Immunocore Reports First Quarter 2023 Financial Results and Provides Business Update
Immunocore Reports First Quarter 2023 Financial Results and Provides Business Update
KIMMTRAK net revenues of £42.1 million ($52.0 million) in Q1 2023, with continued commercial expansion
Randomization started in Phase 2/3 trial with KIMMTRAK in previously-treated, advanced melanoma
Patients continue to enroll in monotherapy and combination arms of IMC-F106C (PRAME-HLA-A02) Phase 1/2 trial
Enrolling people living with HIV in multiple ascending dose part of IMC-M113V Phase 1 trial
Cash and cash equivalents increased to
(OXFORDSHIRE, England & CONSHOHOCKEN, Penn. & ROCKVILLE, Md., US, 10 May 2023) Immunocore Holdings plc (Nasdaq: IMCR), a commercial-stage biotechnology company pioneering the development of a novel class of T cell receptor (TCR) bispecific immunotherapies designed to treat a broad range of diseases, including cancer, infectious diseases and autoimmune conditions, today announced its financial results for the first quarter ended March 31, 2023, and provided a business update.
“In the first year of launch, we have established KIMMTRAK as the most prescribed medicine for HLA-A*02:01 positive patients with mUM in the US, Germany and France,” commented Ralph Torbay, Head of Commercial of Immunocore. “We continue to work with health authorities and healthcare professionals to bring KIMMTRAK to more patients with mUM around the world, with the goal of extending their lives."
First Quarter 2023 Highlights (including post-period)
KIMMTRAK® (tebentafusp-tebn) for metastatic uveal melanoma (mUM)
KIMMTRAK is approved in over 30 countries globally and commercial expansion continues as we prepare to make the medicine available to even more patients. Total net product revenue (or “net sales”) arising from the sale of KIMMTRAK (tebentafusp) was
During the first quarter of 2023, KIMMTRAK became the most prescribed medicine for HLA*02:01 positive patients with mUM with over half of patients in first line (1L) receiving KIMMTRAK. In addition, the majority of mUM patients in the U.S. were being treated with KIMMTRAK in the community setting.
In France and Germany, an estimated
In April, the Company presented data in HLA-A*02:01+ patients with mUM at the 2023 American Association for Cancer Research (AACR) Annual Meeting. The data demonstrated a correlation between early circulating tumor DNA (ctDNA) reduction and longer overall survival (OS) in the Phase 3 trial with KIMMTRAK (tebentafusp). ctDNA reduction by week 9 was observed in
The Company had two abstracts accepted for poster presentation at the upcoming 2023 American Society of Clinical Oncology (ASCO) Annual Meeting taking place June 2-6, 2023 in Chicago, IL:
Title: Early ctDNA reduction may identify patients with stable disease and long OS on tebentafusp
- Presenting author: Dan Feng
- Session: Melanoma/Skin cancers
- Date & time: 3 June – 1:15-4:15 p.m. CT
Title: A Phase 2/3 trial in progress on tebentafusp as monotherapy and in combination with pembrolizumab in HLA-A*02:01+ patients with previously treated advanced non-uveal melanoma (TEBE-AM)
- Presenting author: Diwakar Davar
- Session: Melanoma/Skin cancers (Trial in Progress)
- Date & time: 3 June – 1:15-4:15 p.m. CT
Tebentafusp Phase 2 / 3 trial in advanced melanoma
The Company has started randomizing in its Phase 2/3 clinical trial of tebentafusp in patients with previously treated advanced melanoma. The trial is randomizing patients with advanced melanoma, excluding uveal melanoma, who have progressed on an anti-PD1, received prior ipilimumab and, if applicable, received a BRAF kinase inhibitor. Patients will be randomized to one of three arms including tebentafusp, as monotherapy or in combination with an anti-PD1, and a control arm. The Phase 2 portion of the trial will include 40 patients per arm and has a dual primary endpoint of overall survival (OS) and ctDNA reduction.
IMC-F106C targeting PRAME-A02 in multiple solid tumors
The Company is continuing to expand the clinical trial footprint for PRAME-A02 trial enrolling patients into the Phase 1/2 monotherapy and combination arms across multiple tumor types, including the four expansion arms for patients with advanced ovarian, non-small cell lung, endometrial, and melanoma cancers. The Company expects to report data from the monotherapy and combination arms by the first half of 2024.
