Full Press Release Details
Adaptimmune Reports Q3 Financial Results
- Data from Phase 1 Trial with ADP-A2AFP
in liver cancer presented at ILC confirm safety profile and demonstrate potential benefit for patients -
- Safety and response data from dose escalation
cohorts of the SURPASS trial to be presented at SITC -
- Durability of response data from patients
with synovial sarcoma from the Phase 1 ADP-A2M4 trial to be presented at CTOS -
- Virtual Investor Day planned for November 20,
- Financial guidance confirmed: funded into
- Conference call to be held today at 8:00
a.m. EST (1:00 p.m. GMT) -
PHILADELPHIA, PA., and OXFORDSHIRE, U.K., November 5, 2020
(GLOBE NEWSWIRE) -- Adaptimmune Therapeutics plc (Nasdaq: ADAP), a leader in cell therapy to treat cancer, today reported financial
results and provided a business update for the third quarter ended September 30, 2020.
"Later this month, we will present data at SITC and CTOS.
Data to be presented at SITC from the dose escalation cohorts of our SURPASS trial confirm that ADP-A2M4CD8 is a highly active
agent across a range of tumors. At CTOS, we will present data regarding the durability of responses in synovial sarcoma, which
support our ambition to market ADP-A2M4 in 2022. And finally, at our Investor Day, I will lay out our broader strategy including
the opportunity we see for our late-stage pipeline," said Adrian Rawcliffe, Adaptimmune's Chief Executive Officer.
"Recruitment into our clinical trials has been steadily recovering following the first wave of COVID-19 and projected patient
numbers currently look good for the remainder of this year and into 2021."
Financial Results for the three and nine month periods
ended September 30, 2020
The Company believes that its existing cash, cash equivalents
and marketable securities will fund the Company's current operations into 2022, as further detailed in the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020, to be filed with the Securities and Exchange
Commission following this earnings release.
The Company will host
a live teleconference at 8:00 a.m. EST (1:00 p.m. GMT)
today, November 5, 2020. The 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 (6183339).
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.
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 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
Quarterly Report on Form 10-Q filed with the SEC on August 6, 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 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):
| September 30, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Cash and cash equivalents | $ | 78.5 | 50.4 | |||||
| Marketable securities - available-for-sale debt securities | 321.4 | 39.1 | ||||||
| Total Liquidity | $ | 399.9 | 89.5 |
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 | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | $ | 1,193 | $ | 237 | $ | 2,456 | $ | 394 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development (including losses accrued on firm purchase commitments of $0, $5,000, $0 and $5,000) | (24,067 | ) | (29,617 | ) | (65,791 | ) | (77,147 | ) | ||||||||
| General and administrative | (13,001 | ) | (10,741 | ) | (32,557 | ) | (32,662 | ) | ||||||||
| Total operating expenses | (37,068 | ) | (40,358 | ) | (98,348 | ) | (109,809 | ) | ||||||||
| Operating loss | (35,875 | ) | (40,121 | ) | (95,892 | ) | (109,415 | ) | ||||||||
| Interest income | 2,147 | 615 | 4,024 | 2,324 | ||||||||||||
| Other (expense) income, net | (1,689 | ) | 291 | (1,501 | ) | (556 | ) | |||||||||
| Loss before income taxes | (35,417 | ) | (39,215 | ) | (93,369 | ) | (107,647 | ) | ||||||||
| Income taxes | (15 | ) | (87 | ) | (110 | ) | (154 | ) | ||||||||
| Net loss attributable to ordinary shareholders | $ | (35,432 | ) | $ | (39,302 | ) | $ | (93,479 | ) | $ | (107,801 | ) | ||||
| Net loss per ordinary share | ||||||||||||||||
| Basic and diluted | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.17 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic and diluted | 928,022,057 | 630,866,800 | 829,973,177 | 629,403,293 |
