Immunocore Holdings Plc · NASDAQ:IMCR
Immunocore — Q4 2025 Earnings Presentation
43 slides from Immunocore's earnings presentation, February 2026
Slide 1: Transformative immunomodulating medicines for patients
Transformative immunomodulating medicines for patients February 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “believe”, “expect”, “plan”, “anticipate”, “estimate”, “expect”, “continue” and si
Slide 3: Harnessing the immune system with bispecific soluble T cell receptors
Harnessing the immune system to fight disease with targeted, off-the-shelf, bispecific, soluble T cell receptors (TCRs) Targeting >90% ImmTAX Proteome TCR therapeutics can target >90% of the human proteome 3
Slide 4: Platform candidates and capabilities across therapeutic areas
Platform candidates and capabilities across 3 therapeutic areas Oncology Infectious diseases Autoimmune diseases ImmTAC therapies ImmTAV therapies ImmTAAI therapies Activation Downmodulation of the immune system of the immune system 4
Slide 5: Leading bispecific TCR pipeline
Leading bispecific TCR pipeline Candidate Target (HLA type) Indication Pre IND Phase 1 Phase 2 Phase 3 Approved Metastatic uveal (ocular) melanoma (tebentafusp-tebn) gp100-A02 Adjuvant uveal (ocular) melanoma ATOM sponsored by 2L+ advanced cutaneous melanoma TEBE-AM 1L advanced cutaneous melanoma PR
Slide 6: Maximizing potential of KIMMTRAK in HLA-A02+ melanoma
Maximizing potential of KIMMTRAK ® in HLA-A02+ melanoma 6
Slide 7: KIMMTRAK is the global standard of care in 1L mUM
KIMMTRAK is the global standard of care in 1L mUM1 Expect continued commercial excellence in 5th year of launch | Moderating revenue growth in 2026 Continuing to demonstrate 15 consecutive quarters of growth ≥70% penetration in all major long term OS benefit launched markets2 Median OS of 28 months
Slide 8: KIMMTRAK active in cutaneous melanoma (CM)
KIMMTRAK active in cutaneous melanoma (CM) Phase 1/2 study of KIMMTRAK + checkpoints in CM patients who progressed on prior anti-PD1 Dosing frequency Weekly Monthly Time from prior 1-yr OS 2-yr OS anti-PD(L)1 Remained weekly Remote 75% 22% Immediately prior 75% 23% Durable Benchmark 55% N/A disease
Slide 9: TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma
TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma 1:1:1 Randomization Phase 3 Endpoint KIMMTRAK ~180 per arm Overall Survival R KIMMTRAK + anti-PD-1 ~180 per arm Straight to follow up (active control) ~180 per arm 1H 2026: expected enrollment completion 2L+ cutaneous melanoma market opportunity up to
Slide 10: Opportunity in 2L+ CM for off-the-shelf therapy with OS benefit
Opportunity in 2L+ CM for off-the-shelf therapy with OS benefit Vusolimogene tebentafusp+/- Other Lifileucel2 oderparepvec pembrolizumab1 (RP1) Accelerated Status Ph 3 PDUFA 2026 Commonly used approval Supporting data Randomized Ph 3 Single arm Ph 2 Single arm Ph 2 — SoC re-treatment Biologic, Autol
Slide 11: Rationale for KIMMTRAK in adjuvant uveal melanoma
Rationale for KIMMTRAK in adjuvant uveal melanoma Clinical activity expected to be highest in adjuvant setting with minimal disease burden In Phase 3 trial, highest clinical activity in tumors with ctDNA reduction in 1st line > 2nd+ line mUM minimal disease burden1 Largest metastatic lesion PFS Haza
Slide 12: ATOM – Phase 3 KIMMTRAK adjuvant UM trial design
ATOM – Phase 3 KIMMTRAK adjuvant UM trial design Global trial led by European Organisation for Research and Treatment of Cancer (EORTC) 1:1 Randomization Treatment phase Follow-up KIMMTRAK (tebentafusp) Key endpoints ~290 HLA-A*02:01 patients N ~145 (Q1W IV) Primary: Relapse-Free Survival (RFS) • Wi
Slide 13: KIMMTRAK has the potential to benefit up to 6K patients per year
KIMMTRAK has the potential to benefit up to 6K patients per year Large opportunities ahead Rare gp100+ tumors <100* Investigator led up to Adjuvant uveal ATOM Phase 3 6,000* >1K* melanoma 2028+1 patients 2L+ advanced Up to TEBE-AM Phase 3 cutaneous melanoma 4K* 20261 ~1K* APPROVED in 2022 Metastatic
Slide 14: PRAME portfolio
PRAME portfolio IMMUNOCORE
Slide 15: Disease control is hallmark of ImmTAC
