Adaptimmune, after bringing cell therapy to market, questions viability and defunds 2 preclinical programs

Recent Developments

Adaptimmune brought the first engineered TCR T-cell therapy (Tecelra) to market for solid tumors in 2024, specifically for synovial sarcoma.
Despite this milestone, the company is now expressing concerns about its long-term viability.

- Adaptimmune is implementing cost-saving measures and discontinuing two preclinical development programs:

* 1. ADP-600:*
Targeting PRAME for various solid tumors

* 2. ADP-520:*
Targeting CD70 for hematological malignancies and some solid tumors

Financial Situation

The discontinuations are expected to save up to $100 million over the next four years.
As of the end of 2024, Adaptimmune had $151.6 million in total liquidity.
The company is evaluating all strategic options to maximize shareholder value.

Tecelra Launch Progress

20 Authorized Treatment Centers are now accepting referrals for Tecelra.
10 patients were apheresed in Q1 2025, compared to only 3 in all of 2024.
Successful reimbursement with no denials to date.
100% manufacturing success rate so far.

Pipeline Updates

Lete-cel (targeting NY-ESO) is on track to initiate a rolling BLA submission in late 2025.
The company is still advancing its MAGE-A4 franchise and determining next steps for PRAME and NY-ESO assets.

Outlook

Adaptimmune aims to achieve operating profitability in 2027.
The company has engaged TD Cowen to evaluate strategic options.

While Adaptimmune has achieved a significant milestone with Tecelra's approval, the company faces challenges in ensuring long-term viability and is taking measures to extend its cash runway while focusing on its most promising programs.