Full Press Release Details
Adaptimmune Reports First Quarter Financial Results and Business Update
- Initial SPEARHEAD-1 data to be presented in an oral presentation at ASCO -
- First preclinical update from HLA-independent TCR (HiT) targeting mesothelin at ASGCT -
- Enrollment momentum in SURPASS and ADP-A2AFP clinical trials increased in Q1 -
- Astellas nominates second target as part of allogeneic co-development and co-commercialization agreement -
- Financial guidance confirmed: funded into early 2023 -
- Conference call to be held today at 9:00 a.m. EDT (2:00 p.m. BST) -
PHILADELPHIA, PA. and OXFORD, UK, May 6, 2021 - Adaptimmune Therapeutics plc (Nasdaq: ADAP), a leader in cell therapy to treat cancer, today reported financial results for the first quarter ended March 31, 2021 and provided a business update.
"We will present initial data at ASCO from our SPEARHEAD-1 trial that will support BLA submission in 2022. We have seen good enrollment in the SURPASS and ADP-A2AFP trials and will present data later this year," said Adrian Rawcliffe, Adaptimmune's Chief Executive Officer. "We continue to deliver against our ambitions laid out in our 2-2-5-2 strategic plan to bring products forward for clinical development and launch. At ASGCT next week, we will present preclinical data from our first HiT product targeting mesothelin. Results indicate that this HiT works as well or better than similar cell therapy constructs targeting the same antigen in in vitro killing assays as well as an animal model."
Upcoming confirmed data updates
Planned data updates 3
Other Corporate News
1 Data cut-off for the abstract was February 4, 2021.
2 "Once an abstract has been publicly released by ASCO and the embargo has lifted, authors and research sponsors may widely distribute a press release containing the full data, including any additional or updated data that will be presented at the meeting even if not included in the abstract itself." (https://bit.ly/3dHgOcn)
3 All data updates subject to congress acceptance
Financial Results for the first quarter ended March 31, 2021
The Company believes that its existing cash, cash equivalents and marketable securities will fund the Company's current operations into early 2023, as further detailed in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, to be filed with the Securities and Exchange Commission following this earnings release.
Conference Call Information
The Company will host a live teleconference and webcast to provide additional details at 9:00 a.m. EDT (2:00 p.m. BST) today, May 6, 2021. A live webcast of the conference call and replay can be accessed at https://bit.ly/2Ry9DdR. An archive will be available after the call at the same address. To participate in the live conference call, if preferred, please dial (833) 652-5917 (US or Canada) or +1 (430) 775-1624 (International). After placing the call, please ask to be joined into the Adaptimmune conference call and provide the confirmation code (9271335).
Adaptimmune is a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapy products for people with cancer. The Company's unique SPEAR (Specific Peptide Enhanced Affinity Receptor) T-cell platform enables the engineering of T-cells to target and destroy cancer across multiple solid tumors.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements involve certain risks and uncertainties. Such risks and uncertainties could cause our actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation: the success, cost and
4 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below.
timing of our product development activities and clinical trials and our ability to successfully advance our TCR therapeutic candidates through the regulatory and commercialization processes. For a further description of the risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, as well as risks relating to our business in general, we refer you to our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 25, 2021 and our other SEC filings. The forward-looking statements contained in this press release speak only as of the date the statements were made and we do not undertake any obligation to update such forward-looking statements to reflect subsequent events or circumstances.
Total Liquidity (a non-GAAP financial measure)
Total Liquidity (a non-GAAP financial measure) is the total of cash and cash equivalents and marketable securities (available-for-sale debt securities). Each of these components appears separately in the condensed consolidated balance sheet. The U.S. GAAP financial measure most directly comparable to Total Liquidity is cash and cash equivalents as reported in the condensed consolidated financial statements, which reconciles to Total Liquidity as follows (in millions):
| March 31, | December 31, | ||||||
| 2021 | 2020 | ||||||
| Cash and cash equivalents | $ | 32,432 | $ | 56,882 | |||
| Marketable securities - available-for-sale debt securities | 285,512 | 311,335 | |||||
| Total Liquidity | $ | 317,944 | $ | 368,217 |
The Company believes that the presentation of Total Liquidity provides useful information to investors because management reviews Total Liquidity as part of its assessment of overall liquidity, financial flexibility, capital structure and leverage.
