imcr-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-39992


Immunocore Holdings plc
(Exact name of registrant as specified in its charter)


England and Wales			Not Applicable
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
92 Park Drive Milton Park Abingdon, Oxfordshire, United Kingdom			OX14 4RY
(Address of principal executive offices)			(Zip Code)


+44 1235 438600
(Registrant’s telephone number, including area code)



(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value £0.002 per share	IMCR	The Nasdaq Stock Market LLC
Ordinary Share, nominal value £0.002 per share*	*	The Nasdaq Stock Market LLC*

*Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


			Large accelerated filer x			Accelerated filer o
			Non-accelerated filer o			Smaller reporting company o
						Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

Indicate the number of shares outstanding of each of the issuer’s classes of shares, as of the latest practicable date.

As of July 31, 2026, the registrant had 51,498,617 ordinary shares (including ordinary shares in the form of American Depositary Shares) outstanding, par value £0.002.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the "Quarterly Report"), contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this Quarterly Report are based upon information available to us as of the date of this Quarterly Report and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements include, but are not limited to, statements about:

•the therapeutic potential and expected clinical benefits of KIMMTRAK®;

•the planned geographic expansion and expansion of patient reach for KIMMTRAK;

•the plans for expansion and growth into new melanoma indications, beyond melanoma into other tumor types, and beyond oncology;

•the safety, efficacy and clinical progress of our various ongoing clinical programs and any planned clinical programs, including those for tebentafusp, brenetafusp, IMC-P115C, IMC-R117C, IMC-M113V, IMC-S118AI, and IMC-U120AI;

•our ability to continue to generate revenues, which is dependent upon maintaining significant market acceptance among physicians, patients and healthcare payors;

•our ability to maintain regulatory approval of KIMMTRAK for metastatic uveal melanoma ("mUM") in the United States, European Union and other territories, as well as our ability to obtain and maintain regulatory approval in additional indications, jurisdictions, and the timing thereof;

•our expectations regarding the continued commercialization and marketing of KIMMTRAK for mUM, including expanding into and the related timing of reaching patients in additional indications and territories;

•our ability to build a sustainable pipeline of new product candidates, including but not limited to future generations of KIMMTRAK and additional product candidates identified and developed using our ImmTAX® platform;

•our ability to continue successfully executing our sales and marketing strategy of KIMMTRAK in the United States, Europe and elsewhere, including continuing to successfully recruit and retain sales and marketing personnel and to successfully build the market for our medicines;

•the rate and degree of market acceptance of our product candidates among physicians, patients, patient advocacy groups, third-party payors and the medical community and our ability and our distribution and marketing partners’ ability to obtain coverage and adequate reimbursement and pricing for our medicines from government and third-party payors and risks relating to the success of our patient assistance programs;

•the initiation, timing, progress and results of our ongoing and planned clinical trials, including the expansion arms of such trials, for tebentafusp in advanced melanoma and adjuvant uveal (or ocular) melanoma, brenetafusp, IMC-P115C, IMC-R117C, IMC-M113V, IMC-S118AI, and IMC-U120AI, and our research and development programs, including delays or disruptions in clinical trials, non-clinical experiments and investigational new drug application-enabling studies;

•our estimates regarding the period of time for which our current capital resources will be sufficient to fund our continued operations, our future expenses, including the impact thereon of changes in interest rates and inflation, fluctuating exchange rates and other macroeconomic factors, and our future revenues and our need for and ability to obtain additional financing;

•our expectations regarding timing of regulatory filings for, or our ability to obtain regulatory approval of, our product candidates;

•our ability to obtain accelerated approval for current and future product candidates from the U.S. Food and Drug Administration ("FDA"), the European Commission, or other comparable regulatory authorities in other jurisdictions;

•our expectations regarding business disruptions affecting the initiation, patient enrollment, clinical trial site monitoring, development and operation of our current and proposed clinical trials, including as a result of a public health emergency or other global and macroeconomic factors, such as the war in Ukraine, the conflict in the Middle East, global geopolitical tensions, supply chain disruptions, and changes in interest rates and inflation;

