Workflow
Adaptimmune(ADAP)
icon
Search documents
Adaptimmune(ADAP) - 2023 Q3 - Quarterly Report
2023-11-07 16:00
[PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements reflect a net loss, decreased total assets, and the financial impact of the TCR2 Therapeutics acquisition [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $296.6 million, while stockholders' equity increased to $88.1 million as of September 30, 2023 Condensed Consolidated Balance Sheet Data (in thousands) | Balance Sheet Items | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $90,059 | $108,033 | | Marketable securities | $71,669 | $96,572 | | Total current assets | $219,368 | $255,370 | | Total assets | $296,638 | $328,916 | | **Liabilities & Equity** | | | | Total current liabilities | $75,146 | $64,501 | | Total liabilities | $208,509 | $247,038 | | Total stockholders' equity | $88,129 | $81,878 | | Total liabilities and stockholders' equity | $296,638 | $328,916 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a Q3 net loss of $45.6 million and a nine-month net loss of $66.0 million, influenced by a gain from the TCR2 acquisition Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $7,319 | $7,007 | $60,050 | $16,120 | | Research and development | $(37,788) | $(33,182) | $(93,301) | $(104,674) | | General and administrative | $(16,164) | $(16,815) | $(56,634) | $(48,169) | | Operating loss | $(46,633) | $(42,990) | $(89,885) | $(136,723) | | Gain on bargain purchase | $(106) | — | $22,049 | — | | Net loss | $(45,601) | $(41,421) | $(65,954) | $(136,206) | | Net loss per share (basic and diluted) | $(0.03) | $(0.04) | $(0.06) | $(0.14) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $126.2 million, with investing activities providing $108.3 million, primarily from the TCR2 acquisition Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(126,204) | $(143,811) | | Net cash provided by investing activities | $108,341 | $68,185 | | Net cash provided by financing activities | $806 | $11,464 | | Net decrease in cash, cash equivalents and restricted cash | $(16,530) | $(70,953) | | Cash, cash equivalents and restricted cash at end of period | $93,072 | $80,713 | - Investing activities included **$45.3 million in cash from the acquisition of TCR2 Therapeutics Inc.** and a net inflow from marketable securities activities[26](index=26&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the TCR2 acquisition, which resulted in a $22.0 million gain, and revenue recognition from key collaboration agreements - The company is a clinical-stage biopharmaceutical company with an **accumulated deficit of $975.3 million** as of September 30, 2023[28](index=28&type=chunk)[29](index=29&type=chunk) - Revenue is primarily from collaborations; the Astellas agreement termination led to recognizing **$42.4 million in deferred revenue**[45](index=45&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - The company acquired TCR2 Therapeutics Inc. in an all-stock deal, resulting in a **gain on bargain purchase of $22.0 million**[102](index=102&type=chunk)[103](index=103&type=chunk)[109](index=109&type=chunk) - A restructuring program incurred **$4.0 million in costs**, with an additional **$6.7 million in severance** post-TCR2 acquisition[94](index=94&type=chunk)[95](index=95&type=chunk)[99](index=99&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses T-cell therapy development, financial results impacted by the TCR2 acquisition, and a cash runway into early 2026 [Overview](index=31&type=section&id=Overview) The company is advancing its T-cell therapy pipeline, with a BLA submission for afami-cel planned for Q4 2023 and progress in multiple clinical trials - The BLA submission for lead product afami-cel is on track for Q4 2023, supported by data from the pivotal SPEARHEAD-1 trial showing a **~39% overall response rate** in synovial sarcoma[116](index=116&type=chunk)[117](index=117&type=chunk) - The IGNYTE Phase 2 trial for lete-cel met its primary endpoint for efficacy, with a **40% response rate** in patients with synovial sarcoma or MRCLS[119](index=119&type=chunk) - The SURPASS Phase 1 trial for ADP-A2M4CD8 reported a **50% response rate** across several cancers, leading to the Phase 2 SURPASS-3 trial[122](index=122&type=chunk)[123](index=123&type=chunk) - The company plans to file an **IND for its PRAME cell therapy in 2024** and targets IND readiness for TC-520 by the end of 2024[126](index=126&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Nine-month revenue surged to $60.1 million due to an agreement termination, while R&D expenses fell and G&A expenses rose Comparison of Three Months Ended September 30 (in thousands) | Item | 2023 | 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $7,319 | $7,007 | $312 | 4% | | Research and development expenses | $(37,788) | $(33,182) | $(4,606) | 14% | | General and administrative expenses | $(16,164) | $(16,815) | $651 | (4)% | | Net loss | $(45,601) | $(41,421) | $(4,180) | 10% | Comparison of Nine Months Ended September 30 (in thousands) | Item | 2023 | 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $60,050 | $16,120 | $43,930 | 273% | | Research and development expenses | $(93,301) | $(104,674) | $11,373 | (11)% | | General and administrative expenses | $(56,634) | $(48,169) | $(8,465) | 18% | | Net loss | $(65,954) | $(136,206) | $70,252 | (52)% | - The significant increase in nine-month revenue was primarily due to the **termination of the Astellas collaboration**[169](index=169&type=chunk) - The increase in nine-month G&A expenses was largely driven by **$6.8 million in corporate costs** related to the TCR2 merger and **$1.7 million in restructuring