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.

 •  4/12/2024 Letter Continued (Full PDF)
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IMCR Shareholder/Stockholder Letter Transcript:

Forward Looking Statement
This letter contains    forward-looking statements    within the meaning of the
market and sell KIMMTRAK and any future approved products; Immunocore   s
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
ability to successfully expand the approved indications for KIMMTRAK or obtain
Words such as    continue   ,    may   ,    will   ,    believe   ,    expect   ,    plan   ,    anticipate    and
marketing approval for KIMMTRAK in additional geographies in the future; the
similar expressions (as well as other words or expressions referencing future
delay of any current or planned clinical trials, whether due to patient enrollment
events or circumstances) are intended to identify forward-looking statements.
delays or otherwise; Immunocore   s ability to successfully demonstrate the safety
All statements, other than statements of historical facts, included in this
and efficacy of its product candidates and gain approval of its product candidates
presentation are forward-looking statements.
on a timely basis, if at all; competition with respect to market opportunities;
These statements include, but are not limited to, Immunocore   s capabilities
unexpected safety or efficacy data observed during preclinical studies or clinical
across oncology, autoimmune and infectious disease therapeutic areas and its
trials; actions of regulatory agencies, which may affect the initiation, timing and
ability to grow and further development the PRAME franchise; the estimated
progress of clinical trials or future regulatory approval; Immunocore   s need for
market size and patient population for KIMMTRAK and Immunocore   s other
and ability to obtain additional funding, on favorable terms or at all, including
product candidates; the growth areas of KIMMTRAK, including metastatic
as a result of worsening macroeconomic conditions, including changes in   ation
cutaneous melanoma and adjuvant uveal melanoma; the potential bene   ts and
and interest rates and unfavorable general market conditions, and the impacts
advantages of KIMMTRAK to patients including survival bene   t and improved
thereon of the war in Ukraine, the con   ict between Hamas and Israel, and
patient outcomes; potential bene   ts to patients of Immunocore   s other product
global geopolitical tension; Immunocore   s ability to obtain, maintain and enforce
candidates including improvement on current treatment approaches; the
intellectual property protection for KIMMTRAK or any product candidates it is
extension of KIMMTRAK into other indications and ability to help expanded patient
developing; and the success of Immunocore   s current and future collaborations,
populations; expected submission of investigational new drug applications or
partnerships or licensing arrangements. These and other risks and uncertainties
clinical trial applications; the potential regulatory approval, expected clinical
are described in greater detail in the section titled    Risk Factors    in Immunocore   s
bene   ts and availability of Immunocore   s product candidates; the potential
   lings with the Securities and Exchange Commission, including Immunocore   s
to develop a functional cure for HIV and HBV; ; the bene   ts of Immunocore   s
most recent Annual Report on Form 10-K for the year ended December 31, 2023
collaboration with the European Organisation for Research and Treatment of
   led with the Securities and Exchange Commission on February 28, 2024, as well
Cancer (EORTC); expectations regarding the design, progress, timing, enrollment,
as discussions of potential risks, uncertainties, and other important factors in
scope, expansion, and results of Immunocore   s existing and planned clinical trials,
Immunocore   s subsequent    lings with the Securities and Exchange Commission.
those of Immunocore   s collaboration partners or the combined clinical trials
All forward looking statements contained in this presentation speak only as of
with Immunocore   s collaboration partners; the timing and sufficiency of clinical
the date on which they were made and should not be relied upon as representing
trial outcomes to support potential approval of any of Immunocore   s product
its views as of any subsequent date. Except to the extent required by law,
candidates or those of, or combined with, its collaboration partners; Immunocore   s
Immunocore undertakes no obligation to update such statements to re   ect
goals to develop and commercialize product candidates based on its KIMMTRAK
events that occur or circumstances that exist after the date on which they were
platform alone or with collaboration partners; Immunocore   s ability to develop
made.
new product candidates and bring into the clinic using its discovery engine;
Certain information contained in this letter relates to or is based on studies,
potential growth opportunities and trends, including in connection with product
publications, surveys, and other data obtained from third party sources and
launches and revenue growth; and Immunocore   s unaudited pro forma cash
Immunocore   s own internal estimates and research. While Immunocore believes
position. Any forward-looking statements are based on management   s current
these third party sources to be reliable as of the date of this presentation, it has
expectations and beliefs of future events and are subject to a number of risks and
not independently veri   ed, and makes no representation as to the adequacy,
uncertainties that could cause actual events or results to differ materially and
fairness, accuracy, or completeness of, any information obtained from third
adversely from those set forth in or implied by such forward-looking statements,
party sources.
many of which are beyond Immunocore   s control. These risks and uncertainties
KIMMTRAK    is a trademark owned or licensed to Immunocore.
include, but are not limited to, the impact of worsening macroeconomic
conditions on Immunocore   s business,    nancial position, strategy and
anticipated milestones, including Immunocore   s ability to conduct ongoing and
planned clinical trials; Immunocore   s ability to obtain a clinical supply of current
or future product candidates or commercial supply of KIMMTRAK or any future
approved products, including as a result of health epidemics or pandemic, war
in Ukraine, the con   ict between Hamas and Israel, or global geopolitical tension;
Immunocore   s ability to obtain and maintain regulatory approval of its product
candidates, including KIMMTRAK; Immunocore   s ability and plans in continuing
to establish and expand a commercial infrastructure and to successfully launch,

