Adaptimmune Reports Q2 Financial Results and Provides Business Update
Adaptimmune Therapeutics (NASDAQ:ADAP) reported Q2 2025 financial results and announced a significant transaction with US WorldMeds. The company achieved $11.1 million in Q2 Tecelra sales, representing over 150% growth compared to Q1 2025. Adaptimmune has entered into a $55 million upfront deal with US WorldMeds for the sale of TECELRA, lete-cel, afami-cel, and uza-cel cell therapies, with potential for up to $30 million in additional milestone payments.
Q2 financial highlights include revenue of $13.7 million, cash position of $26.1 million, and a net loss of $30.3 million. Following the US WorldMeds transaction, Adaptimmune has repaid its Hercules Capital debt and is restructuring to focus on remaining assets, including PRAME and CD70 directed T-cell therapies. The company expects sufficient cash through Q2 2026.
Adaptimmune Therapeutics (NASDAQ:ADAP) ha reso noti i risultati finanziari del secondo trimestre 2025 e ha annunciato un'operazione rilevante con US WorldMeds. La società ha realizzato $11.1 million in vendite di Tecelra nel Q2, registrando una crescita superiore al 150% rispetto al Q1 2025. Adaptimmune ha concordato con US WorldMeds un accordo upfront da $55 milioni per la cessione delle terapie cellulari TECELRA, lete-cel, afami-cel e uza-cel, con la possibilità di fino a $30 milioni aggiuntivi legati al raggiungimento di milestone.
I risultati chiave del Q2 includono ricavi per $13.7 million, una posizione di cassa di $26.1 million e una perdita netta di $30.3 million. Dopo la transazione con US WorldMeds, Adaptimmune ha estinto il debito con Hercules Capital e sta procedendo a una ristrutturazione per focalizzarsi sugli asset residui, tra cui terapie T-cell dirette contro PRAME e CD70. La società prevede di disporre di liquidità sufficiente fino al Q2 2026.
Adaptimmune Therapeutics (NASDAQ:ADAP) informó los resultados financieros del segundo trimestre de 2025 y anunció una operación importante con US WorldMeds. La compañía logró $11.1 million en ventas de Tecelra en el Q2, lo que supone un crecimiento superior al 150% respecto al Q1 2025. Adaptimmune ha suscrito con US WorldMeds un acuerdo upfront de $55 millones para la venta de las terapias celulares TECELRA, lete-cel, afami-cel y uza-cel, con posibilidad de hasta $30 millones adicionales por hitos.
Entre los aspectos financieros del Q2 destacan ingresos por $13.7 million, una posición de caja de $26.1 million y una pérdida neta de $30.3 million. Tras la operación con US WorldMeds, Adaptimmune ha saldado su deuda con Hercules Capital y se está reestructurando para centrarse en los activos restantes, incluidas terapias de células T dirigidas a PRAME y CD70. La compañía espera contar con liquidez suficiente hasta el Q2 de 2026.
Adaptimmune Therapeutics (NASDAQ:ADAP)는 2025년 2분기 재무실적을 발표하고 US WorldMeds와의 주요 거래를 공개했습니다. 회사는 2분기 Tecelra 매출 $11.1 million을 기록했으며 이는 2025년 1분기 대비 150% 이상 성장한 수치입니다. Adaptimmune는 TECELRA, lete-cel, afami-cel, uza-cel 세포치료제 매각을 위해 US WorldMeds와 선급금 $55 million 규모의 계약을 체결했으며 추가로 최대 $30 million의 마일스톤 지급 가능성이 있습니다.
2분기 재무 하이라이트로는 매출 $13.7 million, 현금 잔액 $26.1 million, 순손실 $30.3 million이 보고되었습니다. US WorldMeds 거래 이후 Adaptimmune는 Hercules Capital 부채를 상환했고, PRAME 및 CD70을 표적으로 하는 T세포 치료제 등 남은 자산에 집중하기 위해 구조조정을 진행 중입니다. 회사는 2026년 2분기까지 현금이 충분할 것으로 예상합니다.
Adaptimmune Therapeutics (NASDAQ:ADAP) a publié ses résultats financiers du deuxième trimestre 2025 et annoncé une transaction importante avec US WorldMeds. La société a réalisé $11.1 million de ventes de Tecelra au T2, soit une croissance de plus de 150% par rapport au T1 2025. Adaptimmune a conclu avec US WorldMeds un accord upfront de $55 million pour la cession des thérapies cellulaires TECELRA, lete-cel, afami-cel et uza-cel, avec la possibilité de jusqu'à $30 million de paiements additionnels liés à des jalons.
