Immunocore Announces Q3 Financial Results and Business Update

Immunocore Holdings plc, a leading biotechnology firm, has recently disclosed its financial results for the third quarter ending September 30, 2024. The company reported revenues of $80.2 million from its primary product, KIMMTRAK® (tebentafusp-tebn), reflecting a 28% increase compared to the same period in the previous year. This growth was attributed primarily to heightened demand in the United States and Germany, alongside an expansion in patient reach through eleven launches this year.

Bahija Jallal, Chief Executive Officer of Immunocore, expressed pride in their continued progress, highlighting two years of consistent growth for KIMMTRAK and ongoing positive net income. Jallal also emphasized the advancement of Immunocore’s diverse pipeline, including brenetafusp in oncology, trials for an HIV functional cure, and tissue-targeted programs for type 1 diabetes and various dermatologic diseases.

Ralph Torbay, Immunocore’s Chief Commercial Officer, noted the increased demand in the US and Germany as key drivers of KIMMTRAK’s success. He also mentioned the potential for further expansion through ongoing Phase 3 trials, particularly the TEBE-AM trial targeting advanced cutaneous melanoma and the ATOM trial focusing on adjuvant uveal melanoma.

Key highlights for the third quarter of 2024 included:

**KIMMTRAK’s Global Expansion**
KIMMTRAK has been approved in 38 countries and launched in 21, establishing itself as the standard treatment for HLA-A*02:01 positive patients with unresectable or metastatic uveal melanoma (mUM). The company reported net sales of $80.2 million for the quarter and $225.9 million for the first nine months of 2024, marking growth rates of 28% and 32%, respectively, compared to the prior year.

**Clinical Trials Progress**
- **Cutaneous Melanoma**: The Phase 3 trial (TEBE-AM) for advanced cutaneous melanoma continues patient randomization, aiming for completion in early 2026. This trial explores KIMMTRAK monotherapy, combination therapy with pembrolizumab, and a control group, with overall survival as the primary endpoint.
- **Adjuvant Uveal Melanoma**: The ATOM trial, led by the European Organisation for Research and Treatment of Cancer (EORTC), is scheduled to begin randomization in the fourth quarter of 2024, focusing on high-risk uveal melanoma post-surgery or radiotherapy.

**PRAME Brenetafusp Developments**
Brenetafusp (IMC-F106C), Immunocore’s leading PRAME-A02 bispecific candidate, is undergoing evaluation in a Phase 3 trial (PRISM-MEL-301) for first-line advanced cutaneous melanoma, as well as a Phase 1/2 trial in various solid tumors, including ovarian and non-small cell lung cancer (NSCLC). Early data from these trials indicate promising activity, especially in platinum-resistant ovarian cancer, with ongoing evaluations in other tumor types.

**Additional Oncology Candidates**
Immunocore is advancing other oncology candidates, such as IMC-R117C targeting PIWIL1 in gastrointestinal cancers and IMC-P115C and IMC-T119C, both in early-stage trials focused on extending the half-life of PRAME-A02.

**Infectious Diseases and Autoimmune Programs**
The company is making strides in infectious diseases with its ImmTAV platform, currently in Phase 1 trials for HIV and Hepatitis B (HBV). These trials aim to achieve a functional cure, eliminating detectable virus post-treatment. Additionally, Immunocore is developing tissue-specific therapies for autoimmune diseases like type 1 diabetes and inflammatory dermatological conditions.

**Corporate Updates**
Brian Di Donato, the Chief Financial Officer and Head of Strategy, announced his departure at the end of the year to become CEO of a biotech company in San Diego. The search for his replacement is already underway.

**Financial Performance**
Immunocore reported a net income of $8.7 million for the third quarter of 2024, significantly higher than the $0.9 million from the previous year. The company’s research and development expenses increased to $52.8 million, reflecting ongoing clinical trial costs. Despite steady SG&A expenses, the company's strong revenue growth and strategic financial management bolstered its earnings per share to $0.17.

As of September 30, 2024, Immunocore held cash, cash equivalents, and marketable securities totaling $901.3 million. The company plans to use these funds to repay a $50 million loan and cover $40 million in sales-related rebates in the fourth quarter of 2024.