Immunocore at Morgan Stanley Conference: Strategic Growth and Innovation

On Wednesday, September 10, 2025, Immunocore Holdings PLC (NASDAQ:IMCR) presented at the Morgan Stanley 23rd Annual Global Healthcare Conference. The company, renowned for its T-cell receptor (TCR) therapies, provided a strategic overview emphasizing both its robust financial health and the challenges in expanding its market presence. The session, led by CFO Travis Coy, highlighted Immunocore’s innovative research and development strategies alongside its financial and operational updates.

Key Takeaways

• Immunocore generated $192 million in the first half of the year, marking a 32% growth from the previous year.
• KIMMTRAK, a key product, is approved in 39 countries and launched in 28.
• The company holds nearly $900 million in cash, indicating strong financial health.
• Immunocore is focusing on expanding its oncology pipeline and exploring new therapeutic areas.

Financial Results

• KIMMTRAK generated approximately $192 million in revenue for the first half of 2025.
• The product’s market penetration in the U.S. is nearing 70%, driven by efforts in community settings.
• The company maintains a stable SG&A expense, ranging from $40 million to $42 million per quarter.
• With almost $900 million in cash, Immunocore is well-positioned to fund its pipeline development.

Operational Updates

• KIMMTRAK is approved in 39 countries and launched in 28, with a new distribution agreement for MENA and Turkey.
• The duration of KIMMTRAK therapy has increased to 13-14 months in real-world settings.
• Enrollment for the TEBE-AM study in advanced cutaneous melanoma is expected to complete by mid-2026.
• The ADAM trial for adjuvant uveal melanoma is set to expand to U.S. sites this fall.

Future Outlook

• Immunocore anticipates KIMMTRAK’s growth rate to moderate as it matures but expects U.S. penetration to reach 80%.
• The company plans to increase R&D investments, particularly in three phase 3 trials.
• A CTA for a type 1 diabetes asset is expected by the end of the year, with clinical trials commencing in 2026.
• Immunocore aims to file a CTA and/or IND for the CD1A asset in 2026.

Q&A Highlights

• China is seen as both a competitive market and an opportunity for expansion.
• AI is utilized in TCR target identification and clinical data analysis.
• The company is committed to tissue-specific modulation in autoimmune diseases.
• Efforts in infectious diseases focus on providing functional cures for HIV and HBV.
• Immunocore remains open to in-licensing opportunities, particularly in oncology.

In conclusion, Immunocore’s presentation at the Morgan Stanley conference highlighted its strategic focus on growth, innovation, and financial stability. Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - Morgan Stanley 23rd Annual Global Healthcare Conference:

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: the Morgan Stanley Global Healthcare Conference. I’m Sean Laaman, US Head of Syndicate Biotech Equity Research here at the firm. For important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. For this session, we have Immunocore, and we’re joined by their CFO and Head of Corporate Development, Travis Coy. Welcome and thank you for your time today, Travis. Maybe just to commence proceedings, we’ve got a couple of macro questions here we’ve been asking all our companies. The first one is, you know, with China’s rise in biotech innovation, how are you thinking about Immunocore’s competitive position here? Will this influence your R&D and business development strategy?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, first of all, Sean, thank you for having us. We appreciate it. China, it’s interesting, they’ve made great strides in biotech. I think in particular areas where it’s been noticeable, especially has been in immunology and cell therapy and accelerating innovation in those aspects. From an Immunocore perspective, our competitive advantage has been in where the company has been developed around, has been a TCR platform. We need to make sure we’re not complacent. As we look at making sure we’re staying on the cutting edge of science, we want to make sure we’re not complacent with making improvements to that platform. As we look across the globe, the development of technology is not always inside our four walls. China is certainly an important part of that. We view China as both a competitive aspect as well as an aspect of opportunity. I think it’s both.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. Thank you, Travis. How are you currently leveraging AI or thinking about AI’s future disruption potential?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, you think about AI in two ways. One is an incorporation of artificial intelligence into making business operations more efficient. The other is how do we improve R&D? I think incorporating AI into business operations and making those more efficient is table stakes to be competitive within any company. From an R&D perspective, again, back to our T-cell receptor (TCR) platform, which the company is founded upon, areas where we’re using AI are in TCR, both target identification and in protein peptide interactions. It’s particularly good in large data sets and helping us process those large data sets. That’s one area that helps us accelerate drug discovery. Other areas we use it within an R&D perspective are responses to regulatory filings, as well as kind of back to the data theme, as well as doing clinical data analyses.

