Immunocore (IMCR) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39992
Entity Registrant Name	Immunocore Holdings plc
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
Country Region	+44
City Area Code	1235
Local Phone Number	438600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,032,770
Entity Central Index Key	0001671927
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
American depositary shares
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 shares
Entity Listings [Line Items]
Title of 12(b) Security	Ordinary Share, nominal value £0.002 per share*
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 537,767	$ 442,626
Marketable securities	363,515	0
Accounts receivable, net	63,659	52,093
Prepaid expenses and other current assets	36,446	29,600
Inventory, net	4,518	4,501
Total current assets	1,005,905	528,820
Property and equipment, net	9,160	9,215
Operating lease right of use assets, net	39,672	33,520
Deferred tax assets, net	12,663	10,973
Other non-current assets	17,238	14,473
Total assets	1,084,638	597,001
Current liabilities
Accounts payable	19,721	17,798
Accrued expenses and other current liabilities	197,224	119,835
Operating lease liabilities, current	1,097	1,388
Interest-bearing loans and borrowings, current	48,207	0
Total current liabilities	266,249	139,021
Accrued expenses, non-current	3,006	978
Deferred revenue, non-current	5,797	5,515
Operating lease liabilities, non-current	41,271	34,633
Interest-bearing loans and borrowings, non-current	390,488	48,011
Total liabilities	706,811	228,158
Shareholders’ equity
Ordinary shares (voting and non-voting), £0.002 par value, most recent authority to allot up to a maximum nominal value of £97,454 and £109,355 shares as of September 30, 2024 and December 31, 2023, respectively, and 50,025,620 and 49,725,649 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.	135	134
Deferred shares, £0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023.	1	1
Additional paid-in capital	1,180,854	1,149,643
Accumulated deficit	(771,990)	(744,674)
Accumulated other comprehensive loss	(31,173)	(36,261)
Total shareholders' equity	377,827	368,843
Total liabilities and shareholders' equity	$ 1,084,638	$ 597,001

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - GBP (£)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in pounds per share)	£ 0.002	£ 0.002
Authority to allot up to maximum nominal value	£ 97,454	£ 109,355
Common stock, shares issued (in shares)	50,025,620	49,725,649
Common stock, shares outstanding (in shares)	50,025,620	49,725,649
Deferred shares, par value (in pounds per share)	£ 0.0001	£ 0.0001
Deferred stock, shares authorized (in shares)	5,793,501	5,793,501
Deferred stock, shares issued (in shares)	5,793,501	5,793,501
Deferred stock, shares outstanding (in shares)	5,793,501	5,793,501

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 80,248	$ 64,850	$ 226,150	$ 179,266
Cost and operating expenses:
Cost of product revenue	(448)	(276)	(2,401)	(837)
Research and development expense	(52,770)	(43,249)	(161,301)	(117,980)
Selling, general and administrative expense	(35,532)	(35,469)	(113,457)	(103,046)
Loss from operations	(8,502)	(14,144)	(51,009)	(42,597)
Other income (expense):
Interest income	5,960	5,142	20,445	12,546
Interest expense	(4,290)	(1,321)	(11,806)	(3,845)
Foreign currency gain (loss)	3,963	11,246	1,049	(647)
Other income (expense), net	8,962	(192)	13,205	(706)
Net income (loss) before income taxes	6,093	731	(28,116)	(35,249)
Income tax benefit (expense)	2,643	175	800	(308)
Net income (loss)	8,736	906	(27,316)	(35,557)
Other comprehensive income (loss):
Exchange differences on translation of foreign operations	3,247	(14,951)	5,088	(746)
Total comprehensive income (loss)	$ 11,983	$ (14,045)	$ (22,228)	$ (36,303)
Basic net loss per share (in USD per share)	$ 0.17	$ 0.02	$ (0.55)	$ (0.73)
Diluted net loss per share (in USD per share)	$ 0.17	$ 0.02	$ (0.55)	$ (0.73)
Basic weighted-average number of shares outstanding (in shares)	50,021,939	49,134,037	49,971,267	48,671,732
Diluted weighted-average number of shares outstanding (in shares)	52,808,434	54,158,967	49,971,267	48,671,732
Product revenue, net
Revenue:
Total revenue	$ 80,248	$ 62,629	$ 225,937	$ 171,142
Collaboration revenue
Revenue:
Total revenue	$ 0	$ 2,221	$ 213	$ 8,124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Deferred Shares	Additional Paid-in Capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2022		48,088,346	5,793,501
Beginning balance at Dec. 31, 2022	$ 338,903	$ 129	$ 1	$ 1,082,833	$ (689,387)	$ (54,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(19,449)				(19,449)
Other comprehensive income	7,434					7,434
Exercise of share options (in shares)		291,063
Exercise of share options	6,158	$ 1		6,157
Share-based compensation expense	8,258			8,258
Ending balance (in shares) at Mar. 31, 2023		48,379,409	5,793,501
Ending balance at Mar. 31, 2023	341,304	$ 130	$ 1	1,097,248	(708,836)	(47,239)
Beginning balance (in shares) at Dec. 31, 2022		48,088,346	5,793,501
