KIMMTRAK cashflows fund two Phase 3 melanoma bets; TEBE-AM OS readout is the swing factor for the whole expansion story

Immunocore is a commercial-stage company with an approved T-cell therapy that treats uveal melanoma, a rare form of eye cancer, and is testing whether this same treatment works in a larger patient population with previously treated cutaneous melanoma, which is not yet approved for that indication.

Immunocore is the only company with an approved T-cell receptor bispecific, KIMMTRAK, which redirects T cells to kill uveal melanoma cells and generated $115.9M in Q2 2026 revenue, pushing the company to net profitability. The TEBE-AM Phase 3, now fully enrolled at 540 patients, tests whether tebentafusp can extend that franchise into previously treated cutaneous melanoma — a far larger market — with OS as the primary endpoint. IDEAYA Biosciences' darovasertib, a PKC inhibitor targeting the same HLA-A*02:01-positive uveal melanoma population, is the primary competitive threat to the approved base.