Immunocore Reports Third Quarter 2023
Financial Results and Provides Business Update
KIMMTRAK net revenues of £49.7 million ($60.7
million) in Q3 2023, maintaining strong momentum in major markets
with continued reimbursement expansion globally
New Phase 3 clinical trial of KIMMTRAK adjuvant
therapy for uveal (or ocular) melanoma (ATOM) in collaboration with
the European Organisation for Research and Treatment of Cancer
(EORTC)
Long-term survival for KIMMTRAK in metastatic
uveal melanoma demonstrated – published in the New England Journal
of Medicine and presented as a mini oral at ESMO Congress 2023
IMC-F106C (PRAME-A02) progressing; data in
multiple tumors expected in 1H 2024 and first patient
randomized in Phase 3 cutaneous melanoma trial (PRISM-MEL301) in 1Q
2024
Cash and cash equivalents increased to £364
million ($445 million) as of September 30, 2023
(OXFORDSHIRE, England & CONSHOHOCKEN, Penn. & ROCKVILLE,
Md., US, 07 November 2023) Immunocore Holdings plc (Nasdaq: IMCR),
a commercial-stage biotechnology company pioneering the development
of a novel class of T cell receptor (TCR) bispecific
immunotherapies designed to treat a broad range of diseases,
including cancer, infectious diseases and autoimmune conditions,
today announced its financial results for the third quarter ended
September 30, 2023, and provided a business update.
“We are proud to have simultaneously published in the New
England Journal of Medicine and presented at ESMO 2023 the
unprecedented three-year survival follow-up from our pivotal trial
of KIMMTRAK in metastatic uveal melanoma,” said Bahija
Jallal, Immunocore’s Chief Executive Officer. “We continue
to pioneer TCRs by exploring KIMMTRAK in the adjuvant setting with
the EORTC-sponsored ATOM Phase 3 clinical trial and progressing the
PRAME franchise in multiple solid tumors.”
Third Quarter 2023 Highlights (including
post-period)
KIMMTRAK®
KIMMTRAK (tebentafusp-tebn) for metastatic
uveal melanoma (mUM)
KIMMTRAK is approved in over 35 countries globally. Total net
product revenue arising from the sale of KIMMTRAK (or “net sales”)
was £49.7 million (or $60.7 million) in the third quarter of 2023,
an increase of 9% (or 5% in USD*) compared to the second quarter of
2023, of which £34.5 million (or $42.1 million) was in the United
States, £15.0 million (or $18.3 million) in Europe, and £0.2
million (or $0.3 million) in Rest of World.
Commercial sales have increased in the United States and
European countries, including France, Germany and Italy, during the
third quarter. In early August, the Company signed a KIMMTRAK
pricing reimbursement agreement with authorities in Germany. Since
the beginning of 2023, we have launched KIMMTRAK in Austria,
Israel, Italy, Finland, Switzerland and Belgium, and have recently
reached price agreements with Canada and Australia.
In October, the Company published in the New England Journal of
Medicine and presented at the European Society for Medical Oncology
(ESMO) 2023 Congress long-term overall survival (OS) data from the
KIMMTRAK (tebentafusp-tebn) Phase 3 clinical trial in previously
untreated HLA-A*02:01 positive patients with metastatic uveal
melanoma. The longest of any randomized trial for metastatic uveal
melanoma, the trial demonstrated a three-year OS rate of 27% in the
tebentafusp arm, versus 18% in the control arm (investigator’s
choice, predominantly [82%] single agent pembrolizumab).
In October, the Company signed an agreement for a European
Organisation for Research and Treatment of Cancer (EORTC)-sponsored
trial to study tebentafusp as adjuvant therapy of uveal (or ocular)
melanoma (ATOM). The Phase 3 trial will randomize HLA-A*02:01
positive patients after definitive treatment of high-risk primary
uveal melanoma and no evidence of metastatic disease on imaging.
Patients will be randomized to one of two arms: KIMMTRAK as
monotherapy or observation. The primary endpoint of the trial is
relapse-free survival (RFS). The Company anticipates that the EORTC
will randomize the first patient in the trial in 2024. The EORTC is
a non-profit cancer research organization with a mission to
coordinate and conduct international translational and clinical
research to improve the standard of cancer treatment for
patients.
In October, the Company won the prestigious Galenus von Pergamon
Prize (the German Prix Galien) for best ‘Orphan Drug’ for KIMMTRAK,
adding to the French award for best ‘Medicine in Innovative
Therapeutics’ received in 2022.
TEBE-AM - Phase
2/3 trial with KIMMTRAK in second-line or
later cutaneous melanoma
Randomization continues in the Phase 2/3 clinical trial of
KIMMTRAK in HLA-A*02:01 positive patients with second-line or later
cutaneous melanoma. The trial is randomizing patients with advanced
melanoma who have progressed on an anti-PD1, received prior
ipilimumab and, if applicable, received a BRAF inhibitor. Patients
are being randomized to one of three arms, including KIMMTRAK as
monotherapy or in combination with an anti-PD1, and a control arm.
The trial has a dual primary endpoint of OS and circulating tumor
DNA (ctDNA) reduction. The Company expects to complete
randomization of the Phase 2 portion of the trial in the second
half of 2024.
PRAME franchise
PRISM-MEL301 – First PRAME Phase 3 trial
with IMC-F106C in first-line
cutaneous melanoma
In August, the Company announced the planned start of a
registrational Phase 3 trial with IMC-F106C in cutaneous melanoma.
The trial will randomize patients with HLA-A*02:01 positive,
first-line cutaneous melanoma to IMC-F106C + nivolumab versus a
control arm of either nivolumab or nivolumab + relatlimab,
depending on the country where the patient is enrolled. The Company
plans to randomize the first patient in this trial in the first
quarter of 2024.
Phase 1/2 IMC-F106C targeting PRAME-A02 in
multiple solid tumors
In addition to progressing IMC-F106C into a registrational trial
in cutaneous melanoma, the Company is continuing to enroll patients
in the monotherapy and combination arms of the Phase 1/2 clinical
trial across multiple tumor types, including expansion arms for
patients with advanced ovarian, non-small cell lung, endometrial,
and melanoma cancers. In August, the Company provided an updated
analysis of the original 18 melanoma patients (initially presented
at ESMO in September 2022), which continues to show promising
durability of the clinical activity (range of duration of partial
response from 6 months to 17 months). The Company expects to report
data from the trial in the first half of 2024.
IMC-P115C (PRAME-A02 HLE), IMC-T119C
(PRAME-A24)
The Company continues to work on expanding the PRAME franchise,
with pre-clinical work ongoing for two new PRAME ImmTAC candidates,
IMC-P115C (PRAME-A02 HLE) and IMC-T119C (PRAME-A24) for solid
tumors, with both on-track for investigational new drug (IND) or
clinical trial application (CTA) submission in 2024.
Early oncology pipeline
IMC-R117C (PIWIL1)
The Company remains on-track to submit an IND/CTA in the fourth
quarter of 2023 for IMC-R117C, an ImmTAC targeting the PIWIL1
protein for colorectal and other gastrointestinal cancers. The
Company believes this is the first PIWIL1-targeted immunotherapy in
development.
Infectious diseases
IMC-M113V and IMC-I109V: aiming for functional
cure in HIV and
HBV
The Company continues to enroll people living with HIV in the
multiple ascending dose (MAD) part of a Phase 1 clinical trial with
IMC-M113V, to identify a safe and tolerable dosing schedule. This
study will also test whether IMC-M113V could lead to reduction in
the viral load and, after stopping all therapies (antiretroviral
therapies and ImmTAV), delay or prevent HIV rebound (known as
functional cure). The MAD part of the trial will enroll up to 28
participants. The Company expects to present a data update in
2024.
A Phase 1 clinical trial with IMC-I109V, enrolling people living
with HBV, is ongoing and continues to enroll patients in the single
ascending dose portion of the trial. In August, the Company
announced that the multiple dose portion of the trial has been
amended to include patients with HBV-positive hepatocellular
carcinoma.
Corporate Updates
The Company appointed John Goll as Senior Vice President (SVP),
Finance and Chief Accounting Officer. Prior to joining Immunocore,
he served as the SVP, Chief Accounting Officer at Insmed.
Additionally, the Company appointed John Trainer as SVP, Chief
Operating Officer. Prior to joining the Company, John served as the
Chief Financial Officer at NexImmune.
