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Sep 30, 2024
Adaptimmune Q3 2024 Earnings Report
Adaptimmune reported financial results and business updates.
Key Takeaways
Adaptimmune reported Q3 2024 financial results, highlighted by revenue of $40.9 million and total liquidity of $186.1 million. The company is restructuring to focus on its sarcoma franchise and high-potential R&D programs, targeting operating breakeven in 2027.
Tecelra launch is on track with 9 Authorized Treatment Centers available.
First patient apheresed in Q3, with commercial revenues expected in Q4 and acceleration throughout 2025.
Lete-cel IGNYTE-ESO pivotal trial reported a 42% overall response rate in synovial sarcoma and myxoid/round cell liposarcoma (MRCLS).
Company restructuring includes a planned 33% headcount reduction in Q1 2025, aiming for approximately $300 million in cost savings over the next four years.
Adaptimmune
Adaptimmune
Forward Guidance
Adaptimmune is focused on prioritizing its commercial sarcoma franchise and R&D programs with the highest potential, aiming for operating breakeven in 2027 through significant cost reductions.
Positive Outlook
- Tecelra launch progressing with 9 active Authorized Treatment Centers.
- First commercial revenues from Tecelra expected in Q4 2024, with growth anticipated in 2025.
- Lete-cel pivotal trial showed a 42% overall response rate in specific sarcoma subtypes.
- Plans to initiate a rolling BLA submission for lete-cel by the end of 2025.
- Company projects $400 million peak year sales for the combined sarcoma franchise.
Challenges Ahead
- Planned 33% reduction in headcount in Q1 2025 as part of restructuring.
- Ceasing enrollment in the SURPASS-3 Phase 2 clinical trial for uza-cel in ovarian cancer.
- Operating expenses expected to be reduced by approximately 25% in the first year.
- Aggregate savings of approximately $300 million over four years exclude one-time restructuring costs.
- Net loss of $17.6 million for the quarter.