Immunocore Holdings plc

Previous wording

We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging our proprietary, flexible, off-the-shelf ImmTAX (Immunem obilizingm onoclonal TCRs Against X disease) platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced preclinical programs in autoimmune disease and earlier preclinical programs across three therapeutic areas.

Current wording

We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging our proprietary, flexible, off-the-shelf ImmTAX platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced preclinical programs in autoimmune disease and earlier preclinical programs across three therapeutic areas.

Previous wording

In 2022, we received approval for our lead product, KIMMTRAK, for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission, and other health authorities. KIMMTRAK is now approved in 39 countries and we have commercially launched KIMMTRAK in over 30 countries, including the United States, Germany and France, among other territories.

Current wording

In 2022, we received approval for our lead product, KIMMTRAK (tebentafusp), for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission, and other health authorities. KIMMTRAK is now approved in 39 countries and we have commercially launched KIMMTRAK in over 30 countries, including the United States, Germany and France, among other territories.

Previous wording

KIMMTRAK is the lead product from our ImmTAX platform and was the first approved therapy in mUM. To date, we have treated over 2,000 cancer patients with KIMMTRAK (tebentafusp), and our other ImmTAX product candidates, which we believe is the largest clinical data set of any T cell engager bispecific in solid tumors and any TCR therapeutic. Our clinical programs are being conducted with patients with a broad range of cancers including melanoma, ovarian, lung, and colorectal, among others. We believe that these tumor types have large addressable patient populations and significant unmet need. We are progressing three late-stage clinical programs within our ImmTAC® (Immunem obilizingm onoclonal TCRs Against Cancer) portfolio, including KIMMTRAK and PRAME-targeted brenetafusp.

Current wording

KIMMTRAK is the lead product from our ImmTAX platform and was the first approved therapy in mUM. To date, we have treated over 5,000 cancer patients with KIMMTRAK, and our other ImmTAX product candidates, which we believe is the largest clinical data set of any T cell engager bispecific in solid tumors and any TCR therapeutic. Our clinical programs are being conducted with patients with a broad range of cancers including melanoma, ovarian, lung, and colorectal, among others. We believe that these tumor types have large addressable patient populations and significant unmet need. We are progressing three late-stage clinical programs within our ImmTAC® portfolio, including KIMMTRAK and PRAME-targeted brenetafusp.

Previous wording

We have incurred significant operating losses and expect to continue to incur significant expenses and operating losses for the near future. We had net income of $13.0 million and of $5.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, our accumulated deficit was $818.3 million. Despite the net income result for the three months ended March 31, 2026, we expect to continue to incur significant and increasing expenses and to incur operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, maintain and expand our intellectual property portfolio, as well as hire additional personnel, pay for further accounting, audit, legal, regulatory and consulting services, and pay costs associated with director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company.

Current wording

We have incurred significant operating losses and expect to continue to incur significant expenses and operating losses for the near future. We had net income of $12.2 million and a net loss of $5.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, our accumulated deficit was $819.1 million. Despite the net income result for the six months ended June 30, 2026, we expect to continue to incur significant and increasing expenses and to incur operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, maintain and expand our intellectual property portfolio, as well as hire additional personnel, pay for further accounting, audit, legal, regulatory and consulting services, and pay costs associated with director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company.

Previous wording

During the 2026 American Society of Clinical Oncology Meeting in May, we will present two posters titled "Phase 1 evaluation of the PRAME‑targeted ImmTAC brenetafusp in advanced melanoma" (Abstract number: 9527) and "Effect of IL7 on ImmTAC-mediated killing by T cells in vitro and T-cell fitness in patients" (Abstract number: 2662).

Current wording

During the 2026 American Society of Clinical Oncology Meeting in May, we presented two posters:

Previous wording

Cost of revenue from sale of therapies represents production costs including raw materials, external manufacturing costs, and other costs incurred in bringing inventories to their location and condition prior to sale. Cost of revenue from sale of therapies may also include costs related to manufacturing losses and excess or obsolete inventory costs. For example, in June 2025, we initiated a global recall for one batch of KIMMTRAK (tebentafusp) relating to an unexpected result in routine stability testing. As of the date of this Quarterly Report, based on all available data to date, we do not expect there will be a material impact on KIMMTRAK or our financial statements. Overheads and internal costs of revenue from sale of therapies are minimal under our manufacturing arrangements.

