Immunocore exec exercises options and disposes of 61,849 shares under 10b5-1
Rhea-AI Filing Summary
David M. Berman, Head of R&D and a director at Immunocore Holdings plc (IMCR), reported transactions on 09/30/2025 showing net disposal of his ordinary shares. He acquired 61,849 shares by exercising employee options at an exercise price of $17.46 and, under the same date, sold 61,849 ordinary shares at a weighted average price of $35.23, with individual sale prices ranging from $35.01 to $35.48.
The exercise was immediately exercisable and the sales were executed pursuant to a Rule 10b5-1 trading plan adopted on May 9, 2025. After these transactions, the reporting person holds 0 ordinary shares directly and reports 136,790 shares underlying options/options-related rights in total.
Positive
- Rule 10b5-1 plan adopted on May 9, 2025 governs the trades, providing prearranged transaction structure
- Exercise and sale executed at a significant premium: sale weighted average $35.23 vs exercise $17.46
Negative
- Direct holdings reduced to 0 ordinary shares following the transactions
- 61,849 shares sold, representing a notable insider disposition on a single day
Insights
Insider exercised and sold shares under a prearranged plan, eliminating direct holdings.
The filing shows an exercise of 61,849 options at $17.46 and contemporaneous sale of the same number of shares at a weighted average of $35.23, executed under a Rule 10b5-1 plan adopted on May 9, 2025. That plan provides a documented, time-insensitive framework for transactions, reducing the appearance of opportunistic trading.
The report also discloses 0 ordinary shares held directly following the sales, while 136,790 option-related shares remain beneficially owned, indicating ongoing potential future dilution or future exercises.
Insider sold shares at a substantial premium to the exercise price, realizing cash proceeds.
The sales at a weighted average of $35.23 versus the exercise price of $17.46 represent a per-share spread of $17.77 on the exercised shares. The footnote states sales occurred across prices from $35.01 to $35.48, and the reporting person will provide breakdowns on request.
Because the transactions were made under a pre-established plan, the market may view the sales as liquidity-driven rather than an immediate negative signal about company prospects.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Share Option (Right to Buy) | 61,849 | $0.00 | -- |
| Exercise | Ordinary Shares | 61,849 | $17.46 | $1.08M |
| Sale | Ordinary Shares | 61,849 | $35.23 | $2.18M |
Footnotes (1)
- This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 9, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.01 to $35.48 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. Immediately exercisable.
