Latest news with #Tecelra
Yahoo
30-07-2025
- Business
- Yahoo
Adaptimmune, seeking to stay afloat, sells off cell therapies
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Struggling cancer cell therapy developer Adaptimmune is backing out of commercial drug manufacturing, announcing Monday it will sell its approved medicine Tecelra and two late-stage assets to US WorldMeds in a deal worth up to $85 million. The deal is a lifeline for Adaptimmune, which in March initiated a strategic review because of 'substantial doubt' about the company's continued solvency. The transaction will send all employees involved in commercialization and development of Tecelra, as well as the clinical-stage lete-cel and uza-cel, to US WorldMeds. Per deal terms, Adaptimmune will receive $55 million upfront and could later receive $30 million in additional payments based on achievement of regulatory and commercial milestones. After the sale, Adaptimmune will retain possession of two T cell directed therapies now in preclinical studies to support human testing. In a regulatory filing, Adaptimmune said that, after the deal, it will cut its remaining workforce by 62% — layoffs that follow a 29% headcount reduction earlier this year that was forecast to save $300 million over four years. Chief Medical Officer Elliot Norry and Chief Commercial Officer Cintia Piccina will leave the company Aug. 8, while Chief Scientific Officer Joanna Brewer will leave Aug. 31. Tecelra gained Food and Drug Administration accelerated approval in 2024 for some patients with synovial sarcoma, a type of solid tumor. It was the first so-called T cell receptor, or TCR, cell therapy approved in the U.S. A half dozen cell therapies that use a different 'CAR-T' technology were approved earlier, but have so far only approved effective in blood cancers. Adaptimmune's innovation didn't translate into sales, however. Adaptimmune reported just over $4 million in product revenue in the first quarter of 2025, overshadowed by the company's nearly $29 million in research and development spending. It held $41 million in cash and equivalents at the end of March. 'After an extensive review of all strategic alternatives available to Adaptimmune we are convinced that this transaction represents the best path forward for Adaptimmune, our patients and stakeholders,' said CEO Adrian Rawcliffe in a statement. Adaptimmune shares fell by two-thirds following the announcement, changing hands at about 10 cents apiece in afternoon trading. While arguing Adaptimmune's deal was a 'net positive' due to its solvency concerns, Mizuho Securities analyst Graig Suvannavejh wrote in a client note that the size of the deal was 'disappointing.' Suvannavejh added that, even with the revenue from the deal and associated cost cuts, 'it is still unclear to us [the company's] liquidity concerns have been adequately addressed.' Recommended Reading Merck to buy Verona and its lung drug in $10B deal Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-07-2025
- Business
- Yahoo
Adaptimmune Announces Entry into Definitive Agreement for Sale of TECELRA, lete-cel, afami-cel and uza-cel Cell Therapies to US WorldMeds
Tecelra will continue to be available to patients without interruption US WorldMeds plans to bring lete-cel to market and will continue development of uza-cel in collaboration with Galapagos Purchase price is $55m in cash to be paid upon consummation of the sale with up to $30m in potential future payments upon achievement of certain milestones Adaptimmune will retain rights to its preclinical assets including PRAME, CD70, and its allogeneic program Adaptimmune will restructure to support the transition of these therapies to US WorldMeds and to maximize value from its remaining assets Adaptimmune's Board of Directors determined this transaction is in the best interest of all stakeholders following a comprehensive review of all strategic alternatives Philadelphia, Pennsylvania and Oxford, United Kingdom--(Newsfile Corp. - July 28, 2025) - Adaptimmune Therapeutics plc (NASDAQ: ADAP), a company redefining the treatment of solid tumor cancers with cell therapy, today announced its entry into a definitive agreement for the sale of TECELRA, lete-cel, afami-cel, and uza-cel cell therapies to US WorldMeds. Consummation of the sale is expected to occur before the end of the week. Adrian Rawcliffe, Adaptimmune's Chief Executive Officer: "Adaptimmune has been at the forefront of solid tumor cell therapy and delivering groundbreaking treatments to patients for more than a decade. We were the first company to obtain a marketing authorization for an engineered TCR T-cell therapy, TECELRA, and we have a second cell therapy, lete-cel, with approval anticipated in 2026. However, given the financial situation of the Company, it is clear that securing the right strategic option was critical to maximize value for all of our stakeholders and importantly ensure our patients continue to receive TECELRA. After an extensive review of all strategic alternatives available