PresentationSo with that out of the way, let me turn it over to Immunocore's CEO, Bahija Jallal.Great. Good morning, everyone. My name is Jess Fye. I'm a biotech analyst at JPMorgan, and we're continuing the 44th Annual Healthcare Conference today with Immunocore. First, you're going to hear a presentation from the company, and then we're going to go into a Q&A session. [Operator Instructions].Bahija JallalCEO & Executive Director Good morning, and thank you, Jess, for having us. It's always a pleasure. Thi ...

Transformative immunomodulating medicines for patients January 2026 To add/change the picture: • Click on the image and press BACKSPACE or DELETE on the keyboard > Click on the icon at the centre of the placeholder > Select the chosen image • To adjust the crop, right-click on the image > Crop • If for any reason the image placeholder loses the rounded shape, click on Reset button in the Home tab at the top. To add/change the picture: • Click on the image and press BACKSPACE or DELETE on the keyboard > Clic ...

兴业证券主要观点如下： TCE在血液瘤中的疗效与商业化能力已充分验证，实现实体瘤中的广泛应用仍需解决诸多挑战 当前全球已获批的TCE疗法共有12款(美国获批10款，中国获批6款)，其中9款用于血液瘤，仅3款用于 实体瘤。TCE在实体瘤中的应用需要解决以下问题：(1)靶向肿瘤外毒性，避免TCE分子对健康组织中表 达TAA的组织进行杀伤;(2)解决肿瘤微环境中T细胞浸润的缺乏;(3)调节性T细胞等免疫抑制性细胞及其 产生的细胞因子引起的抑制性肿瘤微环境，导致效应T细胞耗竭等问题。 非全长双抗、2+1格式设计、TCR、前药、共刺激靶点与选择性T细胞靶点等设计进一步增强TCE在实 体瘤的适用性 (1)Amgen与MSD非全长双抗设计在DLL3靶点中表现出突出的抗肿瘤活性：Amgen基于HLE-BiTE平台 开发的DLL3/CD3双抗塔拉妥单抗已成功实现铂化疗进展SCLC的获批上市;MSD的Gocatamig高剂量组在 后线SCLC患者中实现较高比例的肿瘤应答，且对脑转移患者表现出差异化疗效。 (2)"2+1"格式设计有望实现对CD3亲和力的精准调控：Xencor公司XmAb平台的("2+1"格式设计有效调控 CD3靶 ...

Summary of Immunocore Holdings Conference Call Company Overview - **Company**: Immunocore Holdings (NasdaqGS:IMCR) - **Focus**: A commercial stage biotech company specializing in T-cell engager platform for oncology and infectious diseases, as well as autoimmune conditions. [4][6] Key Products and Pipeline - **KIMMTRAK**: - Approved for uveal melanoma in 38 markets, launched in 28 markets. [4] - Achieved over $100 million in sales for the first time in the last quarter. [10] - Currently has a duration of therapy of about 14 months, exceeding clinical trial results. [11] - 68% penetration in the US market, with higher penetration in European markets (80-90%). [14][15] - Two ongoing Phase 3 trials for cutaneous melanoma and adjuvant settings. [5][16] - **PRAME**: - In Phase 3 for first-line cutaneous melanoma, showing promising monotherapy activity. [22] - Ongoing trials in ovarian and lung cancers, with data expected next year. [24] Commercial Performance - **KIMMTRAK Sales**: - Growth driven by both US and international markets, with significant contributions from recent launches in the UK, Netherlands, and Poland. [10] - Safety profile has contributed to increased duration of therapy and penetration in community settings. [11] Clinical Trials and Data - **Cutaneous Melanoma**: - Phase 3 trial shows a one-year overall survival (OS) rate of 75% compared to 55% for comparators. [16] - Enrollment expected to finish in the first half of 2026, with data anticipated in the second half of 2026. [16] - **Adjuvant Setting**: - Focus on preventing metastasis in high-risk patients post-surgery. [18] - **PRAME BiSpecific**: - Ongoing Phase 3 trial in combination with Nivolumab, with data expected around the end of 2027 or early 2028. [26] Infectious Disease and Autoimmune Programs - **Infectious Disease**: - Programs in HIV and HBV, with promising single ascending dose data for HBV showing surface antigen reduction. [30] - Aim for a functional cure in HIV by targeting viral reservoirs. [31] - **Autoimmune**: - Focus on tissue-specific down modulation, with a Type 1 diabetes program targeting T-cell activity in the pancreas. [34] - Plans to initiate clinical trials next year. [35] Financial Position - **Cash Position**: - As of Q3, Immunocore holds $892 million in cash, indicating a strong financial position to support ongoing operations and R&D. [40] Upcoming Milestones - Key milestones for 2026 include: - Completion of the cutaneous melanoma trial with KIMMTRAK. - Data releases for HIV, PRAME, ovarian, and lung cancer programs. [38] Conclusion - Immunocore is positioned for significant growth with a robust pipeline and strong commercial performance of KIMMTRAK, alongside promising developments in PRAME and infectious disease programs. The company maintains a solid financial foundation to support its strategic initiatives. [41]

