INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Page Unaudited Condensed Consolidated Statements of Loss and Other Comprehensive Income for the Three Months Ended

INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Immunocore Holdings plc

Unaudited Condensed Consolidated Interim Financial Statements

Unaudited Condensed Consolidated Statements of Loss and Other Comprehensive Income

for the Three Months Ended March 31,

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 for the Three Months Ended March 31, 2021,

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 for the Three Months Ended March 31,

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 and Immunocore Nominees Limited (collectively referred to as the "Group").

On February 9, 2021, the Company completed its initial public offering ("IPO") of 11,426,280 American Depositary Shares ("ADSs") representing 11,426,280 ordinary shares with nominal value of 0.002 per ordinary share

for aggregate gross proceeds of $297,083,000. The Company's ADSs began trading on the Nasdaq Global Select Market under the ticker symbol "IMCR" on February 5, 2021.

In addition to the ADSs sold in the IPO, the Company completed the concurrent sale of an additional 576,923 ADSs at the initial offering price of $26.00 per ADS, for gross proceeds of

approximately $15.0 million, in a private placement to the Bill & Melinda Gates Foundation ("Gates Foundation").

Prior to completion of the IPO, Immunocore Holdings Limited was incorporated in England and Wales on January 7, 2021. Following a subsequent corporate reorganization, Immunocore Holdings Limited

became the ultimate parent company for the Group and was re-registered as a public limited company with the name Immunocore Holdings plc, the registrant. The corporate reorganization has been accounted for as a business combination under common

control and therefore, Immunocore Holdings plc is a continuation of Immunocore Limited and its subsidiaries. The corporate reorganization has been given retrospective effect in these financial statements and such financial statements represent the

financial statements of Immunocore Holdings plc.

The principal activity of the Group is pioneering the development 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. Leveraging its proprietary, flexible, off-the-shelf ImmTAX platform, the Group is developing a deep pipeline in multiple therapeutic areas,

including five clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and multiple earlier pre-clinical programs.

2. Significant accounting policies

Basis of preparation

The unaudited condensed consolidated interim financial statements for the three months ended March 31, 2021 and 2020 have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" ("IAS 34"). The accounting policies and methods of computation applied in the preparation of the condensed consolidated interim financial statements are consistent with those applied

in the Group's annual financial statements for the year ended December 31, 2020.

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, 2020 included in the Company's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 25, 2021 (the "Annual

The unaudited condensed and 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 Group's presentation currency. All values are rounded to the nearest thousands, except where otherwise indicated.

Date of authorization

These condensed consolidated interim financial statements were prepared at the request of the Company's Board of Directors (the "Board") and were approved by the Board on May 12, 2021 and signed on its behalf by Dr.

Bahija Jallal, Chief Executive Officer of the Group.

Adoption of New Accounting Standards

There have been no recent new accounting standards that have had an impact on these condensed consolidated interim financial statements. New accounting standards not listed below were assessed and determined to be

either not applicable or did not have a material impact on the unaudited condensed consolidated interim financial statements or processes.

During the three-month period ended March 31, 2020, Interest Rate Benchmark Reform - Phase 1, issued by the International Accounting Standards Board ("IASB"), became effective. Phase 1 contained amendments to IFRS 9,

IAS 39, and IFRS 7 related to the impact of interest rate benchmark reform on hedging relationships. These amendments were not applicable to the Group, as the Group does not have any hedging arrangements. During the three month period ended March

31, 2021, the Group adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 related to Interest Rate Benchmark Reform - Phase 2, issued by the IASB, which addresses issues that might affect financial reporting during the reform on an

interest rate benchmark. The only financial instrument subject to interest rate reform is the Group's loan and security agreement ("Loan Agreement") with Oxford Finance Luxembourg S.A.R.L. ("Oxford Finance"), which has a carrying amount of

36,983,000 as of March 31, 2021. Currently, borrowings under the Loan Agreement bear interest at an annual rate equal to LIBOR plus 8.85%, with a minimum rate of 9.01% and a maximum rate of 12.01%. LIBOR is the subject of recent national,

international, and other regulatory guidance and proposals for reform, which may cause LIBOR to cease to exist after 2021 or to perform differently than in the past. While the Group expects that alternatives to LIBOR will be implemented prior to

the 2021 target date or that the 2021 cessation date may be extended, the consequences and timing of these developments cannot be predicted. There is currently no definitive information regarding the future utilization of LIBOR or of any particular

replacement rate. A transition away from LIBOR as a benchmark for establishing the applicable interest rate may adversely affect the Group's outstanding variable-rate indebtedness.