to Adaptimmune we are convinced that this transaction represents the best path forward for Adaptimmune, our patients and stakeholders." Breck Jones, US WorldMeds Chief Executive Officer: "Anchored by a first-in-class commercial therapy and a promising pipeline, this acquisition is a meaningful step forward in our mission to bring hope and innovation to patients who need it most. US WorldMeds deeply respects the strong foundation Adaptimmune has built in the cell therapy space and is committed to carrying that work forward - advancing and delivering these important therapies to the people and families who are counting on them." Under the terms of the asset purchase agreement, US WorldMeds will purchase the TECELRA, uza-cel, afami-cel and lete-cel cell therapy assets of Adaptimmune (the "Assigned Assets") and all intellectual property rights exclusively relating to such Assigned Assets. In return, Adaptimmune will receive $55 million in cash upon consummation of the sale. In addition, US WorldMeds has agreed to make future payments of up to $30 million to Adaptimmune upon the achievement of certain milestones. Adaptimmune and US WorldMeds will also enter into a license agreement pursuant to which, among other things, US WorldMeds will be exclusively licensed residual intellectual property rights necessary for the manufacture and commercialization of the Assigned Assets and non-exclusively licensed intellectual property rights in Adaptimmune's vector manufacturing process. Adaptimmune will also provide certain transition services to US WorldMeds pursuant to a transition services agreement on terms specified therein. US employees involved in the development and commercialization of the Assigned Assets will be offered employment with US WorldMeds to ensure the ongoing success and ability to supply those Assigned Assets. Following the transaction Adaptimmune intends to restructure to support the continued development by US WorldMeds of lete-cel, TECELRA and uza-cel and to maximise value from its remaining assets including its PRAME and CD70 directed T-cell therapies. TD Cowen acted as financial advisor, and Ropes & Gray LLP provided legal counsel, to Adaptimmune. Gibson, Dunn & Crutcher LLP provided legal counsel to US transaction will be financed by debt financing led by funds managed by Oaktree Capital Management, L.P. ('Oaktree'), with participation from funds managed by Athyrium Capital Management, LP ('Athyrium'). Forward-Looking StatementsThis release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual events or results may differ materially from these forward-looking statements. Words such as "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "future," "opportunity" "will likely result," "target," variations of such words, and similar expressions or negatives of these words are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of such forward-looking statements include, but are not limited to, express or implied statements regarding: the proposed transaction and related matters; the impact of the proposed transaction on Adaptimmune's share price; the anticipated benefits of the proposed transaction for Adaptimmune's financial results and business performance; Adaptimmune's targets, plans, objectives or goals for future operations, including those related to Adaptimmune's products or product candidates, research and development, product candidate introductions and product candidate approvals as well as cooperation in relation thereto; projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; future economic performance, future actions and outcome of contingencies such as legal proceedings; the assumptions underlying or relating to such statements; and other risks and uncertainties contained in Adaptimmune's filings with the U.S. Securities and Exchange Commission (the "SEC"), including Adaptimmune's most recently filed Annual Report on Form 10-K and 10-Q. These forward-looking statements speak only as of the date of this release, and Adaptimmune undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. About OaktreeOaktree is a leader among global investment managers specializing in alternative investments, with $203 billion in assets under management as of March 31, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 25 cities worldwide. For additional information, please visit Oaktree's website at AthyriumAthyrium is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. Athyrium advises funds with over $4.6 billion in committed capital. The Athyrium team has substantial investment experience across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, healthcare focused services, and healthcare information technology. For more information, please visit Investor Relations and Media RelationsAdrian Rawcliffe - Chief Executive Patient Advocacy and Medical AffairsLaura Gunn - Vice President, Global Medical To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Adaptimmune Therapeutics PLC (ADAP) Q1 2025 Earnings Call Highlights: Strong Tecelra Launch ...