Expansion of PRAME franchise: IMC-T119C (PRAME-A24) & IMC-P115C (PRAME-A02 HLE)
In January 2023, the Company revealed the addition of two new PRAME ImmTAC candidates IMC-T119C (PRAME-A24) and IMC-P115C (PRAME-A02 HLE) for solid tumors to the pipeline. The Company plans to submit investigational new drug applications (INDs) or clinical trial applications (CTAs) for these two ImmTAC candidates in 2024.
First-in-class ImmTAC candidate – IMC-R117C (PIWIL1)
In January 2023, the Company announced the addition of IMC-R117C to the pipeline, an ImmTAC targeting a novel protein for colorectal and other gastrointestinal cancers. The Company believes IMC-R117C is the first PIWIL1 targeted immunotherapy and plans to submit an IND / CTA in the fourth quarter of 2023.
IMC-M113V: aiming for a functional cure for HIV
In February 2023, the Company presented initial safety and pharmacodynamic activity data with IMC-M113V, the first soluble TCR therapy for people living with Human Immunodeficiency Virus (HIV), at the 2023 Conference on Retroviruses and Opportunistic Infections (CROI). Five out of the ten participants who received the 15-mcg dose showed a >4-fold rise in IL6, which had been prespecified as indicative of pharmacodynamic activity based on the Company’s experience in oncology clinical trials with ImmTAC therapies.
The Company has started enrolling people living with HIV in the multiple ascending dose (MAD) part of the trial, to identify a safe and tolerable dosing schedule. This study will also test whether IMC-M113V could lead to reduction in the viral load and, after stopping all therapies (antiretroviral therapies and ImmTAV), delay or prevent HIV rebound (known as functional cure). The MAD trial will enroll up to 28 participants.
Financial Results
Total net product revenue arising from the sale of KIMMTRAK was
The KIMMTRAK revenue of
For the three months ended March 31, 2023, our research and development expenses increased to
Total operating loss for the three months ended March 31, 2023, was
Basic and diluted loss per share for the three months ended March 31, 2023, was
Cash and cash equivalents increased to
We maintain our books and records in pounds sterling. For the convenience of the reader, we have translated pound sterling amounts as of and for the period ended March 31, 2023 into U.S. dollars at a rate of
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About Uveal Melanoma
Uveal melanoma is a rare and aggressive form of melanoma, which affects the eye. Although it is the most common primary intraocular malignancy in adults, the diagnosis is rare, and up to
About KIMMTRAK®
KIMMTRAK is a novel bispecific protein comprised of a soluble T cell receptor fused to an anti-CD3 immune-effector function. KIMMTRAK specifically targets gp100, a lineage antigen expressed in melanocytes and melanoma. This is the first molecule developed using Immunocore’s ImmTAC technology platform designed to redirect and activate T cells to recognize and kill tumor cells. KIMMTRAK has been approved for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom.
IMPORTANT SAFETY INFORMATION
Cytokine Release Syndrome (CRS), which may be serious or life-threatening, occurred in patients receiving KIMMTRAK. Monitor for at least 16 hours following first three infusions and then as clinically indicated. Manifestations of CRS may include fever, hypotension, hypoxia, chills, nausea, vomiting, rash, elevated transaminases, fatigue, and headache. CRS occurred in
Skin Reactions
Skin reactions, including rash, pruritus, and cutaneous edema occurred in
Elevated Liver Enzymes
Elevations in liver enzymes occurred in
Embryo-Fetal Toxicity
KIMMTRAK may cause fetal harm. Advise pregnant patients of potential risk to the fetus and patients of reproductive potential to use effective contraception during treatment with KIMMTRAK and 1 week after the last dose.
The most common adverse reactions (≥
For more information, please see full Summary of Product Characteristics (SmPC) or full U.S. Prescribing Information (including BOXED WARNING for CRS).
About KIMMTRAKConnect
Immunocore is committed to helping patients who need KIMMTRAK obtain access via our KIMMTRAKConnect program. The program provides services with dedicated nurse case managers who provide personalized support, including educational resources, financial assistance, and site of care coordination. To learn more, visit KIMMTRAKConnect.com or call 844-775-2273.