Current wording

Cost of revenue from sale of therapies represents production costs including raw materials, external manufacturing costs, and other costs incurred in bringing inventories to their location and condition prior to sale. Cost of revenue from sale of therapies may also include costs related to manufacturing losses and excess or obsolete inventory costs. As of the date of this Quarterly Report, based on all available data to date, we do not expect there will be a material impact on KIMMTRAK or our financial statements. Overheads and internal costs of revenue from sale of therapies are minimal under our manufacturing arrangements.

Previous wording

Foreign currency (losses) gains arises on a variety of items, including on U.S. dollar monetary assets and liabilities held by our main operating subsidiary in the United Kingdom, including cash and cash equivalents.

Current wording

Foreign currency (losses) gains arise on a variety of items, including on U.S. dollar monetary assets and liabilities held by our main operating subsidiary in the United Kingdom, including cash and cash equivalents.

Previous wording

Unsurrendered tax losses are carried forward to be offset against future taxable profits. After accounting for tax credits receivable, there were accumulated tax losses available for carry forward in the United Kingdom and United States of $596.7 million and $103.1 million, respectively, as of March 31, 2026. A full valuation allowance is recognized in respect of accumulated tax losses and other temporary differences in the United Kingdom and United States because future profits are not sufficiently certain.

Current wording

Unsurrendered tax losses are carried forward to be offset against future taxable profits. After accounting for tax credits receivable, there were accumulated tax losses available for carry forward in the United Kingdom and United States of $600.5 million and $90.1 million, respectively, as of June 30, 2026. A full valuation allowance is recognized in respect of accumulated tax losses and other temporary differences in the United Kingdom and United States because future profits are not sufficiently certain.

Previous wording

For the three months ended March 31, 2026, we generated net revenue from sale of therapies of $106.7 million due to the sale of KIMMTRAK, of which $67.4 million was in the United States, $34.4 million in Europe and $4.8 million in International. Revenue from sale of therapies, net increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, due primarily to increased sales volume in the United States and Europe as well as global country expansion.

Current wording

For the three months ended June 30, 2026, we generated net revenue from sale of therapies of $115.9 million due to the sale of KIMMTRAK, of which $74.9 million was in the United States, $34.1 million in Europe and $6.9 million in International. Revenue from sale of therapies, net increased in the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to increased volumes in the United States and International regions.

Previous wording

For the three months ended March 31, 2026, our R&D expenses were $61.1 million, compared to $56.5 million for the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, our R&D expenses were $73.9 million, compared to $69.0 million for the three months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, our internal R&D expenses increased by $3.8 million primarily due to increases in salaries and other employee-related costs following the growth of our clinical and preclinical programs and associated headcount increases.

Current wording

For the three months ended June 30, 2026, our internal R&D expenses increased by $3.8 million primarily due to increases in all other internal R&D costs and salaries and other employee-related costs in accordance with the advancement of our clinical and preclinical programs.

Previous wording

For the three months ended March 31, 2026, interest income was $3.4 million, compared to $4.2 million for the three months ended March 31, 2025. This decrease of $0.8 million was due to lower interest rates earned on our money market funds. For the three months ended March 31, 2026, interest expense on our convertible loan notes was $3.1 million, compared to $3.0 million for the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, interest income was $3.6 million, compared to $4.3 million for the three months ended June 30, 2025. This decrease of $0.7 million was due to lower interest rates earned on our money market funds. For the three months ended June 30, 2026, interest expense on our convertible senior notes was $3.1 million, compared to $3.0 million for the three months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, foreign currency gain was $3.8 million compared to $3.1 million, for the three months ended March 31, 2025. This increase of $0.7 million reflects more favorable exchange rate movements mainly due to the weakening of the U.S. dollar against the pound sterling and the euro when comparing the three months ended March 31, 2026 with the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, foreign currency loss was $1.1 million, compared to $0.7 million for the three months ended June 30, 2025. This increased loss of $0.4 million reflects more adverse exchange rate movements of the U.S. dollar against the pound sterling and the euro when comparing the three months ended June 30, 2026 with the three months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, other income, net was $1.8 million compared to $5.5 million for the three months ended March 31, 2025. This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

For the three months ended June 30, 2026, other income, net was $3.1 million, compared to $4.7 million for the three months ended June 30, 2025. This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, the income tax expense was $0.3 million compared to $1.1 million for the three months ended March 31, 2025. This change was the result of lower forecasted taxable income in the United States jurisdiction.

