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]

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]

Financial Data and Key Metrics Changes - In 2025, the company generated $400 million in net revenue from KIMMTRAK, representing a 29% increase from the previous year [5][9][23] - 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 [8][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 community settings [10][11] Market Data and Key Metrics Changes - KIMMTRAK's adoption is widespread, with half of all patient starts occurring in community settings [10] - The company expects moderating growth in 2026 due to significant market penetration [23][24] Company Strategy and Development Direction - The company is expanding KIMMTRAK's reach 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 [8][17] - The company aims to achieve tissue-specific down modulation of the immune system in autoimmune diseases [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of growth strategies and the potential for KIMMTRAK to transform patient outcomes [11][26] - The company anticipates 2026 to be a year of data and continued progress, with significant readouts expected [26] Other Important Information - The company is advancing its pipeline in infectious diseases and autoimmune conditions, with promising data from ongoing studies [8][20] - The company has a robust R&D engine with three ongoing Phase III trials in oncology [13][18] Q&A Session Summary Question: Geographic breakdown of TEBE-AM enrollment - The majority of enrollment is from Europe, with 10% to 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 - Growth is expected to moderate as the company enters its fifth year on the market, with underlying growth around 20% after normalizing for rebate reserves [38] Question: Pricing strategy for second-line cutaneous melanoma - The company believes it can defend its pricing based on the unmet need and overall survival endpoint if data is positive [45] Question: Evaluation of success in early autoimmune studies - Success will be evaluated based on target binding and surrogate markers like C-peptide [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]

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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Core Viewpoint - Immunocore Holdings plc will report its financial results for the fourth quarter and full year 2025 on February 25, 2026, and will host a teleconference to discuss these results and provide a business update [1][2]. Company Overview - Immunocore is a commercial-stage biotechnology company focused on developing TCR bispecific immunotherapies, known as ImmTAX, aimed at treating various diseases including cancer, autoimmune diseases, and infectious diseases [4]. - The company has a robust pipeline in multiple therapeutic areas, with both clinical and pre-clinical programs [4]. - Its leading oncology TCR therapeutic, KIMMTRAK, is approved for treating HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in several regions including the US, EU, Canada, Australia, and the UK [4]. Conference Call Details - The live teleconference will take place at 8:00 a.m. EST (1:00 p.m. GMT) and will be accessible via the company's website [2][3]. - A replay of the event will be available for a limited time after the live call [3]. Contact Information - The company has provided contact details for communications and investor relations, including names, phone numbers, and email addresses for inquiries [5].

Core Insights - Immunocore Holdings plc announces the departure of Dr. David Berman, Executive Vice President of Research and Development, effective February 27, 2026, as he takes a new role at another biotech company [1] - The company will not seek a direct replacement for Dr. Berman but will streamline its R&D structure, promoting Dr. Mohammed Dar and Mark Moyer to Executive Vice President roles [2] Leadership Changes - Dr. Mohammed Dar, previously Chief Medical Officer, has extensive experience in leading clinical development and will now oversee expanded clinical development and regulatory strategies [4] - Mark Moyer, who has been with Immunocore since 2018, will become EVP, Chief Regulatory and Quality Officer, having led the regulatory strategy for KIMMTRAK, which is now approved in 39 countries [5] Company Overview - Immunocore is a commercial-stage biotechnology company focused on developing TCR bispecific immunotherapies, particularly its lead product KIMMTRAK, which treats HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma [6]

Core Insights - Immunocore is a commercial stage biotechnology company focused on developing transformative medicines, particularly through its innovative soluble TCR receptor bispecific platform, which has been validated both clinically and commercially [2][3] Company Strategy - The company aims to grow its product KIMMTRAK and prepare for potential new indications in melanoma, while also expanding its focus beyond melanoma into other tumor types [4] - Immunocore plans to unlock opportunities beyond oncology, indicating a broader strategic vision for its product applications [4] Future Outlook - The years 2026 to 2028 are identified as critical for the company, with several data catalysts expected to emerge during this period [3]

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Core Viewpoint - TCE's efficacy and commercialization capabilities in hematological malignancies have been fully validated, but several challenges remain for its widespread application in solid tumors [1] Group 1: Current Status of TCE - A total of 12 TCE therapies have been approved globally, with 10 in the US and 6 in China; 9 are for hematological malignancies and only 3 for solid tumors [1] - The application of TCE in solid tumors faces challenges such as targeting tumor-associated antigens (TAA) without harming healthy tissues, enhancing T cell infiltration in the tumor microenvironment, and overcoming immunosuppressive cells and cytokines that lead to T cell exhaustion [1] Group 2: Design Innovations Enhancing TCE Applicability - Non-full-length bispecific antibodies and 2+1 format designs have shown promise; Amgen's DLL3/CD3 bispecific antibody has been approved for SCLC, and MSD's Gocatamig has demonstrated high tumor response rates in later-line SCLC patients [2] - The "2+1" format design allows for precise control of CD3 affinity, with Xencor's XmAb platform advancing its pipeline to Phase III clinical trials [2] - TCR therapy, exemplified by Immunocore's KIMMTRAK, targets intracellular protein antigens and has received FDA approval for uveal melanoma, with potential for expansion into other indications [2] Group 3: Strategies to Mitigate Toxicity and Enhance Efficacy - Prodrug designs are being explored to reduce off-target toxicity; Janux has validated its TCE in clinical settings, and Vir's VIR-5818 shows promising initial data in HER2-positive breast cancer [3] - Co-stimulatory signals from CD28, 4-1BB, and CD2 are expected to enhance TCE responses; Regeneron's CD28 bispecific antibody strategy has shown effectiveness but raised safety concerns [3] - Selective T cell activation targets are being developed to avoid broad T cell activation risks; AstraZeneca and LavaTherapeutics are working on TCEs that selectively target CD8+ T cells and Vγ9Vδ2 T cells [4] Group 4: Domestic Companies and Pipeline Development - Domestic companies are advancing TCE research with diverse technical paths, including CD28 co-stimulatory bispecific antibodies and TCR therapies, forming a robust pipeline [5] - Companies to watch include Zai Lab, Wuxi Biologics, Heng Rui Medicine, Bai Li Tianheng, and others, indicating a rich landscape for TCE development in solid tumors [5]