Core Insights - The article discusses the Phase 1 trial results of IMC-I109V, a bispecific T cell receptor designed to target HBV-infected hepatocytes, demonstrating a manageable safety profile and antiviral activity [1][2][3] Company Overview - Immunocore Holdings plc is a commercial-stage biotechnology company focused on developing immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases [1][11] - The company is advancing clinical candidates aimed at achieving functional cures for HIV and hepatitis B virus (HBV) [10] Trial Details - The Phase 1 trial enrolled 20 participants, evaluating ascending doses of IMC-I109V (0.8 mcg, 2.4 mcg, 7 mcg, 20 mcg) administered as a single IV infusion [3][4] - Participants were assessed for safety, tolerability, pharmacokinetics, and pharmacodynamic activity up to week 4 [4] Efficacy Results - Dose-dependent decreases in serum HBsAg were observed, with reductions meeting the threshold of ≥ 0.2 log10 IU/ml in 4 individuals, indicating potential for resolving hepatitis B infection [5][6] - Consistent pharmacodynamic activity was noted at doses ≥ 7 mcg, with HBsAg levels typically reaching a nadir by day 8 [5] Safety Profile - Treatment-related adverse events were reported in 8 participants, primarily transient systemic symptoms, with ALT elevations resolving within 14 days [6][7] - One participant in the 20 mcg cohort experienced Grade 2 cytokine release syndrome, which resolved rapidly with treatment [7] Mechanism of Action - IMC-I109V is designed to recruit non-exhausted T cells to eliminate hepatocytes harboring HBV DNA, addressing HBV-specific T cell exhaustion [8] Future Directions - The company believes the initial evidence of HBsAg reduction supports further evaluation of IMC-I109V in multiple dose regimens [8]

