Immunocore Holdings plc (IMCR): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Immunocore Holdings plc, trying to see past the press releases to the actual mechanics of how they make money and plan to grow. Honestly, it boils down to one breakthrough product, Kimmtrak, which pulled in $103.7 million in net sales just in Q3 2025, underpinned by a solid $892.4 million cash pile as of late 2025. The real story, though, is their proprietary ImmTAX technology platform, which they are aggressively pushing beyond metastatic uveal melanoma into new indications, meaning their current revenue stream is just the down payment on a much bigger future. Let's map out the nine blocks so you can see exactly where the capital is flowing-heavy R&D at $70.6 million in Q3-and what the next big value driver will be.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Key Partnerships

You're looking at how Immunocore Holdings plc builds its commercial reach and advances its pipeline through external relationships. These alliances are critical for global distribution and de-risking late-stage development.

The distribution partnership with Er-Kim Pharmaceuticals, announced on June 30, 2025, secures commercialization for KIMMTRAK in Turkey, the Middle East, North Africa, Caucasus, and the Commonwealth of Independent States regions. This helps Immunocore Holdings plc expand beyond its direct launches, which, as of the third quarter of 2025, covered 28 countries out of 39 total approvals for KIMMTRAK.

For clinical development, the collaboration with the European Organisation for Research and Treatment of Cancer (EORTC) is central to the adjuvant uveal melanoma franchise. EORTC sponsors the ATOM Phase 3 trial, which is designed to enroll a total of 290 patients. Enrollment for this trial remains on track, with completion projected for the first half of 2026.

The development of the ImmTAV infectious disease programs, targeting HIV and HBV, is supported by the Bill & Melinda Gates Foundation (BMGF). This partnership was established with an investment of up to $40 million to accelerate the development of ImmTAV molecules. As of Q3 2025, Immunocore Holdings plc is advancing clinical candidates for both HIV and HBV, having shared encouraging early safety and anti-viral activity data for the HIV program in the first quarter of 2025.

Immunocore Holdings plc relies heavily on external sites for its clinical work. This includes numerous academic and clinical research institutions globally to support ongoing Phase 1/2/3 trials across oncology and infectious diseases. For instance, the PRISM-MEL-301 trial has successfully activated 150 global sites.

To manage supply for its commercial and clinical needs, Immunocore Holdings plc partners with Contract Manufacturing Organizations (CMOs) for drug substance and product supply. The company's R&D expenses for the third quarter ended September 30, 2025, were $70.6 million, which included clinical material manufacturing for anticipated Phase 1 initiations in autoimmune programs, reflecting the operational scale supported by these external manufacturing relationships.

Here's a quick look at the key external entities driving commercial and clinical execution:

The success of these partnerships directly impacts the top line; KIMMTRAK net revenues for Q3 2025 reached $103.7 million, with ex-U.S. markets contributing approximately 35% of Q2 2025 revenue, showing the value of regional partners like Er-Kim. Finance: review Q4 2025 rebate accrual payment of ~$65 million against cash reserves of $892.4 million as of September 30, 2025.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Key Activities

You're looking at the core engine driving Immunocore Holdings plc right now-the activities that turn their science into revenue and future potential. It's all about execution across the clinic and the market.

Research and development (R&D) of the proprietary ImmTAX platform

The R&D activity is heavily weighted toward advancing the ImmTAX platform across oncology and into autoimmune disease. This investment is clearly visible in the operating expenses.

For the third quarter ended September 30, 2025, research and development (R&D) expenses were reported at $70.6 million. This represented an increase from $52.8 million for the same period in 2024. The rise in R&D spend reflects preclinical expenses for the autoimmune programs, including clinical material manufacturing for anticipated Phase 1 initiations, and ongoing clinical expenses for the Phase 3 trials. For comparison, R&D expenses in the first quarter of 2025 were $56.5 million.

Manufacturing and quality control of the commercial product, Kimmtrak

Manufacturing and quality control are embedded within the Cost of Revenue as Immunocore scales commercial supply for Kimmtrak and prepares clinical supply for pipeline candidates. The cost associated with the sale of therapies shows the direct cost of goods sold.

For the three months ended March 31, 2025, the cost of revenue from the sale of therapies, net, was $3.616 million (or $3,616 thousand). This contrasts with a much higher cost of revenue of $26.490 million for the same period in 2024. The prior year's higher cost was linked to timing of manufacturing batches for PRAME programs within external R&D expenses, showing how manufacturing timing impacts reported costs.

