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Mar 31, 2023
Adaptimmune Q1 2023 Earnings Report
Adaptimmune reported financial results for Q1 2023 and provided a business update.
Key Takeaways
Adaptimmune reported revenue of $47.6 million and a net profit of $1.0 million for the first quarter ended March 31, 2023. The company completed submission of the clinical module of the afami-cel BLA and announced a strategic combination with TCR2.
Completed submission of the clinical module (Part 2) of the afami-cel BLA; afami-cel is targeted to be the first marketed engineered T-cell therapy for a solid tumor
Adaptimmune and GSK agreed terms for transfer of PRAME and NY-ESO target programs; Adaptimmune will receive ~$37 million in upfront and milestone payments
Announced strategic combination with TCR2 to create a preeminent cell therapy company for solid tumors; following closing of the transaction in Q2 2023, cash runway extended into early 2026
Initiating the Phase 2 SURPASS-3 trial in combination with nivolumab for platinum resistant ovarian cancer
Forward Guidance
The Company believes that its existing cash, cash equivalents and marketable securities, together with the additional payments under the Strategic Collaboration and License Agreement with Genentech and payments under the Termination and Transfer Agreement with GSK, will fund the Company’s current operations into early 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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