Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Listings [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39992 |
Entity Registrant Name | Immunocore Holdings plc |
Entity Central Index Key | 0001671927 |
Entity Incorporation, State or Country Code | X0 |
Entity Address, Address Line One | 92 Park Drive |
Entity Address, Address Line Two | Milton Park |
Entity Address, City or Town | Abingdon, Oxfordshire |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | OX14 4RY |
Entity Common Stock, Shares Outstanding | 48,088,346 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Firm ID | 1118 |
Auditor Name | KPMG LLP |
Auditor Location | London, United Kingdom |
Business Contact [Member] | |
Entity Listings [Line Items] | |
Entity Address, Address Line One | 92 Park Drive |
Entity Address, Address Line Two | Milton Park |
Entity Address, City or Town | Abingdon, Oxfordshire |
Entity Address, Country | GB |
Contact Personnel Name | Bahija Jallal |
Entity Address, Postal Zip Code | OX14 4RY |
Country Region | 44 |
City Area Code | 1235 |
Local Phone Number | 438600 |
American Depositary Shares [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing one ordinary share, nominal value £0.002 per share |
Trading Symbol | IMCR |
Security Exchange Name | NASDAQ |
Ordinary Share [Member] | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Ordinary share, nominal value £0.002 per share* |
Security Exchange Name | NASDAQ |
Consolidated Statements of Loss
Consolidated Statements of Loss and Other Comprehensive (Loss) / Income - GBP (£) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Consolidated Statements of Loss and Other Comprehensive (Loss) / Income [Abstract] | ||||
Product revenue, net | £ 108,148,000 | £ 0 | £ 0 | |
Pre-product revenue, net | 8,661,000 | 3,010,000 | 0 | |
Total revenue from sale of therapies | 116,809,000 | 3,010,000 | 0 | |
Collaboration revenue | 26,928,000 | 23,510,000 | 30,114,000 | |
Total revenue | 143,737,000 | 26,520,000 | 30,114,000 | |
Cost of product revenue | (454,000) | 0 | 0 | |
Net other operating income/ (loss) | 3,000 | (57,000) | 4,242,000 | |
Research and development costs | (89,170,000) | (73,226,000) | (74,809,000) | |
Selling and administrative expenses | (93,723,000) | (88,399,000) | (45,740,000) | |
Operating loss | (39,607,000) | (135,162,000) | (86,193,000) | |
Finance income | 3,154,000 | 47,000 | 2,208,000 | |
Finance costs | (7,692,000) | (5,813,000) | (3,375,000) | |
Non-operating expense | (4,538,000) | (5,766,000) | (1,167,000) | |
Loss before taxation | (44,145,000) | (140,928,000) | (87,360,000) | |
Income tax credit | 2,921,000 | 9,405,000 | 13,267,000 | |
Loss for the year | (41,224,000) | (131,523,000) | (74,093,000) | |
Other comprehensive (loss) / income that is or may be reclassified to profit or loss in subsequent periods (net of tax): | ||||
Exchange differences on translation of foreign operations | (3,186,000) | (74,000) | 195,000 | |
Total other comprehensive (loss) / income for the year, net of tax | (3,186,000) | (74,000) | 195,000 | |
Total comprehensive loss for the year, net of tax | £ (44,410,000) | £ (131,597,000) | £ (73,898,000) | |
Basic loss per share (in pounds per share) | £ (0.9) | £ (3.1) | £ (2.79) | |
Diluted loss per share (in pounds per share) | [1] | £ (0.9) | £ (3.1) | £ (2.79) |
[1]The basic and diluted loss per share for the years ended December 31, 2021 and 2020 are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - GBP (£) | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Property, plant and equipment | £ 6,472,000 | £ 8,944,000 |
Intangible assets | 410,000 | 0 |
Right of use assets | 25,173,000 | 22,593,000 |
Other non-current assets | 7,342,000 | 4,935,000 |
Deferred tax asset | 4,240,000 | 2,575,000 |
Total non-current assets | 43,637,000 | 39,047,000 |
Current assets | ||
Inventory | 943,000 | 0 |
Trade and other receivables | 46,711,000 | 15,208,000 |
Tax receivable | 11,688,000 | 9,632,000 |
Cash and cash equivalents | 332,539,000 | 237,886,000 |
Total current assets | 391,881,000 | 262,726,000 |
Total assets | 435,518,000 | 301,773,000 |
Equity | ||
Share capital | 97,000 | 88,000 |
Share premium | 123,751,000 | 212,238,000 |
Foreign currency translation reserve | (3,097,000) | 89,000 |
Other reserves | 337,847,000 | 386,167,000 |
Share-based payment reserve | 81,411,000 | 54,357,000 |
Accumulated deficit | (261,253,000) | (481,392,000) |
Total equity | 278,756,000 | 171,547,000 |
Non-current liabilities | ||
Non-current accruals | 1,479,000 | 0 |
Interest-bearing loans and borrowings | 39,500,000 | 37,226,000 |
Deferred revenue | 4,331,000 | 6,408,000 |
Lease liabilities | 28,248,000 | 25,355,000 |
Provisions | 114,000 | 57,000 |
Total non-current liabilities | 73,672,000 | 69,046,000 |
Current liabilities | ||
Trade and other payables | 75,076,000 | 35,436,000 |
Deferred revenue | 6,408,000 | 24,450,000 |
Lease liabilities | 1,555,000 | 1,255,000 |
Provisions | 51,000 | 39,000 |
Total current liabilities | 83,090,000 | 61,180,000 |
Total liabilities | 156,762,000 | 130,226,000 |
Total equity and liabilities | £ 435,518,000 | £ 301,773,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - GBP (£) £ in Thousands | Total | Share Capital [Member] | Share Premium [Member] | Foreign Currency Translation Reserve [Member] | Share-based Payment Reserve [Member] | Other Reserves [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2019 | £ 14,771 | £ 49 | £ 0 | £ (32) | £ 10,659 | £ 283,201 | £ (279,106) |
Changes in equity | |||||||
Loss for the year | (74,093) | 0 | 0 | 0 | 0 | 0 | (74,093) |
Other comprehensive income (loss) | 195 | 0 | 0 | 195 | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (73,898) | 0 | 0 | 195 | 0 | 0 | (74,093) |
Conversion of interest-bearing loan | (510) | 0 | 0 | 0 | 0 | 0 | (510) |
Derecognition of derivative liability | 3,840 | 0 | 0 | 0 | 0 | 0 | 3,840 |
Issue of share capital | 102,981 | 15 | 0 | 0 | 0 | 102,966 | 0 |
Equity-settled share-based payment transactions | 8,162 | 0 | 0 | 0 | 8,162 | 0 | 0 |
Ending balance at Dec. 31, 2020 | 55,346 | 64 | 0 | 163 | 18,821 | 386,167 | (349,869) |
Changes in equity | |||||||
Loss for the year | (131,523) | 0 | 0 | 0 | 0 | 0 | (131,523) |
Other comprehensive income (loss) | (74) | 0 | 0 | (74) | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (131,597) | 0 | 0 | (74) | 0 | 0 | (131,523) |
Issue of share capital | 210,985 | 24 | 210,961 | 0 | 0 | 0 | 0 |
Exercise of share options | 952 | 952 | 0 | 0 | 0 | 0 | |
Equity-settled share-based payment transactions | 35,861 | 0 | 325 | 0 | 35,536 | 0 | 0 |
Ending balance at Dec. 31, 2021 | 171,547 | 88 | 212,238 | 89 | 54,357 | 386,167 | (481,392) |
Changes in equity | |||||||
Loss for the year | (41,224) | 0 | 0 | 0 | 0 | 0 | (41,224) |
Other comprehensive income (loss) | (3,186) | 0 | 0 | (3,186) | 0 | 0 | 0 |
Total comprehensive loss for the year, net of tax | (44,410) | 0 | 0 | (3,186) | 0 | 0 | (41,224) |
Issue of share capital | 116,424 | 7 | 116,417 | 0 | 0 | 0 | 0 |
Exercise of share options | 8,141 | 2 | 8,139 | 0 | 0 | 0 | 0 |
Capital reduction in Group's parent company | 0 | 0 | (213,043) | 0 | 0 | (48,320) | 261,363 |
Equity-settled share-based payment transactions | 27,054 | 0 | 0 | 0 | 27,054 | 0 | 0 |
Ending balance at Dec. 31, 2022 | £ 278,756 | £ 97 | £ 123,751 | £ (3,097) | £ 81,411 | £ 337,847 | £ (261,253) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Loss for the year | £ (41,224,000) | £ (131,523,000) | £ (74,093,000) |
Adjustments for: | |||
Equity settled share-based payment expenses | 27,054,000 | 35,861,000 | 8,162,000 |
Depreciation | 6,131,000 | 7,012,000 | 8,976,000 |
Net finance costs | 4,538,000 | 5,766,000 | 1,167,000 |
Foreign exchange movements | (6,033,000) | 586,000 | (787,000) |
Other | 67,000 | 165,000 | (2,863,000) |
Income tax credit | (2,921,000) | (9,405,000) | (13,267,000) |
Working capital adjustments: | |||
Increase in receivables and other non-current assets | (32,090,000) | (5,147,000) | (532,000) |
Increase in trade and other payables | 38,747,000 | 9,469,000 | (3,774,000) |
Decrease in deferred revenue | (20,119,000) | (21,128,000) | (24,497,000) |
Other working capital movements | 577,000 | (150,000) | (41,000) |
Cash used in operations | (25,273,000) | (108,494,000) | (101,549,000) |
Net taxation (paid) / received | (618,000) | 12,384,000 | 40,299,000 |
Net cash used in operating activities | (25,891,000) | (96,110,000) | (61,250,000) |
Cash flows from investing activities | |||
Proceeds from sale of property, plant and equipment | 5,000 | 77,000 | 675,000 |
Purchase of property, plant and equipment | (1,787,000) | (1,008,000) | (3,074,000) |
Purchase of intangible assets | (410,000) | 0 | 0 |
Proceeds from investment in sub-leases | 0 | 549,000 | 378,000 |
Other investing activities | 2,385,000 | 15,000 | 3,164,000 |
Net cash flows from / (used in) investing activities | 193,000 | (367,000) | 1,143,000 |
Cash flows from financing activities | |||
Gross proceeds from issue of share capital | 116,812,000 | 226,528,000 | 83,218,000 |
Costs from issue of share capital | (388,000) | (15,543,000) | (176,000) |
Exercise of share options | 8,141,000 | 952,000 | 73,000 |
Non-current interest-bearing loan received | 43,509,000 | 0 | 37,543,000 |
Repayment of principal loan liability | (43,509,000) | 0 | 0 |
Early settlement and other loan fees | (3,280,000) | 0 | 0 |
Interest paid on non-current interest-bearing loans | (3,623,000) | (4,147,000) | (291,000) |
Repayment of lease liabilities | (3,208,000) | (3,159,000) | (4,426,000) |
Net cash flows from financing activities | 114,454,000 | 204,631,000 | 115,941,000 |
Increase in net cash and cash equivalents | 88,756,000 | 108,154,000 | 55,834,000 |
Net foreign exchange difference on cash held | 5,897,000 | 16,000 | (84,000) |
Cash and cash equivalents at beginning of the year | 237,886,000 | 129,716,000 | 73,966,000 |
Cash and cash equivalents at end of the year | £ 332,539,000 | £ 237,886,000 | 129,716,000 |
Leasehold incentives | £ 2,488,000 |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies [Abstract] | |
Accounting policies | 1. Accounting policies General information Immunocore Holdings plc (the “Company”) is a public limited company incorporated in England and Wales and has the following wholly owned subsidiaries: Immunocore Limited, Immunocore LLC, Immunocore Commercial LLC, Immunocore Ireland Limited, Immunocore GmbH, and Immunocore Nominees Limited (collectively referred to as the “Group”). The Company’s American Depositary Shares (“ADSs”) began trading on the Nasdaq Global Select Market under the ticker symbol “IMCR” on February 5, 2021, following its initial public offering (“IPO”). The IPO and concurrent private placement generated net proceeds of £210,985,000 after underwriting discounts, commissions and directly attributable offering expenses. In July 2022, the Company issued and sold a total of 3,733,333 ADSs and non-voting ordinary shares to certain institutional accredited investors and existing shareholders as a private investment in public entity (the “PIPE”) pursuant to a securities purchase agreement with such investors, generating proceeds of £116,812,000 ($140,000,000) before deductions for offering expenses of £388,000. Prior to completion of the IPO, Immunocore Holdings Limited was incorporated in England and Wales on January 7, 2021. Following a subsequent corporate reorganization, Immunocore Holdings Limited became the ultimate parent company for the Group and was re-registered as a public limited company with the name Immunocore Holdings plc, the registrant. The corporate reorganization was accounted for as a business combination under common control and therefore, Immunocore Holdings plc is a continuation of Immunocore Limited and its subsidiaries. The corporate reorganization was given retrospective effect in the financial statements as at and for the years ended December 31, 2021 and 2020, and the financial statements represent the financial statements of Immunocore Holdings plc. The principal activity of the Group is pioneering the development and sale of a novel class of TCR bispecific immunotherapies called ImmTAX – I m m T A X In January and April 2022, the Group received approval from the U.S. Food and Drug Administration (“FDA”) and European Commission (“EC”), respectively, for its lead product, KIMMTRAK, for the treatment of unresectable or metastatic uveal melanoma (“mUM”). In June 2022, the UK’s MHRA, Health Canada, and the Australian Government Department of Health’s TGA have each approved KIMMTRAK for the treatment of HLA-A*02:01-positive adult patients with unresectable or mUM. KIMMTRAK is now approved in over 30 countries and we have commercially launched in the United States, Germany and France, among other territories, with further commercial launches underway in additional territories where we have received approval. The Group expects to obtain regulatory approval for KIMMTRAK in further territories in the next year. Basis of preparation and statement of compliance The consolidated Group financial statements as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 have been prepared in accordance with International Financial Reporting Standards (collectively, “IFRS”) as issued by the International Accounting Standards Board. The consolidated Group financial statements have been prepared under the historical cost basis, as modified by the recognition of certain financial instruments measured at fair value and are presented in sterling which is the Group’s presentation currency. All values are rounded to the nearest thousands, except where otherwise indicated. Date of authorization These consolidated financial statements were prepared at the request of the Board and were approved by the Board on March 1, 2023, and signed on its behalf by Dr Bahija Jallal, Chief Executive Officer of the Group. Adoption of New Accounting Standards There have been no recent new accounting standards that have had a material impact on these consolidated financial statements and no new standards issued but not yet effective that are expected to have a significant impact on the Group. Going concern The financial position of the Group, its cash flows and liquidity position and borrowing facilities are described in the primary statements and notes to these sets of financial statements. The Group reported cash and cash equivalents of £332,539,000 and net current assets of £308,791,000 as at December 31, 2022, with an operating loss for the year the ended December 31, 2022 of £39,607,000. The negative operational cash flow was largely due to the Group’s continued focus on research, development, and clinical activities to advance preclinical and clinical programs within the Group’s pipeline. The Group generated net product and net pre-product revenue totalling £108,148,000 and £8,661,000 during the year ended December 31, 2022, respectively. In July 2022, the Group received £116,812,000 ($140,000,000) before deduction of attributable expenses of £388,000 following the PIPE. In assessing the going concern assumptions, the Board has undertaken an assessment of the current business and strategy forecasts covering a three-year period, which includes anticipated KIMMTRAK revenue. In assessing the downside risks, the Board has also considered scenarios incorporating a range of revenue arising from KIMMTRAK sales. As part of considering the downside risks, the Board has considered the impact of the ongoing coronavirus 2019 (‘‘COVID-19’’) pandemic and other potential economic impacts including the war in Ukraine and related geopolitical tensions, as well as global inflation, capital market instability, exchange rate fluctuations, and increases in commodity, energy and fuel prices. The Board has concluded that while these may have a future impact on the Group’s business and implementation of its strategy and plans, it anticipates that any such impact will be minimal on clinical trials or other business activities over the period assessed for going concern purposes. As of the date of these financial statements, the Group is not aware of any specific event or circumstance that would require the Group to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from these estimates, and any such differences may be material to the Group’s financial statements. Given the current cash position and the assessment performed, the Board believes that the Group will have sufficient funds to continue to meet its liabilities as they fall due throughout the forecast period outlined above and therefore, the Group has prepared the financial statements on a going concern basis. This scenario is based on the Group’s lower range of anticipated revenue levels. As the Group continues to incur significant expenses in the pursuit of its business strategy, including further commercialization and marketing plans for KIMMTRAK, additional funding will be needed before further existing clinical and preclinical programs may be expected to reach commercialization, which would potentially lead to additional operational cash inflows. Until the Group can generate revenue from product sales sufficient to fund its ongoing operations and further develop its pipeline, if ever, it expects to finance its operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. Critical accounting estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or the period of revision and future periods if this revision affects both current and future periods. Expected rebates and chargebacks As outlined below in the “Product revenue, net” policy, the Group recognizes revenue net of estimated deductions for rebates and chargebacks. Due to its short history of product sales having only recently received regulatory approval for its first product, the Group has limited directly comparable information of actual rebate claims or chargebacks, and the Group’s early sales information may have limited predictive value. The Group uses the expected value method to estimate expected rebate and chargeback percentages for revenue deductions, which considers the likelihood of a rebate or chargeback being applicable to sales. The proportion of sales subject to a rebate or chargeback, is inherently uncertain and the Group’s estimates are based on internal assumptions, which may change as the Group develops more product experience, and third-party data, which the Group assesses for reliability and relevance. The Group is subject to state government Medicaid programs and other qualifying federal and state programs in the United States requiring rebates to be paid to participating state and local government entities, depending on the eligibility and circumstances of patients treated with KIMMTRAK after the Group has sold vials to specialty distributors. The Group is also subject to chargebacks from its specialty distributors under the 340B program in the United States, whereby qualifying hospitals are entitled to purchase KIMMTRAK at a lower price. For such sales, the Group’s specialty distributors charge back the difference between the wholesale acquisition cost and this lower price. Estimating expected rebate and chargeback percentages for revenue deductions is judgmental due to the time delay between the date of the sale to specialty distributors and the subsequent dates on which the Group is able to determine actual amounts of chargebacks and rebates. The Group forms estimates of 340B chargeback deductions by analyzing sell-through data relating to the hospital mix of onward sales made by specialty distributors. For Medicaid and other rebates, the Group forms estimates based on internal forecasts of the patient mix, information obtained from claims received and other industry data, and external health coverage statistics. Judgment is applied to consider the relevance and reliability of information used to make these estimates. Judgment is also required in determining expected rebate percentages for the amount of the Group’s net pre-product revenue and product revenue in France. Rebates payable to the Economic Committee for Health Products (“CEPS”) under compassionate use, early access and commercial programs are subject to a high degree of estimation uncertainty. The Group’s estimate of these rebates represents the difference between the expected agreed price for the commercial sale of KIMMTRAK in France, which is subject to negotiation, and the initial price of tebentafusp and KIMMTRAK sold under early access and commercial programs until this price is agreed. Analysis of further legislative requirements, sales volumes and the expected benefit of KIMMTRAK to patients in France is also required in the assessment of rebates payable. The Group applies judgement to assess internal targets, pricing information of other therapies approved for sale in France, information obtained from price negotiations of KIMMTRAK in other countries, and information connected with KIMMTRAK’s safety profile when forming its estimated rebate deduction from revenue. The Group also applies judgment when recording net product revenue in Germany by considering internal targets, KIMMTRAK’s benefit rating and the progress of negotiations to estimate the expected rebate percentages for the amounts payable on conclusion of the pricing process following recent legislative changes in the country. The Group’s total accrued revenue deductions at December 31, 2022, including amounts of £22.5 million for the critical estimates subject to greater estimation uncertainty and judgments described above, were £25.5 million. These are included within Accruals in Trade and other payables and within Non-current accruals in the Consolidated statement of financial position at December 31, 2022. A 20% increase or decrease in the Group’s estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a £4.5 million reduction or increase, respectively, in Total revenue from the sale of therapies reported in the Consolidated statement of loss for the year ended December 31, 2022. The Group believes its expected values of accruals reported in the Consolidated statement of financial position are materially appropriate; however, due to the uncertainties and judgements outlined above, it is possible eventual amounts could significantly differ to these estimates. Other estimates and judgments Management have made other judgements, estimates and assumptions in the preparation of financial statements that do not have as significant a risk of a material adjustment associated with them. These are noted below: Percentage of completion for performance obligations satisfied over time Revenue arising on performance obligations satisfied over time are recognized by estimating the percentage of completion which takes into consideration the estimated timelines required to satisfy these obligations and the time since program nomination. The timeline for a project is determined using historical data from previous arrangements and through discussions about each project’s plan and progress with project teams and joint steering committees. The measure of progress is therefore based on judgmental assumptions, which could be subject to adjustment in future periods. The Group believes these assumptions to be materially appropriate; however, they may change in future periods and it is possible that other factors may arise which cause estimates in future periods to significantly differ to both current and previous estimates. Collaboration revenue recognition Further judgements are made to: • determine whether promises contained within the collaboration agreements are distinct from the other promises in the contract; • assess whether milestones or other variable consideration should be included in the transaction price; • determine whether performance obligations are satisfied at a point in time or over time, and • identify and consistently apply an appropriate method of measuring progress for performance obligations satisfied over time for the purposes of revenue recognition. Estimates and assumptions are also made regarding variable consideration included in the transaction price by estimating the most likely amount that will be received. Changes in this estimate would not impact revenue recognized in the period as this constraint is applied to estimated variable consideration to reduce such consideration to the amount which is not probable of being reversed. Research and development costs Research and development expenditure which does not meet the criteria for capitalization is expensed as incurred. In preparing the financial statements, the Group may be required to estimate accrued research and development expenditure incurred, the most significant of which is that relating to ongoing clinical trials. These estimates are based on reviews of open contracts, reports provided by the contract research organizations (CROs) and internal reviews to estimate the level of service performed and the associated cost incurred for those services when the Group has not yet been invoiced or otherwise notified of the actual cost. The majority of CROs invoice the Group monthly in arrears for services performed or when contractual milestones are met; however, the level of suppliers for which this is not applicable can be material. The Group makes estimates of accrued expenses as of each statement of financial position date in our financial statements based on facts and circumstances known at that time. The Group confirms the accuracy of estimates with the CROs at the end of each reporting period and adjusts these if necessary. The financial terms agreed with the CROs are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the CROs will exceed the level of services provided and result in either a prepayment of the research and development expenses or, where the payments are repaid back to the Group at the end of the clinical trial, a non-current financial asset. In accruing clinical trial expenses, the Group estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate made, the accrual or prepayment expense is adjusted accordingly. Lease liability discount rate Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. Although the Group does not expect its estimates of the incremental borrowing rates to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting an appropriate rate, and the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use asset in the statement of financial position . Valuation of share options The Group operates equity-settled, share-based compensation plans whereby certain of our employees and directors are granted awards over the shares in our company. The grant date fair value of awards granted under these share-based compensation plans is calculated using the Black Scholes valuation model for grants since the Company’s IPO, which closed on February 9, 2021. From this point, the Company’s share price has been publicly available as an input to the Black Scholes model. For awards prior to our IPO, both the Black Scholes and the Back Solve valuations models were used. The valuation models used require the input of subjective assumptions, including assumptions about the expected life of share-based awards and share price volatility, which are used to determine the fair value of the Group’s ordinary shares. These assumptions used represent management’s best estimates at the time of grant, but such estimates involve inherent uncertainties and the application of judgment. The expected life assumption is based on the Group’s assessment of the time within which participants are expected to exercise options, which requires consideration of employee groups, expected employee service, and other internal factors, and the degree to which these are expected to shorten the life of options in comparison to contractual expiry dates. The volatility assumption is based on the historical data of a comparator group of companies. While the Group has assessed that these estimates result in share-based payment accounting that is materially appropriate within a reasonable range of sensitivities, applying different assumptions could result in a significantly different expense being recognised in the Consolidated Statement of Comprehensive Loss. Further judgmental assumptions around options expected to vest and the valuation of option modifications also significantly impact the share-based compensation charge associated with granted options. Significant accounting policies Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020. A subsidiary is an entity controlled, directly or indirectly, by Immunocore Holdings Plc. Control is regarded as the exposure or rights to the variable returns of the entity when combined with the power to affect those returns. The financial results of subsidiaries are consolidated from the date control is obtained until the date that control ceases. Segment reporting The Group operates in one operating segment. The Group’s chief operating decision maker (the, “CODM”), its Chief Executive Officer, manages the Group’s operations on an integrated basis for the purposes of allocating resources. The Group is registered in four geographic regions: the United Kingdom, the Republic of Ireland, Switzerland and the United States. Substantially all of the