Financial Results
Total net product revenue arising from the sale of KIMMTRAK was
£49.7 million ($60.7 million) and £137.3 million ($167.7 million)
in the three and nine months ended September 30, 2023,
respectively, of which £34.5 million ($42.1 million) and £96.9
million ($118.3 million) was in the United States, £15.0 million
($18.3 million) and £39.5 million ($48.3 million) was in Europe,
and £0.2 million ($0.3 million) and £0.9 million ($1.1 million) was
in Rest of World. For the three and nine months ended September 30,
2022, the Company recorded total net product and pre-product
revenue of £36.3 million and £74.5 million, respectively.
For the three and nine months ended September 30, 2023, the
Company’s research and development expenses were £31.7 million
($38.7 million) and £88.9 million ($108.6 million), respectively,
as compared to £23.3 million and £62.0 million for the three and
nine months ended September 30, 2022, respectively. For the three
and nine months ended September 30, 2023, the selling and
administrative expenses were £20.3 million ($24.8 million) and
£87.5 million ($106.8 million), respectively, compared to £11.7
million and £50.6 million for the three and nine months ended
September 30, 2022, respectively.
Basic and diluted profit per share for the three months ended
September 30, 2023 was £0.04 (or $0.05 and $0.04, respectively), as
compared to basic profit per share of £0.13 and diluted profit per
share of £0.12 for the three months ended September 30, 2022. Basic
and diluted loss per share for the nine months ended September 30,
2023 was £0.59 (or $0.72), compared to a basic and diluted loss per
share of £0.36 for the nine months ended September 30, 2022.
Cash and cash equivalents were £364.0 million ($444.5 million)
as of September 30, 2023, compared to £332.5 million as of December
31, 2022.
* The Company maintains its books and records in pounds
sterling. For the convenience of the reader, the Company has
translated pound sterling amounts as of and for the period ended
September 30, 2023 into U.S. dollars at a rate of £1.00 to $1.2214.
Comparisons to the three months ended June 30, 2023 are based on
previously reported U.S. dollar amounts, which applied a
convenience rate of £1.00 to $1.2709.
##
About the ATOM Phase 3 trial
The EORTC-led Phase 3 clinical trial will include sites in 10 EU
countries and the United States and will randomize patients with
HLA-A*02:01 positive high-risk primary uveal melanoma after
definitive treatment, by surgery or radiotherapy, and no evidence
of metastatic disease on imaging. The trial is expected to enroll a
total of 290 patients who will be randomized 1:1 to one of two
arms: KIMMTRAK as monotherapy or observation. The primary endpoint
of the trial is relapse-free survival (RFS), with secondary
objectives of overall survival and safety and tolerability of
tebentafusp. Exploratory objectives include the comparison of the
health-related quality of life between the treatment arms and the
evaluation of the role of circulating tumor DNA as a biomarker for
the presence of residual disease.
About TEBE-AM - Phase 2/3
trial with tebentafusp (gp100xCD3) in second-line
or later cutaneous melanoma
The trial is randomizing patients with second-line or later
cutaneous melanoma who have progressed on an anti-PD1, received
prior ipilimumab and, if applicable, received a BRAF kinase
inhibitor. Patients will be randomized to one of three arms
including tebentafusp, as monotherapy or in combination with an
anti-PD1, and a control arm. The Phase 2 portion of the trial will
include 40 patients per arm.
About PRISM-MEL301 – Phase 3 trial with IMC-F106C
(PRAMExCD3) in 1L advanced cutaneous melanoma
The Phase 3 registrational trial will randomize patients with
previously untreated, HLA-A*02:01 positive, advanced melanoma to
IMC-F106C + nivolumab versus nivolumab or nivolumab + relatlimab,
depending on the country where the patient is enrolled. The study
will initially randomize to three arms: two F106C dose regimens (40
mcg and 160 mcg) and control arm and will discontinue one of the
F106C dose regimens after an initial review of the first 60
patients randomized to the two experimental arms (90 patients
randomized total). The primary endpoint of the trial is progression
free survival (PFS) by blinded independent central review (BICR),
with secondary endpoints of overall survival (OS) and overall
response rate (ORR).
