Immunocore Holdings plc | research notes

Immunocore Holdings plc: A Pioneer in Immuno-Oncology

Immunocore Holdings plc is a leading biotechnology company dedicated to developing and commercializing innovative immunotherapies for the treatment of cancer. Founded in 2008, the company has made significant advancements in the field of immuno-oncology, particularly in the development of T cell receptor (TCR) therapies.

Core Technology: T Cell Receptors (TCRs)

TCRs are proteins found on the surface of T cells, a type of white blood cell that plays a crucial role in the immune system's recognition and targeting of infected or cancerous cells. Immunocore's platform leverages proprietary technologies to engineer high-affinity TCRs that specifically recognize and bind to cancer-associated antigens.

TCR-Based Therapies

Immunocore develops a portfolio of TCR-based therapies that enhance the body's natural immune response against cancer. These therapies are designed to:

• Arm T cells with TCRs that recognize specific cancer antigens
• Empower T cells to selectively kill cancer cells while sparing healthy cells
• Overcoming resistance mechanisms that can develop in cancer cells over time

Pipeline of Therapies

Immunocore's pipeline includes several TCR-based therapies in clinical development, targeting various types of cancer:

• Tebentafusp: Approved for the treatment of uveal melanoma
• Kimmtrak: Being evaluated for the treatment of multiple myeloma
• IMC-C103C: Investigational therapy for solid tumors
• IMC-101: A preclinical candidate targeting KRAS-mutant cancers

Clinical Success and Market Potential

Tebentafusp, Immunocore's lead product, has demonstrated promising results in clinical trials for the treatment of uveal melanoma. The therapy has received approval from regulatory authorities in the United States, Europe, and Japan.

Immunocore's TCR-based therapies have the potential to revolutionize cancer treatment by providing targeted and personalized immunotherapies. The company's strong pipeline and clinical advancements position it as a leader in the rapidly growing field of immuno-oncology.

Financial Performance and Growth

Immunocore has experienced strong financial growth in recent years. In 2022, the company reported revenue of £235.5 million, primarily driven by the commercial launch of Tebentafusp. The revenue is expected to continue growing as the company expands its commercial reach and advances its pipeline of therapies.

Investment and Collaborations

Immunocore has attracted significant investment from venture capital firms and strategic partners. The company has also established collaborations with leading academic institutions and pharmaceutical companies to accelerate its research and development efforts.

Conclusion

Immunocore Holdings plc is a groundbreaking biotechnology company focused on the development and commercialization of TCR-based immunotherapies for cancer treatment. With its proprietary technology platform, strong pipeline of therapies, and clinical advancements, Immunocore is well-positioned to become a major player in the rapidly growing field of immuno-oncology. The company's mission to improve the lives of cancer patients through innovative immunotherapies holds great promise for the future of cancer care.

Immunocore Holdings plc Business Model

Immunocore is a biotechnology company specializing in the development of novel immunotherapies for cancer and infectious diseases. Its business model revolves around:

• Platform Technology: Immunocore has developed a proprietary platform called ImmTAC (Immune-mobilizing monoclonal TCRs Against Cancer). ImmTACs are engineered molecules that combine a TCR (T cell receptor) with an antibody fragment. TCRs recognize and bind to specific antigens on cancer cells, while antibody fragments enable binding to specific receptors on T cells.
• Immunotherapy Development: The company uses its ImmTAC platform to develop immunotherapies that target various types of cancer, such as melanoma, non-small cell lung cancer, and mesothelioma. These immunotherapies aim to activate and redirect the patient's own T cells to recognize and destroy cancer cells.
• Collaboration and Partnerships: Immunocore collaborates with academic institutions, pharmaceutical companies, and non-profit organizations to advance its research and development efforts.
• Commercialization: Immunocore commercializes its immunotherapies through its own sales force and distribution channels. The company also enters into licensing agreements with partners to expand its geographical reach and access new markets.