Those are some of the ways we can leverage AI to improve both probabilities, if you will, as well as speed. I think that over the long term, AI could have a very profound impact on our industry and that’s some of the ways we are leveraging it at Immunocore.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Thank you, Travis. Last question before we dig into the details of Immunocore Holdings plc, what has been most impactful on the regulatory front? Would it be FDA, MSM, tariffs? Anything to comment there?

Travis Coy, CFO and Head of Corporate Development, Immunocore: There’s a lot of uncertainty across all those, Sean. I think we’ve been very fortunate at Immunocore that we haven’t seen a significant impact in the near term on all three of those yet. As you think across the three of those aspects, I think if I was going to put one in the forefront, I’d probably say the FDA interactions. Those regulatory interactions are so important to our investments and how we make investments and how we develop assets, given the amount of capital allocation, as you know, that we put into clinical trials and clinical studies. Having clear, concise, and consistent guidance from a regulatory agency is really important for us, whether it be Immunocore or the broader industry. I see, you know, MSM and tariffs as very, while important, very economic-focused policies that over the longer term, you have ways to mitigate around.

Making sure, again, that regulatory guidance and making sure your investments are placed in the right way that gives you certainty to approval and also speed to approval is important.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. Thank you, Travis. I’ve got a few other top questions here. The first one is, can you provide an overview of the company’s approach towards developing T-cell receptor therapies for oncology and autoimmune diseases?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, I’ve referenced our T-cell receptor (TCR) platform a few times. What we’re doing on the oncology side is using T-cell receptors to engage T-cells to help kill tumors. We do that through what is unique about our platform, as it allows us to produce soluble, off-the-shelf therapies. I think that’s a big advantage for us compared to some of the others working out there. On the autoimmune side, it’s actually taking that same thesis or axis and reversing it. There, we’re downregulating the immune system. One of the unique things that we can do with the platform and are looking to demonstrate with a couple of assets is for those approaches to be very tissue-specific. That allows us to prevent or avoid, if you will, the systemic immunosuppression that you typically see with immunology assets today. We’re really excited.

Obviously, we were able to produce the first TCR therapy that was ever approved in KIMMTRAK. We’ve demonstrated success, if you will, in oncology. We still need to demonstrate success in autoimmune, but we’re very optimistic about that potential.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Thank you. I wanted to touch on the ImmTAX platform. What differentiates your platform from competitive bispecifics?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, I’d tie it back to the off-the-shelf, high-affinity, soluble ability to produce those assets. I think the other thing, because of the way it works with HLA peptide expression, it allows us to target intracellular antigens. That gives us access to about, you know, around 90% of the human proteome. That’s a big difference compared to, if you think about traditional bispecifics that typically rely upon membrane-bound or extracellular targets to be effective. We get a much broader opportunity set with which to work from as we think about target identification.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Okay, thank you. I might start with some KIMMTRAK questions, but I’d also like to admit that that gives us a little bit of an element of the game. Going forward, I believe the KIMMTRAK growth is expected to be more moderate as the launch has matured. You can provide more detail here on how to expect the trajectory or what you expect for the trajectory from this point forward.

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, absolutely. Just to make sure everybody’s oriented, KIMMTRAK is our product that’s approved for frontline metastatic uveal melanoma. We’ve been on the market about four years now, and we’re very, as you’re alluding to, we’re very pleased with the growth that we’ve seen to date. We generated about $192 million in the first half of this year, and that was about a 32% growth rate over the same period last year. Given that we are on the fourth year of market and that we have established ourselves as standard of care across uveal melanoma, we do expect that growth rate to moderate a bit. Pretty typical as a product gets into its entire lifecycle, at least in the current indications you alluded to. We’ve seen about, we see about 4% to 7% quarterly sequential growth rate the last several quarters.

We expect it to moderate from there, kind of going forward to give you a little bit of quantitative aspect of how we think about it.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Sure. Wonderful. I think you’re at about, I think you said the Q2 maybe 68% penetration.