Executing three ongoing Phase 3 melanoma trials (TEBE-AM, ATOM, PRISM-MEL-301)

Immunocore Holdings plc is actively managing three registrational Phase 3 trials to expand Kimmtrak's use beyond metastatic uveal melanoma. This is a critical, resource-intensive activity.

The status of these three trials as of late 2025 is:

• The TEBE-AM trial in second-line or later cutaneous melanoma (CM) has an overall survival (OS) primary endpoint. Enrollment completion remains on track for the first half of 2026.
• The ATOM trial in adjuvant uveal melanoma (UM) is currently in the initial stages of site activation and patient accrual, with the European Organisation for Research and Treatment of Cancer (EORTC) expecting to start U.S. sites in the fall of 2025.
• The PRISM-MEL-301 trial in first-line CM has selected 160 mcg as the go-forward dose following an Independent Data Monitoring Committee (IDMC) review. The trial involves 150 global sites.

Global commercial expansion and launch of Kimmtrak in new countries (approved in 39, launched in 28)

Driving global commercial expansion for Kimmtrak is a primary focus, evidenced by consistent net sales growth and expanding geographic footprint. This activity generates the current revenue base.

By the third quarter of 2025, Kimmtrak was approved in 39 countries and had been launched in 28 countries globally. Net product sales for Q3 2025 reached $103.7 million, a 29% increase year-over-year. The average duration of therapy in the U.S. market increased to 14 months in Q3 2025.

Here's a breakdown of the Q3 2025 net product sales:

Filing Clinical Trial Applications (CTA) for autoimmune candidates, like Type 1 Diabetes, by year-end 2025

Advancing the pipeline into the autoimmune space via CTA filings is a key forward-looking activity planned for late 2025. This activity leverages the ImmTAX platform for immune modulation rather than activation.

Immunocore Holdings plc remains on track to file the Clinical Trial Application (CTA) or Investigational New Drug (IND) application for its first autoimmune candidate, IMC-S118AI targeting Type 1 Diabetes, by year-end 2025. The company anticipates starting the Phase I trial for this candidate in the first half of 2026.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Key Resources

The Key Resources for Immunocore Holdings plc center on its proprietary scientific foundation, its sole commercialized asset, and its financial stability to fund ongoing development.

Proprietary ImmTAX (Immune mobilising monoclonal TCRs Against X disease) technology platform

• Proprietary, flexible, off-the-shelf engineered T cell receptor (TCR) bispecific immunotherapy system.
• Designed to generate soluble TCRs with ultra-high affinity.
• Platform is being leveraged across oncology, infectious diseases, and autoimmune diseases.

Approved product: Kimmtrak (tebentafusp), the first TCR therapeutic

Kimmtrak is the most advanced asset, approved for HLA-A02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom. The commercial momentum supports continued pipeline investment.

Intellectual property (IP) protecting the ImmTAX platform and pipeline assets

The value resides in the patents and know-how protecting the TCR engineering science underpinning the ImmTAX platform and its numerous clinical and pre-clinical candidates, including those in Phase 3 trials for melanoma indications.

Strong cash, cash equivalents, and marketable securities of $892.4 million as of Q3 2025

This financial buffer supports the execution of multiple ongoing registrational trials and preparation for autoimmune candidate submissions. Here's the quick math on recent operating expenses:

What this estimate hides is the planned ~$65M in sales-related rebate accruals expected to be paid in Q4 2025, which is a near-term cash use.

Specialized scientific and clinical talent focused on TCR biology

The team's expertise is critical for advancing the pipeline, which includes multiple ongoing Phase 1/2 trials in oncology and infectious diseases, and informing development using translational medicine datasets from over a thousand patients treated with KIMMTRAK.

• Progressing three registrational Phase 3 trials in additional melanoma indications.
• Planning to report initial multiple ascending dose data for the HIV TCR therapy in 2025.
• Planning to submit a clinical trial application (CTA) for two autoimmune candidates by year-end 2025.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Value Propositions

Immunocore Holdings plc provides the first and only approved T-cell receptor therapeutic for metastatic uveal melanoma (mUM), which is KIMMTRAK (tebentafusp-tebn).

KIMMTRAK is approved in 39 countries globally for HLA-A02:01 positive people with unresectable or metastatic uveal melanoma (mUM). As of Q3 2025, Immunocore Holdings plc generated net product sales of $103.7 million for KIMMTRAK. For the first nine months of 2025, net product sales reached $295.5 million. In the United States, the mean duration of treatment for KIMMTRAK increased to 14 months as of Q3 2025.

