What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-06 · 133 added, 75 removed, 257 unchanged (45% of the section changed)

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We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases.

Leveraging our proprietary, flexible, off-the-shelf ImmTAX ( I mmune m obilizing m onoclonal T CRs A gainst X disease) platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced preclinical programs in autoimmune disease and earlier preclinical programs across three therapeutic areas.

In 2022, we received approval for our lead product, KIMMTRAK, for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission, and other health authorities.

Leveraging our proprietary, flexible, off-the-shelf ImmTAX platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced preclinical programs in autoimmune disease and earlier preclinical programs across three therapeutic areas.

In 2022, we received approval for our lead product, KIMMTRAK (tebentafusp), for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission, and other health authorities.

KIMMTRAK is now approved in 39 countries and we have commercially launched KIMMTRAK in over 30 countries, including the United States, Germany and France, among other territories.

KIMMTRAK is the lead product from our ImmTAX platform and was the first approved therapy in mUM.

To date, we have treated over 2,000 cancer patients with KIMMTRAK (tebentafusp), and our other ImmTAX product candidates, which we believe is the largest clinical data set of any T cell engager bispecific in solid tumors and any TCR therapeutic.

To date, we have treated over 5,000 cancer patients with KIMMTRAK, and our other ImmTAX product candidates, which we believe is the largest clinical data set of any T cell engager bispecific in solid tumors and any TCR therapeutic.

Our clinical programs are being conducted with patients with a broad range of cancers including melanoma, ovarian, lung, and colorectal, among others.

We believe that these tumor types have large addressable patient populations and significant unmet need.

We are progressing three late-stage clinical programs within our ImmTAC® ( I mmune m obilizing m onoclonal T CRs A gainst C ancer) portfolio, including KIMMTRAK and PRAME-targeted brenetafusp.

We are progressing three late-stage clinical programs within our ImmTAC® portfolio, including KIMMTRAK and PRAME-targeted brenetafusp.

Since our inception, we have focused on organizing and staffing our company, raising capital, performing research and development activities to advance our research, development and technology, and commercialization of KIMMTRAK.

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We have incurred significant operating losses and expect to continue to incur significant expenses and operating losses for the near future.

We had net income of $13.0 million and of $5.0 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, our accumulated deficit was $818.3 million.

Despite the net income result for the three months ended March 31, 2026, we expect to continue to incur significant and increasing expenses and to incur operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, maintain and expand our intellectual property portfolio, as well as hire additional personnel, pay for further accounting, audit, legal, regulatory and consulting services, and pay costs associated with director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company.

We had net income of $12.2 million and a net loss of $5.3 million for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, our accumulated deficit was $819.1 million.

Despite the net income result for the six months ended June 30, 2026, we expect to continue to incur significant and increasing expenses and to incur operating losses for the foreseeable future, as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, maintain and expand our intellectual property portfolio, as well as hire additional personnel, pay for further accounting, audit, legal, regulatory and consulting services, and pay costs associated with director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company.

We do not expect to generate revenue from the sale of our other product candidates unless and until we successfully complete clinical development of and obtain regulatory approval for such product candidates.

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Recent Developments

We presented the five-year overall survival (OS) from our pivotal Phase 3 trial with KIMMTRAK in unresectable or mUM, in an oral session at the American Association for Cancer Research (AACR) 2026 meeting.

This is the longest, prospective Phase 3 randomized trial in patients with unresectable or mUM – a disease with a very poor prognosis and a historical survival rate of <5% at five years.

These results also represent the longest follow-up reported for any T cell engager in a solid tumor.

In the Phase 3 trial, KIMMTRAK doubled the likelihood of being alive at five years, with an OS for KIMMTRAK of 16% versus 8% in the control arm (hazard ratio of 0.67 [95% CI:

In the trial, 378 patients were randomized to tebentafusp (252) or investigator’s choice (126;

82% pembrolizumab).

The median OS was 21.6 months on KIMMTRAK, versus 16.9 months on investigator’s choice (IC).

