Immunocore Holdings Plc · NASDAQ:IMCR
Immunocore — Investor Presentation (January 2026)
43 slides from Immunocore's investor presentation, Jan 9, 2026
Slide 1: Transformative immunomodulating medicines for patients
Transformative immunomodulating medicines for patients January 2026 1
Slide 2: Forward Looking Statements
2 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
Slide 3: Harnessing the immune system with bispecific soluble TCRs
3 Harnessing the immune system to fight disease with targeted, off-the-shelf, bispecific, soluble T cell receptors (TCRs) TCR therapeutics can target >90% of the human proteome ImmTAX Targeting >90% Proteome
Slide 4: Platform candidates and capabilities across therapeutic areas
4 Platform candidates and capabilities across 3 therapeutic areas Activation of the immune system Downmodulation of the immune system Infectious diseases Autoimmune diseases ImmTAC therapies ImmTAV therapies ImmTAAI therapies Oncology
Slide 5: Leading bispecific TCR pipeline
1 NSCLC = Non-small cell lung cancer 2 Program is not HLA restricted (i.e. universal for all populations). *ID = Infectious diseases Leading bispecific TCR pipeline Candidate Target (HLA type) Indication Pre IND Phase 1 Phase 2 Phase 3 Approved gp100-A02 Uveal (ocular) melanoma Adjuvant uveal (ocula
Slide 6: Maximizing potential of KIMMTRAK in HLA-A02+ melanoma
Maximizing potential of KIMMTRAK® in HLA‑A02+ melanoma 6
Slide 7: Expect continued commercial excellence in 5th year of launch
7 Expect continued commercial excellence in 5th year of launch | Moderating revenue growth in 2026 1 For HLA-A*02:01-positive patients with 1L mUM treated with systemic therapies across majority of launched markets, including US and EUR5, 2 Company estimate of market penetration (HLA testing x marke
Slide 8: KIMMTRAK active in cutaneous melanoma
8 Phase 1/2 study of KIMMTRAK + checkpoints in CM patients who progressed on prior anti-PD1 Hamid O, et al. JITC (2023). Middleton et al., ASCO 2022. Remote = Patients received prior anti-PD1 but it was not most recent therapy prior to enrolment. Immediately prior = anti-PD1 was most recent therapy
Slide 9: TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma
9 * Estimated total number of drug treated HLA*02:01 positive patients per year in the US and 5EU (2024). TEBE-AM: Phase 3 trial in 2L+ cutaneous melanoma Phase 3 Endpoint 1:1:1 Randomization Overall Survival KIMMTRAK KIMMTRAK + anti-PD-1 Straight to follow up (active control) R ~180 per arm ~180 pe
Slide 10: Opportunity in 2L+ CM for off-the-shelf therapy with OS benefit
10 1 KIMMTRAK +/- pembrolizumab: TEBE- AM (IMCgp100-203) study. 2 J Immunother Cancer 2022 Manuf = manufacturing / Lymph = lymphodepletion / Admin = administration / OS = Overall survival / ORR = Overall response rate tebentafusp+/- pembrolizumab1 Lifileucel2 Vusolimogene oderparepvec (RP1) Other St
Slide 11: Clinical activity expected highest in adjuvant setting
Clinical activity expected to be highest in adjuvant setting with minimal disease burden 1 Piperno-Neumann, et al. AACR Annual Meeting 2021. 2 Sullivan R, et al. Cancer Res (2023) 83 (7_Supplement): 1035. 3 Carvajal, R.D., et al. Nat Med 28, 2364–2373 (2022). 11 Rationale for KIMMTRAK in adjuvant uv
Slide 12: ATOM Phase 3 KIMMTRAK adjuvant UM trial design
Treatment phase Follow-up 1:1 Randomization 12 Global trial led by European Organisation for Research and Treatment of Cancer (EORTC) * Estimated total number of drug treated HLA-A*02:01 positive 1L cutaneous melanoma patients per year in the US and Europe (2024). ATOM – Phase 3 KIMMTRAK adjuvant UM
Slide 13: KIMMTRAK potential to benefit up to 6K patients per year
up to 6,000* patients 13 * Estimated number of HLA-A*02:01 positive patients per year in the US and Europe. 1 Expected enrolment completion KIMMTRAK has the potential to benefit up to 6K patients per year ~1K* patients Up to 4K* >1K* 2L+ advanced cutaneous melanoma <100* APPROVED in 2022 1Q-3Q 2025
Slide 14: PRAME portfolio
PRAME portfolio IMMUNOCORE
Slide 15: Greatest benefit may be in earlier lines and combinations
Greatest benefit may be in earlier lines of therapy and with combinations 15 1 In combination with durvalumab +/- tremelimumab. 2 Platinum resistant ovarian carcinoma Based on data to date, disease control is hallmark of ImmTAC Ongoing Ph3 study PRISM MEL301 Evaluating combos in PROC and PSOC Brenet