Beginning balance at Dec. 31, 2022	338,903	$ 129	$ 1	1,082,833	(689,387)	(54,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(35,557)
Ending balance (in shares) at Sep. 30, 2023		50,291,259	5,793,501
Ending balance at Sep. 30, 2023	355,970	$ 133	$ 1	1,136,199	(724,944)	(55,419)
Beginning balance (in shares) at Mar. 31, 2023		48,379,409	5,793,501
Beginning balance at Mar. 31, 2023	341,304	$ 130	$ 1	1,097,248	(708,836)	(47,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(17,014)				(17,014)
Other comprehensive income	6,771					6,771
Exercise of share options (in shares)		561,940
Exercise of share options	11,558	$ 2		11,556
Share-based compensation expense	8,821			8,821
Ending balance (in shares) at Jun. 30, 2023		48,941,349	5,793,501
Ending balance at Jun. 30, 2023	351,440	$ 132	$ 1	1,117,625	(725,850)	(40,468)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	906				906
Other comprehensive income	(14,951)					(14,951)
Exercise of share options (in shares)		1,349,910
Exercise of share options	10,376	$ 1		10,375
Share-based compensation expense	8,199			8,199
Ending balance (in shares) at Sep. 30, 2023		50,291,259	5,793,501
Ending balance at Sep. 30, 2023	$ 355,970	$ 133	$ 1	1,136,199	(724,944)	(55,419)
Beginning balance (in shares) at Dec. 31, 2023	49,725,649	49,725,649	5,793,501
Beginning balance at Dec. 31, 2023	$ 368,843	$ 134	$ 1	1,149,643	(744,674)	(36,261)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(24,436)				(24,436)
Other comprehensive income	897					897
Exercise of share options (in shares)		280,436
Exercise of share options	5,213	$ 1		5,212
Share-based compensation expense	9,017			9,017
Ending balance (in shares) at Mar. 31, 2024		50,006,085	5,793,501
Ending balance at Mar. 31, 2024	$ 359,534	$ 135	$ 1	1,163,872	(769,110)	(35,364)
Beginning balance (in shares) at Dec. 31, 2023	49,725,649	49,725,649	5,793,501
Beginning balance at Dec. 31, 2023	$ 368,843	$ 134	$ 1	1,149,643	(744,674)	(36,261)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ (27,316)
Exercise of share options (in shares)	299,971
Ending balance (in shares) at Sep. 30, 2024	50,025,620	50,025,620	5,793,501
Ending balance at Sep. 30, 2024	$ 377,827	$ 135	$ 1	1,180,854	(771,990)	(31,173)
Beginning balance (in shares) at Mar. 31, 2024		50,006,085	5,793,501
Beginning balance at Mar. 31, 2024	359,534	$ 135	$ 1	1,163,872	(769,110)	(35,364)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(11,616)				(11,616)
Other comprehensive income	944					944
Exercise of share options (in shares)		11,521
Exercise of share options	297			297
Share-based compensation expense	9,978			9,978
Ending balance (in shares) at Jun. 30, 2024		50,017,606	5,793,501
Ending balance at Jun. 30, 2024	359,137	$ 135	$ 1	1,174,147	(780,726)	(34,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,736				8,736
Other comprehensive income	3,247					3,247
Exercise of share options (in shares)		8,014
Exercise of share options	198			198
Share-based compensation expense	$ 6,509			6,509
Ending balance (in shares) at Sep. 30, 2024	50,025,620	50,025,620	5,793,501
Ending balance at Sep. 30, 2024	$ 377,827	$ 135	$ 1	$ 1,180,854	$ (771,990)	$ (31,173)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 8,736	$ (24,436)	$ 906	$ (19,449)	$ (27,316)	$ (35,557)
Adjustments for:
Share-based compensation expense					25,523	25,278
Depreciation					3,038	3,058
Unrealized foreign exchange gains, net					(3,982)	(9)
Unrealized gains on marketable securities					(13,515)	0	$ 0
Non-cash lease expense					1,352	1,210
Other					1,535	197
Changes in assets and liabilities:
Increase in accounts receivable					(11,053)	(7,647)
(Increase) decrease in prepayments and other current assets					(5,910)	18,050
Increase (decrease) in accounts payable					1,388	(1,130)
Increase in accrued expenses					72,728	23,109
Decrease in deferred revenue					(1)	(6,010)
(Decrease) increase in operating lease liabilities					(1,208)	645
Increase in other operating assets					(4,515)	(2,676)
Increase in other operating liabilities					1,948	2,155
Net cash provided by operating activities					40,012	20,673
Cash flows from investing activities
Purchase of marketable securities					(350,000)	0
Purchase of property and equipment					(1,589)	(4,608)
Net cash used in investing activities					(351,589)	(4,608)
Cash flows from financing activities
Proceeds from issue of convertible senior notes					402,500	0
Payments for debt issuance costs					(13,358)	0
Proceeds from exercise of share options					6,250	28,092
Net cash provided by financing activities					395,392	28,092
Increase in net cash and cash equivalents					83,815	44,157
Net foreign exchange difference on cash held					11,326	(2,491)
Cash and cash equivalents at beginning of period		$ 442,626		$ 402,472	442,626	402,472	402,472
Cash and cash equivalents at end of period	$ 537,767		$ 444,138		537,767	444,138	$ 442,626
Supplemental disclosure of cash flow and non-cash information
Cash received for interest, net					7,285	5,703
Cash paid for income taxes, net					(352)	(220)
Purchases of property and equipment in accounts payable					$ 840	$ 65