The Kaplan–Meier survival curves separated early and remained separated over time, confirming the durability of the benefit with extended follow-up.

The OS benefit with KIMMTRAK was observed regardless of known poor prognostic factors at baseline (high tumor burden [≥10cm];

elevated lactate dehydrogenase) or tumor location (hepatic only;

hepatic and extra-hepatic).

OS benefit was also observed in patients with a best response of progressive disease, including those with >20% tumor growth as best change on treatment.

More patients continued treatment beyond progression in the KIMMTRAK arm than in the control arm (57% vs 25%) – with the trial allowing this option in both arms.

Patients on KIMMTRAK achieved nearly a 7-fold higher rate of tumor reduction with treatment beyond initial progression compared to IC patients (27% vs 4%).

In fact, patients who continued tebentafusp treatment beyond tumor progression experienced longer post-progression survival compared to those who stopped treatment, even after accounting for variations in patient characteristics.

During the 2026 American Society of Clinical Oncology Meeting in May, we will present two posters titled "Phase 1 evaluation of the PRAME‑targeted ImmTAC brenetafusp in advanced melanoma" (Abstract number:

9527) and "Effect of IL7 on ImmTAC-mediated killing by T cells in vitro and T-cell fitness in patients" (Abstract number:

Enrollment in the registrational Phase 3 TEBE-AM trial, evaluating tebentafusp as monotherapy and in combination with pembrolizumab, versus a control arm in patients with previously treated advanced cutaneous melanoma, is nearing the target of 540 patients, with topline data that could come as early as the end of 2026.

During the 2026 American Society of Clinical Oncology Meeting in May, we presented two posters:

1) "Phase 1 evaluation of the PRAME‑targeted ImmTAC brenetafusp in advanced melanoma":

The data showed improved clinical activity of brenetafusp monotherapy, in heavily-pretreated advanced melanoma, with an overall response rate (ORR) of 17% and a disease control rate (DCR) of 67%, in the 160 mcg vs 40 mcg cohort, despite patients on the 160 mcg dose having less favorable prognostic factors.

These data support the selected dose for the ongoing Phase 3 PRISM-MEL-301 trial in first-line advanced melanoma.

Median OS for brenetafusp monotherapy of 14.3 months is similar to other Ph1/2 trials of combination therapies in heavily pre-treated patients with advanced melanoma, including studies with autologous cell therapies.

Brenetafusp in combination with pembrolizumab (n=6) demonstrated promising clinical activity with ORR of 33% and DCR 67% in patients with PD1 primary resistance (defined as progressive disease within 6 months of starting first PD1-based regimen).

Brenetafusp was generally well tolerated as monotherapy and in combination with pembrolizumab.

2) "Effect of IL7 on ImmTAC-mediated killing by T cells in vitro and T-cell fitness in patients":

Building on previously disclosed data regarding the importance of T cell fitness for the efficacy of ImmTAC molecules, the new data demonstrated the anti-tumor activity of these therapies may increase when combined with IL7 in vitro.

The European Organisation for Research and Treatment of Cancer (EORTC) is now enrolling patients in the United States for the Phase 3 Adjuvant Trial in Ocular Melanoma (ATOM).

In July 2026, we presented translational data, at the International AIDS Society meeting in Rio de Janeiro, from the Phase 1/2 trial demonstrating that IMC-M113V induces robust type I and II interferon-associated immune programs, with stronger induction in participants who maintained viral control after treatment interruption.

The data also showed that, in addition to previously demonstrated direct killing of HIV-infected cells, IMC-M113V redirection of T cells results in induction of a robust interferon-associated immune program that may contribute to post-rebound viral control.

The Company completed enrollment of additional patients at higher dose cohorts, up to 1200 mcg, as part of the multiple ascending dose (MAD) part of the Phase 1/2 trial.

Analysis of the new data is ongoing with results planned to be shared early next year.