Les points financiers du T2 incluent des revenus de $13.7 million, une trésorerie de $26.1 million et une perte nette de $30.3 million. Suite à la transaction avec US WorldMeds, Adaptimmune a remboursé sa dette auprès de Hercules Capital et se restructure pour se concentrer sur les actifs restants, notamment des thérapies T-cell ciblant PRAME et CD70. La société prévoit disposer de liquidités suffisantes jusqu'au T2 2026.
Adaptimmune Therapeutics (NASDAQ:ADAP) veröffentlichte die Finanzergebnisse für das zweite Quartal 2025 und kündigte eine bedeutende Transaktion mit US WorldMeds an. Das Unternehmen erzielte $11.1 million an Tecelra-Umsätzen im Q2, was einem Wachstum von über 150% gegenüber Q1 2025 entspricht. Adaptimmune hat mit US WorldMeds einen $55 million Upfront-Deal über den Verkauf der Zelltherapien TECELRA, lete-cel, afami-cel und uza-cel abgeschlossen, mit der Option auf bis zu $30 million zusätzliche Meilensteinzahlungen.
Die finanziellen Highlights des Q2 umfassen Umsatz von $13.7 million, eine Barposition von $26.1 million und einen Nettoverlust von $30.3 million. Nach der Transaktion mit US WorldMeds hat Adaptimmune seine Verbindlichkeiten bei Hercules Capital getilgt und restrukturiert, um sich auf verbleibende Vermögenswerte zu konzentrieren, darunter T-Zell-Therapien, die auf PRAME und CD70 ausgerichtet sind. Das Unternehmen erwartet ausreichende Liquidität bis zum Q2 2026.
- None.
- Revenue decreased 96% YoY due to Genentech collaboration termination
- Net loss of $30.3M in Q2 2025 vs $69.5M profit in Q2 2024
- Cash position declined to $26.1M from $91.1M in December 2024
- Restructuring charges impacting SG&A expenses
Insights
Adaptimmune sells key therapies for $55M upfront amid mixed financials; strong Tecelra growth offset by R&D contraction and mounting losses.
Adaptimmune's Q2 results reveal a company in transition, divesting core assets while showing early commercial traction. Tecelra sales reached
The strategic sale of four cell therapies to US WorldMeds for
Financial metrics paint a challenging picture. Cash position deteriorated to
Despite cost-cutting efforts reducing R&D expenses by
Q2 Tecelra sales of
Entered into a definitive agreement for the sale of TECELRA, lete-cel, afami-cel, and uza-cel cell therapies to US WorldMeds for
Following the transaction, Adaptimmune has repaid its debt and is restructuring to maximize value from remaining assets, including PRAME and CD70 directed T-cell therapies
Philadelphia, Pennsylvania and Oxford, United Kingdom--(Newsfile Corp. - August 13, 2025) - Adaptimmune Therapeutics plc (NASDAQ: ADAP) today reported financial results and provided a business update for the second quarter ended June 30, 2025.
Adrian Rawcliffe, Adaptimmune's Chief Executive Officer: "The launch of TECELRA continued to accelerate through Q2 with an increase of over
Financial Results for the six months ended June 30, 2025
- Cash / liquidity position: As of June 30, 2025, Adaptimmune had cash and cash equivalents of
$26.1 million and Total Liquidity[1] of$26.1 million , compared to$91.1 million and$151.6 million respectively, as of December 31, 2024. - Revenue: Revenue for the three and six months ended June 30, 2025, was
$13.7 million and$21.0 million respectively, compared to$128.2 million and$133.9 million for the same periods in 2024. Revenue from development activities decreased by96% for the six months ended June 30, 2025, compared to the same period in 2024. This decline was primarily due to the termination of the Genentech collaboration in April 2024 which resulted in the recognition of a cumulative catch-up adjustment of$101.3 million for the six months ended June 30, 2024. The product revenue has increased due to product sales commencing following the FDA approval of TECELRA on August 1, 2024. - Research and development (R&D) expenses: R&D expenses for the three and six months ended June 30, 2025, were
$23.0 million and$51.8 million respectively, compared to$40.4 million and$75.7 million for the same periods in 2024. R&D expenses decreased due to a decrease in the average number of employees engaged in R&D following the restructuring and reprioritization of activities that was announced in November 2024 and a decrease in subcontracted expenditure and manufacturing facilities expenses , offset by a decrease in offsetting reimbursements receivable for R&D tax and expenditure credits. - Selling, general and administrative (SG&A) expenses: SG&A expenses for the three months and six months ended June 30, 2025, were
$18.5 million and$41.8 million respectively, compared to$19.1 million and$38.8 million for the equivalent periods in 2024. SG&A expenses increased due to restructuring charges for the restructuring program initiated in the fourth quarter of 2024 for which there was no equivalent in the same periods of 2024 which was partially offset by a decrease in share-based compensation expense due to forfeitures arising as a result of this restructuring program. Also, there was an increase in accounting, legal and professional fees due to fees relating to business development work. - Net loss: Net loss attributable to holders of the Company's ordinary shareholders for the three months and six months ended June 30, 2025, were
$30.3 million and$77.9 million respectively ($(0.02) and$(0.05) per ordinary share), compared to profits of$69.5 million and$21.0 million ($0.05 and$0.01 per ordinary share), for the equivalent periods in 2024.