Summary of Immunocore Holdings FY Conference Call Company Overview - **Company**: Immunocore Holdings (NasdaqGS:IMCR) - **Date of Conference**: September 10, 2025 Key Industry Insights - **Biotech Innovation in China**: China has made significant advancements in biotech, particularly in immunology and cell therapy. Immunocore views China as both a competitive threat and an opportunity for collaboration and innovation [2][2]. - **AI Integration**: Immunocore is leveraging AI to enhance business operations and R&D, particularly in T-cell receptor (TCR) target identification and clinical data analysis. AI is seen as essential for improving efficiency and accelerating drug discovery [3][4]. Regulatory Environment - **Regulatory Interactions**: The FDA's guidance is crucial for Immunocore's investment strategies and clinical trial developments. The company has not faced significant regulatory impacts recently but emphasizes the importance of clear regulatory guidance [5][6]. T-Cell Receptor (TCR) Platform - **Oncology and Autoimmune Applications**: Immunocore's TCR platform is designed to engage T-cells to target tumors and downregulate the immune system for autoimmune diseases. The platform allows for tissue-specific therapies, minimizing systemic immunosuppression [7][8]. - **KIMMTRAK**: The first approved TCR therapy, KIMMTRAK, has shown success in oncology, generating $192 million in the first half of the year with a 32% growth rate year-over-year. However, growth is expected to moderate as the product matures [11][12]. Market Penetration and Growth - **U.S. Market Penetration**: KIMMTRAK is approaching 70% penetration in the U.S., with potential for further growth, especially in community settings. Comparatively, European markets have achieved over 80% penetration [16][17]. - **International Expansion**: Immunocore is expanding KIMMTRAK's global access, having launched in 28 countries and entered distribution agreements in regions like MENA and Turkey [17][18]. Clinical Trials and Future Indications - **Advanced Melanoma Trials**: Immunocore is pursuing phase 3 trials for KIMMTRAK in advanced cutaneous melanoma, leveraging similarities with uveal melanoma. The company anticipates a significant commercial opportunity due to the larger patient population [20][30]. - **PRAME-targeted Portfolio**: The company is conducting a phase 3 study for a PRAME-targeted agent in combination with nivolumab, based on promising phase 1 results showing better disease control rates than existing therapies [34][35]. Financial Health and Strategy - **Robust Financial Position**: Immunocore has nearly $900 million in cash, allowing for continued investment in R&D and clinical trials without immediate concerns about cash flow [50][53]. - **Operational Discipline**: The company maintains a disciplined approach to operational expenses, with SG&A costs remaining stable while planning for incremental increases related to new product launches [50][51]. Pipeline and Future Outlook - **Autoimmune and Infectious Disease Programs**: Immunocore is advancing programs in autoimmune diseases, including type 1 diabetes and atopic dermatitis, with expected clinical trials starting in 2026 [45][46]. - **Long-term Growth Strategy**: The company aims to maximize KIMMTRAK's potential while continuing to innovate its platform for sustainable growth, focusing on both oncology and emerging therapeutic areas [54][55].

Summary of Immunocore Holdings plc Conference Call Company Overview - **Company**: Immunocore Holdings plc - **Key Product**: KIMMTRAK, the first approved T-cell receptor therapy demonstrating a survival benefit in solid tumors, specifically uveal melanoma [2][4] - **Market Position**: The company has a total enterprise value of approximately $1 billion, with KIMMTRAK achieving a $400 million run rate [4] Core Points and Arguments Product Development and Pipeline - **KIMMTRAK**: - Demonstrated a survival benefit in uveal melanoma, a type of melanoma where checkpoint inhibitors are ineffective [2] - Currently undergoing lifecycle management with two phase 3 trials [2] - Mean duration of therapy is reported at 13 months, exceeding clinical trial results [7] - The company is exploring further applications of its technology in oncology, HIV, HPV, and autoimmune diseases [3] - **Tevyam**: - A phase 3 trial for cutaneous melanoma is expected to enroll 2,000 to 4,000 patients, with data anticipated in 2026 [5][15] - The trial design includes patients who have progressed on PD-1 and other therapies, with overall survival as the primary endpoint [15][16] - **Brunetafusp PRAME**: - Aiming to combine with nivolumab in first-line cutaneous melanoma, with a focus on demonstrating superior efficacy compared to existing treatments [44][49] - The trial is designed to assess the combination's effectiveness against nivolumab monotherapy and nivolumab plus LAG3 [49] Commercial Strategy - **Market Opportunity**: - There is a high unmet need in the second-line cutaneous melanoma market, with KIMMTRAK positioned as a potentially first-line treatment option [27] - Approximately 50% of physicians treating cutaneous melanoma have experience with KIMMTRAK, which may facilitate its adoption [29] - **Exclusivity and Competition**: - The composition of matter patent for KIMMTRAK extends to 2030, with a filed extension to 2035 [10] - Anticipation of competition from newer therapies, but KIMMTRAK's established efficacy may provide a competitive edge [11] Financial Outlook - **Valuation Concerns**: - The company is perceived as undervalued despite strong performance metrics, with a focus on improving investor perception leading up to 2026 [4][5] - **Operational Goals**: - The company aims to maintain operations near break-even while advancing its pipeline and investing in growth [68] Additional Important Insights - **Real-World Evidence**: - The company plans to publish real-world evidence linking treatment beyond progression to overall survival, which may strengthen its market position [14] - **Patient Experience**: - Reports of patients remaining on KIMMTRAK for extended periods (up to seven years) suggest significant therapeutic benefits [7][12] - **Regulatory Considerations**: - The company is focused on obtaining NCCN listing and reimbursement strategies to ensure market access for new therapies [31] Conclusion Immunocore Holdings plc is positioned for significant growth with its innovative T-cell receptor therapies, particularly KIMMTRAK and upcoming products like Tevyam and brunetafusp PRAME. The company is navigating a competitive landscape while focusing on data-driven strategies to enhance its market presence and investor confidence leading into 2026.

