Immunocore reports fourth quarter and full year 2024 financial results and provides a business update KIMMTRAK (tebentafusp) Q4 net sales of $84.1 million and $310.0 million for full year 2024; continued growth expected

Immunocore reports fourth quarter and full year 2024 financial results and provides a business update

KIMMTRAK (tebentafusp) Q4 net sales of $84.1 million and $310.0 million for full year 2024; continued growth expected in 2025

Executing on KIMMTRAK lifecycle management with two Phase 3 trials (TEBE-AM and ATOM) in additional melanoma indications

Advancing PRAME portfolio - first patient randomized in Phase 3 PRISM-MEL-301; enrollment continues in Phase 1/2 trial of brenetafusp combinations in ovarian cancer and NSCLC;

first patient dosed in Phase 1 trial of IMC-P115C (PRAME-A02-HLE)

First patient dosed in Phase 1/2 trial of IMC-R117C (PIWIL1) in colorectal and other gastrointestinal cancers

Will present initial Phase 1 multiple ascending dose HIV data for IMC-M113V in 1Q 2025 and Phase 1 single ascending dose HBV data for IMC-I109V in 2H 2025

CTA/IND on track for IMC-S118AI (type 1 diabetes candidate) in 2H 2025 and for IMC-U120AI, our first non-HLA-restricted candidate initially for atopic dermatitis, in 2026

Cash, cash equivalents and marketable securities of $820.4 million as of December 31, 2024

Conference call today, February 26 at 8:00 AM ET, 1:00 PM GMT

(OXFORDSHIRE, England & CONSHOHOCKEN, Penn. & GAITHERSBURG, Md., US, 26 February 2025) Immunocore Holdings plc (Nasdaq: IMCR) ("Immunocore" or the "Company"), a commercial-stage biotechnology company

pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases and autoimmune diseases, today announced its financial results for the fourth quarter and year ended

December 31, 2024, and provided a business update.

The Company has delivered 11 consecutive quarters of KIMMTRAK (tebentafusp) revenue growth with continued penetration in the U.S. and

launches in 14 new territories ex-U.S., while executing on the product's lifecycle management program through two Phase 3 trials (TEBE-AM and ATOM) in additional melanoma indications.

The Company further advanced its clinical pipeline,

enrolling patients in its three Phase 3 trials, initiating patient dosing in its Phase 1 trial with IMC-P115C, its half-life extended candidate targeting PRAME, and administering the first dose of the first PIWIL1-targeted immunotherapy for

gastrointestinal cancers.

Supported by a strong balance sheet, the Company also continued to innovate for sustainable growth, progressing two autoimmune candidates from its first-in-class, tissue-specific autoimmune platform towards clinical

trial applications in 2025 and 2026.

"In 2024, we continued to grow KIMMTRAK sales, execute on our KIMMTRAK lifecycle management program, advance our deep clinical pipeline, and expand into autoimmune diseases, supported by a strong cash position and

disciplined spending," said Bahija Jallal, CEO of Immunocore. "As we enter 2025, we continue enrolling patients in our three Phase 3 melanoma trials, pursuing additional opportunities in our PRAME franchise,

and developing the next generation of transformative immunomodulating therapies. We have line of sight to a significant amount of data over the next 12-18 months, starting with the HIV data this quarter."

"In 2024 we launched KIMMTRAK in 14 countries and delivered 30% year-on-year net sales growth resulting in 11 successive quarters of continuous growth since launch," said Ralph Torbay,

Head of Commercial. "In 2025, we expect incremental growth in metastatic uveal melanoma driven by further expansion into the U.S. community and additional launches. We will also continue to enroll patients in the Phase 3 TEBE-AM trial for

advanced cutaneous melanoma, with data expected in 2026, and the Phase 3 ATOM trial for adjuvant uveal melanoma."

Full Year and Fourth Quarter 2024 Highlights (including post-period)

Total net product revenue (or net sales') arising from the sales of KIMMTRAK (tebentafusp) was $84.1 million in the fourth quarter of 2024, of which $63.8 million was generated in the United States, $17.8 million in

Europe and $2.5 million in international regions. For the year ended December 31, 2024, the Company generated net sales of KIMMTRAK in the amount of $310.0 million, of which $226.7 million was in the United States, $73.2 million in Europe and $10.1

million in international regions.

Research & development (R&D) expenses for the year 2024 were $222.2 million, compared to $163.5 million for the year 2023. Selling, general and administrative (SG&A) expenses for the year 2024 were $155.8

million, compared to $144.5 million for the year 2023.