About ImmTAV molecules and infectious
diseases
ImmTAV (Immune mobilizing monoclonal TCRs Against Virus)
molecules are novel bispecific molecules that, like ImmTAC (Immune
mobilizing monoclonal TCRs Against Cancer) molecules, are designed
to enable the immune system to recognize and eliminate virally
infected cells.
Immunocore is advancing clinical candidates to cure patients
with HIV and HBV. The Company aims to achieve a reduction in viral
reservoirs to enable sustained control of HIV after stopping
antiretroviral therapy (ART), without the risk of virological
relapse or onward transmission. This is known as ‘functional cure’.
For the treatment of HBV, the Company aims to achieve sustained
loss of circulating viral antigens and markers of viral replication
after stopping medication for people living with chronic hepatitis
B.
About Uveal Melanoma
Uveal melanoma is a rare and aggressive form of melanoma, which
affects the eye. Although it is the most common primary intraocular
malignancy in adults, the diagnosis is rare, and up to 50% of
people with uveal melanoma will eventually develop metastatic
disease. Unresectable or metastatic uveal melanoma typically has a
poor prognosis and had no approved treatment until KIMMTRAK.
About KIMMTRAK®
KIMMTRAK is a novel bispecific protein comprised of a soluble T
cell receptor fused to an anti-CD3 immune-effector function.
KIMMTRAK specifically targets gp100, a lineage antigen expressed in
melanocytes and melanoma. This is the first molecule developed
using Immunocore’s ImmTAC technology platform designed to redirect
and activate T cells to recognize and kill tumor cells. KIMMTRAK
has been approved for the treatment of HLA-A*02:01-positive adult
patients with unresectable or metastatic uveal melanoma in the
United States, European Union, Canada, Australia, and the United
Kingdom.
IMPORTANT SAFETY INFORMATION
Cytokine Release Syndrome (CRS), which may be serious or
life-threatening, occurred in patients receiving KIMMTRAK. Monitor
for at least 16 hours following first three infusions and then as
clinically indicated. Manifestations of CRS may
include fever, hypotension, hypoxia, chills, nausea, vomiting,
rash, elevated transaminases, fatigue, and headache. CRS
occurred in 89% of patients who received KIMMTRAK with 0.8% being
grade 3 or 4. Ensure immediate access to medications and
resuscitative equipment to manage CRS. Ensure patients are
euvolemic prior to initiating the infusions. Closely monitor
patients for signs or symptoms of CRS following infusions of
KIMMTRAK. Monitor fluid status, vital signs, and oxygenation level
and provide appropriate therapy. Withhold or discontinue KIMMTRAK
depending on persistence and severity of CRS.
Skin Reactions
Skin reactions, including rash, pruritus, and cutaneous edema
occurred in 91% of patients treated with KIMMTRAK. Monitor patients
for skin reactions. If skin reactions occur, treat with
antihistamine and topical or systemic steroids based on persistence
and severity of symptoms. Withhold or permanently discontinue
KIMMTRAK depending on the severity of skin reactions.
Elevated Liver Enzymes
Elevations in liver enzymes occurred in 65% of patients treated
with KIMMTRAK. Monitor alanine aminotransferase (ALT), aspartate
aminotransferase (AST), and total blood bilirubin prior to the
start of and during treatment with KIMMTRAK. Withhold KIMMTRAK
according to severity.
Embryo-Fetal Toxicity
KIMMTRAK may cause fetal harm. Advise pregnant patients of
potential risk to the fetus and patients of reproductive potential
to use effective contraception during treatment with KIMMTRAK and 1
week after the last dose.
The most common adverse reactions (≥30%) in patients who
received KIMMTRAK were cytokine release syndrome, rash, pyrexia,
pruritus, fatigue, nausea, chills, abdominal pain, edema,
hypotension, dry skin, headache, and vomiting. The most common
(≥50%) laboratory abnormalities were decreased lymphocyte count,
increased creatinine, increased glucose, increased AST, increased
ALT, decreased hemoglobin, and decreased phosphate.
For more information, please see full Summary of Product
Characteristics (SmPC) or full U.S. Prescribing Information
(including BOXED WARNING for CRS).