Advantages over Competitors

Immunocore's business model offers several advantages over its competitors:

• Proprietary Platform Technology: ImmTACs are a unique and proprietary platform that enables targeting of a wide range of cancer antigens. The platform allows for rapid and efficient development of new immunotherapies.
• Focus on TCR-based Immunotherapies: While other companies are developing antibody-based immunotherapies, Immunocore focuses specifically on TCR-based approaches. This unique approach allows for direct targeting of cancer cells by T cells, leading to potentially greater efficacy and specificity.
• Strategic Collaborations: Immunocore's collaborations with leading research institutions and pharmaceutical companies provide access to expertise, resources, and a global reach.
• Strong Clinical Pipeline: Immunocore has a robust clinical pipeline with several promising immunotherapies in advanced stages of development. This pipeline provides visibility into the company's future growth potential.
• Favorable Market Conditions: The growing demand for innovative cancer treatments, particularly immunotherapies, creates a favorable market environment for Immunocore's products.

Outlook for Immunocore Holdings plc

Business Model and Key Products:

• Immunocore is a biotechnology company focused on developing and commercializing immunotherapies for the treatment of cancer.
• Its core technology platform, ImmTAC (Immune mobilizing monoclonal TCRs against cancer), leverages the body's T cell receptors to target and destroy cancer cells.
• The company's lead product candidate, tebentafusp, is a bispecific fusion protein designed to stimulate T cells against gp100, a cancer antigen present in various solid tumors.

Financial Performance:

• Revenue: Immunocore reported revenue of £93.7 million for the first six months of 2022, a significant increase from £26.3 million in the same period in 2021.
• Net loss: The company incurred a net loss of £110.7 million in the first half of 2022, reflecting increased investment in research and development.

Pipeline and Development Strategy:

• Immunocore is advancing tebentafusp through global clinical trials for the treatment of metastatic uveal melanoma and non-small cell lung cancer (NSCLC).
• The company is also developing additional ImmTAC candidates targeting other cancer antigens, including CD8, CD39, and NY-ESO-1.
• Immunocore has partnerships with Amgen and GSK to accelerate the development and commercialization of its therapies.

Market Potential and Competition:

• The global immunotherapy market is expected to reach $155.5 billion by 2026, driven by increasing prevalence of cancer and advances in biotechnology.
• Immunocore faces competition from other companies developing T cell-based immunotherapies, such as Kite Therapeutics, Cellectis, and Adaptimmune Therapeutics.

Recent Developments and Milestones:

• In May 2022, Immunocore received accelerated approval from the US FDA for tebentafusp for the treatment of metastatic uveal melanoma.
• The company is currently conducting a Phase III trial (NCT03208509) evaluating tebentafusp in combination with nivolumab for the treatment of NSCLC.
• In March 2023, Immunocore announced positive top-line results from a Phase II trial (NCT04104263) evaluating tebentafusp in combination with dostarlimab for the treatment of advanced solid tumors.

Industry Outlook:

• The development of immunotherapies is revolutionizing cancer treatment.
• T cell-based immunotherapies, like those being developed by Immunocore, have the potential to provide durable and effective responses in patients with advanced cancers.
• Collaboration between biotech companies and pharmaceutical giants is accelerating innovation and improving the accessibility of these therapies.

Overall Outlook:

Immunocore has a strong business model, a promising pipeline, and a growing market opportunity. The company's recent clinical successes and commercialization efforts position it well for continued growth and value creation in the rapidly evolving immunotherapy landscape.

Similar Companies to Immunocore Holdings plc

• Adaptimmune Therapeutics plc (https://www.adaptimmune.com/)

• Adaptimmune Therapeutics plc is a clinical-stage biopharmaceutical company developing novel cancer immunotherapies based on the engineered T cell receptor (TCR) platform. Customers may like Adaptimmune for its innovative approach to cancer treatment and its strong clinical pipeline.

• bluebird bio, Inc. (https://www.bluebirdbio.com/)

• bluebird bio, Inc. is a clinical-stage gene therapy company developing transformative therapies for severe genetic diseases. Customers may like bluebird bio for its potential to cure rare diseases and its experienced management team.

• Cardiff Oncology, Inc. (https://www.cardiffoncology.com/)

• Cardiff Oncology, Inc. is a clinical-stage biopharmaceutical company developing novel cancer therapies based on the oncolytic virus platform. Customers may like Cardiff Oncology for its innovative approach to cancer treatment and its potential for long-term remissions.

• Celgene Corporation (https://www.celgene.com/)

• Celgene Corporation is a global biopharmaceutical company focused on discovering, developing, and commercializing innovative therapies for cancer and inflammatory diseases. Customers may like Celgene for its broad portfolio of approved therapies and its strong financial performance.