Net loss for the fourth quarter of 2024 was $23.8 million compared to a net loss of $19.7 million in the same period in 2023, and full year net loss for 2024 was $51.1 million compared to a full year net loss of $55.3

The fourth quarter basic and diluted loss per share was $0.47 compared to $0.40 for the fourth quarter of 2023. Basic and diluted loss per share for the year 2024 was $1.02, compared to $1.13 for the year 2023.

Cash, cash equivalents and marketable securities at December 31, 2024, were $820.4 million. In November 2024, the Company repaid in full its existing Pharmakon loan of $50.0 million.

The Company's lead product, KIMMTRAK (tebentafusp), is approved in 39 countries and has been launched in 24

countries to date for HLA-A*02:01+ people with metastatic uveal melanoma (mUM). KIMMTRAK continues to be the standard of care in most markets where it is launched.

The Company sees three key growth areas for KIMMTRAK, including continued global expansion in mUM, the potential expansion into 2L+ advanced cutaneous melanoma (CM), and the potential expansion into

adjuvant uveal melanoma.

Metastatic uveal melanoma

Second-line and later cutaneous melanoma

Adjuvant uveal (or ocular) melanoma

Brenetafusp is the Company's lead PRAME-A02 ImmTAC bispecific candidate. Brenetafusp is being evaluated in combination with nivolumab in a Phase 3 registrational trial (PRISM-MEL-301) in patients

with first-line advanced cutaneous melanoma, and in a Phase 1/2 clinical trial as monotherapy and in combination across multiple tumor types, including ovarian cancer and non-small cell lung cancer (NSCLC).

PRISM-MEL-301 - First PRAME Phase 3 clinical trial with brenetafusp in first-line advanced cutaneous melanoma

Phase 1/2 clinical trial of brenetafusp in multiple solid tumors

IMC-P115C (PRAME HLA-A02 Half-Life Extended) & IMC-T119C (PRAME HLA-A24)

IMC-R117C (PIWIL1) for colorectal and other gastrointestinal cancers

Enrolling ImmTAV candidates for a functional cure in infectious diseases

The Company's bispecific TCR technology platform has potential to offer a new approach for the treatment of chronic infections and aims to eliminate evidence of remaining virus in circulation after

a person stops taking medication - known as a functional cure'. Two investigational candidates are in Phase 1 clinical trials for people living with human immunodeficiency virus (HIV) and people with chronic hepatitis B infection (HBV).

Phase 1 trial of IMC-M113V (Gag-A02) for people living with HIV

Phase 1 trial of IMC-I109V (Envelope-A02) for people living with HBV

Tissue-specific down modulation of the immune system for autoimmune diseases

The key differentiator of the ImmTAAI platform is tissue-specific, down modulation of the immune system, as the candidates suppress pathogenic T cells via PD1 receptor agonism only when tethered to

IMC-S118AI for type 1 diabetes

IMC-U120AI initially for atopic dermatitis - first universal program

In February, Dr. William Pao was appointed as a non-executive member of the Company's Board of Directors. William is the co-founder and Chief Executive Officer of Revelio Therapeutics, Inc. Prior to Revelio, Dr. Pao

held executive leadership positions in early- and late-stage R&D at F. Hoffmann-La Roche AG and Pfizer respectively. He is a member of the American Association for Cancer Research's board of directors.

Basic and diluted loss per share was $0.47 and $1.02 for the quarter and year ended December 31, 2024, respectively, as compared to a basic and diluted loss per share of $0.40 and $1.13, respectively, for the same

periods in 2023. Net loss for the quarter and year ended December 31, 2024, was $23.8 million and $51.1 million, respectively, as compared to $19.7 million and $55.3 million, respectively, for the same periods in 2023.

For the fourth quarter and year ended December 31, 2024, the Company generated net sales of $84.1 million and $310.0 million, respectively, arising from the sale of KIMMTRAK, of which $63.8 million and $226.7 million,

respectively was in the United States, $17.8 million and $73.2 million, respectively, was in Europe, and $2.5 million and $10.1 million, respectively, was in the international regions. The increase in net sales was due primarily to increased volume

in the United States and global country expansion, as the Company continues its commercialization efforts.

