On this page of StockholderLetter.com we present the latest annual shareholder letter from Immunocore Holdings plc — ticker symbol IMCR. Reading current and past IMCR letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2025 Letter Continued (Full PDF)
 •  4/12/2024 IMCR Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  IMCR Benford's Law Stock Score = 70

IMCR Shareholder/Stockholder Letter Transcript:

Annual Report
2024

Cautionary note regarding forward looking statements
This letter contains    forward-looking statements    within the
conduct ongoing and planned clinical trials; Immunocore   s
meaning of the safe harbor provisions of the Private Securities
ability to obtain a clinical supply of current or future product
Litigation Reform Act of 1995. Words such as    continue   ,    may   ,
candidates or commercial supply of KIMMTRAK or any future
   will   ,    believe   ,    expect   ,    plan   ,    anticipate   ,    aim   ,    continue   ,
approved products; Immunocore   s ability to obtain and maintain
   target    and similar expressions (as well as other words or
regulatory approval of its product candidates, including
expressions referencing future events or circumstances)
KIMMTRAK; Immunocore   s ability and plans in continuing
are intended to identify forward-looking statements. All
to establish and expand a commercial infrastructure and
statements, other than statements of historical facts, included
to successfully launch, market and sell KIMMTRAK and any
in this letter are forward-looking statements.
future approved products; Immunocore   s ability to successfully
expand the approved indications for KIMMTRAK or obtain
These statements include, but are not limited to, statements
marketing approval for KIMMTRAK in additional geographies
regarding Immunocore   s capabilities and future plans across
in the future; the delay of any current or planned clinical
oncology, autoimmune and infectious disease therapeutic
trials, whether due to patient enrollment delays or otherwise;
areas; Immunocore   s ability to advance its clinical pipeline and
Immunocore   s ability to successfully demonstrate the safety
to innovate for sustainable growth; expectations regarding the
and efficacy of its product candidates and gain approval of its
estimated market size and patient population for KIMMTRAK
product candidates on a timely basis, if at all; competition with
and Immunocore   s other product candidates; the extension
respect to market opportunities; unexpected safety or efficacy
of KIMMTRAK into other indications and ability to make a
data observed during preclinical studies or clinical trials; actions
difference for patients with earlier stages of uveal melanoma;
of regulatory agencies, which may affect the initiation, timing
expected submission of investigational new drug applications
and progress of clinical trials or future regulatory approval;
or clinical trial applications; the
regulatory
Immunocore   s need for and ability to obtain additional funding,
approval, expected clinical bene   ts and availability of
on favorable terms or at all, including as a result of worsening
Immunocore   s product candidates; the potential to develop
macroeconomic conditions, including changes in in   ation and
a functional cure for HIV and HBV; Immunocore   s ability to
interest rates and unfavorable general market conditions, and
meet its objectives for, and the timing and next steps of, its
the impacts thereon of the war in Ukraine, the con   ict in the
PRAME program; expectations regarding the design, progress,
Middle East, and global geopolitical tension; Immunocore   s
timing, enrollment, randomization, scope, expansion, funding
ability to obtain, maintain and enforce intellectual property
and results of Immunocore   s existing and planned clinical
protection for KIMMTRAK or any of its product candidates
trials; the timing and sufficiency of clinical trial outcomes to
it or its collaborators are developing; and the success of
support potential approval of any of Immunocore   s product
Immunocore   s current and future collaborations, partnerships
candidates or those of, or combined with, its collaboration
or licensing arrangements. These and other risks and
partners; Immunocore   s ability to activate T cells to tune down
uncertainties are described in greater detail in the section titled
the immune system when it mistakenly attacks healthy tissues.
   Risk Factors    in Immunocore   s    lings with the Securities and
Any forward-looking statements are based on management   s
Exchange Commission, including Immunocore   s most recent
current expectations and beliefs of future events and are
Annual Report on Form 10-K for the year ended December 31,
subject to a number of risks and uncertainties that could cause
2024    led with the Securities and Exchange Commission on
actual events or results to differ materially and adversely
February 26, 2025, as well as discussions of potential risks,
from those set forth in or implied by such forward-looking
uncertainties, and other important factors in Immunocore   s
statements, many of which are beyond Immunocore   s control.
subsequent    lings with the    lings with the Securities and
These risks and uncertainties include, but are not limited
Exchange Commission. All information in this letter is as of
to, the impact of worsening macroeconomic conditions on
the date of its release, and Immunocore undertakes no duty to
Immunocore   s business,    nancial position, strategy and
update this information, except as required by law.
potential
anticipated milestones, including Immunocore   s ability to