About KIMMTRAKConnect
Immunocore is committed to helping
patients who need KIMMTRAK obtain access via our KIMMTRAKConnect
program. The program provides services with dedicated nurse case
managers who provide personalized support, including educational
resources, financial assistance, and site of care coordination. To
learn more, visit KIMMTRAKConnect.com or call 844-775-2273.
About Immunocore
Immunocore is a commercial-stage biotechnology company
pioneering the development of a novel class of TCR bispecific
immunotherapies called ImmTAX – Immune mobilizing monoclonal TCRs
Against X disease – designed to treat a broad range of diseases,
including cancer, autoimmune, and infectious disease. Leveraging
its proprietary, flexible, off-the-shelf ImmTAX platform,
Immunocore is developing a deep pipeline in multiple therapeutic
areas, including five clinical stage programs in oncology and
infectious disease, advanced pre-clinical programs in autoimmune
disease and multiple earlier pre-clinical programs. The Company’s
most advanced oncology TCR therapeutic, KIMMTRAK has been approved
for the treatment of HLA-A*02:01-positive adult patients with
unresectable or metastatic uveal melanoma in the United States,
European Union, Canada, Australia, and the United Kingdom.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as “may”, “will”,
“believe”, “expect”, “plan”, “anticipate” and similar expressions
(as well as other words or expressions referencing future events or
circumstances) are intended to identify forward-looking statements.
All statements, other than statements of historical facts, included
in this press release are forward-looking statements. These
statements include, but are not limited to, statements regarding
the commercial performance of KIMMTRAK including planned launches
in additional countries including Canada; the ability to translate
a pricing agreement into a success launch; the potential benefits
and advantages KIMMTRAK will provide for patients; the estimated
market share of KIMMTRAK; the benefits of the Company’s
collaboration with EORTC; the risk that the Company may not realize
the anticipated benefits of its collaboration with EORTC;
uncertainties relating to regulatory applications and related
filing and approval timelines for tebentafusp as a treatment for
positive high-risk primary uveal melanoma or other programs subject
of the collaboration, including the risk that FDA may not approve
any such programs on the currently anticipated timelines or at all,
and any marketing approvals, if granted, may have significant
limitations on its use; the estimated market size and patient
population for KIMMTRAK and the Company’s other product candidates;
expectations regarding the design, progress, timing, enrollment,
scope, expansion, and results of the Company’s existing and planned
clinical trials, those of the Company’s collaboration partners or
the combined clinical trials with the Company’s collaboration
partners; the timing and sufficiency of clinical trial outcomes to
support potential approval of any of the Company’s product
candidates or those of, or combined with, its collaboration
partners, the Company’s goals to develop and commercialize product
candidates based on its KIMMTRAK platform alone or with
collaboration partners; the expected submission of investigational
new drug applications or clinical trial applications; the potential
regulatory approval, expected clinical benefits and availability of
Immunocore’s product candidates; market competition; sales,
marketing, manufacturing and distribution requirements; and
potential growth opportunities and trends, including in connection
with product launches in future quarters. Any forward-looking
statements are based on management’s current expectations and
beliefs of future events and are subject to a number of risks and
uncertainties that could cause actual events or results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements, many of which are beyond the Company’s
control. These risks and uncertainties include, but are not limited
to, the impact of worsening macroeconomic conditions on the
Company’s business, financial position, strategy and anticipated
milestones, including Immunocore’s ability to conduct ongoing and
planned clinical trials; Immunocore’s ability to obtain a clinical
supply of current or future product candidates or commercial supply
of KIMMTRAK or any future approved products, including as a result
of health epidemics or pandemics, war in Ukraine, the conflict
between Hamas and Israel, or global geopolitical tension;
Immunocore’s ability to obtain and maintain regulatory approval of
its product candidates, including KIMMTRAK; Immunocore’s ability
and plans in continuing to establish and expand a commercial
infrastructure and to successfully launch, market and sell KIMMTRAK
and any future approved products; Immunocore’s ability to
successfully expand the approved indications for KIMMTRAK or obtain
marketing approval for KIMMTRAK in additional geographies in the
future; the delay of any current or planned clinical trials,
whether due to patient enrollment delays or otherwise; Immunocore’s
ability to successfully demonstrate the safety and efficacy of its
product candidates and gain approval of its product candidates on a
timely basis, if at all; competition with respect to market
opportunities; unexpected safety or efficacy data observed during
preclinical studies or clinical trials; actions of regulatory
agencies, which may affect the initiation, timing and progress of
clinical trials or future regulatory approval; Immunocore’s need
for and ability to obtain additional funding, on favorable terms or
at all, including as a result of worsening macroeconomic
conditions, including changes inflation and interest rates and
unfavorable general market conditions, and the impacts thereon of
the war in Ukraine, the conflict between Hamas and Israel, and
global geopolitical tension; Immunocore’s ability to obtain,
maintain and enforce intellectual property protection for KIMMTRAK
or any of its product candidates it or its collaborators are
developing; and the success of Immunocore’s current and future
collaborations, partnerships or licensing arrangements. These and
other risks and uncertainties are described in greater detail in
the section titled "Risk Factors" in Immunocore’s filings with the
Securities and Exchange Commission, including Immunocore’s most
recent Annual Report on Form 20-F for the year ended December 31,
2022 filed with the Securities and Exchange Commission on March 1,
2023, as well as discussions of potential risks, uncertainties, and
other important factors in the Company’s subsequent filings with
the Securities and Exchange Commission. All information in this
press release is as of the date of the release, and the Company
undertakes no duty to update this information, except as required
by law.