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share data)
| September 30, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 78,466 | $ | 50,412 | ||||
| Marketable securities - available-for-sale debt securities | 321,442 | 39,130 | ||||||
| Other current assets and prepaid expenses (including current portion of clinical materials) | 26,825 | 30,947 | ||||||
| Total current assets | 426,733 | 120,489 | ||||||
| Restricted cash | 4,441 | 4,496 | ||||||
| Clinical materials | 160 | 2,503 | ||||||
| Operating lease right-of-use assets, net of accumulated amortization | 18,775 | 20,789 | ||||||
| Property, plant and equipment, net of accumulated depreciation of $28,503 (2019: $23,649) | 26,943 | 31,068 | ||||||
| Intangibles, net of accumulated amortization | 1,970 | 2,198 | ||||||
| Total assets | $ | 479,022 | $ | 181,543 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 4,030 | $ | 6,357 | ||||
| Operating lease liabilities, current | 2,619 | 2,493 | ||||||
| Accrued expenses and other accrued liabilities | 24,615 | 23,363 | ||||||
| Deferred revenue, current | 3,635 | 2,128 | ||||||
| Total current liabilities | 34,899 | 34,341 | ||||||
| Operating lease liabilities, non-current | 21,090 | 22,966 | ||||||
| Deferred revenue, non-current | 46,212 | - | ||||||
| Other liabilities, non-current | 615 | 598 | ||||||
| Total liabilities | 102,816 | 57,905 | ||||||
| Stockholders' equity | ||||||||
| Common stock - Ordinary shares par value 0.001, 1,038,249,630 authorized and 928,525,410 issued and outstanding (2019: 785,857,300 authorized and 631,003,568 issued and outstanding) | 1,325 | 943 | ||||||
| Additional paid in capital | 932,518 | 585,623 | ||||||
| Accumulated other comprehensive loss | (8,494 | ) | (7,264 | ) | ||||
| Accumulated deficit | (549,143 | ) | (455,664 | ) | ||||
| Total stockholders' equity | 376,206 | 123,638 | ||||||
| Total liabilities and stockholders' equity | $ | 479,022 | $ | 181,543 |
Condensed Consolidated Cash Flow Statement
(unaudited, in thousands)
| Nine months ended | ||||||||
| September 30, | ||||||||
| 2020 | 2019 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (93,479 | ) | $ | (107,801 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 5,151 | 5,406 | ||||||
| Amortization | 718 | 511 | ||||||
| Share-based compensation expense | 7,352 | 8,495 | ||||||
| Unrealized foreign exchange (gains) losses | (1,102 | ) | 522 | |||||
| Other | 2,817 | (208 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Decrease (increase) in receivables and other operating assets | 3,345 | (20,075 | ) | |||||
| Decrease in non-current operating assets | 2,291 | 1,468 | ||||||
| (Decrease) increase in payables and other current liabilities | (117 | ) | 8,879 | |||||
| Increase in deferred revenue | 48,649 | 2,824 | ||||||
| Net cash used in operating activities | (24,375 | ) | (99,979 | ) | ||||
| Cash flows from investing activities | ||||||||
| Acquisition of property, plant and equipment | (1,174 | ) | (1,425 | ) | ||||
| Acquisition of intangibles | (496 | ) | (1,036 | ) | ||||
| Maturity or redemption of marketable securities | 78,915 | 92,803 | ||||||
| Investment in marketable securities | (363,777 | ) | (19,080 | ) | ||||
| Net cash (used in) provided by investing activities | (286,532 | ) | 71,262 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of common stock, net of issuance costs | 334,388 | - | ||||||
| Proceeds from exercise of stock options | 5,541 | 366 | ||||||
| Net cash provided by financing activities | 339,929 | 366 | ||||||
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (1,023 | ) | (398 | ) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 27,999 | (28,749 | ) | |||||
| Cash, cash equivalents and restricted cash at start of period | 54,908 | 72,476 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 82,907 | $ | 43,727 |
Adaptimmune Contacts:
S bastien Desprez - VP, Communications and Investor
Juli P. Miller, Ph.D. - Senior Director, Investor