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Name | Symbol | Market | Type |
---|---|---|---|
Adaptimmune Therapeutics PLC | NASDAQ:ADAP | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.68% | 1.21 | 0.85 | 3.00 | 1.24 | 1.17 | 1.22 | 852,996 | 05:00:01 |
– A registered direct offering in April combined with a public offering in March raised net proceeds of $103.2 million; operations funded through to late 2019 –
“This was a very exciting quarter for Adaptimmune,” commented James Noble, Adaptimmune’s Chief Executive Officer. “We made significant progress clinically by initiating our first trials with two proprietary programs, MAGE-A4 and AFP, and also initiated our first combination study with NY‑ESO. We presented data in an oral presentation at ASCO, showing responses in all four cohorts in our NY-ESO synovial sarcoma study. And, importantly, we also extended our cash runway to late 2019, well past the expected data points on all three of our proprietary programs. We are now focused on delivering clinical data across multiple tumor types as we move through the second half of this year and into 2018. We are also very encouraged by FDA’s Oncology Drug Advisory Committee’s recent unanimous endorsement of Novartis’s anti-CD19 CAR-T therapy, with which we share common manufacturing process elements, as this is a positive review of the first gene therapy cell product in the US.”
Recent Corporate Highlights:
Financial Results for the Three Months ended June 30, 2017
Financial GuidanceThe Company believes that its existing cash and cash equivalents, short-term deposits and marketable securities will fund the Company’s current operating plan through to late 2019.
1 Total liquidity is a non-GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below.
Conference Call InformationThe Company will not be holding a conference call this quarter.
About AdaptimmuneAdaptimmune is a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapy products. The Company’s unique SPEAR (Specific Peptide Enhanced Affinity Receptor) T‑cell platform enables the engineering of T-cells to target and destroy cancer, including solid tumors. Adaptimmune has a number of proprietary clinical programs, and is also developing its NY-ESO SPEAR T-cell program under a strategic collaboration and licensing agreement with GlaxoSmithKline. The Company is located in Philadelphia, USA and Oxfordshire, U.K. For more information, please visit http://www.adaptimmune.com
Forward-Looking StatementsThis 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 10, 2017, 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 (a non-GAAP financial measure)Total Liquidity is the total of cash and cash equivalents, short-term deposits and marketable securities. Each of these components appears in the Consolidated Balance Sheet. The U.S. GAAP financial measure most directly comparable to Total Liquidity is cash and cash equivalents as reported in the Consolidated Financial Statements, which reconciles to Total Liquidity as follows:
(in thousands)(unaudited) | June 30, 2017 | December 31, 2016 | |||
Cash and cash equivalents | $ | 121,998 | $ | 158,779 | |
Short-term deposits | 18,000 | 22,694 | |||
Marketable securities | 80,023 | - | |||
Total Liquidity | $ | 220,021 | $ | 181,473 |
The Company believes that the presentation of Total Liquidity provides useful information to investors because management reviews Total Liquidity as part of its management of overall liquidity, financial flexibility, capital structure and leverage.
Condensed Consolidated Statement of Operations(unaudited, in thousands, except per share data) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 3,521 | $ | 328 | $ | 6,378 | $ | 3,246 | |||||||
Operating expenses | |||||||||||||||
Research and development(1) | (19,591 | ) | (16,856 | ) | (38,206 | ) | (31,332 | ) | |||||||
General and administrative(1) | (7,710 | ) | (6,172 | ) | (14,173 | ) | (11,439 | ) | |||||||
Total operating expenses | (27,301 | ) | (23,028 | ) | (52,379 | ) | (42,771 | ) | |||||||
Operating loss | (23,780 | ) | (22,700 | ) | (46,001 | ) | (39,525 | ) | |||||||
Interest income | 512 | 291 | 752 | 550 | |||||||||||
Interest expense | (6 | ) | - | (6 | ) | - | |||||||||
Other income, net | 3,224 | 607 | 3,654 | 1,656 | |||||||||||
Loss before income taxes | (20,050 | ) | (21,802 | ) | (41,601 | ) | (37,319 | ) | |||||||
Income taxes | (165 | ) | (293 | ) | (396 | ) | (352 | ) | |||||||
Net loss attributable to ordinary shareholders | $ | (20,215 | ) | $ | (22,095 | ) | $ | (41,997 | ) | $ | (37,671 | ) | |||
Net loss per ordinary share basic and diluted | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.09 | ) | $ | (0.09 | ) | |||
Weighted average shares outstanding, basic and diluted(2) | 556,776,430 | 424,711,900 | 493,392,465 | 424,711,900 |
(1) Certain costs have been reclassified in prior periods to conform to the current period presentation. The net effect is to reduce G&A and increase R&D by $637,000 and $1,225,000 in the three and six months ended June 30, 2016, respectively.