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Description of business Immunocore Holdings plc (collectively with its subsidiaries, 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 with operations based primarily in the United Kingdom and United States. The Company is pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging its proprietary, flexible, off-the-shelf ImmTAX (Immune mobilizing monoclonal TCRs Against X disease) platform, the Company’s pipeline includes nine active clinical and preclinical programs in oncology, infectious diseases, and autoimmune diseases. In January and April 2022, the Company 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 and has subsequently received approvals in further territories, and the Company continues to launch and seek approvals in additional territories. KIMMTRAK is now approved in 38 countries and the Company has commercially launched the product in the United States, Germany and France, among other territories.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), for interim financial reporting and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information required for the full annual financial statements and should be read in conjunction with the annual consolidated financial statements of the Company for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), on February 28, 2024 ("Annual Report"). The accompanying condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. In the opinion of management, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal and recurring adjustments. Certain information and footnote disclosures have been condensed or omitted as permitted under U.S. GAAP. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP 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 condensed 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 Company’s control. Actual results could differ from those estimates. Estimates are primarily made in relation to revenue recognition, estimation of operating lease incremental borrowing rates, share-based compensation expense, clinical accruals, and deferred tax asset valuation allowances. Significant accounting policies With the exception of the below polices, the significant accounting policies used in the preparation of these condensed consolidated financial statements as of and for the three and nine months ended September 30, 2024 are consistent with those described in No te 2. "Summary of Significant Accounting Policies" in the Company’s Annual Report. Collaboration and supply agreements In February 2024, the Company entered into a clinical trial collaboration and supply agreement with Bristol Myers Squibb ("BMS"), to investigate the Company’s ImmTAC bispecific TCR candidate targeting PRAME HLA-A02, brenetafusp (IMC-F106C), in combination with BMS’s nivolumab, in first-line advanced cutaneous melanoma (the "BMS Agreement"). Under the terms of the BMS Agreement, the Company is sponsoring and funding the registrational Phase 3 clinical trial of brenetafusp in combination with nivolumab in first-line advanced cutaneous melanoma (PRISM-MEL-301), and BMS is providing nivolumab. Both parties will own the study data produced in the clinical trial, other than study data related solely to nivolumab, which will belong solely to BMS, or study data related solely to brenetafusp, which will belong solely to the Company. Given the terms of the BMS Agreement, the Company concluded that it is not within the scope of ASC 808 or ASC 606. Any relevant costs arising from the clinical trial are expensed as incurred and recorded in research and development expenses. The Company announced the randomization of the first patient in the PRISM-MEL 301 trial in June 2024. There has been no impact to the condensed consolidated financial statements as of September 30, 2024 relating to the Company’s collaboration with BMS. Convertible senior notes The Company issued 2.5% Convertible Senior Notes due in 2030 in February 2024 (the "Notes"), and evaluated to determine whether they contain features that qualify as embedded derivatives in accordance with ASC 815. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract and the features of the derivatives. In accounting for the issuance of the Notes, the Company treats the instrument wholly as a liability, in accordance with ASC 470, as the conversion features do not require bifurcation as a derivative in accordance with ASC 815 and the Notes were not issued at a substantial premium. Costs directly associated with the borrowing have been capitalized and are netted against the corresponding debt liabilities in the Company’s Condensed Consolidated Balance Sheets at issuance and amortized over the contractual term of the convertible debt instrument using the effective interest rate method. See Note 5. “Current and non-current interest-bearing loans and borrowings” for additional information. Foreign currencies The reporting currency of the Company is the U.S. dollar. Effective January 1, 2024, the Company’s ultimate parent adopted the U.S. dollar as its functional currency. Prior to January 1, 2024, the functional currency of the Company’s ultimate parent was the British pound sterling. The functional currency of the Company’s ultimate parent and each subsidiary is based on the currency of the economic environment in which they operate. The change in functional currency of the Company’s ultimate parent is due to a change in the economic facts and circumstances of the entity due to the increased exposure to the U.S. dollar primarily as a result of the increased cash flows related to financing and investing activities that are now expected to occur going forward in this entity. The effect of the change in functional currency for the Company’s ultimate parent was applied prospectively in the Condensed Consolidated Financial Statements effective January 1, 2024. Upon consolidation, assets and liabilities of each subsidiary with a functional currency that differs to the Company’s ultimate parent are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars using average exchange rates for each reporting period. Translation adjustments are reflected as other comprehensive income (loss). Marketable securities Marketable securities consist of investment funds which are measured and reported at fair value determined using quoted market prices. The investment funds are primarily invested in U.S. investment-grade debt securities, including asset-backed and mortgage-backed securities. Marketable securities are available to the Company for use in current operations and are classified as current assets. Gains and losses from marketable securities are recognized in Other income (expense), net. Fair value measurements Where financial and non-financial assets and liabilities are measured at fair value, the Company 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. As of September 30, 2024 and December 31, 2023, the Company held $410.2 million and $331.0 million, respectively, of money market funds required to be measured at fair value on a recurring basis within cash and cash equivalents. In addition, as of September 30, 2024 and December 31, 2023, the Company held $363.5 million and $0 of marketable securities, respectively, including unrealized gains of $13.5 million and $0, respectively. The fair value of these cash equivalents and marketable securities is based on quoted prices from active markets (Level 1 inputs). Other financial instruments, although not recorded at fair value on a recurring basis, include cash, accounts receivable, accounts payable and debt obligations. The fair value of borrowings under the Notes and Pharmakon Loan Agreement (disclosed in Note 5. “Current and non-current interest-bearing loans and borrowings”) were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments. After initial recognition, borrowings are measured at amortized cost using the effective interest method. Recently issued and recently adopted accounting pronouncements In March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue During the three and nine months ended September 30, 2024, the Company recognized $80.2 million and $225.9 million, respectively, (2023: $62.6 million and $171.1 million, respectively) of net product revenue relating to the sale of KIMMTRAK primarily in the United States and Europe after estimated deductions for rebates, chargebacks and returns, which are recognized in Accrued expenses and other current liabilities as set out in the Company’s accounting policies included in the Annual Report. Product revenue, net from the sale of KIMMTRAK is presented by country / region based on the location of the end customer below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 57,268 $ 43,441 $ 162,900 $ 120,722 Europe 21,098 18,937 55,454 49,293 International 1,882 251 7,583 1,127 Total product revenue, net $ 80,248 $ 62,629 $ 225,937 $ 171,142 Product revenue, net for the three and nine months ended September 30, 2024 included $2.8 million and $10.1 million respectively (2023: $0.6 million and $2.6 million, respectively), of partnered revenue under the Company's agreement with Medison Pharma Ltd ("Medison"), and such revenue is split between its European and international markets. Accounts receivable from contracts with customers Accounts receivable as of September 30, 2024 and December 31, 2023 was $63.7 million and $52.1 million, respectively. An allowance for lifetime expected credit losses on accounts receivable is measured using historical credit loss experience, conditions at the end of each reporting period, and reasonable and supportable forecasts that affect collectability. Expected credit losses as of September 30, 2024 and December 31, 2023 were immaterial. Accruals for rebates, chargebacks and returns Current and non-current accruals for rebates, chargebacks and returns as of September 30, 2024 were as follows (in thousands): Rebates Chargebacks Returns Total As of December 31, 2023 $ 63,957 $ 2,031 $ 738 $ 66,726 Provisions related to sales in the period 69,463 22,844 898 93,205 Adjustments related to sales in prior periods 12,642 — — 12,642 Credits and payments made (14,557) (23,172) (1,271) (39,000) As of September 30, 2024 $ 131,505 $ 1,703 $ 365 $ 133,573 Included in the above are non-current accruals for rebates, chargebacks and returns of $2.3 million and $0 as of September 30, 2024 and December 31, 2023, respectively, which are not expected to be paid in the twelve months from the balance sheet date. For accruals for rebates, chargebacks and returns reported as of December 31, 2023 where the uncertainty remains unresolved, additional information in the three and nine months ended September 30, 2024 resulted in a change in estimate of $1.4 million and $12.6 million, respectively, net increase to the Company’s total accrued revenue deductions as of September 30, 2024. Deferred revenue