The durable overall survival benefit demonstrated for mUM patients is a key value driver. In the Phase 3 trial follow up, the three-year overall survival (OS) rate was 27% in the KIMMTRAK arm, compared to 18% in the control arm. The median OS on KIMMTRAK was 21.6 months, against 16.9 months for investigator's choice. The OS Hazard Ratio (HR) favoring KIMMTRAK was 0.68 (95% CI: 0.54 to 0.87). The overall response rate was 11% for KIMMTRAK versus 5% for the control arm, with a median duration of response of 11.1 months.

Immunocore Holdings plc targets intracellular proteins previously considered undruggable across oncology, infectious, and autoimmune diseases using its proprietary ImmTAX platform. The company is advancing ImmTAV molecules, which are novel bispecifics, to cure chronic infections such as HIV and hepatitis B virus (HBV). Furthermore, Immunocore Holdings plc plans to file a Clinical Trial Application (CTA) for its first autoimmune candidate, targeting Type 1 diabetes, by year-end 2025.

The development of off-the-shelf, bispecific ImmTAX molecules for broad disease application is supported by a robust pipeline. The company is executing three ongoing registrational Phase 3 oncology trials.

The company's financial position supports this pipeline advancement. As of September 30, 2025, cash, cash equivalents and marketable securities totaled $892.4 million. Immunocore Holdings plc expects to pay approximately $65 million in sales-related rebate accruals in the fourth quarter of 2025.

The ImmTAX platform's application extends beyond the current focus areas, as shown by ongoing trials:

• Advancing clinical candidates for HIV and HBV.
• Phase 1 trials evaluating brenetafusp combinations for ovarian and lung cancers.
• IMC-P115C (PRAME-HLE) in Phase 1 for multiple solid tumors.
• IMC-R117C (PIWIL1) in Phase 1/2 for Colorectal and GI cancers.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Customer Relationships

High-touch, specialized medical affairs engagement with oncology Key Opinion Leaders (KOLs).

• KOL engagement is critical for scientific dissemination and market adoption of KIMMTRAK.
• Data generated from more than a thousand patients treated with KIMMTRAK and investigational therapies informs clinical development and engagement strategy.

Dedicated sales force supporting treatment initiation and patient access in specialty centers.

The company must train its sales force to ensure a consistent and appropriate message about KIMMTRAK and its proper administration and label indication. The commercialization success depends on this training and equipping representatives with effective materials.

Patient support programs to manage treatment side effects and access.

Immunocore provides the KIMMTRAKConnect program, which offers personalized support through dedicated nurse case managers, including educational resources, financial assistance, and site of care coordination.

Ongoing clinical trial engagement with investigators and patients.

Immunocore Holdings plc is actively enrolling patients across its pipeline, which includes three ongoing registrational Phase 3 trials in melanoma indications. The company is committed to advancing these programs to support future patient access.

The engagement spans multiple geographies, with Q1 2025 net revenue from KIMMTRAK sales showing $56.6 million in the United States and $32.8 million in Europe.

• The company plans to file a clinical trial application for type 1 diabetes candidates by the end of 2025.
• Dose selection for the Phase 3 PRISM-MEL-301 trial is expected in the second half of 2025.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Channels

The commercialization channels for Immunocore Holdings plc focus on direct engagement in core markets and strategic partnerships for broader international reach, all underpinned by data dissemination to drive adoption of KIMMTRAK.

Direct sales force to specialized oncology centers and hospitals in the US and Europe.

Immunocore Holdings plc supports the appropriate use of KIMMTRAK in the United States and Europe through a fit-for-purpose trained commercial team, which includes sales, medical, and value access team members. The company employs a hybrid commercialization model. In the United States, this involves an in-house sales force, while in Europe, it utilizes contracted resources alongside their internal teams. As of Q2 2025, market penetration for KIMMTRAK in the U.S. reached 68%. Furthermore, 70% of prescriptions in the U.S. were originating from community settings by Q2 2025. In mature European markets like Germany and France, penetration exceeded 80%. The average duration of therapy was approximately 13 months across both the U.S. and mature European markets as of the second quarter of 2025. Successful market access achievements in Europe contributed to a significant year-over-year revenue increase.

The performance across these core channels in Q2 2025 was strong:

Distribution agreements with regional partners for international markets.

