Immunocore will present five-year overall survival data for KIMMTRAK during oral presentation at the 2026 AACR meeting (OXFORDSHIRE, England & GAITHERSBURG, Md., & RADNOR, Penn., US, 17 March 2026) Immunocore Holdings plc (Nasdaq: IMCR) (“Immunocore” or the “Company”), a commercial-stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases and autoimmune diseases, today announced that it will pre ...

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Immunocore Conference Call Summary Company Overview - **Company**: Immunocore (NasdaqGS:IMCR) - **Technology**: Pioneered T-cell receptor technology, specifically in solid tumors with KIMMTRAK, the first T-cell engager in this area [3][4] Commercial Performance - **KIMMTRAK Revenue**: Achieved $400 million in net revenue last year, representing a 30% year-on-year growth, marking the fifteenth consecutive quarter of growth [4] - **Market Penetration**: 70% penetration across major markets, launched in 30 markets, and established as the standard of care for HLA-A*02:01 positive uveal melanoma patients [4][5] - **Growth Expectations**: Anticipated growth to moderate to 4%-7% quarter-on-quarter as the product matures in the market [4][5] Key Learnings from KIMMTRAK Launch - **Adoption Challenges**: Adoption in rare diseases is challenging; developed predictive analytics to target one-off patients [6] - **Real-World Performance**: KIMMTRAK shows better real-world performance with a mean duration of therapy of 14 months [6][7] Clinical Data and Studies - **Survival Data**: Published 28-month median overall survival data for KIMMTRAK in metastatic uveal melanoma from a French registry [9] - **Upcoming Data**: Expecting 5-year overall survival data from a phase 3 study, which is unprecedented in this indication [10] - **TEBE-AM Study**: Focused on cutaneous melanoma, with enrollment expected to finish in the first half of 2026 and data anticipated in the second half of 2026 [12][13] Competitive Landscape - **Uveal Melanoma**: Limited competition; one phase 3 study in HLA-A*02:01 negative patients, with KIMMTRAK not approved in that setting [11] - **Cutaneous Melanoma**: More competitive with existing therapies like TILs; KIMMTRAK's focus on overall survival provides a competitive edge [17][18] Commercial Opportunities - **Cutaneous Melanoma Market**: Estimated 4,000 patients with late-line cutaneous melanoma present a significant commercial opportunity [16] - **Physician Familiarity**: Approximately 50% of physicians treating cutaneous melanoma are already familiar with KIMMTRAK, enhancing adoption potential [18] Geographic Considerations - **Market Focus**: The U.S. is the primary market for KIMMTRAK, with plans for a global launch depending on data outcomes [21] Future Studies and Developments - **ATOM Study**: Ongoing phase 3 adjuvant study in uveal melanoma, with data expected 12-18 months after accrual completion [22] - **PRIME Study**: Phase 3 study in frontline cutaneous melanoma, comparing brenetafusp with Nivolumab, with significant patient opportunity [23][25] Broader Applications - **HIV Research**: Exploring the potential of T-cell receptor technology in HIV functional cure studies, currently in multiple ascending dose trials [34][35] - **Autoimmune Diseases**: Investigating applications in type 1 diabetes, aiming to provide a tissue-specific treatment option [37][39] Financial Position - **Cash Position**: Approximately $860 million, with a focus on strategic investments rather than immediate profitability [41][42] Key Milestones for 2026 - **KIMMTRAK Lifecycle Management**: Enrollment completion and data readout expected in the second half of 2026 [44] - **Brenetafusp Data**: Anticipated readouts in lung cancer and ovarian cancer by the end of the year [44] - **HIV Program Updates**: Additional data expected towards the end of the year [45]

Core Insights - Immunocore Holdings plc is a biotechnology company focused on developing T cell receptor-based therapeutics, currently in the development stage with high R&D costs before achieving profitability [1] - The company's Return on Invested Capital (ROIC) is -1.74%, and its Weighted Average Cost of Capital (WACC) is 7.98%, indicating it is not generating returns above its cost of capital [2][6] - The ROIC to WACC ratio for Immunocore is -0.22, which is better than some peers, suggesting a relatively better potential for capital efficiency improvement [2][6] Peer Comparison - Vor Biopharma Inc. has a ROIC of -232.79% and a WACC of 9.67%, resulting in a ROIC to WACC ratio of -24.09 [3] - Cullinan Therapeutics, Inc. reports a ROIC of -53.35% and a WACC of 4.55, leading to a ROIC to WACC ratio of -11.72 [3] - Sana Biotechnology, Inc. has a ROIC of -57.87% and a WACC of 12.06, resulting in a ROIC to WACC ratio of -4.80 [3] - Design Therapeutics, Inc. stands out with a ROIC of -38.71% and a WACC of 11.33, achieving the highest ROIC to WACC ratio of -3.42, indicating a closer potential to achieving positive returns [4] Industry Context - All companies analyzed, including Immunocore, are operating with negative ROIC, which is typical for early-stage biotechnology firms [5][6] - Investors should consider ROIC and WACC metrics alongside other factors such as pipeline progress, market potential, and financial health when evaluating investment opportunities in the biotechnology sector [5]

