Adaptimmune Therapeutics (ADAP) investor relations material

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.