Immunocore Files 8-K on Operations & Financial Condition

TL;DR

**Immunocore just dropped an 8-K with updated financials, keep an eye out for the details.**

AI Summary

Immunocore Holdings plc filed an 8-K on January 29, 2024, to report on its results of operations and financial condition, as well as other events. This filing is a routine disclosure, indicating the company is providing updated financial information to the public. For investors, this matters because it signals transparency and provides the latest financial health metrics, which are crucial for evaluating the stock's performance and future potential.

Why It Matters

This filing provides updated financial information, which is essential for investors to assess Immunocore's current performance and make informed decisions.

Risk Assessment

Risk Level: low — This 8-K filing is a standard disclosure of financial information and does not inherently present new risks.

Analyst Insight

Investors should look for the specific financial details that will be disclosed in subsequent filings or announcements, as this 8-K primarily serves as a notice of an event.

Key Players & Entities

• Immunocore Holdings plc (company) — the registrant filing the 8-K
• England and Wales (company) — jurisdiction of incorporation for Immunocore Holdings plc
• The Nasdaq Stock Market LLC (company) — exchange where Immunocore's American Depositary Shares are registered

Forward-Looking Statements

• Immunocore Holdings plc will release detailed financial statements soon, following this 8-K filing. (Immunocore Holdings plc) — high confidence, target: 2024-03-31

FAQ

Key Financial Figures

• $66 million — KIMMTRAK (tebentafusp) of approximately $66 million for the fourth quarter of 2023 and appr
• $235 million — ourth quarter of 2023 and approximately $235 million for the full year 2023 in accordance wi
• $443 million — at December 31, 2023 was approximately $443 million. The Company's audited consolidated fi
• $300.0 million — ase announcing the proposed offering of $300.0 million aggregate principal amount of convertib
• $45.0 million — date of the Notes, up to an additional $45.0 million aggregate principal amount of Notes in

Filing Documents

• ef20020073_8k.htm (8-K) — 44KB
• ef20020073_ex99-1.htm (EX-99.1) — 13KB
• ef20020073_ex99-2.htm (EX-99.2) — 26KB
• image00001.jpg (GRAPHIC) — 4KB
• image00003.jpg (GRAPHIC) — 43KB
• 0001140361-24-004321.txt ( ) — 300KB
• imcr-20240129.xsd (EX-101.SCH) — 4KB
• imcr-20240129_lab.xml (EX-101.LAB) — 22KB
• imcr-20240129_pre.xml (EX-101.PRE) — 16KB
• ef20020073_8k_htm.xml (XML) — 4KB

02

Item 2.02. Results of Operations and Financial Condition. Immunocore Holdings plc (the "Company") expects to report preliminary unaudited net product revenue ("net sales") arising from the sales of KIMMTRAK (tebentafusp) of approximately $66 million for the fourth quarter of 2023 and approximately $235 million for the full year 2023 in accordance with U.S. general accepted accounting principles ("U.S. GAAP"). In the fourth quarter of 2023, KIMMTRAK sales growth came primarily from continued commercial progress in the United States. Additionally, due primarily to increases in commercial and clinical expenses, the Company expects its research and development ("R&D") expenses and selling, general and administrative ("SG&A") expenses will increase when compared to such expenses for the third quarter of 2023. The increases in R&D expenses and SG&A expenses described do not include unrealized foreign exchange losses on the translation of monetary foreign currency balances. Under U.S. GAAP, the Company will report foreign exchange gains and losses on a separate line below "Operating (loss)/ income" on the Company's consolidated statements of operations and comprehensive loss. The Company's financials were previously prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. Under IFRS, "foreign exchange gains and losses" were previously reported within total SG&A expenses in the Company's financial statements. The Company's preliminary unaudited cash and cash equivalents at December 31, 2023 was approximately $443 million. The Company's audited consolidated financial statements at and for the year ended December 31, 2023 are not yet available. As a result, the financial information described in this Item 2.02 is preliminary and unaudited, and represents management's estimate as of the date of this Current Report on Form 8-K, and is subject to completion of the Company's financial closing

01

Item 8.01 Other Events. On January 29, 2024, the Company issued a press release announcing the proposed offering of $300.0 million aggregate principal amount of convertible senior notes due 2030 (the "Notes") in a private placement (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and the related grant to the initial purchasers of the Notes of an option to purchase, exercisable for settlement during the 13-day period beginning on, and including, the initial issue date of the Notes, up to an additional $45.0 million aggregate principal amount of Notes in the Offering. The Company intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to accelerate its clinical pipeline and for ongoing commercial expansion. In addition, the Company intends to repay in full loans outstanding under its loan agreement with investment funds managed by Pharmakon Advisors, LP. The Company intends to use any remaining proceeds for other working capital and general corporate purposes. A copy of the press release announcing the Offering is attached hereto as Exhibit 99.1. In connection with the Offering of the Notes, the Company intends to disclose certain information regarding its business to prospective investors in a confidential preliminary offering memorandum dated January 29, 2024. The preliminary offering memorandum includes information that supplements or updates certain prior disclosures of the Company, which information is attached hereto as Exhibit 99.2 and incorporated herein by reference. This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer to sell, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the securities would be made only by me

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. 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 Current Report on Form 8-K are forward-looking statements. These statements include, but are, but not limited to, statements regarding: the proposed terms of the Notes; the completion, timing and size of the proposed Offering; the anticipated use of the net proceeds from the Offering; and the Company's preliminary unaudited financial and operating results for the quarter and year ended December 31, 2023. 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 statements are not guarantees of future performance and actual results could differ materially from the Company's current expectations. As a result, you are cautioned not to rely on these forward-looking statements. Factors that could cause or contribute to such differences include the risks and uncertainties discussed in the "Risk Factors" section of the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on March 1, 2023, and other subsequent filings the Company makes with the Securities and Exchange Commission from time to time. The Company assumes no obligation and does not intend to update the forward-looking statemen

Financial Statements and Exhibits

Financial Statements and Exhibits Exhibit No. Description 99.1 Press Release dated January 29, 2024. 99.2 Excerpts from Confidential Preliminary Offering Memorandum dated January 29, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IMMUNOCORE HOLDINGS PLC Dated: January 29, 2024 By: /s/ Bahija Jallal, Ph.D. Name: Bahija Jallal, Ph.D. Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR