Immunocore Holdings Plc Stock Price, News & Analysis

Immunocore Holdings plc (Nasdaq: IMCR) is a commercial-stage biotechnology company that develops T cell receptor (TCR) bispecific immunotherapies to treat cancer, infectious diseases and autoimmune diseases. The company describes its core technology as the ImmTAX platform (Immune mobilizing monoclonal TCRs Against X disease), a proprietary, flexible, off‑the‑shelf approach used to generate multiple classes of bispecific molecules across several therapeutic areas.

Immunocore is incorporated in England and Wales and lists American Depositary Shares on The Nasdaq Stock Market LLC. According to its SEC filings, the company’s ordinary shares have a nominal value of £0.002 per share, and the American Depositary Shares are listed on Nasdaq in connection with these ordinary shares.

Core technology platforms

Immunocore’s research and development is organized around three related TCR‑based bispecific platforms, each aimed at a different category of disease:

• ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) molecules for oncology. These are soluble TCR‑based bispecific biologics designed to redirect the immune system to recognize and kill cancer cells. ImmTAC molecules are engineered to recognize intracellular cancer antigens with ultra‑high affinity and to selectively kill these cells via an anti‑CD3 immune‑activating effector function. The mechanism of T cell infiltration into human tumors supports potential use in both hematologic and solid tumors, including tumors with low mutational burden or limited immune infiltration.
• ImmTAV (Immune mobilizing monoclonal TCRs Against Virus) molecules for infectious diseases. These bispecifics are designed to enable the immune system to recognize and eliminate virally infected cells. Immunocore is advancing clinical candidates that aim for a “functional cure” in chronic infections such as human immunodeficiency virus (HIV) and hepatitis B virus (HBV), defined as sustained control of virus or loss of viral antigens and markers of replication after stopping medication.
• ImmTAAI (Immune mobilizing monoclonal TCRs Against AutoImmune disease) molecules for autoimmune conditions. These bispecifics are designed for tissue‑specific down‑modulation of the immune system. When tethered to the tissue of interest, ImmTAAI candidates suppress pathogenic T cells via PD1 receptor agonism, with programs in type 1 diabetes and inflammatory dermatological diseases.

Commercial product: KIMMTRAK

Immunocore’s most advanced oncology TCR therapeutic is KIMMTRAK (tebentafusp), a bispecific protein built on the ImmTAC platform. KIMMTRAK is described as a soluble T cell receptor fused to an anti‑CD3 immune‑effector function that specifically targets gp100, a lineage antigen expressed in melanocytes and melanoma. The company states that KIMMTRAK is approved for the treatment of HLA‑A*02:01‑positive adult patients with unresectable or metastatic uveal melanoma (mUM) in the United States, European Union, Canada, Australia and the United Kingdom.

Across multiple company updates, Immunocore characterizes KIMMTRAK as its lead product and the standard of care for HLA‑A*02:01‑positive people with metastatic uveal melanoma in most markets where it has been launched. The company reports that KIMMTRAK has been approved in dozens of countries and launched in many of them, and that it is pursuing additional indications in melanoma through registrational trials.

Melanoma franchise and late‑stage oncology programs

Immunocore highlights a growing melanoma franchise built around tebentafusp and additional ImmTAC candidates:

• Metastatic uveal melanoma (mUM): KIMMTRAK is indicated for HLA‑A*02:01‑positive adults with unresectable or metastatic uveal melanoma. Uveal melanoma is described by the company as a rare and aggressive form of melanoma affecting the eye, with a high rate of metastatic progression and historically poor prognosis. KIMMTRAK was the first approved treatment for unresectable or metastatic uveal melanoma.
• Cutaneous melanoma: Tebentafusp is being evaluated in the TEBE‑AM Phase 3 registrational trial in second‑line or later advanced cutaneous melanoma. Patients who have progressed on anti‑PD1 therapy and received prior ipilimumab (and, if applicable, BRAF inhibitors) are randomized to tebentafusp monotherapy, tebentafusp plus an anti‑PD1 agent, or a control arm. The primary endpoint is overall survival.
• Adjuvant uveal melanoma: The ATOM Phase 3 trial, sponsored by the European Organisation for Research and Treatment of Cancer (EORTC), randomizes HLA‑A*02:01‑positive patients with high‑risk primary uveal melanoma after definitive local treatment and no evidence of metastatic disease to tebentafusp monotherapy or observation. The primary endpoint is relapse‑free survival, with secondary objectives including overall survival and safety.