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: In the U.S., what would you estimate the potential penetration could be?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, you’re right. We’re approaching 70% penetration in the U.S., and that’s largely being driven and coming from the community setting and our efforts there to increase that penetration. If you use, I think a good, if you think about peak of where we could go, I think if you use Europe actually as a good proxy for that, where we have a much more, on a country-by-country basis, we have a much more centralized commercial ecosystem in Europe, right? I have to add that caveat. In many of those countries, we’re 80% or plus percent penetrated, and that’s where we’re optimistic that we can continue to push towards that in the U.S. We believe we still have room to grow, driven by that penetration in the United States.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: How do you think about planned launches in the Middle East, North Africa, Turkey as a contributor?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, I talked about US growth. We shift to OUS growth. It’s important that we continue to expand the global access of KIMMTRAK. We were approved in about 39 countries and launched in about 28 countries. Part of that expansion is looking at opportunities where we may not be the best company as ourselves to do it, but do it with a distribution partner. That’s actually what we did in MENA and Turkey recently. We recently announced a distribution agreement with OCAN to help continue to make sure we can reach every patient. That’s where most of our OUS growth has come from, those additional launches.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Sure, thank you. Thank you, Travis. I believe you’re now observing 13 months duration of therapy. Can you mind telling us how it compares to what you observed in the clinic and what’s driving the increase?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, so our duration of therapy has been quite a remarkable story for us. In the clinic, the reason I say that is in the clinic, we saw about 10 to 11 months of duration of therapy. In the real-world commercial setting, we’re now seeing around 13 to 14 months. It’s incredibly uncommon to see that happen, to see that duration of therapy be higher than what you saw in a randomized controlled clinical setting. I think that speaks to the product profile of KIMMTRAK. You know, we’ve now demonstrated a three-year overall survival rate of 22 months. The safety, and so from an efficacy perspective, incredibly attractive. On the heels of the clinical data, that was an overall survival ratio of 0.51.

From a safety perspective, what we see is one of the most common adverse events is CRS, cytokine release syndrome, because of the CD3 on the part of the bispecific. It’s anticipated. What we see after the first few doses of KIMMTRAK, that CRS drops to mid-single-digit rates. It becomes very manageable and predictable for physicians. I think part of that dynamic that we see is it’s allowed us to get to the penetration that I talked about in the community. It’s also allowed for that duration of therapy to go beyond what we’ve seen in the clinical setting.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. Thank you. I’m still on KIMMTRAK, but moving over to advanced cutaneous melanoma. I guess starting first with the phase 3 study in second line advanced cutaneous melanoma, could we briefly talk about how advanced melanoma compares to uveal melanoma, both in terms of clinical aspects, but also in terms of the size of the commercial opportunity?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah. We have two, just to ground everybody, we have two lifecycle management players for KIMMTRAK, so two phase 3 that are lifecycle management players. One is advanced cutaneous melanoma, as Sean, you’re alluding to. Part of the rationale for why we are pursuing that indication is the similarity between uveal melanoma and cutaneous melanoma. If you think about uveal melanoma before KIMMTRAK, it was an incredibly immune-insensitive tumor, very difficult to treat tumor where checkpoint inhibitors had not worked. We demonstrated superiority versus pembrolizumab as a monotherapy with KIMMTRAK. There are a lot of similar, and if you relate that to advanced cutaneous melanoma, where patients have advanced mostly off, beyond checkpoint inhibitors, right? They sort of, by definition, have become immune-insensitive. There are a lot of similarities in that regard. There are also a lot of similarities with GP100. That’s the target for KIMMTRAK.

We have very high expression rates across both uveal melanoma and cutaneous melanoma. There are a lot of good reasons to believe in why we feel we have a high probability of chance of being successful in advanced cutaneous melanoma.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Great. The studies evaluating KIMMTRAK monotherapy or in combination with pembrolizumab, how is Immunocore thinking about KIMMTRAK’s success for patient population as a monotherapy versus a combination therapy with a PD-1?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Sorry, Sean, can you ask that one more time? I’m glad you’re adding.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: The studies evaluating KIMMTRAK monotherapy in combination with pembrolizumab.