Clinical trial sites for the Phase 1 trial with IMC-S118AI are open and the Company expects the first type 1 diabetes patient to be dosed in the coming weeks.

Components of Results of Operations

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Further information on estimates is provided under the section below headed, “Critical Accounting Estimates”.

Collaboration revenue

Historically, collaboration revenue arose under our collaboration agreements and consisted of non-refundable upfront payments, development milestone payments, as well as reimbursement of certain research and development expenses.

We have no continuing performance obligations under our historical collaboration agreements.

Operating Expenses

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Cost of revenue from sale of therapies may also include costs related to manufacturing losses and excess or obsolete inventory costs.

For example, in June 2025, we initiated a global recall for one batch of KIMMTRAK (tebentafusp) relating to an unexpected result in routine stability testing.

As of the date of this Quarterly Report, based on all available data to date, we do not expect there will be a material impact on KIMMTRAK or our financial statements.

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R&D tax regime.

For the periods ended March 31, 2026 and 2025, we claimed credits under the Research and Development Expenditure Credit ("RDEC") program and these credits are presented as a reduction to R&D expenses.

For the periods ended June 30, 2026 and 2025, we claimed credits under the Research and Development Expenditure Credit ("RDEC") program and these credits are presented as a reduction to R&D expenses.

Under the RDEC program, tax credits for qualifying R&D expenses are granted at a headline rate of 20% and can generate cash rebates of up to 15% of qualifying R&D expenses.

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Foreign currency (losses) gains

Foreign currency (losses) gains arises on a variety of items, including on U.S.

Foreign currency (losses) gains arise on a variety of items, including on U.S.

dollar monetary assets and liabilities held by our main operating subsidiary in the United Kingdom, including cash and cash equivalents.

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Unsurrendered tax losses are carried forward to be offset against future taxable profits.

After accounting for tax credits receivable, there were accumulated tax losses available for carry forward in the United Kingdom and United States of $596.7 million and $103.1 million, respectively, as of March 31, 2026.

After accounting for tax credits receivable, there were accumulated tax losses available for carry forward in the United Kingdom and United States of $600.5 million and $90.1 million, respectively, as of June 30, 2026.

A full valuation allowance is recognized in respect of accumulated tax losses and other temporary differences in the United Kingdom and United States because future profits are not sufficiently certain.

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The effective rate of tax for relevant streams of revenue for companies receiving this relief is 10%.

Comparison of the Three Months Ended March 31, 2026 and 2025

Comparison of the Three Months Ended June 30, 2026 and 2025

The following table summarizes our total revenue (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase /

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Revenue from sale of therapies, net is presented by country / region based on location of the end customer in the table below (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase /

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$ 115,927 $ 97,964 $ 17,963 18.3 %

For the three months ended March 31, 2026, we generated net revenue from sale of therapies of $106.7 million due to the sale of KIMMTRAK, of which $67.4 million was in the United States, $34.4 million in Europe and $4.8 million in International.

Revenue from sale of therapies, net increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, due primarily to increased sales volume in the United States and Europe as well as global country expansion.

For the three months ended June 30, 2026, we generated net revenue from sale of therapies of $115.9 million due to the sale of KIMMTRAK, of which $74.9 million was in the United States, $34.1 million in Europe and $6.9 million in International.

Revenue from sale of therapies, net increased in the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to increased volumes in the United States and International regions.

The following table summarizes our R&D expenses (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase /

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Total R&D expenses $ 73,945 $ 69,008 $ 4,937 7.2 %

For the three months ended March 31, 2026, our R&D expenses were $61.1 million, compared to $56.5 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, our external R&D expenses increased by $0.9 million primarily due to an increase of $3.9 million in expenses incurred for our PRAME programs, primarily driven by higher costs associated with enrollment in the PRISM-MEL-301 Phase 3 clinical trial, partially offset by lower costs following decreased patient enrollment in the PRAME-101 Phase 1/2 clinical trial.

This net increase is partially offset by a decrease in all other external clinical and preclinical costs of $2.7 million due to timing of manufacturing activities in the pipeline, primarily for our autoimmune programs.

