Full Press Release Details
Adaptimmune Reports Q1 Financial Results
- Upfront payment of $50m received from
Astellas and approximately $90m offering completed -
- Financial guidance confirmed:
funded into 2H 2021 -
- Orphan Drug Designation positive opinion
for ADP-A2M4 in the EU adds to US FDA ODD and RMAT designations -
- Upcoming presentations at major scientific
meetings with data from ADP-A2M4, ADP-A2AFP, and allogeneic programs -
- Conference call to be held today at 8:00
a.m. EDT (1:00 p.m. BST) -
PHILADELPHIA, PA., and OXFORDSHIRE, U.K., May 14, 2020 (GLOBE
NEWSWIRE) -- Adaptimmune Therapeutics plc (Nasdaq: ADAP), a leader in cell therapy to treat cancer, reported financial results
for the first quarter ended March 31, 2020.
"After announcing responses in multiple solid tumors in
January, we saw increased momentum across our trials during the first quarter of 2020, before the COVID-19 slowdown. At the same
time, we raised capital and completed a strategic deal with Astellas putting us in a good financial position," said Adrian
Rawcliffe, Adaptimmune's Chief Executive Officer. "In the coming months, we will share clinical updates at ASCO and
EASL, supporting our goal to bring ADP-A2M4 to market for people with sarcoma in 2022 and to identify the next products and indications
that we will take into late-stage development."
PRESENTATIONS AT MAJOR MEDICAL AND SCIENTIFIC MEETINGS
data at American Society of Clinical Oncology (ASCO) Annual Meeting
data at European Association for the Study of the Liver (EASL) International Liver Congress (ILC) 2020
platform update at American Society for Gene and Cell Therapy (ASGCT) Annual Meeting
FOCUSED ON EXECUTION IN CLINICAL TRIALS
PROGRESS TOWARD GOAL OF LAUNCHING ADP-A2M4 IN SARCOMA
Other corporate news
Financial Results for the three-month period ended March
The Company believes that its existing cash, cash equivalents
and marketable securities will fund the Company's current operations into the second half of 2021, as further detailed in
the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020, to be filed with the Securities
and Exchange Commission following this earnings release.
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.
Call and Webcast Information
The Company will host a live teleconference at 8:00
a.m. EDT (1:00 p.m. BST) today, May
live webcast of the conference call will be available in the investor section of Adaptimmune's corporate website at www.adaptimmune.com.
An archive will be available after the call at the same address. To participate in the live conference call, please dial (833)
652-5917 (U.S. 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 (8635337).
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
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 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 SEC on February 27, 2020, 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. Each of these components appears in the consolidated balance sheet. The
U.S. GAAP financial measure most directly comparable to Total Liquidity is cash and cash equivalents as reported in the consolidated
financial statements, which reconciles to Total Liquidity as follows (in thousands):
| March 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Cash and cash equivalents | $ | 86,429 | $ | 50,412 | ||||
| Marketable securities | 110,000 | 39,130 | ||||||
| Total Liquidity | $ | 196,429 | $ | 89,542 |
The Company believes that the presentation of Total Liquidity
provides useful information to investors because management reviews Total Liquidity as part of its management 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, | ||||||||
| 2020 | 2019 | |||||||
| Revenue | $ | 761 | $ | - | ||||
| Operating expenses | ||||||||
| Research and development | (21,264 | ) | (22,019 | ) | ||||
| General and administrative | (9,261 | ) | (11,773 | ) | ||||
| Total operating expenses | (30,525 | ) | (33,792 | ) | ||||
| Operating loss | (29,764 | ) | (33,792 | ) | ||||
| Interest income | 730 | 952 | ||||||
| Other income, net | 937 | 5,430 | ||||||
| Loss before income taxes | (28,097 | ) | (27,410 | ) | ||||
| Income taxes | (70 | ) | (2 | ) | ||||
