Immunocore Holdings plc
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
IMCR$30.99+9.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001671927-26-000022
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001671927-26-000035
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 159 previous paragraphs and 163 current paragraphs.
115 unchanged; 37 reworded; 11 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
The five-year overall survival data from the Phase 3 trial of KIMMTRAK in patients with unresectable or mUM, which were presented at the AACR 2026 meeting, have been accepted by the European Medicines Agency for inclusion in the European SmPC (Summary of Product Characteristics). This addition to the SmPC will allow us to engage more broadly with healthcare professionals in the region about the data.
Current report
We will present data from our Phase 1/2 trial evaluating brenetafusp alone and in combination with KIMMTRAK in HLA-A*02:01-positive patients with mUM, in a poster session, on Friday, November 6, at 12:00 p.m. ET, at the 2026 Society for Immunotherapy of Cancer (SITC) Annual Meeting. The data will also be presented in an oral session on Saturday, November 7, at 3:45 p.m. ET. The data from the abstract include:
Current report
•As of June 2026, 22 HLA-A*02:01 positive patients with mUM received brenetafusp monotherapy at clinically active doses and 26 received the combination of tebentafusp and brenetafusp in the Phase 1/2 trial.
Current report
•We believe that these are the first data showing clinical activity and a manageable safety profile for a combination of two T cell engagers in a solid tumor.
Current report
•The most common brenetafusp monotherapy treatment-related adverse events (TRAEs) were reversible and manageable cytokine release syndrome (CRS) (73%) and rash (50%) consistent with the molecule’s mechanism of action. Grade 3/4 TRAEs were primarily transient lymphocyte decrease, consistent with mechanism and which resolved without intervention. Combination regimens were generally well-tolerated, with Grade 1/2 CRS and rash (77% each). The most common TRAEs were Grade 1/2 CRS and rash (77% each). These attenuated over time with no Grade ≥3 CRS reported. No TRAE led to discontinuation or death.
Current report
•Among the 16 evaluable patients who received brenetafusp monotherapy in the second-line or later setting, overall response rate (ORR) was 19%, median duration of response (mDoR) was 14.5 months, median progression-free survival (mPFS) was 4.2 months, and median overall survival (OS) was 20.3 months.
Current report
•Across the 17 evaluable first-line patients who received the combination, ORR was 29%, mDoR was 24.1 months, mPFS was 8.1 months, and median OS was not yet reached with 29 months of follow-up and 10 patients still on study. The two-year OS rate was 70%.
Current report
•Based on these data, we are planning to start DUET-UVEAL, a randomized Phase 2/3 trial, to evaluate the combination for the treatment of HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma.
Current report
We expect to present clinical data for brenetafusp from the ovarian and lung cohorts in the Phase 1/2 trial at a medical conference later this year.
Current report
In October 2026, we announced that the first person with type 1 diabetes has been dosed in the Phase 1 trial of IMC-S118AI, our first tissue-specific autoimmune candidate.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Removed paragraphs (7)
Previous report
During the 2026 American Society of Clinical Oncology Meeting in May, we presented two posters:
Previous report
"Phase 1 evaluation of the PRAME‑targeted ImmTAC brenetafusp in advanced melanoma": The data showed improved clinical activity of brenetafusp monotherapy, in heavily-pretreated advanced melanoma, with an overall response rate (ORR) of 17% and a disease control rate (DCR) of 67%, in the 160 mcg vs 40 mcg cohort, despite patients on the 160 mcg dose having less favorable prognostic factors. These data support the selected dose for the ongoing Phase 3 PRISM-MEL-301 trial in first-line advanced melanoma. Median OS for brenetafusp monotherapy of 14.3 months is similar to other Ph1/2 trials of combination therapies in heavily pre-treated patients with advanced melanoma, including studies with autologous cell therapies. Brenetafusp in combination with pembrolizumab (n=6) demonstrated promising clinical activity with ORR of 33% and DCR 67% in patients with PD1 primary resistance (defined as progressive disease within 6 months of starting first PD1-based regimen). Brenetafusp was generally well tolerated as monotherapy and in combination with pembrolizumab.
Previous report
"Effect of IL7 on ImmTAC-mediated killing by T cells in vitro and T-cell fitness in patients": Building on previously disclosed data regarding the importance of T cell fitness for the efficacy of ImmTAC molecules, the new data demonstrated the anti-tumor activity of these therapies may increase when combined with IL7 in vitro.
Previous report
The European Organisation for Research and Treatment of Cancer (EORTC) is now enrolling patients in the United States for the Phase 3 Adjuvant Trial in Ocular Melanoma (ATOM).
Previous report
In July 2026, we presented translational data, at the International AIDS Society meeting in Rio de Janeiro, from the Phase 1/2 trial demonstrating that IMC-M113V induces robust type I and II interferon-associated immune programs, with stronger induction in participants who maintained viral control after treatment interruption. The data also showed that, in addition to previously demonstrated direct killing of HIV-infected cells, IMC-M113V redirection of T cells results in induction of a robust interferon-associated immune program that may contribute to post-rebound viral control. The Company completed enrollment of additional patients at higher dose cohorts, up to 1200 mcg, as part of the multiple ascending dose (MAD) part of the Phase 1/2 trial. Analysis of the new data is ongoing with results planned to be shared early next year.
Previous report
Clinical trial sites for the Phase 1 trial with IMC-S118AI are open and the Company expects the first type 1 diabetes patient to be dosed in the coming weeks.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Reworded paragraphs (37)
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 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, infectious disease, and autoimmune diseases, an advanced preclinical program in autoimmune disease and earlier preclinical programs across three therapeutic areas.
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 $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.
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 losses of $2.1 million and $5.5 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, our accumulated deficit was $833.3 million. 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 supplies, 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
Enrollment in the registrational Phase 3 TEBE-AM trial, evaluating tebentafusp as monotherapy and in combination with pembrolizumab, versus a control arm in patients with previously treated advanced cutaneous melanoma, is nearing the target of 540 patients, with topline data that could come as early as the end of 2026.
Current wording
We have achieved target enrollment of 540 patients in the registrational Phase 3 TEBE-AM trial, evaluating tebentafusp as monotherapy, and in combination with pembrolizumab, versus a control arm in patients with previously treated advanced cutaneous melanoma. The trial is event-driven and topline overall survival data is expected in the second quarter of 2027.
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. 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. Overheads and internal costs of revenue from sale of therapies are minimal under our manufacturing arrangements.
Previous wording
Recent amendments to the U.K. R&D tax credit regime introduced restrictions on the tax relief that can be claimed for expenses incurred on subcontracted R&D activities or externally provided workers, where such subcontracted activities are not carried out in the United Kingdom or such workers are not subject to U.K. payroll taxes, subject to limited exceptions.
Current wording
Recent amendments to the U.K. R&D tax credit regime introduced restrictions on the tax relief that can be claimed for expenses incurred on subcontracted R&D activities or externally provided workers for accounting periods beginning on or after April 1, 2024. Under these rules, relief is generally not available where such subcontracted activities are not carried out in the United Kingdom or such workers are not subject to U.K. payroll taxes, subject to limited exceptions.
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 $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.
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 $773.7 million and $113.6 million, respectively, as of September 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
As we generate significant net revenue from sale of therapies, we are able to benefit from the U.K.’s “patent box” regime, which allows profits attributable to revenues from patents or patented products to be taxed at a lower rate than other revenue. We have filed the patent box election for the 2023 and 2024 tax years and intend to file the patent box election for 2025 and subsequent years. The effective rate of tax for relevant streams of revenue for companies receiving this relief is 10%.
Current wording
As we generate significant net revenue from sale of therapies, we are able to benefit from the U.K.’s “patent box” regime, which allows profits attributable to revenues from patents or patented products to be taxed at a lower rate than other revenue. We have filed the patent box election for the 2023 and 2024 tax years and intend to file the patent box election for 2025 and subsequent years, if applicable. The effective rate of tax for relevant streams of revenue for companies receiving this relief is 10%.
Previous wording
For the six months ended June 30, 2026, we generated revenue from sale of therapies, net of $222.6 million, due to the sale of KIMMTRAK, of which $142.4 million was in the United States, $68.5 million in Europe and $11.7 million in International. Revenue from sale of therapies, net increased in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to increased volumes in the United States and International regions.
Current wording
For the three months ended September 30, 2026, we generated net revenue from sale of therapies of $102.2 million due to the sale of KIMMTRAK, of which $62.2 million was in the United States, $34.9 million in Europe and $5.1 million in International regions. Revenue from sale of therapies, net decreased in the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to an impact on US net sales in the third quarter of 2026 from (i) wholesaler stocking that occurred in the second quarter of 2026 and (ii) one additional week of sales in the third quarter of 2025.
Previous 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.
Current wording
For the three months ended September 30, 2026, our R&D expenses were $74.7 million, compared to $70.6 million for the three months ended September 30, 2025.
Previous wording
For the three months ended June 30, 2026, our external R&D expenses increased by $1.2 million primarily due to an increase of $1.4 million in expenses incurred for our tebentafusp programs and driven by progress of our TEBE-AM and ATOM clinical trials. These increases were partially offset by a net decrease of $0.6 million in expenses incurred for our PRAME programs, primarily driven by lower costs due to decreased patient enrollment on PRAME-101 and the timing of manufacturing activities, partially offset by higher costs associated with enrollment in our PRISM-MEL-301 Phase 3 clinical trial.