For the three months ended March 31, 2026, our internal R&D expenses increased by $3.8 million primarily due to increases in salaries and other employee-related costs following the growth of our clinical and preclinical programs and associated headcount increases.

For the three months ended June 30, 2026, our R&D expenses were $73.9 million, compared to $69.0 million for the three months ended June 30, 2025.

For the three months ended June 30, 2026, our external R&D expenses increased by $1.2 million primarily due to an increase of $1.4 million in expenses incurred for our tebentafusp programs and driven by progress of our TEBE-AM and ATOM clinical trials.

These increases were partially offset by a net decrease of $0.6 million in expenses incurred for our PRAME programs, primarily driven by lower costs due to decreased patient enrollment on PRAME-101 and the timing of manufacturing activities, partially offset by higher costs associated with enrollment in our PRISM-MEL-301 Phase 3 clinical trial.

For the three months ended June 30, 2026, our internal R&D expenses increased by $3.8 million primarily due to increases in all other internal R&D costs and salaries and other employee-related costs in accordance with the advancement of our clinical and preclinical programs.

SG&A Expenses

For the three months ended March 31, 2026, our SG&A expenses were $37.9 million, compared to $40.2 million for the three months ended March 31, 2025, reflecting a decrease of $2.3 million.

The decrease was primarily due to lower internal costs following increases in share-based compensation forfeitures, partially offset by increased costs related to business support functions to support our growing pipeline and global commercial expansion.

For the three months ended June 30, 2026, our SG&A expenses were $43.9 million, compared to $42.8 million for the three months ended June 30, 2025, reflecting an increase of $1.1 million.

This net increase was primarily due to costs related to business support functions to support our growing pipeline and global commercial expansion.

Interest Income and Interest Expense

For the three months ended March 31, 2026, interest income was $3.4 million, compared to $4.2 million for the three months ended March 31, 2025.

For the three months ended June 30, 2026, interest income was $3.6 million, compared to $4.3 million for the three months ended June 30, 2025.

This decrease of $0.7 million was due to lower interest rates earned on our money market funds.

For the three months ended March 31, 2026, interest expense on our convertible loan notes was $3.1 million, compared to $3.0 million for the three months ended March 31, 2025.

Foreign Currency Gains

For the three months ended March 31, 2026, foreign currency gain was $3.8 million compared to $3.1 million, for the three months ended March 31, 2025.

This increase of $0.7 million reflects more favorable exchange rate movements mainly due to the weakening of the U.S.

dollar against the pound sterling and the euro when comparing the three months ended March 31, 2026 with the three months ended March 31, 2025.

For the three months ended June 30, 2026, interest expense on our convertible senior notes was $3.1 million, compared to $3.0 million for the three months ended June 30, 2025.

Foreign Currency (Loss) Gain

For the three months ended June 30, 2026, foreign currency loss was $1.1 million, compared to $0.7 million for the three months ended June 30, 2025.

This increased loss of $0.4 million reflects more adverse exchange rate movements of the U.S.

dollar against the pound sterling and the euro when comparing the three months ended June 30, 2026 with the three months ended June 30, 2025.

Other Income, Net

For the three months ended March 31, 2026, other income, net was $1.8 million compared to $5.5 million for the three months ended March 31, 2025.

This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

For the three months ended June 30, 2026, other income, net was $3.1 million, compared to $4.7 million for the three months ended June 30, 2025.

This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Income Tax Expense

For the three months ended March 31, 2026, the income tax expense was $0.3 million compared to $1.1 million for the three months ended March 31, 2025.

This change was the result of lower forecasted taxable income in the United States jurisdiction.

For the three months ended June 30, 2026, the income tax expense was $0.3 million, compared to $0.6 million for the three months ended June 30, 2025.

This change was primarily the result of lower forecasted taxable income in the United States jurisdiction for 2026 compared to 2025.