Revenue Guidance: Full-year Tecelra sales projected between $35 million and $45 million. Net Sales for Q1 2025: $4 million from Tecelra treatments. Tecelra Treatments Invoiced: 14 treatments in 2025 to date, with 6 in Q1. Authorized Treatment Centers: 28 centers currently accepting referrals, with a target of approximately 30 by the end of 2025. Manufacturing Success Rate: 100% success from the US Tecelra manufacturing center. Average Turnaround Time: 27 days from apheresis to release, beating the target of 30 days. Peak Sales Projection: $400 million from combined Tecelra and Lete-cel sarcoma franchise. Warning! GuruFocus has detected 4 Warning Signs with ADAP. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Adaptimmune Therapeutics PLC (NASDAQ:ADAP) reported strong momentum with the launch of Tecelra, achieving $4 million in net sales for Q1 2025. The company has successfully apheresed 21 patients in 2025, with 13 in Q1 and 8 in early Q2, supporting their revenue guidance of $35 million to $45 million for the year. Adaptimmune has established 28 authorized treatment centers (ATCs) for Tecelra, with plans to reach 30 by the end of 2025, a year ahead of schedule. The manufacturing success rate for Tecelra has been 100%, with no capacity issues and an average turnaround time of 27 days, beating the target of 30 days. There have been no patient denials for Tecelra, indicating effective patient access and a positive payer environment. Adaptimmune Therapeutics PLC (NASDAQ:ADAP) has a going concern warning, indicating less than 12 months of cash runway, which raises concerns about financial sustainability. The company has not provided detailed cash runway guidance due to various impacting factors, including the success of Tecelra's launch and ongoing cost reduction actions. The cost of goods sold (COGS) is expected to be higher in the initial quarters, affecting margins, although they are projected to normalize over time. There is uncertainty regarding the impact of potential regulatory changes on the business, although the company has not seen any negative indications from the FDA. The company is still exploring strategic options with Cowen, which could imply potential changes or uncertainties in their strategic direction. Q: Can you clarify if the apheresed patients in Q1 have already been treated and invoiced? A: Cintia Piccina, Chief Commercial Officer, explained that of the 21 apheresed patients year-to-date, at least six have been invoiced, with the majority expected to be invoiced in the coming months. Q: Should we expect an acceleration in the number of apheresed patients in Q2? A: Adrian Rawcliffe, CEO, stated that while they are comfortable with the sales guidance of $35 million to $45 million for 2025, they are not providing detailed quarterly breakdowns of apheresis numbers. Q: How has the pace of patient referrals and screening been trending, and do you expect incremental growth? A: Cintia Piccina noted that they expect quarter-over-quarter growth without specific seasonality, driven by increased awareness and the onboarding of more Authorized Treatment Centers (ATCs). Q: What are the key learnings from the early launch of Tecelra? A: Cintia Piccina highlighted the faster-than-expected onboarding of treatment centers and the 100% manufacturing success rate as positive surprises, with patient onboarding and biomarker testing proceeding smoothly. Q: How is the company managing its cash position and what are the implications of the recent debt paydown? A: Gavin Wood, CFO, explained that the debt paydown was part of managing the balance sheet and did not impact cash runway. The company has less than 12 months of cash, with ongoing strategic options being explored. Q: What gives you confidence in providing revenue guidance for the year? A: Adrian Rawcliffe mentioned the visibility into the patient funnel, successful manufacturing, and the increasing number of ATCs as factors supporting the $35 million to $45 million revenue guidance. Q: What is the drop-off rate for patients from apheresis to infusion? A: Adrian Rawcliffe confirmed that so far, 100% of apheresed patients have received infusions. Q: Are there any planned manufacturing maintenance activities this year? A: John Lunger, Chief Patient Supply Officer, stated that maintenance is conducted on a rolling basis without impacting capacity, and no significant shutdowns are planned for the year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Associated Press
13-05-2025
- Business
- Associated Press
Adaptimmune Reports Q1 Financial Results and Provides Business Update
