Immunocore Holdings (IMCR) Company Report

Immunocore reported 14 consecutive quarters of growth for Kimmtrak, with 30% revenue growth in the first three quarters of 2025, and expects continued growth in 2026 through US penetration and global expansion, potentially increasing the eligible patient population from 1,000 to 6,000 with new indications.
The company anticipates key data readouts in the second half of 2026 for the Phase 3 TEBE-AM trial in second-line cutaneous melanoma, with enrollment completion expected in the first half of 2026.
Other significant pipeline milestones for 2026 include data for PRAME in ovarian and non-small cell lung cancer, and further dose escalation data for the HIV compound MTAV, both expected in the second half of 2026.
Immunocore ended 2025 with approximately $860 million in unaudited cash, demonstrating a strong financial position to fund ongoing Phase 3 trials and pipeline advancement.

Jan 14, 2026, 4:15 PM

Transcript

Immunocore Provides Update on Kimmtrak Performance, Pipeline Progress, and Financial Position

IMCR

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Immunocore's commercial product, Kimmtrak, achieved 30% revenue growth in the first three quarters of 2025 and has demonstrated 14 consecutive quarters of growth.
The company is expanding Kimmtrak's potential with two ongoing Phase 3 trials: TEBE-AM for second-line cutaneous melanoma (enrollment completion H1 2026, data as early as H2 2026) and ADAM for adjuvant uveal melanoma, which could increase the eligible patient population from 1,000 to 6,000 patients.
Immunocore is advancing its pipeline with the PRAME asset (brenetafusp) in a Phase 3 trial for first-line cutaneous melanoma (enrollment anticipated by 2027) and exploring it in ovarian and non-small cell lung cancer, with data for these indications expected in H2 2026.
The company ended 2025 with approximately $860 million in cash on the balance sheet, an increase from $820 million at the same time last year, supporting its investment in Phase 3 studies and pipeline advancement.

Jan 14, 2026, 4:15 PM

Transcript

Immunocore Provides 2026 Outlook and Pipeline Updates at J.P. Morgan Healthcare Conference

IMCR

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Immunocore reported 30% revenue growth for KIMMTRAK in 2025, marking 14 consecutive quarters of growth, and anticipates increasing the eligible patient population from 1,000 to 6,000 patients through two ongoing Phase III trials for metastatic uveal melanoma (MUM) and adjuvant uveal melanoma (ADAM), with TEBE-AM enrollment completing in H1 2026 and data as early as H2 2026.
The company is advancing a diversified pipeline, with key data readouts expected in H2 2026 for PRAME (brenetafusp) in ovarian and non-small cell lung cancer, and for the HIV program (MTAV). The Phase III PRISM-MEL trial for PRAME in first-line cutaneous melanoma is targeting enrollment completion by 2027, and a Type 1 diabetes trial is set to begin in H1 2026.
Immunocore ended 2025 with approximately $860 million in cash, an increase from $820 million at the end of 2024, supporting its data-driven R&D investments and disciplined SG&A.

Jan 14, 2026, 4:15 PM

Transcript

Immunocore Outlines 2026 Milestones and Preliminary Year-End Cash

IMCR

Guidance Update

New Projects/Investments

Immunocore reported a preliminary unaudited year-end cash position of $864 million as of December 31, 2025.
The company anticipates moderate revenue growth in 2026 for KIMMTRAK , with key milestones including completing enrollment in the Phase 3 TEBE-AM trial in 1H 2026 and an earliest topline readout window in 2H 2026.
In 2H 2026, Immunocore expects data from Phase 1/2 combinations of brenetafusp in ovarian cancer and from Phase 1/2 monotherapy and combinations in NSCLC.
Other significant pipeline milestones for 2026 include the first patient dosed in a Phase 1 trial for IMC-S118AI in type 1 diabetes in 1H 2026, data from the Phase 1 HIV trial in 2H 2026, and an IND/CTA for a CD1a x PD1 trial in atopic dermatitis in 2H 2026.

Jan 13, 2026, 12:00 PM

Presentation

Immunocore Holdings plc Announces 2026 Strategic Priorities

IMCR

New Projects/Investments

Guidance Update

Immunocore Holdings plc outlined its 2026 strategic priorities, focusing on growing KIMMTRAK in melanoma, expanding beyond melanoma into other tumor types, and realizing growth opportunities beyond oncology in infectious and autoimmune diseases.
Key clinical milestones for 2026 include the anticipated completion of enrollment for the TEBE-AM Phase 3 trial in previously treated cutaneous melanoma in 1H 2026, with topline data expected as early as 2H 2026.
The company plans to present Phase 1/2 data for brenetafusp combinations in ovarian and lung cancer, initial data for IMC-P115C in multiple solid tumors, and additional Phase 1 HIV data in 2H 2026.
In autoimmune diseases, Immunocore expects to dose the first patient in a Phase 1 type 1 diabetes trial in 1H 2026 and submit a clinical trial application for a second autoimmune candidate in 2H 2026.
Immunocore reported preliminary unaudited cash, cash equivalents, and marketable securities of approximately $864 million as of December 31, 2025.

