Immunocore Holdings plc American Depositary Shares 12th Annual Cantor Fitzgerald Global Healthcare Conference

Happy to. Eric, Imogen, thank you for having us. We appreciate it. Happy to be here. Immunocore is a commercial-stage biotech company. We have a clinically validated T-cell receptor platform that we pioneered with the first-ever approved TCR therapy in KIMMTRAK. KIMMTRAK is indicated for HLA-A*02:01-positive frontline metastatic uveal melanoma, generated about $220 million of revenue in the first half of 2026, and has become the established standard of care in that indication across all major markets. Beyond KIMMTRAK, we have three ongoing phase III studies in various melanoma indications. Two of those phase III studies are lifecycle management plays for KIMMTRAK, and then the third phase III study is for our PRAME-targeted bispecific called brenetafusp. Of the two phase III lifecycle management plays for KIMMTRAK, the first one is referred to as TEBE-AM in advanced cutaneous melanoma.

Enrollment is nearly complete for that study, and we expect to have a top-line readout on an overall survival endpoint as early as the end of this year. The second lifecycle management phase III for KIMMTRAK is in adjuvant uveal melanoma. It's referred to as the TEBE-AM study. Enrollment is earlier days in that study, and hopefully we can have enrollment completed sometime in 2028. The third phase III that I referenced, beyond KIMMTRAK, is with the PRAME-targeted agent called brenetafusp, called PRISM-MEL-301, and that is in frontline cutaneous melanoma. Enrollment is progressing well in that program, and hopefully will complete by the end of 2027.

Beyond the three phase III studies, we have an earlier-stage oncology pipeline that includes studies with brenetafusp and a half life extended version of brenetafusp in ovarian, lung, and melanoma, and we hope to have data for those programs to disclose later this year. Beyond oncology, we have some efforts in infectious disease and autoimmune with our first foray in the clinic with our type 1 diabetes program that should have the first patient dosed any day now, so very soon. A little bit just on the financial side, we have a very robust balance sheet with $880 million of cash that will fund, along with the revenues from KIMMTRAK, have the ability to fund the pipeline and the company for the foreseeable future.

Yep. Yeah. No, thanks, Eric. So 3 key things from a capital allocation perspective. First, making sure we maximize the value of KIMMTRAK, both with the current commercial indication in uveal melanoma, as well as with the potential for upcoming cutaneous melanoma, assuming positive data from TEBE-AM. The second is advancing the 3 phase III programs, and obviously getting those to data readouts. And then the third is funding the earlier stage pipeline and the platform. We don't want to be complacent with the platform either and continue to make investments in that as well. From a profitability perspective, a little too early to comment on profitability. You touched upon it. We've had some quarters where we've been slightly profitable and other quarters where we're not quite profitable, so we're at about a break-even state.

That profitability, we want to make sure we're investing today and creating value for the long term, so a little too early to guide on any profitability, yeah.

From my perspective, we have a product generating over $400 million of revenue. We have three ongoing phase III trials that have the ability in these next 2 to 3 years of all providing data readouts. I mentioned the earliest is TEBE-AM, with one as being as early as potentially the end of this year. Beyond that, particularly with the type 1 diabetes, getting the first dose in the type 1 diabetes patient, I think in immunology, if we are able to show successful tissue-specific down modulation of the immune system, that has the ability to unlock a lot of value. So with a revenue stream that is largely funding the company and with several opportunities for data inflection, particularly over the next 2 to 3 years, I think that creates a very attractive profile for us.

What is the driver? Good commercial execution and a high amenity.

Before KIMMTRAK, uveal melanoma was a historically very immunologically cold tumor. It really had no standard of care and hadn't had, I think, an advancement in almost 40 years at the time. To be able to show a very durable survival benefit that we've shown with KIMMTRAK, we recently had five-year overall survival data that showed a doubling of survival, which we're obviously very pleased to see and quite remarkable for these patients. We have some patients that have been on therapy now even five, six, seven years, which was unheard of really prior to KIMMTRAK. These patients just didn't have a good outlook. That alongside, like I said, good commercial execution, has led us to become standard of care across all major regions. And we're upwards of 70-plus percent now penetrated across both the U.S. and Europe.