Adaptimmune Reports Q1 Financial Results and Provides Business Update

Core Insights - Adaptimmune Therapeutics reported Q1 2025 financial results, highlighting the launch momentum of its first commercial product, Tecelra, with net sales of $4.0 million and a full-year sales guidance of $35-$45 million for 2025 [1][2][11] - The company is on track to initiate a rolling Biologics License Application (BLA) submission for its next product, lete-cel, in late 2025, with anticipated approval in 2026 [1][4][11] Financial Performance - Total revenue for Q1 2025 was $7.3 million, an increase from $5.7 million in Q1 2024, primarily driven by product sales from Tecelra [11][14] - 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 the workforce and subcontracted expenditures [11][14] - Selling, general and administrative (SG&A) expenses rose to $23.3 million in Q1 2025 from $19.7 million in Q1 2024, due to restructuring charges and increased professional fees [11][14] - The net loss for Q1 2025 was $47.6 million, slightly improved from a loss of $48.5 million in Q1 2024 [11][14] Operational Highlights - As of March 31, 2025, Adaptimmune had total liquidity of $60 million, down from $151.6 million at the end of 2024 [1][11][13] - The company has established 28 Authorized Treatment Centers (ATCs) and aims to have approximately 30 ATCs operational by the end of 2025 [5][11] - Manufacturing success rates remain at 100%, with no payer denials reported to date [2][5] Upcoming Milestones - The company plans to initiate the rolling BLA submission for lete-cel in Q4 2025, targeting treatment for synovial sarcoma and MRCLS [11][12] - The pivotal trial for Tecelra met its primary endpoint, achieving a 42% overall response rate (ORR) [5][11]