Immunocore Q1 financial results and business update

Immunocore Holdings plc, a biotechnology firm at the forefront of developing transformative immunomodulating treatments for cancer, infectious diseases, and autoimmune disorders, has released its financial results for the first quarter ending March 31, 2024, alongside a business update.

Financial Performance

For the first quarter of 2024, Immunocore reported total net product revenues of $70.3 million from the sales of KIMMTRAK® (tebentafusp-tebn), reflecting a 36% increase over the same period in 2023. Of this amount, $50 million was generated in the United States, $19 million in Europe, and $1.4 million in other international markets. Research and development (R&D) expenses amounted to $57.5 million, up from $36.6 million in Q1 2023, driven primarily by costs associated with the PRAME programs. Selling, general, and administrative expenses also rose to $39.3 million from $32.6 million in the previous year, largely due to increased staffing and business support functions. Consequently, the net loss for Q1 2024 was $24.4 million, compared to $19.4 million in Q1 2023. Additionally, the company had cash and cash equivalents totaling $832.8 million as of March 31, 2024, bolstered by net proceeds of $390.2 million from a convertible notes offering in February 2024.

KIMMTRAK Developments

KIMMTRAK, the company's leading product, is now approved in 38 countries and has launched in 17 countries for the treatment of HLA-A02+ metastatic uveal melanoma (mUM). Since January 2024, the drug has been introduced in Australia, Canada, Spain, Bulgaria, Luxembourg, Czech Republic, and Lithuania. KIMMTRAK continues to set the standard of care in most markets where it is available. The company has identified three growth avenues for KIMMTRAK: further global expansion in mUM, potential use in adjuvant uveal melanoma, and 2L+ advanced cutaneous melanoma.

Clinical Trials and Research

Immunocore's clinical initiatives include the Phase 2/3 TEBE-AM trial for late-line cutaneous melanoma, which is progressing ahead of schedule. The ATOM Phase 3 trial, led by the European Organisation for Research and Treatment of Cancer (EORTC), is set to begin randomization in the latter half of 2024.

PRAME Franchise

The company's PRAME franchise, led by brenetafusp (IMC-F106C), is being investigated for various solid tumors. Brenetafusp is under evaluation in combination with nivolumab in a Phase 3 trial (PRISM-MEL-301) for first-line advanced cutaneous melanoma. Ongoing trials include monotherapy and combination therapy studies across multiple tumor types such as ovarian, non-small cell lung, and endometrial carcinomas. Two additional PRAME ImmTAC candidates, IMC-P115C and IMC-T119C, are on track for regulatory submissions in mid-2024 and late 2024, respectively.

Other Oncology and Infectious Disease Candidates

The company's pipeline also features IMC-R117C, targeting colorectal and other gastrointestinal cancers, with a Phase 1 trial expected to commence in the latter half of 2024. For infectious diseases, Immunocore's ImmTAV platform is being tested in Phase 1 trials for HIV and chronic hepatitis B. Data from these trials, particularly for IMC-M113V in HIV patients, is anticipated in the second half of 2024.

Autoimmune Disease Research

Immunocore is expanding into autoimmune diseases with its ImmTAAI platform. Two novel bispecific candidates, IMC-S118AI for type 1 diabetes and another candidate for inflammatory dermatological diseases, are advancing towards clinical trials.

Conclusion

With a robust pipeline and ongoing clinical trials, Immunocore continues to advance its mission to develop innovative treatments across oncology, infectious diseases, and autoimmune disorders, aiming to make significant strides in patient care and global healthcare outcomes.

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