Group’s assets are held in the United Kingdom. Foreign currencies Transactions in foreign currencies are translated to the Group companies’ functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognized. On consolidation, the assets and liabilities of foreign operations, are translated to the Group’s presentational currency, sterling, at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognized in other comprehensive income. Product revenue, net Product revenue, net, relates to the sale of KIMMTRAK following marketing approval. The Group recognizes revenue at the point in time that control transfers to a customer, which is typically on delivery. The Group also operates under consignment arrangements where control passes when the Group’s distributor takes KIMMTRAK out of consignment inventory. The amount of revenue recognized under its arrangements reflects the consideration to which the Group expects to be entitled to, net of estimated deductions for rebates, chargebacks, levies, other customer fees and product returns. Estimated revenue deductions are updated at the end of each reporting period using the latest available data. The Group considers whether any part of amounts expected to be received should be constrained to ensure that it is highly probable that a significant reversal in the cumulative revenue recognized will not occur. Estimating such deductions involves judgments which are detailed further above under “Critical accounting estimates”. The Group’s main customers in the United States and Europe are its distributors. These distributors are invoiced at contractual list prices with standard payment terms typically between one The Group’s customers are hospitals and healthcare providers in certain countries, where KIMMTRAK is sold through an agent acting on the Group’s behalf. Pre-product revenue, net Pre-product revenue, net, relates to the sale of tebentafusp under a compassionate use and an early access program in France up to September 2022. These programs provided patients with access to tebentafusp before KIMMTRAK became available as a marketed product in France. Pre-product revenue is recognized on delivery of tebentafusp to healthcare providers, which is the point in time when control is transferred. Such revenue is recognized net and represents the prices set by the Group that are expected to be retained after estimated deductions and to the extent that it is highly probable that a significant reversal of revenue will not occur. These variable estimated deductions include both an estimate of government rebates and levies payable, and an estimate of returns in the case of expiry, damage or other instances. The total rebate payable by the Group is dependent on the outcome of price negotiations with the French government, and the Group makes an estimate of these amounts payable each reporting period based on available pricing information and the applicable regulations. Returns are estimated based on industry trends and information provided by the Group’s distributors. The estimates for rebates and returns deducted from pre-product revenue are recorded in the period the related pre-product revenue is recognized and are classified under Accruals within Trade and other payables in the Consolidated Statement of Financial Position. Costs of pre-product revenue are expensed when incurred and include costs associated with previous manufacturing of tebentafusp and other third-party selling expenses. Previous manufacturing costs were recognized in Research and development expenses at the time, and third-party selling expenses are recognized within Selling and administrative expenses. Cost of product revenue Cost of product revenue represents production costs including raw materials, external manufacturing costs, and other costs incurred in bringing inventories to their location and condition prior to sale. Due to the Group’s manufacturing arrangements, overheads and internal costs of product revenue are minimal. Further information on Cost of product revenue is included within the ‘Inventories’ policy below. C Revenue arises primarily under the Group’s collaboration agreements, which are reviewed and assessed in line with the five-step framework established by IFRS 15 “ Revenue from Contracts with Customers Within these collaboration agreements, the Group grants licensing rights and access to the Group’s technology to develop specified targets and commercialize future product candidates for specified targets defined in the respective collaboration agreements, in addition to research and development services, participation on a joint steering committee and the option to obtain exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so, or at the Group’s election. In each of the collaboration agreements, these promises are combined with each relevant target as one combined performance obligation, because the promises are mutually dependent and the collaborator is unable to derive significant benefits from its access to these targets for their intended purpose without receipt of the remaining promises, which are highly specialized and cannot be performed by other organizations. These single combined performance obligations are satisfied over time and deemed fully satisfied when the collaborator is contractually entitled to benefit from the exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so or at the Group’s election. This occurs at different stages of the research and development process within each of the collaboration agreements and is set out in Note 2. Once the collaborator has obtained exclusive rights to the associated intellectual property, the Group has no further contractual obligations relating to the performance obligation and accordingly the performance obligation is deemed satisfied and complete at this point. The Group accounts for each target under collaboration agreements as having one combined performance obligation with the mutually dependent rights noted above. Where the Group receives development milestones at key inflection points specified within the collaboration agreements, these are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the most likely amount that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether a milestone is probable includes consideration of the following factors: • whether achievement of a development milestone is highly susceptible to factors outside the entity’s influence, such as milestones involving the judgment or actions of third parties, including regulatory bodies or the customer; • whether the uncertainty about the achievement of the milestone is not expected to be resolved for a long period of time; • whether the Company can reasonably predict that a milestone will be achieved based on previous experience; and. • the complexity and inherent uncertainty underlying the achievement of the milestone. Any development milestone revenue adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Under collaboration agreements, depending on the terms, the Group may also receive commercialization milestones and royalties. These amounts have not been included within the transaction price as of December 31, 2022, 2021 and 2020 because they are sales-based royalties which will be recognized when the subsequent sale occurs. Revenue is recognized as the programs progress through the various stages of research and development using an estimate of percentage completion which takes into consideration the estimated timelines required to satisfy the performance obligation and the time taken since program nomination. The determination of the percentage of completion requires the estimation of when the performance obligation will be completed, and this is reviewed and re-assessed quarterly, typically by the joint steering committee for the contract, based on the latest project plan and discussions with project teams and will consider progress achieved to date, historical experience on similar programs and other internal factors as may be available. If a change in facts or circumstances occurs, the estimate of percentage completion is adjusted, and revenue recognized based on the revised estimate. The difference between the cumulative revenue recognized based on the previous estimate and the revenue recognized based on the revised estimate is recognized as an adjustment to revenue in the period in which the change in estimate occurs. Under certain collaboration agreements, research and development costs incurred either in excess of a defined amount, or in accordance with a cost sharing agreement, are reimbursed. These amounts are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the expected value that will be received and then applying a constraint to reduce the consideration to the amount which is highly probable of not resulting in a significant reversal in the cumulative amount of revenue recognized. The determination of whether reimbursed costs are highly probable to not be reversed includes the following: • past history and experience with similar contracts. • unexpec |
Revenue and segmental reporting
Revenue and segmental reporting | 12 Months Ended |
Dec. 31, 2022 | |
Revenue and segmental reporting [Abstract] | |
Revenue and segmental reporting | 2. Revenue and segmental reporting Revenue recognized during 2022 arose primarily from Product revenue following regulatory approval of KIMMTRAK in the United States and Europe. Revenue recognized during 2021 and 2020 arose primarily from collaboration agreements with GlaxoSmithKline Intellectual Property Development Ltd (“GSK”), Eli Lilly and Company (“Eli Lilly”) and Genentech, Inc. (“Genentech”). 2022 2021 2020 Revenue from sale of therapies £’000 £’000 £’000 Product revenue 108,148 — — Pre-product revenue 8,661 3,010 — Total revenue from sale of therapies 116,809 3,010 — Collaboration revenue GSK — 6,083 6,356 Eli Lilly 7,361 — 3,522 Genentech 19,567 17,427 20,236 Total collaboration revenue 26,928 23,510 30,114 Total revenue 143,737 26,520 30,114 Of the Group’s collaboration customers, Eli Lilly and Genentech are based in the United States. GSK is based in the United Kingdom. The revenue figure for Genentech in the table above represented more than 10% of the Group’s revenue during 2022. During 2021, the figures for both GSK and Genentech in the table above each represented more than 10% of the Group’s revenue. In 2020, all figures above for the Group’s collaboration customers represented more than 10% of the Group’s revenue. The following table shows amounts of revenue recorded for individual customers representing more than 10% of the Group’s total revenue from the sale of therapies during 2022. 2022 £’000 Customer A 30,804 Customer B 29,225 Customer C 20,419 Customer D 20,054 Customer E 13,724 114,226 Net product revenue from the sale of KIMMTRAK, and net pre-product revenue from the sale of tebentafusp as part of a compassionate use and early access program are presented by region based on the location of the customer below. 2022 2021 2020 £’000 £’000 £’000 United States 80,448 — — Europe 35,490 3,010 — Rest of World 871 — — Total revenue from sale of therapies 116,809 3,010 — Product revenue, net During the year ended December the Group recognized £ of net product revenue relating to the sale of KIMMTRAK primarily in the United States and Europe after estimated deductions for rebates, chargebacks, other customer fees and returns, which are recognized in accruals as set out in the Group’s accounting policies. Pre-product revenue, net During the year ended December 31, 2022 and 2021, the Group recognized £8,661,000 and £3,010,000 of net pre-product revenue, respectively, relating to the sale of tebentafusp under compassionate use and early access programs in France after estimated deductions for rebates and returns, which are recognized in accruals as set out in the Group’s accounting policies. In September 2022, the Group began selling KIMMTRAK as a commercial product in France, and these sales are reflected in Product revenue, net. Collaboration revenue For the year ended December 31, 2022, a total of £24,450,000 of revenue recognized was included in deferred revenue at January 1, 2022 (2021: £21,128,000 recognized included in deferred revenue at January 1, 2021). Trade receivables and deferred revenue from contracts with customers Trade receivables were £27,736,000 as at December 31, 2022, compared to £6,047,000 as at December 31, 2021, Deferred revenue as at December 31, 2022 and 2021 was as follows: 2022 2021 £’000 £’000 Current deferred revenue 6,408 24,450 Non-current deferred revenue 4,331 6,408 10,739 30,858 Deferred revenue in the Consolidated statement of financial position is primarily in respect of the upfront fee and development milestone consideration received from the various collaboration agreements in advance of services performed by the Group. Deferred revenue decreased by £20,119,000 as a result of the revenue recognised under our collaboration agreements detailed above. The Current deferred revenue of £6,408,000 in the Consolidated statement of financial position, represents the amount of transaction price allocated to performance obligations that are unsatisfied or partially satisfied as at December 31, 2022, and is expected to be recognized as revenue within one year. Non-current deferred revenue in the Consolidated statement of financial position at December 31, 2022, relates to a revised distribution agreement with Medison Pharma Ltd (“Medison”) entered into in November Under the revised agreement, the Group received a non-refundable payment of £ in the year ended December in exchange for granting Medison exclusive distribution rights in South America. The Group has determined that the deferred revenue relates to the Group’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The Group expects to recognize this revenue with the sale of products following regulatory approval in the territory. The Group estimates that Product revenue recognition of this Non-current deferred revenue will commence in or later. No revenue was recognized in 2022 relating to performance obligations satisfied in previous years (2021: no revenue; 2020: £705,000). Accruals for rebates and chargebacks Information on estimated revenue deductions for rebates and chargebacks included under Accruals within Trade and other payables in the Consolidated statement of financial position is provided within Critical accounting estimates and judgements Genentech Collaboration Under the Genentech agreement signed in November 2018, the Group received aggregate non-refundable payments totaling $100 million consisting of an initial upfront payment of $50 million and $50 million paid upon an investigational new drug filing for the first clinical trial of the product candidate compound, in exchange for granting Genentech rights to co-develop/co-promote the Group’s IMC-C103C program and the co-exclusive worldwide license to the Group’s intellectual property rights in MAGE A4 soluble TCR bispecific therapeutic candidate compounds. The Group is responsible for development of the IMC-C103C program over the period of time to estimated completion of the Phase 1 clinical trial, with costs being shared equally with Genentech. In February 2023, as the Group elected to withdraw from co-funding with Genentech the MAGE-A4 HLA-A02 program, IMC-C103C, Genentech shall acquire an exclusive worldwide license to the MAGE-A4 HLA-A02 soluble TCR bispecific therapeutic candidate compounds and shall be fully responsible for all further development and commercialization of such candidate compounds, at its expense. For more information, please see “Item 4B. Business overview—Our Collaborations and License Agreements—Genentech Collaboration.” The total payments of $100 million (£77.4 million) were recorded as deferred revenue on receipt in November 2018 and allocated to a single combined performance obligation covering the granting of the co-exclusive worldwide license, the provision of development services and participation on a joint steering committee. This deferred revenue is recognized as the Group satisfies the combined performance obligation over the estimated period of time to when the Group has completed substantially all of its responsibilities associated with its withdrawal from the co-funding and the Phase I clinical trial. Following the Group's withdrawal from co-funding the MAGE-A4 HLA-A02 program, IMC-C103C, Genentech shall acquire an exclusive worldwide license to the MAGE-A4 HLA-A02 soluble TCR bispecific therapeutic candidate compounds and shall be fully responsible for all further development and commercialization of such candidate compounds, at its expense. Research and development costs reimbursed under the 2018 Genentech Agreement are considered variable consideration and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. During the year ended December 31, 2022, the Group recognized £19,567,000 revenue relating to the 2018 Genentech Agreement (2021: £17,427,000; 2020: £20,236,000). The revenue recognized represents both deductions from deferred revenue and research and development costs reimbursed, predominantly for clinical trial costs. Such reimbursements arise in order to ensure that research and development costs are shared equally in accordance with the 2018 Genentech agreement. Of the revenue recognised in the year ended December 31, 2022, £2,478,000 represented research and development cost reimbursements (2021: £338,000; 2020: £2,785,000), and £17,089,000 represented revenue that was included in the deferred revenue balance at January 1, 2022. As at December 31, 2022, £6,408,000 of transaction price was allocated to the unsatisfied performance obligation under the agreement. The Group estimates that the remaining revenue relating to this performance obligation would be satisfied within one year. GSK Collaboration In June 2013, the Group entered into a collaboration and license agreement with GSK pursuant to which the Group and GSK agreed to collaborate in the development of soluble TCR bispecific therapeutic compounds (the “GSK Agreement”). Under the GSK Agreement, the Group granted GSK the right to nominate up to four exclusive targets. The first target, GSK01/NY-ESO, was nominated at the time of execution of the GSK Agreement. A second target was nominated in July 2017. GSK subsequently had no further ability to nominate additional targets under the terms of the agreement. Following a review of the targets in the year ended December 31, 2021, the parties elected not to proceed further with the second target and the GSK Agreement was terminated in January 2022. As at December 31, 2022, the Group had received a total of £22,900,000 in non-refundable payments, none of which were received during the years ended December 31, 2022 and 2021. Those previous payments were recorded as deferred revenue on receipt and allocated to a single combined performance obligation for each target covering the provision of research and development services and participation on a joint steering committee. This deferred revenue was recognized as the Group satisfied the combined performance obligation over the estimated period of time to when GSK could exercise the option to obtain an exclusive worldwide license for the therapeutic candidate compounds. Research and development costs reimbursed under the GSK Agreement were considered variable consideration and assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it was highly probable that the recognition of such revenue would not be reversed. During the year ended December 31, 2022, the Group recognized no revenue relating to the GSK Agreement (2021: £6,083,000; 2020: £6,356,000) following termination of the agreement. In 2021, GSK and the Group elected not to progress with the final program under the agreement and therefore released the remaining deferred revenue attributed to the GSK Agreement during the year ended December 31, 2021. Lilly Collaboration The Group released the remaining deferred revenue attributed to the third target under the Lilly Collaboration after the parties agreed to terminate the agreement in March 2022. No further revenue under the collaboration is expected. In July 2014, the Group entered into a development and license agreement with Eli Lilly, or the Lilly Agreement, pursuant to which the Group and Eli Lilly agreed to collaborate in the development, manufacture and commercialization of soluble TCR bispecific therapeutic compounds. Under the Lilly Agreement, Eli Lilly paid an initial non-refundable upfront fee payment of $45 million in exchange for options to three targets. Following termination of the agreement, Eli Lilly no longer has any rights to the targets or the ability to nominate any further targets under the initial agreement. In December 2016, the Group and Eli Lilly agreed to swap an existing antigen target, selected by Eli Lilly, for a new, well known neo-antigen target. Lilly has no further obligations with respect to the initial target that was replaced. In September 2017, the Group and Eli Lilly agreed to swap a second antigen target, selected by Eli Lilly, for a second neo-antigen target. Similarly, Eli Lilly has no further obligations with respect to the initial target that was replaced. Under the Lilly Agreement, the Group was responsible for developing soluble TCR bispecific therapeutic pre-clinical candidates to each target with Eli Lilly responsible for GMP manufacture of Phase 1 material at its expense. On a collaboration target-by collaboration target basis, at the point of clinical candidate nomination, Eli Lilly had the right to opt in to gain exclusive co-development/co-promotion rights to the target program. The $45.0 million upfront payment was recorded as deferred revenue on receipt and allocated to a single combined performance obligation for each target covering the provision of research and development services and participation on a joint steering committee. This deferred revenue was recognized as the Group satisfied the combined performance obligations over the estimated period of time to when Eli Lilly could exercise the option to obtain exclusive co-development/co-promotion rights to the target and the Group could opt-out of the co-development of the target. During the year ended December 31, 2022, the Group recognized £7,361,000 of revenue relating to the Lilly Agreement (2021: no revenue; 2020: £3,522,000). The Group released the remaining deferred revenue attributed to the third target under the collaboration after the parties agreed to terminate the agreement during the year ended December 31, 2022. No further revenue under the Eli Lilly Collaboration is expected. Other segmental reporting information The total of non-current assets other than financial instruments and deferred tax assets located in the United Kingdom as at December 31, 2022 is: £36,079,000. The total located in other countries (primarily the United States) is £2,241,000. |
Operating loss is stated after
Operating loss is stated after charging (Crediting) | 12 Months Ended |
Dec. 31, 2022 | |
Operating loss is stated after charging (crediting) [Abstract] | |
Operating loss is stated after charging (crediting) | 3. Operating loss is stated after charging (crediting) The following items have been included in operating loss: 2022 2021 2020 £ ’000 £ ’000 £ ’000 (Gain) / loss on disposal of property, plant and equipment (3 ) 180 1,064 Profit on derecognition of leases — — (3,700 ) Remeasurement of leases — (15 ) (227 ) Depreciation of property, plant and equipment (Note 11) 4,304 5,511 6,446 Depreciation of right-of-use assets (Note 12) 1,827 1,501 2,530 Write‑down of inventories recognised as an expense 28 871 — Reversals of inventory write‑downs (197 ) — — Operating lease income (Note 6) — 108 460 Research and development costs in the Consolidated Statements of Loss and Other Comprehensive Income are stated net of the Research and Development Expenditure Credit, totalling £184,000 for 2022 (2021: £358,000; 2020: £227,000). |
Staff numbers and costs
Staff numbers and costs | 12 Months Ended |
Dec. 31, 2022 | |
Staff numbers and costs [Abstract] | |
Staff numbers and costs | 4. Staff numbers and costs The average number of persons employed by the Group (including the Board) during the year, analysed by category, was as follows: 2022 No. of employees 2021 No. of employees 2020 No. of employees Research 133 154 177 Development 137 88 96 Corporate 105 73 56 Total 375 315 329 The aggregate staff costs of these persons were as follows: 2022 2021 2020 £’000 £’000 £’000 Wages and salaries 36,235 27,337 29,038 Social security costs 4,169 2,258 2,131 Share-based payments (Note 19) 27,054 35,861 8,162 Contributions to defined contribution plans (Note 21) 1,355 1,001 1,035 68,813 66,457 40,366 During the year ended December 31, 2020, the Group undertook a corporate restructure incurring costs of £1.2 million. The restructure was completed in the second quarter of 2020 and reduced the overall headcount, at that time, by 78 employees. |
Selling and administrative expe
Selling and administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
Selling and administrative expenses [Abstract] | |
Selling and administrative expenses | 5. Selling and administrative expenses There were £12,125,000 of foreign exchange gains, which the Group classifies within Selling and administrative expenses, for the year ended December 31, 2022, compared to gains of £457,000 and £5 |
Net other operating income _ (l
Net other operating income / (loss) | 12 Months Ended |
Dec. 31, 2022 | |
Net other operating (loss) / income [Abstract] | |
Net other operating (loss) / income | 6. Net other operating income / (loss) 2022 2021 2020 £’000 £’000 £’000 Profit on derecognition of leases — — 3,700 Gain / (loss) on disposal of property, plant and equipment 3 (180 ) (1,064 ) Settlement agreement — — 810 Sub-lease income — 108 460 Remeasurement of leases — 15 227 Other — — 109 3 (57 ) 4,242 During the year ended December 31, 2020, the Group terminated the lease term for two leasehold properties giving rise to a profit on disposal of £3,700,000 which included £1,400,000 received as an incentive for exiting one of the leasehold agreements. During the year ended December 31, 2020, the management of the Group conducted an internal investigation as a result of receiving a whistleblower complaint alleging employee misconduct and other improper activities related to a kickback scheme involving an employee and two third-party vendors. After the investigation, the one remaining open contract with the third-party vendors was terminated and the Group undertook proceedings against the involved parties. The Group estimated the amount in question to be in the range of £1.1 million to £1.8 million and recovered £1.8 million from the employee and third-party vendors in December 2020 of which £810,000 was reflected within other operating income. Sub-lease income comprised income from sub-lease arrangements on operating leases on certain leasehold properties. |
Finance income
Finance income | 12 Months Ended |
Dec. 31, 2022 | |
Finance income [Abstract] | |
Finance income | 7. Finance income 2022 2021 2020 £’000 £’000 £’000 Interest on cash and cash equivalents and other receivables 3,154 21 668 Gain on entering into sub-leases on leasehold properties — — 215 Interest on investment in sub-lease — 26 38 Gain from change in fair value of derivative liability — — 1,287 3,154 47 2,208 The derivative liability represented a foreign exchange call option over certain series B shares which was settled in full in March 2020, resulting in a gain of £1,287,000 based on the fair value as at derecognition, and a credit to equity of £3,840,000. |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Finance costs [Abstract] | |
Finance costs | 8. Finance costs 2022 2021 2020 £’000 £’000 £’000 Interest on lease liabilities (Note 12) 1,796 1,732 2,401 Interest expense on financial liabilities measured at amortized cost 4,503 4,081 708 Loss from change in fair value of embedded derivative asset — — 266 Loss on derecognition of financial liabilities measured at amortized cost 1,393 — — 7,692 5,813 3,375 Interest expenses on financial liabilities measured at amortized cost in the year ended December 31, 2022, and 2021 primarily relate to the Oxford Finance debt agreement entered into in November 2020. Following repayment of the loan to Oxford Finance in November 2022, the Group began to incur interest expenses under a new loan agreement with Pharmakon. The loss on derecognition of financial liabilities measured at amortised cost in the year ended December 31, 2022, primarily represents the loss arising on the early repayment of the loan to Oxford Finance compared to the amortized cost carrying value. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Income tax [Abstract] | |
