Adaptimmune(ADAP) - 2025 Q1 - Quarterly Results

Financial Performance - Tecelra net sales for Q1 2025 reached $4.0 million, with a full-year sales guidance of $35-$45 million for 2025[1][2] - Total revenue for Q1 2025 was $7.3 million, an increase from $5.7 million in Q1 2024, primarily due to product sales from Tecelra[12] - The company reported a net loss of $47.6 million in Q1 2025, compared to a net loss of $48.5 million in Q1 2024[12] - Net loss for Q1 2025 was $47,584,000, slightly improved from a net loss of $48,503,000 in Q1 2024[18] Expenses - Research and development (R&D) expenses decreased to $28.9 million in Q1 2025 from $35.2 million in Q1 2024, attributed to a reduction in R&D personnel and subcontracted expenditures[12] - Selling, general and administrative (SG&A) expenses increased to $23.3 million in Q1 2025 from $19.7 million in Q1 2024, due to restructuring charges and increased professional fees[12] - Net cash used in operating activities increased to $66,592,000 in Q1 2025 from $31,950,000 in Q1 2024[18] - Share-based compensation expense decreased significantly to $669,000 in Q1 2025 from $3,102,000 in Q1 2024[18] Liquidity and Cash Flow - As of March 31, 2025, total liquidity was $59.6 million, down from $151.6 million as of December 31, 2024[15] - Cash, cash equivalents, and restricted cash decreased to $43,004,000 at the end of Q1 2025 from $143,528,000 at the end of Q1 2024[18] - Cash flows from investing activities provided $41,154,000 in Q1 2025, compared to a cash outflow of $358,000 in Q1 2024[18] Operational Highlights - The company achieved a 100% manufacturing success rate with no payer denials to date, supporting the ongoing Tecelra launch[6] - The pivotal trial for Tecelra met its primary endpoint with a 42% overall response rate, including 6 complete responses[6] - The number of Authorized Treatment Centers (ATCs) accepting referrals increased to 28, with plans to reach approximately 30 by the end of 2025[6] Future Outlook - The company is on track to initiate rolling BLA submission for lete-cel in late 2025, with approval anticipated in 2026[6] Inventory and Assets - The company reported an increase in inventories of $4,426,000 in Q1 2025, indicating potential growth in production or sales[18] - The company acquired property, plant, and equipment for $1,203,000 in Q1 2025, up from $102,000 in Q1 2024[18] Currency Impact - The effect of currency exchange rate changes resulted in a positive impact of $556,000 on cash in Q1 2025, compared to a negative impact of $416,000 in Q1 2024[18] Liabilities - The company experienced a decrease in payables and other current liabilities amounting to $13,011,000 in Q1 2025, compared to a decrease of $7,650,000 in Q1 2024[18] - The company reported a depreciation expense of $2,291,000 in Q1 2025, down from $2,771,000 in Q1 2024[18]