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Nov 9, 2026, 7:00 AM ET Immunocore will participate in the UBS Global Biopharma Conference 2026 on November 17, 2026, and Jefferies London Global Healthcare Conference meetings on November 18, 2026. AI-generated summary · Source: company release
NASDAQ: $IMCRBiotech · ImmunotherapiesClinical and commercial concentration risk

IMCR Stock Hub: Immunocore News, KIMMTRAK and Brenetafusp

KIMMTRAK generated $102.222M in Q3 net revenue, with nine-month sales of $324.826M. Cash and marketable securities were $901.298M at September 30, ahead of expected Q4 rebate payments. TEBE-AM has completed target enrollment, while brenetafusp advances through randomized and early combination studies. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

Last updated: November 12, 2026Market data: November 11, 2026 regular closeFinancial period: September 30, 2026Currency: USD
Research Library · Biotech
Immunocore: KIMMTRAK, Brenetafusp and the Phase 3 Pipeline
Commercial TCR immunotherapy, randomized trials and the funding structure · November 12, 2026
Get the report (PDF)
Next catalyst · company clinical-data window
Late 2026 · Brenetafusp ovarian and lung cohorts

Immunocore expects Phase 1/2 ovarian and lung cohort data at a medical conference later in 2026. The company had not announced an exact presentation date as of November 12. The SITC uveal-melanoma combination results were already disclosed on November 6. Q3 results and pipeline · November 6, 2026 Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

Earlier fixed corporate event: UBS fireside chat November 17, 2026, 3:20 p.m. GMT / 10:20 a.m. New York. This investor presentation is distinct from a clinical readout. Investor conferences · November 9, 2026
IMCR daily price chart
Daily chart · Finviz (affiliate link on click). Explore IMCR on JC Just Charts.

IMCR stock data: financial position and capital

Reference close
$31.65
November 11 regular session · per ADS
Basic equity value
$1.636B
Calculated using October 31 ordinary shares
Q3 KIMMTRAK sales
$102.222M
Quarter ended September 30
Nine-month sales
$324.826M
Nine months ended September 30
Cash + securities
$901.298M
September 30
Convertible principal
$402.5M
2.5% notes due February 1, 2030
Ordinary shares
51.681M
October 31 cover count · ADS ratio 1:1
Q4 rebate payments
~$120M
Company cash-payment forecast November 6

Cash $512.245M plus marketable securities $389.053M. Debt carrying amount $394.750M differs from $402.5M principal. Nine-month operating cash inflow $22.243M includes working-capital movements; it is not recurring free cash flow. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

IMCR stock: commercial proof, separate development risks

KIMMTRAK is approved for HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma. Cutaneous, adjuvant and dual-engager regimens remain investigational. Q3 net sales declined 1.4% year over year, while the company estimated approximately 10% underlying growth after two U.S. timing adjustments. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026 Current KIMMTRAK U.S. prescribing information · DailyMed

▲ The constructive case

The marketed franchise supplies revenue while TEBE-AM, PRISM-MEL-301 and ATOM test broader use. Early dual-engager observations provide a rationale for planned randomized DUET-UVEAL development. Q3 results and pipeline · November 6, 2026 Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

▼ The cautious case

Small nonrandomized cohorts can overstate efficacy comparisons. HLA restriction, cytokine-release risk, product concentration, rebate payments and equity-linked financing all affect the business. Current KIMMTRAK U.S. prescribing information · DailyMed Q3 2026 Form 10-Q · November 6 Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

Latest IMCR news

Nov 9, 2026

Immunocore to present at upcoming investor conferences

Management will take part in a fireside chat at the UBS Global Biopharma Conference 2026 on Tuesday, November 17, 2026, at 3:20 p.m. GMT. Management will also hold one-on-one and small group meetings at the Jefferies London Global Healthcare Conference on Wednesday, November 18, 2026. The fireside chat will be webcast live via the Investors section of the company's website, with a replay available for a limited time.

Company release · GlobeNewswire

IMCR stock catalysts: brenetafusp, TEBE-AM and autoimmune development

Registry estimates for primary completion are distinct from company readout forecasts. PRISM-MEL-301 lists October 2027; TEBE-AM lists March 2028, while the company forecasts its event-driven topline in Q2 2027. These are different milestones. PRISM-MEL-301 trial registry TEBE-AM trial registry Q3 results and pipeline · November 6, 2026

KIMMTRAK earnings and geographic mix

Q3 revenue comprised $62.224M in the United States, $34.923M in Europe and $5.075M internationally. Nine-month revenue grew 9.9% to $324.826M. U.S. wholesaler stocking in Q2 and an extra U.S. selling week in Q3 2025 affected the quarterly comparison. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

The company expects approximately $120M in Q4 sales-related rebate payments. The September balance sheet therefore represents resources before a material announced cash outflow. Q3 results and pipeline · November 6, 2026

Brenetafusp and the randomized melanoma studies

The SITC analysis included 17 evaluable first-line patients receiving brenetafusp plus KIMMTRAK: ORR 29%, disease control 71%, median response duration 24.1 months and median PFS 8.1 months. Estimated two-year survival was 70%; median OS had not been reached at median follow-up of 29 months. These are early cohort results without a randomized control. Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

TEBE-AM tests tebentafusp after prior therapy with overall survival as its primary endpoint. PRISM-MEL-301 tests first-line brenetafusp plus nivolumab with blinded-review PFS as the primary endpoint. ATOM tests adjuvant tebentafusp with recurrence-free survival as the primary endpoint. TEBE-AM trial registry PRISM-MEL-301 trial registry ATOM adjuvant trial registry

