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Exhibit 99.1
Immunocore Holdings plc
Unaudited Condensed Consolidated Interim Financial Statements
Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss

|  |  |  |  | Three months ended June 30, |  |  | Six Months Ended June 30, |
|  | Notes |  |  | 2023 £’000 |  |  | 2022 £’000 |  |  | 2023 £’000 |  |  | 2022 £’000 |
Product revenue, net |  |  | 3 |  |  |  | 45,514 |  |  |  | 23,992 |  |  |  | 87,566 |  |  |  | 31,674 |
Pre-product revenue, net |  |  | 3 |  |  |  | — |  |  |  | 3,708 |  |  |  | — |  |  |  | 6,537 |
Total revenue from sale of therapies |  |  |  |  |  |  | 45,514 |  |  |  | 27,700 |  |  |  | 87,566 |  |  |  | 38,211 |
Collaboration revenue |  |  | 3 |  |  |  | 2,250 |  |  |  | 4,302 |  |  |  | 4,739 |  |  |  | 16,265 |
Total revenue |  |  |  |  |  |  | 47,764 |  |  |  | 32,002 |  |  |  | 92,305 |  |  |  | 54,476 |
Cost of product revenue |  |  |  |  |  |  | (886 | ) |  |  | (34 | ) |  |  | (1,064 | ) |  |  | (282 | )
Research and development expenses |  |  |  |  |  |  | (28,767 | ) |  |  | (20,150 | ) |  |  | (57,216 | ) |  |  | (38,731 | )
Selling and administrative expenses |  |  | 4 |  |  |  | (33,884 | ) |  |  | (18,811 | ) |  |  | (67,185 | ) |  |  | (38,916 | )
Operating loss |  |  |  |  |  |  | (15,773 | ) |  |  | (6,993 | ) |  |  | (33,160 | ) |  |  | (23,453 | )
Finance income |  |  | 5 |  |  |  | 3,412 |  |  |  | 118 |  |  |  | 5,958 |  |  |  | 128 |
Finance costs |  |  |  |  |  |  | (1,565 | ) |  |  | (1,397 | ) |  |  | (3,185 | ) |  |  | (2,730 | )
Net finance income / (costs) |  |  |  |  |  |  | 1,847 |  |  |  | (1,279 | ) |  |  | 2,773 |  |  |  | (2,602 | )
Loss before taxation |  |  |  |  |  |  | (13,926 | ) |  |  | (8,272 | ) |  |  | (30,387 | ) |  |  | (26,055 | )
Income tax (charge) / credit |  |  | 6 |  |  |  | (151 | ) |  |  | 2,151 |  |  |  | (387 | ) |  |  | 3,806 |
Loss for the period |  |  |  |  |  |  | (14,077 | ) |  |  | (6,121 | ) |  |  | (30,774 | ) |  |  | (22,249 | )
Other comprehensive income / ( loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income / (loss) that is or may be reclassified to profit or loss in subsequent periods: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations |  |  |  |  |  |  | 1,054 |  |  |  | (323 | ) |  |  | 1,434 |  |  |  | (118 | )
Total other comprehensive income / (loss) for the period |  |  |  |  |  |  | 1,054 |  |  |  | (323 | ) |  |  | 1,434 |  |  |  | (118 | )
Total comprehensive loss for the period |  |  |  |  |  |  | (13,023 | ) |  |  | (6,444 | ) |  |  | (29,340 | ) |  |  | (22,367 | )
Basic and diluted loss per share - £ |  |  | 7 |  |  |  | (0.29 | ) |  |  | (0.14 | ) |  |  | (0.64 | ) |  |  | (0.51 | )

