Immunocore reports second quarter financial results and provides a business update
KIMMTRAK$(R)$ (tebentafusp-tebn) net revenues of $115.9 million in Q2 2026, growing by 18% year-over-year
Enrollment in Phase 3 TEBE-AM trial for previously treated advanced cutaneous melanoma nearing the target of 540 patients -- Data could come as early as end of 2026
Oral presentation of five-year overall survival data showing KIMMTRAK doubles likelihood of being alive at five years for patients with HLA-A*02:01 positive metastatic uveal melanoma
Promising Phase 1 brenetafusp monotherapy clinical activity in heavily pretreated HLA-A*02:01-positive patients with advanced melanoma, presented at ASCO, supports selected dose for Phase 3 PRISM-MEL-301 trial in first-line advanced melanoma
Cash, cash equivalents and marketable securities of $880 million as of June 30, 2026
Conference call today, August 6 at 8:00 AM ET, 1:00 PM BST
(OXFORDSHIRE, England & RADNOR, PA. & GAITHERSBURG, MD., US, 6 August 2026) Immunocore Holdings plc (Nasdaq: IMCR) ("Immunocore" or the "Company"), a commercial-stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases and autoimmune diseases, today announced its financial results for the first half ended June 30, 2026, and provided a business update.
"The five-year overall survival data for KIMMTRAK underscores the lasting impact of our medicine for patients with metastatic uveal melanoma and reinforces our confidence in the potential of our platform, " said Bahija Jallal, CEO of Immunocore. "With enrollment in our Phase 3 TEBE-AM trial nearing target completion and continued progress across our pipeline, we remain focused on our mission: delivering innovative transformative medicines to improve outcomes for patients with serious diseases."
Second Quarter and First Half Highlights (including post-period)
Financial Results
For the second quarter ended June 30, 2026, total net product revenue (or 'net sales') arising from the sales of KIMMTRAK was $115.9 million, compared to $98.0 million for the same period in 2025. Q2 2026 sales were $74.9 million in the United States, $34.1 million in Europe, and $6.9 million in international regions. The increase in net product sales was primarily due to increased volumes in the United States and international regions.
Research and development (R&D) expenses for Q2 2026 were $73.9 million, compared to $69.0 million for Q2 2025. This increase was primarily due to advancement of our clinical programs, including our three Phase 3 studies.
Selling, general and administrative (SG&A) expenses for Q2 2026 were $43.9 million, compared to $42.8 million for Q2 2025.
Net loss for Q2 2026 was $0.8 million ($0.02 loss per share) compared to $10.3 million ($0.20 loss per share) for Q2 2025. Net income for the six months ended June 30, 2026, was $12.2 million ($0.23 income per share) compared to a net loss for the six months ended June 30, 2025, of $5.3 million ($0.11 loss per share).
Cash, cash equivalents and marketable securities were $880.2 million as of June 30, 2026, as compared to $864.2 million as of December 31, 2025. The Company expects to pay, in the second half of 2026, approximately $120 million in sales-related rebate accruals.
KIMMTRAK
The Company's lead product, KIMMTRAK(R) (tebentafusp), is approved in 39 countries and has been launched in over 30 countries globally to date for HLA-A*02:01 positive people with unresectable or metastatic uveal melanoma (mUM). KIMMTRAK continues to be the standard of care in all major markets where it is launched.
The Company sees three key growth areas in the fifth year since the launch of KIMMTRAK as it plans to expand patient reach, including continued US community and global market penetration in mUM, the potential expansion into 2L+ advanced cutaneous melanoma $(CM)$, and the potential expansion into adjuvant uveal melanoma.
Metastatic uveal melanoma
-- KIMMTRAK net product sales were $115.9 million and $222.6 million for the
three and six months ended June 30, 2026, representing increases of 18%
and 16% respectively, as compared to the same periods in 2025.
-- 17% year-over-year quarterly sales growth in the United States with mean
duration of treatment of 14 months.
-- 21% year-over-year quarterly sales growth combined in Europe and
International, driven by increased demand.
-- Five-year overall survival (OS) data, from the Phase 3 trial of KIMMTRAK
in patients with unresectable or mUM, were presented at the AACR 2026
meeting, representing the longest follow-up reported for any T cell
engager in a solid tumor.
-- KIMMTRAK doubled the likelihood of being alive at five years with an OS
rate of 16% versus 8% in the control arm (HR 0.67), and a median OS of
21.6 vs. 16.9 months, respectively.
