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2016-05-12

Adaptimmune Reports First Quarter 2016 Financial Results

rts First Quarter 2016 Financial Results

PHILADELPHIA and OXFORD, United Kingdom, 2016-05-12 13:30 CEST (GLOBE NEWSWIRE)
--
Adaptimmune Therapeutics plc (Nasdaq:ADAP) (“Adaptimmune” or the “Company”), a
leader in T-cell therapy to treat cancer, today reported financial results for
the first quarter ended March 31, 2016.

As of March 31, 2016, Adaptimmune had a total liquidity position1 of $226.1
million. The Company is reiterating its cash burn guidance and expects its
total liquidity position at December 31, 2016, including cash, cash equivalents
and short term deposits, to be at least $150 million.

“As we described at our Investor and Analyst meeting in April, we have made
substantial progress toward our goal of delivering the first affinity optimized
T-cell therapy to market,” commented James Noble, Adaptimmune’s Chief Executive
Officer. “The first quarter of 2016 was marked by strong momentum as we
continued development of our comprehensive pipeline of SPEAR™ T-cell therapies
covering solid and hematologic cancers. In addition to our ongoing clinical
activities, we received orphan drug designation and breakthrough therapy
designation for our NY-ESO SPEAR T-cell therapy. We also opened our IND for our
therapeutic candidate targeting AFP in liver cancer and announced MAGE-A4 as
our next target with the goal of achieving IND acceptance in 2017.”

Recent Corporate and Clinical Highlights:

-- Hosted inaugural Investor and Analyst Day on April 22, 2016;
-- Received orphan drug designation from U.S. Food and Drug Administration
(“FDA”) for NY-ESO SPEAR T-cell therapy in soft tissue sarcoma;
-- Received breakthrough therapy designation from FDA for NY-ESO SPEAR T-cell
therapy in synovial sarcoma;
-- Received FDA acceptance of investigational new drug (“IND”) application for
AFP SPEAR T-cell therapy in liver cancer;
-- Announced that the Company’s next IND would be for its MAGE-A4 SPEAR T-cell
therapy, with the goal of achieving IND acceptance in 2017;
-- Announced update on NY-ESO SPEAR T-cell data in patients with multiple
myeloma, including a 90 percent response rate in conjunction with
autologous stem cell transplant and median overall survival of
approximately three years (as of January 2016);
-- Filed patents on over 60 targets expressed on multiple cancers;
-- Presented overview of commercial-ready manufacturing process, including
progress toward opening of manufacturing facility in 2017;
-- Expanded terms of strategic collaboration agreement with GSK in February
2016 to accelerate Adaptimmune’s lead clinical cancer program, a SPEAR
T-cell therapy targeting NY-ESO, with goal of initiating pivotal trials in
4Q16/1Q17;
-- Established Scientific Advisory Board of leading immunotherapy experts; and
-- Adopted brand of SPEAR (Specific Peptide Enhanced Affinity Receptor)
T-cells to describe proprietary technology that uniquely delivers correctly
identified targets and enhanced affinity T-cell receptors with potency to
attack tumors, but optimum specificity to minimize risks of
cross-reactivity.

Financial Results for the three-month period ended March 31, 2016

-- Cash / liquidity position: As of March 31, 2016, Adaptimmune had a total
liquidity position of $226.1 million, consisting of $163.8 million of cash
and cash equivalents and $62.3 million of short-term deposits. As of
December 31, 2015, Adaptimmune had a total liquidity position of $248.9
million, consisting of $194.3 million of cash and cash equivalents and
$54.6 million of short-term deposits.
-- Cash burn: The net decrease in the total liquidity position was $22.8
million for the three months ended March 31, 2016, consisting of a $30.5
million decrease in cash and cash equivalents and a $7.7 million increase
in short-term deposits.
-- Revenue: For the three months ended March 31, 2016, revenue was $2.9
million compared to $2.7 million for the three months ended March 31, 2015.
This increase was primarily due to revenue relating to development
milestones related to the GSK Collaboration and License Agreement achieved
in August and December 2015, which is being recognized over the period in
which we are delivering services.
-- Research and development (“R&D”) expenses: R&D expenses increased
to $13.9 million for the three months ended March 31, 2016 from $6.0
million for the three months ended March 31, 2015, primarily due to
increased period-over-period costs associated with: ongoing clinical trials
of the Company’s NY-ESO and MAGE-A10 SPEAR T-cell therapies; preparation
for a study with the Company’s SPEAR T-cell therapy targeting AFP; and
personnel expenses for an increased number of employees engaged in R&D.
-- General and administrative (“G&A”) expenses: G&A expenses were $5.9
million for the three months ended March 31, 2016 compared to $2.4 million
for the three months ended March 31, 2015. The increase was primarily due
to increased personnel costs, increased share-based payment expenses,
increased property costs and other costs associated with being a public
company.
-- Net loss: Net loss attributable to holders of the Company’s ordinary shares
was $15.6 million for the three months ended March 31, 2016. This equates
to $(0.04) per ordinary share or $(0.22) per American Depositary Share.

