Immunocore at Barclays Conference: Strategic Growth and Challenges

On Tuesday, 11 March 2025, Immunocore Holdings (NASDAQ: IMCR) presented at the Barclays 27th Annual Global Healthcare Conference. The company highlighted its robust commercial performance and promising pipeline, while also addressing potential challenges such as competition and manufacturing tariffs. Immunocore’s strategic focus on data-driven innovation and patient-centric approaches underscores its commitment to long-term growth.

Key Takeaways

• Immunocore’s Kymtraq achieved a 30% year-over-year revenue growth, totaling $310 million.
• The company is optimistic about its HIV program, showing early promise in viral reservoir reduction.
• Immunocore is expanding Kymtraq’s international presence, with recent launches in the UK and Poland.
• The PRAME program is progressing, with significant data readouts expected in ovarian and lung cancer indications.
• Management is monitoring potential European tariff impacts but reports no disruptions so far.

Financial Results

• Kymtraq generated $310 million in revenue last year, marking a 30% increase from the previous year.
• The product boasts gross margins over 99%, a remarkable figure for a biotech company of Immunocore’s size.
• Growth is expected to moderate from the 5-7% quarterly sequential growth experienced in 2024.

Operational Updates

• HIV Program: Initial data from 16 patients shows potential for viral reservoir reduction and delayed viral rebound. Further data updates are expected in 12 to 18 months.
• HBV Program: The company anticipates releasing single ascending dose data in the second half of the year, with a cautious approach to dosing due to potential side effects.
• Kymtraq Commercial: Immunocore holds over 80% market share for HLA-two zero one patients, with growth opportunities in the US and new international markets.
• PRAME Program: The company is expanding ovarian cancer cohorts and exploring lung cancer combinations, with significant data expected in the coming years.

Future Outlook

• HIV Program: Continued dose escalation with further data expected in 12 to 18 months.
• HBV Program: Anticipated data release in the second half of the year.
• Kymtraq: Focus on community penetration in the US and expansion into new countries.
• PRAME Program: Ongoing trials in ovarian and lung cancer, with melanoma trials expected to yield results in the next few years.

Q&A Highlights

• Tariffs: No current disruptions from potential European tariffs, but the situation is being monitored.
• FDA and NIH: No changes in FDA interactions or NIH budget impacts observed.
• Competition: Awaiting Phase III results from competitors, which could benefit certain patient groups.
• Off-Label Use: More prevalent in the US due to survival considerations, less common in Europe.

In conclusion, Immunocore’s presentation at the Barclays conference underscores its strategic focus on growth and innovation. For more detailed insights, readers are encouraged to refer to the full transcript.

Full transcript - Barclays 27th Annual Global Healthcare Conference:

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Thank you so much. My name is Peter Lawson. I’m one of the biotech analysts at Parkinson’s. Kapos MidCap oncology names predominantly. And many of my names kind of make an interesting pivot as well.

And so really pleased to have with us Yamuna Kaul and we’ve got the CFO, Travis Kaul and Ralph Dovay, Head of Commercial. And a series of questions I’ve been asking our companies just at the kind of the macro level. How you look at like supply chain especially with the light of tariffs and if there’s any long term or near term, short term impacts on the supply chain that you’re kind of that we should be thinking about? Yes.

Travis Kaul, CFO, ImmunoCorps: I think for us specific, obviously, we’re in a great position from a company perspective. And at least today, we have not seen any disruptions. That being said, we do manufacture Kymtrack in Europe. So we have to continue to make sure we closely monitor the situation and there’s been talk about tariffs from Europe. So we have to continue to monitor that situation because we’re cognizant that there could be an impact potentially to the cost of goods sold.

