Adaptimmune(ADAP) - 2024 Q4 - Annual Results

Product Launch and Revenue - Tecelra launch momentum is increasing, with 10 patients aphereseed in Q1 2025 and 3 in 2024, generating Q4 product revenue of $1.2 million[1][4]. - 20 Authorized Treatment Centers (ATCs) are now accepting referrals, with plans to expand to approximately 30 ATCs by the end of 2025[4]. - Successful reimbursement with no denials to date, and a 100$152 million, consisting of $91.139 million in cash and cash equivalents and$60.466 million in marketable securities[1][7]. - The company anticipates an additional $75 million to$100 million in aggregate cost savings over the next four years from cost reductions in the PRAME and CD70 programs[9]. - The company aims for profitability by 2027, leveraging its sarcoma franchise and the launch of Tecelra[2]. Clinical Trials and Approvals - The pivotal trial for Tecelra met its primary endpoint with a 42% overall response rate (ORR), including 6 complete responses[4]. - Lete-cel is on track to initiate rolling BLA submission in late 2025, with approval anticipated in 2026[1][4]. Cost Management and Strategic Options - The company executed a 29% reduction in headcount in Q1 2025, aiming for approximately $300 million in aggregate cost savings over the next four years[9]. - The company is evaluating all strategic options to maximize shareholder value amid substantial doubt about its ability to continue as a going concern[6][9].