Merlintrader Health Score · IMCR

3.80out of 5
Financial position4.5

September 30 cash and marketable securities were $901.298M against $402.5M convertible principal. Nine-month operating cash flow was positive $22.243M, but approximately $120M of sales-related rebate payments are expected in Q4. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

Catalysts4.0

TEBE-AM has completed target enrollment of 540 patients, with event-driven overall-survival data forecast for Q2 2027. Late-2026 brenetafusp cohort data and an autoimmune CTA/IND are additional company targets, without fixed release dates. Q3 results and pipeline · November 6, 2026

Dilution3.0

September awards included 10,713,054 options and 913,757 unvested RSUs. The $250M ATM remained unused; the 2030 convertible notes add contingent dilution and a cash obligation. Q3 2026 Form 10-Q · November 6 2025 Form 10-K · February 25, 2026

Trading liquidity3.0

IMCR ADSs trade on Nasdaq, one ADS per ordinary share. Daily trading supports market access, while clinical announcements can produce gaps and changing spreads. Q3 2026 Form 10-Q · November 6

Execution3.5

Nine-month KIMMTRAK revenue grew to $324.826M, but Q3 revenue fell to $102.222M and the quarter recorded a $14.222M net loss. The SITC combination cohorts are early evidence; randomized confirmation remains necessary. Q3 2026 Form 10-Q · November 6 Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

Weighted calculation: 4.5 × 30% + 4.0 × 30% + 3.0 × 20% + 3.0 × 10% + 3.5 × 10% = 3.80 out of 5. Editorial assessment as of November 12, 2026. Weights: financial position 30%, catalysts 30%, dilution 20%, trading liquidity 10%, execution 10%. Not an investment recommendation or probability of clinical success.

IMCR red flags

IMCR Stock FAQ: Immunocore Questions Answered

When is the next IMCR stock catalyst?

As of November 12, 2026, Immunocore expects brenetafusp ovarian and lung cohort data at a medical conference later in 2026, without an announced presentation date. Its next fixed investor event is the UBS chat on November 17. TEBE-AM topline survival data are forecast for Q2 2027. Q3 results and pipeline · November 6, 2026 Investor conferences · November 9, 2026

Is Immunocore KIMMTRAK FDA approved?

Yes, as of November 12, 2026, KIMMTRAK is FDA approved for HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma. That indication does not include cutaneous melanoma, adjuvant treatment or the brenetafusp combination, which follow separate investigational development paths. FDA original KIMMTRAK approval letter · January 25, 2022 Current KIMMTRAK U.S. prescribing information · DailyMed Q3 results and pipeline · November 6, 2026

How much cash does Immunocore have?

At September 30, 2026, Immunocore had $901.298 million in cash and marketable securities, comprising $512.245 million of cash and $389.053 million of securities. Convertible-note principal was $402.5 million. The company expects approximately $120 million in sales-related rebate payments during Q4 2026. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

Can IMCR stock face share dilution?

At September 30, 2026, Immunocore had 10,713,054 options and 913,757 unvested RSUs outstanding. Its $250 million ATM remained unused. The $402.5 million convertible notes also create contingent share exposure under their terms, alongside repayment and interest obligations. Q3 2026 Form 10-Q · November 6 2025 Form 10-K · February 25, 2026

When did Immunocore report Q3 earnings?

Immunocore reported on November 6, 2026 that Q3 KIMMTRAK net revenue was $102.222 million and net loss was $14.222 million, or $0.28 per share. Nine-month sales grew to $324.826 million, while the quarterly comparison was affected by U.S. stocking and selling-week timing. Q3 2026 Form 10-Q · November 6 Q3 results and pipeline · November 6, 2026

What does Immunocore do?

As of November 12, 2026, Immunocore develops soluble bispecific therapies using engineered T cell receptors. Its marketed medicine, KIMMTRAK, treats a selected uveal-melanoma population. Other programs target PRAME and additional tumor antigens, HIV-infected cells and tissue-specific autoimmune mechanisms. Q3 results and pipeline · November 6, 2026

When are Immunocore TEBE-AM results expected?

As of November 6, 2026, Immunocore expects event-driven TEBE-AM topline overall-survival results in Q2 2027 after completing target enrollment of 540 previously treated advanced cutaneous-melanoma patients. The registry primary-completion estimate is a separate milestone and does not replace that company data forecast. Q3 results and pipeline · November 6, 2026 TEBE-AM trial registry

What did Immunocore report at SITC?

On November 6, 2026, Immunocore reported 29% response and an estimated 70% two-year survival in 17 evaluable first-line uveal-melanoma patients receiving brenetafusp plus KIMMTRAK. Median survival was not reached at median follow-up of 29 months. The cohort was small and nonrandomized. Brenetafusp plus KIMMTRAK Phase 1/2 cohorts · November 6, 2026

Primary sources

Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $IMCR or any other security.

Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases, ClinicalTrials.gov and market data, and are stated with their reference dates. Data can change without notice. Readers should verify every figure against the primary source before acting on it.

Clinical-stage biotechnology companies carry high execution, regulatory and financing risk. Trials fail, endpoints miss, enrollment slips, regulators ask for more data or decline to file an application, and companies that spend ahead of revenue raise equity at whatever price the market will bear. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate. Investors may lose part or all of their capital.

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