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.
2

Immunocore Holdings plc
Unaudited Condensed Consolidated Interim Financial Statements
Unaudited Condensed Consolidated Statements of Financial Position as at

|  | Notes |  |  | June 30, 2023 £’000 |  |  | December 31, 2022 £’000 |
Non-current assets |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 8 |  |  |  | 8,325 |  |  |  | 6,472 |
Intangible assets |  |  |  |  |  |  | 410 |  |  |  | 410 |
Right of use assets |  |  |  |  |  |  | 24,233 |  |  |  | 25,173 |
Other non-current assets |  |  |  |  |  |  | 7,895 |  |  |  | 7,342 |
Deferred tax asset |  |  | 6 |  |  |  | 4,442 |  |  |  | 4,240 |
Total non-current assets |  |  |  |  |  |  | 45,305 |  |  |  | 43,637 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventory |  |  |  |  |  |  | 1,891 |  |  |  | 943 |
Trade and other receivables |  |  | 9 |  |  |  | 48,458 |  |  |  | 46,711 |
Tax credits receivable |  |  | 6 |  |  |  | 2,365 |  |  |  | 11,688 |
Cash and cash equivalents |  |  |  |  |  |  | 342,341 |  |  |  | 332,539 |
Total current assets |  |  |  |  |  |  | 395,055 |  |  |  | 391,881 |
Total assets |  |  |  |  |  |  | 440,360 |  |  |  | 435,518 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
Share capital |  |  | 10 |  |  |  | 98 |  |  |  | 97 |
Share premium |  |  |  |  |  |  | 137,957 |  |  |  | 123,751 |
Foreign currency translation reserve |  |  |  |  |  |  | (1,663 | ) |  |  | (3,097 | )
Other reserves |  |  |  |  |  |  | 337,847 |  |  |  | 337,847 |
Share-based payment reserve |  |  | 11 |  |  |  | 95,062 |  |  |  | 81,411 |
Accumulated deficit |  |  |  |  |  |  | (292,027 | ) |  |  | (261,253 | )
Total equity |  |  |  |  |  |  | 277,274 |  |  |  | 278,756 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Non-current accruals |  |  |  |  |  |  | 1,646 |  |  |  | 1,479 |
Interest-bearing loans and borrowings |  |  |  |  |  |  | 37,116 |  |  |  | 39,500 |
Deferred revenue |  |  | 3 |  |  |  | 4,331 |  |  |  | 4,331 |
Lease liabilities |  |  |  |  |  |  | 27,570 |  |  |  | 28,248 |
Provisions |  |  |  |  |  |  | 136 |  |  |  | 114 |
Total non-current liabilities |  |  |  |  |  |  | 70,799 |  |  |  | 73,672 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | 12 |  |  |  | 85,754 |  |  |  | 75,076 |
Corporation tax liability |  |  | 6 |  |  |  | 803 |  |  |  | — |
Interest-bearing loans and borrowings |  |  |  |  |  |  | 991 |  |  |  | — |
Deferred revenue |  |  | 3 |  |  |  | 3,204 |  |  |  | 6,408 |
Lease liabilities |  |  |  |  |  |  | 1,513 |  |  |  | 1,555 |
Provisions |  |  |  |  |  |  | 22 |  |  |  | 51 |
Total current liabilities |  |  |  |  |  |  | 92,287 |  |  |  | 83,090 |
Total liabilities |  |  |  |  |  |  | 163,086 |  |  |  | 156,762 |
Total equity and liabilities |  |  |  |  |  |  | 440,360 |  |  |  | 435,518 |

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.
3

Immunocore Holdings plc
Unaudited Condensed Consolidated Interim Financial Statements
Unaudited Condensed Consolidated Statements of Changes in Equity