TECELRA®launch 2025 YTD metrics: 28 ATCs available; 21 patients aphresed; and 14 doses invoiced $4.0 million Tecelra net sales in Q1 2025 Instituting 2025 Tecelra full year sales guidance of $35-$45 million Lete-cel on track to initiate rolling BLA submission late 2025; approval anticipated in 2026 Adaptimmune hadTotal Liquidity1of $60 million as of March 31, 2025;call at 8 a.m. EDT today Philadelphia, Pennsylvania and Oxford, United Kingdom--(Newsfile Corp. - May 13, 2025) - Adaptimmune Therapeutics plc (NASDAQ: ADAP), a company redefining the treatment of solid tumor cancers with cell therapy, today reported financial results and provided a business update for the first quarter ended March 31, 2025. Adrian Rawcliffe, Adaptimmune's Chief Executive Officer: 'The launch of Tecelra continues to rapidly accelerate, as evidenced by all launch metrics. In Q4 2024 we invoiced 2 patients, in Q1 2025 we invoiced 6 patients, and in Q2 to-date we have invoiced 8 patients. The shape of the pipeline of patients being tested and apheresed continues to support a robust acceleration of sales in Q2 and the second half of the year, and we continue to experience 100% manufacturing success rates and no payer denials. As a result, we are now providing guidance for 2025 Tecelra sales in the range of $35-$45 million. I'm confident in the team's ability to identify eligible patients, manufacture a personalized engineered T cell treatment and ultimately deliver product, demonstrating that we have built a successful business platform for cell therapies in solid tumors, paving the way for an equally successful lete-cel launch in 2026.' Tecelra launch momentum increasing - first commercial product in Adaptimmune's sarcoma franchise Lete-cel - next product in Adaptimmune's sarcoma franchise Corporate updates Upcoming milestones Financial Results for the three months ended March 31, 2025 Going Concern Our 2024 Annual Report on Form 10-K, which the Company filed on March 24, 2025, disclosed that there is substantial doubt about our ability to continue as a going concern. We are continuing to implement cost reduction measures and explore the strategic options outlined above. Today's Webcast Details A live webcast and replay can be accessed at Call in information is as follows: 1-833-821-0158 (US or Canada) or 1-647-846-2266 (International). Callers should dial in 5-10 minutes prior to the scheduled start time and simply ask to join the Adaptimmune call. About Adaptimmune Adaptimmune is a fully integrated cell therapy company working to redefine how cancer is treated. With its unique engineered T cell receptor (TCR) platform, the Company is developing personalized medicines designed to target and destroy difficult-to-treat solid tumor cancers and to radically improve the patient's cancer treatment experience. Forward-Looking Statements This release contains 'forward-looking statements' within the meaning of the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements address our expected future business, financial performance, financial condition, as well as the results of operations and often contain words such as 'anticipate' 'believe,' 'expect,' 'may,' 'plan,' 'potential,' 'will,' and similar expressions. Such statements are based only upon current expectations of Adaptimmune. Reliance should not be placed on these forward-looking statements because they involve certain risks and uncertainties. Such risks and uncertainties could cause our actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation: the success, cost and timing of our product development activities and clinical trials and our ability to successfully advance our TCR therapeutic candidates through the regulatory and commercialization processes. For a further description of the risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, as well as risks relating to our business in general, we refer you to our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made and we do not undertake any obligation to update such forward-looking statements to reflect subsequent events or circumstances. Total Liquidity (a non-GAAP financial measure) Total Liquidity (a non-GAAP financial measure) is the total of cash and cash equivalents and marketable securities (available-for-sale debt securities). Each of these components appears separately in the condensed consolidated balance sheet. The U.S. GAAP financial measure most directly comparable to Total Liquidity is cash and cash equivalents as reported in the condensed consolidated financial statements, which reconciles to Total Liquidity as follows (in thousands): [This table cannot be displayed. Please visit the source.] The Company believes that the presentation of Total Liquidity provides useful information to investors because management reviews Total Liquidity as part of its