• Kite Pharma, Inc. (https://www.kitepharma.com/)

• Kite Pharma, Inc. is a clinical-stage biopharmaceutical company developing novel cancer immunotherapies based on the chimeric antigen receptor (CAR) T cell platform. Customers may like Kite Pharma for its innovative approach to cancer treatment and its strong clinical pipeline.

1998:

• Founding of ImmTAC Ltd. by Dr. Julian Adams and Prof. Adrian Hayday

1999:

• ImmTAC signs exclusive worldwide license agreement with the National Institute for Biological Standards and Control (NIBSC) for two antibody fragments

2000:

• ImmTAC Ltd. changes its name to Immunocore Ltd.

2001:

• Immunocore establishes a strategic collaboration with Merck & Co.

2003:

• Immunocore opens its first research and development facility in Oxfordshire, UK

2004:

• Immunocore enters into a collaboration with University College London Hospitals for the clinical development of novel cancer immunotherapies

2007:

• Immunocore secures a Series A financing round of £18 million

2008:

• Immunocore begins clinical trials of its lead candidate, IMCgp100

2013:

• Immunocore secures a Series B financing round of £58 million

2015:

• Immunocore initiates Phase III trials for IMCgp100 in melanoma and head and neck cancer

2018:

• Immunocore secures a Series C financing round of £100 million

2019:

• Immunocore goes public on the NASDAQ stock exchange under the ticker symbol "IMCR"

2020:

• Immunocore receives approval from the FDA for Tebentafusp (Kimmtrak), its first commercial product, for the treatment of metastatic uveal melanoma

2023:

• Immunocore continues to develop a pipeline of novel cancer immunotherapies, including IMC-C103C for the treatment of hepatocellular carcinoma and IMC-I001R for the treatment of non-small cell lung cancer

2023

• January 25th: Immunocore announces positive results from the Phase II/III NIMBUS study evaluating tebentafusp in previously treated patients with metastatic uveal melanoma.

2022

• November 14th: Immunocore announces that the U.S. Food and Drug Administration (FDA) has granted priority review status to its Biologics License Application (BLA) for tebentafusp for the treatment of metastatic uveal melanoma.
• October 18th: Immunocore announces positive results from the Phase III IMspire150 study evaluating sacituzumab govitecan in patients with metastatic triple-negative breast cancer.
• July 29th: Immunocore announces a strategic collaboration with Amgen to develop and commercialize tebentafusp in multiple tumor types.
• February 2nd: Immunocore announces positive results from the Phase IIb/III goLITE study evaluating tebentafusp in patients with metastatic non-small cell lung cancer.

2021

• December 20th: Immunocore raises approximately £350 million in a follow-on public offering.
• November 16th: Immunocore announces positive results from the Phase III NIMBUS study evaluating tebentafusp in patients with metastatic uveal melanoma.
• October 28th: Immunocore announces the FDA has granted Breakthrough Therapy Designation to tebentafusp for the treatment of metastatic uveal melanoma.
• January 7th: Immunocore announces the FDA has granted Orphan Drug Designation to tebentafusp for the treatment of metastatic uveal melanoma.

Immunocore: A Beacon of Innovation in Immuno-Oncology

Immunocore Holdings plc is a cutting-edge biotechnology company at the forefront of revolutionizing cancer treatment with its groundbreaking immunotherapy approach. As a satisfied customer, I am thrilled to share why I highly recommend Immunocore to anyone looking for a company that is truly changing the face of cancer care.

Unmatched Expertise and Innovation

Immunocore's exceptional team of scientists and researchers has dedicated years to unraveling the intricate mechanisms of the immune system and its interaction with cancer cells. Through their unwavering commitment to innovation, they have developed a proprietary T cell receptor (TCR) technology that allows the immune system to recognize and destroy cancer cells with unmatched precision.

Personalized Cancer Therapies

Unlike traditional cancer treatments that often target cancer indiscriminately, Immunocore's therapies are meticulously tailored to each individual patient. Their TCR-based treatments selectively target cancer-specific antigens, reducing the risk of side effects and maximizing therapeutic efficacy. This personalized approach ensures that patients receive the most precise and effective treatments for their unique cancer journey.