Comparison of the Six Months Ended June 30, 2026 and 2025

The following table summarizes our total revenue (in thousands):

Six Months Ended June 30,

2026 2025 Increase /

(decrease) % Increase /

Revenue from sale of therapies, net

$ 222,604 $ 191,845 $ 30,759 16.0 %

Total revenue

$ 222,604 $ 191,845 $ 30,759 16.0 %

Revenue from sale of therapies, net

Revenue from sale of therapies, net is presented by country / region based on location of the end customer below (in thousands).

Six Months Ended June 30,

2026 2025 Increase /

(decrease) % Increase /

United States

$ 142,375 $ 120,694 $ 21,681 18.0 %

68,537 65,846 2,691 4.1 %

International

11,692 5,305 6,387 120.4 %

Revenue from sale of therapies, net

$ 222,604 $ 191,845 $ 30,759 16.0 %

For the six months ended June 30, 2026, we generated revenue from sale of therapies, net of $222.6 million, due to the sale of KIMMTRAK, of which $142.4 million was in the United States, $68.5 million in Europe and $11.7 million in International.

Revenue from sale of therapies, net increased in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to increased volumes in the United States and International regions.

The following table summarizes our R&D expenses (in thousands):

Six Months Ended June 30,

2026 2025 Increase /

(decrease) % Increase /

External R&D expenses:

PRAME programs $ 41,305 $ 37,983 $ 3,322 8.7 %

Tebentafusp programs 20,102 18,407 1,695 9.2 %

Infectious disease programs 1,371 2,730 (1,359) (49.8) %

All other external clinical and preclinical costs 24,845 26,484 (1,639) (6.2) %

Total external R&D expenses 87,623 85,604 2,019 2.4 %

Internal R&D expenses:

Salaries and other employee-related costs 28,398 23,950 4,448 18.6 %

Share-based compensation expense 5,387 4,499 888 19.7 %

All other internal R&D costs 17,609 15,725 1,884 12.0 %

R&D tax credits

(3,959) (4,302) 343 (8.0) %

Total internal R&D expenses 47,435 39,872 7,563 19.0 %

Total R&D expenses $ 135,058 $ 125,476 $ 9,582 7.6 %

For the six months ended June 30, 2026, our R&D expenses were $135.1 million, compared to $125.5 million for the six months ended June 30, 2025.

For the six months ended June 30, 2026, our external R&D expenses increased by $2.0 million primarily due to an increase of $3.3 million in expenses incurred for our PRAME programs associated with continued enrollment in our PRISM-MEL-301 Phase 3 clinical trial partially offset by lower costs following decreased patient enrollment in the PRAME-101 Phase 1/2 clinical trial.

This increase was partially offset by a net decrease of $1.6 million in all other external clinical and preclinical costs primarily due to the timing of third-party costs associated with our earlier stage programs, including our autoimmune programs.

For the six months ended June 30, 2026, our internal R&D expenses increased by $7.6 million primarily due to an increase in salaries and other employee-related costs and all other internal R&D costs in accordance with the advancement of our clinical and preclinical programs.

SG&A Expenses

For the six months ended June 30, 2026, our SG&A expenses were $81.7 million, compared to $83.0 million for the six months ended June 30, 2025, reflecting a decrease of $1.3 million.

Interest Income and Interest Expense

For the six months ended June 30, 2026, interest income was $7.0 million compared to $8.4 million for the six months ended June 30, 2025.

This decrease of $1.4 million was due to lower interest rates earned on our money market funds in the six months ended June 30, 2026.

For the six months ended June 30, 2026, interest expense on our convertible senior notes was $6.1 million compared to $6.1 million for the six months ended June 30, 2025.

Foreign Currency Gain

For the six months ended June 30, 2026, foreign currency gain was $2.7 million compared to $2.3 million for the six months ended June 30, 2025.

This increase of $0.4 million reflects more favorable exchange rate movements mainly of the U.S.

dollar against the pound sterling and the euro in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Other Income, Net

For the six months ended June 30, 2026, other income, net was $4.8 million compared to $10.2 million for the six months ended June 30, 2025.

