Immunocore (IMCR) TD Cowen 45th Annual Healthcare Conference summary

Pipeline and clinical development

• Late-stage phase III pipeline includes KIMMTRAK, PRAME, PIWIL1, and programs in HIV and HBV, with three therapeutic areas: oncology, infectious disease, and autoimmune diseases.

• KIMMTRAK achieved $310 million in 2024 sales, with launches in 14 new countries and approvals in 39, targeting up to 6,000 patients annually if trials succeed.

• Phase III TEBE-AM trial in cutaneous melanoma expects enrollment completion in H1 2025 and data in H2 2025; ATOM trial in adjuvant uveal melanoma is ongoing with a three-year enrollment and 18-month endpoint.

• PRAME program is in phase III for first-line cutaneous melanoma, with ongoing signal detection in ovarian and lung cancers; dose selection for brenetafusp expected in 2024.

• PIWIL1 is in dose escalation for colorectal cancer, targeting a negative prognostic marker expressed in about 25% of CRC patients.

Infectious and autoimmune disease programs

• HIV program is in multiple ascending dose phase, aiming to reduce the viral reservoir and delay viral rebound after ART interruption; initial data from 16 patients expected soon.

• HBV program is in phase I single ascending dose, focusing on achieving efficacy without significant liver toxicity; data expected later this year.

• Autoimmune pipeline includes S118 for type 1 diabetes, using tissue-specific PD-1 agonism to suppress immune attack on beta cells, with a clinical trial application planned for later this year.

• U120 targets CD1A on Langerhans cells for atopic dermatitis, aiming to block both lipid and peptide antigen presentation and provide potent, tissue-specific immune modulation.

• Both S118 and U120 are designed to activate PD-1 agonism only when tethered to target tissue, minimizing systemic immune suppression.

Commercial performance and financials

• KIMMTRAK has seen 11 consecutive quarters of growth, with U.S. growth driven by increased community penetration and longer therapy duration, now averaging over 11 months.

• U.S. penetration in the approved uveal melanoma population is about 65%, with higher rates in some ex-U.S. markets; further growth expected from new launches and expanded indications.

• Gross margin is exceptionally high at 99.6%, supported by strong cash reserves exceeding $800 million.

• Management believes the market underappreciates the potential for KIMMTRAK in new melanoma indications and the breadth of the late-stage pipeline.