Immunocore (IMCR)

Executive Summary

Immunocore is a UK-based commercial-stage biotechnology company pioneering T cell receptor (TCR) therapies. Its lead product, KIMMTRAK (tebentafusp), is the first approved TCR therapy for HLA-A*02:01-positive metastatic uveal melanoma. The company is leveraging its proprietary ImmTAX platform to build a diverse pipeline of bispecific TCR programs targeting cancer, including brenetafusp (gp100) and IMC-P115C (PRAME). Immunocore continues to expand KIMMTRAK into earlier lines of therapy and is evaluating combination regimens. With a solid balance sheet and a validated platform, the company is positioned to drive long-term growth, though pipeline execution remains key.

Upcoming Catalysts (preview)

• H2 2026Phase 3 tebentafusp + pembrolizumab interim data in advanced melanoma60% success
• H1 2027Brenetafusp Phase 1/2 dose escalation data in advanced solid tumors50% success
• H2 2027IMC-P115C Phase 1 initial safety and efficacy data in PRAME-positive tumors40% success