April 2025
Bahija Jallal
Chief Executive Officer
Dear fellow
shareholders,
In 2024, the teams at Immunocore have achieved
signi   cant milestones advancing our mission of
bringing transformative medicines to patients
with our modular technology. KIMMTRAK is now
standard of care across most major markets with
over 80% of HLA-A*02:01-positive patients being
treated in the countries where we have launched
to date. We are enrolling patients in three Phase 3
melanoma trials and progressing multiple Phase 1
trials in oncology and infectious diseases. Our
diverse and deep pipeline now spans three
therapeutic areas, following the announcement of
our    rst autoimmune candidates. We remain laser
focused on our commitment to patients.
KIMMTRAK
We have signi   cantly expanded our reach to
HLA-A*02:01-positive patients with metastatic or
unresectable uveal melanoma, more than doubling
the number of countries where KIMMTRAK
is available and increasing our community
presence in the U.S. We are also proud to report
11 consecutive quarters of revenue growth    
testament to exceptional execution by the team.
We will continue delivering KIMMTRAK to more
patients, driving incremental growth.
Our innovation with KIMMTRAK was recently
recognized by the Prix Galien USA Awards
Committee, awarding us the prize for    Best
Product for Rare/Orphan Diseases   . This is the
third Prix Galien award for KIMMTRAK, following
similar accolades in France and Germany.
Turning our attention to KIMMTRAK   s product
lifecycle, we have advanced two Phase 3
trials which could potentially lead to approved
indications to transform the lives of up to
5,000 more patients with melanoma. In advanced
melanoma, where there is a high unmet need, we
seamlessly converted the TEBE-AM Phase 2/3 trial
into a registrational trial, expecting to complete
enrollment in the    rst half of 2026. The European
Organisation for Research and Treatment of
Cancer randomized the    rst patient in the Phase 3
Adjuvant Trial in Ocular Melanoma (ATOM) in
December 2024, as we believe that KIMMTRAK
can make a difference for patients with earlier
stages of uveal melanoma.

Advancing our clinical pipeline
The most advanced clinical program in our
pipeline, after KIMMTRAK, is brenetafusp and
our PRAME portfolio. In melanoma, we reported
monotherapy activity with brenetafusp. We also
randomized the first patient in the PRISM-MEL-301
Phase 3 trial, testing brenetafusp in combination
with nivolumab for patients with newly diagnosed
metastatic or advanced cutaneous melanoma.
Beyond melanoma we focus on three objectives
for our PRAME program. First, building on
initial signals of monotherapy activity in
ovarian cancer, we are studying brenetafusp
in combination with chemotherapy in various
disease settings. We also continue signal
detection for brenetafusp in combination for
non-small cell lung cancer. Finally, we started
the Phase 1 dose escalation trial of our PRAME
half-life extended ImmTAC candidate. Over the
next 12-18 months, we will review data for these
trials to determine next steps.
While PRAME and gp100 are both well-known
targets in oncology, we believe PIWIL1 is a novel,
first-in-class target     demonstrating the potential
of our discovery engine. We are enrolling patients
with colorectal and other gastrointestinal
cancers in our Phase 1/2 dose escalation trial
with IMC-R117C, targeting PIWIL.
In infectious diseases, we have continued
enrollment in our two Phase 1/2 trials evaluating
the potential of two candidates in HIV and HBV
to offer a functional cure. Both diseases can
be controlled by existing therapies but require
lifelong treatment. In the first quarter of 2025,
we have shared encouraging early safety and
anti-viral activity data from the Phase 1/2 trial in
HIV, and plan to share data updates for the HBV
candidate by the end of the year.
Innovating for sustainable growth
Our modular technology can activate T cells to
attack cancers and infectious diseases, and we
believe it can tune down the immune system when
it mistakenly attacks healthy tissues as seen in
autoimmune diseases, our third therapeutic area.
We plan to submit a clinical trial application (CTA)
or investigational new drug application (IND) for
our type 1 diabetes candidate in the second half
of 2025, and one for our candidate targeting
CD1a initially against atopic dermatitis in 2026.
This is our    rst non-HLA-restricted molecule and
further demonstrates how we are expanding our
transformative technology.
With our deep, differentiated pipeline, our talented
and passionate teams, and a clear line of sight
for the future, coupled with our strong balance
sheet, disciplined expense management, and
data-driven investments, we are con   dent in our
ability to continue delivering signi   cant value to
patients and shareholders.
Thank you as always for your support,
Bahija



 4/4/2025 Letter Continued (Full PDF)