Beyond tebentafusp, Immunocore is advancing a portfolio of PRAME‑targeting ImmTAC candidates for solid tumors:

• Brenetafusp (IMC‑F106C, PRAME‑A02): a PRAME‑A02 ImmTAC bispecific candidate evaluated in the PRISM‑MEL‑301 Phase 3 registrational trial in first‑line advanced or metastatic cutaneous melanoma, in combination with nivolumab, versus control regimens based on nivolumab with or without relatlimab. The primary endpoint is progression‑free survival by blinded independent central review, with secondary endpoints including overall survival and overall response rate. Brenetafusp is also in a Phase 1/2 trial as monotherapy and in combinations across multiple tumor types, including ovarian cancer and non‑small cell lung cancer (NSCLC).
• IMC‑P115C (PRAME‑A02 half‑life extended): a Phase 1 dose‑escalation program in multiple solid tumors. The company describes IMC‑P115C as its first half‑life extended ImmTAC therapy targeting the same PRAME peptide and CD3 effector as brenetafusp, designed to reduce dosing frequency.
• IMC‑T119C (PRAME‑A24): another PRAME‑directed candidate referenced in the company’s pipeline descriptions.

Immunocore is also developing IMC‑R117C, a PIWIL1‑targeting ImmTAC candidate, in a Phase 1/2 dose‑escalation trial for HLA‑A*02:01‑positive patients with advanced solid tumors, including colorectal and other gastrointestinal cancers, as a single agent and in combination with standards of care.

Infectious disease pipeline (ImmTAV)

Within infectious diseases, Immunocore is advancing clinical candidates that use ImmTAV molecules to target virally infected cells:

• IMC‑M113V (Gag‑A02) for HIV: a Phase 1/2 dose‑escalation trial in people living with HIV. The company has reported initial multiple ascending dose data, including delayed viral rebound or partial viremia control during analytical treatment interruption in some participants, and continued dose escalation to identify a safe and tolerable dose.
• IMC‑I109V (Envelope‑A02) for HBV: a TCR bispecific candidate targeting a peptide derived from hepatitis B surface antigen (HBsAg) presented by HLA‑A*02:01 on infected hepatocytes. Phase 1 single ascending dose data showed that IMC‑I109V was generally well tolerated across evaluated doses and produced pharmacodynamic effects consistent with its mechanism, including dose‑dependent reductions in HBsAg levels. The company interprets these findings as first‑in‑human evidence supporting further evaluation in chronic HBV infection.

Across its infectious disease programs, Immunocore states that its goal is to achieve functional cures by enabling sustained control of HIV or sustained loss of HBV viral antigens and replication markers after discontinuation of standard antiviral therapies.

Autoimmune disease programs (ImmTAAI)

Immunocore is applying its ImmTAAI platform to autoimmune conditions where tissue‑specific immune modulation is desirable:

• IMC‑S118AI (PPI‑A02) for type 1 diabetes: an ImmTAAI candidate targeted to pancreatic beta cells. It recognizes a peptide from pre‑pro‑insulin presented by HLA‑A*02 on beta cells and includes a PD1 agonist effector arm, with the intent of disease‑modifying treatment through suppression of pathogenic T cells at the tissue site.
• IMC‑U120AI (CD1a) for atopic dermatitis as an initial indication: a non‑HLA‑restricted ("universal") CD1a‑tethered PD1 agonist ImmTAAI therapy. The company describes a dual mechanism of action: blocking CD1a‑mediated activation of CD1a‑specific T cells and preventing HLA class I/II‑mediated T cell activation via PD1 agonism.

The company reports that it is advancing these autoimmune candidates toward first‑in‑human clinical studies, with plans for Phase 1 trials in type 1 diabetes and atopic dermatitis.

Therapeutic areas and disease focus

Across its platforms, Immunocore is focused on diseases with significant unmet medical need:

• Oncology: uveal melanoma, cutaneous melanoma (including advanced and metastatic settings), ovarian cancer, NSCLC, colorectal cancer and other solid tumors expressing target antigens such as PRAME or PIWIL1.
• Infectious diseases: chronic HIV infection and chronic hepatitis B infection, with the stated aim of functional cure through TCR‑based redirection of non‑exhausted T cells.
• Autoimmune diseases: type 1 diabetes and inflammatory dermatological diseases, where tissue‑specific down‑modulation of immune responses is central to the company’s approach.