assessment of overall solvency and liquidity, financial flexibility, capital position and leverage. Condensed Consolidated Statement of Operations (unaudited, in thousands, except per share data) [This table cannot be displayed. Please visit the source.] Condensed Consolidated Balance Sheets (unaudited, in thousands, except share data) [This table cannot be displayed. Please visit the source.] Condensed Consolidated Cash Flow Statement (unaudited, in thousands) [This table cannot be displayed. Please visit the source.] Adaptimmune Contact Investor Relations Juli P. Miller, Ph.D. - VP, Corporate Affairs and Investor Relations T : +1 215 825 9310 M : +1 215 460 8920 [email protected] Media Relations Dana Lynch, Senior Director of Corporate Communications M: +1 267 990 1217 [email protected] 1 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below 2 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below To view the source version of this press release, please visit
Yahoo
13-05-2025
- Business
- Yahoo
Adaptimmune Reports Q1 Financial Results and Provides Business Update
TECELRA® launch 2025 YTD metrics: 28 ATCs available; 21 patients aphresed; and 14 doses invoiced $4.0 million Tecelra net sales in Q1 2025 Instituting 2025 Tecelra full year sales guidance of $35-$45 million Lete-cel on track to initiate rolling BLA submission late 2025; approval anticipated in 2026 Adaptimmune had Total Liquidity1 of $60 million as of March 31, 2025; call at 8 a.m. EDT today Philadelphia, Pennsylvania and Oxford, United Kingdom--(Newsfile Corp. - May 13, 2025) - Adaptimmune Therapeutics plc (NASDAQ: ADAP), a company redefining the treatment of solid tumor cancers with cell therapy, today reported financial results and provided a business update for the first quarter ended March 31, 2025. Adrian Rawcliffe, Adaptimmune's Chief Executive Officer: "The launch of Tecelra continues to rapidly accelerate, as evidenced by all launch metrics. In Q4 2024 we invoiced 2 patients, in Q1 2025 we invoiced 6 patients, and in Q2 to-date we have invoiced 8 patients. The shape of the pipeline of patients being tested and apheresed continues to support a robust acceleration of sales in Q2 and the second half of the year, and we continue to experience 100% manufacturing success rates and no payer denials. As a result, we are now providing guidance for 2025 Tecelra sales in the range of $35-$45 million. I'm confident in the team's ability to identify eligible patients, manufacture a personalized engineered T cell treatment and ultimately deliver product, demonstrating that we have built a successful business platform for cell therapies in solid tumors, paving the way for an equally successful lete-cel launch in 2026." Tecelra launch momentum increasing - first commercial product in Adaptimmune's sarcoma franchise 28 Authorized Treatment Centers (ATCs) now accepting referrals On track to have the full network of approximately 30 ATCs open by the end of the year Invoiced 2 patients in Q4 2024, 6 in Q1 2025, and 8 in Q2 to-date (as of May 9, 2025) Apheresed 3 patients in Q4 2024, 13 in Q1 2025, and 8 in Q2 to-date (as of May 9, 2025) 100% success rate in manufacturing to date, with no capacity constraints and an average turnaround of 27 days Successful patient access to Tecelra with no payer denials to date Lete-cel - next product in Adaptimmune's sarcoma franchise Pivotal trial met primary endpoint with 42% ORR including 6 complete responses (CTOS 2024) On track to initiate rolling BLA submission in late 2025; approval anticipated in 2026 Lete-cel will more than double the addressable patient population in the sarcoma franchise Launch readiness activities are on track Corporate updates Review of strategic options with TD Cowen in progress Debt principal paydown of $25 million made in Q1 2025 Upcoming milestones Updates on Tecelra launch momentum Initiate rolling BLA for lete-cel to treat synovial sarcoma and MRCLS in Q4 2025 Financial Results for the three months ended March 31, 2025 Cash / liquidity position: As of March 31, 2025, Adaptimmune had cash and cash equivalents of $41.1 million and Total Liquidity2 of $59.6 million, compared to $91.1 million and $151.6 million respectively, as of December 31, 2024. Revenue: Revenue for the three months ended March 31, 2025, was $7.3 million, compared to $5.7 million for the same period in 2024. Revenue has increased primarily due to $4.0 million in product sales following the FDA approval of TECELRA on August 1, 2024. This was offset by a $2.4 million decrease in development revenue due to revenue from Galapagos replacing Genentech revenue and Galapagos generating comparatively lower revenue due to the collaboration being at an earlier stage