Accrued expenses and other curr

Accrued expenses and other current liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Rebates, chargebacks and returns $ 131,243 $ 66,726 Clinical accruals 40,448 22,459 Employee related expenses 12,322 11,598 Commercial services 3,449 6,900 Contract manufacturing 3,436 4,356 Other taxation and social security 962 1,807 Other accruals 5,364 5,989 $ 197,224 $ 119,835 See Note 3. “Revenue” for a breakdown of rebates, chargebacks and returns.

Current and non-current interes

Current and non-current interest-bearing loans and borrowings	9 Months Ended
	Sep. 30, 2024
Long-Term Debt, Excluding Current Maturities [Abstract]
Current and non-current interest-bearing loans and borrowings	Current and non-current interest-bearing loans and borrowings Current and non-current interest-bearing loans and borrowings consisted of the following as of September 30, 2024 (in thousands): Fair Value Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount Amount Level Convertible senior notes $ 402,500 $ (12,012) $ 390,488 $ 347,438 Level 2 Pharmakon loan 50,000 (1,793) 48,207 55,293 Level 2 Current and non-current interest-bearing loans and borrowings consisted of the following as of December 31, 2023 (in thousands): Fair Value Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount Amount Level Convertible senior notes $ — $ — $ — $ — Not applicable Pharmakon loan 50,000 (1,989) 48,011 46,100 Level 2 Interest expense consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible senior notes Coupon interest $ 2,890 $ — $ 6,997 $ — Amortization of debt issuance costs 511 — 1,343 — Pharmakon loan 889 1,321 3,466 3,845 Total interest expense $ 4,290 $ 1,321 $ 11,806 $ 3,845 On February 2, 2024, the Company completed a private offering (the "Offering") of $402.5 million aggregate principal amount of Notes, including the exercise in full of the initial purchasers’ option to purchase up to an additional $52.5 million principal amount of Notes. The Notes were issued pursuant to an indenture, dated February 2, 2024 (the "Indenture") between the Company and U.S. Bank Trust Company, National Association, as trustee. The Company’s net proceeds from the Offering of the Notes were $389.1 million, after deducting issuance costs of $13.4 million. The Notes are senior, unsecured obligations of the Company and will mature on February 1, 2030, unless earlier converted, redeemed or repurchased. The Notes will accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024, at a rate of 2.50% per year. L ender fees and issuance costs incurred with the Notes were $13.4 million and are being amortized as interest expense on an effective interest rate method over the expected life of the Notes, through February 2030, at an effective interest rate of 3.06%. Holders may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date. The Notes have an initial conversion rate of 10.5601 American Depositary Shares ("ADSs") per $1,000 principal amount of the Notes, which will be subject to anti-dilution adjustments in certain circumstances. This represented an initial conversion price of $94.70 per ADS. The number of shares that would be issuable assuming conversion of all of the Notes is 5,950,600 (assuming the maximum increase to the conversion rate in connection with a “make-whole fundamental change” (as defined in the Indenture)). Upon conversion, the Notes may be settled in shares of the Company’s ordinary shares, cash or a combination of cash and shares of the Company’s ordinary shares, at the Company’s election. Upon the occurrence of a make-whole fundamental change (as defined in the Indenture), the Company may, in certain circumstances, be required to increase the conversion rate by a number of additional shares for a holder that elects to convert its Notes in connection with such make-whole fundamental change. The Company may not redeem the Notes prior to February 5, 2027, except in the event of certain tax law changes as described below and in the Indenture. The Company may redeem for cash all or any portion of the Notes (subject to the partial redemption limitation described in the Indenture), at its option, on or after February 5, 2027 if the last reported sale price of the ADSs has been at least 130% of the conversion price for the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of optional redemption, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the optional redemption date. If, as a result of certain changes in the law of any relevant tax jurisdiction, the Company would be required to pay additional amounts (as defined in the Indenture) on the Notes, the Company may redeem the Notes in whole, but not in part, at a tax redemption price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the tax redemption date and all additional amounts, if any, which otherwise would be payable to the date of tax redemption. Upon the Company giving notice of a tax redemption, a holder may elect not to have its Notes redeemed, in which case the holder would not be entitled to receive any additional amounts with respect to its Notes after the tax redemption date. If the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. On November 8, 2022, the Company entered into the Pharmakon loan agreement (the "Pharmakon Loan Agreement"), providing for term loans to the Company in an aggregate principal amount of up to $100 million to be funded in two tranches. The first tranche of $50 million bears interest at a fixed rate of 9.75%, which is payable quarterly in arrears, with payments commencing in 2023. The Company was required to pay a further fee of $1.25 million by June 2024, regardless of whether it elected to draw down on the second $50 million tranche under the Pharmakon Loan Agreement. The Company elected not to exercise the option to draw down the second tranche and made the payment of $1.25 million in the three months ended June 30, 2024. The Company intends to use a portion of its cash and cash equivalents to repay in full the loan outstanding under the Pharmakon Loan Agreement during the three months ending December 31, 2024. While the principal amount outstanding under the Pharmakon Loan Agreement is not yet due for repayment, we have classified the outstanding loan amount within current liabilities in the Condensed Consolidated Balance Sheet as of September 30, 2024, to reflect our intention to repay the loan. The Company has pledged its total assets of $1,084.6 million, presented in the Condensed Consolidated Balance Sheet as of September 30, 2024, as collateral for the $50 million loan drawn down under the Pharmakon Loan Agreement. In the event the Company is unable to repay the loan, the pledged assets may instead be used to repay the outstanding amount of loan and interest. The Company’s borrowings under the Pharmakon Loan Agreement, contain customary representations and warranties and customary affirmative and negative covenants, including limitations on the Company’s ability to dispose of assets, enter into merger, consolidation or acquisition transactions, and incur additional debt. The Company monitors these covenants and is in compliance as of the date of this Quarterly Report. As of September 30, 2024, the contractual future principal payments due were as follows (in thousands): 2024 $ - 2025 - 2026 6,250 2027 25,000 2028 18,750 2029 and thereafter 402,500 Total principal payments $ 452,500 Less: debt issuance costs (13,805) Total interest-bearing loans and borrowings $ 438,695

Share-based compensation

Share-based compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation Under the Company’s Equity Incentive Plan ("EIP"), the Company may grant market value options, share appreciation rights or restricted shares, restricted share units, performance share units and other share-based awards to the Company’s employees. The Company’s board members and consultants are eligible to receive awards under the Company’s non-employee sub-plan to the EIP. Awards may be granted at such times as the Company may determine, but will generally be granted annually following the end of the financial year. Awards vest at such times and as specified in the award agreement, typically being over a four-year period although the Company retains the discretion to provide for other vesting schedules. If the participant violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, the right of the participant to receive these shares on vesting shall terminate immediately. The Company maintains discretion over the type and terms of equity awards granted. All awards lapse on the tenth anniversary from the date of grant, and they are not subject to performance conditions or entitled to dividends. The Company has reserved 5,589,797 authorized shares for future issuance under the EIP. The following table shows the total share-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 1,819 $ 1,717 $ 5,971 $ 5,254 Selling, general and administrative $ 4,740 $ 6,482 $ 19,552 $ 20,024 Share option activity The number and weighted average exercise prices of share options were as follows: Number of Share Options (#) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2023 8,967,882 $ 27.06 7.1 years $ 369,976 Awards granted 1,033,541 67.00 Awards exercised (299,971) 19.06 Awards forfeited / cancelled (50,734) (47.39) Outstanding as of September 30, 2024 9,650,718 $ 31.48 6.7 years $ — Exercisable as of September 30, 2024 7,033,644 $ 24.68 6.2 years $ 34,693 As of September 30, 2024, total unrecognized compensation expense related to share options granted but not vested was $29.1 million, which the Company expects to recognize over a remaining weighted-average period of 1.7 years. Awards granted in the three and nine months ended September 30, 2024 and 2023 have been valued using the Black-Scholes option pricing model. The assumptions used in the models for share options granted during the three and nine months ended September 30, 2024 and 2023, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Share price at grant date $33.89 $59.45 $33.89 - $70.50 $48.38 - $64.53 Exercise price $33.89 $59.45 $33.89 - $70.50 $48.38 - $64.53 Expected volatility 55.42% 70.46% 55.24% - 66.17% 70.46% - 72.05% Expected life 5.5 years 5 years 5 years - 5.5 years 5 years Risk free rate 4.44% 4.19% 3.93% - 4.56% 3.52% - 4.19% Fair value $18.53 $36.48 $18.53 - $40.47 $29.51 - $39.92