•our business strategies and goals, including our 2026 strategic priorities;

•our plans to collaborate, or statements regarding our current collaborations, and our ability to find future partners and collaborators;

•the performance of our third-party suppliers and manufacturers;

•our expectations regarding our ability to obtain, maintain and enforce intellectual property protection for our products and product candidates and our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others;

•our expectations regarding competition with respect to KIMMTRAK or any of our current or future product candidates, as well as innovations by current and future competitors in our industry;

•our expectations regarding regulatory developments in the United States and other countries, including potential changes in healthcare laws and regulations;

•our financial performance and our ability to effectively manage our anticipated growth;

•our ability to identify, recruit and retain qualified employees, including key commercial or management personnel; and

•whether we are classified as a Passive Foreign Investment Company ("PFIC") for current and future periods.

Any forward-looking statements in this Quarterly Report reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part II, Item 1A of this Quarterly Report, if any, our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 25, 2026, and in our other SEC filings. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report.

TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION	Page
ITEM 1.	Financial Statements (unaudited)	2
	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	2
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	6
	Notes to the Condensed Consolidated Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	28
ITEM 4.	Controls and Procedures	30

	PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	31
ITEM 1A.	Risk Factors	31
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
ITEM 3.	Defaults Upon Senior Securities	31
ITEM 4.	Mine Safety Disclosures	31
ITEM 5.	Other Information	31
ITEM 6.	Exhibits	32
	Signatures	33

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Immunocore Holdings plc

Condensed Consolidated Balance Sheets

(Unaudited) (In thousands, except share and per share data)


	June 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	484,920	$	467,709
Marketable securities	395,291		396,444
Accounts receivable, net	95,350		73,977
Prepaid expenses and other current assets	67,692		51,870

Inventory, net	7,791		6,742
Total current assets	1,051,044		996,742
Property and equipment, net	12,863		11,462
Operating lease right of use assets, net	37,020		38,783

Other non-current assets	18,495		20,282
Total assets	$	1,119,422	$	1,067,269
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	26,319	$	24,364
Accrued expenses and other current liabilities	206,400		219,744
Deferred revenue, current	573		583
Operating lease liabilities, current	1,906		2,006
Total current liabilities	235,198		246,697
Accrued expenses, non-current	26,883		—
Deferred revenue, non-current	4,490		4,858
Operating lease liabilities, non-current	38,847		41,556
Interest-bearing loans and borrowings	394,206		393,125
Total liabilities	699,624		686,236
Commitments and contingencies (Note 10)

Shareholders’ equity
Ordinary shares (voting), £0.002 par value, most recent authority to allot up to a maximum nominal value of £149,303 and £149,633 shares as of June 30, 2026 and December 31, 2025, respectively, and 51,480,159 and 50,689,271 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	138		136
Deferred shares, £0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025.	1		1
Additional paid-in capital	1,273,101		1,240,255
Accumulated deficit	(819,112)		(831,275)
Accumulated other comprehensive loss	(34,330)		(28,084)
Total shareholders' equity	419,798		381,033
Total liabilities and shareholders' equity	$	1,119,422	$	1,067,269

The accompanying notes form an integral part of these condensed consolidated financial statements.

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Immunocore Holdings plc

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited) (In thousands, except share and per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue:
Revenue from sale of therapies, net	$	115,927	$	97,964	$	222,604	$	191,845

Total revenue	115,927		97,964		222,604		191,845
Cost and operating expenses:
Cost of revenue from sale of therapies	(1,088)		(1,040)		(1,522)		(1,871)
Research and development expense	(73,945)		(69,008)		(135,058)		(125,476)
Selling, general and administrative expense	(43,890)		(42,791)		(81,740)		(82,989)
Income (loss) from operations	(2,996)		(14,875)		4,284		(18,491)
Other income (expense):
Interest income	3,582		4,271		7,000		8,447
Interest expense	(3,062)		(3,045)		(6,113)		(6,070)
Foreign currency gain (loss)	(1,108)		(738)		2,741		2,342
Other income, net	3,070		4,693		4,846		10,162
Net income (loss) before income taxes	(514)		(9,694)		12,758		(3,610)
Income tax expense	(294)		(606)		(595)		(1,667)
Net income (loss)	$	(808)	$	(10,300)	$	12,163	$	(5,277)
Other comprehensive (loss) income:
Exchange differences on translation of foreign operations	1,043		6,476		(6,246)		7,149
Total comprehensive (loss) income	$	235	$	(3,824)	$	5,917	$	1,872