[1] 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.
As a result of the transaction with US WorldMeds and repayment of all sums under the loan agreement with Hercules Capital Inc, we consider that the cash and cash equivalents of the Company will be sufficient to meet our planned operating requirements through the 12 months following the filing of our Quarterly Report for the second quarter of 2025.
About Adaptimmune
Adaptimmune is a fully integrated cell therapy company working to redefine how cancer is treated. With its unique engineered T cell receptor (TCR) platform, the Company is developing personalized medicines designed to target and destroy difficult-to-treat solid tumor cancers and to radically improve the patient's cancer treatment experience.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements address our expected future business, financial performance, financial condition, as well as the results of operations and often contain words such as "anticipate" "believe," "expect," "may," "plan," "potential," "will," and similar expressions. Such statements are based only upon current expectations of Adaptimmune. Reliance should not be placed on these forward-looking statements because they 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 Securities and Exchange Commission for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. 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 thousands):
| June 30, | December 31, | ||||||||
| 2025 | 2024 | ||||||||
| Cash and cash equivalents | $ | 26,061 | $ | 91,139 | |||||
| Marketable securities - available-for-sale debt securities | — | 60,466 | |||||||
| Total Liquidity | $ | 26,061 | $ | 151,605 | |||||
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 solvency and liquidity, financial flexibility, capital position and leverage.
Condensed Consolidated Statement of Operations
(unaudited, in thousands, except per share data)
| Three months ended | Six months ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenue: | |||||||||||||||||||
| Product revenue, net | $ | 11,078 | $ | — | $ | 15,126 | $ | — | |||||||||||
| Development revenue | 2,599 | 128,231 | 5,836 | 133,909 | |||||||||||||||
| Total revenue | 13,677 | 128,231 | 20,962 | 133,909 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Cost of goods sold | (2,501) | — | (3,380) | — | |||||||||||||||
| Research and development | (22,979) | (40,448) | (51,836) | (75,655) | |||||||||||||||
| Selling, general and administrative | (18,485) | (19,083) | (41,767) | (38,815) | |||||||||||||||
| Total operating expenses | (43,965) | (59,531) | (96,983) | (114,470) | |||||||||||||||
| (Loss)/profit from operations | (30,288) | 68,700 | (76,021) | 19,439 | |||||||||||||||
| Interest income | 233 | 1,376 | 1,143 | 2,721 | |||||||||||||||
| Interest expense | (962) | (526) | (2,843) | (526) | |||||||||||||||
| Other income (expense), net | 1,289 | 497 | 984 | 436 | |||||||||||||||
| (Loss)/profit before income tax expense | (29,728) | 70,047 | (76,737) | 22,070 | |||||||||||||||
| Income tax expense | (612) | (526) | (1,187) | (1,052) | |||||||||||||||
| Net (loss)/profit attributable to ordinary shareholders | $ | (30,340) | $ | 69,521 | $ | (77,924) | $ | 21,018 | |||||||||||
| Net (loss)/profit per ordinary share | |||||||||||||||||||
| Basic | $ | (0.02) | $ | 0.05 | $ | (0.05) | $ | 0.01 | |||||||||||
| Diluted | $ | (0.02) | $ | 0.04 | $ | (0.05) | $ | 0.01 | |||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 1,584,522,868 | 1,533,531,837 | 1,563,458,270 | 1,492,386,749 | |||||||||||||||
| Diluted | 1,584,522,868 | 1,559,183,774 | 1,563,458,270 | 1,519,004,675 | |||||||||||||||
Condensed Consolidated Balance Sheets
(unaudited, in thousands, except share data)
| June 30, | December 31, | |||||||||
| 2025 | 2024 | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 26,061 | $ | 91,139 | ||||||
| Marketable securities - available-for-sale debt securities (amortized cost of | — | 60,466 | ||||||||
| Accounts receivable, net of allowance for expected credit losses of | 9,313 | 1,454 | ||||||||
| Inventory, net | 11,411 | 7,320 | ||||||||
| Other current assets and prepaid expenses | 31,330 | 27,790 | ||||||||
| Total current assets | 78,115 | 188,169 | ||||||||