About Immunocore
Immunocore is a commercial-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX – Immune mobilizing monoclonal TCRs Against X disease – designed to treat a broad range of diseases, including cancer, autoimmune, and infectious disease. Leveraging its proprietary, flexible, off-the-shelf ImmTAX platform, Immunocore is developing a deep pipeline in multiple therapeutic areas, including five clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and multiple earlier pre-clinical programs. The Company’s most advanced oncology TCR therapeutic, KIMMTRAK has been approved for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom.
Forward looking statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “believe”, “expect”, “plan”, “anticipate” and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These statements include, but are not limited to, the commercial performance of KIMMTRAK including continued launch momentum and planned launches in additional countries; the Company’s commitment to extending lives and plans to continue to work with health authorities and healthcare professionals to bring KIMMTRAK to more patients with mUM around the world; the potential benefits KIMMTRAK will provide for patients; the ability of KIMMTRAK Connect to facilitate patient access in the community setting; the expected submission of investigational new drug applications or clinical trial applications, including for IMC-T119C (PRAME-A24), IMC-P115C (PRAME-A02 HLE), and IMC-R117C (PIWIL1); the potential regulatory approval, expected clinical benefits and availability of Immunocore’s product candidates; expectations regarding the design, progress, timing, enrollment, scope, expansion, and results of Immunocore’s existing and planned clinical trials, including the randomized Phase 2/3 clinical trial of tebentafusp in patients with previously treated advanced melanoma, the monotherapy and combinations arms of the IMC-F106C Phase 1/2 clinical trial, the multiple ascending dose part of the IMC-M113V clinical trial in patients with HIV, including the timing for reporting data from the monotherapy and combination arms of the IMC-F106C Phase 1/2 clinical trial; and potential growth opportunities and trends, including in connection with product launches in future quarters. Any forward-looking statements are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially and adversely from those set forth in or implied by such forward-looking statements, many of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, the impact of worsening macroeconomic conditions and the ongoing and evolving COVID-19 pandemic on the Company’s business, financial position, strategy and anticipated milestones, including Immunocore’s ability to conduct ongoing and planned clinical trials; Immunocore’s ability to obtain a clinical supply of current or future product candidates or commercial supply of KIMMTRAK or any future approved products, including as a result of the COVID-19 pandemic, war in Ukraine or global geopolitical tension; Immunocore’s ability to obtain and maintain regulatory approval of its product candidates, including KIMMTRAK; Immunocore’s ability and plans in continuing to establish and expand a commercial infrastructure and to successfully launch, market and sell KIMMTRAK and any future approved products; Immunocore’s ability to successfully expand the approved indications for KIMMTRAK or obtain marketing approval for KIMMTRAK in additional geographies in the future; the delay of any current or planned clinical trials, whether due to the COVID-19 pandemic, patient enrollment delays or otherwise; Immunocore’s ability to successfully demonstrate the safety and efficacy of its product candidates and gain approval of its product candidates on a timely basis, if at all; competition with respect to market opportunities; unexpected safety or efficacy data observed during preclinical studies or clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials or future regulatory approval; Immunocore’s need for and ability to obtain additional funding, on favorable terms or at all, including as a result of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, and the impacts thereon of the COVID-19 pandemic, war in Ukraine and global geopolitical tension; Immunocore’s ability to obtain, maintain and enforce intellectual property protection for KIMMTRAK or any product candidates it is developing; and the success of Immunocore’s current and future collaborations, partnerships or licensing arrangements. These and other risks and uncertainties are described in greater detail in the section titled "Risk Factors" in Immunocore’s filings with the Securities and Exchange Commission, including Immunocore’s most recent Annual Report on Form 20-F for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 1, 2023, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information, except as required by law.