April 2024
Dear fellow
shareholders,
I feel immense pride at what our team has achieved
for patients and shareholders since 2019, when I had
the privilege of joining Immunocore. With the launch of
KIMMTRAK (tebentafusp) for patients with HLA-A*02:01
unresectable or metastatic uveal melanoma, a disease
with no prior approved treatment, Immunocore has
transformed from a research organization to a revenuegenerating company. We have a pipeline that spans
three therapeutic areas with nine product candidates
in clinical and pre-clinical development, and a discovery
engine that continues to bring innovation to the clinic
on behalf of patients.
Bahija Jallal
Chief Executive Officer
of care for patients with HLA-A*02:01 metastatic uveal
melanoma, and we have grown our revenue quarter
over quarter.
The Phase 3 data supporting these approvals was
published in New England Journal of Medicine in 2021,
and last year, we were honored to have the 3-year
overall survival data published in the same journal
while simultaneously presenting the data at an oral
session at the 2023 European Society of Medical
Oncology (ESMO) annual meeting. We will continue
our work to deliver this unprecedented survival benefit
to more patients.
Maximizing the potential of KIMMTRAK
Less than two years after receiving FDA and EMA
approvals, KIMMTRAK is established as the standard
Delivered beyond our KIMMTRAK
commitments in 2023
Approved in
>2,000
patients
treated with
KIMMTRAK1
38
countries
Launched &
reimbursed in
12
countries2
1
Includes patients from Early Access Program (EAP), clinical trials and commercial.
US, Germany, France, Israel, Italy, Austria, Finland, Belgium, Switzerland, Slovenia,
Australia and Canada.
2
The potential of KIMMTRAK could extend to thousands
more patients across two additional indications. In
2023, we began enrolling patients with advanced
cutaneous melanoma in the Phase 2/3 TEBE-AM trial
and we plan to share topline Phase 2 data later this
year. Additionally, we will test KIMMTRAK   s potential
for patients with uveal melanoma in the adjuvant
setting, in a registrational trial that will be conducted
by the European Organisation for Research and
Treatment of Cancer (EORTC), and is scheduled to
begin in the second half of 2024.
Advancing our clinical portfolio
In addition to our KIMMTRAK trials, we are advancing
our clinical portfolio with other product candidates
from our rich pipeline. In oncology, we have initiated the
   rst Phase 3 trial with our PRAME ImmTAC candidate
    IMC-F106C     for the treatment of    rst-line advanced
cutaneous melanoma. We have also been enrolling

Our strategic pillars
Maximizing potential
of KIMMTRAK
Advancing
clinical portfolio
Innovating for
sustainbale growth
$238.7M FY23 net sales
9 active clinical &
pre-clinical programs
Novel programs in
3 therapeutic areas
with 3 additional growth opportunities
1. US community & global expansion (mUM)
2. Phase 2/3 trial in 2L+ advanced
melanoma (TEBE-AM)
3. Phase 3 trial in adjuvant uveal
melanoma (ATOM)
Up to 6K potential patients1
PRAME: start Phase 3 1L advanced
melanoma, Phase 1 data throughout
2024 and expand franchise
PIWIL1: novel target for colorectal
NEW autoimmune candidates:
Type 1 diabetes candidate
Universal candidate for
dermatology
Targeting functional cure for HIV
Up to 150K PRAME patients
Large patient opportunities
1
Includes HLA-A02:01+ patients in metastatic uveal melanoma (mUM), adjuvant uveal (or ocular) melanoma and second-line or later patients with cutaneous melanoma. KIMMTRAK is currently
only approved in HLA-A02:01+ patients with mUM.
patients in the monotherapy and combination cohorts
of the Phase 1/2 clinical trial with IMC-F106C, across
multiple tumor types, such as ovarian, non-small cell
lung and endometrial carcinoma. We expect to provide
multiple clinical updates throughout the year.
In infectious diseases, we continue to enroll patients
in our HIV and HBV trials. We aim to show how our
candidates can reduce the virus reservoirs, with an eye
toward the potential for a functional cure.
Innovating for sustainable growth
We are progressing two new candidates in our PRAME
franchise, and we expect to be ready for Clinical
Trial Application (CTA) submissions in 2024. In 2023,
we submitted a CTA for IMC-R117C, the first PIWIL1
targeted immunotherapy, and in 2024, we aim to
dose the first patient in the Phase 1 clinical trial for
colorectal and gastrointestinal cancers.
Beyond oncology and infectious diseases, I am
extremely proud that we will test the potential of our
platform for patients with autoimmune diseases. We
believe that with the tissue-speci   c targeting of our
pioneering technology, we can improve on the current
systemic immune suppression approaches in such
conditions as type 1 diabetes and in   ammatory skin
disease. One of our candidates is non-HLA restricted,
which will open the potential of our platform to more
patients, regardless of their HLA status.
Pioneering and delivering transformative
immunomodulating medicines
Driven by our mission to radically improve outcomes
for patients with cancer, infectious diseases and
autoimmune diseases, we have written a new chapter
in the history of cancer treatment with KIMMTRAK
and built a company with a pipeline spanning three
therapeutic areas and a modular platform offering
wide potential. We have the capital to execute on
our strategy with a pro-forma cash position of
approximately $782 million. None of this would have
been accomplished without the dedicated efforts
of our employees, who create a positive culture
where innovation can thrive. By following our values
(Science, Trust & Respect, Integrity, Diversity and
Entrepreneurship), we continue to make STRIDEs for
patients and for one another.
I look forward to continuing our pioneering work
enabled by the incredible talent of our teams, and the
support of our Board and shareholders.
Kind regards,
Bahija Jallal
Chief Executive Officer
Immunocore



 4/12/2024 Letter Continued (Full PDF)