Immunocore Holdings plc enrolled 540 patients in its Phase 3 TEBE-AM melanoma trial as of September 14, 2026, hitting the target enrollment for tebentafusp — marketed as KIMMTRAK — in previously treated advanced melanoma. The company disclosed the milestone in a September 14 filing and expects topline data as early as the end of 2026.

The registrational study evaluates tebentafusp as a monotherapy and in combination with pembrolizumab against investigator's choice. Overall survival serves as the primary endpoint.

A defined patient population

TEBE-AM targets patients with HLA-A02:01-positive unresectable or metastatic melanoma whose disease progressed after prior therapy. That tissue-restricted HLA requirement is consistent with the biology of tebentafusp, a bispecific gp100-directed T-cell engager that requires HLA-A02:01 presentation for activity.

The trial expands the clinical opportunity beyond KIMMTRAK's established indication in metastatic uveal melanoma, where it is already approved. For clinicians treating advanced cutaneous melanoma after progression on prior therapy, a positive overall survival result would add a mechanistically distinct option to a treatment sequence currently dominated by checkpoint inhibitors and targeted therapies.

The enrollment milestone matters for the program's timeline, but the investment case still depends on the survival result rather than enrollment alone. Trial completion sets the clock on readout; it does not predict the outcome.

KIMMTRAK revenue rises 18 percent

While TEBE-AM advances, Immunocore's commercial base supplied a measurable operating counterweight in the second quarter of 2026. KIMMTRAK net product revenue reached USD 115.9 million for the quarter, up 18.00 percent from USD 98.2 million in the second quarter of 2025, according to a StockTitan summary of the company's 8-K filing.

The same filing summary reported USD 12.2 million of net income for the first half of 2026 and USD 880.2 million in cash, cash equivalents and marketable securities as of June 30, 2026. That cash position gives the company room to fund several late-stage programs without near-term financing pressure.

One line item tempers the picture. The 2026 rebate accrual of approximately USD 120 million adds a concrete use of cash to the outlook, a reminder that gross-to-net dynamics in the U.S. specialty channel continue to claim a substantial share of KIMMTRAK's list-price sales.

IMCR trades 25 percent below its high

The market has not rewarded the enrollment milestone. IMCR had a market capitalization of USD 1.6 billion as of October 1, 2026. Its 52-week range ran from USD 27.55 to USD 40.72, and the latest Nasdaq quote stood at USD 30.54 on October 1, 2026 at 4:00 p.m. ET — 25.00 percent below the high.

Company facts as of October 1, 2026:

• Company: Immunocore Holdings plc
• ISIN: US45258D1054
• Ticker: IMCR
• Primary exchange: Nasdaq
• Market capitalization: USD 1.6 billion
• 52-week range: USD 27.55–USD 40.72
• Sector / Industry: Healthcare / Biotechnology

What to watch

For dermatologists and oncology teams managing advanced melanoma, the TEBE-AM readout is the near-term catalyst. A statistically significant overall survival benefit for tebentafusp — alone or with pembrolizumab — against investigator's choice in HLA-A*02:01-positive patients would extend the T-cell engager platform from uveal into the far larger cutaneous melanoma population. Immunocore expects topline data as early as the end of 2026.