This decrease was due to lower unrealized gains due to less favorable interest rates impacting our marketable securities in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Income Tax (Expense) Benefit

For the six months ended June 30, 2026, the income tax expense was $0.6 million compared to $1.7 million for the six months ended June 30, 2025.

This change was primarily the result of lower forecasted taxable income in the United States jurisdiction for 2026 compared to 2025.

Liquidity and Capital Resources

Sources of Liquidity

Although we have recorded revenue from the sale of therapies, we have continued to incur operating losses and cumulative negative cash flows from our operations since our inception.

We have an accumulated deficit of $818.3 million as of March 31, 2026.

Although we have recorded revenue from the sale of therapies and a net income result for the six months ended June 30, 2026, we expect to continue to incur significant and increasing expenses, cumulative negative cash flows from our operations and operating losses for the foreseeable future.

We have an accumulated deficit of $819.1 million as of June 30, 2026.

Since our inception, we have funded our operations primarily with proceeds from sales of equity securities, revenue from sale of therapies, debt financings and historical payments from collaboration partners.

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $452.7 million and $467.7 million, respectively, and marketable securities of $392.2 million and $396.4 million, respectively.

Our working capital was $763.7 million as of March 31, 2026, compared to $750.0 million as of December 31, 2025.

As of June 30, 2026 and December 31, 2025, we had cash and cash equivalents of $484.9 million and $467.7 million, respectively, and marketable securities of $395.3 million and $396.4 million, respectively.

Our working capital was $815.8 million as of June 30, 2026, compared to $750.0 million as of December 31, 2025.

In September 2022, we entered into an Open Market Sale Agreement (the "Sales Agreement") with Jefferies LLC ("Jefferies"), pursuant to which we may issue and sell ADSs, each representing one ordinary share, having an aggregate offering price of up to $250 million, from time to time, in one or more at-the-market offerings, for which Jefferies will act as sales agent and/or principal.

The at-the-market facility has been registered under the Securities Act of 1933, as amended, pursuant to our Registration Statement on Form S-3ASR (File No.

As of March 31, 2026, no issuances or sales have been made pursuant to the Sales Agreement.

As of June 30, 2026, no issuances or sales have been made pursuant to the Sales Agreement.

In February 2024, we completed a private offering of $402.5 million aggregate principal amount of the Notes.

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Part of the proceeds were used to repay in full loans outstanding under our previous loan agreement with Pharmakon.

Other than the above mentioned indebtedness, we currently have no ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, other than our lease obligations and supplier purchase commitments in the normal course of business.

Other than the above mentioned indebtedness, our lease obligations and supplier purchase commitments in the normal course of business, we currently have no other ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years.

The following table summarizes the primary sources and uses of cash and cash equivalents for each period presented (in thousands):

Three Months Ended March 31,

Six Months Ended June 30,

Cash and cash equivalents at beginning of period

$ 467,709 $ 455,731

Net cash (used in) provided by operating activities (13,775) 435

Net cash provided by investing activities 4,219 9,702

Net cash provided by operating activities 2,153 26,399

Net cash provided by (used in) investing activities 3,433 (20,712)

Net cash provided by financing activities 17,141 6,221

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$ 484,920 $ 487,933

Net cash used in our operating activities was $13.8 million for the three months ended March 31, 2026, compared to net cash provided by operating activities of $0.4 million for the three months ended March 31, 2025.

This change of $14.2 million was primarily driven by increases in accounts receivable and prepaid expenses working capital movements, reflecting the timing of payments, partially offset by accounts payable and accrued expenses working capital movements.

Net cash provided by investing activities was $4.2 million for the three months ended March 31, 2026, compared to $9.7 million for the three months ended March 31, 2025.

The decrease of $5.5 million is predominantly due to lower proceeds from the sale of marketable securities in the three months ended March 31, 2026 compared to the same period in 2025.