Financial Performance - 1H 2025 KIMMTRAK net sales reached $192 million, a 32% year-over-year increase[10] - Q2 2025 KIMMTRAK net revenue was $98 million, including $641 million from the US and $33 million from Europe[19] - The company's cash position as of June 30, 2025, was $883 million[11] KIMMTRAK Market Expansion - KIMMTRAK is approved in 39 countries and launched in 28 countries[17] - US revenue for KIMMTRAK showed a 15% year-on-year quarterly growth[21] - European revenue for KIMMTRAK showed a 115% year-on-year quarterly growth[25] Pipeline Development - The company is advancing autoimmune candidates towards CTA/IND[10] - Phase 3 trials are ongoing for TEBE-AM, ATOM, and PRISM-MEL[10] - Phase 1/2 trials are ongoing for HIV and HBV infectious diseases trials[10] Clinical Trials - TEBE-AM Phase 3 trial in 2L+ cutaneous melanoma is expected to complete randomization in 1H 2026[35] - PRISM-MEL-301 Phase 3 trial for 1L advanced cutaneous melanoma is ongoing, with dose selection expected in 2H 2025[32] - ATOM Phase 3 trial is ongoing in adjuvant uveal melanoma[32]

Core Viewpoint - Immunocore Holdings plc is set to report its second quarter financial results on August 7, 2025, 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's leading oncology product, KIMMTRAK, is approved for treating HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in multiple regions including the US, EU, Canada, Australia, and the UK [4]. Upcoming Events - A live teleconference and webcast will occur on August 7, 2025, at 8:00 a.m. EDT to discuss the financial results and provide updates on the business and portfolio [2][3]. Contact Information - For inquiries, Immunocore's VP of Communications is Sébastien Desprez, reachable at +44 (0) 7458030732 or via email at sebastien.desprez@immunocore.com [7]. - Investor relations can be contacted through Clayton Robertson or Morgan Warenius at +1 (215) 384-4781 or ir@immunocore.com [7].

KIMMTRAK® - KIMMTRAK® is the global standard of care for HLA-A*02:01-positive patients with 1L mUM, expecting continued moderate growth in 2025[19, 23] - Q1 2025 net sales for KIMMTRAK® reached $94 million, including $6 million of one-time favorable adjustments[20, 23] - A Phase 3 trial (TEBE-AM) is underway for 2L+ advanced cutaneous melanoma, targeting an enrollment completion in 1H 2026, addressing a market opportunity of up to 4,000 patients[16, 27, 29] - The ATOM Phase 3 trial is designed for adjuvant uveal melanoma, targeting ~1,200 patients, with the first patient randomized in Q4 2024[16, 34, 35] - KIMMTRAK® has the potential to help up to 6,000 patients per year across various melanoma indications[36] PRAME Portfolio - Brenetafusp, targeting PRAME-A02, is in Phase 1/2 development for NSCLC and additional solid tumors[16] - Phase 3 PRISM-MEL-301 trial is randomizing for Cutaneous Melanoma[44] - In a Phase 1 ovarian cancer trial, 94% of monotherapy patients and 81% of chemo combination patients were PRAME positive[70, 72] Infectious Diseases - IMC-M113V3, targeting Gag-A02, is in Phase 1/2 development for Human Immunodeficiency Virus (HIV)[16] - There are 40 million people living with HIV (PLWH)[103] - Initial cohorts (n=16) of dose escalation presented at CROI 2025 showed IMC-M113V is well tolerated, with only low grade cytokine release syndrome[113, 114] Autoimmune Diseases - IMC-S118AI (PPI-A02 x PD1) for Type 1 Diabetes is expected to submit CTA/IND in 2H 2025[16, 133] - IMC-U120AI (CD1a x PD1) for Atopic Dermatitis is expected to submit CTA/IND in 2026[16] Financial Position - The company's Q1 2025 cash position is $837 million[150]