Income tax | 9. Income tax The major components of the income tax expenses for the years ended December 31, 2022, 2021 and 2020 are: 2022 2021 2020 £’000 £’000 £’000 Profit or loss Current tax: R&D tax credit for the year (2,209 ) (9,322 ) (12,432 ) Foreign corporation tax on profits for the year 783 — 84 Adjustments in respect of prior years 20 370 (100 ) Total current tax (1,406 ) (8,952 ) (12,448 ) Deferred tax: Current year (1,352 ) (459 ) (439 ) Effect of changes in tax rates (13 ) — (1 ) Originating and reversal of timing differences, including adjustments in respect of prior years (150 ) 6 (379 ) Total deferred tax (1,515 ) (453 ) (819 ) Total income tax credit (2,921 ) (9,405 ) (13,267 ) Reconciliation of tax expense and accounting profit for 2022, 2021 and 2020: 2022 2021 2020 £’000 £’000 £’000 Loss before tax (44,145 ) (140,928 ) (87,360 ) Tax credit using the UK Corporation tax rate of 19 19 19 (8,388 ) (26,776 ) (16,598 ) Effect of: Non-deductible expenses 11,268 12,836 9,120 Additional deduction for R&D expenditure (16,408 ) (12,354 ) (16,286 ) Surrender of tax losses for R&D tax credit refund 3,099 12,354 16,286 R&D expenditure credits (3,418 ) (10,210 ) (13,424 ) Share-based compensation plans deduction (4,552 ) — — Movement in deferred tax not recognized 15,895 14,315 8,084 Adjustments to tax charge in respect of previous periods - deferred tax (150 ) 18 (379 ) Adjustments to tax charge in respect of previous periods 20 370 (100 ) State taxes (435 ) — 7 Effects of overseas tax rates 161 42 24 Effects of changes in tax rates (13 ) — (1 ) Total tax credit included in loss for the year (2,921 ) (9,405 ) (13,267 ) The components of income tax are as follows: 2022 2021 2020 £’000 £’000 £’000 Current tax: United States: Federal 692 106 (16 ) State 75 — — United Kingdom (2,173 ) (9,058 ) (12,432 ) Ireland — — — Total current tax (1,406 ) (8,952 ) (12,448 ) Deferred tax: United States: Federal (1,488 ) (453 ) (819 ) State — — — United Kingdom — — — Ireland (27 ) — — Total deferred tax (1,515 ) (453 ) (819 ) Total income tax credit (2,921 ) (9,405 ) (13,267 ) On May 24, 2021, the U.K. 2021 Finance Bill was substantively enacted and subsequently received Royal Assent on June 10, 2021. Under this bill, the rate of U.K. corporation tax will increase to 25% in 2023, with lower rates and tapered relief to be applied to companies with profits below £250,000. A deferred tax asset of £4,240,386 has been recognized in 2022 (2021: £2,575,000) primarily representing unused tax credits and capitalised research and development expenditure carried forward for Immunocore LLC following an assessment of all available and applicable information, including its forecasts of costs and future profitability and the resulting ability to reverse the recognized deferred tax assets over a short period of time. In addition to the deferred tax asset above, the Group has unrecognized deferred tax assets of £60,336,000 (2021: 58,093,000) on tax losses £241,344,000 (2021: £232,372,000) which do not expire. Deferred tax assets have not been recognized in respect of these losses as they may not be used to offset taxable profits elsewhere in the Group and there are no other tax planning opportunities or other evidence of recoverability in the near future. If the Group were able to recognize all unrecognized deferred tax assets, including deferred tax on losses and share-based payment, the income tax credit would increase by £55,605,000 (2021: £49,283,000). |
Basic and diluted loss per shar
Basic and diluted loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Basic and diluted loss per share [Abstract] | |
Basic and diluted loss per share | 10. Basic and diluted loss per share 2022 2021 2020 Loss for the year (£000’s) (41,224 ) (131,523 ) (74,093 ) Basic and diluted weighted average number of shares 45,714,923 42,488,579 26,523,411 Basic and diluted loss per share (£) (1) (0.90 ) (3.10 ) (2.79 ) (1) The basic and diluted loss per share for the years ended December 31, 2021 and 2020 are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 Basic loss per share is calculated by dividing the loss for the period attributable to the equity holders of the Group by the weighted average number of ordinary shares outstanding during the period. The dilutive effect of potential shares through share options are considered to be anti-dilutive as they would decrease the loss per share and are therefore excluded from the calculation of diluted loss per share. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | 11. Property, plant and equipment Leasehold properties and improvements Plant and equipment Assets under construction Total £’000 £’000 £’000 £’000 Cost: At January 1, 2021 15,810 25,983 120 41,913 Additions — 933 75 1,008 Transfers 59 85 (144 ) — Effect of foreign currency translation 7 (60 ) — (53 ) Disposals (231 ) (139 ) (35 ) (405 ) At December 31, 2021 15,645 26,802 16 42,463 Additions 60 1,345 382 1,787 Transfers — 42 (42 ) — Effect of foreign currency translation 72 21 — 93 Disposals — (138 ) — (138 ) At December 31, 2022 15,777 28,072 356 44,205 Depreciation and impairment: At January 1, 2021 7,835 20,324 — 28,159 Depreciation charge for the year 2,386 3,125 — 5,511 Effect of foreign currency translation 4 (44 ) — (40 ) Disposals (41 ) (70 ) — (111 ) At December 31, 2021 10,184 23,335 — 33,519 Depreciation charge for the year 2,083 2,221 — 4,304 Effect of foreign currency translation 38 10 — 48 Disposals — (138 ) — (138 ) At December 31, 2022 12,305 25,428 — 37,733 Carrying value: At December 31, 2022 3,472 2,644 356 6,472 At December 31, 2021 5,461 3,467 16 8,944 At January 1, 2021 7,975 5,659 120 13,754 At December 31, 2022 and 2021, none of the Group’s property, plant and equipment was held under finance leases or similar hire purchase agreements. The Group’s property, plant and equipment is pledged as security under the Group’s loan agreement entered into with Pharmakon in November 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 12. Leases The Group leases its corporate headquarters in the United Kingdom, where its facilities contain research and development, laboratory and office space of approximately 114,000 square feet. In addition, the Group leases approximately 20,000 square feet of office space in the USA, and a small office in both Ireland and Switzerland. The Group’s United Kingdom leases expire between 2037 and 2042, although there are points at which it may terminate the leases prior to this. Information about leases for which the Group is a lessee and a lessor is presented below. The lease payments for short-term leases and leases of low value assets are immaterial. The Group's leases have terms that may include: • Options to terminate the lease early at the right of the tenant • Variable lease payments with a guaranteed minimum increase and capped maximum increase In addition, there is a leasehold property to which the Group is committed to assume the lease should the property become vacant. The future contingent liabilities associated with these leases are set out in Note 22. Leases in which the Group is a Lessee Right-of-use assets: leasehold properties 2022 2021 £’000 £’000 Balance at January, 1 22,593 23,093 Additions 2,575 31 Remeasurements 1,710 970 Depreciation charge for the year (1,827 ) (1,501 ) Effect of foreign currency translation 122 — Balance at December, 31 25,173 22,593 The right-of-use asset additions during the year ended December 31, 2022 primarily relate to the lease of additional space at the Group’s facilities in the United Kingdom. The Group entered into two guarantee agreements on December 23, 2020 associated with the termination of the lease term for one of the leasehold properties. These agreements indemnify the lessor for certain costs in the event of the new lessee defaulting under their lease agreement for the leasehold property. As at December 31, 2022, the Group does not expect to make future payments as a result of these agreements. Lease liabilities Maturity analysis – contractual undiscounted cash flows 2022 2021 £’000 £’000 Less than one year 3,504 2,929 One to five years 11,639 10,289 More than five years 33,890 30,126 Total undiscounted lease liabilities 49,033 43,344 Lease liabilities included in the Consolidated Statements of Financial Position 2022 2021 £’000 £’000 Current 1,555 1,255 Non-current 28,248 25,355 Total lease liabilities 29,803 26,610 2022 2021 2020 Amounts recognized for lease liabilities in the Consolidated Statements of Loss £’000 £’000 £’000 Interest on lease liabilities 1,796 1,732 2,401 Amounts recognized in the Consolidated Statement of Cash Flows 2022 2021 2020 £’000 £’000 £’000 Total cash outflow for leases 3,208 3,159 4,426 |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets [Abstract] | |
Other non-current assets | 13. Other non-current assets 2022 2021 £’000 £’000 Long-term security deposits 941 786 Prepayments 6,264 3,984 Other 137 165 7,342 4,935 The long-term security deposits represent lease security deposits for buildings. Prepayments are those amounts paid in advance for clinical trials or commercial services that may be repaid at the end of the associated agreements or received as services. These services or repayments are estimated to be received in a period greater than twelve months from December 31, 2022. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | 14. Trade and other receivables 2022 2021 £’000 £’000 Trade receivables 27,736 6,047 Other receivables 7,682 1,470 Prepayments and accrued income 11,293 7,691 46,711 15,208 Included within prepayments and accrued income are amounts paid in advance for clinical trials that are expected to be received in services or repaid within 12 months. |
Capital and reserves
Capital and reserves | 12 Months Ended |
Dec. 31, 2022 | |
Capital and Reserves [Abstract] | |
Capital and reserves | 15. Capital and reserves Private investment in public equity (“PIPE”) In July 2022, the Company issued and sold 2,000,000 ADSs, with each ADS representing one ordinary share of nominal value £0.002 and 1,733,333 non-voting ordinary shares of nominal value £0.002 each, to certain institutional accredited investors and existing shareholders (the “Investors”) at a purchase price of $37.50 per ADS / non-voting ordinary share pursuant to a securities purchase agreement with such Investors dated July 15, 2022, generating gross proceeds of £116,812,000 ($140,000,000) before deducting offering expenses payable by the Company of £388,000. Capital Reduction In April 2022, the Company completed a reduction of its share capital, as contemplated in the registration statement for the Company’s initial public offering, whereby (i) the whole of the amount standing to the credit of the Company’s share premium account was cancelled and (ii) 23,702,856,974 ordinary shares and 457,338,326 non-voting ordinary shares (which were issued by way of a bonus issue on April 25, 2022 for the purpose of capitalising the Company’s merger reserve) were cancelled. The distributable reserves created by the reduction of capital amounted to £261.4 million. IPO and Impact of Corporate Reorganization On January 7, 2021, Immunocore Holdings Limited was incorporated as a private limited company under the laws of England and Wales with nominal assets and liabilities for the purpose of becoming the holding company of Immunocore Limited. On January 22, 2021, each holder of series A preferred shares, series B preferred shares, series C preferred shares, Growth Shares and ordinary shares in Immunocore Limited, sold and transferred their shares to Immunocore Holdings Limited in exchange for 100 shares of the same class at par value of 0.01 pence in Immunocore Holdings Limited. Following this share exchange, Immunocore Limited became a wholly owned subsidiary of Immunocore Holdings Limited. All Immunocore Limited share options granted to directors and employees under share option plans that were in existence immediately prior to the reorganization were exchanged for share options in Immunocore Holdings Limited on a one Following the share exchange, Immunocore Limited undertook a reorganization of its share capital to re-designate its series A preferred shares, series B preferred shares, series C preferred shares and Growth Shares into a single class of ordinary shares and subsequently undertook a share capital reduction, cancelling all amounts standing to the credit of its share premium account and cancelling 6,414,412 ordinary shares. On February 1, 2021, Immunocore Holdings Limited was re-registered as a public limited company (“plc”) with the name Immunocore Holdings plc. The Company’s consolidated assets and liabilities immediately following the reorganization were the same as Immunocore Limited immediately before the reorganization. Effective immediately prior to completion of the IPO, the Company re-organized its share capital whereby all of the outstanding series A preferred shares, series B preferred shares and series C preferred shares were re-designated as ordinary shares of the Company on a one for one basis. A total of 16,632,540 of the ordinary shares, following the re-designation of the series C preferred shares, were converted to a separate class of non-voting ordinary shares. A total of 6,250,000 Growth Shares were re-designated of which 4,324,000 of the Growth Shares were re-designated as deferred shares of the Company. The remaining 1,926,000 Growth Shares were re-designated in the ratio of one ordinary share, issued for non-cash consideration and three deferred shares. Immediately following these re-designations referred to above every 20 ordinary shares of £0.0001 and every 20 non-voting ordinary shares of £0.0001 in the Company were consolidated into one ordinary share and one non-voting ordinary share of £0.002. On February 9, 2021, the Company completed an IPO of 11,426,280 ADSs representing 11,426,280 ordinary shares with a nominal value of £0.002 per ordinary share for gross proceeds of $297,083,000. In addition to the ADSs sold in the IPO, the Company completed the concurrent sale of an additional 576,923 ADSs, representing 576,923 ordinary shares with a nominal value of £0.002 per ordinary share, at the initial offering price of $26.00 per ADS, for gross proceeds of approximately $15.0 million, in a private placement to the Gates Foundation. The total aggregate gross proceeds were $312,083,000 (£226,528,000). A total of £15,543,000 representing underwriting discounts and commissions and other offering expenses incurred incrementally and directly attributable to the offering of securities were deducted from the gross proceeds of the IPO. Under the terms of the Company’s agreement with the Gates Foundation, the Group is required to develop, manufacture and commercialize soluble TCR bispecific therapeutic candidates targeted to mutually agreed neglected diseases, currently HIV, with the potential to treat people at an affordable price in developing countries. In the event of certain defaults by the Group under the agreement, the Gates Foundation has the right to sell, or require the Group to buy back, any of the shareholdings in the Group held by the Gates Foundation. In such an event, if within 12 months after such redemption or sale, the Group experiences a change in control at a valuation of more than 150% of the valuation used for the redemption or the sale of the shares, the Group has agreed to pay the Gates Foundation compensation equal to the excess of what it would have received in such transaction if it still held its shares at the time of such change of control over what it received in the sale or redemption of its shares. The table below reflects the number of growth, ordinary, and deferred shares issued and outstanding at December 31, 2022. Growth shares Ordinary shares Deferred shares Issued and fully paid share capital (0.2p per share, except deferred shares which are 0.01p per share) At January 1, 2021 391 31,782,885 5,793,501 Repurchased and cancelled (391 ) — — New shares issued for cash — 12,003,203 — Exercise of share options — 76,762 — At December 31, 2021 — 43,862,850 5,793,501 Repurchased and cancelled — — — New shares issued for cash — 3,733,333 — Exercise of share options — 492,163 — At December 31, 2022 — 48,088,346 5,793,501 The impact of the corporate reorganization reflects the combined effect of each of the steps of the corporate reorganization set out in this Note 15. A total of 391 Growth Shares with a nominal value of £0.0001 per Growth Share were repurchased and cancelled. Included within ordinary shares are 2,164,960 ordinary shares with no voting rights. All ordinary shares are entitled to receive dividends and assets available for distribution. Deferred shares have no voting rights and are not entitled to dividends and are only entitled to receive amounts paid up on the deferred shares out of assets available for distribution after all payments have been made to holders of ordinary shares for amounts paid up or payable on such shares. 2022 £ 2021 £ Allotted, called up and fully paid Ordinary shares 96,177 87,726 Deferred shares 579 579 96,756 88,305 On February 3, 2021, the Company passed an ordinary resolution which authorises the Directors, or any duly authorised committee of the directors, to allot shares in the Company or grant rights to subscribe for or convert any security into shares in the Company up to an aggregate nominal value of £150,000 for a period expiring five years (up to February 3, 2026). This amount may be renewed, varied or revoked by the Company in a general meeting. Nature and purpose of reserves The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees. All other reserves are as stated in the consolidated statement of changes in equity. The other reserve arose as a result of the corporate reorganization described above. The treasury reserve represents those unvested awards granted to certain employees and members of the Board under the Growth Share Plan (Note 19). As at December 31, 2022, the treasury reserve totaled nil nil No dividends were paid or declared in the years ended December 31, 2022, 2021 and 2020. Capital management The capital structure of the Group consists of shareholders’ equity, debt, cash and investments in money market funds. For the foreseeable future, the Board will maintain a capital structure that supports the Group’s strategic objectives through: • managing the budgeting process; • managing funding and liquidity risk; and • maintaining strong investor relations. The Group monitors capital to maintain an appropriate structure that fulfils its strategic objectives, considers the needs of shareholders, and ensures it maintains sufficient funds to continue as a going concern. The Group’s borrowings under the Pharmakon Loan Agreement detailed in Note 17, contain customary representations and warranties and customary affirmative and negative covenants applicable to the Group, including limitations on the Group’s ability to dispose of assets, enter into merger, consolidation or acquisition transactions, and incur additional debt. The Group monitors compliance with these covenants during the year and is in compliance. |
Non-current accruals
Non-current accruals | 12 Months Ended |
Dec. 31, 2022 | |
Non-current accruals [Abstract] | |
Non-current accruals | 16. Non-current accruals Non-current accruals include estimates for rebates, chargebacks and other customer fees, and returns in respect of Product revenue, net and Pre-product revenue, net. Further details of the amounts and judgements involved in the determination of these accruals is provided under the Group’s Critical accounting estimates and judgments in Note 2. |
Non-current interest-bearing lo
Non-current interest-bearing loans and borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Non-current interest-bearing loans and borrowings [Abstract] | |
Non-current interest-bearing loans and borrowings | 17. Non-current interest-bearing loans and borrowings 2022 2021 £’000 £’000 Long-term borrowings 39,500 37,226 39,500 37,226 In November 2022, the Group entered into an agreement with Pharmakon for the provision of a facility of up to $100 million. The Group used the proceeds after drawing down the first tranche of $50 million under the Pharmakon Loan Agreement to repay the Group’s loan at the time with Oxford Finance. The total payments made for the exit fee on the loan with Oxford Finance and attributable fees to the agreement with Pharmakon were £3,280,000. The Group is also required to pay a further fee of £1,035,000 ($1,250,000) at the latest by June 2024, regardless of whether it elects to draw down on the second $50m tranche under the Pharmakon Loan Agreement. The first $50 million tranche of the loan under the agreement with Pharmakon bears interest at a fixed rate of 9.75%, which is payable quarterly in arrears, with payments commencing in 2023. The Group has pledged financial assets, which include Cash and cash equivalents and Trade receivables, the values of which are presented in the consolidated statement of financial position at December 31, 2022, and Note 14, respectively, as collateral for the loan drawn down under the Pharmakon Loan Agreement. In the event the Group was unable to repay the loan, these pledged assets would instead be used to repay the outstanding amount of loan and interest. The Group originally entered into its loan and security agreement with Oxford Finance in November 2020 for the provision of up to $100 million debt financing to be provided under three tranches, of which the first tranche of $50 million was received on signing the agreement. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [Abstract] | |
Trade and other payables | 18. Trade and other payables 2022 2021 £’000 £’000 Trade payables 11,716 7,499 Other taxation and social security 927 532 Pension liability 34 23 Accruals 62,399 27,382 75,076 35,436 Accruals include estimates for rebates, chargebacks and other customer fees, and returns in respect of Product revenue, net and Pre-product revenue, net. Further details of the amounts and judgements involved in the determination of these accruals is provided under the Group’s Critical accounting estimates and judgments in Note 2. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2022 | |
Share-based payments [Abstract] | |
Share-based payments | 19. Share-based payments The Group operates employee share schemes that grant equity settled awards to employees and directors to acquire shares in the Group at a specified exercise price. Grants are normally exercisable over a four-year period with 25% vesting at the end of the first year and the remaining award vesting quarterly over the following three years. All awards lapse on the tenth The total charge for such share-based payment plans in 2022 was £27,054,000 (2021 – £35,861,000; 2020 – £8,162,000), all of which relate to equity settled awards. Equity Incentive Plan ("EIP") Under the Group's EIP, awards are granted to certain employees and members of the Board to acquire shares in the Company at a specified exercise price. Those awards granted from 2017 normally vest over a four-year period with 25% of the award vesting at the end of the first year and the remaining award vesting quarterly over the following three years. Awards granted prior to 2017 normally vest over a four-year period with 25% of the award vesting after each complete year. Immediately prior to completion of the IPO, the Group undertook a corporate reorganization (see Note 15), and the following changes were undertaken in respect of share options and growth share awards in existence immediately prior to the reorganization. All Immunocore Limited share options and Growth Shares granted to directors and employees under share incentive arrangements that were in existence immediately prior to the reorganization were exchanged for share options and Growth Shares in the Company on a one Immediately prior to completion of the IPO, the Company reorganized its share capital which included the re-designation of 6,250,000 Growth Shares, or 312,500 Growth Shares reflecting the consolidation of every 20 ordinary shares into one ordinary share of £0.002, as both ordinary shares and deferred shares (see Note 15). Previously awarded Growth Shares were replaced with an award of share options in the Company on a one-for-one basis. For 216,200 of these replacement share option awards, the vesting terms and exercise prices were substantially unchanged. For the remaining 96,300 replacement share option awards, the vesting terms and exercise prices were revised to the extent that these Growth Shares were considered cancelled for the purpose of determining the share-based payment charge, prior to the replacement share options being awarded. In addition, the replacement ordinary shares that arose from the re-designation of Growth Shares resulted in an incremental fair value of £325,000, attributed to share premium. Immediately following these re-designations referred to above, every 20 share options over ordinary shares of £0.0001 in the Company was consolidated into one share option over an ordinary share of £0.002. At the same time, the exercise price for each of the outstanding share options was adjusted to reflect the reorganization, subject to a minimum exercise price equal to the nominal value of a share and was re-designated into U.S. dollars. The adjustment to exercise price did not impact the fair value of the underlying share options, with the exception of the 96,300 replacement share options re-designated from Growth Shares where the exercise price was increased. Those share options awarded in 2019 were modified at the same time as the corporate reorganization, through the removal of accelerated vesting conditions under certain circumstances. The incremental fair value granted was valued on a consistent basis to other awards made within the Group and was valued at $5.19 per share and was applied to those unvested awards as at the date of modification. During March 2020, those share options awarded in 2019 were modified through a reduction in the associated exercise price from $40.93 to $17.46 per share. The incremental fair value granted was valued on a consistent basis to other awards made within the Group and was valued at $3.84 per share and was applied to those unvested awards as at the date of modification. During the year ended December 31, 2022, and December 31, 2021, options over a total of 1,507,581 shares and 4,702,027 shares respectively were awarded, the majority of which vest over a The number and weighted average exercise prices of share options are as follows: Number of shares issuable Number of share options (#) Weighted average exercise price ($) Outstanding at January 1, 2020 3,579,115 36.26 Awards granted 1,122,680 17.46 Awards exercised (13,880 ) 5.98 Awards forfeited (136,556 ) 22.29 Outstanding at December 31, 2020 4,551,359 17.16 Awards granted 4,702,027 26.56 Awards exercised (76,762 ) 17.01 Awards forfeited (290,664 ) 31.24 Awards replaced with options 312,500 38.72 Outstanding at December 31, 2021 9,198,460 22.31 Awards granted 1,507,581 27.50 Awards exercised (492,163 ) 19.72 Awards forfeited (320,634 ) 26.41 Outstanding at December 31, 2022 9,893,244 23.10 Exercisable at December 31, 2022 4,967,607 20.97 The weighted average fair value of options granted in 2022 was $16.93 (2021: $16.48; 2020: $9.11). The weighted average share price at the date of exercise of the options during the year was $46.17 (2021: $33.97; 2020: $17.46). The number and weighted average hurdle rate of growth shares previously held were as follows: Number of shares issuable Number of growth shares Weighted average hurdle rate $ Outstanding at December 31, 2020 314,456 37.53 Awards forfeited (1,956 ) 40.95 Awards replaced with options (312,500 ) 37.49 Outstanding at December 31, 2021 — — Outstanding at December 31, 2022 — — For share options outstanding at December 31, 2022, the range of exercise prices and weighted average remaining contractual life are as follows: Share options Exercise price £ Number of options Weighted average remaining contractual life 11.83 221,258 2.3 17.46 3,790,348 6.3 24.66 1,122,956 9.1 25.83 56,704 9.4 26.00 4,077,400 8.1 29.87 113,559 9.3 32.98 16,545 3.1 34.44 10,268 9.5 34.83 28,800 9.0 36.79 144,875 8.8 37.25 2,100 9.5 39.02 3,000 8.5 40.93 64,965 6.9 41.74 42,223 8.3 46.39 56,415 8.1 46.86 141,828 9.8 Awards granted in the year ended December 31, 2022, and 2021, have been valued using the Black-Scholes option pricing model. The assumptions used in the models for share options granted during year ended December 31, 2022 and 2021, are as follows: 2022 2021 Share price at grant date $ 24.66 - $46.86 $ 26.00 - $41.74 Exercise price $ 24.66 - $46.86 $ 26.00 - $41.74 Expected volatility 73.02% - 87.81 % 83.88% - 88.76 % Expected life (years) 4 years - 5 years 4 years Risk free rate 1.12% - 4.12 % -0.05% - 0.52 % Fair value $ 15.10 - $29.41 $ 16.16 - $26.18 As the Group completed its IPO on February 9, 2021, there is insufficient trading history at this time to derive historical volatility from the Group’s own ADS price. Accordingly, the expected volatility is determined by reference to both the period for which trading activity is available for the Group’s own price and the historical volatility of similar listed entities. The expected volatility used reflects the assumption that the historical volatility over a period similar to the life of the awards is indicative of future trends, which may not necessarily be the actual outcome. The expected life of the share options is based on expectations and is not necessarily indicative of exercise patterns that may occur. The risk-free rate is based on the Bank of England’s estimates of gilt yield curve as at the respective grant dates. Previous awards granted under the Share Option Plan were valued using the Black-Scholes option pricing model, those awards granted under the Growth Share Plan were valued using the Back Solve model, reflecting the different rights available to holders of Growth Shares. The assumptions used in the models for previous awards granted are as follows and adjusted to reflect our corporate reorganisation and IPO outlined further above. Growth shares Share options Apr-20 Jun-20 Apr- 20 Jun- 20 Oct-20 Nov- 20 Share price at grant date $ 17.46 $ 17.46 $ 17.46 $ 17.46 $ 17.46 $ 17.46 Exercise price — — $ 17.46 $ 17.46 $ 17.46 $ 17.46 Hurdle rate $ 17.46 - 46.39 $ 17.46 — — — — Expected volatility 91 % 102 % 79 % 85 % 87 % 87 % Expected life (years) 1 1 3 3 3 3 Risk free rate 0.03 % (0.02 %) 0.03 % (0.03)% – 0.02 % (0.07 )% (0.01 %) Fair value $ 0.58 - 1.92 $ 1.92 $ 8.84 $ 9.36 - 9.37 $ 9.59 $ 9.55 Growth shares Share options Share options Share options Apr-17 May-19 Apr-17 2016 Share price at grant date $ 40.93 $ 17.46 $ 40.93 $ 38.20 Exercise price — $ 40.93 $ 40.93 $ 11.83 - 40.93 Hurdle rate $ 46.39 — — — Expected volatility 65 % 67 % 65 % 60 % Expected life (years) 2.7 1.9 yrs - 3 yrs 5 5 Risk free rate 0.15 % 0.69% - 0.71 % 0.42 % 0.62% - 1.41 % Fair value $ 15.98 $ 3.26 $ 22.00 $ 21.06 - 29.45 Share options and growth shares are not entitled to dividends. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the awards is indicative of future trends, which may not necessarily be the actual outcome. The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The risk-free rate is based on the Bank of England’s estimates of gilt yield curve as at the respective grant dates. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments [Abstract] | |