Slide 16: Brenetafusp in cutaneous melanoma
Brenetafusp in cutaneous melanoma 16
Slide 17: Brenetafusp CM monotherapy was well-tolerated
17 Includes patients receiving target doses ≥20mcg. 1 CRS graded per ASTCT 2019 criteria; all other AE per CTCAE v5.0. 2 Rash is a composite term for a list of skin toxicities of any grade (Nathan et al. 2021). Other G3 treatment-related adverse events (TRAE, in 1 pt each): anemia, chronic inflammat
Slide 18: Clinical benefit characterized by durable disease control
18 Brenetafusp CM monotherapy (N = 36 evaluable*) PRAME positive group for efficacy analysis includes H-score ≥1 and pts with unknown PRAME IHC results. * 36/47 patients had baseline and at least one tumor assessment on treatment; 10 patients had no evaluable post-baseline tumor scans and 1 had non-
Slide 19: Comparison to nivolumab and relatlimab + nivolumab
19 Comparison to nivolumab and relatlimab + nivolumab Note: data for informational purposes, no comparative claims are implied or intended. Nivo: nivolumab. Rela: relatlimab. 1 CM037: NCT01721746, Larkin J, et al. J Clin Onc 2018. 2 RELA020, NCT01968109: D2 Cohort (≥1 anti-PD-(L)1 containing regimen
Slide 20: PRISM-MEL-301: Phase 3 trial in 1L cutaneous melanoma
20 IDMC selected dose in 4Q 205; Registrational trial currently enrolling patients 1 Use of nivolumab or nivolumab + relatlimab as control will be country specific. 2 Represents target dose after intra-patient escalation. 3 Estimated total number of drug treated HLA-A*02:01 positive 1L cutaneous mel
Slide 21: Brenetafusp in ovarian
Brenetafusp in ovarian IMMUNOCORE
Slide 22: Brenetafusp Phase 1 monotherapy and chemo combo well-tolerated
22 Treatment related adverse events (TRAE) frequency and severity attenuated over time CRS, cytokine release syndrome; ALT, alanine transaminase; AST, aspartate transaminase. * Includes patients receiving target doses ≥20mcg. § Other mono G3 TRAE, each N=1: anemia, diarrhea, neutropenia, pericardial
Slide 23: Monotherapy benefit characterized by durable disease control
23 DCR, disease control rate; mPFS, median progression free survival; ORR, overall response rate; OS, overall survival; PR, partial response; SD, stable disease. * 31 of 37 patients had baseline and at least one tumor assessment on treatment; 6 patients not included due to no evaluable post-baseline
Slide 24: Chemotherapy combination may enhance clinical benefit
BOR, best overall response by RECISTv1.1; DCR, disease control rate; ORR, overall response rate; PD, progressive disease; PR, partial response; SD, stable disease. * 31 of 37 mono patients had baseline and at least one tumor assessment on treatment; 6 patients not included due to no evaluable post-b
Slide 25: Evaluating brenetafusp in ovarian cancer
25 Expect to present Phase 1 data in multiple cohorts in 2H 2026 1 Estimated total number of treated HLA*02:01 positive patients per year in the US and 5EU across lines. 2 MIRASOL Ph3 (mirvetuximab) investigator assessed objective response. 3 Estimated mPFS for maintenance portion of treatment only
Slide 26: Building our second product franchise: PRAME and PRAME-HLE
26 Translating data between brenetafusp and PRAME-HLE provides path for next steps 1 TiP = Trial in progress Building our second product franchise First data led to Phase 3 PRISM-MEL-301 in 1L CM Brenetafusp Initial Ph 1/2 data Data in 2026 will guide next steps Melanoma Monotherapy & PD-1 combo Ova
Slide 27: Novel ImmTAC candidate for GI cancers
Novel ImmTAC candidate for GI cancers from our discovery engine 27
Slide 28: IMC-R117C: First-in-class target PIWIL1 for colorectal and GI cancers
~20K colorectal + ~15K other tumors2 patients positive for PIWIL1 and HLA-A023 28 IMC-R117C: First-in-class target PIWIL1 for colorectal & GI cancers Normal colon Colon adenocarcinoma PIWIL1 detected PIWIL1 RNA in situ hybridization 25% CRC have broad PIWIL1 expression (75% of tumor cells positive)
Slide 29: Pursuing a functional cure in infectious diseases
Pursuing a functional cure in infectious diseases 29
Slide 30: Lifelong ART not a sustainable solution to HIV pandemic