So no impact to date, no disruptions to date, but still staying close to obviously the macro environment and what’s going on from a tariffs perspective.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: How do you kind of hedge against that on the COG side of things? Is there

Travis Kaul, CFO, ImmunoCorps: a way of doing it or Yes, it depends. Probably early too early days, you have to talk about specific remediations that we may be able to make to help mitigate any downside that could potentially come from that. But we’re also a bit unique in that our platform has such strong potency. So KIMTRAC, for example, is sixty eight micrograms. Our gross margins are 99% just over 99%, which is unique for biotech as particularly one of our sizes to be able to have gross margins at that level.

So we do look at things and we’re making sure we’re planning with various scenarios that may or may not happen and we’ll sort of act accordingly.

Ralph Dovay, Head of Commercial, ImmunoCorps: Got you.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Thank you. And then the other macro question I’ve been asking just around the FDA, the potential cuts there. And have you seen or heard any kind of slowdown in communication? And how’s that communication been for you?

Travis Kaul, CFO, ImmunoCorps: Yes. So there’s a lot of changes going on in the system, which is obviously I think leading to some unpredictability for a lot of people. But thus far, we have not seen any changes in feed or responses or any of those elements in reaction with the FDA. We’ll continue to work with them and making sure we implement things as quickly as possible and continue to stay up on top of changes that occur there. But thus far no impact thus far.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: And any worries around these potential restrictions around biological manufacturing partnerships or these cross border licensing agreements? Is there anything there we should be thinking through?

Travis Kaul, CFO, ImmunoCorps: Yes. It’s certainly so for us specifically as a company, we don’t expect any impact. What I will say is just from the broader biotech ecosystem, we’re going to be supportive of making sure we can access innovation wherever it is. So I think that’s something we need to obviously not just as ImmunoCorps, but as again as a biotech and pharma ecosystem to make sure we’re cognizant of and hope that that continues to be the case, particularly speaking to your cross licensing question.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Perfect. Thank you. And then I guess final kind of macro question just around NIH budgets being cut. Is there any kind of thing near term, mid term that we should kind of think about even if it trickles through to say clinical trial sites and universities?

Travis Kaul, CFO, ImmunoCorps: Yes. Similar to actually similar to tariffs, we haven’t seen an impact to date. We want to make sure obviously, the NIH plays an incredibly important role in the ecosystem. And so, they in many instances are the source of a lot of the innovation in The United States and more broadly. So, we definitely want to keep an eye on that in some respects.

But we’ve seen instances where we’ve approached people for positions that are good scientists and it may provide an avenue there to actually bring some of those people over in the industry.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. Perfect. Thank you. And then just back to your data and great data today with HIV. And kind of how do you look at that data?

And how does it kind of inform how you’re thinking about moving forward?

Travis Kaul, CFO, ImmunoCorps: Yes. So really encouraged by the HIV data that we had a chance to disclose at the Croix conference yesterday. Just to orient everyone, this was initial multiple ascending dose data of 16 patients with three different dose cohorts. And as Peter is alluding to, we’re actually really encouraged by the data. We are looking at two key things that you’re looking at Phase one trial is safety and efficacy.

So from the safety perspective, given our platform that therapy has a CD3 arm, making sure that CRS was manageable. So very pleased to see that the CRS that we did see in the highest dose cohort was upon the first dose and it was resolved in a low grade one fever and resolved within four hours of occurrence. The other aspect is then efficacy. So really pleased and keep in mind that this therapy intention is for a functional curve of HIV, something we have not seen in the industry today. So really pleased to begin to see with dose escalation some reduction in the viral reservoir in some doses and also some viral control at the higher doses, which means we’re delaying rebound from patients coming off of antiretroviral therapy.

So obviously early days, but seeing evidence in sort of those three patients and we saw one evidence of that in the one hundred and twenty milligram cohort and then two patients in the three hundred milligram cohort. So that gives us the confidence to continue that dose escalation that you’re alluding to and that’s what we intend to do. Yes. Where are you for dose escalation? We actually just started.

So we finished the data that got disclosed yesterday at Croix was from, as I mentioned, the dose escalation up to three hundred micrograms. Because of the safety profile that we’re seeing, we’ve now amended the protocol of the trial to go even higher. So we’re just beginning that took a little bit of time to do. So we’re just now beginning the dose escalation. But hopefully, we’ll have data from those from that dose escalation in the next twelve to kind of eighteen months.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. So you think it’s twelve to eighteen months before we see the next cut of data or just the update?

Travis Kaul, CFO, ImmunoCorps: Probably. So that’s our best estimate at this time. Like I said, we just started it. Keep in mind that the trial is designed such that it’s twelve weeks of therapy of ARR therapy combined with ART, so antiretroviral therapy. Then it’s another twelve week of monitoring to see that viral rebound and see if there was a delay in that viral rebound.

So, that’s already twenty four weeks. So, that’s what we say. That’s how we do enrollment, have that monitoring period. We’re probably looking at about twelve to eighteen months at this point in time.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. And longer term, where do you kind of want or where do you think it could potentially get to for a sense of like viral reservoir reduction and lack of rebound? What’s the kind of the right number or the position?

Travis Kaul, CFO, ImmunoCorps: Yes. So what is the target product profile, if you will? Yes. As I mentioned, the objective is a functional cure. So when you talk to KOLs and there was actually a recent paper just published on this that sort of said the baseline of what we’re looking we’d like to be able to achieve is delaying that delaying ART, so delaying reinitiating ART, antiretroviral therapy for about two years.

That’s sort of what we’re hoping to achieve. We have some work to do. Again, this is early initial multiple ascending dose data, but we are encouraged the fact that one of the first therapies to ever show a delay in our rebound and a reduction in virus in the reservoir as well gives us good reasons to believe and hence why we’re continuing to escalate those escalates. Got you.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Thank you. And I guess the read through that we should have or you would think from the HIV over the HBV studies?

Travis Kaul, CFO, ImmunoCorps: Yes. Certainly, some similarities and some differences. So if you think about HIV to HBV, similarities being both similar constructs from a platform perspective in that we’re taking a bispecific and using the CD3 arm to engage T cells to bring those to help fight the virus. So that part is similar. In the case of HIV, I mentioned we’re targeting the GAG protein expression.

In the case of HBV, we’re looking at a different protein expression called envelope. But similarities of what we’ll be looking for, so Peter is alluding to the fact that we’re disclosing our single ascending dose for HBV in the second half of this year. So things we’ll be looking for that are similar to HIV will be, were we able to see a dose dependent response in cytokines? That tells us that we’re getting T cell engagement and that those T cells are being brought into HBP. And ultimately, we’d like to see some evidence of HB surface antigen reduction.

And so hopefully, we’ll be able to provide some of that data. We will provide some of that data in the second half of this year.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. Thank you. And then, are there similarities or things you’ve learned from the HIV program that we’ve seen that kind of help inform HBV and whether it’s dosing or safety profiles?

Travis Kaul, CFO, ImmunoCorps: Yes. Similarity, one of the things with HBV, people that have HBV in particular, they are a typically low controlled patient population. I think that’s one thing you need to keep in mind. The other and very honestly, that has led to some more challenges in enrolling that study than we had anticipated. But the other thing we’re also looking at from the HBV that I could highlight from a differences perspective is because of their oil control and because of the way the mechanism of action works, we are also looking at whether there’s some productive transaminitis, meaning we expect to see some ALT and AST increases because of that mechanism of action.

And therefore, we want to make sure we have to spread a little bit of the needles. We want to make sure we don’t cause any liver tox. So that’s also one of the reasons we’ve been more cautious with that program. And so that’s one of the needles where I’ll ultimately look into the thread as we potentially move forward.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: What’s the process of threading that needle? What do you have to do? Like lower doses?

Travis Kaul, CFO, ImmunoCorps: It’s really a balance of safety and efficacy. Yes. And that’s what the single ascending dose trial is just kind of the beginning of that journey.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. How many patients do we should we expect to see?

Travis Kaul, CFO, ImmunoCorps: We haven’t disclosed the exact number of patients. But if you think about a sort of typical Phase I single ascending dose study, usually you’re looking at mid teens in that range.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. And what is there kind of an internal or external goal around the BAFSA success, whether it’s RSIT’s increases or what are the metrics we should

Travis Kaul, CFO, ImmunoCorps: Yes. I mean, ultimately safety, as I mentioned, because that construct is the same CD3 has bispecific has that same CD3 arm that I mentioned. So we need to look at CRS and safety and make sure that is manageable. I mentioned the transaminitis as well. But then looking at reductions, again, going back to really want to see some reductions in that HB surface antigen and using that data as the determination for next steps.

Ralph Dovay, Head of Commercial, ImmunoCorps: Keep in mind it’s a single dose, right? Yes.

Travis Kaul, CFO, ImmunoCorps: Versus as Ralph points out, that’s obviously different than the multiple ascending dose data that we disclosed yesterday. That’s good point. Yes. Okay.

Ralph Dovay, Head of Commercial, ImmunoCorps: What do you need to

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: start that multiple ascending dose?

Travis Kaul, CFO, ImmunoCorps: I’d actually tie it back to exactly what I said is that safety and reduction of surface antigen. Those are the two things that we’re really looking at.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: And then remind me in the HIV population, did

Ralph Dovay, Head of Commercial, ImmunoCorps: you see that AST, ALT, elevation? So this is specific to

Travis Kaul, CFO, ImmunoCorps: It’s specific to HBV and the biology of both the disease and the mechanism of action that we have.

Ralph Dovay, Head of Commercial, ImmunoCorps: You’re killing hepatocytes, so we expect change in the

Travis Kaul, CFO, ImmunoCorps: Yes. Yes. Good point. Is

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: there a way to mitigate that? I guess no. Well, I

Ralph Dovay, Head of Commercial, ImmunoCorps: mean that’s what you expect. That’s mechanism of action that you the question as Travis was saying is you want to make sure that it’s the unhealthy ones or the infected ones that you’re counting out the healthy ones.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. The CRS you saw in five, it was minimal, resolved very quickly. But I mean is there as we as you escalate, is it presumably going to get worse? Or do you think it just extends in time? Or do you think it goes from grade one to grade two?

Travis Kaul, CFO, ImmunoCorps: Yes. So, if we it’s part of what we’ll continue to explore with the dose escalation, we’re back to HIV. Part of what we’ll explore as we continue to dose escalate. We have a lot of insight from the oncology data that we generated, both clinically and pre clinically that we can we have applied and will continue to apply to that dose escalation in the HIV program. So very encouraged by again only seeing grade one CRS so far at the highest dose.

And also other thing to remember is we do a step up dose to get to that target dose. So we’ll be looking at how to optimize that as well to minimize that CRS.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. Perfect. I’d love to pivot a bit just the launch the very successful launch you’ve had. Kind of what are the drivers left we should be thinking about in the growth opportunities for Kymtraq? So, Peter, we’ve been doing very well with Kymtraq, establishing it as

Ralph Dovay, Head of Commercial, ImmunoCorps: a center of care across most major markets with over 80% share of HLA-two zero one patients. Last year alone we delivered $310,000,000 in revenue and that was a 30% year over year growth. And to your question, I still think there are areas of opportunity. Number one is in The U. S.

We still are going after the community where we there’s still some penetration to be had. The good news is that we have half of the patients already starting in the community to about two out of three patients are being treated in the community, which speaks to the well tolerated profile of the medicine and the efficacy. And then there’s opportunity also in the duration of therapy. We’re seeing something that for me is unprecedented where you see the duration of therapy in the real world doing better than the duration of therapy in the clinical trials. And again that speaks to patients doing well.

And lastly, we are prosecuting a few launches outside of The United States. There’s still still some countries remaining. Most recently, we launched in The UK and Poland. There’s still a few countries where we’re working on reimbursement in Europe. So that’s I think the next incremental phase of growth.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. Thank you. So maybe digging into some of those duration of therapy, do you expect you seem to expect that’s going to continue beyond the eleven months or so that it is now?

Ralph Dovay, Head of Commercial, ImmunoCorps: So I’m hoping so, right? Because a patient that’s on therapy is a patient that’s surviving and doing well and would control disease. So I think this what we’re seeing in the real world is

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: we don’t have a good guidepost from the clinical data, because it’s extended beyond the clinical data. So we’re all learning together. Yes. Do you think a similar dynamic happens in Ex U. S.

As well? I don’t know if that’s a U. S. Driven event where you’re getting beyond eleven months or if it’s kind of a global event?

Ralph Dovay, Head of Commercial, ImmunoCorps: So interestingly, it’s more pronounced in some countries outside of The U. S. What we’re seeing is that physicians who are able to find patients earlier in their disease course as well as physicians who basically are very well educated on treatment beyond progression tend to have patients that do better and stay on for longer. So Europe, it’s a more centralized health care system and therefore you see a little bit more of those sort of experts being able to treat patients a little bit longer.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. And then the new countries we should expect to see in 2025?

Ralph Dovay, Head of Commercial, ImmunoCorps: So we recently announced that we have an approval in Brazil. So we expect the inpatient access there. We’re we submitted for reimbursement across several other European countries that we’re still working to get reimbursement and you can expect some of those to come online this year. So last year we had 14 launches, 24 countries in total. We’re working on a few other launches this year.

It’s all incremental to

Travis Kaul, CFO, ImmunoCorps: The U.

Ralph Dovay, Head of Commercial, ImmunoCorps: S, I would say though.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Great. Are there particular geographies that are coming online that could move the needle? Or these are kind of diminishing returns? How should we think about those additional geographies? Yes.

Ralph Dovay, Head of Commercial, ImmunoCorps: I think it’s incremental in the sense that The U. K. Is probably the largest country that we’re launching in the first quarter. Phone is actually large as well. And then there’s a few other countries like The Netherlands for instance where we don’t yet have reimbursement and final stages of that conversation.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. Peter, if you

Travis Kaul, CFO, ImmunoCorps: think about the growth that we saw in 2024, we had 30% year on year growth, right? What led to that was quarterly sequential growth of a range of about 5% to 7%. Naturally in any product’s lifecycle, you begin to see that growth moderate and that’s what we’re expecting. We are expecting that growth to moderate from those kind of quarterly sequential levels that I mentioned. But we do continue to expect growth and drop as articulated.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. Okay. And how do you think about emerging competition in the space? So I guess, IDEO is the obvious one. I know it’s I’m not going after the same picture as you and but how do you kind of ring fence the existing business or if that’s the appropriate way to think about it?

Ralph Dovay, Head of Commercial, ImmunoCorps: So first of all, I think that there we’re awaiting their Phase III results of course, and which if positive would be good news for HLA-two one negative patients. For the positives, really, KimTrak is center of care across major markets. We have established three year overall survival. Really the benchmark is patients are surviving, physicians are seeing in the real world their patients driving as we discussed about duration of therapy. So I do expect Kintraf to remain the center of care worldwide for HLA-two thousand one hundred and sixty patients.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you. How should we think about or how worried should we be about off label use? So it is actually used in HLA-two positive

Ralph Dovay, Head of Commercial, ImmunoCorps: population? So there’s two geographies, right? The U. S. Where off label use is more common.

And there, I think it’s about again that value proposition for the patient. And as a patient, I want the chance of survival. That’s the most important endpoint for patients. So I think in the context of that, physicians will have to

Travis Kaul, CFO, ImmunoCorps: make a

Ralph Dovay, Head of Commercial, ImmunoCorps: decision of what to use first. And so far, again, keeps track of center of care. And then in Europe, for the most part, off label is not a common fact. So I think that there is not even an issue.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Got you.

Ralph Dovay, Head of Commercial, ImmunoCorps: Peter, the one thing I’ll tie

Travis Kaul, CFO, ImmunoCorps: in to Ralph obviously mentioned overall survival which is clearly important. The other thing is tying back to his comments on how we’ve seen the duration of therapy go beyond the clinical trial setting is the safety profile. And that is something we’ve been incredibly encouraged by. Hence, why we’re seeing the starts that we’re seeing in the community and why our growth is expected to come from the community in The U. S.

Going forward is they’re getting comfortable with that safety profile, which is absolutely terrific to see.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Okay. Thank you. And then maybe in the last few minutes, if we pivot to PRAME. And what should we think about kind of potentially falling in 2025 versus 2026 if it’s the ovarian data in a mono combo or the lung data? How that falls this year,

Ralph Dovay, Head of Commercial, ImmunoCorps: next year? So we had very interesting single agent data and combination in the platinum refractory setting in ovarian cancer. The single therapy data was the monotherapy data, sorry, was we saw disease control rates of around sixty percent. The combination, we saw that around seventy percent by twenty three percent overall response rate. So really very interesting data and we’re building on that signal in two ways.

One was we’re expanding our cohorts in combination with chemotherapy in the platinum refractory setting and then we’re also going into the platinum sensitive setting to explore combinations with bevacizumab and other therapies as well. And then in lung cancer, we’re building upon the signal that we have seen sorry, in lung cancer, we’re signal searching. So well ovarian cancer, we’re building upon the signal. In lung cancer we’re signal searching and that means that we’re going into combinations in earlier lines and looking for lung cancer fragmented space. So we have to look at segment

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: by segment. And is there update there should be updated data in ovarian this year or is it next year?

Ralph Dovay, Head of Commercial, ImmunoCorps: So we expect we’re currently enrolled in patients. So we expect in twelve to eighteen months as data comes we will share. We do tend to share data at conferences because we think peer review data is very important. Okay.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: And then how big a data set will that be in lung cancer? How many patients?

Travis Kaul, CFO, ImmunoCorps: Yes. Honestly, it depends on the data, Peter. So it depends on the data and where that data takes us will also determine how many patients we continue to expand in those cohorts. Okay.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: And then and in Avarian, where does that eventually fall? Is that kind of second line, third line? What line of therapy for ovarian do you think?

Ralph Dovay, Head of Commercial, ImmunoCorps: So in ovarian in the platinum sensitive setting, it’s probably second line plus. In the platinum refractive setting, it’s third line plus.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Yes. And

Ralph Dovay, Head of Commercial, ImmunoCorps: Peter, I’d be remiss if I don’t mention the fact that thirty a. M. Is actually doing very well.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Yes. No, that’s right. We’ve got forty seconds. Sorry, I should ask. Melanoma.

Ralph Dovay, Head of Commercial, ImmunoCorps: So our enrollment is moving according to time. We expect first half of twenty twenty six to finish our enrollment data shortly after that. That’s an SPLA for KIMTRAC. And obviously high on med needs setting first Phase three trial that is looking at overall survival as an endpoint in this patient population. And so we have high expectations.

And then we have the ATOM study in the adjuvant uveal myeloma setting. It’s the only Phase three registrational trial in the adjuvant setting. And then the PRISMEL Phase three study. So three Phase three studies in melanoma that are going to be reading out over the next few years.

Peter Lawson, Biotech Analyst, Parkinson’s Kapos MidCap: Perfect. Thank you so much.

Ralph Dovay, Head of Commercial, ImmunoCorps: Thank you, Peter.

Travis Kaul, CFO, ImmunoCorps: Thank you for having us.

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