(2) The effect of 67,082,914 and 46,127,274 share options, which are potentially dilutive equity instruments, have been excluded from the diluted loss per share calculation for the three months ended June 30, 2017 and 2016, respectively, because they would have an antidilutive effect on the loss per share for the period.
Condensed Consolidated Balance Sheets(unaudited, in thousands) | June 30, 2017 | December 31, 2016 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 121,998 | $ | 158,779 | |||
Short-term deposits | 18,000 | 22,694 | |||||
Marketable securities - available for sale debt securities | 80,023 | - | |||||
Accounts receivable, net of allowance for doubtful accounts of $- and $- | 1,406 | 1,480 | |||||
Other current assets and prepaid expenses (including current portion of clinical materials) | 16,317 | 15,798 | |||||
Total current assets | 237,744 | 198,751 | |||||
Restricted cash | 4,156 | 4,017 | |||||
Clinical materials | 2,026 | 2,580 | |||||
Property, plant and equipment, net | 38,922 | 27,899 | |||||
Intangibles, net | 1,431 | 1,268 | |||||
Total assets | 284,279 | 234,515 | |||||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Accounts payable | 4,577 | 11,350 | |||||
Accrued expenses and other accrued liabilities | 13,372 | 17,528 | |||||
Deferred revenue | 12,304 | 11,392 | |||||
Total current liabilities | 30,253 | 40,270 | |||||
Deferred revenue, non-current | 20,754 | 24,962 | |||||
Other liabilities, non-current | 3,777 | 3,141 | |||||
Total liabilities | 54,784 | 68,373 | |||||
Stockholders’ equity | |||||||
Common stock - Ordinary shares par value £0.001, 703,103,126 authorized and 561,103,126 issued and outstanding (2016: 574,711,900 authorized and 424,775,092 issued and outstanding) | 853 | 683 | |||||
Additional paid in capital | 448,985 | 341,200 | |||||
Accumulated other comprehensive loss | (16,854 | ) | (14,249 | ) | |||
Accumulated deficit | (203,489 | ) | (161,492 | ) | |||
Total stockholders’ equity | 229,495 | 166,142 | |||||
Total liabilities and stockholders’ equity | $ | 284,279 | $ | 234,515 |
Condensed Consolidated Cash Flow Statement(unaudited, in thousands) | Six months ended June 30, | ||||||
2017 | 2016 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (41,997 | ) | $ | (37,671 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 2,023 | 1,512 | |||||
Amortization | 159 | 82 | |||||
Share-based compensation expense | 4,757 | 4,541 | |||||
Loss on disposal of property, plant and equipment | 194 | - | |||||
Unrealized foreign exchange gains | (3,206 | ) | (2,004 | ) | |||
Changes in operating assets and liabilities: | |||||||
Increase in receivables and other operating assets | 2,301 | 601 | |||||
(Increase) decrease in non-current operating assets | (554 | ) | 2,041 | ||||
Decrease in payables and deferred revenue | (10,125 | ) | (4,274 | ) | |||
Net cash used in operating activities | (46,448 | ) | (35,172 | ) | |||
Cash flows from investing activities | |||||||
Acquisition of property, plant and equipment | (21,188 | ) | (2,910 | ) | |||
Acquisition of intangibles | (266 | ) | (861 | ) | |||
Proceeds from disposal of property, plant and equipment | 550 | - | |||||
Maturity of short-term deposits | 22,857 | 41,661 | |||||
Investment in short-term deposits | (18,000 | ) | (42,837 | ) | |||
Investment in marketable securities | (79,774 | ) | - | ||||
Net cash used in investing activities | (95,821 | ) | (4,947 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from issuance of common stock, after offering expenses of $4,774 | 103,167 | - | |||||
Proceeds from exercise of stock options | 31 | - | |||||
Net cash provided by financing activities | 103,198 | - | |||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 2,290 | (3,529 | ) | ||||
Net decrease in cash and cash equivalents | (36,642 | ) | (43,648 | ) | |||
Cash, cash equivalents and restricted cash at start of period | 162,796 | 198,771 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 126,154 | $ | 155,123 |
Adaptimmune Contacts Investor Relations Juli P. Miller, Ph.D. T: (215) 825-9310 E: juli.miller@adaptimmune.com Media Relations Margaret Henry T: +44 (0)1235 430036 Cell: +44 (0)7710 304249 E: margaret.henry@adaptimmune.com
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