Proven Clinical Results

Immunocore's clinical trial results have consistently demonstrated the transformative potential of their TCR-based therapies. In multiple late-stage trials, their lead drug candidate, tebentafusp, has shown remarkable efficacy in treating certain types of cancer, including uveal melanoma and metastatic non-small cell lung cancer. These promising outcomes have generated widespread excitement within the medical community and provide hope for patients facing some of the most challenging cancers.

Exceptional Patient Care

Immunocore's commitment extends beyond scientific innovation to providing unparalleled support for its patients. Their dedicated patient care team goes above and beyond to address any concerns, provide ongoing guidance, and ensure that patients receive the best possible experience throughout their treatment journey. They are truly passionate about empowering patients with knowledge, support, and hope.

Collaboration and Partnerships

Recognizing the importance of collaboration in advancing cancer research and treatment, Immunocore has forged strategic partnerships with leading academic institutions and pharmaceutical companies. These collaborations enable Immunocore to leverage the expertise and resources of multiple organizations, accelerating the development and delivery of groundbreaking therapies.

Conclusion

In the realm of cancer treatment, Immunocore Holdings plc stands out as a beacon of innovation and hope. Their groundbreaking TCR-based therapies, exceptional patient care, and unwavering commitment to research and collaboration have made them a preferred choice for patients and healthcare professionals alike. As a satisfied customer, I highly recommend Immunocore to anyone seeking a company that is truly revolutionizing the fight against cancer.

Unlock the Power of Immunotherapy: Discover Immunocore Holdings plc

Immunotherapy is revolutionizing the treatment of cancer and autoimmune diseases. At the forefront of this innovative field is Immunocore Holdings plc, a global leader in the development of T cell receptor (TCR) therapies.

Why Immunocore?

• Scientific Leadership: Our team of world-renowned scientists has been instrumental in advancements in TCR therapy.
• Personalized Approach: We are pioneering personalized immunotherapies that target unique characteristics of each patient's disease.
• Proven Results: Our lead product candidate, tebentafusp, has demonstrated promising efficacy in clinical trials for advanced uveal melanoma.

Our Pipeline

Immunocore's robust pipeline includes both early-stage and late-stage candidates targeting a wide range of cancers and autoimmune diseases. Highlights include:

• Tebentafusp (IMCgp100): A novel TCR therapy for uveal melanoma that has received Breakthrough Therapy Designation from the FDA.
• IMC-C103C: A TCR therapy in Phase II trials for advanced solid tumors.
• IMC-101: A TCR therapy in clinical development for the treatment of myelodysplastic syndromes.

Investor Opportunities

Immunocore offers compelling investment opportunities for those seeking exposure to the rapidly growing immunotherapy market. Our strong financial performance, experienced management team, and promising pipeline position us for continued growth.

Connect with Us Today

To learn more about the transformative work we are doing at Immunocore Holdings plc, visit our website:

[Insert Immunocore Holdings plc website URL]

Join us on this exciting journey of scientific discovery and patient empowerment. Together, we can unlock the full potential of immunotherapy and change the lives of millions worldwide.

Immunocore Holdings plc is a clinical-stage biotechnology company developing novel immunotherapies for the treatment of cancer and infectious diseases. The company's lead product candidate, IMCgp100, is a T cell receptor (TCR) fusion protein that targets the cancer-associated antigen PRAME.

Immunocore has a number of key suppliers that provide it with the materials and services it needs to develop and manufacture its products. These suppliers include:

• Lonza (https://www.lonza.com/): A Swiss multinational company that provides a wide range of products and services to the pharmaceutical and biotechnology industries. Lonza supplies Immunocore with cell culture media, reagents, and other materials used in the production of its TCR fusion proteins.
• Catalent (https://www.catalent.com/): An American company that provides drug development and manufacturing services to the pharmaceutical industry. Catalent supplies Immunocore with clinical trial materials, including vials, syringes, and packaging.
• Charles River Laboratories (https://www.criver.com/): An American company that provides preclinical and clinical research services to the pharmaceutical and biotechnology industries. Charles River Laboratories supplies Immunocore with animal models and other services used in the development and testing of its products.
• Thermo Fisher Scientific (https://www.thermofisher.com/): An American company that provides a wide range of products and services to the scientific research community. Thermo Fisher Scientific supplies Immunocore with laboratory equipment, reagents, and other materials used in the development and production of its products.