Based on data to date, disease control is hallmark of ImmTAC KIMMTRAK Brenetafusp late line mUM (IMCgp100-102) late line mCM1 (IMCgp100-201) late line mCM (IMCF106C-101) late line PROC2 (IMCF106C-101) OS benefit in Ongoing Ph3 study Ongoing Ph3 study Evaluating combos in PROC metastatic uveal melano
Slide 16: Brenetafusp in cutaneous melanoma
Brenetafusp in cutaneous melanoma 16
Slide 17: Brenetafusp CM monotherapy was well-tolerated
Brenetafusp CM monotherapy was well-tolerated TRAE in ≥ 15% of patients (N = 47) Incidence of selected TRAEs Preferred Term (%) Any grade Grade 3/4 Any 43 (92%) 19 (40%) Cytokine release syndrome1 24 (51%) - Rash (composite)2 23 (49%) 1 (2%) Pyrexia 17 (36%) 1 (2%) Chills 13 (28%) - Lymphocyte decre
Slide 18: Clinical benefit characterized by durable disease control
Clinical benefit characterized by durable disease control Brenetafusp CM monotherapy (N = 36 evaluable*) PRAME positive group for efficacy analysis includes H-score ≥1 and patients with unknown PRAME IHC results. * 36/47 patients had baseline and at least 18 one tumor assessment on treatment; 10 pat
Slide 19: Promising DCR for brenetafusp rationale for 1L Ph3
Promising DCR for brenetafusp rationale for 1L Ph3 (nivo + brene) Comparison to nivolumab and relatlimab + nivolumab 2L+ 1L 4.6m 10.2m mPFS 3.7m 3.1m 3.2m 3.3m 4.2m ? 56% 58% 60% 47% 11% 13% 13% 49% 38% 40% 43% 27% 9% 10% 8% 33% DCR 44% 45% 45% PR/CR 31% 28% SD 20% 16% 17% Chemo Nivo Rela + Nivo All
Slide 20: PRISM-MEL-301: Phase 3 trial in 1L cutaneous melanoma
PRISM-MEL-301: Phase 3 trial in 1L cutaneous melanoma IDMC selected dose in 4Q 2025; Registrational trial currently enrolling patients Randomization Treatment phase Follow-up Key inclusion criteria • Previously untreated, advanced melanoma IMC-F106C (160 mcg) + N ~325 • HLA-A*02:01 nivolumab (q4w) K
Slide 21: Brenetafusp in ovarian
Brenetafusp in ovarian IMMUNOCORE
Slide 22: Brenetafusp Phase 1 monotherapy & chemo combo, well-tolerated
Brenetafusp, Phase 1 monotherapy & chemo combo, well-tolerated Treatment related adverse events (TRAE) frequency and severity attenuated over time Mono* Chemo combo* No TRAE leading to treatment discontinuation N = 37 N = 16 or death Preferred Term TRAE G3/4 TRAE§ TRAE G3/4 TRAE§ Monotherapy: ANY 36
Slide 23: Monotherapy benefit characterized by durable disease control
Monotherapy benefit characterized by durable disease control Monotherapy (N = 31 evaluable*) DCR mPFS, mo Treated beyond N ORR (PR+SD) (95% CI)† 6-mo OS rate† progression‡ All mono* 31 58% 6% 3.3 (2.1-4.0) 73% 64%, median 2 mo On therapy at Month 18 New lesion Month 12 but still on therapy thru Mont
Slide 24: Chemotherapy combination may enhance clinical benefit
Chemotherapy combination may enhance clinical benefit Chemo increases antigen presenting machinery Chemo increases antigen presenting machinery BOR, best overall response by RECISTv1.1; DCR, disease control rate; ORR, overall response rate; PD, progressive disease; PR, partial response; SD, stable d
Slide 25: Evaluating brenetafusp in ovarian cancer
Evaluating brenetafusp in ovarian cancer Expect to present Phase 1 data in multiple cohorts in 2H 2026 Newly diagnosed Recurrent disease 1L 2L 3L 4L 5L+ Platinum doublet Platinum resistant & refractory (PROC) ± maintenance 2-4L: ~9,000 pts1 ~16,000 pts1 Non-platinum chemo PROC: ORR ~10 – 15% ORR ~<1
Slide 26: Building our second product franchise
Building our second product franchise Translating data between brenetafusp and PRAME-HLE provides path for next steps First data led to Phase 3 Data in 2026 will guide PRISM-MEL-301 in 1L CM next steps Brenetafusp Initial Ph 1/2 data Melanoma Ovarian-PROC/PSOC Monotherapy & PD-1 combo Chemo & bev. c
Slide 27: Novel ImmTAC candidate for GI cancers from our discovery engine
Novel ImmTAC candidate for GI cancers from our discovery engine 27
Slide 28: IMC-R117C: First-in-class target PIWIL1 for colorectal & GI cancers
IMC-R117C: First-in-class target PIWIL1 for colorectal & GI cancers PIWIL1 RNA in situ hybridization Normal colon Colon adenocarcinoma 25% CRC have broad PIWIL1 expression (75% of tumor cells positive) PIWIL1 is a negative prognostic marker in PIWIL1 detected multiple cancers, including in CRC1 ~20K
Slide 29: Pursuing a functional cure in infectious diseases
Pursuing a functional cure in infectious diseases 29
