Immunocore Holdings plc · NASDAQ:IMCR
Immunocore — Investor Presentation (November 2026)
50 slides from Immunocore's investor presentation, November 2026
Slide 1: Transformative immunomodulating medicines for patients
Transformative immunomodulating medicines for patients November 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”, “aim”, “continue”, “target” and similar
Slide 3: Harnessing the immune system with bispecific soluble TCRs
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 melanoma (tebentafusp-tebn) gp100-A02 Adjuvant uveal (ocular) melanoma ATOM sponsored by 2L+ advanced cutaneous melanoma TEBE-AM KIMMTRAK + gp100-A02 + Metastatic uveal me
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 10% year-over-year growth year to date $325M 1Q-3Q 2026 net sales >30 launched markets Continuing to demonstrate long term OS benefit $102M Median OS of 28 months ≥70% Q3 2026 net sales Most recent real-world data (150 patients)4 penetration in all
Slide 8: KIMMTRAK doubled likelihood of patients being alive at 5 years
KIMMTRAK doubled likelihood of patients being alive at 5 years Longest OS follow-up ever reported in a randomized metastatic uveal melanoma trial 16% OS rate on tebentafusp compared with 8% for investigator’s Tebentafusp Investigator s Choice choice (IC) 1.0 Median overall survival (95 CI • 44% only
Slide 9: 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 10: TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma
TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma Completed target enrollment (540 patients) – Topline data expected 2Q 2027 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 2L+ cutaneou
Slide 11: 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) FDA Accelerated FDA Accelerated Status Ph 3 Commonly used approval approval Supporting data Randomized Ph 3 Single arm Ph 2 Single arm Ph 2 — SoC re-treatme
Slide 12: 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 13: 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: Recurrence-Free Survival • Withi
Slide 14: KIMMTRAK has the potential to benefit up to 6K patients per year
KIMMTRAK has the potential to benefit up to 6K patients per year Significant lifecycle management opportunities ahead Rare gp100+ tumors <100* Investigator led Up to Adjuvant uveal ATOM Phase 3 6,000* ~1.2K* melanoma 2028+1 patients 2L+ advanced Up to TEBE-AM Phase 3 cutaneous melanoma 4K* Target en
Slide 15: KIMMTRAK + Brenetafusp in metastatic uveal melanoma
KIMMTRAK + Brenetafusp in metastatic uveal melanoma 15
Slide 16: KIMMTRAK + brenetafusp: dual targeting with ImmTAC bispecific T cell engagers
KIMMTRAK + brenetafusp: dual targeting with ImmTAC bispecific T cell engagers Dual antigen targeting may improve anti-tumor activity by: Tebentafusp (gp100 × CD3) • Increasing target engagement • Greater T cell mediated killing • First bispecific therapy to demonstrate survival benefit in a solid tu
Slide 17: Promising response rate and durable disease control for combination
Promising response rate and durable disease control for KIMMTRAK + brenetafusp combination 1L tebentafusp + brenetafusp combination (n=17)* 100 Median DCR N ORR DOR (PR+SD) 90 0 Tebentafusp + 17 29% 24.1 mo 71% 0 Brenetafusp Change in Target Lesion from aseline ( 0 50 0 0 0 10 0 10 0 0 0 50 0 0 0 90
Slide 18: KIMMTRAK + brenetafusp shows promising PFS & OS in mUM
KIMMTRAK + brenetafusp shows promising PFS & OS in mUM 1L tebentafusp + brenetafusp combination (n=17) Progression free survival Overall survival mPFS mOS (95% CI) (95% CI) Tebentafusp + 8.1 mo Tebentafusp + Not reached Brenetafusp (1.9, 30.4) Brenetafusp (18.5, NC) 1.0 1.0 0. 0. 0. 0. Probability P
Slide 19: Majority of patients with OS >2 yrs only received KIMMTRAK and brenetafusp
Majority of patients with OS >2 yrs (64%) only received KIMMTRAK and brenetafusp 1L tebentafusp + brenetafusp combination (n=17) Treatment duration Survival follow up Ongoing treatment Ongoing study e ath Tebentafusp First P First PR 0 1 5 9 10 11 1 1 1 15 1 1 1 19 0 1 5 9 0 1 5 9 0 Time (Months 19
Slide 20: Phase 1 data compares favorably to KIMMTRAK monotherapy datasets
Phase 1 data compares favorably to other similar datasets with KIMMTRAK monotherapy Median PFS, Median OS, N ORR months months 1-yr OS 2-yr OS 1L UM Tebentafusp + Not reached* 17 29% 8.1 88% 70% brenetafusp (18.5-NC) Tebentafusp mono Ph31,2 21.7 252 11% 3.4 72% 45% IMCgp100-202 (18.6-28.6) ≥ L UM 20
Slide 21: PRAME portfolio
PRAME portfolio IMMUNOCORE
Slide 22: Brenetafusp in cutaneous melanoma
Brenetafusp in cutaneous melanoma 22
Slide 23: Brenetafusp well tolerated as monotherapy and with pembrolizumab
Brenetafusp well tolerated as monotherapy and in combination with pembrolizumab Brenetafusp treatment-related adverse events (TRAE in ≥ 0 Brenetafusp Monotherapy Brenetafusp + All mono Pembrolizumab 40 mcg 160 mcg 20-320mcg* N=16 N=24 N=66 N=10 Any Preferred Term Any grade Grade 3-4 Any grade Grade