Financial instruments | 20. Financial instruments Financial instruments risk management objectives and policies The Group’s principal financial assets include cash and cash equivalents, trade receivables and cash and security deposits that derive directly from its operations or from financing activities. The Group’s principal financial liabilities comprise the drawn down debt under the loan agreement with Pharmakon, lease liabilities, and the majority of trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. 2022 Carrying amount 2021 Carrying amount £’000 £’000 Financial assets at amortized cost: Current financial assets Cash and cash equivalents 332,539 237,886 Trade receivables 27,736 6,047 Prepayments and accrued income 769 — Non-current financial assets Long-term security deposits 941 786 Other 137 165 Total financial assets 362,122 244,884 Financial liabilities at amortized cost: Current financial liabilities Trade and other payables 74,149 35,436 Lease liabilities 1,555 1,255 Non-current financial liabilities Non-current accruals 1,479 — Interest-bearing loans and borrowings 39,500 37,226 Lease liabilities 28,248 25,355 Total financial liabilities 144,931 99,272 The Group is exposed to interest rate, currency, credit and liquidity risks. The Group’s Board oversees the management of these risks supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework. The financial risk committee provides assurance to the Board that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with its policies and risk objectives. The most significant financial risks to which the Group is exposed are set out below. Liquidity risk The Group’s exposure to liquidity risk arises from its ongoing operational expenditure required to perform its principal activity. The Group continuously monitors the risk of a shortage of funds by assessing expected cash flows, which are used to generate forecast levels of cash and cash equivalents. The Group also considers its foreign currency receivables and the foreign currency cash levels required in dollars and euros as part of these forecasts in order to ensure it has sufficient resources to settle its payable balances. The following are the contractual maturities of financial liabilities, including estimated interest payments in respect of the interest-bearing loans and borrowings: At December 31, 2022 Carrying amount Contractual cash flows One year or less 1 - 3 years 3 - 5 years Greater than 5 years £ ’000 £ ’000 £ ’000 £ ’000 £ ’000 £ ’000 Financial liabilities Trade payables and accruals 74,149 74,149 74,149 — — — Interest-bearing loans and borrowings (Note 17) 39,500 61,238 4,084 9,212 32,068 15,874 Non-current accruals 1,479 1,479 — 1,479 — — Total financial liabilities 115,128 136,866 78,233 10,691 32,068 15,874 At December 31, 2021 Carrying amount Contractual cash flows One year or less £’000 £’000 £’000 Financial liabilities Trade payables 32,393 32,393 32,393 Interest-bearing loans and borrowings (Note 17) 37,226 37,226 — Total financial liabilities 69,619 69,619 32,393 The maturity of contractual cashflows for the majority of financial liabilities is one year or less except for interest-bearing loans and borrowings which have been calculated in accordance with the Group’s loans and borrowings accounting policy which states that all such balances are classified as financial liabilities and are initially recorded at the amount of proceeds received, net of transaction costs. Loans and borrowings are subsequently measured at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as an expense to the profit and loss account over the period of the relevant loan and borrowings. Interest payable or accrued at the end of each reporting period on these loans is included within Trade and other payables in the Consolidated statement of financial position. The contractual cash flows represent amounts contractually due to Pharmakon in accordance with the agreement. The contractual amounts for the initial tranche of $50 million drawn down under the agreement are interest-only payments through to November 2026 followed by equal quarterly payments of principal and interest through to the maturity date in November 2028 Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, including trade receivables and deposits with banks and financial institutions. The Group has assessed the expected credit loss by considering a number of factors including the credit quality of the Group’s counter-parties and the short-term nature of the receivables. The majority of the Group’s receivables are with healthcare distributors and healthcare providers, including government hospitals. These receivables arise primarily in the United States, Germany and France, and the Group considers the location of the counterparty in conjunction with the type of counterparty in assessing the level of credit risk involved. Appropriate due diligence is performed on these organizations before agreements are entered into, and the Group implements and monitors appropriate credit limits for each customer. Of the Group’s Trade receivables of £27,736,000, £4,194,000 were past due at December 31, 2022. The Group has subsequently received the majority of these amounts for the past due receivables. Trade receivables are assessed for impairment using the simplified approach under IFRS 9, Financial Instruments . As at December 31, 2022, the amount of expected credit losses recognized in the Consolidated statement of financial position is not material. The Group held cash and cash equivalents of £332,539,000 at December 31, 2022 (2021: £237,886,000) which are held with multiple highly rated banks. The Group monitors the credit rating of those banks. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in this Note 20. The Group determines whether receivable balances should be written off on an individual basis. Balances are written off when there is no reasonable expectation of recovery. Write-offs were immaterial in the years ended December 31, 2022, 2021 and 2020. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Interest rate risk The Group’s exposure to changes in interest rates relates to investments in deposits and to changes in the interest for overnight deposits. Changes in the general level of interest rates may lead to an increase or decrease in the fair value of these investments. As a result of entering into the Loan Agreement with Oxford Finance, the Group was previously exposed to interest rate risk as a variable rate of interest was applied within a defined cap and collar over the term of the debt. The Group repaid this loan to Oxford Finance and entered into a loan with Pharmakon in November 2022. The first tranche of this loan drawn down in the year ended December 31, 2022 is subject to a fixed rate of interest and the Group is no longer exposed to these variable interest rate movements on its loan borrowings. Financial assets subject to variable interest rates are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Cash and cash equivalents 332,539 237,886 332,539 237,886 An increase in Bank of England base rates by 0.5 percentage points would increase the net annual interest income as of December 31, 2022 by £1,663,000 (2021: £1,189,000). A decrease in Bank of England base rates by 0.5 percentage points would reduce the net annual interest income to all the deposit accounts as of December 31, 2022 by £1,663,000 (2021: £1,189,000). Financial liabilities subject to variable interest rates are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Interest-bearing loans and borrowings — 37,226 — 37,226 The Group’s loan drawn down under the Pharmakon Agreement bears a fixed rate of interest and there were no interest-bearing loans and borrowings as at December 31, 2022 bearing a variable rate of interest. Interest-bearing loans and borrowings as at 31 December, 2021 represented borrowings under the Oxford Finance agreement, which bore interest at an annual rate equal to LIBOR plus 8.85% with a minimum rate of 9.01% and a maximum rate of 12.01%. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the fluctuations in the value of foreign currency cash and cash equivalents held by the Group’s main operating subsidiary in the U.K., the Group’s operating activities in the United States, and outsourced supplier agreements denominated in currencies other than pound sterling. The Group minimizes foreign currency risk by maintaining cash and cash equivalents of each currency at levels sufficient to meet foreseeable expenditure to the extent practical. Financial assets and liabilities in foreign currencies are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Financial assets at amortized cost: Cash and cash equivalents 229,981 134,935 Trade and other receivables 27,736 3,628 257,717 138,563 Financial liabilities at amortized cost: Trade payables 7,099 15,589 Accruals 50,058 16,174 Interest-bearing loans and borrowings (Note 17) 39,500 37,226 96,657 68,989 A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies at December 31, 2022 by £6,735,000 (2021: £2,598,000 decrease). A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies at December 31, 2022 by £6,735,000 (2021: £2,598,000 increase). Disclosure of financial assets and liabilities Fair value of financial assets and liabilities Cash and cash equivalents, trade receivables, trade and other payables and other short-term assets and liabilities The majority of the Group’s financial assets and liabilities outlined at the start of this Financial instruments note are short-term items for which the nominal value is deemed to reflect fair value. Non-current financial assets and liabilities The Group has presented the carrying amount and estimated fair value of its non-current financial assets and liabilities in the table below. 2022 2021 Carrying amount Fair value Carrying amount Fair value £’000 £’000 £’000 £’000 Financial assets at amortized cost: Non-current financial assets and other receivables 1,078 1,078 951 951 Total financial assets at amortized cost 1,078 1,078 951 951 2022 2021 Carrying amount Fair value Carrying amount Fair value £’000 £’000 £’000 £’000 Financial liabilities at amortized cost Non-current accruals 1,479 1,479 — — Interest-bearing loans and borrowings (Note 17) 39,500 39,322 37,226 37,226 Total financial liabilities 40,979 40,801 37,226 37,226 Interest bearing loans and borrowings On November 8, 2022, t he Group entered into the Pharmakon Loan Agreement, providing for term loans to the Group in an aggregate principal amount of up to $100 million to be funded in two tranches. The first tranche, in the amount of $50 million, bears interest at a fixed rate of 9.75% and will mature in November 2028 The Group originally entered into a loan and security agreement, or the Oxford Finance Agreement, in November, 2020, for the provision of up to $100 million debt financing to fund the Group’s working capital and other general corporate needs. The loan was subject to funding in three tranches, of which the first tranche of $50 million was received on signing the Loan Agreement. Borrowings under the Oxford Finance Agreement bore interest at an annual rate equal to LIBOR plus 8.85%, with a minimum rate of 9.01% and a maximum rate of 12.01% and were repayable in monthly interest-only payments. Other non-current financial assets Included within other non-current financial assets are long-term deposits representing lease security deposits for buildings, with a balance at December 31, 2022 of £941,000 (2021: £786,000) and £137,000 for a legal settlement. Changes in liabilities arising from financing activities Movements relating to finance costs are set out in Note 8 The Group’s non-current loans increased by £2,274,000 to £39,500,000 in the year ended December 31, 2022, primarily due to foreign exchange differences. The Group recorded foreign currency losses on its loans with Oxford Finance and under the Pharmakon Loan Agreement totalling £4,387,000 in the year ended December 31, 2022. There were also repayment fees on the Group’s loan with Oxford Finance and attributable fees in arranging a new facility with Pharmakon, which totalled £3,280,000, and there was a loss of £1,393,000 arising on derecognition of the loan with Oxford Finance. The potential impact of foreign exchange rates on our financial liabilities is illustrated further above in this note under ‘Foreign Currency Risk’. There was no material change in 2021 on year in the loan liability of £37,226,000 and £36,654,000 as at December 31, 2021, and 2020 respectively. Lease liabilities increased by £ 3,193,000 2,575,000 |
Post-employment benefit plans
Post-employment benefit plans | 12 Months Ended |
Dec. 31, 2022 | |
Post-employment benefit plans [Abstract] | |
Post-employment benefit plans | 21. Post-employment benefit plans The Group operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The unpaid contributions outstanding at December 31, 2022 were £5,000 (2021: £23,000; 2020: £2,000). The total expense relating to these plans in the current period was £1,355,000 (2021: £1,001,000; 2020: £1,035,000). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies [Abstract] | |
Commitments and contingencies | 22. Commitments and contingencies As at December 31, 2022 Less than 1 year 1-3 years 3-5 years 5-10 years 10-15 years More than 15 years Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 Lease liabilities – existing 3,504 5,898 5,741 14,893 15,045 3,952 49,033 Lease liabilities – contingent 107 429 429 161 — — 1,126 Manufacturing 9,337 1,597 — — — — 10,934 Other 421 438 — — — — 859 Intangible commitments 826 — — — — — 826 Capital commitments 1,058 — — — — — 1,058 Total contractual obligations 15,253 8,362 6,170 15,054 15,045 3,952 63,836 As at December 31, 2021 Less than 1 year 1-3 years 3-5 years 5-10 years 10-15 years More than 15 years Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 Lease liabilities – existing 2,947 5,407 4,959 12,533 13,172 4,742 43,760 Lease liabilities – contingent 57 840 225 — — — 1,122 Manufacturing 919 189 — — — — 1,108 Capital commitments 75 — — — — — 75 Total contractual obligations 3,998 6,436 5,184 12,533 13,172 4,742 46,065 The Group’s manufacturing commitments expected to be incurred in less than one year increased to £9,337,000 in the year ended December 31, 2022, primarily as a result of the Group’s plans to increase expenditure in relation to its IMC-F106C (PRAME) and other early-stage programs in 2023. The Group has contractual obligations for a leasehold property under which it is obligated to take on the lease should the property become vacant at specified dates in the future. The Group has assessed this contingent event as at December 31, 2022, and has classified the potential obligation as a contingent liability totaling £1,126,000 (2021: £1,122,000). |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Related party disclosures [Abstract] | |
Related party disclosures | 23. Related party disclosures The Group may enter into transactions in the ordinary course of business with unaffiliated companies of which the Group’s directors are directors or executive officers. The Group considers such transactions to be on terms comparable with those of other companies with whom the Group does not share a common director or executive officer. The amounts involved in such transactions are not considered material in relation to the Group, the companies, or the directors and executive officers. Remuneration of key management personnel The remuneration of the directors and executive officers, who are considered the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24, ‘Related Party Disclosures. 2022 2021 2020 £’000 £’000 £’000 Short-term employee benefits 3,065 2,222 3,421 Share-based payment 20,137 25,813 5,602 23,202 28,035 9,023 Short-term employee benefits above include £41,000 and £29,000 of pension contributions for the years ended December 31, 2022 and 2021, respectively. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Events after the reporting period [Abstract] | |
Events after the reporting period | 24. Events after the reporting period As the Group has elected in February 2023 to withdraw from co-funding with Genentech the MAGE-A4 HLA-A02 program, IMC-C103C, Genentech shall acquire an exclusive worldwide license to the MAGE-A4 HLA-A02 soluble TCR bispecific therapeutic candidate compounds and shall be fully responsible for all further development and commercialization of such candidate compounds, at its expense. The licenses granted to Genentech do not include any rights to (i) affinity-enhanced TCRs or (ii) TCR therapeutic compounds, in each case (i) and (ii) that are directed to targets other than MAGE-A4. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting policies [Abstract] | |
Basis of preparation and statement of compliance | Basis of preparation and statement of compliance The consolidated Group financial statements as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 have been prepared in accordance with International Financial Reporting Standards (collectively, “IFRS”) as issued by the International Accounting Standards Board. The consolidated Group financial statements have been prepared under the historical cost basis, as modified by the recognition of certain financial instruments measured at fair value and are presented in sterling which is the Group’s presentation currency. All values are rounded to the nearest thousands, except where otherwise indicated. |
Date of authorization | Date of authorization These consolidated financial statements were prepared at the request of the Board and were approved by the Board on March 1, 2023, and signed on its behalf by Dr Bahija Jallal, Chief Executive Officer of the Group. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards There have been no recent new accounting standards that have had a material impact on these consolidated financial statements and no new standards issued but not yet effective that are expected to have a significant impact on the Group. |
Going concern | Going concern The financial position of the Group, its cash flows and liquidity position and borrowing facilities are described in the primary statements and notes to these sets of financial statements. The Group reported cash and cash equivalents of £332,539,000 and net current assets of £308,791,000 as at December 31, 2022, with an operating loss for the year the ended December 31, 2022 of £39,607,000. The negative operational cash flow was largely due to the Group’s continued focus on research, development, and clinical activities to advance preclinical and clinical programs within the Group’s pipeline. The Group generated net product and net pre-product revenue totalling £108,148,000 and £8,661,000 during the year ended December 31, 2022, respectively. In July 2022, the Group received £116,812,000 ($140,000,000) before deduction of attributable expenses of £388,000 following the PIPE. In assessing the going concern assumptions, the Board has undertaken an assessment of the current business and strategy forecasts covering a three-year period, which includes anticipated KIMMTRAK revenue. In assessing the downside risks, the Board has also considered scenarios incorporating a range of revenue arising from KIMMTRAK sales. As part of considering the downside risks, the Board has considered the impact of the ongoing coronavirus 2019 (‘‘COVID-19’’) pandemic and other potential economic impacts including the war in Ukraine and related geopolitical tensions, as well as global inflation, capital market instability, exchange rate fluctuations, and increases in commodity, energy and fuel prices. The Board has concluded that while these may have a future impact on the Group’s business and implementation of its strategy and plans, it anticipates that any such impact will be minimal on clinical trials or other business activities over the period assessed for going concern purposes. As of the date of these financial statements, the Group is not aware of any specific event or circumstance that would require the Group to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from these estimates, and any such differences may be material to the Group’s financial statements. Given the current cash position and the assessment performed, the Board believes that the Group will have sufficient funds to continue to meet its liabilities as they fall due throughout the forecast period outlined above and therefore, the Group has prepared the financial statements on a going concern basis. This scenario is based on the Group’s lower range of anticipated revenue levels. As the Group continues to incur significant expenses in the pursuit of its business strategy, including further commercialization and marketing plans for KIMMTRAK, additional funding will be needed before further existing clinical and preclinical programs may be expected to reach commercialization, which would potentially lead to additional operational cash inflows. Until the Group can generate revenue from product sales sufficient to fund its ongoing operations and further develop its pipeline, if ever, it expects to finance its operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period. The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or the period of revision and future periods if this revision affects both current and future periods. Expected rebates and chargebacks As outlined below in the “Product revenue, net” policy, the Group recognizes revenue net of estimated deductions for rebates and chargebacks. Due to its short history of product sales having only recently received regulatory approval for its first product, the Group has limited directly comparable information of actual rebate claims or chargebacks, and the Group’s early sales information may have limited predictive value. The Group uses the expected value method to estimate expected rebate and chargeback percentages for revenue deductions, which considers the likelihood of a rebate or chargeback being applicable to sales. The proportion of sales subject to a rebate or chargeback, is inherently uncertain and the Group’s estimates are based on internal assumptions, which may change as the Group develops more product experience, and third-party data, which the Group assesses for reliability and relevance. The Group is subject to state government Medicaid programs and other qualifying federal and state programs in the United States requiring rebates to be paid to participating state and local government entities, depending on the eligibility and circumstances of patients treated with KIMMTRAK after the Group has sold vials to specialty distributors. The Group is also subject to chargebacks from its specialty distributors under the 340B program in the United States, whereby qualifying hospitals are entitled to purchase KIMMTRAK at a lower price. For such sales, the Group’s specialty distributors charge back the difference between the wholesale acquisition cost and this lower price. Estimating expected rebate and chargeback percentages for revenue deductions is judgmental due to the time delay between the date of the sale to specialty distributors and the subsequent dates on which the Group is able to determine actual amounts of chargebacks and rebates. The Group forms estimates of 340B chargeback deductions by analyzing sell-through data relating to the hospital mix of onward sales made by specialty distributors. For Medicaid and other rebates, the Group forms estimates based on internal forecasts of the patient mix, information obtained from claims received and other industry data, and external health coverage statistics. Judgment is applied to consider the relevance and reliability of information used to make these estimates. Judgment is also required in determining expected rebate percentages for the amount of the Group’s net pre-product revenue and product revenue in France. Rebates payable to the Economic Committee for Health Products (“CEPS”) under compassionate use, early access and commercial programs are subject to a high degree of estimation uncertainty. The Group’s estimate of these rebates represents the difference between the expected agreed price for the commercial sale of KIMMTRAK in France, which is subject to negotiation, and the initial price of tebentafusp and KIMMTRAK sold under early access and commercial programs until this price is agreed. Analysis of further legislative requirements, sales volumes and the expected benefit of KIMMTRAK to patients in France is also required in the assessment of rebates payable. The Group applies judgement to assess internal targets, pricing information of other therapies approved for sale in France, information obtained from price negotiations of KIMMTRAK in other countries, and information connected with KIMMTRAK’s safety profile when forming its estimated rebate deduction from revenue. The Group also applies judgment when recording net product revenue in Germany by considering internal targets, KIMMTRAK’s benefit rating and the progress of negotiations to estimate the expected rebate percentages for the amounts payable on conclusion of the pricing process following recent legislative changes in the country. The Group’s total accrued revenue deductions at December 31, 2022, including amounts of £22.5 million for the critical estimates subject to greater estimation uncertainty and judgments described above, were £25.5 million. These are included within Accruals in Trade and other payables and within Non-current accruals in the Consolidated statement of financial position at December 31, 2022. A 20% increase or decrease in the Group’s estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a £4.5 million reduction or increase, respectively, in Total revenue from the sale of therapies reported in the Consolidated statement of loss for the year ended December 31, 2022. The Group believes its expected values of accruals reported in the Consolidated statement of financial position are materially appropriate; however, due to the uncertainties and judgements outlined above, it is possible eventual amounts could significantly differ to these estimates. Other estimates and judgments Management have made other judgements, estimates and assumptions in the preparation of financial statements that do not have as significant a risk of a material adjustment associated with them. These are noted below: Percentage of completion for performance obligations satisfied over time Revenue arising on performance obligations satisfied over time are recognized by estimating the percentage of completion which takes into consideration the estimated timelines required to satisfy these obligations and the time since program nomination. The timeline for a project is determined using historical data from previous arrangements and through discussions about each project’s plan and progress with project teams and joint steering committees. The measure of progress is therefore based on judgmental assumptions, which could be subject to adjustment in future periods. The Group believes these assumptions to be materially appropriate; however, they may change in future periods and it is possible that other factors may arise which cause estimates in future periods to significantly differ to both current