Current wording
For the three months ended September 30, 2026, our external R&D expenses decreased by $2.6 million primarily due to a net decrease in all other external clinical and preclinical costs of $4.0 million related to timing of manufacturing activities in the pipeline, primarily for our autoimmune programs, and a decrease of $1.5 million in expenses incurred for our tebentafusp programs as a result of the timing of costs associated with the ATOM clinical trial. These decreases were partially offset by an increase of $2.2 million in expenses incurred for our PRAME programs, primarily driven by higher costs associated with 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.
Previous 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.
Current wording
For the three months ended September 30, 2026, our internal R&D expenses increased by $6.8 million primarily due to increases in all other internal R&D costs and salaries and other employee-related costs in connection with the advancement of our clinical and preclinical programs.
Previous wording
For the three months ended June 30, 2026, our SG&A expenses were $43.9 million, compared to $42.8 million for the three months ended June 30, 2025, reflecting an increase of $1.1 million. This net increase was primarily due to costs related to business support functions to support our growing pipeline and global commercial expansion.
Current wording
For the three months ended September 30, 2026, our SG&A expenses were $40.5 million, compared to $39.8 million for the three months ended September 30, 2025, reflecting an increase of $0.7 million. This increase was primarily due to costs related to business support functions to support our growing pipeline and global commercial expansion.
Previous 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.
Current wording
For the three months ended September 30, 2026, interest income was $3.6 million, compared to $4.1 million for the three months ended September 30, 2025. This decrease of $0.5 million was due to lower interest rates earned on our money market funds. For the three months ended September 30, 2026, interest expense on our convertible senior notes was $3.1 million, compared to $3.0 million for the three months ended September 30, 2025.
Previous 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.
Current wording
For the three months ended September 30, 2026, foreign currency loss was $1.8 million, compared to a gain of $1.3 million for the three months ended September 30, 2025. This movement of $3.1 million reflects adverse exchange rate movements of the U.S. dollar against the pound sterling and the euro when comparing the three months ended September 30, 2026 with the three months ended September 30, 2025.
Previous 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.
Current wording
For the three months ended September 30, 2026, other income, net was $0.8 million, compared to $5.1 million for the three months ended September 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 September 30, 2026 compared to the three months ended September 30, 2025.
Previous 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.
Current wording
For the three months ended September 30, 2026, the income tax expense was $0.2 million, compared to $0.5 million for the three months ended September 30, 2025. This change was primarily the result of lower forecasted taxable income in the United States and Ireland for 2026 compared to 2025.
Previous 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.
Current wording
For the nine months ended September 30, 2026, we generated revenue from sale of therapies, net of $324.8 million, due to the sale of KIMMTRAK, of which $204.6 million was in the United States, $103.5 million in Europe and $16.7 million in International. Revenue from sale of therapies, net increased in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, due to continued growth in the United States, Europe and international regions.
Previous wording
For the six months ended June 30, 2026, our R&D expenses were $135.1 million, compared to $125.5 million for the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, our R&D expenses were $209.8 million, compared to $196.0 million for the nine months ended September 30, 2025.
Previous 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.
Current wording
For the nine months ended September 30, 2026, our external R&D expenses decreased by $0.6 million primarily due to a net decrease of $5.6 million in all other external clinical and preclinical costs related to the timing of third-party costs associated with our earlier stage programs, including our autoimmune programs. This decrease was partially offset by a net increase of $5.5 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.
Previous wording
For the six months ended June 30, 2026, our internal R&D expenses increased by $7.6 million primarily due to an increase in salaries and other employee-related costs and all other internal R&D costs in accordance with the advancement of our clinical and preclinical programs.
Current wording
For the nine months ended September 30, 2026, our internal R&D expenses increased by $14.3 million primarily due to an increase in salaries and other employee-related costs and all other internal R&D costs in accordance with the advancement of our clinical and preclinical programs.
Previous 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.