charges**[177](index=177&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) With $161.7 million in total liquidity, the company projects its cash runway extends into early 2026, supported by reduced operating cash burn - The company projects its **cash runway will extend into early 2026** based on current operational plans and liquidity[182](index=182&type=chunk) Total Liquidity (Non-GAAP, in thousands) | Component | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $90,059 | $108,033 | | Marketable securities | $71,669 | $96,572 | | **Total Liquidity** | **$161,728** | **$204,605** | - Net cash used in operating activities **decreased to $126.2 million** for the nine months ended Sep 30, 2023, from $143.8 million in the prior year period[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposure during the reporting period - There have been **no material changes** to the Company's market risk during the nine months ended September 30, 2023[192](index=192&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of September 30, 2023[193](index=193&type=chunk) - **No material changes** to internal control over financial reporting were identified during the quarter ended September 30, 2023[194](index=194&type=chunk) [PART II — OTHER INFORMATION](index=52&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no involvement in any material legal proceedings as of the reporting date - As of September 30, 2023, the company was **not involved in any material legal proceedings**[196](index=196&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor has emerged regarding a Nasdaq deficiency notice for the ADS price falling below the $1.00 minimum bid requirement - A new risk factor was added regarding the **potential delisting of the company's ADSs** from the Nasdaq Global Select Market[198](index=198&type=chunk) - The company received a deficiency letter from Nasdaq on August 31, 2023, for failing to meet the **$1.00 minimum bid price requirement**[199](index=199&type=chunk) - The company has a **180-day compliance period** to regain compliance with the minimum bid price rule to avoid potential delisting[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[200](index=200&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and iXBRL financial data - Exhibits filed include **CEO and CFO certifications** under Sarbanes-Oxley Act rules[203](index=203&type=chunk) - The filing includes financial statements formatted in **iXBRL** (Inline eXtensible Business Reporting Language)[201](index=201&type=chunk)
Adaptimmune(ADAP) - 2023 Q2 - Earnings Call Transcript
2023-08-09 14:18
Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q2 2023 Results Conference Call August 9, 2023 8:00 AM ET Company Participants Juli Miller - Investor Relations Adrian Rawcliffe - Chief Executive Officer Dennis Williams - Senior Vice President, Late Stage Development Elliot Norry - Chief Medical Officer Gavin Wood - Chief Financial Officer Conference Call Participants Tony Butler - EF Hutton Marc Frahm - TD Cowen Jonathan Chang - Leerink Partners Mara Goldstein - Mizuho Operator Good morning, ladies and gentlemen ...
Adaptimmune(ADAP) - 2023 Q2 - Quarterly Report
2023-08-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37368 ADAPTIMMUNE THERAPEUTICS PLC (Exact name of Registrant as specified in its charter) England and Wales Not Applicable (State or other j ...
Adaptimmune(ADAP) - 2023 Q1 - Earnings Call Transcript
2023-05-12 17:09
Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q1 2023 Earnings Conference Call May 12, 2023 8:00 AM ET Company Participants Juli Miller - Head-Investor Relations Adrian Rawcliffe - Chief Executive Officer Dennis Williams - Senior Vice President, Late Stage Development Helen Tayton-Martin - Chief Business & Strategy Officer Joanna Brewer - Chief Scientific Officer John Lunger - Chief Patient Supply Officer Conference Call Participants Marc Frahm - TD Cowen Tony Butler - EF Hutton Operator Hello. Welcome to Adap ...
Adaptimmune(ADAP) - 2023 Q1 - Quarterly Report
2023-05-11 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37368 ADAPTIMMUNE THERAPEUTICS PLC (Exact name of Registrant as specified in its charter) England and Wales Not Applicable (State or other ...
Adaptimmune(ADAP) - 2022 Q4 - Earnings Call Transcript
2023-03-06 20:40
Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q4 2022 Earnings Conference Call March 6, 2023 8:00 AM ET Company Participants Juli Miller - Head-Investor Relations Adrian Rawcliffe - Chief Executive Officer Garry Menzel - President and Chief Executive Officer, TCR2 Therapeutics Conference Call Participants Ernie Rodriguez - Cowen Mara Goldstein - Mizuho Tony Butler - EF Hutton Michael Schmidt - Guggenheim Jonathan Chang - SVB Securities Asthika Goonewardene - Truist Securities Kelly Shi - Jefferies Soumit Roy - ...
Adaptimmune(ADAP) - 2022 Q4 - Annual Report
2023-03-05 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37368 ADAPTIMMUNE THERAPEUTICS PLC (Exact name of Registrant as specified in its charter) England and Wales Not Applicable (State or other juris ...
Adaptimmune(ADAP) - 2022 Q3 - Earnings Call Transcript
2022-11-08 18:09
Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q3 2022 Earnings Conference Call November 8, 2022 8:00 AM ET Company Participants Juli Miller - Head-Investor Relations Adrian Rawcliffe - Chief Executive Officer Elliot Norry - Chief Medical Officer Gavin Wood - Chief Financial Officer Dennis Williams - Senior Vice President, Late Stage Development Jo Brewer - Chief Scientific Officer Helen Tayton-Martin - Chief Business and Strategy Officer Conference Call Participants Marc Frahm - Cowen & Company Tony Butler - R ...