and previous estimates. Collaboration revenue recognition Further judgements are made to: • determine whether promises contained within the collaboration agreements are distinct from the other promises in the contract; • assess whether milestones or other variable consideration should be included in the transaction price; • determine whether performance obligations are satisfied at a point in time or over time, and • identify and consistently apply an appropriate method of measuring progress for performance obligations satisfied over time for the purposes of revenue recognition. Estimates and assumptions are also made regarding variable consideration included in the transaction price by estimating the most likely amount that will be received. Changes in this estimate would not impact revenue recognized in the period as this constraint is applied to estimated variable consideration to reduce such consideration to the amount which is not probable of being reversed. Research and development costs Research and development expenditure which does not meet the criteria for capitalization is expensed as incurred. In preparing the financial statements, the Group may be required to estimate accrued research and development expenditure incurred, the most significant of which is that relating to ongoing clinical trials. These estimates are based on reviews of open contracts, reports provided by the contract research organizations (CROs) and internal reviews to estimate the level of service performed and the associated cost incurred for those services when the Group has not yet been invoiced or otherwise notified of the actual cost. The majority of CROs invoice the Group monthly in arrears for services performed or when contractual milestones are met; however, the level of suppliers for which this is not applicable can be material. The Group makes estimates of accrued expenses as of each statement of financial position date in our financial statements based on facts and circumstances known at that time. The Group confirms the accuracy of estimates with the CROs at the end of each reporting period and adjusts these if necessary. The financial terms agreed with the CROs are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to the CROs will exceed the level of services provided and result in either a prepayment of the research and development expenses or, where the payments are repaid back to the Group at the end of the clinical trial, a non-current financial asset. In accruing clinical trial expenses, the Group estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate made, the accrual or prepayment expense is adjusted accordingly. Lease liability discount rate Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. Although the Group does not expect its estimates of the incremental borrowing rates to generate material differences within a reasonable range of sensitivities, judgement is involved in selecting an appropriate rate, and the rate selected for each lease will have an impact on the value of the lease liability and corresponding right-of-use asset in the statement of financial position . Valuation of share options The Group operates equity-settled, share-based compensation plans whereby certain of our employees and directors are granted awards over the shares in our company. The grant date fair value of awards granted under these share-based compensation plans is calculated using the Black Scholes valuation model for grants since the Company’s IPO, which closed on February 9, 2021. From this point, the Company’s share price has been publicly available as an input to the Black Scholes model. For awards prior to our IPO, both the Black Scholes and the Back Solve valuations models were used. The valuation models used require the input of subjective assumptions, including assumptions about the expected life of share-based awards and share price volatility, which are used to determine the fair value of the Group’s ordinary shares. These assumptions used represent management’s best estimates at the time of grant, but such estimates involve inherent uncertainties and the application of judgment. The expected life assumption is based on the Group’s assessment of the time within which participants are expected to exercise options, which requires consideration of employee groups, expected employee service, and other internal factors, and the degree to which these are expected to shorten the life of options in comparison to contractual expiry dates. The volatility assumption is based on the historical data of a comparator group of companies. While the Group has assessed that these estimates result in share-based payment accounting that is materially appropriate within a reasonable range of sensitivities, applying different assumptions could result in a significantly different expense being recognised in the Consolidated Statement of Comprehensive Loss. Further judgmental assumptions around options expected to vest and the valuation of option modifications also significantly impact the share-based compensation charge associated with granted options. |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020. A subsidiary is an entity controlled, directly or indirectly, by Immunocore Holdings Plc. Control is regarded as the exposure or rights to the variable returns of the entity when combined with the power to affect those returns. The financial results of subsidiaries are consolidated from the date control is obtained until the date that control ceases. |
Segment reporting | Segment reporting The Group operates in one operating segment. The Group’s chief operating decision maker (the, “CODM”), its Chief Executive Officer, manages the Group’s operations on an integrated basis for the purposes of allocating resources. The Group is registered in four geographic regions: the United Kingdom, the Republic of Ireland, Switzerland and the United States. Substantially all of the Group’s assets are held in the United Kingdom. |
Foreign currencies | Foreign currencies Transactions in foreign currencies are translated to the Group companies’ functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognized. On consolidation, the assets and liabilities of foreign operations, are translated to the Group’s presentational currency, sterling, at foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognized in other comprehensive income. |
Revenue | Product revenue, net Product revenue, net, relates to the sale of KIMMTRAK following marketing approval. The Group recognizes revenue at the point in time that control transfers to a customer, which is typically on delivery. The Group also operates under consignment arrangements where control passes when the Group’s distributor takes KIMMTRAK out of consignment inventory. The amount of revenue recognized under its arrangements reflects the consideration to which the Group expects to be entitled to, net of estimated deductions for rebates, chargebacks, levies, other customer fees and product returns. Estimated revenue deductions are updated at the end of each reporting period using the latest available data. The Group considers whether any part of amounts expected to be received should be constrained to ensure that it is highly probable that a significant reversal in the cumulative revenue recognized will not occur. Estimating such deductions involves judgments which are detailed further above under “Critical accounting estimates”. The Group’s main customers in the United States and Europe are its distributors. These distributors are invoiced at contractual list prices with standard payment terms typically between one The Group’s customers are hospitals and healthcare providers in certain countries, where KIMMTRAK is sold through an agent acting on the Group’s behalf. Pre-product revenue, net Pre-product revenue, net, relates to the sale of tebentafusp under a compassionate use and an early access program in France up to September 2022. These programs provided patients with access to tebentafusp before KIMMTRAK became available as a marketed product in France. Pre-product revenue is recognized on delivery of tebentafusp to healthcare providers, which is the point in time when control is transferred. Such revenue is recognized net and represents the prices set by the Group that are expected to be retained after estimated deductions and to the extent that it is highly probable that a significant reversal of revenue will not occur. These variable estimated deductions include both an estimate of government rebates and levies payable, and an estimate of returns in the case of expiry, damage or other instances. The total rebate payable by the Group is dependent on the outcome of price negotiations with the French government, and the Group makes an estimate of these amounts payable each reporting period based on available pricing information and the applicable regulations. Returns are estimated based on industry trends and information provided by the Group’s distributors. The estimates for rebates and returns deducted from pre-product revenue are recorded in the period the related pre-product revenue is recognized and are classified under Accruals within Trade and other payables in the Consolidated Statement of Financial Position. Costs of pre-product revenue are expensed when incurred and include costs associated with previous manufacturing of tebentafusp and other third-party selling expenses. Previous manufacturing costs were recognized in Research and development expenses at the time, and third-party selling expenses are recognized within Selling and administrative expenses. Cost of product revenue Cost of product revenue represents production costs including raw materials, external manufacturing costs, and other costs incurred in bringing inventories to their location and condition prior to sale. Due to the Group’s manufacturing arrangements, overheads and internal costs of product revenue are minimal. Further information on Cost of product revenue is included within the ‘Inventories’ policy below. C Revenue arises primarily under the Group’s collaboration agreements, which are reviewed and assessed in line with the five-step framework established by IFRS 15 “ Revenue from Contracts with Customers Within these collaboration agreements, the Group grants licensing rights and access to the Group’s technology to develop specified targets and commercialize future product candidates for specified targets defined in the respective collaboration agreements, in addition to research and development services, participation on a joint steering committee and the option to obtain exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so, or at the Group’s election. In each of the collaboration agreements, these promises are combined with each relevant target as one combined performance obligation, because the promises are mutually dependent and the collaborator is unable to derive significant benefits from its access to these targets for their intended purpose without receipt of the remaining promises, which are highly specialized and cannot be performed by other organizations. These single combined performance obligations are satisfied over time and deemed fully satisfied when the collaborator is contractually entitled to benefit from the exclusive rights to the associated intellectual property license either through the collaborator exercising an option to do so or at the Group’s election. This occurs at different stages of the research and development process within each of the collaboration agreements and is set out in Note 2. Once the collaborator has obtained exclusive rights to the associated intellectual property, the Group has no further contractual obligations relating to the performance obligation and accordingly the performance obligation is deemed satisfied and complete at this point. The Group accounts for each target under collaboration agreements as having one combined performance obligation with the mutually dependent rights noted above. Where the Group receives development milestones at key inflection points specified within the collaboration agreements, these are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the most likely amount that will be received and then applying a constraint to reduce the consideration to the amount which is not probable of being reversed. The determination of whether a milestone is probable includes consideration of the following factors: • whether achievement of a development milestone is highly susceptible to factors outside the entity’s influence, such as milestones involving the judgment or actions of third parties, including regulatory bodies or the customer; • whether the uncertainty about the achievement of the milestone is not expected to be resolved for a long period of time; • whether the Company can reasonably predict that a milestone will be achieved based on previous experience; and. • the complexity and inherent uncertainty underlying the achievement of the milestone. Any development milestone revenue adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Under collaboration agreements, depending on the terms, the Group may also receive commercialization milestones and royalties. These amounts have not been included within the transaction price as of December 31, 2022, 2021 and 2020 because they are sales-based royalties which will be recognized when the subsequent sale occurs. Revenue is recognized as the programs progress through the various stages of research and development using an estimate of percentage completion which takes into consideration the estimated timelines required to satisfy the performance obligation and the time taken since program nomination. The determination of the percentage of completion requires the estimation of when the performance obligation will be completed, and this is reviewed and re-assessed quarterly, typically by the joint steering committee for the contract, based on the latest project plan and discussions with project teams and will consider progress achieved to date, historical experience on similar programs and other internal factors as may be available. If a change in facts or circumstances occurs, the estimate of percentage completion is adjusted, and revenue recognized based on the revised estimate. The difference between the cumulative revenue recognized based on the previous estimate and the revenue recognized based on the revised estimate is recognized as an adjustment to revenue in the period in which the change in estimate occurs. Under certain collaboration agreements, research and development costs incurred either in excess of a defined amount, or in accordance with a cost sharing agreement, are reimbursed. These amounts are considered variable consideration and are assessed at contract inception and each subsequent reporting period and not recognized in the transaction price until it is highly probable that the recognition of such revenue will not be reversed. The Group determines the variable consideration to be included in the transaction price by estimating the expected value that will be received and then applying a constraint to reduce the consideration to the amount which is highly probable of not resulting in a significant reversal in the cumulative amount of revenue recognized. The determination of whether reimbursed costs are highly probable to not be reversed includes the following: • past history and experience with similar contracts. • unexpected fluctuations in planned spend. • changes to project timelines The Group’s collaboration revenue arrangements have standard payment terms and do not contain a significant financing component. Further information about judgements involved in the Group’s revenue recognition are described further above in this note under the section ‘Percentage of completion for performance obligations satisfied over time’ within the ‘Other estimates and judgments’ section. |
Deferred revenue | Deferred revenue The Group’s deferred revenue primarily relates to the collaboration agreements outlined above. Deferred revenue is classified as current when the Group expects to recognize revenue within a year from the balance sheet date, and non-current when the period of revenue recognition is expected to be longer than a year from the balance sheet date. The Group recognizes deferred revenue when the amount of unconditional consideration is in excess of the value of satisfied, or part satisfied, performance obligations. Changes in deferred revenue typically arise due to: • adjustments arising from a change in the estimate of when the performance obligation will have been completed. • a change in the estimate of the transaction price due to changes in the assessment of whether variable consideration is constrained because it is not considered probable of being received; and • the recognition of revenue. The Group also has deferred product revenue following a non-refundable upfront receipt from Medison Pharma under an amended agreement entered into in November 2022. The Group determined that this receipt relates to the distribution of KIMMTRAK in South America and asses |
Trade Receivables | Trade Receivables Trade receivables include amounts invoiced or contractually accrued where only the passage of time is required before payment is received under the Group’s collaboration agreements and other revenue arrangements. Trade receivables are assessed for impairment using the simplified approach under IFRS 9, Financial Instruments |
Inventories | Inventories I nventories include finished goods manufactured for commercial sale, items in the process of being manufactured for commercial sale, and the materials to be used in the manufacturing process. The principal costs in manufacturing the Group’s inventories are raw materials, external manufacturing costs, and other costs incurred in bringing inventories to their location and condition prior to sale. Inventories are measured at weighted average cost and presented as assets in the Consolidated Statement of Financial Position to the extent that they are recoverable. After regulatory submission and prior to receiving marketing approval, the Group recorded the expense for prelaunch inventory expected to be sold in the ordinary course of business within Research and development expenses. Reversals of previous write-downs of inventories are recognized within Cost of product revenue or Research and development expenses, depending on where the write-down was originally recognized. |
Research and development costs | Research and development costs Research and development expenditure is expensed as incurred. The Group makes estimates of accrued expenses as of each statement of financial position date based on facts and circumstances known at that time. There may be instances in which payments made to CROs or other parties will exceed the level of services provided and result in either a prepayment of the research and development expenses or, where the payments in substance represent deposits to be repaid back to the Group at the end of the clinical trial, a non-current financial asset. In accruing clinical trial expenses, the Group estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate made, the accrual or prepayment expense is adjusted accordingly. |
Share-based payments | Share-based payments The Group operates equity-settled, share-based compensation plans whereby certain employees of the Group are granted equity awards in the Company. The grant date fair value of these employee share plan awards are calculated using the Black Scholes valuation model for awards granted following the Group’s IPO, which closed on February 9, 2021, and for awards prior to IPO, both the Black Scholes valuation model and the Back Solve valuation model. The resulting cost is recognized in the Consolidated Statement of Loss over the vesting period of the awards, which is the period in which the services are received. The value of the charge is adjusted to reflect actual levels of awards vesting, except where the failure to vest is as a result of not meeting a market condition in the case of certain awards prior to our IPO. The various assumptions used in determining the grant date fair value of the awards and the resulting cost recognized in the profit and loss account are set out in Note 19. Further information about the judgements involved in forming these assumptions is also described further above under ‘Valuation of share options’ within the ‘Other estimates and judgments’ section. |
Taxation | Taxation Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The U.K. Research and Development Tax Credit calculation incorporates an estimate of employee time spent on qualifying research and development activities which are reviewed and updated annually. Tax on the loss for the year comprises current and deferred tax. Tax is recognized in the profit and loss account, except to the extent that it relates to items recognized directly in equity, in which case it is recognized directly in equity. Current tax is provided at the amounts expected to be paid applying tax rates that have been enacted or substantively enacted by the statement of financial position date. Current tax includes tax credits, which are accrued for the period based on calculations that conform to the U.K. Research and Development Tax Credit scheme applicable to Small and Medium sized Enterprises. Research and development costs which are not eligible for reimbursement under this scheme, such as expenditure incurred on research projects for which we receive income, are considered for reimbursement under the U.K. R&D expenditure credit (“RDEC”) scheme. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investment in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is provided using rates of tax that have been enacted or substantively enacted by the statement of financial position date. |
Leases | Leases The Group’s right of use assets and lease liabilities associated with leases for leasehold properties are recognized at lease commencement date based on the present value of minimum lease payments over the lease term. The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The right-of-use assets comprise leasehold property and reflect the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs less lease incentives that may have been received. They are subsequently measured at cost less accumulated depreciation, impairment losses and remeasurements of the underlying lease liability. Depreciation is charged to the profit and loss account on a straight-line basis over the expected life of each lease agreement. The Group assesses at each reporting date whether the right-of-use assets are impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date. Where the terms of the lease agreement include increases to the rent charge, the minimum guaranteed increase is included in the lease liability. They are subsequently measured by increasing the carrying amount to reflect interest of the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability will also be remeasured to reflect changes in the underlying lease agreement such as the expected lease length. Since the rate implicit in the lease is not readily determinable the Group uses incremental borrowing rates based on indicative borrowing rates that would be available based on the value, currency and borrowing term provided by financial institutions, adjusted for company and market specific factors. This incremental borrowing rate is the rate of interest that would have to be paid to borrow on a collateralized basis on an amount equal to the lease payments over a similar term in a similar economic environment, based on the information available at commencement date in determining the discount rate used to calculate the present value of lease payments. The Group previously entered into sub-lease arrangements which were assessed at inception. For operating leases, the associated income is recognized in the profit and loss account on a straight-line basis over the term of the lease. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The Group assesses at each reporting date whether property, plant and equipment is impaired. Depreciation is charged to the profit and loss on a straight-line basis over the estimated useful lives of each item of property, plant and equipment. The estimated useful lives are as follows: • Leasehold improvements - over the expected lease term • Plant and equipment - 3 to 5 years • Right-of-use assets - over the expected lease term Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted prospectively where applicable. |
Impairment of non-financial assets | Impairment of non-financial assets Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). |
Intangible assets | Intangible assets Acquired intangible assets under development are recognized at their cost and evaluated for impairment annually and when indicators of potential impairment are present. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term money market funds with an original maturity of less than three months. |
Loans and borrowings | Loans and borrowings Loans and borrowings are classified as financial liabilities and are initially recorded at fair value minus transaction costs directly attributable to the issue of the loan. After initial recognition, any such loans and borrowings are measured at amortized cost using the effective interest method, with the amortization recognized in finance costs. Embedded derivatives identified under loan arrangements are assessed for their potential to be material or to give rise to a derivative liability, and separately recognized where the Group determines these possibilities may reasonably be expected to occur. The Group entered into a long-term loan under an agreement with Pharmakon in November 2022, which is classified as a non-current liability at December 31, 2022. The Group previously had a loan with Oxford Finance which was repaid in November 2022. |
Fair value measurements | Fair value measurements Where financial and non-financial assets and liabilities are measured at fair value, the Group uses appropriate valuation techniques for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the changes have occurred. The carrying amount of cash and cash equivalents, trade receivables, short and long-term deposits, trade payables, accruals and other current liabilities in the Group’s consolidated statement of financial position approximates their fair value because of the short maturities of these instruments. |
Revenue and segmental reporti_2
Revenue and segmental reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue and segmental reporting [Abstract] | |
Revenue recognized | Revenue recognized during 2022 arose primarily from Product revenue following regulatory approval of KIMMTRAK in the United States and Europe. Revenue recognized during 2021 and 2020 arose primarily from collaboration agreements with GlaxoSmithKline Intellectual Property Development Ltd (“GSK”), Eli Lilly and Company (“Eli Lilly”) and Genentech, Inc. (“Genentech”). 2022 2021 2020 Revenue from sale of therapies £’000 £’000 £’000 Product revenue 108,148 — — Pre-product revenue 8,661 3,010 — Total revenue from sale of therapies 116,809 3,010 — Collaboration revenue GSK — 6,083 6,356 Eli Lilly 7,361 — 3,522 Genentech 19,567 17,427 20,236 Total collaboration revenue 26,928 23,510 30,114 Total revenue 143,737 26,520 30,114 The following table shows amounts of revenue recorded for individual customers representing more than 10% of the Group’s total revenue from the sale of therapies during 2022. 2022 £’000 Customer A 30,804 Customer B 29,225 Customer C 20,419 Customer D 20,054 Customer E 13,724 114,226 Net product revenue from the sale of KIMMTRAK, and net pre-product revenue from the sale of tebentafusp as part of a compassionate use and early access program are presented by region based on the location of the customer below. 2022 2021 2020 £’000 £’000 £’000 United States 80,448 — — Europe 35,490 3,010 — Rest of World 871 — — Total revenue from sale of therapies 116,809 3,010 — |
Deferred revenue | Deferred revenue as at December 31, 2022 and 2021 was as follows: 2022 2021 £’000 £’000 Current deferred revenue 6,408 24,450 Non-current deferred revenue 4,331 6,408 10,739 30,858 |
Operating loss is stated afte_2
Operating loss is stated after charging (Crediting) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating loss is stated after charging (crediting) [Abstract] | |
Operating loss | The following items have been included in operating loss: 2022 2021 2020 £ ’000 £ ’000 £ ’000 (Gain) / loss on disposal of property, plant and equipment (3 ) 180 1,064 Profit on derecognition of leases — — (3,700 ) Remeasurement of leases — (15 ) (227 ) Depreciation of property, plant and equipment (Note 11) 4,304 5,511 6,446 Depreciation of right-of-use assets (Note 12) 1,827 1,501 2,530 Write‑down of inventories recognised as an expense 28 871 — Reversals of inventory write‑downs (197 ) — — Operating lease income (Note 6) — 108 460 |
Staff numbers and costs (Tables
Staff numbers and costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Staff numbers and costs [Abstract] | |
