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Adaptimmune and Galapagos have entered a clinical collaboration to evaluate Adaptimmune's TCR T-cell therapy candidate, uza-cel, in head & neck cancer. The trial aims to leverage Galapagos' decentralized manufacturing platform to improve efficacy and durability. Initial trials showed an 80% response rate with partial responses in four out of five patients. Adaptimmune will receive $70M upfront, $30M in R&D funding, and potentially up to $465M in milestone payments, with additional tiered royalties. Galapagos has an option to license uza-cel for global development and commercialization.
Adaptimmune Therapeutics (NASDAQ: ADAP) reported Q1 2024 results, highlighting a cash runway through late 2025. Revenue fell to $5.7M from $47.6M YoY due to the termination of the Astellas collaboration. Net loss was $48.5M, compared to a $1.0M profit in Q1 2023. R&D expenses rose to $35.2M, driven by increased employee costs and lease properties from the TCR2 acquisition. G&A expenses decreased to $19.7M due to restructuring and lower corporate costs. The FDA is reviewing afami-cel for advanced synovial sarcoma with a PDUFA date of August 4, 2024. The company plans to launch afami-cel upon approval and lete-cel for synovial sarcoma and MRCLS in 2026, targeting peak U.S. sales of $400M. A $125M debt facility with Hercules Capital was secured.
Adaptimmune has secured a $125 million debt financing deal with Hercules Capital. The agreement includes an initial $25 million tranche available upon closing and an additional $25 million contingent on the approval of afami-cel. The remaining $75 million will be available subject to certain conditions. This financing aims to bolster the company's balance sheet as it prepares for the commercial launch of afami-cel later this year and lete-cel in 2026. Adaptimmune's CFO, Gavin Wood, expressed confidence in the potential impact of afami-cel on sarcoma treatment. A live webcast will provide further Q1 financial and business updates.
Adaptimmune Therapeutics plc (NASDAQ: ADAP) will report Q1 2024 financial results and business updates on May 15, 2024. The company specializes in solid tumor cancer treatment using cell therapy. A live webcast will follow the announcement at 8:00 a.m. EDT (1:00 p.m. BST) on the same day.