Current wording

For the three months ended June 30, 2026, the income tax expense was $0.3 million, compared to $0.6 million for the three months ended June 30, 2025. This change was primarily the result of lower forecasted taxable income in the United States jurisdiction for 2026 compared to 2025.

Previous wording

For the three months ended March 31, 2026, our external R&D expenses increased by $0.9 million primarily due to an increase of $3.9 million in expenses incurred for our PRAME programs, primarily driven by higher costs associated with enrollment in the PRISM-MEL-301 Phase 3 clinical trial, partially offset by lower costs following decreased patient enrollment in the PRAME-101 Phase 1/2 clinical trial. This net increase is partially offset by a decrease in all other external clinical and preclinical costs of $2.7 million due to timing of manufacturing activities in the pipeline, primarily for our autoimmune programs.

Current wording

For the six months ended June 30, 2026, our external R&D expenses increased by $2.0 million primarily due to an increase of $3.3 million in expenses incurred for our PRAME programs associated with continued enrollment in our PRISM-MEL-301 Phase 3 clinical trial partially offset by lower costs following decreased patient enrollment in the PRAME-101 Phase 1/2 clinical trial. This increase was partially offset by a net decrease of $1.6 million in all other external clinical and preclinical costs primarily due to the timing of third-party costs associated with our earlier stage programs, including our autoimmune programs.

Previous wording

For the three months ended March 31, 2026, our SG&A expenses were $37.9 million, compared to $40.2 million for the three months ended March 31, 2025, reflecting a decrease of $2.3 million. The decrease was primarily due to lower internal costs following increases in share-based compensation forfeitures, partially offset by increased costs related to business support functions to support our growing pipeline and global commercial expansion.

Current wording

For the six months ended June 30, 2026, our SG&A expenses were $81.7 million, compared to $83.0 million for the six months ended June 30, 2025, reflecting a decrease of $1.3 million. The decrease was primarily due to lower internal costs following increases in share-based compensation forfeitures, partially offset by increased costs related to business support functions to support our growing pipeline and global commercial expansion.

Previous wording

Although we have recorded revenue from the sale of therapies, we have continued to incur operating losses and cumulative negative cash flows from our operations since our inception. We have an accumulated deficit of $818.3 million as of March 31, 2026.

Current wording

Although we have recorded revenue from the sale of therapies and a net income result for the six months ended June 30, 2026, we expect to continue to incur significant and increasing expenses, cumulative negative cash flows from our operations and operating losses for the foreseeable future. We have an accumulated deficit of $819.1 million as of June 30, 2026.

Previous wording

Since our inception, we have funded our operations primarily with proceeds from sales of equity securities, revenue from sale of therapies, debt financings and historical payments from collaboration partners. As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $452.7 million and $467.7 million, respectively, and marketable securities of $392.2 million and $396.4 million, respectively. Our working capital was $763.7 million as of March 31, 2026, compared to $750.0 million as of December 31, 2025.

Current wording

Since our inception, we have funded our operations primarily with proceeds from sales of equity securities, revenue from sale of therapies, debt financings and historical payments from collaboration partners. As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $484.9 million and $467.7 million, respectively, and marketable securities of $395.3 million and $396.4 million, respectively. Our working capital was $815.8 million as of June 30, 2026, compared to $750.0 million as of December 31, 2025.

Previous wording

Other than the above mentioned indebtedness, we currently have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, other than our lease obligations and supplier purchase commitments in the normal course of business.

Current wording

Other than the above mentioned indebtedness, our lease obligations and supplier purchase commitments in the normal course of business, we currently have no other ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years.

Previous wording

Net cash used in our operating activities was $13.8 million for the three months ended March 31, 2026, compared to net cash provided by operating activities of $0.4 million for the three months ended March 31, 2025. This change of $14.2 million was primarily driven by increases in accounts receivable and prepaid expenses working capital movements, reflecting the timing of payments, partially offset by accounts payable and accrued expenses working capital movements.

