Immunocore (IMCR) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Company overview and financial position

• Commercial-stage biotech with a validated T-cell receptor platform and first approved TCR therapy, KIMMTRAK, generating $220M in H1 2026 and over $400M annually, now standard of care in metastatic uveal melanoma.

• Three ongoing phase III studies: two for lifecycle management of KIMMTRAK (TEBE-AM in advanced cutaneous melanoma, ATOM in adjuvant uveal melanoma) and one for PRAME-targeted bispecific brenetafusp (PRISM-MEL-301 in frontline cutaneous melanoma).

• Robust balance sheet with $880M in cash, supporting pipeline and operations for the foreseeable future.

• Capital allocation focuses on maximizing KIMMTRAK value, advancing phase III programs, and funding early-stage pipeline and platform innovation.

• Currently at break-even profitability, with ongoing investment prioritized over near-term profit guidance.

Clinical development and pipeline updates

• TEBE-AM phase III in advanced cutaneous melanoma is nearing enrollment completion, with top-line overall survival data expected as early as end of this year.

• ATOM phase III in adjuvant uveal melanoma is ramping up, with enrollment targeted for completion by end of 2028; primary endpoint is relapse-free survival.

• PRISM-MEL-301 phase III for brenetafusp in frontline cutaneous melanoma is progressing, aiming for enrollment completion by end of 2027.

• Early-stage oncology pipeline includes brenetafusp and its half-life extended version in ovarian, lung, and melanoma, with data expected later this year.

• Type 1 diabetes program in the clinic, with first patient dosing imminent.

Commercial performance and market dynamics

• KIMMTRAK has achieved over 70% market penetration in the US and Europe, with a unique real-world therapy duration of 14 months, exceeding clinical trial results.

• Five-year overall survival data for KIMMTRAK shows a doubling of survival in uveal melanoma, reinforcing its value proposition.

• Growth in KIMMTRAK sales is moderating due to high market penetration and maturity, but continued growth is expected.

• Focus on expanding into the community setting, now accounting for 70% of new patient starts in the US.

• Ongoing efforts to reduce overnight monitoring requirements for KIMMTRAK, with prospective data being generated to support label changes.