Financial Data and Key Metrics Changes - For the year 2025, the company generated $400 million in net revenue from KIMMTRAK, representing a 29% increase from the prior year [5][9] - The operating loss was reduced in 2025 as revenue growth outpaced operating expenses [25] - The balance sheet remains strong with approximately $864 million in cash and marketable securities, an increase of over $40 million from the previous year [25] Business Line Data and Key Metrics Changes - KIMMTRAK is now approved in 39 countries and launched in 30 markets, with over 70% penetration across all major markets [5][9] - The mean duration of therapy for KIMMTRAK is 14 months, exceeding clinical trial experiences [5][9] - The company activated 150 new accounts in 2025, with 70% of KIMMTRAK prescriptions coming from the community [10][11] Market Data and Key Metrics Changes - The company expects moderating growth in 2026 as it enters KIMMTRAK's fifth year on the market, with underlying sequential quarterly revenue growth in the range of 4%-7% [23][24] - The company anticipates that the growth trend will continue to slow down in 2026 [24] Company Strategy and Development Direction - The company is expanding the reach of KIMMTRAK through a lifecycle management program with two phase III trials: TEBE-AM and ATOM [6][7] - The oncology platform is being expanded beyond melanoma into ovarian and lung colorectal cancers and GI cancers [8][17] - The company aims to achieve tissue-specific down modulation of the immune system in autoimmune diseases, with candidates targeting type 1 diabetes and atopic dermatitis [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of growth trajectories and the potential of KIMMTRAK to transform patient lives [11][12] - The company is focused on delivering transformative medicines and expects 2026 to be a year of data and continued progress [26] Other Important Information - The company has three ongoing phase III trials in oncology, with data readouts beginning as early as the second half of 2026 [13][14] - The company is also advancing its HIV functional cure program and hepatitis B candidate, with promising early results [8][19] Q&A Session Summary Question: Geographic breakdown of TEBE-AM enrollment - The majority of enrollment is coming from Europe, with 10%-15% from the U.S. [30] Question: Treatment arms powered for overall survival in TEBE-AM - The study is designed to meet statistically significant and clinically meaningful thresholds, typically at least a 30% difference from the control [34] Question: Expectations for contract sales growth - The company expects growth to moderate, with year-on-year growth of 29% normalizing to around 20% [38] Question: Pricing strategy for second-line cutaneous melanoma - The company believes it can defend its pricing based on the unmet need and established safety profile if data is positive [45] Question: Evaluation of success in early autoimmune studies - The company will assess target binding and surrogate markers like C-peptide to evaluate early efficacy [49] Question: Learnings from KIMMTRAK's success in uveal melanoma - Half of the cutaneous melanoma patients are treated by physicians experienced with KIMMTRAK, providing a strong foundation for potential launch [52]

Immunocore (NasdaqGS:IMCR) Q4 2025 Earnings call February 25, 2026 08:00 AM ET Company ParticipantsBahija Jallal - CEOGraig Suvannavejh - Managing DirectorMohammed Dar - EVP of Clinical Development and Chief Medical OfficerMorgan Morse - Investor Relations ManagerPaul Jeng - VP of Biotechnology Equity ResearchRajan Sharma - Pharma and Biotech Equity ResearchRalph Torbay - EVP of CommercialSean Laaman - Executive DirectorTravis Coy - CFO and Head of Corporate DevelopmentConference Call ParticipantsEric Schmi ...