For the fourth quarter and year ended December 31, 2024, Immunocore's R&D expenses were $60.9 million and $222.2 million, respectively as compared to $45.6 million and $163.5 million for the quarter and year ended

December 31, 2023. These increases were primarily driven by expenses incurred for the Company's PRAME programs as a result of the initiation of our registrational Phase 3 PRISM-MEL-301 clinical trial, scale-up of manufacturing and an increase in the

number of patients in combination expansions in the brenetafusp Phase 1/2 clinical trial. R&D expenses incurred for the tebentafusp programs also increased due to the TEBE-AM and ATOM Phase 3 clinical trials. The Company expects R&D expenses

to increase in 2025 as the Company further advances clinical and preclinical pipeline candidates.

For the quarter and year ended December 31, 2024, the Company's SG&A expenses were $42.3 million and $155.8 million, respectively, compared to $41.4 million and $144.5 million for the quarter and year ended

December 31, 2023. These increases were primarily related to increases in the number of employees engaged in business support functions to support our growing pipeline and global commercial expansion, and in investments in patient support

initiatives, information technology and facilities costs. The Company expects SG&A expenses to be mostly consistent with Q4 2024 expense levels over the course of 2025.

Cash, cash equivalents and marketable securities at December 31, 2024, were $820.4 million. In November 2024, the Company repaid in full its existing Pharmakon loan of $50.0 million.

See the Company's Annual Report on Form 10-K filed today with the SEC for more information.

Immunocore will host a conference call today, February 26, 2025, at 8:00 A.M. ET / 1:00 PM GMT, to discuss the fourth quarter and full year 2024 financial results and provide a business update. The call will also be

available via webcast by visiting the Events & Presentations section on Immunocore's website. A replay of this webcast will be available for 30 days.

Conference Call Details:

Domestic (toll-free): 877-405-1239

International (toll): +1 201-389-0851

Upcoming Investor Conferences

B. Riley Securities Precision Oncology & Radiopharma Conference

Friday, February 28, 2025, at 10:00 a.m. ET

About ImmTAC molecules for cancer

Immunocore's proprietary T cell receptor (TCR) technology generates a novel class of bispecific biologics called ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) molecules that are designed to redirect the

immune system to recognize and kill cancerous cells. ImmTAC molecules are soluble TCRs engineered to recognize intracellular cancer antigens with ultra-high affinity and selectively kill these cancer cells via an anti-CD3 immune-activating effector

function. Based on the demonstrated mechanism of T cell infiltration into human tumors, the ImmTAC mechanism of action holds the potential to treat hematologic and solid tumors, regardless of mutational burden or immune infiltration, including immune

"cold" low mutation rate tumors.

About ImmTAV molecules for infectious diseases

ImmTAV (Immune mobilizing monoclonal TCRs Against Virus) molecules are novel bispecifics that are designed to enable the immune system to recognize and eliminate virally infected cells.

Immunocore is advancing clinical candidates to achieve functional cure for patients with HIV and hepatitis B virus (HBV). The Company aims to achieve sustained control of HIV after patients stop anti-retroviral therapy

(ART), without the risk of virological relapse or onward transmission. This is known as functional cure'. For the treatment of HBV, the Company aims to achieve sustained loss of circulating viral antigens and markers of viral replication after

stopping medication for people living with chronic HBV.

About ImmTAAITM molecules for autoimmune diseases

ImmTAAI (Immune mobilizing monoclonal TCRs Against AutoImmune disease) molecules are novel bispecifics that are designed for tissue-specific down modulation of the immune system. When tethered to the tissue of

interest, ImmTAAI candidates suppress pathogenic T cells via PD1 receptor agonism. The Company is currently advancing two candidates for autoimmune diseases, including type 1 diabetes and inflammatory dermatological diseases.

About PRISM-MEL-301 (NCT06112314) - Phase 3 trial with brenetafusp (IMC-F106C, PRAME-A02) in 1L advanced cutaneous melanoma

The Phase 3 registrational trial is randomizing HLA-A*02:01-positive patients with previously untreated advanced melanoma, to brenetafusp + nivolumab versus nivolumab or nivolumab + relatlimab, depending on the country

where the patient is enrolled. The trial will initially randomize to three arms: two brenetafusp dose regimens (40 mcg and 160 mcg) and a control arm. One of the two brenetafusp dose regimens will be discontinued after an initial review of the first

60 patients randomized to the two experimental arms (90 patients randomized total). The primary endpoint of the trial is progression free survival (PFS) by blinded independent central review (BICR), with secondary endpoints of overall survival (OS)

and overall response rate (ORR).

About the IMC-F106C-101 Phase 1/2 trial