Basic net income (loss) per share	$	(0.02)	$	(0.20)	$	0.24	$	(0.11)
Basic weighted-average number of shares outstanding	50,973,830		50,294,205		50,868,252		50,191,018

Diluted net income (loss) per share	$	(0.02)	$	(0.20)	$	0.23	$	(0.11)
Diluted weighted-average number of shares outstanding	50,973,830		50,294,205		52,903,203		50,191,018

The accompanying notes form an integral part of these condensed consolidated financial statements.

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Immunocore Holdings plc

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited) (In thousands, except share data)


	Ordinary Shares			Deferred Shares			Additional Paid-in Capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Total Shareholders' Equity
	Shares	Amount		Shares	Amount
As of December 31, 2025	50,689,271	$	136	5,793,501	$	1	$	1,240,255	$	(831,275)	$	(28,084)	$	381,033
Net income	—	—		—	—		—		12,971		—		12,971
Other comprehensive loss	—	—		—	—		—		—		(7,289)		(7,289)
Equity plan options exercised and units assigned	142,657	1		—	—		655		—		—		656
Share-based compensation expense	—	—		—	—		6,302		—		—		6,302
As of March 31, 2026	50,831,928	$	137	5,793,501	$	1	$	1,247,212	$	(818,304)	$	(35,373)	$	393,673
Net loss	—	—		—	—		—		(808)		—		(808)
Other comprehensive income	—	—		—	—		—		—		1,043		1,043
Equity plan options exercised and units assigned	648,231	1		—	—		16,485		—		—		16,486
Share-based compensation expense	—	—		—	—		9,404		—		—		9,404
As of June 30, 2026	51,480,159	$	138	5,793,501	$	1	$	1,273,101	$	(819,112)	$	(34,330)	$	419,798

The accompanying notes form an integral part of these condensed consolidated financial statements.

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Immunocore Holdings plc

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited) (In thousands, except share data)


	Ordinary Shares			Deferred Shares			Additional Paid-in Capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Total Shareholders' Equity
	Shares	Amount		Shares	Amount
As of December 31, 2024	50,064,860	$	135	5,793,501	$	1	$	1,190,104	$	(795,761)	$	(33,763)	$	360,716
Net income	—	—		—	—		—		5,023		—		5,023
Other comprehensive income	—	—		—	—		—		—		673		673
Exercise of share options	119,749	—		—	—		2,551		—		—		2,551
Share-based compensation expense	—	—		—	—		9,516		—		—		9,516
As of March 31, 2025	50,184,609	$	135	5,793,501	$	1	$	1,202,171	$	(790,738)	$	(33,090)	$	378,479
Net loss	—	—		—	—		—		(10,300)		—		(10,300)
Other comprehensive income	—	—		—	—		—		—		6,476		6,476
Exercise of share options	187,459	—		—	—		3,670		—		—		3,670
Share-based compensation expense	—	—		—	—		10,156		—		—		10,156
As of June 30, 2025	50,372,068	$	135	5,793,501	$	1	$	1,215,997	$	(801,038)	$	(26,614)	$	388,481

The accompanying notes form an integral part of these condensed consolidated financial statements.