of progress than the Genentech collaboration was in the first quarter of 2024. Research and development (R&D) expenses: R&D expenses for the three months ended March 31, 2025, were $28.9 million, compared to $35.2 million for the same period in 2024. R&D expenses decreased due to a decrease in the average number of employees engaged in R&D following the restructuring and reprioritization of activities that was announced in November 2024 and a decrease in subcontracted expenditure, offset by a decrease in offsetting reimbursements receivable for R&D tax and expenditure credits. Selling, general and administrative (SG&A) expenses: SG&A expenses for the three months ended March 31, 2025, were $23.3 million, compared to $19.7 million for the equivalent period in 2024. SG&A expenses increased due to restructuring charges for the restructuring program initiated in the fourth quarter of 2024 for which there was no equivalent in the first quarter of 2024 and an increase in accounting, legal and professional fees due to fees relating to business development work, offset by a decrease in share-based compensation expense due to forfeitures arising as a result of the restructuring program. Net loss: Net loss attributable to holders of the Company's ordinary shares for the three months ended March 31, 2025, was a loss of $47.6 million ($0.03 per ordinary share), compared to $48.5 million ($0.03 per ordinary share), for the equivalent period in 2024. Going ConcernOur 2024 Annual Report on Form 10-K, which the Company filed on March 24, 2025, disclosed that there is substantial doubt about our ability to continue as a going concern. We are continuing to implement cost reduction measures and explore the strategic options outlined above. Today's Webcast DetailsA live webcast and replay can be accessed at Call in information is as follows: 1-833-821-0158 (US or Canada) or 1-647-846-2266 (International). Callers should dial in 5-10 minutes prior to the scheduled start time and simply ask to join the Adaptimmune call. About AdaptimmuneAdaptimmune is a fully integrated cell therapy company working to redefine how cancer is treated. With its unique engineered T cell receptor (TCR) platform, the Company is developing personalized medicines designed to target and destroy difficult-to-treat solid tumor cancers and to radically improve the patient's cancer treatment experience. Forward-Looking StatementsThis release contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements address our expected future business, financial performance, financial condition, as well as the results of operations and often contain words such as "anticipate" "believe," "expect," "may," "plan," "potential," "will," and similar expressions. Such statements are based only upon current expectations of Adaptimmune. Reliance should not be placed on these forward-looking statements because they involve certain risks and uncertainties. Such risks and uncertainties could cause our actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation: the success, cost and timing of our product development activities and clinical trials and our ability to successfully advance our TCR therapeutic candidates through the regulatory and commercialization processes. For a further description of the risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, as well as risks relating to our business in general, we refer you to our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made and we do not undertake any obligation to update such forward-looking statements to reflect subsequent events or circumstances. Total Liquidity (a non-GAAP financial measure) Total Liquidity (a non-GAAP financial measure) is the total of cash and cash equivalents and marketable securities (available-for-sale debt securities). Each of these components appears separately in the condensed consolidated balance sheet. The U.S. GAAP financial measure most directly comparable to Total Liquidity is cash and cash equivalents as reported in the condensed consolidated financial statements, which reconciles to Total Liquidity as follows (in thousands): March 31, December 31, 2025 2024Cash and cash equivalents $ 41,054$ 91,139Marketable securities - available-for-sale debt securities18,509 60,466Total Liquidity $ 59,563$ 151,605 The Company believes that the presentation of Total Liquidity provides useful information to investors because management reviews Total Liquidity as part of its assessment of overall solvency and liquidity, financial flexibility, capital position and leverage. Condensed Consolidated Statement of Operations(unaudited, in thousands, except per share data) Three months ended March 31, 2025 2024Revenue: Product revenue, net $ 4,048$ -Development revenue3,237 5,678Total revenue7,285 5,678Operating expenses: Cost of goods sold(879 )-Research and development(28,857 )(35,207 ) Selling, general and administrative(23,282 )(19,732 ) Total operating expenses(53,018 )(54,939 ) Loss from operations(45,733 )(49,261 ) Interest income910 1,345Interest expense(1,881 )-Other income (expense), net(305 )(61 ) Loss before income tax expense(47,009 )(47,977 ) Income tax expense(575 )(526 ) Net loss attributable to ordinary shareholders $ (47,584 ) $ (48,503 ) Net loss per ordinary share Basic and diluted net loss per share $ (0.03 ) $ (0.03 ) Weighted average shares outstanding: Basic and diluted1,542,159,622 1,451,241,661 Condensed Consolidated Balance Sheets(unaudited, in thousands, except share data) March 31, December 31, 2025 2024Assets Current assets Cash and cash equivalents $ 41,054$ 91,139 Marketable securities - available-for-sale debt securities (amortized cost of $18,512 and $60,451) net of allowance for expected credit losses of $0 and $0 18,509 60,466 Accounts receivable, net of allowance for expected credit losses of $0 and $04,382 1,454 Inventory, net11,759 7,320 Other current assets and prepaid expenses27,294 27,790Total current assets102,998 188,169 Restricted cash1,950 2,067Other non-current assets377 629Operating lease right-of-use assets, net of accumulated amortization of $19,080 and $17,75019,217 19,909Property, plant and equipment, net of accumulated depreciation of $70,048 and $51,89329,724 31,309Intangible assets, net of accumulated amortization of $5,819 and $5,5673,806 3,880Total assets $ 158,072$ 245,963 Liabilities and stockholders' equity Current liabilities Accounts payable $ 5,701$ 8,692 Operating lease liabilities, current4,627 4,709 Accrued expenses and other current liabilities24,863 32,919 Restructuring provision3,437 5,911 Deferred revenue, current12,444 12,296Total current liabilities51,072 64,527 Operating lease liabilities, non-current18,668 19,263Deferred revenue, non-current95,979 95,815Borrowings, non-current25,411 50,237Other liabilities, non-current4,371 4,272Total liabilities195,501 234,114 Stockholders' equity Common stock - Ordinary shares par value £0.001, 2,039,252,874 authorized and 1,547,093,808 issued and outstanding (2024: 2,039,252,874 authorized and1,535,653,620 issued and outstanding) 2,099 2,085 Additional paid in capital1,106,455 1,105,653 Accumulated other comprehensive loss(4,412 )(1,902 ) Accumulated deficit(1,141,571 )(1,093,987 ) Total stockholders' equity(37,429 )11,849 Total liabilities and stockholders' equity $ 158,072$ 245,963 Condensed Consolidated Cash Flow Statement(unaudited, in thousands) Three months ended March 31, 2025 2024Cash flows from operating activities Net loss $ (47,584 ) $ (48,503 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation2,291 2,771 Amortization175 59 Share-based compensation expense669 3,102 Unrealized foreign exchange (gains)/losses(396 )305 Accretion of available-for-sale debt securities(431 )(23 ) Other33 (19 ) Changes in operating assets and liabilities: (Increase)/decrease in receivables and other operating assets(1,582 )15,620 Increase in inventories(4,426 )- Decrease in payables and other current liabilities(13,011 )(7,650 ) Decrease in noncurrent assets281 - Increase in borrowings and other non-current liabilities606 - (Decrease)/increase in deferred revenue(3,217 )2,388Net cash used in operating activities(66,592 )(31,950 ) Cash flows from investing activities Acquisition of property, plant and equipment(1,203 )(102 ) Acquisition of intangible assets- (256 ) Maturity, redemption or sale of marketable securities58,440 - Investment in marketable securities(16,090 )- Other7 -Net cash provided by/(used in) investing activities41,154 (358 ) Cash flows from financing activities Repayment of borrowings(25,451 )- Proceeds from issuance of common stock from offerings, net of commissions and issuance costs 122 29,161 Proceeds from exercise of stock options9 74Net cash (used in)/provided by financing activities(25,320 )29,235 Effect of currency exchange rate changes on cash, cash equivalents and restricted cash 556 (416 ) Net decrease in cash, cash equivalents and restricted cash(50,202 )(3,489 ) Cash, cash equivalents and restricted cash at start of period93,206 147,017Cash, cash equivalents and restricted cash at end of period $ 43,004$ 143,528 Adaptimmune Contact Investor RelationsJuli P. Miller, Ph.D. - VP, Corporate Affairs and Investor RelationsT : +1 215 825 9310M : +1 215 460 Media RelationsDana Lynch, Senior Director of Corporate CommunicationsM: +1 267 990 1 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below2 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