CONTACT:
Immunocore
Sébastien Desprez, Head of Communications
T: +44 (0) 7458030732
E: mailto:sebastien.desprez@immunocore.com
Follow on Twitter: @Immunocore
Investor Relations
Clayton Robertson, Head of Investor Relations
T: +1 215-384-4781
E: ir@immunocore.com
Condensed Consolidated Statements of Loss
Comparison of the Three Months Ended March 31, 2023 and 2022
| Three Months Ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| $’000 | £’000 | £’000 | ||||||
| Product revenue, net | 52,014 | 42,052 | 7,682 | |||||
| Pre-product, revenue, net | — | — | 2,829 | |||||
| Collaboration revenue | 3,079 | 2,489 | 11,963 | |||||
| Total revenue | 55,093 | 44,541 | 22,474 | |||||
| Cost of product revenue | (220) | (178) | (248) | |||||
| Research and development expenses | (35,189) | (28,449) | (18,581) | |||||
| Selling and administrative expenses | (41,190) | (33,301) | (20,105) | |||||
| Operating loss | (21,506) | (17,387) | (16,460) | |||||
| Finance income | 3,149 | 2,546 | 10 | |||||
| Finance costs | (2,004) | (1,620) | (1,333) | |||||
| Non-operating expense | 1,145 | 926 | (1,323) | |||||
| Loss before taxes | (20,361) | (16,461) | (17,783) | |||||
| Income tax (charge) / credit | (292) | (236) | 1,655 | |||||
| Loss for the period | (20,653) | (16,697) | (16,128) | |||||
| Basic and diluted loss per share - $ / £ | (0.43) | (0.35) | (0.37) | |||||
Condensed Consolidated Statement of Cash Flows for Each Period Presented:
| Three Months Ended March 31, | ||||||||
| 2023 | 2023 | 2022 | ||||||
| $’000 | £’000 | £’000 | ||||||
| Cash and cash equivalents at beginning of year | 411,317 | 332,539 | 237,886 | |||||
| Net cash flows from / (used in) operating activities | 10,875 | 8,792 | (30,833) | |||||
| Net cash flows used in investing activities | (487) | (394) | (133) | |||||
| Net cash flows from / (used in) / from financing activities | 3,074 | 2,485 | (1,332) | |||||
| Net foreign exchange difference on cash held | (7,374) | (5,961) | 265 | |||||
| Cash and cash equivalents at end of period | 417,405 | 337,461 | 205,853 | |||||
Condensed Consolidated Statements of Financial Position at
| March 31, 2023 £’000 | December 31, 2022 £’000 | |||||||
| Non-current assets | ||||||||
| Property, plant and equipment | 8,156 | 6,472 | ||||||
| Intangible assets | 410 | 410 | ||||||
| Right of use assets | 24,742 | 25,173 | ||||||
| Other non-current assets | 7,033 | 7,342 | ||||||
| Deferred tax asset | 4,285 | 4,240 | ||||||
| Total non-current assets | 44,626 | 43,637 | ||||||
| Current assets | ||||||||
| Inventory | 882 | 943 | ||||||
| Trade and other receivables | 45,200 | 46,711 | ||||||
| Tax receivable | 2,365 | 11,688 | ||||||
| Cash and cash equivalents | 337,461 | 332,539 | ||||||
| Total current assets | 385,908 | 391,881 | ||||||
| Total assets | 430,534 | 435,518 | ||||||
| Equity | ||||||||
| Share capital | 97 | 97 | ||||||
| Share premium | 128,744 | 123,751 | ||||||
| Foreign currency translation reserve | (2,717) | (3,097) | ||||||
| Other reserves | 337,847 | 337,847 | ||||||
| Share-based payment reserve | 88,072 | 81,411 | ||||||
| Accumulated deficit | (277,950) | (261,253) | ||||||
| Total equity | 274,093 | 278,756 | ||||||
| Non-current liabilities | ||||||||
| Non-current accruals | 824 | 1,479 | ||||||
| Interest-bearing loans and borrowings | 38,677 | 39,500 | ||||||
| Deferred revenue | 4,331 | 4,331 | ||||||
| Lease liabilities | 27,822 | 28,248 | ||||||
| Provisions | 125 | 114 | ||||||
| Total non-current liabilities | 71,779 | 73,672 | ||||||
| Current liabilities | ||||||||
| Trade and other payables | 78,158 | 75,076 | ||||||
| Deferred revenue | 4,806 | 6,408 | ||||||
| Lease liabilities | 1,636 | 1,555 | ||||||
| Provisions | 62 | 51 | ||||||
| Total current liabilities | 84,662 | 83,090 | ||||||
| Total liabilities | 156,441 | 156,762 | ||||||
| Total equity and liabilities | 430,534 | 435,518 | ||||||
