Product revenue, net		49,719		33,252		137,285		64,926
Pre-product revenue, net		—		3,051		—		9,588
Total revenue from sale of therapies		49,719		36,303		137,285		74,514
Collaboration revenue
Eli Lilly		—		—		—		7,361
Genentech		1,769		4,896		6,508		13,800
Total collaboration revenue		1,769		4,896		6,508		21,161
Total revenue		51,488		41,199		143,793		95,675

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023			2022
Profit / (loss) for the period (£’000s)		1,904		6,228		(28,870	)		(16,021	)
Basic weighted average number of shares		49,134,037		46,998,420		48,671,732			44,944,827
Adjustment for stock options with dilutive effect		5,024,930		4,444,856		—			—
Diluted weighted average number of shares		54,158,967		51,443,276		48,671,732			44,944,827
Basic earnings / (loss) per share (£)		0.04		0.13		(0.59	)		(0.36	)
Diluted earnings / (loss) per share (£)		0.04		0.12		(0.59	)		(0.36	)

	September 30, 2023 £’000		December 31, 2022 £’000
Trade receivables		33,438		27,736
Other receivables		4,739		7,682
Prepayments and accrued income		11,703		11,293
		49,880		46,711

Issued share capital	Ordinary		Deferred
(0.2p per share, except deferred shares which are 0.01p per share)	shares		shares
At January 1, 2023		48,088,346		5,793,501
Exercise of share options		1,349,910		—
At September 30, 2023		49,438,256		5,793,501

	September 30, 2023 £’000		December 31, 2022 £’000
Trade payables		11,195		11,716
Other taxation and social security		1,187		927
Pension liability		430		34
Accruals		80,323		62,399
		93,135		75,076

	Three Months Ended September 30,
	2023					2022
		$’000		£’000			£’000
Product revenue, net		60,727		49,719			33,252
Pre-product revenue, net		—		—			3,051
Total revenue from sale of therapies		60,727		49,719			36,303
Collaboration revenue		2,161		1,769			4,896
Total revenue		62,888		51,488			41,199

Cost of product revenue		(269	)	(220	)		(63	)
Research and development expenses		(38,693	)	(31,679	)		(23,301	)
Selling and administrative expenses		(24,780	)	(20,288	)		(11,663	)
Operating (loss) / profit		(854	)	(699	)		6,172
Finance income		4,997		4,091			597
Finance costs		(1,993	)	(1,632	)		(1,785	)
Net finance income / (costs)		3,004		2,459			(1,188	)
Profit before taxes		2,150		1,760			4,984
Income tax credit		176		144			1,244
Profit for the period		2,326		1,904			6,228

	Three Months Ended September 30, 2023
	2023			2022
		$’000	£’000		£’000
United States		42,138	34,500		22,508
Europe		18,336	15,012		13,034
Rest of World		253	207		761
Total revenue from sale of therapies		60,727	49,719		36,303

	Nine Months Ended September 30,
	2023					2022
		$’000		£’000			£’000
Product revenue, net		167,680		137,285			64,926
Pre-product revenue, net		—		—			9,588
Total revenue from sale of therapies		167,680		137,285			74,514
Collaboration revenue		7,949		6,508			21,161
Total revenue		175,629		143,793			95,675

Cost of product revenue		(1,568	)	(1,284	)		(345	)
Research and development expenses		(108,576	)	(88,895	)		(62,032	)
Selling and administrative expenses		(106,840	)	(87,473	)		(50,579	)
Operating loss		(41,355	)	(33,859	)		(17,281	)
Finance income		12,274		10,049			725
Finance costs		(5,883	)	(4,817	)		(4,515	)
Net finance income / (costs)		6,391		5,232			(3,790	)
Loss before taxes		(34,964	)	(28,627	)		(21,071	)
Income tax (charge) / credit		(297	)	(243	)		5,050
Loss for the period		(35,261	)	(28,870	)		(16,021	)