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Immunocore Holdings plc

Condensed Consolidated Statements of Cash Flows

(Unaudited) (In thousands)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities
Net income (loss)	$	12,163	$	(5,277)
Adjustments for:
Share-based compensation expense	15,706		19,522
Depreciation	1,974		1,634
Unrealized foreign exchange gains, net	(2,682)		(607)
Unrealized gains on marketable securities	(4,847)		(10,162)
Non-cash lease expense	1,237		1,114
Other	1,080		1,049
Changes in assets and liabilities:
Increase in accounts receivable	(22,551)		(3,341)
(Increase) decrease in prepayments and other current assets	(16,675)		365
Increase (decrease) in accounts payable	1,171		(3,587)
Increase in accrued expenses	18,698		22,787
Decrease in deferred revenue	(292)		(97)
Decrease in operating lease liabilities	(2,224)		(528)
Decrease in other operating assets	(605)		3,527

Net cash provided by operating activities	2,153		26,399
Cash flows from investing activities
Purchase of marketable securities	—		(30,000)
Proceeds from sale of marketable securities	6,000		10,000
Purchase of property and equipment	(2,567)		(712)
Net cash provided by (used in) investing activities	3,433		(20,712)
Cash flows from financing activities
Proceeds from exercise of share options	17,141		6,221


Net cash provided by financing activities	17,141		6,221
Increase in cash and cash equivalents	22,727		11,908
Net foreign exchange difference on cash held	(5,516)		20,294
Cash and cash equivalents at beginning of period	467,709		455,731
Cash and cash equivalents at end of period	$	484,920	$	487,933
Supplemental disclosure of cash flow and noncash information
Cash paid for interest	$	(5,031)	$	(5,031)
Cash paid for income taxes, net of refunds	$	(754)	$	(1,510)

The accompanying notes form an integral part of these condensed consolidated financial statements.

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Immunocore Holdings plc

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1. 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 platform, the Company’s pipeline includes 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. The Company has subsequently received approvals in further territories, and the Company continues to launch and seek approvals in additional territories. KIMMTRAK is now approved in 39 countries and the Company has commercially launched the product in over 30 countries, including the United States, Germany and France, among other territories.

2. 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 United States ("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, 2025, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2026 (the "Annual Report").

The accompanying condensed consolidated financial statements contain all normal recurring adjustments necessary to present a fair statement of 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 six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, 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, operating lease incremental borrowing rates, share-based compensation expense, clinical accruals, and deferred tax asset valuation allowances.

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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, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

As of June 30, 2026 and December 31, 2025, the Company held $361.6 million and $366.8 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 June 30, 2026 and December 31, 2025, the Company held $395.3 million and $396.4 million of marketable securities, respectively. The Company recorded unrealized gains of $4.8 million for the six months ended June 30, 2026 and $10.2 million for the six months ended June 30, 2025, respectively, on these marketable securities. 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 convertible senior notes (the “Notes”, disclosed in Note 5. “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.

Significant accounting policies

The significant accounting policies used in the preparation of these condensed consolidated financial statements as of and for the three and six months ended June 30, 2026 are consistent with those disclosed in Note 2. "Summary of Significant Accounting Policies" in the audited consolidated financial statements for the year ended December 31, 2025, included in the Company’s Annual Report.

Recently issued and recently adopted accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires disclosure in the notes to the financial statements, at each interim and annual reporting period, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. Also required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. This ASU is effective for all public entities for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. This ASU should be applied either prospectively to financial statements issued after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating these new disclosure requirements and the impact of adoption on its financial statements.

3. Revenue

During the three and six months ended June 30, 2026, the Company recognized $115.9 million and $222.6 million, respectively (2025: $98.0 million and $191.8 million, respectively), of net revenue from sale of therapies 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 and Accrued expenses, non-current, as set out in the Company’s accounting policies included in the Annual Report.

Revenue from sale of therapies, net is presented by country / region based on the location of the end customer below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	74,937	$	64,087	$	142,375	$	120,694
Europe	34,124		33,042		68,537		65,846
International	6,866		835		11,692		5,305
Revenue from sale of therapies, net	$	115,927	$	97,964	$	222,604	$	191,845

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Revenue from sale of therapies, net for the three and six months ended June 30, 2026 included $11.8 million and $21.1 million, respectively (2025: $5.2 million and $12.6 million, respectively), of partnered revenue pursuant to the Company's separate agreements with Medison Pharma Ltd. ("Medison") and Er-Kim Pharmaceuticals Bulgaria EOOD. Revenue from these agreements is allocated between the Company's European and International markets.

