Exhibit 99.4 Execution Version LOAN AGREEMENT Dated as of November 8, 2022 among IMMUNOCORE LIMITED (as Borrower, and a Credit Party), IMMUNOCORE HOLDINGS PLC (as Parent, and a Credit Party), IMMUNOCORE LLC IMMUNOCORE COMMERCIAL LLC and IMMUNOCORE IRELAND LIMITED (as additional Credit Parties), THE OTHER GUARANTORS SIGNATORY HERETO OR OTHERWISE PARTY HERETO FROM TIME TO TIME (as additional Credit Parties), and BIOPHARMA CREDIT INVESTMENTS V (MASTER) LP (as a Lender) TABLE OF CONTENTS | | | Page | | --- | -- ...