Basic and diluted net loss per

Basic and diluted net loss per share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Basic and diluted net loss per share	Basic and diluted net income (loss) per share Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 8,736 $ 906 $ (27,316) $ (35,557) Basic weighted-average number of shares outstanding 50,021,939 49,134,037 49,971,267 48,671,732 Adjustment for stock options with dilutive effect 2,786,495 5,024,930 — — Diluted weighted-average number of shares outstanding 52,808,434 54,158,967 49,971,267 48,671,732 Basic net income (loss) per share $ 0.17 $ 0.02 $ (0.55) $ (0.73) Diluted net income (loss) per share $ 0.17 $ 0.02 $ (0.55) $ (0.73) A total of 9,650,718 shares issuable upon the exercise of outstanding share options as of September 30, 2024 (September 30, 2023: 9,251,830), have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect for the nine months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, there were 2,222,171 and 902,650, respectively, shares issuable upon the exercise of options granted under the Company’s option plans excluded from the calculation for diluted earnings per share, because they are considered to be anti-dilutive. For the three and nine months ended September 30, 2024, shares issuable upon the potential conversion of all of the Notes (as defined in Note 5. “Current and non-current interest-bearing loans and borrowings”) were excluded from the calculation of diluted income (loss) per share because they were anti-dilutive. Diluted earnings per share for the Notes is calculated under the if-converted method in accordance with ASC 260, Earnings Per Share.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Income tax benefit (expense) is recognized at an amount determined by multiplying the net income (loss) before income taxes for the interim reporting period by the Company’s estimated annual effective tax rate, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the condensed consolidated financial statements may differ from the Company’s estimate of the effective tax rate for the Company’s consolidated financial statements for the year ending December 31, 2024. The Company’s consolidated estimated effective tax rate for the nine months ended September 30, 2024 w as 2.8%. During the nine months ended September 30, 2024, the Company recorded a tax benefit of $0.8 million, comp ared to a tax charge for the nine months ended September 30, 2023 of $0.3 million. The Company continues to benefit from the U.K. large company, Research & Development Expenditure Credit ("RDEC") regime which can generate a cash rebate of up t o 15% of qualifying research and development expenditures incurred after April 1, 2023. Tax credits receivable under the RDEC regime are recorded "above the line" as a reduction from research and development expenses. For the three and nine months ended September 30, 2024 , the Company excluded the United Kingdom from the calculation of the annual estimated tax rate as the Company anticipates an ordinary loss in this jurisdiction for which no tax benefit can be recognized. A net deferred tax asset o f $12.7 m illion has been recognized as of September 30, 2024 ( December 31, 2023 : $11.0 million) primarily representing research and development credits and share-based compensation for one of the Company’s U.S. subsidiaries, Immunocore LLC, following an annual assessment, or periodically as required, 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.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Lease commitments The maturities of operating lease liabilities as of September 30, 2024 were as follows (in thousands): 2024 $ 679 2025 4,382 2026 4,644 2027 4,543 2028 4,823 2029 and thereafter 50,102 Total lease payments 69,173 Less imputed interest (26,805) Present value of operating lease liabilities $ 42,368 Manufacturing commitments The Company enters into a number of manufacturing commitments for the future purchase of materials and contract manufacturing services. While the majority of such contracts can be cancelled on reasonable notice, due to the significant ongoing expenditure associated with the Company’s programs, including brenetafusp, the Company estimates it has noncancellable commitments in relation to the development and supply of product candidates totaling $26.0 million, the majority of which are estimated to be paid within the next twelve months. Legal proceedings