Accounts receivable from contracts with customers

Accounts receivable as of June 30, 2026 and December 31, 2025 were $95.4 million and $74.0 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 June 30, 2026 and December 31, 2025 were immaterial.

Accruals for rebates, chargebacks and returns

Current and non-current accruals for rebates, chargebacks and returns as of June 30, 2026 were as follows (in thousands):


	Rebates		Chargebacks		Returns		Total
As of December 31, 2025	$	129,531	$	2,682	$	567	$	132,780
Provisions recorded in the period	51,020		22,220		1,137		74,377

Credits and payments made	(23,872)		(21,155)		(448)		(45,475)
As of June 30, 2026	$	156,679	$	3,747	$	1,256	$	161,682

Included in the above are non-current accruals for rebates, chargebacks and returns of $26.2 million and $0.0 million as of June 30, 2026 and December 31, 2025, respectively, as these amounts are not required to be paid in the twelve months from the balance sheet date.

Deferred revenue

Current and non-current deferred revenue as of June 30, 2026 and December 31, 2025 relates to a revised distribution agreement with Medison entered into in November 2022. Under the revised agreement, the Company received a non-refundable payment of $5.0 million in exchange for granting Medison exclusive distribution rights in South America. The Company has determined that the deferred revenue relates to the Company’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The revenue will be recognized on a straight-line basis over the term of the contract of 10 years from the date of the first commercial sale in the territory. Following the first commercial sale in the territory during the three months ended June 30, 2025, the Company began recognizing this revenue within net revenue from sale of therapies and consequently the Company classifies the portion of deferred revenue expected to be recognized over the next twelve months as current.

4. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Rebates, chargebacks and returns	$	135,461	$	132,780
Clinical accruals	36,674		40,945
Employee related expenses	9,132		16,542
Contract manufacturing	9,622		17,143
Interest accruals	4,193		4,193
Commercial services	3,123		2,349
Other accruals	8,195		5,792
	$	206,400	$	219,744

See Note 3. “Revenue” for a breakdown of rebates, chargebacks and returns.

Clinical accruals primarily represent unbilled work undertaken by contract research organizations as part of the advancement of the Company's clinical programs.

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5. Interest-bearing loans and borrowings

Interest-bearing loans and borrowings consisted of the following as of June 30, 2026 (in thousands):


							Fair Value
	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Amount		Level
Convertible senior notes	$	402,500	$	(8,294)	$	394,206	$	370,179	Level 2

Interest-bearing loans and borrowings consisted of the following as of December 31, 2025 (in thousands):


							Fair Value
	Principal Amount		Unamortized Debt Issuance Costs		Net Carrying Amount		Amount		Level
Convertible senior notes	$	402,500	$	(9,375)	$	393,125	$	363,538	Level 2

See Note 7 to our financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for a complete description of the terms of the Notes. No material changes have occurred since that date.

Interest expense consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Convertible senior notes
Coupon interest	$	2,515	$	2,515	$	5,031	$	5,031
Amortization of debt issuance costs	547		530		1,082		1,039

Total interest expense	$	3,062	$	3,045	$	6,113	$	6,070

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%.

6. Share-based compensation

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,815	$	2,318	$	5,387	$	4,499
Selling, general and administrative	$	6,589	$	7,715	$	10,319	$	15,023

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Equity Incentive Plan

Under the Company’s Equity Incentive Plan ("EIP"), the Company may grant market value options, share appreciation rights or restricted shares, restricted share units ("RSUs"), 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. Share options lapse on the tenth anniversary from the date of grant, and they are not subject to performance conditions or entitled to dividends. As of June 30, 2026, the Company has reserved 6,947,060 authorized shares for future issuance under the EIP.

Share option activity

The number and weighted average exercise prices of share options were as follows: