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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.
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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