[Form 4] Immunocore Holdings plc Insider Trading Activity

Rhea-AI Filing Summary

David M. Berman, Head of R&D at Immunocore Holdings plc (IMCR), reported option exercises and open-market sales in a Form 4. Under a Rule 10b5-1 plan adopted May 9, 2025, the filing shows exercises of employee share options at a $17.46 exercise price to acquire 22,532 ordinary shares on 09/12/2025 and 200 ordinary shares on 09/15/2025. Concurrently, the filing reports sales of 21,232 shares at a weighted-average price of $35.63, 1,300 shares at $36.31, and 200 shares at $35.01, executed on 09/12/2025 and 09/15/2025. The filing is signed by an attorney-in-fact.

Positive

• Transactions executed under a Rule 10b5-1 plan adopted May 9, 2025, indicating pre-scheduled, compliant trading
• Option exercises at $17.46 to acquire 22,532 and 200 ordinary shares (09/12/2025 and 09/15/2025) as reported
• Filing provides weighted-average sale prices and offers transaction-level details upon request, supporting transparency

Negative

• Large open-market sales reported: 21,232 shares sold at a weighted-average $35.63, 1,300 shares at $36.31, and 200 shares at $35.01
• Significant insider liquidity could reduce insider shareholdings; Form 4 shows multiple disposals on 09/12/2025 and 09/15/2025

Insights

Financial Analyst

TL;DR: Insider exercised options and sold shares under a 10b5-1 plan; transactions are sizeable but routine for executive compensation.

The filing documents option exercises at a $17.46 strike and multiple open-market sales executed under a Rule 10b5-1 plan adopted May 9, 2025. The weighted-average sale prices ($35.63, $36.31, $35.01) indicate proceeds materially above the exercise price, reflecting a substantial realized gain on exercised options. These are disclosure of standard insider liquidity activity rather than an operational development.

Corporate Governance Expert

TL;DR: Proper use of a 10b5-1 plan and attorney-in-fact signature shows adherence to insider-trading protocols and disclosure rules.

The report identifies the reporter as an officer (Head of R&D) and notes the use of a Rule 10b5-1 trading plan, which provides pre-established parameters for sales. The Form 4 includes weighted-average prices and offers to supply transaction-level details on request, and it is executed by an attorney-in-fact, consistent with typical compliance practices for timely Section 16 reporting.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Berman David M

(Last) (First) (Middle)

C/O IMMUNOCORE HOLDINGS PLC

92 PARK DRIVE, MILTON PARK

(Street)

ABINGDON, OXFORDSHIRE X0 OX14 4RY

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Immunocore Holdings plc [ IMCR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	HEAD OF R&D

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	09/12/2025		M(1)		22,532	A	$17.46	22,532	D
Ordinary Shares	09/12/2025		S(1)		21,232	D	$35.63(2)	1,300	D
Ordinary Shares	09/12/2025		S(1)		1,300	D	$36.31(3)	0	D
Ordinary Shares	09/15/2025		M(1)		200	A	$17.46	200	D
Ordinary Shares	09/15/2025		S(1)		200	D	$35.01(4)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Share Option (Right to Buy)	$17.46	09/12/2025		M(1)			22,532	(5)	09/12/2028	Ordinary Shares	22,532	$0	198,839	D
Employee Share Option (Right to Buy)	$17.46	09/15/2025		M(1)			200	(5)	09/12/2028	Ordinary Shares	200	$0	198,639	D

Explanation of Responses:

1. This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 9, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.22 to $36.21 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.22 to $36.52 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.00 to $35.01 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. Immediately exercisable.

	/s/ Lily Hepworth, Attorney-in-Fact	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for IMCR and what is their role?

The Form 4 was filed for David M. Berman, who is identified as an officer and Head of R&D at Immunocore Holdings plc.

What transactions are reported on the Form 4 (IMCR)?

The filing reports option exercises at a $17.46 exercise price to acquire 22,532 shares on 09/12/2025 and 200 shares on 09/15/2025, and open-market sales of 21,232, 1,300, and 200 shares at weighted-average prices of $35.63, $36.31, and $35.01 respectively.

Were the sales executed under an approved trading plan?

Yes. The transactions were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 9, 2025.

Did the reporting person disclose the option terms and resulting holdings?

The Form 4 discloses employee share option exercises with a $17.46 conversion price and shows the number of underlying ordinary shares and the number of derivative securities beneficially owned following the transactions.

Who signed the Form 4 and when?

The Form 4 is signed by Lily Hepworth, Attorney-in-Fact on behalf of the reporting person, dated 09/16/2025.