Immunocore Holdings plc American Depositary Shares Morgan Stanley 24th Annual Global Healthcare Conference

Thank you for having us.

First of all, thank you for having us. China has been fastest in areas where the biology is known, for instance, like checkpoint inhibitors, ADCs, and bispecifics against extracellular domain. The pressure is real, and I think if your edge was to get to a known target fast, that edge is very thinning. Where we sit, we are in the TCR, and speed is not the edge that we go after because we are really dealing with something very complex inside the intracellular and that complex of HLA and peptide and how it interacts with the TCR. That means TCR engineering and specificity is very important. The speed is not our problem right now, but really finding the right target is.

I think where it has an impact now is definitely on the business development side of things. I think when you look at the China definitely set the bar for what a phase I asset, for instance, is. With that supply and demand, really when the cost is not an issue, because of that supply and demand, the bar becomes very high and the scrutiny and the judgment of what assets you bring is very important. I would say, I will finish just with this one, the differentiation is no longer how fast you can get there, but how you can have something that's harder to copy, basically.

Yeah, I think it's an amazing technology. I would describe it that way. Where it had already had an impact for us is the upstream. Basically, what we used to do is, like I said, the complex of HLA and peptide is really very finicky and how the TCR sits on that is something that we used to do, crystal structure to even know how this is happening. You can imagine that it's tedious, it takes time, and stuff like that. We don't do it anymore. Thanks to AI simulation and things like that, we actually do all that aspect in silico.

I think where I am really excited about, I cannot say that we do it systematically today, is when you look at the whole drug development process, and if you can just focus on compressing time and you improve by 1%, this is the challenge I'm giving my organization. You can improve 1% in every single step. You can imagine how we can reduce that lengthy time. Things like what we do today, for instance, how to answer the RFIs which come from regulatory agencies, how we automate all that, and how we can put AI into work. There is a lot to do, and I'm really excited about that.

Yeah. I think without hesitation, I would say FDA and predictability. I think that has the huge impact. I think where we sit as a company today, we are with KIMMTRAK, more of a rare disease, so with small populations. So the impact on tariffs and pricing and stuff like that doesn't fall on us the same way as most of the big companies here. Having said that, where it's really we cannot edge is with the FDA, the predictability, because for instance, we have three phase III trials that are ongoing. That's millions of USD. That's also a long time, and what you want to have is that the goal posts don't change by the time you arrive there. So I would say that that's really the big things.

We didn't change anything, and I don't think anyone can tell you that you can change things, especially when it's regards to policies that will change anyway.

Sure. You have to be prepared.