[Form 4] Immunocore Holdings plc Insider Trading Activity

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

Corporate Governance Analyst

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.

Equity Markets Analyst

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.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
09/30/2025

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	09/30/2025		M(1)		61,849	A	$17.46	61,849	D
Ordinary Shares	09/30/2025		S(1)		61,849	D	$35.23(2)	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	09/30/2025		M(1)			61,849	(3)	09/12/2028	Ordinary Shares	61,849	$0	136,790	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 $35.01 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.

3. Immediately exercisable.

	/s/ Lily Hepworth, Attorney-in-Fact	10/02/2025
	** 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).
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FAQ

What did IMCR insider David M. Berman do on 09/30/2025?

He exercised 61,849 employee options at $17.46 and sold 61,849 ordinary shares at a weighted average price of $35.23 under a Rule 10b5-1 plan.

Were the exercised options immediately exercisable?

Yes. The filing states the options were immediately exercisable upon exercise.

How much did the insider receive per share compared to exercise price?

The weighted average sale price was $35.23, which is $17.77 higher than the exercise price of $17.46; individual sale prices ranged from $35.01 to $35.48.

Does the filing indicate remaining beneficial ownership?

Yes. The reporting person reports 0 direct ordinary shares after the sales and 136,790 shares underlying derivative securities remain beneficially owned.

Was the sale part of a prearranged trading plan?

Yes. The transaction was made pursuant to a Rule 10b5-1 trading plan adopted on May 9, 2025.