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 8,736	$ (11,616)	$ (24,436)	$ 906	$ (17,014)	$ (19,449)	$ (27,316)	$ (35,557)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), for interim financial reporting and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information required for the full annual financial statements and should be read in conjunction with the annual consolidated financial statements of the Company for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), on February 28, 2024 ("Annual Report"). The accompanying condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. In the opinion of management, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal and recurring adjustments. Certain information and footnote disclosures have been condensed or omitted as permitted under U.S. GAAP. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.
Use of estimates	Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP 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 condensed 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 Company’s control. Actual results could differ from those estimates. Estimates are primarily made in relation to revenue recognition, estimation of operating lease incremental borrowing rates, share-based compensation expense, clinical accruals, and deferred tax asset valuation allowances.
Collaboration and supply agreements	Collaboration and supply agreements In February 2024, the Company entered into a clinical trial collaboration and supply agreement with Bristol Myers Squibb ("BMS"), to investigate the Company’s ImmTAC bispecific TCR candidate targeting PRAME HLA-A02, brenetafusp (IMC-F106C), in combination with BMS’s nivolumab, in first-line advanced cutaneous melanoma (the "BMS Agreement"). Under the terms of the BMS Agreement, the Company is sponsoring and funding the registrational Phase 3 clinical trial of brenetafusp in combination with nivolumab in first-line advanced cutaneous melanoma (PRISM-MEL-301), and BMS is providing nivolumab. Both parties will own the study data produced in the clinical trial, other than study data related solely to nivolumab, which will belong solely to BMS, or study data related solely to brenetafusp, which will belong solely to the Company. Given the terms of the BMS Agreement, the Company concluded that it is not within the scope of ASC 808 or ASC 606. Any relevant costs arising from the clinical trial are expensed as incurred and recorded in research and development expenses. The Company announced the randomization of the first patient in the PRISM-MEL 301 trial in June 2024. There has been no impact to the condensed consolidated financial statements as of September 30, 2024 relating to the Company’s collaboration with BMS.
Convertible senior notes	Convertible senior notes The Company issued 2.5% Convertible Senior Notes due in 2030 in February 2024 (the "Notes"), and evaluated to determine whether they contain features that qualify as embedded derivatives in accordance with ASC 815. Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract and the features of the derivatives. In accounting for the issuance of the Notes, the Company treats the instrument wholly as a liability, in accordance with ASC 470, as the conversion features do not require bifurcation as a derivative in accordance with ASC 815 and the Notes were not issued at a substantial premium. Costs directly associated with the borrowing have been capitalized and are netted against the corresponding debt liabilities in the Company’s Condensed Consolidated Balance Sheets at issuance and amortized over the contractual term of the convertible debt instrument using the effective interest rate method. See Note 5. “Current and non-current interest-bearing loans and borrowings” for additional information.
Foreign currencies	Foreign currencies The reporting currency of the Company is the U.S. dollar. Effective January 1, 2024, the Company’s ultimate parent adopted the U.S. dollar as its functional currency. Prior to January 1, 2024, the functional currency of the Company’s ultimate parent was the British pound sterling. The functional currency of the Company’s ultimate parent and each subsidiary is based on the currency of the economic environment in which they operate. The change in functional currency of the Company’s ultimate parent is due to a change in the economic facts and circumstances of the entity due to the increased exposure to the U.S. dollar primarily as a result of the increased cash flows related to financing and investing activities that are now expected to occur going forward in this entity. The effect of the change in functional currency for the Company’s ultimate parent was applied prospectively in the Condensed Consolidated Financial Statements effective January 1, 2024.
Marketable securities	Marketable securities
Fair value measurements	Fair value measurements Where financial and non-financial assets and liabilities are measured at fair value, the Company 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. As of September 30, 2024 and December 31, 2023, the Company held $410.2 million and $331.0 million, respectively, of money market funds required to be measured at fair value on a recurring basis within cash and cash equivalents. In addition, as of September 30, 2024 and December 31, 2023, the Company held $363.5 million and $0 of marketable securities, respectively, including unrealized gains of $13.5 million and $0, respectively. The fair value of these cash equivalents and marketable securities is based on quoted prices from active markets (Level 1 inputs). Other financial instruments, although not recorded at fair value on a recurring basis, include cash, accounts receivable, accounts payable and debt obligations. The fair value of borrowings under the Notes and Pharmakon Loan Agreement (disclosed in Note 5. “Current and non-current interest-bearing loans and borrowings”) were based on Level 2 inputs, which include observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of debt instruments. After initial recognition, borrowings are measured at amortized cost using the effective interest method.
Recently issued and recently adopted accounting pronouncements	Recently issued and recently adopted accounting pronouncements In March 2024, the SEC issued Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Country/Region Based on Location of Customer	Product revenue, net from the sale of KIMMTRAK is presented by country / region based on the location of the end customer below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 57,268 $ 43,441 $ 162,900 $ 120,722 Europe 21,098 18,937 55,454 49,293 International 1,882 251 7,583 1,127 Total product revenue, net $ 80,248 $ 62,629 $ 225,937 $ 171,142
Schedule of Accruals for Rebates, Chargebacks and Returns	Current and non-current accruals for rebates, chargebacks and returns as of September 30, 2024 were as follows (in thousands): Rebates Chargebacks Returns Total As of December 31, 2023 $ 63,957 $ 2,031 $ 738 $ 66,726 Provisions related to sales in the period 69,463 22,844 898 93,205 Adjustments related to sales in prior periods 12,642 — — 12,642 Credits and payments made (14,557) (23,172) (1,271) (39,000) As of September 30, 2024 $ 131,505 $ 1,703 $ 365 $ 133,573

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Rebates, chargebacks and returns $ 131,243 $ 66,726 Clinical accruals 40,448 22,459 Employee related expenses 12,322 11,598 Commercial services 3,449 6,900 Contract manufacturing 3,436 4,356 Other taxation and social security 962 1,807 Other accruals 5,364 5,989 $ 197,224 $ 119,835

Current and non-current inter_2

Current and non-current interest-bearing loans and borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Long-Term Debt, Excluding Current Maturities [Abstract]
Schedule of current and non-current Interest-Bearing Loans and Borrowings	Current and non-current interest-bearing loans and borrowings consisted of the following as of September 30, 2024 (in thousands): Fair Value Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount Amount Level Convertible senior notes $ 402,500 $ (12,012) $ 390,488 $ 347,438 Level 2 Pharmakon loan 50,000 (1,793) 48,207 55,293 Level 2 Current and non-current interest-bearing loans and borrowings consisted of the following as of December 31, 2023 (in thousands): Fair Value Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount Amount Level Convertible senior notes $ — $ — $ — $ — Not applicable Pharmakon loan 50,000 (1,989) 48,011 46,100 Level 2
Schedule of Interest Expense	Interest expense consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Convertible senior notes Coupon interest $ 2,890 $ — $ 6,997 $ — Amortization of debt issuance costs 511 — 1,343 — Pharmakon loan 889 1,321 3,466 3,845 Total interest expense $ 4,290 $ 1,321 $ 11,806 $ 3,845
Future Principal Payments Due	As of September 30, 2024, the contractual future principal payments due were as follows (in thousands): 2024 $ - 2025 - 2026 6,250 2027 25,000 2028 18,750 2029 and thereafter 402,500 Total principal payments $ 452,500 Less: debt issuance costs (13,805) Total interest-bearing loans and borrowings $ 438,695

Share-based compensation (Table

Share-based compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense Recorded in Consolidated Statements of Operations and Comprehensive Loss	The following table shows the total share-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 1,819 $ 1,717 $ 5,971 $ 5,254 Selling, general and administrative $ 4,740 $ 6,482 $ 19,552 $ 20,024
Schedule of Number and Weighted Average Exercise Prices of Share Options Activity	The number and weighted average exercise prices of share options were as follows: Number of Share Options (#) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2023 8,967,882 $ 27.06 7.1 years $ 369,976 Awards granted 1,033,541 67.00 Awards exercised (299,971) 19.06 Awards forfeited / cancelled (50,734) (47.39) Outstanding as of September 30, 2024 9,650,718 $ 31.48 6.7 years $ — Exercisable as of September 30, 2024 7,033,644 $ 24.68 6.2 years $ 34,693
Schedule of Assumptions used in Determining Fair Value of Stock Options	Awards granted in the three and nine months ended September 30, 2024 and 2023 have been valued using the Black-Scholes option pricing model. The assumptions used in the models for share options granted during the three and nine months ended September 30, 2024 and 2023, were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Share price at grant date $33.89 $59.45 $33.89 - $70.50 $48.38 - $64.53 Exercise price $33.89 $59.45 $33.89 - $70.50 $48.38 - $64.53 Expected volatility 55.42% 70.46% 55.24% - 66.17% 70.46% - 72.05% Expected life 5.5 years 5 years 5 years - 5.5 years 5 years Risk free rate 4.44% 4.19% 3.93% - 4.56% 3.52% - 4.19% Fair value $18.53 $36.48 $18.53 - $40.47 $29.51 - $39.92