The financial position of the Group, its cash flows and liquidity position and borrowing facilities are described in the statements and notes to these unaudited condensed consolidated interim financial statements.

The Group reported cash and cash equivalents of 313,083,000 and net current assets of 285,026,000 as at March 31, 2021, with an operating loss for the three months ended March 31, 2021 of 31,881,000. The Group did not generate positive operational cash flow which was

largely due to the continuing focus on the research, development, and clinical activities to advance the programs within the Group's pipeline. During the three months ended March 31, 2021, the Company completed its IPO and the private placement

to the Gates Foundation and received net proceeds of $286,887,000.

In assessing the going concern assumptions, the Board has undertaken an assessment of the forecasts, prepared through the end of 2022. As part of this assessment, the Board has considered the impact of the ongoing

coronavirus 2019 ( COVID-19'') pandemic and have concluded that COVID-19 may have an impact but the Board considers that any future cash flow 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 is confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due until at least the end of 2022 and

therefore, have prepared the financial statements on a going concern basis. As the Group continues to incur significant expenses in the pursuit of its business strategy, additional funding will be needed before the existing programs are expected to

reach commercialization, which would potentially lead to operational cash inflows. Until the Group can generate significant revenue from product sales, 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 judgements

The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported assets and

liabilities as well as income and expenses in the financial period.

The estimates and associated assumptions are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable

under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Judgements and assumptions are primarily made in relation to

revenue recognition to determine whether promises contained within the collaboration agreements are distinct from the other promises in the contract, whether milestones or other variable consideration should be included in the transaction price,

whether performance obligations are satisfied at a point in time or over time, and for performance obligations satisfied over time the appropriate method of measuring progress for the purposes of revenue recognition. Estimates and assumptions are

also made in relation to the valuation of ordinary shares, the incremental borrowing rate for leases, and valuation of derivatives. Details of the estimates and judgements made are included in the accounting policies set out in the consolidated

financial statements of the Group for the year ended December 31, 2020, contained in the Annual Report.

Existing circumstances and assumptions about future developments 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. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same

as those applied in the annual consolidated financial statements.

The significant accounting policies are disclosed in the consolidated financial statements of the Group for the year ended December 31, 2020, included in the Annual Report. There have been no changes to these

accounting policies for the three months ended March 31, 2021.

IPO related expenses

Incremental costs incurred and directly attributable to the offering of securities were deducted from the related proceeds of the IPO. The net amount is recorded as contributed shareholders' equity in the period when

such shares, represented by ADSs, were issued. Costs that are not incremental and directly attributable to issuing new shares, represented by ADSs, are recorded as an expense in the consolidated statements of loss and other comprehensive income.

Costs that relate to both new share issuances and listing of existing shares are allocated between those functions on a rational and consistent basis. In the absence of a more specific basis for apportionment, an allocation of common costs based on

the proportion of new shares issued to the total number of (new and existing) shares listed has been used.

Revenue recognized during the three months ended March 31, 2021 and 2020 was from collaboration agreements with GlaxoSmithKline Intellectual Property Development Ltd ("GlaxoSmithKline"), Eli Lilly and Company ("Eli

Lilly") and Genentech, Inc. ("Genentech").

Genentech Collaboration.

During the three months ended March 31, 2021, the Group recognized 4,900,000 revenue relating to the 2018 Genentech Agreement (for the three months ended March 31, 2020: 4,886,000). Of the total revenue recognized

during the three months ended March 31, 2021, 628,000 represented research and development cost reimbursements (for the three months ended March 31, 2020: 251,000). Such reimbursements arise in order to ensure that research and development costs