Immunocore Holdings plc Unaudited Condensed Consolidated Interim Financial Statements Unaudited Condensed Consolidated Statements of Profit / (Loss) and Comprehensive (Loss) / Income Three Months Ended September 30, Nine

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Unaudited Condensed Consolidated Statements of Profit / (Loss) and Comprehensive (Loss) / Income

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Unaudited Condensed Consolidated Statements of Financial Position as at

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Unaudited Condensed Consolidated Statements of Changes in Equity

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Unaudited Condensed Consolidated Statements of Cash Flows

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Notes to the Financial Statements

1. Organization and nature of business

Immunocore Holdings plc (the "Company") is a public limited company incorporated in England and Wales and has the following wholly owned subsidiaries:

Immunocore Limited, Immunocore LLC, Immunocore Commercial LLC, Immunocore Ireland Limited, Immunocore GmbH, and Immunocore Nominees Limited (collectively referred to as the "Group").

The Company's American Depositary Shares ("ADSs") began trading on the Nasdaq Global Select Market under the ticker symbol "IMCR" on February 5, 2021,

following its initial public offering ("IPO"). The IPO and concurrent private placement generated net proceeds of 210,985,000 ($286,887,000) after underwriting discounts, commissions and directly attributable offering expenses. In July 2022, the

Company raised net proceeds of 116,424,000 ($139,515,000) through the sale of its ordinary shares in the form of ADSs and non-voting ordinary shares in a private placement.

The principal activity of the Group is pioneering the development and sale of a novel class of TCR bispecific immunotherapies called ImmTAX - Immune mobilizing monoclonal TCRs Against X disease - designed to treat a broad range of diseases, including cancer, infectious and autoimmune diseases. Leveraging its proprietary, flexible, off-the-shelf ImmTAX

platform, the Group is developing a deep pipeline in multiple therapeutic areas, including four clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and multiple earlier pre-clinical

In 2022, the Group received approval for its lead product, KIMMTRAK, for the treatment of unresectable metastatic uveal melanoma from the U.S. Food and

Drug Administration the European Commission and other health authorities. KIMMTRAK is now approved in over 35 countries and the Group has commercially launched in the United States, Germany and France, among other territories, with further

commercial launches underway in additional territories where it has received approval.

2. Significant accounting policies

Basis of preparation and statement of compliance

The unaudited condensed consolidated interim financial statements ("interim financial statements") as at and for the three and nine months ended September 30, 2023 and 2022 have been prepared in

accordance with International Accounting Standard 34, "Interim Financial Reporting" ("IAS 34"). The accounting policies, including the Group's Critical accounting estimates, applied in these interim

financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended December 31, 2022.

The unaudited condensed consolidated interim financial statements 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 Group for the year ended December 31, 2022 included in the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 1, 2023 (the "Annual Report").

The unaudited condensed consolidated interim financial statements have been prepared under the historical cost basis, as modified by the recognition of certain financial instruments measured at

fair value and are presented in pounds sterling which is the Company's functional currency. All values are rounded to the nearest thousand, except where otherwise indicated.

Date of authorization

These unaudited condensed consolidated interim financial statements were approved by the Board of Directors (the "Board") on November 7, 2023, and signed on its behalf by Dr. Bahija Jallal, Chief

Adoption of new accounting standards

There have been no new accounting standards adopted by the Group in the three and nine months ended September 30, 2023 which have had a material impact on these unaudited condensed consolidated

interim financial statements. There are no standards issued but not yet effective that the Group expects to have a material impact on its financial statements.

The Group reported cash and cash equivalents of 363,955,000 and net current assets of 318,084,000 at September 30, 2023, with an operating loss for the three and nine months ended

September 30, 2023 of 699,000 and 33,859,000 respectively, and net cash from operating activities for the nine months ended September 30, 2023 of 11,519,000. The positive operational cash inflow was largely

due to R&D tax credits received, and generated net product revenue of 49,719,000 and 137,285,000 for the three and nine months ended September 30, 2023, respectively.

In assessing the going concern assumptions, management has undertaken an assessment of the current business and strategy forecasts covering a twelve month

period, which includes anticipated KIMMTRAK revenue. In assessing the downside risks, the Board has also considered scenarios incorporating a range of revenue arising from KIMMTRAK sales. As part of considering the downside risks, the Board has

considered the impact of the current macroeconomic environment, such as the effects of pandemics or epidemics and other potential economic impacts including the war in Ukraine and the conflict between Hamas and Israel, and related geopolitical

tensions, as well as global inflation, liquidity concerns at banks and financial institutions, capital market instability, interest and exchange rate fluctuations, and increases in commodity, energy and fuel prices as well as supply chain

disruptions. The Board has concluded that while these may have a future impact on the Group's business and implementation of its strategy and plans, it anticipates that any such impact will be minimal on clinical trials or other business activities

over the period assessed for going concern purposes. As of the date of these financial statements, the Group is not aware of any specific event or circumstance that would require the Group to update its estimates, assumptions and judgments or

revise the carrying value of its assets or liabilities. Actual results could differ from these estimates, and any such differences may be material to the Group's financial statements.