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: How does the company think about KIMMTRAK’s addressable patient population as a monotherapy versus as a combination therapy with a PD-1?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, as Sean alluded to, the way the design of TEBE-AM, which is the advanced cutaneous melanoma phase 3, is set up is we have a monotherapy arm in KIMMTRAK, and we have a combination arm with KIMMTRAK in combination with a PD-1, and then a control arm. What we’re also encouraged by is when we look at the phase 1 data, what we generated with KIMMTRAK, we obviously saw strong monotherapy activity in a patient population. We also believe there may be some synergy between KIMMTRAK and pembrolizumab as well. We’ve been able to demonstrate that we can safely combine those two agents. We’ve set up a well-controlled study with an overall survival endpoint. It’s important, given the context of the current FDA environment. That would give you some insight into why we designed the study that way.

Given the similarities that I talked about between uveal and cutaneous previously, we think we could see benefit in both. We were able to demonstrate superiority to pembrolizumab in uveal melanoma. Because of those similarities, we think we also have a strong chance in doing so as part of TEBE-AM. We set up the study so we can evaluate both.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Sure.

Travis Coy, CFO and Head of Corporate Development, Immunocore: One question I actually didn’t answer that I realized you asked is one of the reasons we’re also excited about cutaneous melanoma is because of the patient population that it opens up. It’s an additional, so uveal melanoma has about 1,000 patients eligible for it today and HLA2 positive patients. Cutaneous melanoma adds an additional 2,000 to 4,000 patients. It has the potential to provide a very significant inflection point in KIMMTRAK’s commercial growth.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. You mentioned two phase 3 trials and the second phase 3 trial in ocular melanoma. How is the phase 3 adjuvant trial in ocular melanoma, or the ADAM trial, enrolling? Have you shared when we might see the next data update on that?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, so we initiated the ADAM trial, which is for adjuvant uveal melanoma late last year. It’s worth noting that’s being done in conjunction with EORTC. We’re off to a good start. We’ve had several sites in Europe that are up and running and enrolling. We also recently received the IND acceptance in the U.S. We anticipate we’ll have the U.S. sites come on board imminently this fall. We’re off to a good start. We haven’t provided yet guidance on precise timing for an adjuvant study just because it probably is about a three-year enrollment with another couple of years for data readout, given it’s an adjuvant trial. As we get to more of a steady state enrollment curve, we’ll provide more specific guidance as to when we think we could have data there.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Sure. It’s been a really good story with KIMMTRAK in uveal melanoma. They’re kind of coming to that maturity pace. They’ve started the phase 3 trial coming on and hopefully it extends growth. Could you map out the catalyst part for the programs?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, for KIMMTRAK?

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: For KIMMTRAK and the further indications in the phase 3 study.

Travis Coy, CFO and Head of Corporate Development, Immunocore: For TEBE-AM, we should complete enrollment in the first half of next year. I mentioned it’s overall survival, so it is event-driven. I have to add that caveat. We hope to have data in the second half of next year, realizing there could be some variability given that event-driven nature of the overall survival primary endpoint. I alluded to the timelines on ADAM. We’ll hopefully have probably three years of enrollment and another couple of years before we have data there. We’ll get more concrete guidance if we get further along in the enrollment for ADAM.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. Moving on to the PRAME-targeted portfolio. Yeah, so the phase 3 PRISM-MEL study in first-line cutaneous melanoma in combination with nivolumab. Could we talk about the rationale for pursuing cutaneous melanoma and the commercial opportunity?

Travis Coy, CFO and Head of Corporate Development, Immunocore: This is our third phase 3 study that we have ongoing as an organization right now. Just to orient people, this is a PRAME-targeted agent. The reason we chose to go into frontline, this is in our frontline cutaneous melanoma study. The reason we chose to do that is based on the evidence that we saw in phase 1. When we generated monotherapy activity with PRAME, we saw in a patient population encouraging disease control rates that were actually greater than checkpoint inhibitors. It was also greater than NIVO plus rela, even in that combination play. Because of those improved disease control rates, we decided to move into earlier lines of therapy in combination with nivolumab. It’s really the basis for why we made that work.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Okay, wonderful. You are evaluating two doses. Can you remind us why those two doses were selected for the study?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, Sean, we have a dose selection ongoing. The way the phase 3 was designed for PRISM, called PRISM-MEL, is after the first 90 patients are enrolled, there’s a dose selection that’s triggered. Those two doses are 40 micrograms and 160 micrograms. There’s an IDMC that is a panel of melanoma experts that receives that blended data and ultimately will make a recommendation on the best dose to continue forward. The reason we did that is as part of Project Optimist. This is the FDA’s initiative to make sure oncology products are seeing more optimized dose selection in phase 3 studies. We did that in conjunction with regulatory interactions. That’s why it was designed and established that way.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Got you, understood. How is the phase 1/2 study in platinum-sensitive ovarian cancer, as well as the signal detection in non-small cell lung cohorts, progressing?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, so we have three experiments going on within our PRAME franchise. Sean just alluded to one of them, which we also have, in addition to Brunetha, we also have a half-life extended version of Brunetha. Those three experiments that we’re looking at are with Brunetha first in ovarian, and we’re moving in earlier lines and in combinations in both platinum-resistant ovarian cancer and platinum-sensitive ovarian cancer. Also with Brunetha first in lung, similar story, although it’s more, I will say, with in ovarian, we saw monotherapy activity, but not quite sufficient enough monotherapy activity to be a standalone. We thought it could be a standalone by itself, which is why we’re looking to optimize that activity with combinations in earlier lines.

With lung, I think it’s a little different story in that it’s more of a, it’s still a signal detection that we’re looking for in earlier lines and in combinations. That’s the second experiment, in lung. Finally, with the half-life extended version, we’re exploring in phase one that we recently initiated at the end of last year, very similar tumor types to what we explored with Brunetha first. Think melanoma, think ovarian, think lung. The reason I mention all that is we view that PRAME, all those PRAME efforts, as a franchise. We’ll make decisions as such as we get that data. We hopefully look forward to be able to talk about the data and next steps within the next 12 months.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful, thank you. Moving on to autoimmune. You’ve got single ascending dose started from phase 1 trial for people living with HBV-positive hepatocellular carcinoma expected at the American Association for the Study of Liver Disease in November. Can you talk about the treatment landscape here?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Our infectious disease efforts holistically in both HIV and HBV are focused on trying to provide a functional cure. We have set a high bar for ourselves. As you alluded to, we look forward to disclosing the single ascending dose data in HBV later this year. As you look across the treatment landscape, when we do that, and this is similar to both HIV and HBV, the standard of care is NUKES. The challenge with NUKES is while they do a pretty good job of controlling the virus, they’re a chronic therapy. If you take a person off NUKES, that virus rebounds. What we’re looking to do is hopefully have a therapy that prevents that from occurring holistically and actually enables the immune system to fight the virus, the way our mechanism works.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Thank you. Are there any retreats from the HIV study that might inform the HBV program?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, a very similar objective that actually I alluded to, which is really virus control, right? I think that’s the main similarity and very similar dynamics with NUKES. As patients come off, we’re trying to avoid that chronic, having to have a chronic therapy. I think those are the main similarities and obviously trying to achieve very similar things across the two.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Got you, thank you, Travis. What are you looking for in the STAT data to start the med portion of the HBV study?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, I actually almost went there. I should have just introduced that in advance. From an HBV perspective, some of the things we’re looking at is it’s nice that we have a very clear biomarker with HBV. You have a hepatitis B surface antigen, right? You can look at efficacy by, hopefully, seeing reduction in levels of that surface antigen. Other things we’ll look at are, because of the way the mechanism works, we would expect to see, and this is a little counterintuitive, but we’d expect to see increases in AST and ALT liver enzymes. Now, that is what we’d expect to see mechanistically. What we don’t want to have happen is that those increases are such that we begin to see liver toxicity.

We’re looking to hope to see whether we’ve sort of threaded the needle, if you will, between efficacy and safety as we look towards that functional curve in HBV.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Got you, thank you. I guess on the rest of the early stage pipeline, there are also CGA INDs expected for type 1 diabetes and atopic dermatitis. Taking a step back, which programs from the candidates evaluating infectious autoimmune diseases are you most excited about?

Travis Coy, CFO and Head of Corporate Development, Immunocore: You’re asking me to pick my favorite child, Sean.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Too much.

Travis Coy, CFO and Head of Corporate Development, Immunocore: You know, from an autoimmune perspective, we look forward to where we have two efforts going on there that are currently in preclinical. One is a type 1 diabetes asset and another is a CD1A asset that likely will start trials in atopic dermatitis. Hopefully, we’ll submit the CTA for, we’ll contract to submit the CTA for the type 1 diabetes asset by the end of the year. I look forward to being in the clinic in 2026 with the type 1 program. For CD1A, look to filing the CTA and/or IND in 2026. A little difference, about a year difference in timing between the two. I think as I think across the therapeutic areas, what makes me excited is the modularity of the platform. You heard a lot about our efforts that we’ve made in oncology, having delivered the first TCR approved therapy in KIMMTRAK.