Basic and diluted net loss pe_2

Basic and diluted net loss per share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 8,736 $ 906 $ (27,316) $ (35,557) Basic weighted-average number of shares outstanding 50,021,939 49,134,037 49,971,267 48,671,732 Adjustment for stock options with dilutive effect 2,786,495 5,024,930 — — Diluted weighted-average number of shares outstanding 52,808,434 54,158,967 49,971,267 48,671,732 Basic net income (loss) per share $ 0.17 $ 0.02 $ (0.55) $ (0.73) Diluted net income (loss) per share $ 0.17 $ 0.02 $ (0.55) $ (0.73)

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Maturities of Operating Lease Liabilities	The maturities of operating lease liabilities as of September 30, 2024 were as follows (in thousands): 2024 $ 679 2025 4,382 2026 4,644 2027 4,543 2028 4,823 2029 and thereafter 50,102 Total lease payments 69,173 Less imputed interest (26,805) Present value of operating lease liabilities $ 42,368

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2024 program Country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of active clinical and pre-clinical program developed by organization | program	9
Number of countries KIMMTRAK is approved | Country	38

Summary of Significant Accoun_3

Summary of Significant Accounting Policies, Convertible Senior Notes (Details)	Feb. 02, 2024
2.50% convertible senior notes due 2030
Convertible Senior Notes [Abstract]
Interest rate on notes	2.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies, Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Marketable securities	$ 363,515		$ 0
Marketable security unrealized gain	13,515	$ 0	0
Fair value on a recurring basis | Money market funds
Fair Value Disclosures [Abstract]
Assets at fair value	$ 410,200		$ 331,000

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Total revenue	$ 80,248	$ 64,850	$ 226,150	$ 179,266
Non-current accruals for rebates, chargebacks and returns	2,300		2,300		$ 0
Adjustments related to sales in prior periods	1,400		12,642
Deferred revenue, non-current	5,797		5,797		5,515
Accounts receivable
Revenue, Major Customer [Line Items]
Accounts receivable	63,700		63,700		52,100
Medison
Revenue, Major Customer [Line Items]
Deferred revenue, non-current	5,000		5,000		$ 5,000
Product revenue, net
Revenue, Major Customer [Line Items]
Total revenue	80,248	62,629	225,937	171,142
Product revenue, net | Medison
Revenue, Major Customer [Line Items]
Total revenue	$ 2,800	$ 2,600	$ 10,100	$ 600

Revenue - Schedule of Schedule

Revenue - Schedule of Schedule of Revenue by Region Based on Location of Customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Total revenue	$ 80,248	$ 64,850	$ 226,150	$ 179,266
Product revenue, net
Revenue, Major Customer [Line Items]
Total revenue	80,248	62,629	225,937	171,142
Product revenue, net | United States
Revenue, Major Customer [Line Items]
Total revenue	57,268	43,441	162,900	120,722
Product revenue, net | Europe
Revenue, Major Customer [Line Items]
Total revenue	21,098	18,937	55,454	49,293
Product revenue, net | International
Revenue, Major Customer [Line Items]
Total revenue	$ 1,882	$ 251	$ 7,583	$ 1,127

Revenue - Schedule of Accruals

Revenue - Schedule of Accruals for Rebates, Chargebacks and Returns (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Accruals for Rebates and Chargebacks [Roll Forward]
As of December 31, 2023		$ 66,726
Provisions related to sales in the period		93,205
Adjustments related to sales in prior periods	$ 1,400	12,642
Credits and payments made		(39,000)
As of September 30, 2024	133,573	133,573
Rebates
Accruals for Rebates and Chargebacks [Roll Forward]
As of December 31, 2023		63,957
Provisions related to sales in the period		69,463
Adjustments related to sales in prior periods		12,642
Credits and payments made		(14,557)
As of September 30, 2024	131,505	131,505
Chargebacks
Accruals for Rebates and Chargebacks [Roll Forward]
As of December 31, 2023		2,031
Provisions related to sales in the period		22,844
Adjustments related to sales in prior periods		0
Credits and payments made		(23,172)
As of September 30, 2024	1,703	1,703
Returns
Accruals for Rebates and Chargebacks [Roll Forward]
As of December 31, 2023		738
Provisions related to sales in the period		898
Adjustments related to sales in prior periods		0
Credits and payments made		(1,271)
As of September 30, 2024	$ 365	$ 365

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Rebates, chargebacks and returns	$ 131,243	$ 66,726
Clinical accruals	40,448	22,459
Employee related expenses	12,322	11,598
Commercial services	3,449	6,900
Contract manufacturing	3,436	4,356
Other taxation and social security	962	1,807
Other accruals	5,364	5,989
Accrued expenses and other current liabilities	$ 197,224	$ 119,835

Current and non-current inter_3

Current and non-current interest-bearing loans and borrowings - Schedule of current and non-current interest-bearing loans and borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Feb. 02, 2024	Dec. 31, 2023
Current and Non-current Interest-Bearing Loans and Borrowings [Abstract]
Interest-bearing loans and borrowings, non-current	$ 390,488		$ 48,011
Convertible senior notes
Current and Non-current Interest-Bearing Loans and Borrowings [Abstract]
Interest-bearing loans and borrowings, non-current			0
Fair Value			0
Convertible senior notes | Convertible debt
Current and Non-current Interest-Bearing Loans and Borrowings [Abstract]
Principal Amount	402,500	$ 402,500	0
Unamortized Debt Issuance Costs	(12,012)		0
Interest-bearing loans and borrowings, non-current	390,488
Fair Value	347,438
Pharmakon loan
Current and Non-current Interest-Bearing Loans and Borrowings [Abstract]
Interest-bearing loans and borrowings, non-current			48,011
Fair Value			46,100
Pharmakon loan | Loans payable
Current and Non-current Interest-Bearing Loans and Borrowings [Abstract]
Principal Amount	50,000		50,000
Unamortized Debt Issuance Costs	(1,793)		$ (1,989)
Interest-bearing loans and borrowings, non-current	48,207
Fair Value	$ 55,293

Current and non-current inter_4

Current and non-current interest-bearing loans and borrowings - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total interest expense	$ 4,290	$ 1,321	$ 11,806	$ 3,845
Convertible senior notes
Debt Instrument [Line Items]
Coupon interest	2,890	0	6,997	0
Amortization of debt issuance costs	511	0	1,343	0
Pharmakon loan
Debt Instrument [Line Items]
Coupon interest	$ 889	$ 1,321	$ 3,466	$ 3,845