Current wording

Net cash provided by operating activities was $2.2 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $26.4 million for the six months ended June 30, 2025. This change of $24.2 million was primarily driven by increases in accounts receivable and prepaid expenses working capital movements, reflecting the timing of payments, partially offset by increases in accounts payable and accrued expenses working capital movements.

Previous wording

Net cash provided by investing activities was $4.2 million for the three months ended March 31, 2026, compared to $9.7 million for the three months ended March 31, 2025. The decrease of $5.5 million is predominantly due to lower proceeds from the sale of marketable securities in the three months ended March 31, 2026 compared to the same period in 2025.

Current wording

Net cash provided by investing activities was $3.4 million for the six months ended June 30, 2026, compared to net cash used by investing activities of $20.7 million for the six months ended June 30, 2025. The increase of $24.1 million is predominantly due to the purchase of marketable securities in 2025, lower proceeds from the sale of marketable securities and higher purchases of property and equipment in the six months ended June 30, 2026 compared to the same period in 2025.

Previous wording

Net cash provided by our financing activities during the three months ended March 31, 2026 was $0.7 million compared to $2.6 million for the three months ended March 31, 2025. The net cash provided by financing activities in both periods was primarily related to the exercise of share options.

Current wording

Net cash provided by our financing activities during the six months ended June 30, 2026 was $17.1 million compared to $6.2 million for the six months ended June 30, 2025. The net cash provided by financing activities in both periods was related to the exercise of share options.

Previous wording

•add additional infrastructure to our quality control, quality assurance, legal, compliance and other groups to support our operations as we progress product candidates toward commercialization;

Current wording

•add additional infrastructure to our quality control, quality assurance, legal, compliance, IT and other groups to support our operations and initiatives as we progress product candidates toward commercialization;

Previous wording

We held cash and cash equivalents of $452.7 million and marketable securities of $392.2 million as of March 31, 2026. Based on our current operating plans, we expect that our existing cash and cash equivalents and marketable securities balances, along with anticipated revenue from KIMMTRAK, will enable us to fund our operating expenses and capital expenditure requirements for at least twelve months from the date of filing of this Quarterly Report. Given our need for additional financing to support the long-term clinical development of our programs, we intend to consider additional financing opportunities when market terms are favorable to us.

Current wording

We held cash and cash equivalents of $484.9 million and marketable securities of $395.3 million as of June 30, 2026. Based on our current operating plans, we expect that our existing cash and cash equivalents and marketable securities balances, along with anticipated revenue from KIMMTRAK, will enable us to fund our operating expenses and capital expenditure requirements for at least twelve months from the date of filing of this Quarterly Report. Given our need for additional financing to support the long-term clinical development of our programs, we intend to consider additional financing opportunities when market terms are favorable to us.

Previous wording

As part of our ongoing operations, we have material contractual lease obligations over expected lease terms of several years and expiry dates extending to 2043 primarily for our most significant facilities in the United Kingdom. These obligations and potential obligations could result in payments of up to $72.2 million. The majority of such payments represent longer-term commitments as outlined in the notes to our condensed consolidated financial statements. The lease agreements are cancellable assuming certain conditions are met prior to expiry. We expect to continue to incur expenses for such leases for the foreseeable future. As we continue to grow, launch further products or expand our operations in other countries, we may determine that it is necessary to enter into further lease agreements, which would increase our cash outflows. Further obligations or commitments in the near term relate to our capital expenditure requirements for the purpose of improving our leased facilities. If we continue to grow, such commitments may become significant in value.

Current wording

As part of our ongoing operations, we have material contractual lease obligations over expected lease terms of several years and expiry dates extending to 2043 primarily for our most significant facilities in the United Kingdom. These obligations and potential obligations could result in payments of up to $72.7 million. The majority of such payments represent longer-term commitments as outlined in the notes to our condensed consolidated financial statements. The lease agreements are cancellable assuming certain conditions are met prior to expiry. We expect to continue to incur expenses for such leases for the foreseeable future. As we continue to grow, launch further products or expand our operations in other countries, we may determine that it is necessary to enter into further lease agreements, which would increase our cash outflows. Further obligations or commitments in the near term relate to our capital expenditure requirements for the purpose of improving our leased facilities. If we continue to grow, such commitments may become significant in value.