|  | Notes |  |  | Share capital £’000 |  |  | Share premium £’000 |  |  | Foreign currency translation reserve £’000 |  |  | Share- based payment reserve £’000 |  |  | Other reserve £’000 |  |  | Accumulated deficit £’000 |  |  | Total equity £’000 |
At January 1, 2023 |  |  |  |  |  | 97 |  |  |  | 123,751 |  |  |  | (3,097 | ) |  |  | 81,411 |  |  |  | 337,847 |  |  |  | (261,253 | ) |  |  | 278,756 |
Loss for the period |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,774 | ) |  |  | (30,774 | )
Other comprehensive income |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,434 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,434 |
Total comprehensive income / (loss) for the period |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,434 |  |  |  | — |  |  |  | — |  |  |  | (30,774 | ) |  |  | (29,340 | )
Exercise of share options |  |  | 10, 11 |  |  |  | 1 |  |  |  | 14,206 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,207 |
Equity-settled share-based payment transactions |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,651 |  |  |  | — |  |  |  | — |  |  |  | 13,651 |
At June 30, 2023 |  |  |  |  |  |  | 98 |  |  |  | 137,957 |  |  |  | (1,663 | ) |  |  | 95,062 |  |  |  | 337,847 |  |  |  | (292,027 | ) |  |  | 277,274 |

|  | Notes |  |  | Share capital £’000 |  |  | Share premium £’000 |  |  | Foreign currency translation reserve £’000 |  |  | Share- based payment reserve £’000 |  |  | Other reserve £’000 |  |  | Accumulated deficit £’000 |  |  | Total equity £’000 |
At January 1, 2022 |  |  |  |  |  | 88 |  |  |  | 212,238 |  |  |  | 89 |  |  |  | 54,357 |  |  |  | 386,167 |  |  |  | (481,392 | ) |  |  | 171,547 |
Loss for the period |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (22,249 | ) |  |  | (22,249 | )
Other comprehensive loss |  |  |  |  |  | — |  |  |  | — |  |  |  | (118 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118 | )
Total comprehensive loss for the period |  |  |  |  |  | — |  |  |  | — |  |  |  | (118 | ) |  |  | — |  |  |  | — |  |  |  | (22,249 | ) |  |  | (22,367 | )
Exercise of share options |  |  |  |  |  | — |  |  |  | 1,384 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,384 |
Capital reduction in Group’s parent company |  |  |  |  |  | — |  |  |  | (213,043 | ) |  |  | — |  |  |  | — |  |  |  | (48,320 | ) |  |  | 261,363 |  |  |  | — |
Equity-settled share-based payment transactions |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,088 |  |  |  | — |  |  |  | — |  |  |  | 14,088 |
At June 30, 2022 |  |  |  |  |  |  | 88 |  |  |  | 579 |  |  |  | (29 | ) |  |  | 68,445 |  |  |  | 337,847 |  |  |  | (242,278 | ) |  |  | 164,652 |

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.
4

Immunocore Holdings plc
Unaudited Condensed Consolidated Interim Financial Statements
Unaudited Condensed Consolidated Statements of Cash Flows