Average number of persons employed by group | The average number of persons employed by the Group (including the Board) during the year, analysed by category, was as follows: 2022 No. of employees 2021 No. of employees 2020 No. of employees Research 133 154 177 Development 137 88 96 Corporate 105 73 56 Total 375 315 329 |
Aggregate staff costs | The aggregate staff costs of these persons were as follows: 2022 2021 2020 £’000 £’000 £’000 Wages and salaries 36,235 27,337 29,038 Social security costs 4,169 2,258 2,131 Share-based payments (Note 19) 27,054 35,861 8,162 Contributions to defined contribution plans (Note 21) 1,355 1,001 1,035 68,813 66,457 40,366 |
Net other operating income _ _2
Net other operating income / (loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net other operating (loss) / income [Abstract] | |
Net other operating (loss) / income | 2022 2021 2020 £’000 £’000 £’000 Profit on derecognition of leases — — 3,700 Gain / (loss) on disposal of property, plant and equipment 3 (180 ) (1,064 ) Settlement agreement — — 810 Sub-lease income — 108 460 Remeasurement of leases — 15 227 Other — — 109 3 (57 ) 4,242 |
Finance income (Tables)
Finance income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance income [Abstract] | |
Finance income | 2022 2021 2020 £’000 £’000 £’000 Interest on cash and cash equivalents and other receivables 3,154 21 668 Gain on entering into sub-leases on leasehold properties — — 215 Interest on investment in sub-lease — 26 38 Gain from change in fair value of derivative liability — — 1,287 3,154 47 2,208 |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance costs [Abstract] | |
Finance costs | 2022 2021 2020 £’000 £’000 £’000 Interest on lease liabilities (Note 12) 1,796 1,732 2,401 Interest expense on financial liabilities measured at amortized cost 4,503 4,081 708 Loss from change in fair value of embedded derivative asset — — 266 Loss on derecognition of financial liabilities measured at amortized cost 1,393 — — 7,692 5,813 3,375 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income tax [Abstract] | |
Major components of income tax expenses | The major components of the income tax expenses for the years ended December 31, 2022, 2021 and 2020 are: 2022 2021 2020 £’000 £’000 £’000 Profit or loss Current tax: R&D tax credit for the year (2,209 ) (9,322 ) (12,432 ) Foreign corporation tax on profits for the year 783 — 84 Adjustments in respect of prior years 20 370 (100 ) Total current tax (1,406 ) (8,952 ) (12,448 ) Deferred tax: Current year (1,352 ) (459 ) (439 ) Effect of changes in tax rates (13 ) — (1 ) Originating and reversal of timing differences, including adjustments in respect of prior years (150 ) 6 (379 ) Total deferred tax (1,515 ) (453 ) (819 ) Total income tax credit (2,921 ) (9,405 ) (13,267 ) |
Reconciliation of tax expense and accounting profit | Reconciliation of tax expense and accounting profit for 2022, 2021 and 2020: 2022 2021 2020 £’000 £’000 £’000 Loss before tax (44,145 ) (140,928 ) (87,360 ) Tax credit using the UK Corporation tax rate of 19 19 19 (8,388 ) (26,776 ) (16,598 ) Effect of: Non-deductible expenses 11,268 12,836 9,120 Additional deduction for R&D expenditure (16,408 ) (12,354 ) (16,286 ) Surrender of tax losses for R&D tax credit refund 3,099 12,354 16,286 R&D expenditure credits (3,418 ) (10,210 ) (13,424 ) Share-based compensation plans deduction (4,552 ) — — Movement in deferred tax not recognized 15,895 14,315 8,084 Adjustments to tax charge in respect of previous periods - deferred tax (150 ) 18 (379 ) Adjustments to tax charge in respect of previous periods 20 370 (100 ) State taxes (435 ) — 7 Effects of overseas tax rates 161 42 24 Effects of changes in tax rates (13 ) — (1 ) Total tax credit included in loss for the year (2,921 ) (9,405 ) (13,267 ) |
Components of income tax, geographical classification | The components of income tax are as follows: 2022 2021 2020 £’000 £’000 £’000 Current tax: United States: Federal 692 106 (16 ) State 75 — — United Kingdom (2,173 ) (9,058 ) (12,432 ) Ireland — — — Total current tax (1,406 ) (8,952 ) (12,448 ) Deferred tax: United States: Federal (1,488 ) (453 ) (819 ) State — — — United Kingdom — — — Ireland (27 ) — — Total deferred tax (1,515 ) (453 ) (819 ) Total income tax credit (2,921 ) (9,405 ) (13,267 ) |
Basic and diluted loss per sh_2
Basic and diluted loss per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basic and diluted loss per share [Abstract] | |
Basic and diluted loss per share | 2022 2021 2020 Loss for the year (£000’s) (41,224 ) (131,523 ) (74,093 ) Basic and diluted weighted average number of shares 45,714,923 42,488,579 26,523,411 Basic and diluted loss per share (£) (1) (0.90 ) (3.10 ) (2.79 ) (1) The basic and diluted loss per share for the years ended December 31, 2021 and 2020 are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | Leasehold properties and improvements Plant and equipment Assets under construction Total £’000 £’000 £’000 £’000 Cost: At January 1, 2021 15,810 25,983 120 41,913 Additions — 933 75 1,008 Transfers 59 85 (144 ) — Effect of foreign currency translation 7 (60 ) — (53 ) Disposals (231 ) (139 ) (35 ) (405 ) At December 31, 2021 15,645 26,802 16 42,463 Additions 60 1,345 382 1,787 Transfers — 42 (42 ) — Effect of foreign currency translation 72 21 — 93 Disposals — (138 ) — (138 ) At December 31, 2022 15,777 28,072 356 44,205 Depreciation and impairment: At January 1, 2021 7,835 20,324 — 28,159 Depreciation charge for the year 2,386 3,125 — 5,511 Effect of foreign currency translation 4 (44 ) — (40 ) Disposals (41 ) (70 ) — (111 ) At December 31, 2021 10,184 23,335 — 33,519 Depreciation charge for the year 2,083 2,221 — 4,304 Effect of foreign currency translation 38 10 — 48 Disposals — (138 ) — (138 ) At December 31, 2022 12,305 25,428 — 37,733 Carrying value: At December 31, 2022 3,472 2,644 356 6,472 At December 31, 2021 5,461 3,467 16 8,944 At January 1, 2021 7,975 5,659 120 13,754 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Right-of-use assets | Right-of-use assets: leasehold properties 2022 2021 £’000 £’000 Balance at January, 1 22,593 23,093 Additions 2,575 31 Remeasurements 1,710 970 Depreciation charge for the year (1,827 ) (1,501 ) Effect of foreign currency translation 122 — Balance at December, 31 25,173 22,593 |
Maturity analysis-contractual undiscounted cash flows | Maturity analysis – contractual undiscounted cash flows 2022 2021 £’000 £’000 Less than one year 3,504 2,929 One to five years 11,639 10,289 More than five years 33,890 30,126 Total undiscounted lease liabilities 49,033 43,344 |
Leases amounts recognized in financial statements | Lease liabilities included in the Consolidated Statements of Financial Position 2022 2021 £’000 £’000 Current 1,555 1,255 Non-current 28,248 25,355 Total lease liabilities 29,803 26,610 2022 2021 2020 Amounts recognized for lease liabilities in the Consolidated Statements of Loss £’000 £’000 £’000 Interest on lease liabilities 1,796 1,732 2,401 Amounts recognized in the Consolidated Statement of Cash Flows 2022 2021 2020 £’000 £’000 £’000 Total cash outflow for leases 3,208 3,159 4,426 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets [Abstract] | |
Other non-current assets | 2022 2021 £’000 £’000 Long-term security deposits 941 786 Prepayments 6,264 3,984 Other 137 165 7,342 4,935 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | 2022 2021 £’000 £’000 Trade receivables 27,736 6,047 Other receivables 7,682 1,470 Prepayments and accrued income 11,293 7,691 46,711 15,208 |
Capital and reserves (Tables)
Capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital and Reserves [Abstract] | |
Issued share capital | The table below reflects the number of growth, ordinary, and deferred shares issued and outstanding at December 31, 2022. Growth shares Ordinary shares Deferred shares Issued and fully paid share capital (0.2p per share, except deferred shares which are 0.01p per share) At January 1, 2021 391 31,782,885 5,793,501 Repurchased and cancelled (391 ) — — New shares issued for cash — 12,003,203 — Exercise of share options — 76,762 — At December 31, 2021 — 43,862,850 5,793,501 Repurchased and cancelled — — — New shares issued for cash — 3,733,333 — Exercise of share options — 492,163 — At December 31, 2022 — 48,088,346 5,793,501 |
Allotted, called up and fully paid | 2022 £ 2021 £ Allotted, called up and fully paid Ordinary shares 96,177 87,726 Deferred shares 579 579 96,756 88,305 |
Non-current interest-bearing _2
Non-current interest-bearing loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-current interest-bearing loans and borrowings [Abstract] | |
Non-current interest-bearing loans and borrowings | 2022 2021 £’000 £’000 Long-term borrowings 39,500 37,226 39,500 37,226 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [Abstract] | |
Trade and other payables | 2022 2021 £’000 £’000 Trade payables 11,716 7,499 Other taxation and social security 927 532 Pension liability 34 23 Accruals 62,399 27,382 75,076 35,436 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based payments [Abstract] | |
Number and weighted average exercise prices of share options | The number and weighted average exercise prices of share options are as follows: Number of shares issuable Number of share options (#) Weighted average exercise price ($) Outstanding at January 1, 2020 3,579,115 36.26 Awards granted 1,122,680 17.46 Awards exercised (13,880 ) 5.98 Awards forfeited (136,556 ) 22.29 Outstanding at December 31, 2020 4,551,359 17.16 Awards granted 4,702,027 26.56 Awards exercised (76,762 ) 17.01 Awards forfeited (290,664 ) 31.24 Awards replaced with options 312,500 38.72 Outstanding at December 31, 2021 9,198,460 22.31 Awards granted 1,507,581 27.50 Awards exercised (492,163 ) 19.72 Awards forfeited (320,634 ) 26.41 Outstanding at December 31, 2022 9,893,244 23.10 Exercisable at December 31, 2022 4,967,607 20.97 The number and weighted average hurdle rate of growth shares previously held were as follows: Number of shares issuable Number of growth shares Weighted average hurdle rate $ Outstanding at December 31, 2020 314,456 37.53 Awards forfeited (1,956 ) 40.95 Awards replaced with options (312,500 ) 37.49 Outstanding at December 31, 2021 — — Outstanding at December 31, 2022 — — |
Weighted average remaining contractual life of outstanding share options | For share options outstanding at December 31, 2022, the range of exercise prices and weighted average remaining contractual life are as follows: Share options Exercise price £ Number of options Weighted average remaining contractual life 11.83 221,258 2.3 17.46 3,790,348 6.3 24.66 1,122,956 9.1 25.83 56,704 9.4 26.00 4,077,400 8.1 29.87 113,559 9.3 32.98 16,545 3.1 34.44 10,268 9.5 34.83 28,800 9.0 36.79 144,875 8.8 37.25 2,100 9.5 39.02 3,000 8.5 40.93 64,965 6.9 41.74 42,223 8.3 46.39 56,415 8.1 46.86 141,828 9.8 |
Awards granted under the share option plan assumptions | The assumptions used in the models for share options granted during year ended December 31, 2022 and 2021, are as follows: 2022 2021 Share price at grant date $ 24.66 - $46.86 $ 26.00 - $41.74 Exercise price $ 24.66 - $46.86 $ 26.00 - $41.74 Expected volatility 73.02% - 87.81 % 83.88% - 88.76 % Expected life (years) 4 years - 5 years 4 years Risk free rate 1.12% - 4.12 % -0.05% - 0.52 % Fair value $ 15.10 - $29.41 $ 16.16 - $26.18 The assumptions used in the models for previous awards granted are as follows and adjusted to reflect our corporate reorganisation and IPO outlined further above. Growth shares Share options Apr-20 Jun-20 Apr- 20 Jun- 20 Oct-20 Nov- 20 Share price at grant date $ 17.46 $ 17.46 $ 17.46 $ 17.46 $ 17.46 $ 17.46 Exercise price — — $ 17.46 $ 17.46 $ 17.46 $ 17.46 Hurdle rate $ 17.46 - 46.39 $ 17.46 — — — — Expected volatility 91 % 102 % 79 % 85 % 87 % 87 % Expected life (years) 1 1 3 3 3 3 Risk free rate 0.03 % (0.02 %) 0.03 % (0.03)% – 0.02 % (0.07 )% (0.01 %) Fair value $ 0.58 - 1.92 $ 1.92 $ 8.84 $ 9.36 - 9.37 $ 9.59 $ 9.55 Growth shares Share options Share options Share options Apr-17 May-19 Apr-17 2016 Share price at grant date $ 40.93 $ 17.46 $ 40.93 $ 38.20 Exercise price — $ 40.93 $ 40.93 $ 11.83 - 40.93 Hurdle rate $ 46.39 — — — Expected volatility 65 % 67 % 65 % 60 % Expected life (years) 2.7 1.9 yrs - 3 yrs 5 5 Risk free rate 0.15 % 0.69% - 0.71 % 0.42 % 0.62% - 1.41 % Fair value $ 15.98 $ 3.26 $ 22.00 $ 21.06 - 29.45 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments [Abstract] | |
Carrying amounts of financial assets and liabilities | The Group’s principal financial assets include cash and cash equivalents, trade receivables and cash and security deposits that derive directly from its operations or from financing activities. The Group’s principal financial liabilities comprise the drawn down debt under the loan agreement with Pharmakon, lease liabilities, and the majority of trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. 2022 Carrying amount 2021 Carrying amount £’000 £’000 Financial assets at amortized cost: Current financial assets Cash and cash equivalents 332,539 237,886 Trade receivables 27,736 6,047 Prepayments and accrued income 769 — Non-current financial assets Long-term security deposits 941 786 Other 137 165 Total financial assets 362,122 244,884 Financial liabilities at amortized cost: Current financial liabilities Trade and other payables 74,149 35,436 Lease liabilities 1,555 1,255 Non-current financial liabilities Non-current accruals 1,479 — Interest-bearing loans and borrowings 39,500 37,226 Lease liabilities 28,248 25,355 Total financial liabilities 144,931 99,272 |
Contractual maturities of financial liabilities | The following are the contractual maturities of financial liabilities, including estimated interest payments in respect of the interest-bearing loans and borrowings: At December 31, 2022 Carrying amount Contractual cash flows One year or less 1 - 3 years 3 - 5 years Greater than 5 years £ ’000 £ ’000 £ ’000 £ ’000 £ ’000 £ ’000 Financial liabilities Trade payables and accruals 74,149 74,149 74,149 — — — Interest-bearing loans and borrowings (Note 17) 39,500 61,238 4,084 9,212 32,068 15,874 Non-current accruals 1,479 1,479 — 1,479 — — Total financial liabilities 115,128 136,866 78,233 10,691 32,068 15,874 At December 31, 2021 Carrying amount Contractual cash flows One year or less £’000 £’000 £’000 Financial liabilities Trade payables 32,393 32,393 32,393 Interest-bearing loans and borrowings (Note 17) 37,226 37,226 — Total financial liabilities 69,619 69,619 32,393 |
Financial assets subject to variable interest rates | Financial assets subject to variable interest rates are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Cash and cash equivalents 332,539 237,886 332,539 237,886 |
Financial liabilities subject to variable interest rates | Financial liabilities subject to variable interest rates are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Interest-bearing loans and borrowings — 37,226 — 37,226 |
Financial assets and liabilities in foreign currency risk | Financial assets and liabilities in foreign currencies are as follows: 2022 Carrying amount 2021 Carrying amount £’000 £’000 Financial assets at amortized cost: Cash and cash equivalents 229,981 134,935 Trade and other receivables 27,736 3,628 257,717 138,563 Financial liabilities at amortized cost: Trade payables 7,099 15,589 Accruals 50,058 16,174 Interest-bearing loans and borrowings (Note 17) 39,500 37,226 96,657 68,989 |
Disclosure of financial assets and liabilities | The Group has presented the carrying amount and estimated fair value of its non-current financial assets and liabilities in the table below. 2022 2021 Carrying amount Fair value Carrying amount Fair value £’000 £’000 £’000 £’000 Financial assets at amortized cost: Non-current financial assets and other receivables 1,078 1,078 951 951 Total financial assets at amortized cost 1,078 1,078 951 951 2022 2021 Carrying amount Fair value Carrying amount Fair value £’000 £’000 £’000 £’000 Financial liabilities at amortized cost Non-current accruals 1,479 1,479 — — Interest-bearing loans and borrowings (Note 17) 39,500 39,322 37,226 37,226 Total financial liabilities 40,979 40,801 37,226 37,226 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies [Abstract] | |
Contractual obligations | As at December 31, 2022 Less than 1 year 1-3 years 3-5 years 5-10 years 10-15 years More than 15 years Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 Lease liabilities – existing 3,504 5,898 5,741 14,893 15,045 3,952 49,033 Lease liabilities – contingent 107 429 429 161 — — 1,126 Manufacturing 9,337 1,597 — — — — 10,934 Other 421 438 — — — — 859 Intangible commitments 826 — — — — — 826 Capital commitments 1,058 — — — — — 1,058 Total contractual obligations 15,253 8,362 6,170 15,054 15,045 3,952 63,836 As at December 31, 2021 Less than 1 year 1-3 years 3-5 years 5-10 years 10-15 years More than 15 years Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 Lease liabilities – existing 2,947 5,407 4,959 12,533 13,172 4,742 43,760 Lease liabilities – contingent 57 840 225 — — — 1,122 Manufacturing 919 189 — — — — 1,108 Capital commitments 75 — — — — — 75 Total contractual obligations 3,998 6,436 5,184 12,533 13,172 4,742 46,065 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party disclosures [Abstract] | |
Remuneration of key management personnel | The remuneration of the directors and executive officers, who are considered the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24, ‘Related Party Disclosures. 2022 2021 2020 £’000 £’000 £’000 Short-term employee benefits 3,065 2,222 3,421 Share-based payment 20,137 25,813 5,602 23,202 28,035 9,023 |
Accounting policies, General in
Accounting policies, General information (Details) | 1 Months Ended | 12 Months Ended | ||
Feb. 05, 2022 GBP (£) | Jul. 31, 2022 GBP (£) shares | Jul. 31, 2022 USD ($) shares | Dec. 31, 2022 ClinicalStageProgram shares | |
General information [Abstract] | ||||
Proceeds from shares issued | £ 116,812,000 | $ 140,000,000 | ||
Offering expenses | £ 388,000 | |||
Number of clinical stage programs | ClinicalStageProgram | 4 | |||
Ordinary Shares [Member] | ||||
General information [Abstract] | ||||
Number of shares issued (in shares) | shares | 3,733,333 | 3,733,333 | 20 | |
IPO [Member] | ||||
General information [Abstract] | ||||
Proceeds from shares issued | £ 210,985,000 |
Accounting policies, Going conc
Accounting policies, Going concern (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2022 GBP (£) | Jul. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Going concern [Abstract] | ||||||
Cash and cash equivalents | £ 332,539,000 | £ 237,886,000 | £ 129,716,000 | £ 73,966,000 | ||
Net current assets | 308,791,000 | |||||
Operating loss | (39,607,000) | (135,162,000) | (86,193,000) | |||
Product revenue, net | 108,148,000 | 0 | 0 | |||
Pre-product revenue, net | £ 8,661,000 | £ 3,010,000 | £ 0 | |||
Proceeds from shares issued | £ 116,812,000 | $ 140,000,000 | ||||
Offering expenses | £ 388,000 |
Accounting policies, Expected r
Accounting policies, Expected rebates and chargebacks (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2022 GBP (£) | |
Expected rebates and chargebacks [Abstract] | |
Accrued revenue deductions | £ 22.5 |
Accrued revenue subject to greater estimation uncertainty and judgments | £ 25.5 |
Estimated percentage of rebates, chargebacks and other payable | 20% |
Increase (reduction) in total revenue of rebates, chargebacks and other payable | £ 4.5 |
Accounting policies, Segment re
Accounting policies, Segment reporting (Details) | 12 Months Ended |
Dec. 31, 2022 Region Segment | |
Segment reporting [Abstract] | |
Number of operating segment | Segment | 1 |
Number of geographic regions company registered | Region | 4 |
Accounting policies, Product re
Accounting policies, Product revenue, net and Inventories (Details) £ in Thousands | 12 Months Ended |
Dec. 31, 2022 GBP (£) | |
KIMMTRAK [Member] | |
Inventories, net [Abstract] | |
Manufacturing costs | £ 409 |
Inventory on Hand [Member] | |
Inventories, net [Abstract] | |
Manufacturing costs | £ 690 |
Bottom of Range [Member] | |
Product revenue, net [Abstract] | |
Contractual payment terms | 1 month |
Top of Range [Member] | |
Product revenue, net [Abstract] | |
Contractual payment terms | 2 months |
Accounting policies, Collaborat
Accounting policies, Collaboration revenue (Details) | 12 Months Ended |
Dec. 31, 2022 Obligation | |
Collaboration revenue [Abstract] | |
Number of performance obligations | 1 |
Accounting policies, Property,
Accounting policies, Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of Range [Member] | |
Estimated useful life of property, plant and equipment [Abstract] | |
Estimated useful life | 3 years |
Top of Range [Member] | |
Estimated useful life of property, plant and equipment [Abstract] | |
Estimated useful life | 5 years |
Revenue and segmental reporti_3
Revenue and segmental reporting, Revenue recognised from collaboration agreements (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue recognitions [Abstract] | |||
Product revenue | £ 108,148,000 | £ 0 | £ 0 |
Pre-product revenue | 8,661,000 | 3,010,000 | 0 |
Total revenue from sale of therapies | 116,809,000 | 3,010,000 | 0 |
Collaboration revenue | 26,928,000 | 23,510,000 | 30,114,000 |
Total revenue | 143,737,000 | 26,520,000 | £ 30,114,000 |
Percentage of revenue | 10% | ||
GSK [Member] | |||
Revenue recognitions [Abstract] | |||
Collaboration revenue | 0 | £ 6,083,000 | £ 6,356,000 |
Percentage of revenue | 10% | ||
Eli Lilly [Member] | |||
Revenue recognitions [Abstract] | |||
Collaboration revenue | 7,361,000 | £ 0 | 3,522,000 |
Genentech [Member] | |||
Revenue recognitions [Abstract] | |||
Collaboration revenue | £ 19,567,000 | £ 17,427,000 | £ 20,236,000 |
Percentage of revenue | 10% | 10% |
Revenue and segmental reporti_4
Revenue and segmental reporting, Revenue recorded for individual customers (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | £ 116,809 | £ 3,010 | £ 0 |
Customer E [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | 13,724 | ||
More that 10% Group Revenue Customers [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | 114,226 | ||
More that 10% Group Revenue Customers [Member] | Customer A [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | 30,804 | ||
More that 10% Group Revenue Customers [Member] | Customer B [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | 29,225 | ||
More that 10% Group Revenue Customers [Member] | Customer C [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | 20,419 | ||
More that 10% Group Revenue Customers [Member] | Customer D [Member] | |||
Revenue recognitions [Abstract] | |||
Total revenue from sale of therapies | £ 20,054 |
Revenue and segmental reporti_5
Revenue and segmental reporting, Revenue by region based on the location of the customer (Details) | 12 Months Ended | |||
Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 GBP (£) | |
Revenue recognitions [Abstract] | ||||
Total revenue from sale of therapies | £ 116,809,000 | £ 3,010,000 | £ 0 | |
Total deferred revenue | 24,450,000 | 21,128,000 | $ 17,089,000 | |
United States [Member] | ||||
Revenue recognitions [Abstract] | ||||
Total revenue from sale of therapies | 80,448,000 | 0 | 0 | |
Europe [Member] | ||||
Revenue recognitions [Abstract] | ||||
Total revenue from sale of therapies | 35,490,000 | 3,010,000 | 0 | |
Rest of World [Member] | ||||
Revenue recognitions [Abstract] | ||||
Total revenue from sale of therapies | £ 871,000 | £ 0 | £ 0 |
Revenue and segmental reporti_6
Revenue and segmental reporting, Deferred revenue (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue and segmental reporting [Abstract] | |||
Current trade receivables | £ 27,736,000 | £ 6,047,000 | |
Deferred revenue [Abstract] | |||
Current deferred revenue | 6,408,000 | 24,450,000 | |
Non-current deferred revenue | 4,331,000 | 6,408,000 | |
Total deferred revenue | 10,739,000 | 30,858,000 | |
Decrease in deferred revenue | (20,119,000) | ||
Aggregate non-refundable fee payment | 4,331,000 | ||
Revenue recognised related to performance obligations | £ 0 | £ 0 | £ 705,000 |
Top of range [member] | |||
Deferred revenue [Abstract] | |||
Expected recognized revenue | 1 year |
Revenue and segmental reporti_7
Revenue and segmental reporting, Collaboration (Details) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2018 GBP (£) | Nov. 30, 2018 USD ($) | Jul. 31, 2014 USD ($) Target | Dec. 31, 2022 GBP (£) Target | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 GBP (£) | |
Collaboration [Abstract] | |||||||
Aggregate non-refundable fee payment | £ 4,331,000 | ||||||
Total deferred revenue | 24,450,000 | £ 21,128,000 | $ 17,089,000 | ||||
Collaboration revenue | 26,928,000 | 23,510,000 | £ 30,114,000 | ||||
Transaction price allocated to remaining performance obligations | 6,408,000 | ||||||
Non-current assets | 43,637,000 | 39,047,000 | |||||
United Kingdom [Member] | |||||||
Collaboration [Abstract] | |||||||
Non-current assets | 36,079,000 | ||||||
Other Countries [Member] | |||||||
Collaboration [Abstract] | |||||||
Non-current assets | 2,241,000 | ||||||
Genentech [Member] | |||||||
Collaboration [Abstract] | |||||||
Aggregate non-refundable fee payment | $ | $ 100,000,000 | ||||||
Initial upfront payment | $ | 50,000,000 | ||||||
Amount on investigation of new drug filing for clinical trial | $ | 50,000,000 | ||||||
Total deferred revenue | £ 77,400,000 | $ 100,000,000 | |||||
Collaboration revenue | 19,567,000 | 17,427,000 | 20,236,000 | ||||
Revenue receivable for R&D word done | £ 2,478,000 | 338,000 | 2,785,000 | ||||
Genentech [Member] | Top of Range [Member] | |||||||
Collaboration [Abstract] | |||||||
Estimated period of performance obligation would be satisfied | 1 year | ||||||
GlaxoSmithKline [Member] | |||||||
Collaboration [Abstract] | |||||||
Aggregate non-refundable fee payment | £ 22,900,000 | ||||||
Collaboration revenue | 0 | 6,083,000 | 6,356,000 | ||||
Non-refundable payment received | £ 0 | 0 | |||||
GlaxoSmithKline [Member] | Top of Range [Member] | |||||||
Collaboration [Abstract] | |||||||
Number of target | Target | 4 | ||||||
Eli Lilly [Member] | |||||||
Collaboration [Abstract] | |||||||
Aggregate non-refundable fee payment | $ | $ 45,000,000 | ||||||
Total deferred revenue | $ | $ 45,000,000 | ||||||
Collaboration revenue | £ 7,361,000 | £ 0 | £ 3,522,000 | ||||
Revenue recognized | £ 0 | ||||||
Number of target | Target | 3 |
Operating loss is stated afte_3
Operating loss is stated after charging (Crediting) (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating loss is stated after charging (crediting) [Abstract] | |||
(Gain)/ loss on disposal of property, plant and equipment | £ (3) | £ 180 | £ 1,064 |
Profit on derecognition of leases | 0 | 0 | (3,700) |
Remeasurement of leases | 0 | (15) | (227) |
Depreciation of property, plant and equipment (Note 11) | 4,304 | 5,511 | 6,446 |
Depreciation of right-of-use assets (Note 12) | 1,827 | 1,501 | 2,530 |
Write-down of inventories recognised as an expense | 28 | 871 | 0 |
Reversals of inventory write-downs | (197) | 0 | 0 |
Operating lease income (Note 6) | 0 | 108 | 460 |
Research and development expenditure credit | £ 184 | £ 358 | £ 227 |
Staff numbers and costs, Averag
Staff numbers and costs, Average number of persons employed by group (Details) - Employee | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Number and average number of employees [abstract] | |||
Number of employees | 375 | 315 | 329 |
Research [Member] | |||
Number and average number of employees [abstract] | |||
Number of employees | 133 | 154 | 177 |
Development [Member] | |||
Number and average number of employees [abstract] | |||
Number of employees | 137 | 88 | 96 |
Corporate [Member] | |||
Number and average number of employees [abstract] | |||
Number of employees | 105 | 73 | 56 |
Staff numbers and costs, Aggreg
Staff numbers and costs, Aggregate staff costs (Details) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 Employee | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | |
Staff numbers and costs [Abstract] | ||||
Wages and salaries | £ 36,235,000 | £ 27,337,000 | £ 29,038,000 | |
Social security costs | 4,169,000 | 2,258,000 | 2,131,000 | |
Share-based payments (Note 19) | 27,054,000 | 35,861,000 | 8,162,000 | |
Contributions to defined contribution plans (Note 21) | 1,355,000 | 1,001,000 | 1,035,000 | |
Total aggregate staff costs | £ 68,813,000 | £ 66,457,000 | 40,366,000 | |
Corporate Restructuring [Abstract] | ||||
Restructuring costs | £ 1,200,000,000 | |||
Reduction in number of employees on completion of restructure | Employee | 78 |
Selling and administrative ex_2
Selling and administrative expenses (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selling and Administrative Expenses [Member] | |||
Foreign exchange gain (loss) [abstract] | |||
Net foreign exchange gain | £ 12,125 | £ 457 | £ 5 |
Net other operating income _ _3
Net other operating income / (loss) (Details) | 12 Months Ended | ||
Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) Contract LeaseholdProperty | |
Net other operating (loss) / income [Abstract] | |||
Profit on derecognition of leases | £ 0 | £ 0 | £ 3,700,000 |