-- The OS benefit with KIMMTRAK was observed regardless of known baseline
characteristics including poor prognostic factors (high tumor burden;
elevated lactate dehydrogenase [LDH]) or tumor location.
-- Data also confirmed OS benefit was primarily driven by KIMMTRAK rather
than subsequent therapies.
2L+ advanced cutaneous melanoma
-- Enrollment in the registrational Phase 3 TEBE-AM trial, evaluating
tebentafusp as monotherapy, and in combination with pembrolizumab, versus
a control arm in patients with previously treated advanced CM, is nearing
the target of 540 patients. The trial is event driven and topline data
could come as early as the end of 2026.
-- There is great unmet need in second- and later-line CM, with no therapy
having shown an OS improvement post checkpoint inhibitors in a randomized
clinical trial to date. The Company estimates there are up to 4,000
previously treated advanced HLA-A*02:01 positive CM patients in the US
and Europe.
Adjuvant uveal (or ocular) melanoma
-- The European Organisation for Research and Treatment of Cancer (EORTC)
continues to expand the site footprint of the Phase 3 Adjuvant Trial in
Ocular Melanoma $(ATOM)$, with patients now enrolling in the United States.
-- The Company estimates the HLA-A*02:01 positive, high-risk adjuvant uveal
melanoma patient population could represent up to 1,200 patients in the
US and Europe.
PRAME portfolio
Brenetafusp is the Company's lead PRAME-A02 ImmTAC bispecific candidate. Brenetafusp is being evaluated in combination with nivolumab in a Phase 3 registrational trial (PRISM-MEL-301) in patients with first-line, advanced cutaneous melanoma, and in a Phase 1/2 clinical trial as monotherapy and in combination across multiple tumor types, including ovarian cancer and non-small cell lung cancer (NSCLC).
PRISM-MEL-301 -- First PRAME Phase 3 clinical trial with brenetafusp in first-line advanced cutaneous melanoma
-- The Company continues with 1:1 randomization of HLA-A*02:01 positive,
first-line, advanced or metastatic cutaneous melanoma patients to
brenetafusp 160 mcg + nivolumab or a control arm of either nivolumab or
nivolumab + relatlimab.
-- Despite approved therapies, there remains an unmet need for improved
progression-free survival and OS in the first-line setting where there is
the potential to address an estimated 10,000 HLA-A*02:01 positive
patients across US and Europe.
Phase 1/2 clinical trials of brenetafusp and IMC-P115C (PRAME-A02 Half-Life Extended) in multiple solid tumors
Melanoma
-- The Phase 1/2 data, presented at the 2026 ASCO meeting, showed improved
clinical activity of brenetafusp monotherapy, in patients with
heavily-pretreated advanced melanoma, with an overall response rate $(ORR)$
of 17% and a disease control rate (DCR) of 67%, in the 160 mcg versus 40
mcg cohort (ORR 6% and DCR 56%), despite patients on the high dose having
less favorable prognostic factors. These data support the selected dose
for the ongoing Phase 3 PRISM-MEL-301 trial in first-line advanced
melanoma.
-- The median OS for brenetafusp monotherapy of 14.3 months was similar to
other Phase 1/2 trials of combination therapies in heavily pre-treated
patients with advanced melanoma, including studies with autologous cell
therapies.
-- Brenetafusp in combination with pembrolizumab (n=6) demonstrated
promising clinical activity with ORR of 33% and DCR 67% in patients with
PD1 primary resistance (defined as progressive disease within 6 months of
starting first PD1-based regimen).
-- Brenetafusp was generally well tolerated as monotherapy and in
combination with pembrolizumab.
Other tumors and IMC-P115C
-- After observing an initial brenetafusp monotherapy signal in
platinum-resistant ovarian cancer $(PROC)$, the Company is evaluating, as
part of an ongoing Phase 1/2 trial, combination therapy with bevacizumab
in earlier lines, including platinum-sensitive ovarian cancer (PSOC). In
the same trial, the Company continues signal detection across multiple
metastatic non-small cell lung cancer (NSCLC) cohorts, including
combinations with standards of care in earlier-line NSCLC.
-- The Company is enrolling patients in the Phase 1 dose escalation trial
evaluating IMC-P115C in patients with multiple solid tumors.
-- The Company expects to present Phase 1/2 data from both trials in the
second half of 2026.
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