The UK biotech has begun its first tissue-specific autoimmune trial, testing whether IMC-S118AI can protect insulin-producing beta cells while it expands beyond its KIMMTRAK-led cancer business.
Immunocore said on 15 October, 2026, that it had dosed the first patient in a Phase 1 trial of IMC-S118AI, its experimental treatment for type 1 diabetes. The study is the company’s first in a tissue-specific autoimmune disease and marks a deliberate move beyond its best-known cancer programme, which centres on the uveal melanoma drug KIMMTRAK. According to the company, the trial will assess safety, how the medicine is processed by the body, and early signs of clinical activity in patients with type 1 diabetes who are HLA-A*02:01-positive.
The candidate is designed to target immune cells in a way that could protect insulin-producing beta cells from attack, an approach Immunocore has been developing through its ImmTAAI platform. BiopharmaWatch said the therapy is Immunocore’s first tissue-specific autoimmune programme and described it as a bispecific molecule aimed at people with type 1 diabetes who still produce some of their own insulin. Type1.science, which tracks diabetes trials, said the study is a first-in-human, single- and multiple-ascending-dose trial expected to enrol 154 participants and to measure adverse events, treatment-emergent events and serious adverse events.
Preclinical work has underpinned the move into the clinic. Immunocore said supporting data were recently published in Science Advances, and BiopharmaWatch reported that earlier studies suggested the treatment could help shield beta cells from T-cell attack. If those findings translate into patients, the programme could give the UK-based company a foothold in autoimmune disease alongside its oncology business and broaden a pipeline that already includes candidates in infectious disease and other immune-mediated conditions.
Investors, however, are still weighing that promise against the risks typical of early-stage biotech. GuruFocus data cited in the lead report put Immunocore’s price-to-sales ratio at 3.37, below its historical median of about 11.3, while noting that the company remains unprofitable and cash-flow negative. The same data set gave the stock a GF Score of 76 out of 100, reflecting stronger growth than profitability, and showed insider selling over the past year alongside mixed behaviour from professional investors. That combination suggests the market is treating IMC-S118AI as a meaningful scientific step, but not yet as a reason to assume commercial success.
Disclaimer: This content is for informational purposes only and is not intended to be a substitute for professional medical judgment, advice, diagnosis, or treatment.