Financial Data and Key Metrics Changes - For the year 2025, the company generated $400 million in net revenue from KIMMTRAK, representing a 29% increase from the prior year [4][7][24] - The operating loss was reduced in 2025 as revenue growth outpaced operating expenses [26] - The balance sheet remains strong with approximately $864 million in cash and marketable securities, an increase of over $40 million from the previous year [26] Business Line Data and Key Metrics Changes - KIMMTRAK is now approved in 39 countries and launched in 30 markets, with over 70% penetration across all major markets [4][7] - The mean duration of therapy for KIMMTRAK is 14 months, exceeding clinical trial experiences [4][7] - The company activated 150 new accounts in 2025, with 70% of all KIMMTRAK prescriptions coming from community settings [9] Market Data and Key Metrics Changes - KIMMTRAK's adoption is widespread, with half of all patient starts occurring in community settings [9] - The company expects moderating growth in 2026, with underlying sequential quarterly revenue growth in the range of 4%-7% [24] Company Strategy and Development Direction - The company is expanding the reach of KIMMTRAK through a lifecycle management program with two phase III trials: TEBE-AM and ATOM [5][6] - The oncology platform is being expanded beyond melanoma into ovarian and lung colorectal cancers [6][17] - The company aims to achieve tissue-specific down modulation of the immune system in autoimmune diseases, with a focus on type 1 diabetes and atopic dermatitis [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of KIMMTRAK and the potential to serve a larger patient population [10][11] - The company anticipates that 2026 will be a year of data and continued progress, with significant investments in R&D [27] Other Important Information - The company has three ongoing phase III trials in oncology, with data readouts expected beginning in the second half of 2026 [12][18] - The company presented promising data for its HIV functional cure program and hepatitis B candidate, confirming the potential of its platform in infectious diseases [6][19] Q&A Session Summary Question: Geographic breakdown of TEBE-AM enrollment - The majority of enrollment is coming from Europe, with 10%-15% from the U.S. [30] Question: Statistical assumptions for TEBE-AM treatment arms - The study is designed to meet statistically significant and clinically meaningful thresholds, typically at least a 30% difference from the control [35] Question: Expectations for revenue growth in 2026 - The company expects growth to moderate, with underlying growth around 20% when normalizing for rebate reserves [39] Question: Pricing strategy for potential cutaneous melanoma indication - The company believes it can defend its pricing based on the unmet need and established safety profile if data is positive [45] Question: Evaluation of success in early autoimmune studies - The company will assess binding to the target and measure surrogate markers like C-peptide for efficacy [50] Question: Insights from KIMMTRAK's success in uveal melanoma for cutaneous melanoma - Half of the cutaneous melanoma patients are treated by physicians experienced with KIMMTRAK, providing a strong foundation for a potential launch [54]

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from ________ to ________ Commission File Number 001-39992 Immunocore Holdings plc (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Core Insights - Immunocore reported Q4 2025 net sales of KIMMTRAK at $104.5 million, a 24% increase from Q4 2024, and full-year sales of $400.0 million, a 29% increase from 2024, with expectations of moderating revenue growth in 2026 [1][6][17] - The company anticipates completing enrollment for the TEBE-AM trial in the first half of 2026, with topline data expected in the second half of 2026 [1][3][17] - Immunocore's cash, cash equivalents, and marketable securities stood at $864.2 million as of December 31, 2025, providing financial flexibility for ongoing and future programs [1][11] Financial Results - Q4 2025 total net product revenue was $104.5 million, compared to $84.1 million in Q4 2024, with U.S. sales at $69.0 million, Europe at $32.1 million, and international regions at $3.4 million [6][7] - For FY 2025, net sales of KIMMTRAK were $400.0 million, up from $310.0 million in FY 2024, driven by increased volumes in the U.S. and Europe [7][17] - R&D expenses for Q4 2025 were $78.8 million, up from $60.9 million in Q4 2024, and for FY 2025, R&D expenses totaled $274.9 million, compared to $222.2 million in FY 2024 [8] - SG&A expenses for Q4 2025 were $42.6 million, slightly up from $42.3 million in Q4 2024, and for FY 2025, SG&A expenses were $165.4 million, compared to $155.8 million in FY 2024 [9] Clinical Pipeline and Growth Opportunities - The company is advancing its clinical pipeline beyond melanoma, with ongoing trials for brenetafusp in ovarian and lung cancers, and expects to present data in the second half of 2026 [4][18] - Immunocore is also progressing in its HIV functional cure program and plans to initiate its first autoimmune candidate trial in the first half of 2026 [5][21] - The company is enrolling patients in the TEBE-AM Phase 3 trial for advanced cutaneous melanoma, with a focus on overall survival as the primary endpoint [17][31] Market Position and Future Outlook - KIMMTRAK is approved in 39 countries and launched in 30, continuing to be the standard of care in most markets [12] - The company sees growth potential in expanding KIMMTRAK's indications into second-line advanced cutaneous melanoma and adjuvant uveal melanoma [13][17] - Immunocore's strong balance sheet and diverse clinical portfolio position it well for future growth and execution of clinical trials [5][6]