Gain / (loss) on disposal of property, plant and equipment | 3,000 | (180,000) | (1,064,000) |
Settlement agreement | 0 | 0 | 810,000 |
Sub-lease income | 0 | 108,000 | 460,000 |
Remeasurement of leases | 0 | 15,000 | 227,000 |
Other | 0 | 0 | 109,000 |
Net other operating income / (loss) | £ 3,000 | £ (57,000) | £ 4,242,000 |
Other income [Abstract] | |||
Number of leasehold properties | LeaseholdProperty | 2 | ||
Profit on disposal of leasehold properties | £ 3,700,000 | ||
Incentive payment | £ 1,400,000 | ||
Number of open contract with third-party vendors was terminated | Contract | 1 | ||
Settlement agreement amount | £ 810,000 | ||
Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Settlement amount recovered | 1,800,000 | ||
Bottom of Range [Member] | Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Estimated settlement amount | 1,100,000 | ||
Top of Range [Member] | Employee and Third Party Vendors Proceedings [Member] | |||
Other income [Abstract] | |||
Estimated settlement amount | £ 1,800,000 |
Finance income (Details)
Finance income (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance income [Abstract] | |||
Interest on cash and cash equivalents and other receivables | £ 3,154 | £ 21 | £ 668 |
Gain on entering into sub-leases on leasehold properties | 0 | 0 | 215 |
Interest on investment in sub-lease | 0 | 26 | 38 |
Gain from change in fair value of derivative liability | 0 | 0 | 1,287 |
Finance income | £ 3,154 | £ 47 | 2,208 |
Credit to equity | £ 3,840 |
Finance costs (Details)
Finance costs (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance costs [Abstract] | |||
Interest on lease liabilities (Note 12) | £ 1,796,000 | £ 1,732,000 | £ 2,401,000 |
Interest expense on financial liabilities measured at amortized cost | 4,503,000 | 4,081,000 | 708,000 |
Loss from change in fair value of embedded derivative asset | 0 | 0 | 266,000 |
Loss on derecognition of financial liabilities measured at amortized cost | 1,393,000 | 0 | 0 |
Total finance costs | £ 7,692,000 | £ 5,813,000 | £ 3,375,000 |
Income tax, Major components of
Income tax, Major components of income tax expenses (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax [Abstract] | |||
R&D tax credit for the year | £ (2,209) | £ (9,322) | £ (12,432) |
Foreign corporation tax on profits for the year | 783 | 0 | 84 |
Adjustments in respect of prior years | 20 | 370 | (100) |
Total current tax | (1,406) | (8,952) | (12,448) |
Deferred tax [Abstract] | |||
Current year | (1,352) | (459) | (439) |
Effect of changes in tax rates | (13) | 0 | (1) |
Originating and reversal of timing differences, including adjustments in respect of prior years | (150) | 6 | (379) |
Total deferred tax | (1,515) | (453) | (819) |
Total income tax credit | £ (2,921) | £ (9,405) | £ (13,267) |
Income tax, Reconciliation of t
Income tax, Reconciliation of tax expense and accounting profit (Details) - GBP (£) £ in Thousands | 12 Months Ended | |||
May 24, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax, reconciliation of tax expense and accounting profit [Abstract] | ||||
Loss before tax | £ (44,145) | £ (140,928) | £ (87,360) | |
Tax credit using the UK Corporation tax rate of 19% (2021: 19% and 2020: 19%) | (8,388) | (26,776) | (16,598) | |
Effects of [Abstract] | ||||
Non-deductible expenses | 11,268 | 12,836 | 9,120 | |
Additional deduction for R&D expenditure | (16,408) | (12,354) | (16,286) | |
Surrender of tax losses for R&D tax credit refund | 3,099 | 12,354 | 16,286 | |
R&D expenditure credits | (3,418) | (10,210) | (13,424) | |
Share-based compensation plans deduction | (4,552) | 0 | 0 | |
Movement in deferred tax not recognized | 15,895 | 14,315 | 8,084 | |
Adjustments to tax charge in respect of previous periods - deferred tax | (150) | 18 | (379) | |
Adjustments to tax charge in respect of previous periods | 20 | 370 | (100) | |
State taxes | (435) | 0 | 7 | |
Effects of overseas tax rates | 161 | 42 | 24 | |
Effects of changes in tax rates | (13) | 0 | (1) | |
Total income tax credit | £ (2,921) | £ (9,405) | £ (13,267) | |
UK [Member] | ||||
Tax rate [Abstract] | ||||
Tax rate | 25% | 19% | 19% | 19% |
Income tax, Components of incom
Income tax, Components of income tax, Geographical classification (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax [Abstract] | |||
Current tax | £ (1,406) | £ (8,952) | £ (12,448) |
Deferred tax [Abstract] | |||
Deferred tax | (1,515) | (453) | (819) |
Total income tax credit | (2,921) | (9,405) | (13,267) |
United States [Member] | |||
Current tax [Abstract] | |||
Federal | 692 | 106 | (16) |
State | 75 | 0 | 0 |
Deferred tax [Abstract] | |||
Federal | (1,488) | (453) | (819) |
State | 0 | 0 | 0 |
United Kingdom [Member] | |||
Current tax [Abstract] | |||
Current tax | (2,173) | (9,058) | (12,432) |
Deferred tax [Abstract] | |||
Deferred tax | 0 | 0 | 0 |
Ireland [Member] | |||
Current tax [Abstract] | |||
Current tax | 0 | 0 | 0 |
Deferred tax [Abstract] | |||
Deferred tax | £ (27) | £ 0 | £ 0 |
Income tax, Summary (Details)
Income tax, Summary (Details) - GBP (£) | 12 Months Ended | |||
May 24, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax rate [Abstract] | ||||
Deferred tax asset, unrecognised | £ 60,336,000 | £ 58,093,000 | ||
Tax losses | 241,344,000 | 232,372,000 | ||
Tax credit increase | 55,605,000 | 49,283,000 | ||
Unused Tax Credits and Capitalised Research and Development Expenditure [Member] | ||||
Tax rate [Abstract] | ||||
Deferred tax asset, recognised | £ 4,240,386 | £ 2,575,000 | ||
UK [Member] | ||||
Tax rate [Abstract] | ||||
Tax rate | 25% | 19% | 19% | 19% |
Basic and diluted loss per sh_3
Basic and diluted loss per share (Details) £ / shares in Units, £ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 GBP (£) £ / shares shares | Dec. 31, 2021 GBP (£) £ / shares shares | Dec. 31, 2020 GBP (£) £ / shares shares | Feb. 09, 2021 | Jan. 22, 2021 | ||
Basic and diluted loss [Abstract] | ||||||
Loss for the year | £ | £ (41,224) | £ (131,523) | £ (74,093) | |||
Basic weighted average number of shares (in shares) | shares | 45,714,923 | 42,488,579 | 26,523,411 | |||
Diluted weighted average number of shares (in shares) | shares | 45,714,923 | 42,488,579 | 26,523,411 | |||
Basic loss per share (in pounds per share) | £ / shares | £ (0.9) | £ (3.1) | £ (2.79) | |||
Diluted loss per share (in pounds per share) | £ / shares | [1] | £ (0.9) | £ (3.1) | £ (2.79) | ||
Immunocore Holdings Limited [Member] | ||||||
Events after reporting period | ||||||
Share exchange and stock split conversion rate | 0.01 | 0.01 | 0.01 | |||
Immunocore Holdings plc [member] | ||||||
Events after reporting period | ||||||
Share exchange and stock split conversion rate | 20 | |||||
[1]The basic and diluted loss per share for the years ended December 31, 2021 and 2020 are adjusted for the (i) the exchange of shares of Immunocore Limited for shares of Immunocore Holdings Limited on a 1 |
Property, plant and equipment_2
Property, plant and equipment (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | £ 8,944,000 | £ 13,754,000 | |
Property, plant and equipment, end of period | 6,472,000 | 8,944,000 | £ 13,754,000 |
Property plant and equipment held under finance leases | 0 | 0 | |
Depreciation and impairment [Abstract] | |||
Depreciation charge for the year | 4,304,000 | 5,511,000 | 6,446,000 |
Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 42,463,000 | 41,913,000 | |
Additions | 1,787,000 | 1,008,000 | |
Transfers | 0 | 0 | |
Effect of foreign currency translation | 93,000 | (53,000) | |
Disposals | (138,000) | (405,000) | |
Property, plant and equipment, end of period | 44,205,000 | 42,463,000 | 41,913,000 |
Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 33,519,000 | 28,159,000 | |
Depreciation charge for the year | 4,304,000 | 5,511,000 | |
Effect of foreign currency translation | 48,000 | (40,000) | |
Disposals | (138,000) | (111,000) | |
Property, plant and equipment | 37,733,000 | 33,519,000 | 28,159,000 |
Leasehold Properties and Improvements [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 5,461,000 | 7,975,000 | |
Property, plant and equipment, end of period | 3,472,000 | 5,461,000 | 7,975,000 |
Leasehold Properties and Improvements [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 15,645,000 | 15,810,000 | |
Additions | 60,000 | 0 | |
Transfers | 0 | 59,000 | |
Effect of foreign currency translation | 72,000 | 7,000 | |
Disposals | 0 | (231,000) | |
Property, plant and equipment, end of period | 15,777,000 | 15,645,000 | 15,810,000 |
Leasehold Properties and Improvements [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 10,184,000 | 7,835,000 | |
Depreciation charge for the year | 2,083,000 | 2,386,000 | |
Effect of foreign currency translation | 38,000 | 4,000 | |
Disposals | 0 | (41,000) | |
Property, plant and equipment | 12,305,000 | 10,184,000 | 7,835,000 |
Plant and Equipment [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 3,467,000 | 5,659,000 | |
Property, plant and equipment, end of period | 2,644,000 | 3,467,000 | 5,659,000 |
Plant and Equipment [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 26,802,000 | 25,983,000 | |
Additions | 1,345,000 | 933,000 | |
Transfers | 42,000 | 85,000 | |
Effect of foreign currency translation | 21,000 | (60,000) | |
Disposals | (138,000) | (139,000) | |
Property, plant and equipment, end of period | 28,072,000 | 26,802,000 | 25,983,000 |
Plant and Equipment [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 23,335,000 | 20,324,000 | |
Depreciation charge for the year | 2,221,000 | 3,125,000 | |
Effect of foreign currency translation | 10,000 | (44,000) | |
Disposals | (138,000) | (70,000) | |
Property, plant and equipment | 25,428,000 | 23,335,000 | 20,324,000 |
Assets under Construction [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 16,000 | 120,000 | |
Property, plant and equipment, end of period | 356,000 | 16,000 | 120,000 |
Assets under Construction [Member] | Cost [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning of period | 16,000 | 120,000 | |
Additions | 382,000 | 75,000 | |
Transfers | (42,000) | (144,000) | |
Effect of foreign currency translation | 0 | 0 | |
Disposals | 0 | (35,000) | |
Property, plant and equipment, end of period | 356,000 | 16,000 | 120,000 |
Assets under Construction [Member] | Depreciation and Impairment [Member] | |||
Depreciation and impairment [Abstract] | |||
Property, plant and equipment | 0 | 0 | |
Depreciation charge for the year | 0 | 0 | |
Effect of foreign currency translation | 0 | 0 | |
Disposals | 0 | 0 | |
Property, plant and equipment | £ 0 | £ 0 | £ 0 |
Leases, Right-of-use assets (De
Leases, Right-of-use assets (Details) £ in Thousands | 12 Months Ended | |||
Dec. 23, 2020 Agreement | Dec. 31, 2022 GBP (£) SquareFeet | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | |
Right-of-Use Assets [Abstract] | ||||
Balance | £ 22,593 | £ 23,093 | ||
Additions | 2,575 | 31 | ||
Remeasurements | 1,710 | 970 | ||
Depreciation charge for the year | (1,827) | (1,501) | £ (2,530) | |
Effect of foreign currency translation | 122 | 0 | ||
Balance | £ 25,173 | £ 22,593 | £ 23,093 | |
Leasehold Properties and Improvements Including Right of Use Assets [Member] | ||||
Lease, right-of-use assets, additional information [Abstract] | ||||
Number of guarantee agreements associated with the termination of lease | Agreement | 2 | |||
United Kingdom [Member] | ||||
Leases [Abstract] | ||||
Area of lease space | SquareFeet | 114,000 | |||
United States [Member] | ||||
Leases [Abstract] | ||||
Area of lease space | SquareFeet | 20,000 |
Leases, Summary (Details)
Leases, Summary (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | £ 49,033,000 | £ 43,344,000 | |
Lease Liabilities Included in Consolidated Statements of Financial Position [Abstract] | |||
Current | 1,555,000 | 1,255,000 | |
Lease liabilities | 28,248,000 | 25,355,000 | |
Total lease liabilities | 29,803,000 | 26,610,000 | |
Amounts Recognized for Lease Liabilities in Consolidated Statements of Loss [Abstract] | |||
Interest on lease liabilities | 1,796,000 | 1,732,000 | £ 2,401,000 |
Amounts recognized in Consolidated Statement of Cash Flows [Abstract] | |||
Total cash outflow for leases | 3,208,000 | 3,159,000 | £ 4,426,000 |
Less than One Year [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | 3,504,000 | 2,929,000 | |
One to Five Years [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | 11,639,000 | 10,289,000 | |
More than Five Years [Member] | |||
Maturity Analysis Contractual Undiscounted Cash Flows [Abstract] | |||
Total undiscounted lease liabilities | £ 33,890,000 | £ 30,126,000 |
Other non-current assets (Detai
Other non-current assets (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other non-current assets [Abstract] | ||
Long-term security deposits | £ 941 | £ 786 |
Prepayments | 6,264 | 3,984 |
Other | 137 | 165 |
Other | £ 7,342 | £ 4,935 |
Trade and other receivables (De
Trade and other receivables (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [Abstract] | ||
Trade receivables | £ 27,736 | £ 6,047 |
Other receivables | 7,682 | 1,470 |
Prepayments and accrued income | 11,293 | 7,691 |
Total trade and other receivables | £ 46,711 | £ 15,208 |
Capital and reserves, Private i
Capital and reserves, Private investment in public equity ("PIPE") (Details) | 1 Months Ended | ||||||
Feb. 09, 2021 GBP (£) | Feb. 09, 2021 USD ($) | Jul. 31, 2022 GBP (£) shares | Jul. 31, 2022 USD ($) shares | Dec. 31, 2022 £ / shares shares | Jul. 13, 2022 £ / shares shares | Jul. 13, 2022 $ / shares shares | |
Issued share [Abstract] | |||||||
Gross proceeds | £ 116,812,000 | $ 140,000,000 | |||||
Offering expenses | £ | 388,000 | ||||||
Investors [Member] | |||||||
Issued share [Abstract] | |||||||
Gross proceeds | 116,812,000 | $ 140,000,000 | |||||
Offering expenses | £ | £ 388,000 | ||||||
Ordinary Shares [Member] | |||||||
Issued share [Abstract] | |||||||
Number of shares issued (in shares) | shares | 3,733,333 | 3,733,333 | 20 | ||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 | ||||||
Share price (in dollars per share) | £ / shares | £ 0.002 | ||||||
ADS [Member] | |||||||
Issued share [Abstract] | |||||||
Number of shares issued (in shares) | shares | 2,000,000 | 2,000,000 | |||||
Number of ordinary share in each ADSs (in shares) | shares | 1 | 1 | |||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | ||||||
Gross proceeds | £ 226,528,000 | $ 312,083,000 | |||||
ADS [Member] | Investors [Member] | |||||||
Issued share [Abstract] | |||||||
Share price (in dollars per share) | $ / shares | $ 37.5 | ||||||
Non-voting Ordinary Shares [Member] | |||||||
Issued share [Abstract] | |||||||
Number of shares issued (in shares) | shares | 1,733,333 | 1,733,333 | |||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | ||||||
Non-voting Ordinary Shares [Member] | Investors [Member] | |||||||
Issued share [Abstract] | |||||||
Share price (in dollars per share) | $ / shares | $ 37.5 |
Capital and reserves, Capital r
Capital and reserves, Capital reduction (Details) - GBP (£) £ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Dec. 31, 2022 | |
Issued share [Abstract] | ||
Reduction of capital amount | £ 0 | |
Retained Earnings [Member] | ||
Issued share [Abstract] | ||
Reduction of capital amount | £ 261,400 | £ 261,363 |
Ordinary Shares [Member] | ||
Issued share [Abstract] | ||
Shares cancelled (in shares) | 23,702,856,974 | |
Non-voting Ordinary Shares [Member] | ||
Issued share [Abstract] | ||
Shares cancelled (in shares) | 457,338,326 |
Capital and reserves, IPO and i
Capital and reserves, IPO and impact of corporate reorganization (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 05, 2022 GBP (£) | Feb. 09, 2021 GBP (£) £ / shares shares | Feb. 09, 2021 USD ($) | Feb. 01, 2021 £ / shares shares | Jan. 22, 2021 shares | Jul. 31, 2022 GBP (£) shares | Jul. 31, 2022 USD ($) shares | Dec. 31, 2022 £ / shares shares | Dec. 31, 2021 shares | Jul. 13, 2022 £ / shares shares | Feb. 09, 2021 $ / shares shares | |
Issued share [Abstract] | |||||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 6,414,412 | ||||||||||
Proceeds from shares issued | £ 116,812,000 | $ 140,000,000 | |||||||||
Underwriting discounts and commissions and other offering expenses | £ | £ 388,000 | ||||||||||
Percentage of valuation used for redemption | 150% | ||||||||||
Ordinary Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 3,733,333 | 3,733,333 | 20 | ||||||||
Share conversion rate | 1 | 1 | |||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 3,733,333 | 12,003,203 | |||||||||
Shares converted (in shares) | 6,250,000 | ||||||||||
Shares issued in initial public offering (in shares) | 3,733,333 | 3,733,333 | 20 | ||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 | ||||||||||
Share price (in pounds per share) | £ / shares | £ 0.002 | ||||||||||
IPO [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Proceeds from shares issued | £ | £ 210,985,000 | ||||||||||
ADS [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 2,000,000 | ||||||||||
Shares issued in initial public offering (in shares) | 2,000,000 | ||||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | ||||||||||
Proceeds from shares issued | £ 226,528,000 | $ 312,083,000 | |||||||||
Growth Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 0 | 0 | |||||||||
Shares converted (in shares) | 1,926,000 | ||||||||||
Non-voting Ordinary Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 1,733,333 | ||||||||||
Share conversion rate | 1 | ||||||||||
Shares converted (in shares) | 16,632,540 | 2,164,960 | |||||||||
Shares issued in initial public offering (in shares) | 1,733,333 | ||||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | ||||||||||
Deferred Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Share conversion rate | 3 | ||||||||||
Ordinary shares cancelled creating distributable reserve (in shares) | 0 | 0 | |||||||||
Shares converted (in shares) | 4,324,000 | ||||||||||
Immunocore Holdings Limited [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 100 | ||||||||||
Share conversion rate | 0.01 | 0.01 | 0.01 | 0.01 | |||||||
Shares issued in initial public offering (in shares) | 100 | ||||||||||
Share price (in pounds per share) | £ / shares | £ 0.002 | ||||||||||
Immunocore Holdings Limited [Member] | Ordinary Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 11,426,280 | 20 | 11,426,280 | ||||||||
Shares issued in initial public offering (in shares) | 11,426,280 | 20 | 11,426,280 | ||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | £ 0.0001 | |||||||||
Immunocore Holdings Limited [Member] | IPO [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Proceeds from shares issued | $ | 297,083,000 | ||||||||||
Underwriting discounts and commissions and other offering expenses | £ | £ 15,543,000 | ||||||||||
Immunocore Holdings Limited [Member] | ADS [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 576,923 | 576,923 | |||||||||
Shares issued in initial public offering (in shares) | 576,923 | 576,923 | |||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.002 | ||||||||||
Share price (in pounds per share) | $ / shares | $ 26 | ||||||||||
Proceeds from shares issued | $ | $ 15,000,000 | ||||||||||
Additional ADS issued (in shares) | 576,923 | 576,923 | |||||||||
Immunocore Holdings Limited [Member] | Non-voting Ordinary Shares [Member] | |||||||||||
Issued share [Abstract] | |||||||||||
Number of shares issued in exchange (in shares) | 20 | ||||||||||
Shares issued in initial public offering (in shares) | 20 | ||||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 |
Capital and reserves, Issued sh
Capital and reserves, Issued share capital (Details) - shares | 12 Months Ended | ||
Jan. 22, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Issued and Fully Paid Share Capital [Abstract] | |||
New shares issued for cash (in shares) | 6,414,412 | ||
Growth Shares [Member] | |||
Issued and Fully Paid Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 0 | 391 | |
Repurchased and cancelled (in shares) | 0 | (391) | |
New shares issued for cash (in shares) | 0 | 0 | |
Exercise of share options (in shares) | 0 | 0 | |
Number of shares outstanding at end of period (in shares) | 0 | 0 | |
Ordinary Shares [Member] | |||
Issued and Fully Paid Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 43,862,850 | 31,782,885 | |
Repurchased and cancelled (in shares) | 0 | 0 | |
New shares issued for cash (in shares) | 3,733,333 | 12,003,203 | |
Exercise of share options (in shares) | 492,163 | 76,762 | |
Number of shares outstanding at end of period (in shares) | 48,088,346 | 43,862,850 | |
Deferred Shares [Member] | |||
Issued and Fully Paid Share Capital [Abstract] | |||
Number of shares outstanding at beginning of period (in shares) | 5,793,501 | 5,793,501 | |
Repurchased and cancelled (in shares) | 0 | 0 | |
New shares issued for cash (in shares) | 0 | 0 | |
Exercise of share options (in shares) | 0 | 0 | |
Number of shares outstanding at end of period (in shares) | 5,793,501 | 5,793,501 |
Capital and reserves, Allotted
Capital and reserves, Allotted called up and fully paid (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allotted, Called Up and Fully Paid [Abstract] | ||
Number of shares allotted, called up and fully paid | £ 96,756 | £ 88,305 |
Ordinary Shares [Member] | ||
Allotted, Called Up and Fully Paid [Abstract] | ||
Number of shares allotted, called up and fully paid | 96,177 | 87,726 |
Deferred Shares [Member] | ||
Allotted, Called Up and Fully Paid [Abstract] | ||
Number of shares allotted, called up and fully paid | £ 579 | £ 579 |
Capital and reserves, Nature an
Capital and reserves, Nature and purpose of reserves (Details) | 12 Months Ended | |||||||
Feb. 01, 2021 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 GBP (£) £ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 GBP (£) | Feb. 03, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | |
Issued share [Abstract] | ||||||||
Aggregate nominal value of ordinary shares issued | £ | £ 88,000 | £ 97,000 | £ 150,000 | |||||
Expiry period | 5 years | |||||||
Nature and purpose of reserves [Abstract] | ||||||||
Dividends paid | $ | $ 0 | $ 0 | $ 0 | |||||
Dividends declared | $ | $ 0 | $ 0 | $ 0 | |||||
Growth Shares [Member] | ||||||||
Issued share [Abstract] | ||||||||
Repurchased and cancelled nominal shares (in shares) | 391 | |||||||
Nominal value of repurchased and cancelled shares (in pounds per share) | £ / shares | £ 0.0001 | |||||||
Shares converted (in shares) | 1,926,000 | |||||||
Nature and purpose of reserves [Abstract] | ||||||||
Treasury reserve | £ | £ 0 | £ 0 | £ 2,800,000 | |||||
Ordinary Shares [Member] | ||||||||
Issued share [Abstract] | ||||||||
Shares converted (in shares) | 6,250,000 | |||||||
Deferred shares [Member] | ||||||||
Issued share [Abstract] | ||||||||
Shares converted (in shares) | 4,324,000 | |||||||
Non-voting ordinary shares [Member] | ||||||||
Issued share [Abstract] | ||||||||
Shares converted (in shares) | 16,632,540 | 2,164,960 |
Non-current interest-bearing _3
Non-current interest-bearing loans and borrowings, Summary (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current interest-bearing loans and borrowings [Abstract] | ||
Long-term borrowings | £ 39,500 | £ 37,226 |
Total borrowings | £ 39,500 | £ 37,226 |
Non-current interest-bearing _4
Non-current interest-bearing loans and borrowings, Loan and security agreement (Details) £ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Nov. 08, 2022 GBP (£) | Nov. 08, 2022 USD ($) Tranche | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Jun. 30, 2024 GBP (£) | Jun. 30, 2024 USD ($) | Nov. 06, 2020 USD ($) Tranche | |
Interest-bearing loans and borrowings [Abstract] | ||||||||
Repayment of debt | £ | £ 43,509 | £ 0 | £ 0 | |||||
Borrowings outstanding | £ | £ 39,500 | £ 37,226 | ||||||
Oxford Finance Agreement [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 100,000 | |||||||
Repayment of debt | $ 50,000 | |||||||
Number of tranches | Tranche | 3 | |||||||
Oxford Finance Agreement, Tranche One [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings outstanding | $ 50,000 | |||||||
Pharmakon Loan Agreement [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 100,000 | |||||||
Payment of exit fee for loan agreement | £ | £ 3,280 | |||||||
Fixed interest rate | 0% | |||||||
Number of tranches | Tranche | 2 | |||||||
Pharmakon Loan Agreement [Member] | Forecast [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Further fee to be payable | £ 1,035 | $ 1,250 | ||||||
Pharmakon Loan Agreement, Tranche One [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 50,000 | |||||||
Repayment of debt | $ 50,000 | |||||||
Fixed interest rate | 9.75% | |||||||
Pharmakon Loan Agreement, Tranche Two [Member] | ||||||||
Interest-bearing loans and borrowings [Abstract] | ||||||||
Borrowings, maximum capacity | $ 50,000 |
Trade and other payables (Detai
Trade and other payables (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [Abstract] | ||
Trade payables | £ 11,716 | £ 7,499 |
Other taxation and social security | 927 | 532 |
Pension liability | 34 | 23 |
Accruals | 62,399 | 27,382 |
Trade and other payables | £ 75,076 | £ 35,436 |
Share-based payments, Share opt
Share-based payments, Share option plan (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 01, 2021 £ / shares shares | Mar. 31, 2020 $ / shares | Dec. 31, 2022 GBP (£) shares $ / shares £ / shares | Dec. 31, 2022 GBP (£) shares £ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2020 GBP (£) shares | Dec. 31, 2019 shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Jul. 31, 2022 shares | Feb. 09, 2021 £ / shares shares | Jan. 22, 2021 shares | |
Share-based payments awards [Abstract] | |||||||||||||
Share-based compensation arrangement by award vesting period | 4 years | ||||||||||||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||||||||||||
Vesting period | 3 years | ||||||||||||
Share-based compensation arrangement by award lapse period | 10 years | ||||||||||||
Share-based payments | £ | £ 27,054,000 | £ 35,861,000 | £ 8,162,000 | ||||||||||
Weighted average share price at grant date (in dollars per share) | $ / shares | $ 46.17 | $ 33.97 | $ 17.46 | ||||||||||
Weighted average exercise prices [Abstract] | |||||||||||||
Weighted average fair value of options granted | $ | $ 16,480 | $ 9,110 | $ 16,930 | ||||||||||
Growth Shares [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Shares converted (in shares) | 1,926,000 | ||||||||||||
Shares converted, consolidation of every 20 ordinary shares (in shares) | 312,500 | ||||||||||||
Incremental fair value of awards granted | £ | $ 325,000 | £ 325,000 | |||||||||||
Ordinary Shares [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Share conversion rate | 1 | 1 | 1 | 1 | |||||||||
Shares converted (in shares) | 6,250,000 | ||||||||||||
Shares issued in initial public offering (in shares) | 20 | 20 | 20 | 3,733,333 | |||||||||
Share price (in pounds per share) | £ / shares | $ 0.002 | £ 0.002 | |||||||||||
Par value per share (in pounds per share) | £ / shares | $ 0.0001 | £ 0.0001 | |||||||||||
Immunocore Holdings Limited [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Share conversion rate | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | ||||||||
Shares issued in initial public offering (in shares) | 100 | ||||||||||||
Share price (in pounds per share) | £ / shares | £ 0.002 | ||||||||||||
Immunocore Holdings Limited [Member] | Ordinary Shares [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Shares issued in initial public offering (in shares) | 20 | 11,426,280 | |||||||||||
Par value per share (in pounds per share) | £ / shares | £ 0.0001 | £ 0.002 | |||||||||||
Non-Executive Directors [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Share-based compensation arrangement by award vesting period | 1 year | ||||||||||||
Vesting period | 3 years | ||||||||||||
Awards granted (in shares) | 66,972 | ||||||||||||
Options vest in next twelve months (in shares) | 56,704 | ||||||||||||
Options vest in next three years (in shares) | 10,268 | ||||||||||||
Number of options [Abstract] | |||||||||||||
Awards granted (in shares) | 66,972 | ||||||||||||
Equity Incentive Plan [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Share-based compensation arrangement by award vesting period | 4 years | ||||||||||||
Share-based compensation arrangement by award vesting percentage | 0.25 | ||||||||||||
Vesting period | 3 years | ||||||||||||
Share conversion rate | 1 | 1 | 1 | ||||||||||
Shares converted (in shares) | 216,200 | ||||||||||||
Remaining shares converted (in shares) | 96,300 | ||||||||||||
Incremental fair value of awards granted , price per share (in dollars per share) | $ / shares | $ 3.84 | $ 5.19 | |||||||||||
Expected life (years) | 4 years | ||||||||||||
Awards granted (in shares) | 1,507,581 | 4,702,027 | 1,122,680 | ||||||||||
Number of options [Abstract] | |||||||||||||
Outstanding at beginning period (in shares) | 9,198,460 | 4,551,359 | 3,579,115 | ||||||||||
Awards granted (in shares) | 1,507,581 | 4,702,027 | 1,122,680 | ||||||||||
Awards exercised (in shares) | (492,163) | (76,762) | (13,880) | ||||||||||