|  |  |  |  | Six Months Ended June 30, |
|  | Notes |  |  | 2023 £’000 |  |  | 2022 £’000 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Loss for the period |  |  |  |  |  | (30,774 | ) |  |  | (22,249 | )
Adjustments for: |  |  |  |  |  |  |  |  |  |  |
Equity settled share-based payment expense |  |  | 11 |  |  |  | 13,651 |  |  |  | 14,088 |
Depreciation |  |  |  |  |  |  | 2,601 |  |  |  | 3,317 |
Net finance (income) / costs |  |  |  |  |  |  | (2,773 | ) |  |  | 2,602 |
Foreign exchange movements |  |  |  |  |  |  | 9,106 |  |  |  | (8,808 | )
Other |  |  |  |  |  |  | (187 | ) |  |  | (131 | )
Income tax charge / (credit) |  |  |  |  |  |  | 387 |  |  |  | (3,806 | )
Working capital adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Increase in trade and other receivables and other non-current assets |  |  |  |  |  |  | (3,562 | ) |  |  | (19,951 | )
Increase in trade and other payables |  |  |  |  |  |  | 12,177 |  |  |  | 11,474 |
Decrease in current and non-current deferred revenue |  |  |  |  |  |  | (3,204 | ) |  |  | (15,905 | )
Other working capital movements |  |  |  |  |  |  | (748 | ) |  |  | (648 | )
Cash used in operations |  |  |  |  |  |  | (3,326 | ) |  |  | (40,017 | )
R&D tax credits received |  |  | 6 |  |  |  | 9,904 |  |  |  | — |
Taxation paid |  |  |  |  |  |  | (177 | ) |  |  | — |
Net cash from / (used in) operating activities |  |  |  |  |  |  | 6,401 |  |  |  | (40,017 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of property, plant and equipment |  |  |  |  |  |  | — |  |  |  | 5 |
Purchase of property, plant and equipment |  |  | 8 |  |  |  | (3,238 | ) |  |  | (475 | )
Interest income receipts |  |  |  |  |  |  | 5,550 |  |  |  | 128 |
Net cash flows from / (used in) investing activities |  |  |  |  |  |  | 2,312 |  |  |  | (342 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Exercise of share options |  |  | 10, 11 |  |  |  | 14,207 |  |  |  | 1,384 |
Interest paid |  |  |  |  |  |  | (3,559 | ) |  |  | (1,805 | )
Repayment of lease liabilities |  |  |  |  |  |  | (805 | ) |  |  | (1,449 | )
Net cash flows from / (used in) financing activities |  |  |  |  |  |  | 9,843 |  |  |  | (1,870 | )
Increase / (decrease) in cash and cash equivalents |  |  |  |  |  |  | 18,556 |  |  |  | (42,229 | )
Net foreign exchange difference on cash held |  |  |  |  |  |  | (8,754 | ) |  |  | 12,407 |
Cash and cash equivalents at beginning of the period |  |  |  |  |  |  | 332,539 |  |  |  | 237,886 |
Cash and cash equivalents at end of the period |  |  |  |  |  |  | 342,341 |  |  |  | 208,064 |

The accompanying notes form part of these unaudited condensed consolidated interim financial statements.
5

Immunocore Holdings plc
Unaudited Condensed Consolidated Interim Financial Statements
Notes to the Financial Statements
1. Organization and nature of business
General information
Immunocore Holdings plc (the “Company”) is a public limited company incorporated in England and Wales and has the following wholly owned subsidiaries: Immunocore Limited, Immunocore LLC, Immunocore Commercial LLC, Immunocore Ireland Limited, Immunocore GmbH, and Immunocore Nominees Limited (collectively referred to as the “Group”).
The Company’s American Depositary Shares (“ADSs”) began trading on the Nasdaq Global Select Market under the ticker symbol “IMCR” on February 5, 2021, following its initial public offering (“IPO”). The IPO and concurrent private placement generated net proceeds of £210,985,000 ($286,887,000) after underwriting discounts, commissions and directly attributable offering expenses. In July 2022, the Company raised £116,812,000 ($140,000,000) before deductions for offering expenses of £388,000 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 programs.
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. The Group expects to obtain regulatory approval for KIMMTRAK in further territories in 2023.
2. Significant accounting policies
Basis of preparation and statement of compliance
The unaudited condensed consolidated interim financial statements as at and for the three and six months ended June 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 prepared at the request of the Company’s Board of Directors (the “Board”) and were approved by the Board on August 10, 2023, and signed on its behalf by Dr. Bahija Jallal, Chief Executive Officer of the Group.
Adoption of new accounting standards
There have been no new accounting standards adopted by the Group in the three and six months ended June 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.
6