Slide 30: A functional cure is key to ending the HIV pandemic
A functional cure is key to ending the HIV pandemic Rapid viral rebound (median ~2 weeks) after ART interruption Lifelong antiretroviral therapy (ART), including long-acting, Time to first rebound not sustainable solution to global pandemic Over 500K HLA-A02+ people living with HIV (PLWH) in a range
Slide 31: STRIVE Phase 1 HIV multiple ascending dose enrolling
STRIVE Phase 1 HIV multiple ascending dose enrolling Ongoing Phase 1 trial at higher doses to determine safety and anti-viral activity of IMC-M113V1 Key eligibility Anti-Retroviral Therapy (ART) interrupted • PLWH on ART • Initiated ART >3 mo after ART ART interruption ART HIV acquisition Week 1 2 3
Slide 32: IMC-M113V is well tolerated, with only low grade CRS
IMC-M113V is well tolerated, with only low grade cytokine release syndrome Target dose (mcg) 15 / 30 / 60 20 / 40 / 120 20 / 40 / 300 Participants (n) 5 5 6 Cytokine release syndrome*: Grade 1 (Fever ≥ 38 oC) 0 0 5 Grade ≥ 2 (Fever + hypoxia or 0 0 0 hypotension) Other treatment related AEs: Headach
Slide 33: Significant reduction in cell-associated HIV Gag RNA
Significant reduction in cell-associated HIV Gag RNA and trend of reduction in intact HIV DNA after completion of multiple dose schedule Cell-associated HIV Gag RNA Intact HIV DNA 15 / 30 / 60 mcg 20 / 40 / 120 mcg 20 / 40 / 300 mcg 150 8000 4000 CA-RNA copies / 106 TBP 10000 n=6 n=5 n=5 n=3 8000 co
Slide 34: Delayed viral rebound and/or control of viremia at target doses
Delayed viral rebound and / or control of viremia at target doses ≥120 mcg 15 / 30 / 60 mcg 20 / 40 / 120 mcg 20 / 40 / 300 mcg 10 8 Plasma viremia (copies/ml) 10 8 5 evaluable ATI extended Plasma viremia (copies/ml) 10 8 Plasma viremia (copies/ml) 10 7 10 7 10 7 10 6 10 6 10 6 10 5 105 c/ml 10 5 10
Slide 35: Pioneering tissue-specific immune downmodulation for autoimmune diseases
Pioneering tissue- specific immune downmodulation for treatment of autoimmune diseases 35
Slide 36: Our vision for autoimmunity and inflammation landscape
Our vision for autoimmunity and inflammation landscape: tissue‐specific down modulation of the immune system Vision for autoimmunity and ImmTAAI ImmTAAI candidates & area of focus inflammation landscape Tissue-tethered targeting of Current HLA-family of molecules Systemic immune IMC-S118AI suppressi
Slide 37: Inhibition of T cell activity only when tethered to target cell
Inhibition of T cell activity only when tethered to target cell 120 Non-tethered, soluble PD1 agonist NFAT activity (% of stim cont) 100 T cell activity (%) Target cell 80 CR2113-H5 PD-1 agonist Raji CD1a- 60 CR2113-H5 PD-1 agonist Raji CD1a+ 40 ImmTAAI (red fluorescent) Tethered ImmTAAI Raji PD-L1
Slide 38: Phase 1 trial with IMC-S118AI in type 1 diabetes
Phase 1 trial with IMC-S118AI (PPI x PD1) in type 1 diabetes (T1D) IMC-S118AI binds specifically to pre-pro- IMC-S118AI protects β-cells from insulin (PPI) peptide on pancreatic β-cells killing by autoreactive T cells2 β-cells + autoreactive T cells ~50K -cell marker HLA-A02+ newly diagnosed T1D pa
Slide 39: CD1a and Langerhans cell play key roles in allergic inflammation
CD1a and Langerhans cell play key roles in allergic inflammation1-4 CD1a expressed on Langerhans cell Langerhans cells Antigen presenting cell in skin and mucosa Healthy skin Monitor skin & trigger inflammation Present lipid and peptide antigens to activate T cells Antigens Presentation Polymorphism
Slide 40: IMC-U120AI: Universal candidate for dermatology
IMC-U120AI : Universal (non-HLA restricted) candidate for dermatology CD1a-tethered PD1 agonist ImmTAAI designed to block T cell activation by lipid and peptides PD1 agonist CD1a targeting effector domain CD1a reactive T cells Any PD1+ T cell CD1a+ Langerhans cell CD1a blockade on LC suppresses (LC)
Slide 41: Leading TCR pipeline
Leading TCR pipeline IMMUNOCORE
Slide 42: Upcoming milestones
Upcoming milestones Registrational and proof of concept readouts throughout 2026 Tebentafusp: Complete enrollment in Phase 3 trial (TEBE-AM) 1H 2026 Autoimmune Diseases: First patient dosed in Phase 1 trial with IMC-S118AI in type 1 diabetes (T1D) Tebentafusp: Earliest window for topline readout in
Slide 43: Thank you
IMMUNOCORE Thank you