We’re now exploring and generating data in infectious disease. I’m really excited to begin exploring data in autoimmune. I really think that tissue-specific down modulation of the immune system could be very unique for us.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful, thank you. Philosophically, do you think building the platform sort of organically is the right way to go? Or do you see sort of in-licensing becoming an increasing part of your business? You’ve had a commercial success with KIMMTRAK, which is ongoing. Philosophically, how do you think about that?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, we certainly are very proud of what we’ve developed in the pipeline and what we have today. I agree with you in that we’re getting to the point as an organization where we have the capacity to potentially create additional value through business development efforts. We need to make sure we do that in a disciplined manner. We are looking for opportunities to potentially bring into the portfolio, particularly from an oncology perspective, where we have an established footprint from a development and commercial perspective and have capabilities established there. I think if you think about the areas we’re looking at, it’s likely oncology from an inbound perspective. If you think about more of the outbound side of the business development equation, I mentioned that established footprint in oncology.

Areas that may make sense for us to partner to maximize value, depending on data inflection points, could be infectious disease or autoimmune, given they’re earlier in their development from an Immunocore perspective as a company. That’s sort of how we think about the business development strategy holistically.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Sure. With that sort of commercial success out there, how do you think about forward looking on OpEx and ultimately sort of cash flow and then the ability to sort of fund your pipeline to go where it needs to go?

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, we have a very robust balance sheet. It’s part of what enables this business development strategy that I just mentioned, with almost $900 million of cash on the balance sheet. We dipped our toe in profitability in a couple of quarters. That’s not our intent. I will say that our intent is to make sure we’re making the right data-driven investments in R&D. We do expect, particularly with the three phase 3 trials, some increases in our R&D investments over time. If you think about the SG&A side and the commercial side of the equation, we’re being very disciplined in that regard. It’s been mostly flat around $40 million to $42 million a quarter for the last several quarters. We’re going to continue to be disciplined there.

With cutaneous melanoma potentially being our next significant indication for KIMMTRAK, we’re very fortunate that we have a lot of overlap in that commercial infrastructure. We’re already calling upon around 50% of the physicians that treat cutaneous melanoma by the nature of having promoted uveal melanoma. If you think about the additional expenses we may need to make in SG&A to commercialize cutaneous melanoma, think about it as more incremental than it is stepwise.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Right, sure, sure. I guess what I’m getting at is that if you look at where KIMMTRAK has come from and you’re into sort of a bit more of a mature phase, at least in uveal melanoma, and you’re still confident you’ve got the balance sheet and the cash flow generation, ability to fund the phase 3 trials, get those launches out there hopefully when they come, and also fund the development of the rest of the pipeline.

Travis Coy, CFO and Head of Corporate Development, Immunocore: Yeah, that’s correct. Occasionally, people ask us what our runway is. We actually don’t provide guidance on our runway because we don’t need to. We have the capital, particularly with KIMMTRAK’s performance and success, to be able to fund the pipeline for the foreseeable future.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Yeah, wonderful. I’ve come to the end of my questions slightly early, but there’s one final one, and that is what didn’t I ask that I should have?

Travis Coy, CFO and Head of Corporate Development, Immunocore: I think you covered our pipeline fairly well and fairly efficiently in a short amount of time. I think one thing I’d leave behind is we have three priorities as an organization. One is maximizing KIMMTRAK in both the current indication and in the subsequent lifecycle management plays with the two phase 3s, making sure we advance and execute on the pipeline. Making sure, and I alluded to this a little bit with the China question, is making sure we are not complacent with the platform and make sure we continue to innovate for sustainable growth. I look forward to continuing to deliver on that for both patient’s sake and to deliver great value for shareholders as well.

Sean Laaman, US Head of Syndicate Biotech Equity Research, Morgan Stanley: Wonderful. We’ll touch it in the proceedings, but thank you for your time, Travis. It’s been brilliant.

Travis Coy, CFO and Head of Corporate Development, Immunocore: Thank you.

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