Immunocore executives told investors at the Morgan Stanley 24th Annual Global Healthcare Conference on Sept. 14, 2026, that Kimmtrak remains the commercial center of the company while the balance sheet supports continued pipeline development. Chief Executive Bahija Jallal and Chief Financial Officer Travis Coy discussed the company’s cash position, trial timelines and expansion plans in melanoma and autoimmune disease.
Immunocore reported $880 million in cash at the end of the second quarter. Coy said the cash balance, together with Kimmtrak revenue, disciplined selling, general and administrative spending and data-driven research investment, should allow the company to fund its portfolio for the foreseeable future. The stock traded around $32.66 to $32.73 after falling nearly 10% over the prior week and 7.5% year to date, with analyst price targets ranging from $34 to $100. The next earnings report is scheduled for Nov. 11, 2026.
Kimmtrak, approved for uveal melanoma, has been on the market for five years and is a standard of care in that indication. Management said market penetration is above 70% in major markets, about 1,000 patients are currently treated in uveal melanoma, and real-world treatment duration has exceeded 14 months, compared with 10 to 11 months in clinical trials. The ImmTAC platform has treated more than 2,000 patients across real-world and clinical settings.
The company’s pipeline includes several melanoma studies. TEBE-AM, evaluating Kimmtrak monotherapy versus pembrolizumab plus Kimmtrak in second-line cutaneous melanoma, has enrollment down to the low teens, and top-line overall survival data could arrive by the end of 2026. Earlier Phase 1B data showed about 75% one-year overall survival, compared with a historical benchmark of 55%.
PRISM-MEL-301 is testing brenetafusp with nivolumab against nivolumab alone or nivolumab plus relatlimab in first-line cutaneous melanoma. Management said recruitment is progressing well and completion is expected by the end of 2027. ATOM, an adjuvant uveal melanoma study, is recruiting in Europe through an EORTC collaboration and in the United States. The trial targets a high-risk population of about 1,200 patients a year, and management noted that about 50% of uveal melanoma patients develop liver metastasis after removal of the primary tumor. Previous Phase III data showed hazard ratios of 0.56 in small tumors and 0.36 in tumors under 3 centimeters.
Management outlined potential market expansion. Moving into cutaneous melanoma could add about 4,000 patients to the current uveal melanoma base of roughly 1,000, while success in both cutaneous melanoma and adjuvant studies could increase the total addressable market by more than 6,000 additional patients. In HIV, multiple ascending dose studies are currently at 1,200 mg, with a readout expected in 2027.
The ImmTAC platform can target about 90% of the proteome, including intracellular targets. Jallal said the company’s differentiation now depends on building assets that are harder to copy rather than simply reaching known targets first. She also cited predictability with the FDA as a concern, noting three ongoing Phase III trials that represent millions of dollars in cost and a long development timeline. Kimmtrak has doubled the chance of being alive at five years, and 44% of five-year survivors received only Kimmtrak therapy. Type 1 diabetes is the lead autoimmune program, using beta cell-specific targeting and C-peptide preservation, with C-peptide accepted by the FDA as a surrogate for activity in an accelerated approval pathway.