			Nine Months Ended September 30,
	Notes		2023 £’000			2022 £’000
Cash flows from operating activities
Loss for the period				(28,870	)		(16,021	)
Adjustments for:
Equity settled share-based payment expense		11		20,370			20,181
Depreciation				3,969			4,794
Net finance (income) / costs				(5,232	)		3,790
Foreign exchange movements				(550	)		(20,498	)
Other				11			(1	)
Income tax charge / (credit)				243			(5,050	)
Working capital adjustments:
Increase in trade and other receivables and other non-current assets				(4,894	)		(25,021	)
Increase in trade and other payables				18,717			27,501
Decrease in current and non-current deferred revenue				(4,806	)		(20,177	)
Other working capital movements				175			(807	)
Cash used in operations				(867	)		(31,309	)
R&D tax credits received		6		12,566			—
Taxation paid		6		(180	)		(614	)
Net cash from / (used in) operating activities				11,519			(31,923	)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment				—			5
Purchase of property, plant and equipment				(3,776	)		(869	)
Purchase of intangible assets				(1,178	)		—
Interest income receipts				9,407			725
Net cash flows from / (used in) investing activities				4,453			(139	)
Cash flows from financing activities
Gross proceeds from issue of share capital				—			116,812
Costs from issue of share capital				—			(388	)
Exercise of share options		10, 11		22,456			4,536
Interest paid				(5,077	)		(3,050	)
Repayment of lease liabilities				(1,117	)		(2,265	)
Net cash flows from financing activities				16,262			115,645
Increase in cash and cash equivalents				32,234			83,583
Net foreign exchange difference on cash held				(818	)		25,720
Cash and cash equivalents at beginning of the period				332,539			237,886
Cash and cash equivalents at end of the period				363,955			347,189

	Three Months Ended September 30,
	2023					2022
		$’000		£’000			£’000
External research and development expenses:
Tebentafusp		2,269		1,858			3,448
PRAME		16,864		13,807			4,134
IMC-C103C (MAGE-A4)		459		376			2,185
IMC-I109V (HBV)		785		643			205
IMC-M113V (HIV)		965		790			1,226
Preclinical programs and other research expenses		3,117		2,552			2,081
Total external research and development expenses		24,459		20,026			13,279
Internal research and development expenses:
Salaries and other employee related costs		9,361		7,664			5,649
Share based payments		1,719		1,407			1,046
Laboratory consumables		2,029		1,661			2,144
Laboratory equipment expenses		1,468		1,202			1,040
UK R&D tax Credits		(1,377	)	(1,127	)		—
Other		1,034		846			143
Total internal research and development expenses		14,234		11,653			10,022
Total research and development expenses		38,693		31,679			23,301

	Three Months Ended September 30,
	2023					2022
		$’000		£’000			£’000

Share-based payment charge		6,488		5,312			5,280
Other employee related expenses		7,193		5,889			6,341
Selling and commercial costs		11,673		9,557			7,472
Legal and professional fees		3,122		2,556			2,450
Depreciation		1,170		958			964
Other expenses		6,491		5,314			4,340
Foreign exchange gains		(11,357	)	(9,298	)		(15,184	)
Total selling and administrative expenses		24,780		20,288			11,663

	Nine Months Ended September 30,
	2023					2022
		$’000		£’000			£’000
External research and development expenses:
Tebentafusp		10,470		8,572			11,542
PRAME		36,466		29,856			8,747
IMC-C103C (MAGE-A4)		2,334		1,911			5,646
IMC-I109V (HBV)		2,341		1,917			1,334
IMC-M113V (HIV)		1,859		1,522			2,222
Preclinical programs and other research expenses		11,161		9,137			4,893
Total external research and development expenses		64,631		52,915			34,384
Internal research and development expenses:
Salaries and other employee related costs		27,274		22,330			16,680
Share based payments		5,171		4,234			2,634
Laboratory consumables		7,210		5,903			4,837
Laboratory equipment expenses		3,745		3,066			3,118
UK R&D Tax Credits		(1,377	)	(1,127	)		—
Other		1,922		1,574			379
Total internal research and development expenses		43,945		35,980			27,648
Total research and development expenses		108,576		88,895			62,032