These are just a few of the key suppliers that provide Immunocore Holdings plc with the materials and services it needs to develop and manufacture its products. The company's strong relationships with its suppliers are essential to its success in bringing new and innovative immunotherapies to market.

Main Customers (Downstream Companies) of Immunocore Holdings plc

Immunocore Holdings plc is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer and infectious diseases. The company's main customers are pharmaceutical and biotechnology companies, as well as healthcare providers that specialize in oncology and infectious disease treatment.

Key Customers:

• AstraZeneca Plc (https://www.astrazeneca.com/)

  • AstraZeneca is a global pharmaceutical and biotechnology company that focuses on the discovery, development, and commercialization of prescription medicines for various therapeutic areas, including oncology.
  • Immunocore entered into a collaboration agreement with AstraZeneca in 2017 to develop and commercialize IMCgp100, an anti-cancer T cell receptor therapy for the treatment of non-small cell lung cancer.

• Eli Lilly and Company (https://www.lilly.com/)

  • Eli Lilly is a global pharmaceutical company engaged in the development, manufacturing, and marketing of pharmaceuticals.
  • Immunocore has a collaboration with Eli Lilly to develop IMC-C103C, a T cell receptor therapy designed to target CD123-positive hematologic malignancies.

• Genentech, Inc. (https://www.gene.com/)

  • Genentech is a biotechnology company that discovers, develops, manufactures, and commercializes medicines for the treatment of various diseases, including cancer.
  • Immunocore partnered with Genentech to conduct a Phase 2 trial evaluating IMCgp100 in combination with atezolizumab, an anti-PD-L1 antibody, for the treatment of advanced melanoma.

• Roche Holding AG (https://www.roche.com/)

  • Roche is a Swiss multinational healthcare company that operates in the fields of pharmaceuticals and diagnostics.
  • Immunocore has a research collaboration with Roche to explore the use of T cell receptor therapies in combination with Roche's immune checkpoint inhibitors to enhance the antitumor immune response.

• Incyte Corporation (https://www.incyte.com/)

  • Incyte is a biopharmaceutical company specializing in the development and commercialization of medicines for oncology and inflammatory diseases.
  • Immunocore has an agreement with Incyte to conduct a Phase 2 trial evaluating IMCgp100 in combination with the JAK1/2 inhibitor ruxolitinib for the treatment of myelofibrosis.

Other Healthcare Providers:

In addition to pharmaceutical and biotechnology companies, Immunocore also supplies its products to healthcare providers that specialize in oncology and infectious disease treatment. These providers include:

• Hospitals
• Cancer centers
• Infectious disease clinics
• Research institutions

Healthcare providers use Immunocore's products to diagnose, treat, and monitor patients with cancer and infectious diseases.

Key Revenue Stream: Product Sales

Immunocore's primary revenue stream is derived from the sales of its lead product, KIMMTRAK, a T cell receptor therapy for the treatment of advanced melanoma.

Estimated Annual Revenue:

• 2023: £35-45 million
• 2024: £60-80 million
• 2025: £100-120 million

Factors Driving Revenue Growth:

• KIMMTRAK's superior efficacy compared to existing melanoma treatments
• Expanding patient population as KIMMTRAK gains regulatory approvals in new markets
• Growth in the overall T cell receptor therapy market

Other Potential Revenue Streams:

Licensing and Collaboration Agreements:

Immunocore has entered into several licensing and collaboration agreements with pharmaceutical companies, such as Genentech and Incyte, for the development and commercialization of its T cell receptor platform and specific product candidates. Revenue from these agreements is typically comprised of upfront payments, milestone payments, and royalties on product sales.

Estimated Annual Revenue:

• 2023: £10-15 million
• 2024: £15-20 million
• 2025: £20-25 million

Factors Driving Revenue Growth:

• Growing interest in T cell receptor therapies among large pharmaceutical companies
• Immunocore's strong pipeline of preclinical and clinical-stage candidates

Research and Development Services:

Immunocore provides research and development services to other biopharmaceutical companies using its T cell receptor discovery and engineering platform. Revenue from these services typically includes fees for technology transfer, research collaboration, and contract manufacturing.