Slide 24: Higher efficacy observed at 160mcg dose
Higher efficacy observed at 160mcg dose Clinical activity maintained in subgroups typically less responsive to anti-PD1 DCR % 6-mo OS % Confirmed N ORR % (PR+SD) %* tumor reduction Monotherapy IV 66 52 12 87 27 Monotherapy: Dose assessment 40 mcg 16 56 6 81 25 • Clinical benefit numerically higher f
Slide 25: Promising overall survival in monotherapy and PD1 primary resistant subgroup
Promising overall survival seen in both monotherapy and PD1 primary resistant subgroup All Mono IV patients PD1 primary resistant subset 25 ‡ P 1 Primary resistance defined as progressive disease within months of 1st anti-PD1 exposure
Slide 26: Multiple lines of evidence supports 1L Phase 3 trial of brene + nivo
Multiple lines of evidence supports 1L Phase 3 trial of brene + nivo Comparison to nivolumab and relatlimab + nivolumab 2L+ 1L mOS 4.4m 15.7m 17.1m 14.3m - mPFS 4.6m 10.2m 6m-OS ~78% 75% 75% 87% 87% 12m-OS ~55% 60% 60% 57% - ? 67% 60% 17% 49% 52% 47% DCR 12% 38% 40% 43% 27% 9% 33% PR/CR 10% 50% 40%
Slide 27: PRISM-MEL-301: Phase 3 trial in 1L cutaneous melanoma
PRISM-MEL-301: Phase 3 trial in 1L cutaneous melanoma Global randomization ongoing Randomization Treatment phase Follow-up Key inclusion criteria • Previously untreated, advanced melanoma IMC-F106C (160 mcg) + N ~325 • HLA-A*02:01 nivolumab (q4w) Key endpoints • No prospective PRAME testing q1w q2w
Slide 28: Brenetafusp in ovarian
Brenetafusp in ovarian 4 IMMUNOCORE
Slide 29: Brenetafusp Phase 1 monotherapy and chemo combo, well tolerated
Brenetafusp, Phase 1 monotherapy and 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
Slide 30: 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 31: Clinical benefit with brenetafusp may be enhanced with chemotherapy
Clinical benefit with brenetafusp may be enhanced with chemotherapy • 1 / 0 pts ( 5 ; 9 mono, 9 combo had a molecular response (≥0.5 log reduction in ctDNA) by week 9 • Pts with a molecular response had longer median PFS (6mo vs 3mo) and higher 6-month OS rates (93% vs 58%) vs pts who did not, respe
Slide 32: 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 33: Building our second product franchise
Building our second product franchise Translating data between brenetafusp and PRAME-HLE provides path for next steps Brenetafusp Ph1/2 data Guiding next steps presentations PRISM MEL301 Melanoma Metastatic cutaneous melanoma Monotherapy & PD-1 combo Ph3 trial ongoing 2026 Ovarian – PROC/PSOC Chemo
Slide 34: Novel ImmTAC candidate for GI cancers from our discovery engine
Novel ImmTAC candidate for GI cancers from our discovery engine 34
Slide 35: 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 36: Pursuing a functional cure in infectious diseases
Pursuing a functional cure in infectious diseases 36
Slide 37: 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 38: 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 39: 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 ≥ oC) 0 0 5 Grade ≥ (Fever hypoxia or 0 0 0 hypotension) Other treatment related AEs: Headache 0 3 5
Slide 40: 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 41: HIV initial Phase 1 data demonstrated delayed viral rebound
HIV initial Phase 1 data demonstrated delayed viral rebound Very well tolerated with dose dependent antiviral effect 15 / 30 / 60 mcg 20 / 40 / 120 mcg 20 / 40 / 300 mcg 10 8 10 8 Plasma viremia (copies/ml) Plasma viremia (copies/ml) 10 8 Plasma viremia (copies/ml) 5 evaluable ATI extended 10 7 10 7
Slide 42: Pioneering tissue-specific immune downmodulation for autoimmune diseases
Pioneering tissue- specific immune downmodulation for treatment of autoimmune diseases 42
Slide 43: Our vision for autoimmunity and inflammation: tissue-specific down modulation
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 44: 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 45: Phase 1 trial with IMC-S118AI in type 1 diabetes
Phase 1 trial with IMC-S118AI in type 1 diabetes (T1D) First person with type 1 diabetes dosed | First tissue-specific autoimmune candidate to enter the clinic Data in human pancreas tissue slices β cell marker PPI ImmTAAI Data in live human pancreas tissue slices from a T1D donor show that IMC-S118
Slide 46: 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 47: 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 48: Leading TCR pipeline
Leading TCR pipeline IMMUNOCORE
Slide 49: Upcoming milestones
Upcoming milestones Data readouts throughout 2026 and beyond Brenetafusp: Data from Phase 1/2 combinations in ovarian; including platinum-sensitive ovarian cancer Q4 2026 Brenetafusp: Data from Phase 1/2 monotherapy and combinations in NSCLC Autoimmune Diseases: IND/CTA for CD1a x PD1 (non-HLA restr
Slide 50: Thank you
IMMUNOCORE Thank you
Immunocore Holdings — Investor Presentation (November 2026) on 6ix