Condensed Consolidated Statement of Operations
(unaudited, in thousands, except per share data)
| Three months ended | |||||||
| March 31, | |||||||
| 2021 | 2020 | ||||||
| Revenue | $ | 434 | $ | 761 | |||
| Operating expenses | |||||||
| Research and development | (24,506) | (21,264) | |||||
| General and administrative | (13,817) | (9,261) | |||||
| Total operating expenses | (38,323) | (30,525) | |||||
| Operating loss | (37,889) | (29,764) | |||||
| Interest income | 425 | 730 | |||||
| Other (expense) income, net | (1) | 937 | |||||
| Loss before income taxes | (37,465) | (28,097) | |||||
| Income taxes | (298) | (70) | |||||
| Net loss attributable to ordinary shareholders | $ | (37,763) | $ | (28,167) | |||
| Net loss per ordinary share | |||||||
| Basic and diluted | $ | (0.04) | $ | (0.04) | |||
| Weighted average shares outstanding: | |||||||
| Basic and diluted | 931,088,810 | 739,753,371 |
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share data)
| March 31, | December 31, | |||||
| 2021 | 2020 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 32,432 | $ | 56,882 | ||
| Marketable securities - available-for-sale debt securities | 285,512 | 311,335 | ||||
| Other current assets and prepaid expenses | 41,349 | 29,935 | ||||
| Total current assets | 359,293 | 398,152 | ||||
| Restricted cash | 4,604 | 4,602 | ||||
| Operating lease right-of-use assets, net of accumulated amortization | 18,326 | 18,880 | ||||
| Property, plant and equipment, net of accumulated depreciation of $32,703 (2020: $31,097) | 27,739 | 27,778 | ||||
| Intangibles, net of accumulated amortization | 1,619 | 1,730 | ||||
| Total assets | $ | 411,581 | $ | 451,142 | ||
| Liabilities and stockholders' equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 4,116 | $ | 6,389 | ||
| Operating lease liabilities, current | 2,845 | 2,773 | ||||
| Accrued expenses and other accrued liabilities | 22,263 | 27,079 | ||||
| Deferred revenue, current | 2,083 | 2,832 | ||||
| Total current liabilities | 31,307 | 39,073 | ||||
| Operating lease liabilities, non-current | 19,897 | 20,938 | ||||
| Deferred revenue, non-current | 50,565 | 49,260 | ||||
| Other liabilities, non-current | 655 | 644 | ||||
| Total liabilities | 102,424 | 109,915 | ||||
| Stockholders' equity | ||||||
| Common stock - Ordinary shares par value 0.001, 1,038,249,630 authorized and 932,817,168 issued and outstanding (2020: 1,038,249,630 authorized and 928,754,958 issued and outstanding) | 1,331 | 1,325 | ||||
| Additional paid in capital | 941,569 | 935,706 | ||||
| Accumulated other comprehensive loss | (10,224) | (10,048) | ||||
| Accumulated deficit | (623,519) | (585,756) | ||||
| Total stockholders' equity | 309,157 | 341,227 | ||||
| Total liabilities and stockholders' equity | $ | 411,581 | $ | 451,142 |
Condensed Consolidated Cash Flow Statement
(unaudited, in thousands)
| Three months ended | |||||||
| March 31, | |||||||
| 2021 | 2020 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (37,763) | $ | (28,167) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation | 1,436 | 1,711 | |||||
| Share-based compensation expense | 5,334 | 1,448 | |||||
| Unrealized foreign exchange losses (gains) | 1,249 | (1,745) | |||||
| Amortization on available-for-sale debt securities | 1,499 | 150 | |||||
| Other | 1,299 | 175 | |||||
| Changes in operating assets and liabilities: | |||||||
| Increase in receivables and other operating assets | (11,155) | (3,193) | |||||
| Increase in non-current operating assets | - | (259) | |||||
| Decrease in payables and other current liabilities | (8,601) | (2,708) | |||||
| Increase in deferred revenue | 162 | 49,445 | |||||
| Net cash (used in) provided by operating activities | (46,540) | 16,857 | |||||
| Cash flows from investing activities | |||||||
| Acquisition of property, plant and equipment | (1,152) | (192) | |||||
| Acquisition of intangibles | (133) | (152) | |||||
| Maturity or redemption of marketable securities | 84,646 | 26,364 | |||||
| Investment in marketable securities | (61,599) | (97,967) | |||||
| Net cash provided by (used in) investing activities | 21,762 | (71,947) | |||||
| Cash flows from financing activities | |||||||
| Proceeds from issuance of common stock, net of issuance costs | - | 90,550 | |||||
| Proceeds from exercise of stock options | 534 | 894 | |||||
| Net cash provided by financing activities | 534 | 91,444 | |||||
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (204) | (502) | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (24,448) | 35,852 | |||||
| Cash, cash equivalents and restricted cash at start of period | 61,484 | 54,908 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 37,036 | $ | 90,760 |
Adaptimmune Contacts:
S bastien Desprez - VP, Communications and Investor Relations
Juli P. Miller, Ph.D. - Senior Director, Investor Relations