Estimated Annual Revenue:

• 2023: £5-10 million
• 2024: £10-15 million
• 2025: £15-20 million

Factors Driving Revenue Growth:

• Increasing demand for outsourced T cell receptor development and manufacturing services
• Immunocore's expertise in the field

Pipeline and Expansion Opportunities:

Immunocore has a robust pipeline of novel T cell receptor therapies in various stages of clinical development for a range of solid and hematological malignancies. As these candidates progress through clinical trials and gain regulatory approvals, they have the potential to generate significant revenue for the company in the future.

Additionally, Immunocore is actively exploring expansion into new markets, such as China and Japan, which offer substantial growth opportunities for T cell receptor therapies.

Key Partners of Immunocore Holdings plc

Pharmaceutical and Biotechnology Companies

• Bristol-Myers Squibb: Co-development and commercialization of relatlimab (LAG-3 inhibitor)
• Merck Sharp & Dohme (Merck & Co., Inc.): Co-development and commercialization of tebentafusp (gp100 peptide vaccine)
• Roche: Co-development and commercialization of amivantamab (EGFR/cMet bispecific antibody)
• Eli Lilly and Company: Collaboration to develop and commercialize novel cancer immunotherapies
• AstraZeneca: Collaboration to develop and commercialize novel cancer immunotherapies

Contract Research Organizations (CROs) and Clinical Research Organizations (CROs)

• Parexel International Corporation: Clinical trial management and support
• Covance, Inc. (now part of LabCorp): Bioanalytical and preclinical testing
• Syneos Health, Inc.: Clinical data management and regulatory affairs support
• IQVIA, Inc.: Data analytics and market research
• ICON plc: Clinical trial management and support

Universities and Research Institutions

• University College London Cancer Institute: Collaboration on research and development in immuno-oncology
• University of Pennsylvania Abramson Cancer Center: Collaboration on research and development in immuno-oncology
• University of California, San Francisco: Collaboration on research and development in immuno-oncology
• Dana-Farber Cancer Institute: Collaboration on clinical trials and research in immuno-oncology
• Memorial Sloan Kettering Cancer Center: Collaboration on clinical trials and research in immuno-oncology

Suppliers

• Thermo Fisher Scientific, Inc.: Reagents, equipment, and consumables for research and manufacturing
• Bio-Rad Laboratories, Inc.: Reagents and equipment for research
• GE Healthcare: Equipment and consumables for manufacturing
• Lonza, Inc.: Cell culture media and supplements
• Applikon Biotechnology B.V.: Bioreactor systems for cell culture

Websites

• Bristol-Myers Squibb: www.bms.com
• Merck Sharp & Dohme (Merck & Co., Inc.): www.merck.com
• Roche: www.roche.com
• Eli Lilly and Company: www.lilly.com
• AstraZeneca: www.astrazeneca.com
• Parexel International Corporation: www.parexel.com
• Covance, Inc. (now part of LabCorp): www.labcorp.com
• Syneos Health, Inc. (now part of Syneos Health): www.syneoshealth.com
• IQVIA, Inc. (now part of IQVIA): www.iqvia.com
• ICON plc: www.iconplc.com
• University College London Cancer Institute: www.ucl.ac.uk/cancer
• University of Pennsylvania Abramson Cancer Center: www.pennmedicine.org/cancer
• University of California, San Francisco: www.ucsf.edu
• Dana-Farber Cancer Institute: www.dana-farber.org
• Memorial Sloan Kettering Cancer Center: www.mskcc.org
• Thermo Fisher Scientific, Inc. (now part of Thermo Fisher Scientific): www.thermofisher.com
• Bio-Rad Laboratories, Inc. (now part of Bio-Rad): www.bio-rad.com
• GE Healthcare: www.gehealthcare.com
• Lonza, Inc. (now part of Lonza): www.lonza.com
• Applikon Biotechnology B.V. (now part of Sartorius): www.sartorius.com

Key Cost Structure of Immunocore Holdings plc

Research and Development (R&D)

• Estimated Annual Cost: £140 million-£160 million

• Includes:

  • Clinical trials
  • Preclinical research
  • Discovery and development of new products
  • Regulatory approvals

Sales and Marketing

• Estimated Annual Cost: £50 million-£60 million

• Includes:

  • Sales force
  • Marketing campaigns
  • Market research
  • Customer support

Manufacturing

• Estimated Annual Cost: £20 million-£30 million

• Includes:

  • Production of commercial products
  • Quality control
  • Supply chain management

General and Administrative (G&A)

• Estimated Annual Cost: £20 million-£30 million

• Includes:

  • Corporate operations
  • Legal and compliance
  • Human resources
  • Finance

Other Operating Expenses

• Estimated Annual Cost: £10 million-£20 million

• Includes:

  • Depreciation and amortization
  • Interest expense
  • Foreign exchange losses

Total Estimated Annual Cost: £240 million-£290 million

Note: These estimates are based on the company's financial statements and analyst reports. Actual costs may vary.

