Immunocore Holdings (IMCR) 2025 Conference Transcript

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.