Immunocore Holdings plc

IMCR

Held by 7 specialist biotech funds

High ConvergenceHigh short interest · No specialist buying

7 funds opened new positions. Next phase2 readout (IMCgp100): Apr 2019. Short interest: 17.1% of float.

Catalysts

Phase 2PositiveQ2 2019IMCgp100Malignant MelanomaNCT02889861

Primary: Incidence of Adverse Events: Number of Participants With Treatment-Emergent Adverse Events (Up to 2 years and 4 months)Enrollment:3/3Sites: 3NA, TREATMENT

Phase 2ApprovedQ1 2020IMCgp100Uveal MelanomaNCT02570308

Primary: Number of Participants With a Dose Limiting Toxicity (DLT) in Phase 1 (Up to 49 months)Enrollment:146/146Sites: 26NON_RANDOMIZED, TREATMENT

Phase 2ApprovedQ4 2020IMCgp100Uveal MelanomaNCT03070392

Phase 2NegativeQ2 2021IMCnyesoSelect Advanced Solid TumorsNCT03515551

Primary: Phase 1: Number of Participants With Dose-limiting Toxicities (Up to 35 months)Enrollment:29/29Sites: 12NON_RANDOMIZED, TREATMENT

Phase 2Q3 2023IMC-C103CSelect Advanced Solid TumorsNCT03973333

Primary: Phase 1: Incidence of dose-limiting toxicities (DLT) (From first dose to DLT period (28 days))0Sites: 19NON_RANDOMIZED, TREATMENT

Phase 2Q4 2026BrenetafuspSelect Advanced Solid TumorsNCT04262466

Primary: Phase 1: Incidence of dose-limiting toxicity (DLT)s (Up to ~28 days after each dose)Enrollment:410/410Sites: 76NON_RANDOMIZED, TREATMENT

Phase 2Q4 2026IMC-R117CCancer, HLA-A*02:01-positiveNCT06840119

Primary: Dose Escalation: Percentage of participants with ≥1 dose-limiting toxicity (DLT) (Up to ~24 months)Enrollment:Target 600Sites: 13NON_RANDOMIZED, TREATMENT

Phase 2Dec 30, 2026TebentafuspMelanoma (Skin), Melanoma, UvealNCT05315258

Primary: Estimate the rate of molecular response (MR) to tebentafusp in each of 2 cohorts A. Cutaneous melanoma with MRD B. Uveal melanoma with MRD (ctDNA taken at baseline until end of treatment (maximum of 6 months))Enrollment:Target 850Sites: 10NON_RANDOMIZED, DIAGNOSTIC

Phase 3Q4 2027BrenetafuspAdvanced MelanomaNCT06112314

Phase 2Feb 17, 2028TebentafuspMetastatic Uveal Melanoma, Metastatic Uveal Melanoma in the LiverNCT06627244

Phase 3Q1 2028TebentafuspAdvanced MelanomaNCT05549297

Phase 2Sep 30, 2028TebentafuspUveal MelanomaNCT06070012

Phase 3Q4 2032TebentafuspUveal MelanomaNCT06246149

Recent News & Research

PubMed

Immune effector cell-associated neurotoxicity syndrome (ICANS) during tebentafusp in metastatic uveal melanoma.

# Investment Summary Tebentafusp, Immunocore's lead therapeutic, demonstrates manageable but clinically significant neurotoxicity (ICANS) in metastatic uveal melanoma patients, a known risk class for bispecific antibodies that requires careful patient monitoring and potential dose management strategies. This safety signal is consistent with the mechanism of action but adds to the treatability burden and potential for patient discontinuation, which could impact real-world adoption rates and commercial uptake in the uveal melanoma market. Investors should monitor whether this neurotoxicity profile influences patient selection criteria, labeling requirements, or competitive positioning relative to alternative melanoma therapies.

Sep 24, 2026

PubMed

Real-world efficacy and toxicity of tebentafusp in metastatic uveal melanoma patients treated on the United Kingdom expanded access programme.

# Investment Summary: Tebentafusp Real-World Data (IMCR) This real-world evidence study from the UK expanded access programme provides post-approval efficacy and safety data for Immunocore's lead asset tebentafusp in metastatic uveal melanoma (MUM), validating clinical trial outcomes outside controlled settings and informing market penetration potential. Real-world toxicity profiles and response rates directly impact patient retention, dosing protocols, and reimbursement discussions with payers—key factors affecting peak sales projections for tebentafusp in this orphan indication. The data strengthens or refines the commercial narrative around tebentafusp's benefit-risk profile, influencing physician adoption rates and potential label expansion discussions that could drive revenue growth beyond the initial MUM patient population.

Sep 9, 2026

PubMed

Tebentafusp-associated dermatological adverse events in patients with metastatic uveal melanoma: a single-center retrospective cohort study.

# Investment Summary: Tebentafusp Safety Profile in Uveal Melanoma **Clinical Finding:** The study characterizes dermatological adverse events associated with Immunocore's tebentafusp in metastatic uveal melanoma patients, identifying skin toxicities as a manageable but notable safety consideration during treatment. **Investor Implications:** Understanding the specific dermatological safety profile strengthens real-world evidence for tebentafusp's tolerability, which is critical for market adoption and label positioning in a competitive melanoma landscape. Better characterization of manageable toxicities could support reimbursement discussions and inform patient selection strategies, though severity and frequency data would be needed to assess impact on commercial uptake or label restrictions.

Apr 1, 2026

Immunocore Holdings plc

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