To expand global reach beyond the core US and European markets, Immunocore Holdings plc relies on exclusive agreements. The company has an exclusive multi-regional agreement with Medison Pharma Ltd. to assist with regulatory authorization and commercialization across Canada, Australia, New Zealand, Israel, Central and Eastern Europe, South and Central America, and the Caribbean. More recently, the company expanded into the Turkey and MENA regions through a partnership with Er-Kim. KIMMTRAK is currently approved in 39 countries and commercially launched in 28 as of Q2 2025. These international launches, including the U.K., Poland, and the Netherlands, drove the exceptional European growth.

Specialty pharmacies and distributors for product delivery.

While specific specialty pharmacy partners aren't detailed, the operational success implies a robust logistics chain capable of handling complex therapeutics. This is evidenced by the consistent therapy duration and the ability to recognize revenue from pricing agreements. For instance, a one-time $6 million positive revenue adjustment was recognized in Q1 2025 following successful pricing negotiations in France and Germany. The company expects to pay approximately $65 million in European rebate accruals in the second half of 2025, which speaks to the scale of product delivery and reimbursement management through the distribution network. The company's cash and marketable securities stood at $883 million at the end of June 2025, providing the financial backing for these complex supply chain operations.

Medical conferences and publications for data dissemination to defintely drive adoption.

Data dissemination is a key channel to drive physician adoption. Immunocore Holdings plc management actively presented at key industry events. The company presented at the 2025 Jefferies Global Healthcare Conference on Thursday, June 5, 2025. Furthermore, initial multiple ascending dose data for an HIV functional cure candidate was presented in an oral presentation at CROI 2025. The company also publicly reported its Q2 2025 financial results on August 7, 2025, which includes commercial updates intended for the investment community and, by extension, the broader medical and payer audience.

The company has presented at the following investor events in 2025:

• 2025 Jefferies Global Healthcare Conference (June 5, 2025).
• Investor calls following quarterly results, such as the Q2 2025 call on August 7, 2025.
• Presentation of initial data at CROI 2025.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Customer Segments

You're looking at the core patient and provider groups Immunocore Holdings plc targets right now and where they see the patient pool expanding. It's all about getting KIMMTRAK to the right people and setting up the next wave of therapies.

The primary, currently commercialized segment is very specific. Immunocore Holdings plc is focused on HLA-A02:01 positive adult patients with unresectable or metastatic uveal melanoma (mUM). This focus is supported by the fact that KIMMTRAK is now approved in 39 countries globally and has been launched in 28 countries as of the third quarter of 2025. The company's Q3 2025 net revenues reached $103.7 million, driven by sales of KIMMTRAK in this segment.

The second key segment involves the healthcare professionals and institutions that deliver the treatment. This includes oncologists and specialized melanoma treatment centers globally. Hospitals are noted as the largest end-user segment in the broader melanoma market. For Immunocore Holdings plc, KIMMTRAK is considered the standard of care in most markets where it is launched. The geographic revenue breakdown for Q3 2025 shows the current commercial focus:

The company is actively building out its melanoma franchise by targeting future patient pools. These future segments represent significant potential expansion beyond the current mUM indication for KIMMTRAK. The company sees three key growth areas for KIMMTRAK, which define these future segments:

• Potential expansion into 2L+ advanced cutaneous melanoma (CM).
• Potential expansion into adjuvant uveal melanoma.
• The Phase 3 registrational trial (PRISM-MEL-301) is evaluating brenetafusp in first-line advanced cutaneous melanoma.

For the adjuvant uveal melanoma indication, the addressable patient population is estimated to be substantial. Specifically, the HLA-A02:01 positive, high-risk adjuvant uveal melanoma patient population could be up to 1,200 patients in the US and Europe. Furthermore, there is a potential to address an estimated 10,000 HLA-A02:01 positive patients in the US and Europe across the adjuvant indication, despite existing therapies.

Beyond oncology, Immunocore Holdings plc is targeting patients in chronic infectious diseases and autoimmune diseases, leveraging its ImmTAC platform. The company is advancing clinical candidates in these areas, which represent entirely new customer bases:

• Chronic Infectious Diseases: Candidates for HIV and hepatitis B virus (HBV). Initial multiple ascending dose data for the HIV candidate was presented at CROI 2025, and data updates for the HBV candidate are planned by the end of 2025.
• Autoimmune Diseases: The company plans to submit a Clinical Trial Application (CTA) for its Type 1 diabetes candidate by the second half of 2025.