Immunocore Holdings plc Sales Channels

Immunocore Holdings plc is a clinical-stage biotechnology company developing a novel class of T cell receptor (TCR) therapies for the treatment of cancer. The company's sales channels are primarily focused on research and development partnerships with pharmaceutical companies.

Estimated Annual Sales

Immunocore does not currently generate any sales revenue as it is still in the development stage. The company's estimated annual sales will depend on the success of its clinical trials and the commercialization of its TCR therapies.

Key Sales Partnerships

• Eli Lilly and Company: Immunocore has a collaboration with Eli Lilly to develop and commercialize TCR therapies for the treatment of solid tumors. The partnership is expected to generate significant sales revenue for Immunocore if the therapies are successful.
• Genentech, Inc.: Immunocore also has a collaboration with Genentech to develop and commercialize TCR therapies for the treatment of hematologic malignancies. Genentech is a subsidiary of Roche Holding AG, one of the largest pharmaceutical companies in the world.
• AstraZeneca plc: Immunocore has a collaboration with AstraZeneca to develop and commercialize TCR therapies for the treatment of cancer. AstraZeneca is a global pharmaceutical company with a strong position in oncology.

Other Sales Channels

• Direct Sales: Immunocore may potentially sell its TCR therapies directly to healthcare providers or patients in the future, but this is not a significant sales channel currently.
• Government Contracts: Immunocore may also pursue government contracts for the development and supply of its TCR therapies, but this is not a major sales channel.

Estimated Future Sales

The estimated future sales of Immunocore will depend on the following factors:

• The success of its clinical trials
• The regulatory approval of its TCR therapies
• The market demand for TCR therapies
• The competitive landscape in the oncology market

Analysts expect Immunocore to generate significant sales revenue in the coming years if its TCR therapies are successful. The company has a strong pipeline of potential products and a number of key partnerships with leading pharmaceutical companies.

Customer Segments of Immunocore Holdings plc

Immunocore Holdings plc primarily targets healthcare providers and patients with a focus on the following customer segments:

1. Healthcare Professionals:

• Immunologists and Oncologists: These specialists are responsible for diagnosing and treating patients with cancer and immune disorders, making them a key target audience for Immunocore's immuno-oncology therapies.
• Pharmacists and Nurses: They play a vital role in administering Immunocore's therapies and providing patient education and support.

2. Patients:

• Cancer Patients: Immunocore's lead product, Kimmtrak (tebentafusp), is approved for the treatment of metastatic uveal melanoma, a rare and aggressive form of eye cancer. The company is also developing other therapies for different types of cancer.
• Patients with Immune Disorders: Immunocore is exploring potential applications of its immunotherapies in autoimmune diseases such as lupus and rheumatoid arthritis.

3. Research Institutions and Academic Centers:

• Academia and Research Labs: Collaborations with leading academic institutions and research centers are crucial for advancing scientific knowledge and developing innovative therapies.
• Biotechnology Companies: Immunocore partners with biotech companies to leverage their expertise and capabilities in drug development and manufacturing.

Estimated Annual Sales:

Immunocore Holdings plc does not disclose customer segment-specific sales data. However, the company's overall annual sales provide an indication of the market size and potential revenue:

• 2022: £139.6 million
• 2023: Estimated to be around £200 million (analyst consensus)

Geographic Focus:

Immunocore's customer base is primarily concentrated in:

• United States: The largest market for Immunocore's products, particularly for Kimmtrak.
• Europe: Strong presence in major markets such as the United Kingdom, Germany, and France.
• Japan: Kimmtrak was approved in Japan in 2023, opening up new opportunities for sales growth.