| Restricted cash | 1,717 | 2,067 | ||||||||
| Other non-current assets | 94 | 629 | ||||||||
| Operating lease right-of-use assets, net of accumulated amortization of | 18,748 | 19,909 | ||||||||
| Property, plant and equipment, net of accumulated depreciation of | 28,152 | 31,309 | ||||||||
| Intangible assets, net of accumulated amortization of | 3,807 | 3,880 | ||||||||
| Total assets | $ | 130,633 | $ | 245,963 | ||||||
| Liabilities and stockholders' equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable | $ | 9,418 | $ | 8,692 | ||||||
| Operating lease liabilities, current | 4,514 | 4,709 | ||||||||
| Accrued expenses and other current liabilities | 24,526 | 32,919 | ||||||||
| Restructuring provision | 2,355 | 5,911 | ||||||||
| Deferred revenue, current | 10,700 | 12,296 | ||||||||
| Total current liabilities | 51,513 | 64,527 | ||||||||
| Operating lease liabilities, non-current | 18,491 | 19,263 | ||||||||
| Deferred revenue, non-current | 101,419 | 95,815 | ||||||||
| Borrowings, non-current | 25,675 | 50,237 | ||||||||
| Other liabilities, non-current | 4,493 | 4,272 | ||||||||
| Total liabilities | 201,591 | 234,114 | ||||||||
| Stockholders' equity | ||||||||||
| Common stock - Ordinary shares par value £0.001, 2,108,130,546 authorized and 1,590,309,546 issued and outstanding (2024: 2,039,252,874 authorized and 1,535,653,620 issued and outstanding) | 2,156 | 2,085 | ||||||||
| Additional paid in capital | 1,109,409 | 1,105,653 | ||||||||
| Accumulated other comprehensive loss | (10,612) | (1,902) | ||||||||
| Accumulated deficit | (1,171,911) | (1,093,987) | ||||||||
| Total stockholders' equity | (70,958) | 11,849 | ||||||||
| Total liabilities and stockholders' equity | $ | 130,633 | $ | 245,963 | ||||||
Condensed Consolidated Cash Flow Statement
(unaudited, in thousands)
| Six months ended | ||||||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net (loss)/profit | $ | (77,924) | $ | 21,018 | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 4,620 | 5,457 | ||||||
| Amortization | 355 | 115 | ||||||
| Share-based compensation expense | 1,990 | 6,160 | ||||||
| Unrealized foreign exchange gains | (888) | (266) | ||||||
| Accretion of available-for-sale debt securities | (509) | (42) | ||||||
| Other | 56 | 2 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| (Increase)/decrease in receivables and other operating assets | (9,158) | 20,788 | ||||||
| Increase in inventories | (4,041) | — | ||||||
| (Decrease)/increase in payables and other current liabilities | (11,407) | 1,012 | ||||||
| Decrease in noncurrent assets | 562 | — | ||||||
| Increase in borrowings and other non-current liabilities | 784 | 454 | ||||||
| Decrease in deferred revenue | (5,812) | (39,249) | ||||||
| Net cash (used in)/provided by operating activities | (101,372) | 15,449 | ||||||
| Cash flows from investing activities | ||||||||
| Acquisition of property, plant and equipment | (1,278) | (524) | ||||||
| Acquisition of intangible assets | — | (588) | ||||||
| Maturity, redemption or sale of marketable securities | 76,950 | — | ||||||
| Investment in marketable securities | (16,090) | — | ||||||
| Other | 62 | 11 | ||||||
| Net cash provided by/(used in) investing activities | 59,644 | (1,101) | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of borrowings, net of discount | — | 24,500 | ||||||
| Repayment of borrowings | (25,451) | — | ||||||
| Proceeds from issuance of common stock from offerings, net of commissions and issuance costs | 1,775 | 29,171 | ||||||
| Proceeds from exercise of stock options | 10 | 76 | ||||||
| Net cash (used in)/provided by financing activities | (23,666) | 53,747 | ||||||
| Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (34) | (436) | ||||||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (65,428) | 67,659 | ||||||
| Cash, cash equivalents and restricted cash at start of period | 93,206 | 147,017 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 27,778 | $ | 214,676 | ||||
Adaptimmune Contact
Investor Relations and Media Relations
Adrian Rawcliffe, Chief Executive Officer
Adrian.Rawcliffe@adaptimmune.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262197
FAQ
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