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Adaptimmune Therapeutics (ADAP) investor relations material

Adaptimmune Therapeutics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Revenue for the quarter ended June 30, 2025, was $13.7 million, down 89% year-over-year, primarily due to the end of the Genentech collaboration; product revenue from TECELRA increased following FDA approval in August 2024, with Q2 sales reaching $11.1 million and over 150% growth versus Q1 2025.

  • Net loss for the quarter was $30.3 million, compared to net income of $69.5 million in the same quarter last year; net loss for the six months was $77.9 million.

  • Major restructuring and asset sale to US WorldMeds completed in July 2025, including a $55 million upfront payment and up to $30 million in future milestone payments.

  • Workforce reduction of approximately 62% announced post-transaction, with $7–8 million in expected severance costs.

  • Debt repaid and restructuring underway to focus on PRAME and CD70 T-cell therapy assets.

Financial highlights

  • Total revenue for the six months ended June 30, 2025, was $21.0 million, down 84% year-over-year.

  • Product revenue for the quarter was $11.1 million, up from $0 in the prior year, reflecting TECELRA commercialization.

  • Operating expenses for the quarter were $44.0 million, down 26% year-over-year, driven by lower R&D and SG&A costs.

  • Cash and cash equivalents at June 30, 2025, were $26.1 million, down from $91.1 million at year-end 2024.

  • Net cash used in operating activities for the six months was $101.4 million.

Outlook and guidance

  • Management expects current liquidity, combined with proceeds from the asset sale, to fund operations for at least 12 months.

  • Focus will shift to monetizing remaining preclinical assets and potential future financing activities.

  • Lete-cel launch planned for 2026 under US WorldMeds.

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Frequently asked questions

Adaptimmune Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing novel cell therapies for cancer patients, particularly those with solid tumors. The company utilizes a proprietary cell therapy platform to engineer a patient's own cells to target and fight cancer. Adaptimmune is involved in several phase II clinical trials, including SPEARHEAD-1 for synovial sarcoma and SURPASS-3 for platinum-resistant ovarian cancer. Their research and development efforts are supported by strategic collaborations with entities like Genentech, Inc. and F. Hoffman-La Roche Ltd, among others, to further the development and potential commercialization of their therapies. The company is headquartered in Abingdon, United Kingdom, and its shares are listed on the NASDAQ.

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