Regulatory filings and public company status

Immunocore files periodic and current reports with the U.S. Securities and Exchange Commission (SEC) as a foreign private issuer. Recent Form 8‑K filings dated August 7, 2025 and November 6, 2025 report the release of quarterly financial results and business updates, and confirm that the company’s American Depositary Shares are listed on The Nasdaq Stock Market LLC. These filings also reference press releases that detail KIMMTRAK commercial performance, pipeline progress and cash position.

FAQs about Immunocore Holdings plc (IMCR)

• What does Immunocore Holdings plc do?
  Immunocore is a commercial‑stage biotechnology company that develops T cell receptor (TCR) bispecific immunotherapies. Using its ImmTAX platform, it is building a pipeline in oncology, infectious diseases and autoimmune diseases, and markets KIMMTRAK for HLA‑A*02:01‑positive adults with unresectable or metastatic uveal melanoma.
• What is the ImmTAX platform?
  ImmTAX (Immune mobilizing monoclonal TCRs Against X disease) is Immunocore’s proprietary platform for generating TCR‑based bispecific molecules. It underpins three related classes of therapies: ImmTAC for cancer, ImmTAV for infectious diseases and ImmTAAI for autoimmune diseases.
• What is KIMMTRAK and who is it for?
  KIMMTRAK (tebentafusp) is a bispecific protein built on the ImmTAC platform that targets gp100 on melanocytes and melanoma cells. It is approved in multiple regions for HLA‑A*02:01‑positive adult patients with unresectable or metastatic uveal melanoma and is described by the company as the standard of care in most markets where it has been launched.
• Which late‑stage clinical trials is Immunocore running in melanoma?
  The company is conducting the TEBE‑AM Phase 3 registrational trial of tebentafusp in second‑line or later advanced cutaneous melanoma, the ATOM Phase 3 trial of tebentafusp as adjuvant therapy in high‑risk primary uveal melanoma, and the PRISM‑MEL‑301 Phase 3 trial of brenetafusp plus nivolumab in first‑line advanced cutaneous melanoma.
• How is Immunocore applying its technology to infectious diseases?
  Through its ImmTAV platform, Immunocore is developing TCR bispecifics such as IMC‑M113V for people living with HIV and IMC‑I109V for people with chronic HBV infection or HBV‑positive hepatocellular carcinoma. These candidates are designed to redirect non‑exhausted T cells to eliminate virally infected cells, with the goal of achieving functional cures.
• What autoimmune diseases is Immunocore targeting?
  Using its ImmTAAI platform, Immunocore is advancing IMC‑S118AI for type 1 diabetes and IMC‑U120AI for atopic dermatitis as an initial indication. These candidates are designed for tissue‑specific down‑modulation of immune responses via PD1 receptor agonism when tethered to target tissues.
• On which exchange does IMCR trade?
  Immunocore’s American Depositary Shares, each representing one ordinary share, are listed on The Nasdaq Stock Market LLC under the ticker symbol IMCR. The underlying ordinary shares are issued under the laws of England and Wales with a nominal value of £0.002 per share.
• Is Immunocore generating commercial revenue?
  Yes. Company press releases referenced in recent Form 8‑K filings report net product sales arising from KIMMTRAK, with revenues detailed for the United States, Europe and international regions, and describe KIMMTRAK as the company’s lead commercial product.
• What types of cancers beyond melanoma is Immunocore studying?
  In addition to uveal and cutaneous melanoma, Immunocore is evaluating brenetafusp and other ImmTAC candidates in multiple solid tumors, including ovarian cancer, non‑small cell lung cancer and colorectal cancer, as described in its Phase 1/2 trial summaries.
• How does Immunocore describe its approach to chronic HBV infection?
  For HBV, the company aims to use ImmTAV molecules such as IMC‑I109V to overcome HBV‑specific T cell exhaustion by recruiting non‑exhausted T cells to eliminate hepatocytes harboring covalently closed circular DNA or integrated HBV DNA, with the goal of sustained loss of circulating viral antigens and replication markers after stopping medication.