Going concern
The Group reported cash and cash equivalents of £342,341,000 and net current assets of £302,768,000 as at June 30, 2023, with an operating loss for the three and six months ended June 30, 2023 of £15,773,000 and £33,160,000 respectively, and net cash from operating activities for the six months ended June 30, 2023 of £6,401,000. The positive operational cash inflow was largely due to R&D tax credits received, and generated net product revenue of £45,514,000 and £87,566,000 for the three and six months ended June 30, 2023, respectively.
In assessing the going concern assumptions, the Board 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 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 six months ended June 30, 2023.
Fair value disclosures
For financial assets and liabilities not measured at fair value in the unaudited condensed consolidated statement of financial position, the carrying amount is a reasonable approximation of fair value, with the exception of the Group’s loan, the fair value of which does not materially differ to its carrying value at June 30, 2023 and December 31, 2022.
Segmental reporting
The Group operates in one operating segment. The Group’s chief operating decision maker (the “CODM”), its Chief Executive Officer, manages the Group’s operations on an integrated basis for the purposes of allocating resources.
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3. Revenue
Revenue is presented by type, and net of deductions in the table below. The Group’s accounting policies for revenue and such deductions are disclosed in the consolidated financial statements of the Group for the year ended December 31, 2022.

|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2023 £’000 |  |  | 2022 £’000 |  |  | 2023 £’000 |  |  | 2022 £’000 |
Product revenue, net |  |  | 45,514 |  |  |  | 23,992 |  |  |  | 87,566 |  |  |  | 31,674 |
Pre-product revenue, net |  |  | — |  |  |  | 3,708 |  |  |  | — |  |  |  | 6,537 |
Total revenue from sale of therapies |  |  | 45,514 |  |  |  | 27,700 |  |  |  | 87,566 |  |  |  | 38,211 |
Collaboration revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eli Lilly |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,361 |
Genentech |  |  | 2,250 |  |  |  | 4,302 |  |  |  | 4,739 |  |  |  | 8,904 |
Total collaboration revenue |  |  | 2,250 |  |  |  | 4,302 |  |  |  | 4,739 |  |  |  | 16,265 |
Total revenue |  |  | 47,764 |  |  |  | 32,002 |  |  |  | 92,305 |  |  |  | 54,476 |

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.

|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2023 £’000 |  |  | 2022 £’000 |  |  | 2023 £’000 |  |  | 2022 £’000 |
United States |  |  | 32,812 |  |  |  | 18,137 |  |  |  | 62,345 |  |  |  | 25,819 |
Europe |  |  | 12,189 |  |  |  | 9,560 |  |  |  | 24,517 |  |  |  | 12,389 |
Rest of World |  |  | 513 |  |  |  | 3 |  |  |  | 704 |  |  |  | 3 |
Total revenue from sale of therapies |  |  | 45,514 |  |  |  | 27,700 |  |  |  | 87,566 |  |  |  | 38,211 |