The Company will not hold a conference call to discuss these results having
provided a full update during its 2016 Investor and Analyst Day held on April
22, 2016. A replay of the webcast from the event will be available on the
Company’s website for 30 days following the event at ir.adaptimmune.com

Financial Guidance
Adaptimmune is reiterating its cash burn guidance. For the full year 2016, the
Company expects its cash burn to be between $80 and $100 million and expects
its total liquidity position at December 31, 2016, including cash, cash
equivalents and short term deposits, to be at least $150 million. This guidance
excludes any cash burn associated with potential new business development
activities.

As previously announced, in order to align more closely with many of its peer
group of biotechnology companies, the Company has changed its fiscal year to a
calendar year and is reporting its financial results in U.S. dollars under U.S.
GAAP, effective from January 2016. Further information on these changes is set
forth below under ‘Initial Adoption of U.S. GAAP’. The Company’s next fiscal
year end will be December 31, 2016.

About Adaptimmune
Adaptimmune is a clinical stage biopharmaceutical company focused on novel
cancer immunotherapy products based on its SPEAR™ (Specific Peptide Enhanced
Affinity Receptor) T-cell platform. Established in 2008, the company aims to
utilize the body’s own machinery - the T-cell - to target and destroy cancer
cells by using engineered, increased affinity TCRs as a means of strengthening
natural patient T-cell responses. Adaptimmune’s lead program is a SPEAR T-cell
therapy targeting the NY-ESO cancer antigen. Its NY-ESO SPEAR T-cell therapy
has demonstrated signs of efficacy and tolerability in Phase 1/2 trials in
solid tumors and in hematologic cancer types, including synovial sarcoma and
multiple myeloma. Adaptimmune has a strategic collaboration and licensing
agreement with GlaxoSmithKline for the development and commercialization of the
NY-ESO TCR program. In addition, Adaptimmune has a number of proprietary
programs. The company has identified over 30 intracellular target peptides
preferentially expressed in cancer cells and is currently progressing 12
through unpartnered research programs. Adaptimmune has over 200 employees and
is located in Oxfordshire, U.K. and Philadelphia, USA. For more information:
http://www.adaptimmune.com

Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking
statements 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 20-F filed with the Securities and Exchange Commission
(SEC) on October 13, 2015, and our other SEC filings. 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 Position (a non-GAAP financial measure)
Total liquidity position (a non-GAAP financial measure) is defined as cash and
cash equivalents plus short-term deposits. Each of these components appears in
the Consolidated Statements of Financial Position. The U.S. GAAP financial
measure most directly comparable to total liquidity position is cash and cash
equivalents as reported in the Consolidated Financial Statements.

We believe that the presentation of total liquidity position provides useful
information to investors because management reviews total liquidity position as
part of its management of overall liquidity, financial flexibility, capital
structure and leverage.

Condensed Consolidated Statement of Three months ended March 31,
Operations
(unaudited, in thousands, except per share 2016 2015
data)

Revenue $ 2,918 $ 2,728

Research and development (13,888) (5,976)
General and administrative (5,855) (2,359)
Total operating expenses (19,743) (8,335)
Operating loss (16,825) (5,607)

Interest income 259 110
Other income, net 1,049 ...

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