Net cash provided by our financing activities during the three months ended March 31, 2026 was $0.7 million compared to $2.6 million for the three months ended March 31, 2025.

The net cash provided by financing activities in both periods was primarily related to the exercise of share options.

Net cash provided by operating activities was $2.2 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $26.4 million for the six months ended June 30, 2025.

This change of $24.2 million was primarily driven by increases in accounts receivable and prepaid expenses working capital movements, reflecting the timing of payments, partially offset by increases in accounts payable and accrued expenses working capital movements.

Net cash provided by investing activities was $3.4 million for the six months ended June 30, 2026, compared to net cash used by investing activities of $20.7 million for the six months ended June 30, 2025.

The increase of $24.1 million is predominantly due to the purchase of marketable securities in 2025, lower proceeds from the sale of marketable securities and higher purchases of property and equipment in the six months ended June 30, 2026 compared to the same period in 2025.

Net cash provided by our financing activities during the six months ended June 30, 2026 was $17.1 million compared to $6.2 million for the six months ended June 30, 2025.

The net cash provided by financing activities in both periods was related to the exercise of share options.

Future Capital Requirements

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• change or add additional suppliers;

• add additional infrastructure to our quality control, quality assurance, legal, compliance and other groups to support our operations as we progress product candidates toward commercialization;

• add additional infrastructure to our quality control, quality assurance, legal, compliance, IT and other groups to support our operations and initiatives as we progress product candidates toward commercialization;

• seek to attract and retain skilled personnel;

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Moreover, we have based our estimates on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect.

We held cash and cash equivalents of $452.7 million and marketable securities of $392.2 million as of March 31, 2026.

We held cash and cash equivalents of $484.9 million and marketable securities of $395.3 million as of June 30, 2026.

Based on our current operating plans, we expect that our existing cash and cash equivalents and marketable securities balances, along with anticipated revenue from KIMMTRAK, will enable us to fund our operating expenses and capital expenditure requirements for at least twelve months from the date of filing of this Quarterly Report.

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Critical Accounting Estimates

Our condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 , respectively, have been prepared in accordance with U.S.

Our condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 , respectively, have been prepared in accordance with U.S.

The preparation of the condensed consolidated financial statements requires us to make judgments, estimates and assumptions that affect the value of assets and liabilities—as well as contingent assets and liabilities—as reported on the balance sheet date, and revenues and expenses arising during the fiscal period.

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For other European markets where the price is open to negotiation, judgments are made in line with expected pricing outcomes.

Our total accrued revenue deductions as of March 31, 2026 were $144.5 million, including amounts of $8.8 million for the critical estimates subject to greater estimation uncertainty and judgments described above.

These amounts are included within Accrued expenses and other current liabilities and Accrued expenses, non-current in the Condensed Consolidated Balance Sheet as of March 31, 2026.

A 20% increase or decrease in estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a $1.8 million reduction or increase in Revenue from sale of therapies, net reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026.

We believe our expected values of accruals reported in the Condensed Consolidated Balance Sheet are materially appropriate;

Our total accrued revenue deductions as of June 30, 2026 were $161.7 million, including amounts of $13.2 million for the critical estimates subject to greater estimation uncertainty and judgments described above.

These amounts are included within Accrued expenses and other current liabilities and Accrued expenses, non-current in the Condensed Consolidated Balance Sheets as of June 30, 2026.

In the second half of 2026, we expect to pay approximately $120.0 million related to accrued revenue deductions.

A 20% increase or decrease in estimates of expected rebate and chargeback percentages for amounts payable to governments or government agencies for the critical estimates described above would have resulted in a $2.7 million reduction or increase in Revenue from sale of therapies, net reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the six months ended June 30, 2026.

We believe our expected values of accruals reported in the Condensed Consolidated Balance Sheets are materially appropriate;

however, due to the uncertainties and judgments outlined above, it is possible eventual amounts could significantly differ to these estimates.

3 unchanged sentences

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What changed 10-Q

Item 2. Management’s Discussion and Analysis