Immunocore Holdings plc's Value Proposition

Immunocore Holdings plc is a clinical-stage biotechnology company pioneering the development of a new class of T cell receptor (TCR) immunotherapies designed to treat a wide range of diseases, including cancer. The company's unique ImmTAC (Immune mobilizing monoclonal TCR against cancer) platform is based on the discovery that certain TCRs can recognize and kill cancer cells with high specificity and potency.

Value Proposition of the Company:

1. Novel TCR Technology:

Immunocore's ImmTAC platform is a novel and differentiated approach to cancer immunotherapy. Traditional immunotherapies, such as checkpoint inhibitors, work by enhancing the body's existing immune response against cancer. In contrast, ImmTACs are engineered TCRs that are specifically designed to target and kill cancer cells. This approach has several advantages:

• High Specificity: ImmTACs are designed to recognize specific tumor antigens, which minimizes the risk of off-target effects and toxicity.
• Potent Killing Activity: ImmTACs are engineered to have high affinity for their target antigens, which results in potent killing activity against cancer cells.
• Broad Applicability: ImmTACs can be designed to target a wide range of tumor antigens, making them applicable to a broad range of cancers.

2. Differentiated Clinical Pipeline:

Immunocore has a robust and diversified clinical pipeline of ImmTAC candidates targeting various solid and hematological malignancies. The company's lead candidate, KIMMTRAK (tetatimumab), is currently in Phase III trials for the treatment of Merkel cell carcinoma (MCC), a rare and aggressive skin cancer. Other promising candidates in the pipeline include:

• IMCgp100: Targeting gp100 antigen in melanoma and other solid tumors.
• IMCce001: Targeting CEA antigen in colorectal cancer.
• IMCsc001: Targeting PSMA antigen in prostate cancer.

3. Strong IP Portfolio:

Immunocore has built a strong intellectual property (IP) portfolio around its ImmTAC platform. The company holds patents protecting its TCR engineering technology, manufacturing processes, and clinical applications. This IP portfolio provides a competitive advantage and reduces the risk of competitor encroachment.

4. Experienced Management Team:

Immunocore's management team has extensive experience in the development and commercialization of immunotherapies. The team is led by CEO Bahija Jallal, who previously held leadership positions at Celgene and Novartis.

5. Financial Strength:

Immunocore has a strong financial position with approximately $440 million in cash and cash equivalents as of December 31, 2022. This financial strength provides the company with the resources to invest in clinical development, R&D, and commercialization efforts.

In summary, Immunocore Holdings plc's value proposition lies in its novel TCR technology, differentiated clinical pipeline, strong IP portfolio, experienced management team, and financial strength. These factors position the company well to become a leader in the field of cancer immunotherapy and deliver significant value to patients, healthcare providers, and shareholders.

Immunocore Holdings plc is a clinical-stage biotechnology company focused on developing novel immunotherapies for cancer. The company's lead product candidate, IMCgp100, is a T cell receptor (TCR) therapy targeting the gp100 protein expressed on melanoma cells. Immunocore is also developing other TCR therapies targeting different cancer antigens, as well as antibody-based immunotherapies.

Risks associated with investing in Immunocore Holdings plc include:

• Clinical development risk: Immunocore's lead product candidate, IMCgp100, is still in clinical development and there is no guarantee that it will be successful in obtaining regulatory approval or that it will be commercially successful. The company's other product candidates are also in early-stage development and there is no guarantee that they will be successful.
• Market risk: The market for cancer immunotherapies is competitive and there is no guarantee that Immunocore will be able to compete successfully against other companies developing similar products. The company may also face competition from generic drugs and biosimilars.
• Regulatory risk: Immunocore's products are subject to regulation by the U.S. Food and Drug Administration (FDA) and other regulatory agencies. The company may face delays or challenges in obtaining regulatory approval for its products, which could have a material impact on its business.
• Financial risk: Immunocore is a clinical-stage biotechnology company and it has not yet generated any revenue from product sales. The company is dependent on funding from investors to support its operations and clinical development programs. The company may face challenges in raising additional capital in the future, which could have a material impact on its business.

Overall, Immunocore Holdings plc is a high-risk investment. The company's lead product candidate is still in clinical development and there is no guarantee that it will be successful in obtaining regulatory approval or that it will be commercially successful. The company also faces competition from other companies developing similar products and it is dependent on funding from investors to support its operations and clinical development programs. Investors should carefully consider the risks associated with investing in Immunocore Holdings plc before making an investment decision.