Current and non-current inter_5

Current and non-current interest-bearing loans and borrowings - Narrative (Details)			3 Months Ended	9 Months Ended
	Feb. 02, 2024 USD ($)	Nov. 08, 2022 USD ($) tranch	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) d shares $ / shares	Dec. 31, 2023 USD ($)
Convertible debt | Convertible senior notes
Debt Instrument [Line Items]
Principal Amount	$ 402,500,000			$ 402,500,000	$ 0
Option to purchase additional notes	52,500,000
Net proceeds from the offering	389,100,000
Lender fees and issuance costs	$ 13,400,000
Interest rate on notes	2.50%			3.06%
Conversion ratio	10.5601
Debt instrument converted amount				$ 1,000
Conversion price (in USD per share) | $ / shares				$ 94.70
Convertible number of equity instruments (in shares) | shares				5,950,600
Threshold percentage of stock price trigger				130%
Threshold trading days | d				20
Threshold consecutive trading days | d				30
Percentage of redemption price principal amount				100%
Line of credit | Pharmakon loan
Debt Instrument [Line Items]
Borrowing maximum amount		$ 100,000,000
Number of tranches in which loans funded | tranch		2
Further fee payable			$ 1,250,000
Line of credit | Pharmakon loan, first tranche
Debt Instrument [Line Items]
Borrowing maximum amount		$ 50,000,000
Long term borrowing fixed interest rate		9.75%
Line of credit | Pharmakon loan, second tranche
Debt Instrument [Line Items]
Borrowing maximum amount		$ 50,000,000
Total assets pledge				$ 1,084,600,000
Proceeds from long-term lines of credit				$ 50,000,000

Current and non-current inter_6

Current and non-current interest-bearing loans and borrowings - Future Principal Payments Due (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Maturities of Long-Term Debt [Abstract]
2024	$ 0
2025	0
2026	6,250
2027	25,000
2028	18,750
2029 and thereafter	402,500
Total principal payments	452,500
Less: debt issuance costs	(13,805)
Total principal payments	$ 438,695

Share-based compensation - Narr

Share-based compensation - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares
Employee stock option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized share-based compensation cost | $	$ 29.1	$ 29.1
Unrecognized share-based compensation, weighted-average vesting period	1 year 8 months 12 days
Equity incentive plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
Reserved authorized shares for future issuance (in shares) | shares	5,589,797	5,589,797

Share-based compensation - Sche

Share-based compensation - Schedule of Share-based Compensation Expense Recorded in Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-based compensation expense	$ 1,819	$ 1,717	$ 5,971	$ 5,254
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-based compensation expense	$ 4,740	$ 6,482	$ 19,552	$ 20,024

Share-based compensation - Sc_2

Share-based compensation - Schedule of Number and Weighted Average Exercise Prices of Share Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Share Options (#)
Outstanding, beginning balance (in shares) | shares	8,967,882
Awards granted (in shares) | shares	1,033,541
Awards exercised (in shares) | shares	(299,971)
Awards forfeited (in shares) | shares	(50,734)
Outstanding, ending balance (in shares) | shares	9,650,718	8,967,882
Options exercisable, ending balance (in shares) | shares	7,033,644
Weighted Average Exercise Price ($)
Outstanding, beginning balance (in USD per share) | $ / shares	$ 27.06
Awards granted (in USD per share) | $ / shares	67
Awards exercised (in USD per share) | $ / shares	19.06
Awards forfeited (in USD per share) | $ / shares	(47.39)
Outstanding, ending balance (in USD per share) | $ / shares	31.48	$ 27.06
Options exercisable, ending balance (in USD per share) | $ / shares	$ 24.68
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	6 years 8 months 12 days	7 years 1 month 6 days
Options exercisable, weighted average remaining contractual life	6 years 2 months 12 days
Options outstanding, aggregate intrinsic value | $	$ 0	$ 369,976
Options exercisable, aggregate intrinsic value | $	$ 34,693

Share-based compensation - Sc_3

Share-based compensation - Schedule Assumptions used in Determining Fair Value of Stock Options (Details) - Employee stock option - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assumptions for Stock Awards Granted [Abstract]
Share price at grant date, minimum (in USD per share)	$ 33.89	$ 59.45	$ 33.89	$ 48.38
Share price at grant date, maximum (in USD per share)			70.50	64.53
Exercise price, minimum (in USD per share)	$ 33.89	$ 59.45	33.89	48.38
Exercise price, maximum (in USD per share)			$ 70.50	$ 64.53
Expected volatility, minimum	55.42%	70.46%	55.24%	70.46%
Expected volatility, maximum			66.17%	72.05%
Expected life (years)	5 years 6 months	5 years		5 years
Risk free rate, minimum	4.44%	4.19%	3.93%	3.52%
Risk free rate, maximum			4.56%	4.19%
Minimum
Assumptions for Stock Awards Granted [Abstract]
Expected life (years)			5 years
Fair value (in USD per share)	$ 18.53	$ 36.48	$ 18.53	$ 29.51
Maximum
Assumptions for Stock Awards Granted [Abstract]
Expected life (years)			5 years 6 months
Fair value (in USD per share)			$ 40.47	$ 39.92

Basic and diluted net loss pe_3

Basic and diluted net loss per share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Net income	$ 8,736	$ (11,616)	$ (24,436)	$ 906	$ (17,014)	$ (19,449)	$ (27,316)	$ (35,557)
Basic weighted-average number of shares outstanding (in shares)	50,021,939			49,134,037			49,971,267	48,671,732
Adjustment for stock options with dilutive effect (in shares)	2,786,495			5,024,930			0	0
Diluted weighted-average number of shares outstanding (in shares)	52,808,434			54,158,967			49,971,267	48,671,732
Basic net loss per share (in USD per share)	$ 0.17			$ 0.02			$ (0.55)	$ (0.73)
Diluted net loss per share (in USD per share)	$ 0.17			$ 0.02			$ (0.55)	$ (0.73)

Basic and diluted net loss pe_4

Basic and diluted net loss per share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	902,650	2,222,171	9,650,718	9,251,830

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
Effective tax rate			2.80%
Income tax charge (expense)	$ 2,643	$ 175	$ 800	$ (308)
Deferred tax assets net	$ 12,700		$ 12,700		$ 11,000
United Kingdom | Maximum
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
R&D expenditure credits			15%

Commitments and contingencies -

Commitments and contingencies - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 679
2025	4,382
2026	4,644
2027	4,543
2028	4,823
2029 and thereafter	50,102
Total lease payments	69,173
Less imputed interest	(26,805)
Present value of operating lease liabilities	$ 42,368

Commitments and contingencies_2

Commitments and contingencies - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Non cancellable commitments in relation to development and supply of product	$ 26