Product revenue, net
During the three and six months ended June 30, 2023, the Group recognized £45,514,000 and £87,566,000 of net product revenue, respectively, relating to the sale of KIMMTRAK primarily in the United States and Europe following marketing approvals in the first half of 2022. 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 six months ended June 30, 2023, following the transition to the commercial sale of KIMMTRAK in France in the second half of 2022. In the three and six months ended June 30, 2022, the Group recognized £3,708,000 and £6,537,000 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 six months ended June 30, 2023, the Group recognized £2,250,000 and £4,739,000 of revenue, respectively, relating to the 2018 Genentech agreement and IMC-C103C (for the three and six months ended June 30, 2022: £4,302,000 and £8,904,000).
In February 2023, Genentech accepted the Group’s proposal to cease co-funding the development of MAGE-A4 HLA-A02 targeted programs, except for the Group’s equal share of the wind-down costs of the IMC-C103C Phase 1 clinical trial.
Eli Lilly Collaboration
During the three and six months ended June 30, 2023, the Group recognized no revenue relating to the Eli Lilly collaboration (for the three and six months ended June 30, 2022: £nil and £7,361,000, respectively).
The Group released the remaining deferred revenue attributed to the third target under the collaboration after the parties agreed to terminate the agreement during the three months ended March 31, 2022. No further revenue under the collaboration is expected.
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Deferred revenue
Of the total revenue recognized during the three and six months ended June 30, 2023, £1,602,000 and £3,204,000, respectively, was included in deferred revenue at January 1, 2023. No revenue was recognized in the three and six months ended June 30, 2023 relating to performance obligations satisfied in previous years (for the three and six months ended June 30, 2022: £nil). The remaining current deferred revenue as at June 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 June 30, 2023 and December 31, 2022, respectively, relates to the Group’s non-refundable payment of £4,331,000 received from Medison Pharma Ltd (“Medison”) in the year ended December 31, 2022. The Group expects to recognize revenue for this combined performance obligation of supplying KIMMTRAK and granting Medison the exclusive right to distribute KIMMTRAK in South America with the sale of products following regulatory approval in South America. The Group estimates that Product revenue recognition of this Non-current deferred revenue will commence later than June 30, 2024.
4. Selling and administrative expenses
There were £4,653,000 and £9,406,000 of foreign exchange losses, which the Group classifies within Selling and administrative expenses, for the three and six months ended June 30, 2023 respectively, compared to gains of £6,778,000 and £9,159,000 in the three and six months ended June 30, 2022 respectively. These gains and losses arise on a number of foreign currency items, including the translation of monetary foreign currency balances in the Group’s main operating subsidiary in the United Kingdom.
5. Finance income
Finance income increased in the three and six months ended June 30, 2023 due to higher interest rates and higher levels of cash and cash equivalents held by the Group in the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2023.
6. Income tax
Income tax (charge) / credit is recognized at an amount determined by multiplying the loss before taxation for the interim reporting period by the Group’s best estimate of the weighted-average annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from the Group’s estimate of the effective tax rate for the annual financial statements.
The Group’s consolidated estimated effective tax rate for the six months ended June 30, 2023 was 1.3% (tax credit rate for the six months ended June 30, 2022: 14.6%). During the six months ended June 30, 2023, the Company recorded a tax charge of £387,000 (tax credit for the six months ended June 30, 2022: £3,806,000). Historically, the Group satisfied the definition of a Small and Medium-sized Enterprise (“SME”) and was able to surrender some of its U.K. tax losses for a cash rebate of up to 33.35% of expenditures related to eligible research and development projects. The Group exceeded the size limit thresholds and no longer qualifies for tax relief under the U.K. SME research and development regime in 2023. The Group will continue to benefit from the U.K. large company, Research & Development Expenditure Credit (“RDEC”) regime which can generate a cash rebate of up to 10.53% of qualifying research and development expenditures incurred prior to 1 April 2023 and 15% for expenditure incurred after this date. The Group records tax credits receivable under the SME research and development tax credit regime within Income tax (charge) / credit. Tax credits receivable under the large company RDEC regime are recorded ‘above the line’ as a reduction from research and development expenses.
A deferred tax asset of £4,442,000 has been recognized as of June 30, 2023 (December 31, 2022: £4,240,000) primarily representing unused tax credits and relevant research and development expenditure (which is capitalized for U.S. Federal Income Tax purposes but not for accounting purposes under IFRS) carried forward for one of the Group’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.
During the six months ended June 30, 2023 the Group received U.K. tax credits of £9,904,000 relating to research and development expenditure in the year ended December 31, 2021 (for the six months ended June 30, 2022 no tax credits were received).
7. Basic and diluted loss per share

|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Loss for the period (£’000s) |  |  | (14,077 | ) |  |  | (6,121 | ) |  |  | (30,774 | ) |  |  | (22,249 | )
Basic and diluted weighted average number of shares |  |  | 48,694,047 |  |  |  | 43,935,837 |  |  |  | 48,440,318 |  |  |  | 43,901,011 |
Basic and diluted loss per share (£) |  |  | (0.29 | ) |  |  | (0.14 | ) |  |  | (0.64 | ) |  |  | (0.51 | )