Awards forfeited (in shares) | (320,634) | (290,664) | (136,556) | ||||||||||
Awards replaced with options (in shares) | 312,500 | ||||||||||||
Outstanding at ending period (in shares) | 9,893,244 | 9,198,460 | 4,551,359 | 3,579,115 | |||||||||
Exercisable at ending period (in shares) | 4,967,607 | 4,967,607 | 4,967,607 | ||||||||||
Weighted average exercise prices [Abstract] | |||||||||||||
Outstanding at beginning period (in dollars per share) | $ / shares | $ 22.31 | $ 17.16 | 36.26 | ||||||||||
Awards granted (in dollars per share) | $ / shares | $ 17.46 | 27.5 | 26.56 | 17.46 | $ 40.93 | ||||||||
Awards exercised (in dollars per share) | $ / shares | 19.72 | 17.01 | 5.98 | ||||||||||
Awards forfeited (in dollars per share) | $ / shares | 26.41 | 31.24 | 22.29 | ||||||||||
Awards replaced with options (in dollars per share) | $ / shares | 38.72 | ||||||||||||
Outstanding at period end (in dollars per share) | $ / shares | 23.1 | $ 22.31 | $ 17.16 | $ 36.26 | |||||||||
Exercisable at ending period (in dollars per share) | $ / shares | $ 20.97 | ||||||||||||
Equity Incentive Plan [Member] | Growth Shares [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Shares converted (in shares) | 6,250,000 | ||||||||||||
Share Option Plan, Jan 2021 [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Exercise price (in dollars per share) | $ / shares | 17.46 | ||||||||||||
Weighted average share price at grant date (in dollars per share) | $ / shares | 26 | ||||||||||||
Expected life (years) | 3 years | ||||||||||||
Expected volatility | 90% | ||||||||||||
Risk free rate | (0.13%) | ||||||||||||
Share Option Plan, March 2020 [Member] | |||||||||||||
Share-based payments awards [Abstract] | |||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 17.46 | ||||||||||||
Expected life (years) | 1 year 7 months 6 days | ||||||||||||
Expected volatility | 93% | ||||||||||||
Risk free rate | 0.11% |
Share-based payments, Growth sh
Share-based payments, Growth share plan (Details) - Growth share plan [Member] | 12 Months Ended | |
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of options [Abstract] | ||
Outstanding at beginning period (in shares) | shares | 0 | 314,456 |
Awards forfeited (in shares) | shares | (1,956) | |
Awards replaced with options (in shares) | shares | (312,500) | |
Outstanding at ending period (in shares) | shares | 0 | 0 |
Weighted average exercise prices [Abstract] | ||
Outstanding at beginning period (in dollars per share) | $ / shares | $ 0 | $ 37.53 |
Awards forfeited (in dollars per share) | $ / shares | 40.95 | |
Awards replaced with options (in dollars per share) | $ / shares | 37.49 | |
Outstanding at period end (in dollars per share) | $ / shares | $ 0 | $ 0 |
Share-based payments, Exercise
Share-based payments, Exercise prices and weighted average remaining contractual life (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) £ / shares | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Summary of exercisable [Abstract] | ||||
Number of options | $ | $ 16,930 | $ 16,480 | $ 9,110 | |
Equity Incentive Plan [Member] | Range one [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 11.83 | |||
Number of options | £ | £ 221,258 | |||
Weighted average remaining contractual life | 2 years 3 months 18 days | |||
Equity Incentive Plan [Member] | Range two [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 17.46 | |||
Number of options | £ | 3,790,348 | |||
Weighted average remaining contractual life | 6 years 3 months 18 days | |||
Equity Incentive Plan [Member] | Range three [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 24.66 | |||
Number of options | £ | 1,122,956 | |||
Weighted average remaining contractual life | 9 years 1 month 6 days | |||
Equity Incentive Plan [Member] | Range four [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 25.83 | |||
Number of options | £ | 56,704 | |||
Weighted average remaining contractual life | 9 years 4 months 24 days | |||
Equity Incentive Plan [Member] | Range five [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 26 | |||
Number of options | £ | 4,077,400 | |||
Weighted average remaining contractual life | 8 years 1 month 6 days | |||
Equity Incentive Plan [Member] | Range six [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 29.87 | |||
Number of options | £ | 113,559 | |||
Weighted average remaining contractual life | 9 years 3 months 18 days | |||
Equity Incentive Plan [Member] | Range seven [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 32.98 | |||
Number of options | £ | 16,545 | |||
Weighted average remaining contractual life | 3 years 1 month 6 days | |||
Equity Incentive Plan [Member] | Range eight [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 34.44 | |||
Number of options | £ | 10,268 | |||
Weighted average remaining contractual life | 9 years 6 months | |||
Equity Incentive Plan [Member] | Range nine [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 34.83 | |||
Number of options | £ | 28,800 | |||
Weighted average remaining contractual life | 9 years | |||
Equity Incentive Plan [Member] | Range ten [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 36.79 | |||
Number of options | £ | 144,875 | |||
Weighted average remaining contractual life | 8 years 9 months 18 days | |||
Equity Incentive Plan [Member] | Range eleven [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 37.25 | |||
Number of options | £ | 2,100 | |||
Weighted average remaining contractual life | 9 years 6 months | |||
Equity Incentive Plan [Member] | Range twelve [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 39.02 | |||
Number of options | £ | 3,000 | |||
Weighted average remaining contractual life | 8 years 6 months | |||
Equity Incentive Plan [Member] | Range thirteen [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 40.93 | |||
Number of options | £ | 64,965 | |||
Weighted average remaining contractual life | 6 years 10 months 24 days | |||
Equity Incentive Plan [Member] | Range fourteen [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 41.74 | |||
Number of options | £ | 42,223 | |||
Weighted average remaining contractual life | 8 years 3 months 18 days | |||
Equity Incentive Plan [Member] | Range fifteen [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 46.39 | |||
Number of options | £ | 56,415 | |||
Weighted average remaining contractual life | 8 years 1 month 6 days | |||
Equity Incentive Plan [Member] | Range sixteen [Member] | ||||
Summary of exercisable [Abstract] | ||||
Exercise price (in pounds per share) | £ / shares | $ 46.86 | |||
Number of options | £ | £ 141,828 | |||
Weighted average remaining contractual life | 9 years 9 months 18 days |
Share-based payments, Awards gr
Share-based payments, Awards granted under the share option plan assumptions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 46.17 | $ 33.97 | $ 17.46 |
Fair value (in dollars per share) | $ 16,930 | $ 16,480 | $ 9,110 |
Equity Incentive Plan [Member] | |||
Option pricing model share options granted [Abstract] | |||
Expected life (years) | 4 years | ||
Equity Incentive Plan [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 24.66 | $ 26 | |
Exercise price (in dollars per share) | $ 24.66 | $ 26 | |
Expected volatility | 73.02% | 83.88% | |
Expected life (years) | 4 years | ||
Risk free rate | 1.12% | 0.05% | |
Fair value (in dollars per share) | $ 15.1 | $ 16.16 | |
Equity Incentive Plan [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 46.86 | $ 41.74 | |
Exercise price (in dollars per share) | $ 46.86 | $ 41.74 | |
Expected volatility | 87.81% | 88.76% | |
Expected life (years) | 5 years | ||
Risk free rate | 4.12% | 0.52% | |
Fair value (in dollars per share) | $ 29.41 | $ 26.18 | |
Share option plan, Apr-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 17.46 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 79% | ||
Expected life (years) | 3 years | ||
Risk free rate | 0.03% | ||
Fair value (in dollars per share) | $ 8.84 | ||
Share option plan, Jun-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 17.46 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 85% | ||
Expected life (years) | 3 years | ||
Share option plan, Jun-20 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Risk free rate | 0.02% | ||
Fair value (in dollars per share) | $ 9.36 | ||
Share option plan, Jun-20 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Risk free rate | (0.03%) | ||
Fair value (in dollars per share) | $ 9.37 | ||
Share option plan, Oct-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 17.46 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 87% | ||
Expected life (years) | 3 years | ||
Risk free rate | (0.07%) | ||
Fair value (in dollars per share) | $ 9.59 | ||
Share option plan, Nov-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 17.46 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 87% | ||
Expected life (years) | 3 years | ||
Risk free rate | (0.01%) | ||
Fair value (in dollars per share) | $ 9.55 | ||
Share option plan, May-19 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 40.93 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 67% | ||
Fair value (in dollars per share) | $ 3.26 | ||
Share option plan, May-19 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Expected life (years) | 1 year 10 months 24 days | ||
Risk free rate | 0.69% | ||
Share option plan, May-19 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Expected life (years) | 3 years | ||
Risk free rate | 0.71% | ||
Share option plan, Apr-17 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 40.93 | ||
Exercise price (in dollars per share) | 40.93 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 65% | ||
Expected life (years) | 5 years | ||
Risk free rate | 0.42% | ||
Fair value (in dollars per share) | $ 22 | ||
Share option plan, 2016 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 38.2 | ||
Hurdle rate (in dollars per share) | $ 0 | ||
Expected volatility | 60% | ||
Expected life (years) | 5 years | ||
Share option plan, 2016 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in dollars per share) | $ 11.83 | ||
Risk free rate | 0.62% | ||
Fair value (in dollars per share) | $ 21.06 | ||
Share option plan, 2016 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Exercise price (in dollars per share) | $ 40.93 | ||
Risk free rate | 1.41% | ||
Fair value (in dollars per share) | $ 29.45 | ||
Growth Share Plan, Apr-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | $ 0 | ||
Expected volatility | 91% | ||
Expected life (years) | 1 year | ||
Risk free rate | 0.03% | ||
Growth Share Plan, Apr-20 [Member] | Bottom of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in dollars per share) | $ 17.46 | ||
Fair value (in dollars per share) | $ 0.58 | ||
Growth Share Plan, Apr-20 [Member] | Top of Range [Member] | |||
Option pricing model share options granted [Abstract] | |||
Hurdle rate (in dollars per share) | $ 46.39 | ||
Fair value (in dollars per share) | $ 1.92 | ||
Growth Share Plan, Jun-20 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 17.46 | ||
Exercise price (in dollars per share) | 0 | ||
Hurdle rate (in dollars per share) | $ 17.46 | ||
Expected volatility | 102% | ||
Expected life (years) | 1 year | ||
Risk free rate | (0.02%) | ||
Fair value (in dollars per share) | $ 1.92 | ||
Growth Share Plan, Apr-17 [Member] | |||
Option pricing model share options granted [Abstract] | |||
Share price at grant date (in dollars per share) | $ 40.93 | ||
Exercise price (in dollars per share) | 0 | ||
Hurdle rate (in dollars per share) | $ 46.39 | ||
Expected volatility | 65% | ||
Expected life (years) | 2 years 8 months 12 days | ||
Risk free rate | 0.15% | ||
Fair value (in dollars per share) | $ 15.98 |
Financial instruments, Carrying
Financial instruments, Carrying amounts of financial assets and liabilities (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets at amortized cost [Abstract] | ||
Total financial assets | £ 1,078 | £ 951 |
Financial liabilities at amortized cost [Abstract] | ||
Total financial liabilities | 40,979 | 37,226 |
Financial liabilities at amortised cost, class [member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Total financial liabilities | 144,931 | 99,272 |
Trade and Other Payables [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Current financial liabilities | 74,149 | 35,436 |
Lease Liabilities [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Current financial liabilities | 1,555 | 1,255 |
Non-current Accruals [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Non-current financial liabilities | 1,479 | 0 |
Interest-Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Non-current financial liabilities | 39,500 | 37,226 |
Non-current Lease Liabilities [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Non-current financial liabilities | 28,248 | 25,355 |
Financial assets at amortised cost, class [member] | ||
Financial assets at amortized cost [Abstract] | ||
Total financial assets | 362,122 | 244,884 |
Cash and Cash Equivalents [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Current financial assets | 332,539 | 237,886 |
Trade Receivables [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Current financial assets | 27,736 | 6,047 |
Prepayments and Accrued Income [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Current financial assets | 769 | 0 |
Long-term Security Deposits [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Non-current financial assets | 941 | 786 |
Other [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Non-current financial assets | £ 137 | £ 165 |
Financial instruments, Contract
Financial instruments, Contractual maturities of financial assets and liabilities (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Liquidity risk [Abstract] | |||||
Proceeds from agreement | £ 39,500,000 | £ 37,226,000 | |||
Credit risk [Abstract] | |||||
Trade receivables | 27,736,000 | 6,047,000 | |||
Cash and cash equivalents | 332,539,000 | 237,886,000 | £ 129,716,000 | £ 73,966,000 | |
Liquidity Risk [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 115,128,000 | 69,619,000 | |||
Liquidity Risk [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 74,149,000 | ||||
Liquidity Risk [Member] | Trade Payables [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 32,393,000 | ||||
Liquidity Risk [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 1,479,000 | ||||
Liquidity Risk [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 39,500,000 | 37,226,000 | |||
Liquidity Risk [Member] | Financial Liabilities Contractual Cash Flows [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 136,866,000 | 69,619,000 | |||
Liquidity Risk [Member] | Financial Liabilities Contractual Cash Flows [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 74,149,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Cash Flows [Member] | Trade Payables [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 32,393,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Cash Flows [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 1,479,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Cash Flows [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 61,238,000 | 37,226,000 | |||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity One Year or Less [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 78,233,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity One Year or Less [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 74,149,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity One Year or Less [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity One Year or Less [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 4,084,000 | ||||
Liquidity Risk [Member] | Financial liabilities contractual maturity one to three years [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 10,691,000 | 32,393,000 | |||
Liquidity Risk [Member] | Financial liabilities contractual maturity one to three years [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial liabilities contractual maturity one to three years [Member] | Trade Payables [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 32,393,000 | ||||
Liquidity Risk [Member] | Financial liabilities contractual maturity one to three years [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 1,479,000 | ||||
Liquidity Risk [Member] | Financial liabilities contractual maturity one to three years [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 9,212,000 | 0 | |||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity three to five years [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 32,068,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity three to five years [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity three to five years [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity three to five years [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 32,068,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity greater than five years [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 15,874,000 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity greater than five years [Member] | Trade Payables and Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity greater than five years [Member] | Non-current Accruals [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | 0 | ||||
Liquidity Risk [Member] | Financial Liabilities Contractual Maturity greater than five years [Member] | Interest Bearing Loans and Borrowings [Member] | |||||
Financial liabilities [Abstract] | |||||
Financial liabilities | £ 15,874,000 | ||||
Liquidity Risk [Member] | Pharmakon Loan Agreement, Tranche One [Member] | |||||
Liquidity risk [Abstract] | |||||
Proceeds from agreement | $ | $ 50 | ||||
Maturity date for monthly payments of principal and interest | Nov. 30, 2028 | ||||
Liquidity Risk [Member] | Top of Range [Member] | |||||
Liquidity risk [Abstract] | |||||
Financial liabilities maturity of contractual cash flows | 1 year | ||||
Credit Risk [member] | |||||
Credit risk [Abstract] | |||||
Trade receivables | £ 27,736,000 | 4,194,000 | |||
Cash and cash equivalents | £ 332,539,000 | £ 237,886,000 |
Financial instruments, Interest
Financial instruments, Interest risk (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Oxford Finance Agreement [Member] | LIBOR [Member] | ||
Interest risk [Abstract] | ||
Borrowings, interest rate | 8.85% | 8.85% |
Oxford Finance Agreement [Member] | LIBOR [Member] | Bottom of Range [Member] | ||
Interest risk [Abstract] | ||
Borrowings, interest rate | 9.01% | 9.01% |
Oxford Finance Agreement [Member] | LIBOR [Member] | Top of Range [Member] | ||
Interest risk [Abstract] | ||
Borrowings, interest rate | 12.01% | 12.01% |
Pharmakon loan agreement [Member] | ||
Interest risk [Abstract] | ||
Borrowings, interest rate | 0% | |
Interest Rate Risk [Member] | ||
Financial assets [Abstract] | ||
Financial assets | £ 332,539,000 | £ 237,886,000 |
Financial liabilities [Abstract] | ||
Financial liabilities | 0 | 37,226,000 |
Interest Rate Risk [Member] | Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities [Abstract] | ||
Financial liabilities | 0 | 37,226,000 |
Interest Rate Risk [Member] | Cash and Cash Equivalents [Member] | ||
Financial assets [Abstract] | ||
Financial assets | 332,539,000 | 237,886,000 |
Bank of England Base Rate + 0.5% Percentage Points [Member] | ||
Interest risk [Abstract] | ||
Increase (decrease) net annual interest income | 1,663,000 | 1,189,000 |
Bank of England Base Rate - 0.5% Percentage Points [Member] | ||
Interest risk [Abstract] | ||
Increase (decrease) net annual interest income | £ (1,663,000) | £ (1,189,000) |
Financial instruments, Financia
Financial instruments, Financial assets and liabilities in foreign currency risk (Details) - GBP (£) | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets at amortized cost [Abstract] | ||
Financial assets | £ 1,078,000 | £ 951,000 |
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 40,979,000 | 37,226,000 |
Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 39,500,000 | 37,226,000 |
Foreign Currency Risk [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 257,717,000 | 138,563,000 |
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 96,657,000 | 68,989,000 |
Foreign Currency Risk [Member] | Cash and Cash Equivalents [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 229,981,000 | 134,935,000 |
Foreign Currency Risk [Member] | Trade and Other Receivables [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 27,736,000 | 3,628,000 |
Foreign Currency Risk [Member] | Trade Payables [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 7,099,000 | 15,589,000 |
Foreign Currency Risk [Member] | Accruals [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 50,058,000 | 16,174,000 |
Foreign Currency Risk [Member] | Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 39,500,000 | 37,226,000 |
5% Point Increase [Member] | ||
Foreign currency risk [Abstract] | ||
Net financial assets and liabilities, carrying value | 6,735,000 | 2,598,000 |
5% Point Decrease [Member] | ||
Foreign currency risk [Abstract] | ||
Net financial assets and liabilities, carrying value | £ (6,735,000) | £ (2,598,000) |
Financial instruments, Disclosu
Financial instruments, Disclosure of financial assets and liabilities (Details) - GBP (£) £ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets at amortized cost [Abstract] | ||
Financial assets | £ 1,078 | £ 951 |
Financial assets, at fair value | 1,078 | 951 |
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 40,979 | 37,226 |
Financial liabilities, at fair value | 40,801 | 37,226 |
Non-current Financial Assets and Other Receivables [Member] | ||
Financial assets at amortized cost [Abstract] | ||
Financial assets | 1,078 | 951 |
Financial assets, at fair value | 1,078 | 951 |
Non-current Accruals [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 1,479 | 0 |
Financial liabilities, at fair value | 1,479 | 0 |
Interest Bearing Loans and Borrowings [Member] | ||
Financial liabilities at amortized cost [Abstract] | ||
Financial liabilities | 39,500 | 37,226 |
Financial liabilities, at fair value | £ 39,322 | £ 37,226 |
Financial instruments, Intere_2
Financial instruments, Interest-bearing loans and borrowings (Details) £ in Thousands, $ in Millions | 12 Months Ended | ||||
Nov. 08, 2022 USD ($) Loan Tranche | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Nov. 06, 2020 USD ($) Tranche | |
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings | £ | £ 39,500 | £ 37,226 | |||
Repayment of debt | £ | £ 43,509 | £ 0 | £ 0 | ||
Pharmakon Loan Agreement [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, maximum capacity | $ 100 | ||||
Number of tranches | Tranche | 2 | ||||
Borrowings, interest rate | 0% | ||||
Pharmakon Loan Agreement, Tranche One [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, maximum capacity | $ 50 | ||||
Borrowings, interest rate | 9.75% | ||||
Maturity date of term loan | Nov. 30, 2028 | ||||
Repayment of debt | $ 50 | ||||
Pharmakon Loan Agreement, Tranche Two [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, maximum capacity | 50 | ||||
Borrowings, minimum draw capacity | $ 25 | ||||
Pharmakon Loan Agreement, Tranche Two [Member] | Bottom of Range [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Number of term loans | Loan | 1 | ||||
Pharmakon Loan Agreement, Tranche Two [Member] | Top of Range [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Number of term loans | Loan | 2 | ||||
Oxford Finance Agreement [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, maximum capacity | $ 100 | ||||
Number of tranches | Tranche | 3 | ||||
Repayment of debt | $ 50 | ||||
Oxford Finance Agreement [Member] | LIBOR [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, interest rate | 8.85% | 8.85% | |||
Oxford Finance Agreement [Member] | LIBOR [Member] | Bottom of Range [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, interest rate | 9.01% | 9.01% | |||
Oxford Finance Agreement [Member] | LIBOR [Member] | Top of Range [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings, interest rate | 12.01% | 12.01% | |||
Oxford Finance Agreement, Tranche One [Member] | |||||
Financial liabilities: interest-bearing loans and borrowings [Abstract] | |||||
Borrowings | $ 50 |
Financial instruments, Other no
Financial instruments, Other non-current financial assets (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other non-current financial assets [Abstract] | ||
Lease security deposit for buildings | £ 941,000 | £ 786,000 |
Other Non-current Financial Assets [Member] | ||
Other non-current financial assets [Abstract] | ||
Lease security deposit for buildings | 941,000 | £ 786,000 |
Legal settlement | £ 137,000 |
Financial instruments, Changes
Financial instruments, Changes in liabilities arising from financing activities (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in liabilities arising from financing activities [abstract] | |||
Loss on derecognition of financial liabilities measured at amortized cost | £ 1,393,000 | £ 0 | £ 0 |
Non-current loans | 3,623,000 | 4,147,000 | 291,000 |
Proceeds from agreement | 39,500,000 | 37,226,000 | |
Lease liabilities | 29,803,000 | 26,610,000 | |
Repayment of lease liabilities | 3,208,000 | 3,159,000 | 4,426,000 |
Interest on lease liabilities | 1,796,000 | 1,732,000 | 2,401,000 |
Lease remeasurements | (1,710,000) | £ (970,000) | |
Bottom of Range [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Non-current loans | 2,274,000 | ||
Top of Range [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Non-current loans | 39,500,000 | ||
Leasehold Properties [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Increase (decrease) in lease liabilities | 2,575,000 | ||
Lease liabilities | 3,193,000 | ||
Pharmakon Loan Agreement [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | 3,280,000 | ||
Loss on derecognition of financial liabilities measured at amortized cost | 1,393,000 | ||
Borrowings, interest rate | 0% | ||
Oxford Finance and Pharmakon [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Foreign currency losses | £ 4,387,000 | ||
Interest Bearing Loans and Borrowings [Member] | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities from financing activities | £ 37,226,000 | £ 36,654,000 |
Post-employment benefit plans (
Post-employment benefit plans (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [Abstract] | |||
Unpaid contributions outstanding | £ 5,000 | £ 23,000 | £ 2,000 |
Total plan expense, current period | £ 1,355,000 | £ 1,001,000 | £ 1,035,000 |
Commitments and contingencies_2
Commitments and contingencies (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contractual obligations [Abstract] | ||
Lease liabilities - existing | £ 49,033 | £ 43,760 |
Lease liabilities - contingent | 1,126 | 1,122 |
Manufacturing | 10,934 | 1,108 |
Other | 859 | |
Intangible commitments | 826 | |
Capital commitments | 1,058 | 75 |
Total contractual obligations | 63,836 | 46,065 |
Manufacturing commitments expected to be incurred | 9,337 | |
Contingent liability | 1,126 | 1,122 |
Less than 1 year [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 3,504 | 2,947 |
Lease liabilities - contingent | 107 | 57 |
Manufacturing | 9,337 | 919 |
Other | 421 | |
Intangible commitments | 826 | |
Capital commitments | 1,058 | 75 |
Total contractual obligations | 15,253 | 3,998 |
1-3 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 5,898 | 5,407 |
Lease liabilities - contingent | 429 | 840 |
Manufacturing | 1,597 | 189 |
Other | 438 | |
Intangible commitments | 0 | |
Capital commitments | 0 | 0 |
Total contractual obligations | 8,362 | 6,436 |
3-5 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 5,741 | 4,959 |
Lease liabilities - contingent | 429 | 225 |
Manufacturing | 0 | 0 |
Other | 0 | |
Intangible commitments | 0 | |
Capital commitments | 0 | 0 |
Total contractual obligations | 6,170 | 5,184 |
5-10 years [member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 14,893 | 12,533 |
Lease liabilities - contingent | 161 | 0 |
Manufacturing | 0 | 0 |
Other | 0 | |
Intangible commitments | 0 | |
Capital commitments | 0 | 0 |
Total contractual obligations | 15,054 | 12,533 |
10-15 years [member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 15,045 | 13,172 |
Lease liabilities - contingent | 0 | 0 |
Manufacturing | 0 | 0 |
Other | 0 | |
Intangible commitments | 0 | |
Capital commitments | 0 | 0 |
Total contractual obligations | 15,045 | 13,172 |
More than 15 years [Member] | ||
Contractual obligations [Abstract] | ||
Lease liabilities - existing | 3,952 | 4,742 |
Lease liabilities - contingent | 0 | 0 |
Manufacturing | 0 | 0 |
Other | 0 | |
Intangible commitments | 0 | |
Capital commitments | 0 | 0 |
Total contractual obligations | £ 3,952 | £ 4,742 |
Related party disclosures (Deta
Related party disclosures (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Key management personnel [Abstract] | |||
Short-term employee benefits | £ 3,065,000 | £ 2,222,000 | £ 3,421,000 |
Share-based payment | 20,137,000 | 25,813,000 | 5,602,000 |
Total remuneration | 23,202,000 | 28,035,000 | £ 9,023,000 |
Pension contributions, included in short-term employee benefits | £ 41,000 | £ 29,000 |