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Sep 30, 2022
Adaptimmune Q3 2022 Earnings Report
Adaptimmune reported financial results and business updates.
Key Takeaways
Adaptimmune reported revenue of $7.0 million and a net loss of $41.4 million for the third quarter ending September 30, 2022. The company is focusing on advancing its SURPASS family of trials and its wholly owned late-stage preclinical optimized PRAME TCR.
Adaptimmune will focus on programs in MAGE-A4 and PRAME.
Adaptimmune will initiate a rolling BLA submission for afami-cel for the treatment of synovial sarcoma in Q4 2022 with target for completion in mid-year 2023.
Adaptimmune will focus on advancing the SURPASS family of trials in ovarian, urothelial, and head & neck cancers, for which the ORR is now 52%.
Adaptimmune plans to advance its wholly owned late-stage preclinical optimized PRAME TCR, to be IND-ready in 2023.
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, will fund the Company’s current operations into early 2024. The Company is deprioritizing non-core programs and is also undertaking a restructuring of the Company including a headcount reduction of approximately 25% to 30% with the aim of extending its cash runway into early 2025.
Positive Outlook
- Adaptimmune will focus on programs in MAGE-A4 and PRAME
- Initiate a rolling BLA submission for afami-cel in Q4 2022
- Advance the SURPASS family of trials
- Advance its wholly owned late-stage preclinical optimized PRAME TCR, to be IND-ready in 2023
- Extend its cash runway into early 2025
Challenges Ahead
- De-prioritize non-core programs
- Undertake a significant restructuring
- Reduction in headcount of approximately 25% to 30%
Historical Earnings Impact
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