Lifelong antiretroviral therapy (ART), including long-acting, not sustainable solution to global pandemic Over 500K HLA-A02+ people living with HIV (PLWH) in a range of countries are currently on ART* 30 * Estimated number of HLA-A02+ PLWH on anti-retroviral therapy in US, 5EU, Japan, AUS / NZ A fun
Slide 31: Ongoing Phase 1 trial of IMC-M113V in HIV
31 Ongoing Phase 1 trial at higher doses to determine safety and anti-viral activity of IMC-M113V1 1 Program is wholly owned. Immunocore retains all development and commercialization rights in the developed world PLWH: People living with HIV. ART: Anti-retroviral therapy. ATI: analytical treatment i
Slide 32: IMC-M113V well tolerated, with only low grade CRS
32 * ASCTC grading applied; Gr 1 CRS occurred at W3 only in 4/5 participants and W3 & W4 in 1/5 participants; all resolved in < 4 hrs. Treatment-related adverse events (AE) all mild-moderate except 1 x fatigue (severe). 1 participant withdrew after W6 due to relocation away from site IMC-M113V is we
Slide 33: Reduction in cell-associated HIV Gag RNA
20 / 40 / 300 mcg 1 no signal detected; 2 in progress n = 3 20 / 40 / 120 mcg n = 5 33 HIV Gag CA-RNA and intact HIV DNA quantified from CD4+ cells by DD-PCR using “cross-subtype” primer probe sets (Cassidy et al. iScience. 2021; 11;25:103615) Significant reduction in cell-associated HIV Gag RNA and
Slide 34: Delayed viral rebound at target doses ≥120 mcg
34 ART re-start criteria: Confirmed CD4 <350 cells/μl | pVL ≥ 103 copies/mL for > 4 weeks (± 7 days) | pVL > 105 copies/mL x 2 visits 7 days apart (± 7 days) | symptoms deemed attributable to ATI | participant choice / physician recommendation | pregnancy Delayed viral rebound and / or control of vi
Slide 35: Pioneering tissue-specific immune downmodulation for autoimmune diseases
Pioneering tissue-specific immune downmodulation for treatment of autoimmune diseases 35
Slide 36: Vision for autoimmunity: tissue-specific down modulation of the immune system
36 Our vision for autoimmunity and inflammation landscape: tissue‐specific down modulation of the immune system Vision for autoimmunity and inflammation landscape Current Systemic immune suppression, even if inflammation in single tissue Future Down modulation of immune system localized to inflamed
Slide 37: Inhibition of T cell activity only when tethered to target cell
37 Inhibition of T cell activity only when tethered to target cell Non-tethered, soluble PD1 agonist Tethered ImmTAAI ImmTAAI (nM) T cell activity (%) T cell Target cell Tethered PD1 agonist brought into T cell synapse – key to inhibiting T cell receptor signaling ImmTAAI (red fluorescent) concentra
Slide 38: Phase 1 trial with IMC-S118AI in type 1 diabetes
38 1 Estimated annual incidence of HLA-A02 positive newly diagnosed type 1 diabetes in US + EU5. (~50% of T1D patients) 2 Becker MW, B et al. Inhibition of cell-mediated immunity in type 1 diabetes by beta cell-targeted PD-1 agonists in pancreas tissue slices. bioRxiv [Preprint]. 2025 Oct 22:2025 Ph
Slide 39: Blocking lipid and peptide presentation in atopic dermatitis
Blocking both lipid presentation (via CD1a) and peptide presentation (via HLA I/II) may have therapeutic benefit in atopic dermatitis and potentially other immune pathologies such as psoriasis and allergic asthma 39 CD1a expressed on Langerhans cell 1 Igyarto B et al. Immunity 2011. 2 Kim J et al. N
Slide 40: CD1a-tethered PD1 agonist ImmTAAI IMC-U120AI
40 CD1a-tethered PD1 agonist ImmTAAI designed to block T cell activation by lipid and peptides CD1a mediates the presentation of lipid antigens to T cells while HLA mediates the presentation of peptide antigens to T cells. IMC-U120AI : Universal (non-HLA restricted) candidate for dermatology CD1a+ L
Slide 41: Leading TCR pipeline
Leading TCR pipeline IMMUNOCORE
Slide 42: Registrational and proof of concept readouts throughout 2026
42 Registrational and proof of concept readouts throughout 2026 1Consists of cash, cash equivalents and marketable securities. This amount is subject to change pending completion of the audited financial statements for the year ended December 31, 2025. Upcoming milestones Tebentafusp: Complete enrol
Slide 43: Thank you
IMMUNOCORE Thank you
Immunocore Holdings — Investor Presentation (January 2026) on 6ix