To give you a sense of the platform's overall potential reach across solid tumors, the annual number of eligible patients worldwide who test positive for HLA-A02:01 is estimated to be up to 150,000. The company's financial position, with $892.4 million in cash, cash equivalents, and marketable securities as of September 30, 2025, supports the continued enrollment and development across these diverse segments. Finance: draft 13-week cash view by Friday.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Immunocore Holdings plc's dual engine of commercial success and pipeline advancement as of late 2025. The cost structure reflects heavy, necessary spending to support the ongoing sales of KIMMTRAK and to push several high-potential assets through late-stage development.

The third quarter of 2025 showed a clear ramp-up in operational costs, directly tied to executing Phase 3 trials and preparing for the next wave of product launches. Honestly, this is where the capital raised is being deployed.

The R&D spend is the engine for future value, covering everything from preclinical work on autoimmune programs to the costs associated with running large-scale human trials. Here's the quick math: that $70.6 million in Q3 2025 R&D is a significant commitment.

The SG&A increase to $39.8 million in Q3 2025 is clearly linked to the commercial expansion of KIMMTRAK globally and supporting the growing pipeline infrastructure. What this estimate hides is the exact split between commercial selling costs and general corporate overhead.

A major near-term cash outflow is the expected settlement of rebates related to product sales.

• Expected payment for sales-related rebate accruals in Q4 2025: approximately $65 million.

The clinical trial costs are a substantial component of the R&D budget, reflecting the commitment to three pivotal Phase 3 programs and earlier-stage assets. These costs include clinical material manufacturing for anticipated Phase 1 initiations in autoimmune programs.

Key clinical trial activities driving costs include:

• Progression of the Phase 3 trial TEBE-AM in previously treated advanced cutaneous melanoma, with enrollment completion projected for the first half of 2026.
• Advancement of the Phase 3 trial PRISM-MEL-301 in first-line cutaneous melanoma, where the 160 mcg dose was selected as the go-forward regimen.
• The ongoing Phase 3 ATOM trial in adjuvant uveal melanoma.
• Advancement of multiple early-stage programs in infectious diseases (like HBV) and autoimmune diseases (like type 1 diabetes, with a CTA filing targeted by year-end 2025).

Manufacturing and supply chain costs are embedded within these R&D figures, particularly for clinical material production for the autoimmune pipeline, alongside the ongoing costs to support the commercial supply of KIMMTRAK.

Finance: draft 13-week cash view by Friday.

Immunocore Holdings plc (IMCR) - Canvas Business Model: Revenue Streams

You're looking at the core engine driving Immunocore Holdings plc's current financial performance, which is almost entirely centered on the commercial success of KIMMTRAK (tebentafusp). This is where the rubber meets the road for the business model right now.

The most concrete number you have is the recent quarterly performance. For the third quarter ended September 30, 2025, net product sales of KIMMTRAK totaled exactly $103.7 million. This represents a strong 29% year-over-year growth for the quarter. To get a better sense of where that revenue is coming from, here's the regional breakdown for that same quarter:

Looking at the longer trend, total net product sales of KIMMTRAK for the first nine months of 2025 reached $295.5 million. This cumulative figure shows sustained momentum across the first three quarters of the fiscal year.

Sales volume growth isn't just about new patients; it's about keeping the existing ones on therapy longer. We see clear evidence of this in the US market, where the mean duration of treatment increased to 14 months as of Q3 2025. That extended duration is a key driver of the 18% year-over-year quarterly sales growth seen specifically in the United States. For comparison, Europe and international regions combined saw even stronger growth at 58% year-over-year for the quarter, likely due to new country launches and increased demand.

Beyond the immediate product sales, the revenue stream architecture includes significant future optionality tied to the pipeline. Immunocore Holdings plc has several key licensing and collaboration agreements in place, which means potential future milestone and royalty payments are a component of the long-term revenue model. While specific near-term payment triggers aren't always public, the progress in their pipeline-advancing three Phase 3 melanoma trials (TEBE-AM, PRISM-MEL-301, ATOM) and multiple mid-stage programs in infectious diseases like HIV and HBV-is what builds the value of these contingent revenue streams. The company's strong balance sheet, with cash, cash equivalents, and marketable securities totaling $892.4 million as of September 30, 2025, supports the investment needed to realize these future milestones.

To summarize the key drivers of current revenue, you should track these elements:

• Net product sales of KIMMTRAK, hitting $103.7 million in Q3 2025.
• Nine-month cumulative sales for 2025 at $295.5 million.
• US sales volume supported by a mean duration of therapy of 14 months.
• Contingent revenue potential from pipeline advancements, including brenetafusp and ImmTAV molecules.

Finance: draft 13-week cash view by Friday.