CONTACT: ImmunocoreSébastien
Desprez, Head of CommunicationsT: +44 (0) 7458030732E:
sebastien.desprez@immunocore.com Follow
on Twitter: @Immunocore
Investor Relations Clayton Robertson /
Morgan Warenius T: +1 215-384-4781E: ir@immunocore.com
Unaudited Condensed Consolidated
Statements of Profit / (Loss)
Comparison of the Three Months
Ended September
30, 2023 and 2022
|
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 |
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 |
|
|
|
|
|
|
|
|
|
Basic profit per share - $ / £ |
|
$0.05 |
|
£0.04 |
|
|
|
£0.13 |
Diluted
profit per share - $ / £ |
|
$0.04 |
|
|
£0.04 |
|
|
£0.12 |
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares |
|
|
|
49,134,037 |
|
|
|
46,998,420 |
Diluted weighted average number of shares |
|
|
|
54,158,967 |
|
|
|
51,443,276 |
|
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 |
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) |
Basic and diluted loss per share - $ / £ |
|
(0.72) |
|
|
(0.59) |
|
|
(0.36) |
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
48,671,732 |
|
|
44,944,827 |
Condensed Consolidated Statements of Financial Position
at
|
|
|
September
30,2023£’000 |
|
December
31,2022£’000 |
Non-current assets |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
|
|
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 |
|
|
|
|
4,135 |
|
|
4,240 |
Total non-current assets |
|
|
|
|
48,427 |
|
|
43,637 |
Current assets |
|
|
|
|
|
|
|
|
Inventory |
|
|
|
|
1,857 |
|
|
943 |
Trade and other receivables |
|
|
|
|
49,880 |
|
|
46,711 |
Tax receivable |
|
|
|
|
— |
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
93,135 |
|
|
75,076 |
Corporation tax liability |
|
|
|
|
367 |
|
|
— |
Interest-bearing loans and borrowings |
|
|
|
|
1,024 |
|
|
— |
Deferred revenue |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
Issued number of ordinary shares |
|
|
|
|
49,438,256 |
|
|
48,088,346 |
Condensed Consolidated Statement of Cash Flows for Each
Period Presented:
|
Nine Months Ended September 30, |
|
2023 |
|
2023 |
|
2022 |
|
$’000 |
|
£’000 |
|
£’000 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
406,163 |
|
|
332,539 |
|
|
237,886 |
Net cash flows from / (used in) operating activities |
|
14,069 |
|
|
11,519 |
|
|
(31,923) |
Net cash flows from / (used in) investing activities |
|
5,439 |
|
|
4,453 |
|
|
(139) |
Net cash flows from financing activities |
|
19,862 |
|
|
16,262 |
|
|
115,645 |
Net foreign exchange difference on cash held |
|
(999) |
|
|
(818) |
|
|
25,720 |
Cash and cash equivalents at end of period |
|
444,534 |
|
|
363,955 |
|
|
347,189 |
Immunocore (NASDAQ:IMCR)
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