Adaptimmune Reports Q2 Financial Results and Provides Business Update

Core Insights - Adaptimmune reported Q2 2025 financial results, highlighting significant growth in TECELRA sales and a strategic agreement with US WorldMeds for cell therapies [2][3] Financial Performance - TECELRA sales reached $11.1 million with over 150% growth compared to Q1 2025, driven by 16 patients invoiced [2][3] - Total revenue for Q2 2025 was $13.7 million, a decrease from $128.2 million in Q2 2024, primarily due to a 96% drop in development revenue following the termination of the Genentech collaboration [4][11] - R&D expenses for Q2 2025 were $23.0 million, down from $40.4 million in Q2 2024, reflecting a reduction in workforce and restructuring efforts [4][5] - SG&A expenses for Q2 2025 were $18.5 million, slightly lower than $19.1 million in Q2 2024, with increases attributed to restructuring charges [5][11] - The net loss for Q2 2025 was $30.3 million, compared to a profit of $69.5 million in Q2 2024 [5][11] Strategic Developments - Adaptimmune entered a definitive agreement to sell TECELRA and other cell therapies to US WorldMeds for $55 million upfront, with potential future milestone payments of up to $30 million [2][3] - The company has repaid its debt following the transaction and is restructuring to optimize the value of remaining assets, including PRAME and CD70 directed T-cell therapies [3][6] Liquidity and Cash Position - As of June 30, 2025, Adaptimmune had cash and cash equivalents of $26.1 million, a significant decrease from $91.1 million at the end of 2024 [4][9] - Total liquidity as of June 30, 2025, was $26.1 million, down from $151.6 million at the end of 2024, indicating a need for careful cash management moving forward [4][9] Operational Highlights - The manufacturing organization achieved a 100% commercial manufacturing success rate through Q2 2025 [3] - The network of ATCs is nearing completion, with 30 centers now accepting referrals for TECELRA [3]