Immunocore Holdings plc

Greetings and welcome to the Immunocore conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to Morgan Morse, Investor Relations. Thank you, Morgan. You may begin.

Thank you, Daryl. Good morning and good afternoon. Thank you for joining us on our Q4 and full year 2025 earnings call. During today's call, we will make some forward-looking statements, which are qualified by our safe harbor provision under the Private Securities Litigation Reform Act of 1995. Please note that actual results can vary materially from those indicated by these forward-looking statements, including those discussed in our filings with the SEC. On today's call, I am joined by Dr. Bahija Jalal, CEO of Immunocore, who will share our 2025 overview and achievements. Ralph Torbay, head of commercial, will review our Q4 and full-year ChemTrack results. Mohammad Dar, our chief medical officer, will provide a pipeline update, including our ongoing registrational late line, cutaneous melanoma, and other highlights across our pipeline. And finally, Travis Coy, our CFO and head of corporate development, will provide some key highlights from our financial results reported earlier this morning. I will now turn the call to Dr. Behija Jalal. Thank you, Morgan.

Good morning and good afternoon, and thank you all for joining us. 2025 was a year of consistent execution across every part of our business. I am pleased to share our results. and where we're headed as we continue to deliver on our mission. For the year 2025, we generated $400 million in net revenue from ChemTrack, up over 29% from the prior year. ChemTrack is now approved in 39 countries and launched in 30 markets. Growth continues to be driven by deeper U.S. community penetration and continued global expansion. Real-world duration of therapy is now 14 months, exceeding our clinical trials experience. Before ChemTrack, patients with uveal melanoma diagnosis were given 12 months or less to live. Now with ChemTrack, it's not unusual to see patients living three, four, five years or more. This is why we're here, and this is why we come to work every day. But we're not stopping here. To reach even more patients, we're expanding the reach of ChemTrack through a robust life cycle management program with two phase three trials. Heavy AM in second-line cutaneous melanoma, enrollment on track for the first half of 2026 completion. Atom in adjuvant UV melanoma, enrolling across multiple sites in Europe and planning to open sites in the U.S. in 2026. This is, to our knowledge, the only active phase 3 in this setting. Beyond ChemTrack, we have our third phase 3 trial, which is PRISM-MEL301 with BRENI in first-line cutaneous melanoma. The IDMC has selected the 160-microgram dose, which is the highest dose in last December. We are also expanding our oncology platform beyond melanoma into ovarian and lung colorectal cancer and GI cancers. Mohamed will share more details later. And then beyond oncology, we presented promising data for our HIV functional cure program at CROID, and our hepatitis B candidate showed encouraging phase one results at ASLD, confirming the potential of our platform in infectious disease. In autoimmune diseases, we submitted the CTA for our type 1 diabetes program and expect to dose the first patient in the phase 1 in the first half of 2026. Our balance sheet remains strong at approximately $864 million in cash, providing the flexibility to advance the pipeline. I now ask Ralph to share more about our commercial performance. Ralph?