Immunocore (IMCR)

Executive Summary

Immunocore is a commercial-stage biotechnology company that pioneered the first approved T cell receptor (TCR) therapy, KIMMTRAK (tebentafusp), for metastatic uveal melanoma. The company's proprietary ImmTAX platform enables the development of bispecific TCR therapies targeting a range of solid tumors. Building on the success of KIMMTRAK, Immunocore is advancing a diverse pipeline including late-stage trials for tebentafusp in combination with checkpoint inhibitors for advanced melanoma, early-stage programs like brenetafusp targeting gp100 in solid tumors, and novel assets such as IMC-P115C directed at PRAME-positive cancers. With a strong commercial foundation and expanding clinical footprint, Immunocore is well-positioned to extend its leadership in TCR-based therapeutics.

Upcoming Catalysts (preview)

• Q4 2026Phase 3 tebentafusp + pembrolizumab interim analysis in advanced melanoma70% success
• Q3 2026Phase 1/2 brenetafusp data readout in solid tumors60% success
• Q1 2027Initiation of pivotal trial for IMC-P115C in PRAME-positive cancers50% success