Previous wording

We have a number of existing manufacturing obligations, some of which relate to the manufacture of KIMMTRAK. We have similar obligations related to our earlier stage programs. These obligations and potential obligations could result in payments of up to $20.5 million, and are expected to increase as we continue to advance our pipeline in 2026 and beyond. While we have already incurred costs for commercial launches of KIMMTRAK in the United States, Europe and other territories, additional manufacturing obligations may arise in future in relation to product sales in these territories. We have also entered into third-party agreements relating to marketing and distribution of KIMMTRAK. The majority of such obligations have standard payment terms, and our level of non-cancellable commitments with such parties is not considered material. To meet demand, we may amend or enter into further agreements with CMOs or other parties which could cause our cash requirements to increase. While receipts from the sale of KIMMTRAK or other future products may fund our ongoing manufacturing and sales efforts, there can be no assurance that we will earn such revenues. In the longer term, if we receive regulatory approval for our other product candidates, we would expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize. We may also require additional capital to pursue in-licenses or acquisitions of other product candidates.

Current wording

We have a number of existing manufacturing obligations, some of which relate to the manufacture of KIMMTRAK. We have similar obligations related to our earlier stage programs. These obligations and potential obligations could result in payments of up to $18.3 million, and are expected to increase as we continue to advance our pipeline in 2026 and beyond. While we have already incurred costs for commercial launches of KIMMTRAK in the United States, Europe and other territories, additional manufacturing obligations may arise in future in relation to product sales in these territories. We have also entered into third-party agreements relating to marketing and distribution of KIMMTRAK. The majority of such obligations have standard payment terms, and our level of non-cancellable commitments with such parties is not considered material. To meet demand, we may amend or enter into further agreements with CMOs or other parties which could cause our cash requirements to increase. While receipts from the sale of KIMMTRAK or other future products may fund our ongoing manufacturing and sales efforts, there can be no assurance that we will earn such revenues. In the longer term, if we receive regulatory approval for our other product candidates, we would expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize. We may also require additional capital to pursue in-licenses or acquisitions of other product candidates.

Previous wording

Our condensed consolidated financial statements as of March 31, 2026 and for thethree months ended March 31, 2026 and 2025, respectively, have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements requires us to make judgments, estimates and assumptions that affect the value of assets and liabilities—as well as contingent assets and liabilities—as reported on the balance sheet date, and revenues and expenses arising during the fiscal period.

Current wording

Our condensed consolidated financial statements as of June 30, 2026 and for thethree and six months ended June 30, 2026 and 2025, respectively, have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements requires us to make judgments, estimates and assumptions that affect the value of assets and liabilities—as well as contingent assets and liabilities—as reported on the balance sheet date, and revenues and expenses arising during the fiscal period.

Previous wording

Our total accrued revenue deductions as of March 31, 2026 were $144.5 million, including amounts of $8.8 million for the critical estimates subject to greater estimation uncertainty and judgments described above. These amounts are included within Accrued expenses and other current liabilities and Accrued expenses, non-current in the Condensed Consolidated Balance Sheet as of March 31, 2026.

Current wording

Our total accrued revenue deductions as of June 30, 2026 were $161.7 million, including amounts of $13.2 million for the critical estimates subject to greater estimation uncertainty and judgments described above. These amounts are included within Accrued expenses and other current liabilities and Accrued expenses, non-current in the Condensed Consolidated Balance Sheets as of June 30, 2026. In the second half of 2026, we expect to pay approximately $120.0 million related to accrued revenue deductions.

Previous wording

A 20% increase or decrease in estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a $1.8 million reduction or increase in Revenue from sale of therapies, net reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026. We believe our expected values of accruals reported in the Condensed Consolidated Balance Sheet are materially appropriate; however, due to the uncertainties and judgments outlined above, it is possible eventual amounts could significantly differ to these estimates.

Current wording

A 20% increase or decrease in estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a $2.7 million reduction or increase in Revenue from sale of therapies, net reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2026. We believe our expected values of accruals reported in the Condensed Consolidated Balance Sheets are materially appropriate; however, due to the uncertainties and judgments outlined above, it is possible eventual amounts could significantly differ to these estimates.