Current wording
For the nine months ended September 30, 2026, our SG&A expenses were $122.2 million, compared to $122.8 million for the nine months ended September 30, 2025, reflecting a decrease of $0.6 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
For the six months ended June 30, 2026, interest income was $7.0 million compared to $8.4 million for the six months ended June 30, 2025. This decrease of $1.4 million was due to lower interest rates earned on our money market funds in the six months ended June 30, 2026. For the six months ended June 30, 2026, interest expense on our convertible senior notes was $6.1 million compared to $6.1 million for the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, interest income was $10.6 million compared to $12.6 million for the nine months ended September 30, 2025. This decrease of $2.0 million was due to lower interest rates earned on our money market funds in the nine months ended September 30, 2026. For the nine months ended September 30, 2026, interest expense on our convertible senior notes was $9.2 million compared to $9.1 million for the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, foreign currency gain was $2.7 million compared to $2.3 million for the six months ended June 30, 2025. This increase of $0.4 million reflects more favorable exchange rate movements mainly of the U.S. dollar against the pound sterling and the euro in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, foreign currency gain was $1.0 million compared to $3.7 million for the nine months ended September 30, 2025. This decrease of $2.7 million reflects more adverse exchange rate movements mainly of the U.S. dollar against the pound sterling and the euro in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, other income, net was $4.8 million compared to $10.2 million for the six 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 six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, other income, net was $5.6 million compared to $15.2 million for the nine months ended September 30, 2025. This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous wording
For the six months ended June 30, 2026, the income tax expense was $0.6 million compared to $1.7 million for the six 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.
Current wording
For the nine months ended September 30, 2026, the income tax expense was $0.7 million compared to $2.1 million for the nine months ended September 30, 2025. This change was primarily the result of lower forecasted taxable income in the United States and Ireland for 2026 compared to 2025.
Previous 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.
Current wording
Although we have recorded revenue from the sale of therapies for the nine months ended September 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 $833.3 million as of September 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 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.
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 September 30, 2026 and December 31, 2025, we had cash and cash equivalents of $512.2 million and $467.7 million, respectively, and marketable securities of $389.1 million and $396.4 million, respectively. Our working capital was $830.8 million as of September 30, 2026, compared to $750.0 million as of December 31, 2025.
Previous 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.
Current wording
Net cash provided by operating activities was $22.2 million for the nine months ended September 30, 2026, compared to net cash provided by operating activities of $21.9 million for the nine months ended September 30, 2025. This change of $0.3 million was primarily driven by a decrease in loss from operations, partially offset by working capital movements, including increases in accounts receivable and prepaid expenses.
Previous 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.
Current wording
Net cash provided by investing activities was $8.1 million for the nine months ended September 30, 2026, compared to net cash used in investing activities of $15.5 million for the nine months ended September 30, 2025. The increase of $23.6 million is predominantly due to the purchase of marketable securities in 2025, partially offset by lower proceeds from the sale of marketable securities and higher purchases of property and equipment in the nine months ended September 30, 2026 compared to the same period in 2025.
Previous 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.
Current wording
Net cash provided by our financing activities during the nine months ended September 30, 2026 was $20.9 million compared to $8.1 million for the nine months ended September 30, 2025. The net cash provided by financing activities in both periods was related to the exercise of share options.
Previous 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.
Current wording
We held cash and cash equivalents of $512.2 million and marketable securities of $389.1 million as of September 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 $72.7 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.
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 $73.1 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 $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.
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 $25.1 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
Under the terms of our agreement with the Gates Foundation, we are required to develop, manufacture and commercialize soluble TCR bispecific therapeutic candidates targeted to mutually agreed neglected diseases, currently HIV, with the potential to treat people at an affordable price in developing countries. In the event of certain defaults by us under the agreement, the Gates Foundation has the right to sell, or require us to buy-back, any of the shareholdings of us held by the Gates Foundation. In such an event, if within 12 months after such redemption or sale, we experience a change in control at a valuation of more than 150% of the valuation used for the redemption or the sale of the shares, we have agreed to pay the Gates Foundation compensation equal to the excess of what it would have received in such transaction if it still held its shares at the time of such change of control over what it received in the sale or redemption of its shares.
Current wording
Under the terms of our agreement with the Gates Foundation, we are required to develop, manufacture and commercialize soluble TCR bispecific therapeutic candidates targeted to mutually agreed neglected diseases, currently HIV, with the potential to treat people at an affordable price in developing countries. In the event of certain defaults by us under the agreement, the Gates Foundation has the right to sell, or require us to buy-back, any of our shareholdings held by the Gates Foundation. In such an event, if within 12 months after such redemption or sale, we experience a change in control at a valuation of more than 150% of the valuation used for the redemption or the sale of the shares, we have agreed to pay the Gates Foundation compensation equal to the excess of what it would have received in such transaction if it still held its shares at the time of such change of control over what it received in the sale or redemption of its shares.
Previous 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.
Current wording
Our condensed consolidated financial statements as of September 30, 2026 and for thethree and nine months ended September 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 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.
Current wording
Our total accrued revenue deductions as of September 30, 2026 were $176.6 million, including amounts of $28.3 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 September 30, 2026. In the three months ending December 31, 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 $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.
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 $5.7 million reduction or increase in Revenue from sale of therapies, net reported in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 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.