Given the current cash position and the assessment performed, the Board believes that the Group will have sufficient funds to continue to meet its liabilities as they fall due for a

period of at least twelve months from the date of issue of these unaudited condensed consolidated interim financial statements and therefore, the Group has prepared the financial statements on a going concern basis. This scenario is based

on the Group's lower range of anticipated revenue levels. As the Group continues to incur significant expenses in the pursuit of its business strategy, including further commercialization and marketing plans for

KIMMTRAK, additional funding will be needed before further existing clinical and preclinical programs may be expected to reach commercialization, which would potentially lead to additional operational cash inflows. Until the Group can generate

revenue from product sales sufficient to fund its ongoing operations and further develop its pipeline, if ever, it expects to finance its operations through a combination of public or private equity offerings and debt financings or other sources,

such as potential collaboration agreements, strategic alliances and licensing arrangements.

Estimates and judgments

The preparation of the unaudited condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions.

These judgments, estimates and assumptions affect the reported assets and liabilities as well as contingent liabilities and income and expenses in the financial period. The estimates and associated assumptions are based on information available

when the unaudited condensed consolidated interim financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances the results of which form the basis of making

judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Existing circumstances and assumptions about future developments, however, may change due to market

changes or circumstances arising that are beyond the Group's control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in

the period in which the estimate is revised if the revision affects only that period or the period of revision and future periods if this revision affects both current and future periods.

Judgments and estimates made, including Critical accounting estimates, together with the Group's significant accounting policies, are disclosed in the consolidated financial statements of the

Group for the year ended December 31, 2022, and are presented in the Group's Annual Report. There have been no significant updates to the Group's estimates and accounting policies for the three and nine months ended September 30, 2023.

The Group operates in one operating segment. The Group's chief operating decision maker, its Chief Executive Officer, manages the Group's operations on an integrated basis for the purposes of allocating resources.

Revenue is presented by type, and net of deductions in the table below.

Eli Lilly and Genentech are based in the United States. Net product revenue from the sale of KIMMTRAK, and net pre-product revenue from the sale of tebentafusp as part of a compassionate use and early access program

are presented by region based on the location of the customer below.

Product revenue, net

During the three and nine months ended September 30, 2023, the Group recognized 49,719,000 and 137,285,000 of net product revenue, respectively, relating to the sale of KIMMTRAK primarily in

the United States and Europe following marketing approvals in 2022 and subsequent commercial launches. Revenue is presented after estimated deductions for rebates, chargebacks, other customer fees and returns.

Pre-product revenue, net

There was no pre-product revenue during the three and nine months ended September 30, 2023, following the transition to the commercial sale of KIMMTRAK in

France in the second half of 2022. In the three and nine months ended September 30, 2022, the Group recognized 3,051,000 and 9,588,000 of net pre-product revenue, respectively, relating to the sale of tebentafusp under a compassionate use and

early access program in France after estimated deductions for rebates and returns.

Genentech Collaboration

During the three and nine months ended September 30, 2023, the Group recognized 1,769,000 and 6,508,000 of revenue, respectively, relating to the 2018 Genentech agreement and IMC-C103C (for the

three and nine months ended September 30, 2022: 4,896,000 and 13,800,000).

In February 2023, Genentech accepted our proposal to cease co-funding the development of MAGE-A4 HLA-A02 targeted programs, except for our equal share of the wind-down costs of the IMC-C103C

Phase 1 clinical trial.

Eli Lilly Collaboration

During the three and nine months ended September 30, 2023, the Group recognized no revenue relating to the Eli Lilly Collaboration (for the three and nine months ended September 30, 2022: nil and 7,361,000,

The Group released the remaining deferred revenue attributed to the third target under the Eli Lilly Collaboration after the parties agreed to terminate the agreement with Eli

Lilly during the three months ended March 31, 2022.

Of the total revenue recognized during the three and nine months ended September 30, 2023, 1,602,000 and 4,806,000, respectively, was included in deferred revenue at January 1, 2023. No collaboration revenue was

recognized in the three and nine months ended September 30, 2023 relating to performance obligations satisfied in previous years (for the three and nine months ended September 30, 2022: nil). The remaining current

deferred revenue as at September 30, 2023 relates to the Genentech agreement. The Group expects to recognize this remaining revenue within the next year.

Non-current deferred revenue in the unaudited condensed consolidated interim statement of financial position as at September 30, 2023 and December 31, 2022, respectively, relates to the Group's non-refundable payment