Form 4: Immunocore R&D Head Sells Shares After Option Exercise

Immunocore's Head of R&D, David M. Berman, exercised and immediately sold a total of 74,925 ordinary shares through a pre-arranged 10b5-1 trading plan.

Summary

• David M. Berman, Head of R&D at Immunocore Holdings plc, reported transactions involving the company's ordinary shares.
• On November 26, 2025, Berman exercised 69,404 employee share options at an exercise price of $17.46 per share.
• Immediately following the exercise on November 26, 2025, Berman sold all 69,404 acquired ordinary shares at a weighted average price of $40.12 per share, with prices ranging from $40.00 to $40.40.
• On November 28, 2025, Berman exercised an additional 5,521 employee share options at an exercise price of $17.46 per share.
• Immediately following the exercise on November 28, 2025, Berman sold all 5,521 acquired ordinary shares at a weighted average price of $40.09 per share, with prices ranging from $40.00 to $40.30.
• All transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Berman on May 9, 2025.
• Following these transactions, Berman beneficially owns 49,266 and 43,745 employee share options, respectively, from the two derivative security entries.

Sentiment

Score: 5

Explanation: The sentiment is neutral. This is a routine insider transaction executed under a pre-arranged 10b5-1 plan, which typically does not signal new positive or negative information about the company's fundamentals. It reflects an executive monetizing compensation.

Positives

• The executive realized a significant profit from exercising options and selling shares, indicating personal financial benefit.
• The sale price of the shares ($40.12 and $40.09) was substantially higher than the exercise price ($17.46), reflecting a healthy stock performance for the period between option grant and exercise/sale.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors, though its impact is mitigated by the pre-arranged nature.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction. It solely reports past insider transactions.

Industry Context

Insider transactions, particularly those involving option exercises and subsequent sales, are a routine part of executive compensation in publicly traded companies, especially in the biotechnology and pharmaceutical sectors where stock options are a common incentive. The use of a Rule 10b5-1 trading plan is a standard practice to allow insiders to sell shares without concerns of trading on material non-public information.

Corporate Governance

Stakeholder Impact

• Shareholders: Minimal direct impact as these are routine, pre-scheduled insider sales. The volume is not exceptionally large relative to the company's market capitalization, and the sales are not indicative of a change in company fundamentals.
• Employees: No direct impact mentioned.

Key Dates

Recommendation

The filing details routine insider transactions (option exercises and sales) executed under a pre-arranged 10b5-1 trading plan. Such transactions are generally not indicative of new material information about the company's prospects and therefore do not warrant a change in investment recommendation based solely on this filing. The executive is simply monetizing previously granted compensation.

Keywords

Immunocore, IMCR, Form 4, Insider Transaction, Stock Options, Share Sale, 10b5-1 Plan, Executive Compensation, Beneficial Ownership