Basic and diluted loss per share is calculated by dividing the loss for the period attributable to the equity holders of the Group by the weighted average number of ordinary shares outstanding during the period, including ordinary shares represented by ADSs. Outstanding share options are considered to be anti-dilutive as they would decrease the loss per share and are, therefore, excluded from the calculation of diluted loss per share.
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8. Property, plant and equipment
During the three and six months ended June 30, 2023, the Group acquired assets at a cost of £768,000 and £3,238,000, respectively relating primarily to laboratory equipment.
9. Trade and other receivables

|  | June 30, 2023 £’000 |  |  | December 31, 2022 £’000 |
Trade receivables |  |  | 32,273 |  |  |  | 27,736 |
Other receivables |  |  | 5,525 |  |  |  | 7,682 |
Prepayments and accrued income |  |  | 10,660 |  |  |  | 11,293 |
|  |  | 48,458 |  |  |  | 46,711 |

Included within prepayments and accrued income are amounts paid in advance for clinical trials that are expected to be received in services or repaid within twelve months.
10. Share capital

Issued share capital |  | Ordinary |  |  | Deferred |
(0.2p per share, except deferred shares which are 0.01p per share) |  | shares |  |  | shares |
At January 1, 2023 |  |  | 48,088,346 |  |  |  | 5,793,501 |
Exercise of share options |  |  | 853,003 |  |  |  | — |
At June 30, 2023 |  |  | 48,941,349 |  |  |  | 5,793,501 |

11. Share-based payments
During the three and six months ended June 30, 2023 the total charge for share-based payments was £6,990,000 and £13,651,000 respectively (for the three and six months ended June 30, 2022, £6,675,000 and £14,088,000, respectively).
The Group granted 48,980 and 180,621 options to purchase ordinary shares under the Group’s 2021 Equity Incentive Plan in the three months ended June 30, 2023 and 2022 respectively, and 742,105 and 1,363,653 options in the six months ended June 30, 2023 and 2022, respectively. The weighted average exercise price and weighted average fair value of options granted is set out below. The options in both periods were valued using the Black-Scholes model, with the majority vesting over a four-year period from the date of grant, and with 25% of the award vesting at the end of the first year and the remaining award vesting quarterly over the following three years. Of the options granted in the three months ended June 30, 2023, 43,380 options were awarded to the Company’s non-executive directors, which vest after one year from the date of grant.

|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  |  | $ |  |  |  | $ |  |  |  | $ |  |  |  | $ |
Weighted average exercise price |  |  | 57.51 |  |  |  | 28.86 |  |  |  | 63.94 |  |  |  | 25.47 |
Weighted average fair value |  |  | 35.14 |  |  |  | 17.91 |  |  |  | 39.52 |  |  |  | 15.62 |

During the three and six months ended June 30, 2023, 561,940 and 853,003 options with a weighted average exercise price of $20.48 and $20.64, were exercised, respectively. As at June 30, 2023, and 2022, there were 9,739,383 and 10,174,957 outstanding options, respectively, of which 5,474,272 and 4,358,536 respectively, were exercisable.
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12. Trade and other payables

|  | June 30, 2023 £’000 |  |  | December 31, 2022 £’000 |
Trade payables |  |  | 13,992 |  |  |  | 11,716 |
Other taxation and social security |  |  | 1,066 |  |  |  | 927 |
Pension liability |  |  | 395 |  |  |  | 34 |
Accruals |  |  | 70,301 |  |  |  | 62,399 |
|  |  | 85,754 |  |  |  | 75,076 |

Accruals as at June 30, 2023 include estimates for rebates, chargebacks, other customer fees and returns of £39,434,000 in respect of Product revenue from the sale of KIMMTRAK and Pre-product revenue from the sale of tebentafusp, compared to £24,066,000 as at December 31, 2022. Combined with the Non-current accruals in the unaudited condensed consolidated interim statement of financial position, our total accruals for such deductions from revenue were £41,080,000 as at June 30, 2023, and £25,545,000 as at December 31, 2022.
13. Events after the reporting period
In early August, the Group negotiated KIMMTRAK pricing with authorities in Germany. This price is expected to be published in September 2023 and is not materially higher than the Group’s estimate.
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