Jan 9, 2026, 12:11 PM

8-K

Immunocore Highlights Strong KIMMTRAK Performance, Pipeline Progress, and Cash Position

IMCR

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Immunocore's commercial product, KIMMTRAK, achieved a significant milestone by exceeding $100 million in sales for the first time in the last quarter, demonstrating strong commercial momentum with approximately 68% US penetration and an extended real-world duration of therapy of about 14 months.
The company is expanding KIMMTRAK's potential with two ongoing Phase 3 trials: one in third-line cutaneous melanoma, targeting enrollment completion in H1 2026 and data readout as early as H2 2026, and another in the adjuvant setting for uveal melanoma.
Immunocore's PRAME bispecific is progressing in a Phase 3 trial for first-line cutaneous melanoma in combination with Nivolumab, with data expected around the end of 2027 or beginning of 2028. The company also anticipates data next year from its PRAME programs in ovarian, lung, and a half-life extended version.
The pipeline includes promising developments in infectious diseases, with encouraging Phase 1 data for its HBV program showing surface antigen reduction in four patients, and efforts towards a functional cure in HIV. Additionally, Immunocore is advancing programs in autoimmune diseases, with a Type 1 Diabetes program entering the clinic next year.
Immunocore reported a robust financial position, holding $892 million in cash as of the end of Q3.

Nov 19, 2025, 3:30 PM

Transcript

Immunocore Provides Business Update at Jefferies Healthcare Conference

IMCR

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Immunocore's commercial product, KIMMTRAK, exceeded $100 million in sales for the first time in the last quarter, achieving 68% penetration in the US and demonstrating a real-world duration of therapy of approximately 14 months.
The company is advancing KIMMTRAK in two Phase 3 trials for cutaneous melanoma (third-line), with data expected as early as H2 2026, and in adjuvant settings.
Immunocore's PRAME bispecific is in a Phase 3 trial for first-line cutaneous melanoma, with data anticipated around the end of 2027 or beginning of 2028. Additionally, the company reported encouraging Phase 1 data for its HBV program.
Immunocore maintains a strong financial position with $892 million in cash as of the end of Q3.

Nov 19, 2025, 3:30 PM

Transcript

Immunocore Provides Update on KIMMTRAK Commercial Performance and Pipeline Progress

IMCR

Product Launch

New Projects/Investments

Guidance Update

Immunocore's commercial product, KIMMTRAK, exceeded $100 million in sales in the last quarter, with 68% penetration in the US and a real-world duration of therapy of approximately 14 months.
The company is advancing KIMMTRAK in two Phase 3 trials: for third-line cutaneous melanoma, with enrollment expected to finish in H1 2026 and data as early as H2 2026; and in adjuvant uveal melanoma, with enrollment progressing well.
Immunocore's PRAME program is in a Phase 3 trial for first-line cutaneous melanoma in combination with Nivolumab, with data anticipated around end of 2027 or beginning of 2028. Additional PRAME data for ovarian, lung, and a half-life extended version are expected next year.
The company is also progressing its infectious disease pipeline, with recent positive single ascending dose data for its HBV program showing four patients reduced surface antigen below a 0.2 log threshold. An autoimmune program for Type 1 diabetes is expected to enter the clinic next year.
Immunocore reported a strong financial position with $892 million in cash as of the end of Q3.

Nov 19, 2025, 3:30 PM

Transcript

Immunocore Holdings plc Reports Q3 2025 Financial Results and Business Update

IMCR

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Immunocore Holdings plc reported KIMMTRAK net revenues of $103.7 million for the third quarter ended September 30, 2025, marking a 29% year-over-year increase compared to $80.2 million for the same period in 2024.
The company recorded a net loss of ($0.2) million for Q3 2025, compared to a net profit of $8.7 million in Q3 2024, with basic and diluted net loss per share at ($0.00).
As of September 30, 2025, Immunocore held $892 million in cash, cash equivalents, and marketable securities.
Key business updates include the Phase 3 TEBE-AM trial being on track to complete enrollment in 1H 2026, and the selection of 160 mcg as the go-forward dose for brenetafusp in the Phase 3 PRISM-MEL-301 trial. The company also expects to pay approximately $65 million in sales-related rebate accruals in the fourth quarter of 2025.

Nov 6, 2025, 12:31 PM

8-K

Immunocore Holdings Discusses KIMMTRAK Performance and Pipeline Advancement

IMCR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Immunocore's product, KIMMTRAK, generated $192 million in the first half of this year, representing a 32% growth rate over the same period last year, with future growth expected to moderate to 4%-7% quarterly sequential growth as the product matures in its current indication.
The company is advancing three Phase III trials for pipeline expansion: TEBI-AM (advanced cutaneous melanoma) with enrollment completing in H1 2026 and data expected in H2 2026, ADAM (adjuvant uveal melanoma) with a three-year enrollment period, and PRISM-mel (first-line cutaneous melanoma) with a dose selection triggered after 90 patients.
Immunocore maintains a robust balance sheet with almost $900 million of cash, enabling it to fund its pipeline for the foreseeable future, despite expected increases in R&D investments due to the ongoing Phase III trials.

Sep 10, 2025, 5:50 PM

Transcript

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Immunocore Holdings (IMCR)

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