| Net loss attributable to ordinary shareholders | $ | (28,167 | ) | $ | (27,412 | ) | ||
| Net loss per ordinary share | ||||||||
| Basic and diluted | $ | (0.04 | ) | $ | (0.04 | ) | ||
| Weighted average shares outstanding: | ||||||||
| Basic and diluted | 739,753,371 | 627,945,243 |
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share data)
| March 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 86,429 | $ | 50,412 | ||||
| Marketable securities - available-for-sale debt securities | 110,000 | 39,130 | ||||||
| Other current assets and prepaid expenses (including current portion of clinical materials) | 31,332 | 30,947 | ||||||
| Total current assets | 227,761 | 120,489 | ||||||
| Restricted cash | 4,331 | 4,496 | ||||||
| Clinical materials | 2,611 | 2,503 | ||||||
| Operating lease right-of-use assets, net of accumulated amortization | 19,498 | 20,789 | ||||||
| Property, plant and equipment, net of accumulated depreciation of $24,274 (2019: $23,649) | 28,674 | 31,068 | ||||||
| Intangibles, net of accumulated amortization | 2,366 | 2,198 | ||||||
| Total assets | $ | 285,241 | $ | 181,543 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | 7,066 | 6,357 | ||||||
| Operating lease liabilities, current | 2,590 | 2,493 | ||||||
| Accrued expenses and other accrued liabilities | 18,502 | 23,363 | ||||||
| Deferred revenue, current | 1,658 | 2,128 | ||||||
| Total current liabilities | 29,816 | 34,341 | ||||||
| Operating lease liabilities, non-current | 21,829 | 22,966 | ||||||
| Deferred revenue, non-current | 46,974 | - | ||||||
| Other liabilities, non-current | 585 | 598 | ||||||
| Total liabilities | 99,204 | 57,905 | ||||||
| Stockholders' equity | ||||||||
| Common stock - Ordinary shares par value 0.001, 785,857,300 authorized and 780,514,340 issued and outstanding (2019: 785,857,300 authorized and 631,003,568 issued and outstanding) | 1,139 | 943 | ||||||
| Additional paid in capital | 678,319 | 585,623 | ||||||
| Accumulated other comprehensive loss | (9,590 | ) | (7,264 | ) | ||||
| Accumulated deficit | (483,831 | ) | (455,664 | ) | ||||
| Total stockholders' equity | 186,037 | 123,638 | ||||||
| Total liabilities and stockholders' equity | $ | 285,241 | $ | 181,543 |
Condensed Consolidated Cash Flow Statement
(unaudited, in thousands)
| Three months ended | ||||||||
| March 31, | ||||||||
| 2020 | 2019 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (28,167 | ) | $ | (27,412 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation | 1,711 | 1,828 | ||||||
| Amortization | 180 | 167 | ||||||
| Share-based compensation expense | 1,448 | 3,479 | ||||||
| Unrealized foreign exchange gains | (1,745 | ) | (5,095 | ) | ||||
| Other | 145 | (39 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Increase in receivables and other operating assets | (3,193 | ) | (6,659 | ) | ||||
| Increase in non-current operating assets | (259 | ) | (19 | ) | ||||
| Decrease in payables | (2,708 | ) | (2,453 | ) | ||||
| Increase in deferred revenue | 49,445 | - | ||||||
| Net cash provided by (used in) operating activities | 16,857 | (36,203 | ) | |||||
| Cash flows from investing activities | ||||||||
| Acquisition of property, plant and equipment | (192 | ) | (904 | ) | ||||
| Acquisition of intangibles | (152 | ) | (205 | ) | ||||
| Maturity or redemption of marketable securities | 26,364 | 22,669 | ||||||
| Investment in marketable securities | (97,967 | ) | (3,904 | ) | ||||
| Net cash (used in) provided by investing activities | (71,947 | ) | 17,656 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of common stock, net of issuance costs of $979 | 90,550 | - | ||||||
| Proceeds from exercise of stock options | 894 | 36 | ||||||
| Net cash provided by financing activities | 91,444 | 36 | ||||||
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (502 | ) | 425 | |||||
| Net increase (decrease) in cash and cash equivalents | 35,852 | (18,086 | ) | |||||
| Cash, cash equivalents and restricted cash at start of period | 54,908 | 72,476 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 90,760 | $ | 54,390 |
Adaptimmune Contacts:
S bastien Desprez - VP, Communications and Investor
Juli P. Miller, Ph.D. - Senior Director, Investor Relations