- Conference call to be held today at
Recent Corporate and Clinical Highlights:
- Received access to Priority Medicines (PRIME) regulatory support from the European Medicines Agency for NY-ESO SPEAR® (Specific Peptide Enhanced Affinity Receptor) T-cell therapy;
- Received orphan medicinal product designation for SPEAR T-cell therapy targeting NY-ESO for the treatment of soft tissue sarcoma in the
European Unionfrom the European Commission;
- Received orphan drug designation for SPEAR T-cell therapy targeting NY-ESO for the treatment of soft tissue sarcoma from the
U.S. Food and Drug Administration( FDA);
- Finalized commercial development and supply agreement for Thermo Fisher Scientific’s DynaBeads® CD3/CD28 Cell Therapy System™ for use in manufacturing Adaptimmune’s SPEAR T-cell therapies;
- Announced new preclinical and clinical data at the 2016
American Society of Clinical Oncology( ASCO) meeting, including: data showing that the incidence of cytokine release syndrome appears to be of lower frequency and severity with NY-ESO SPEAR T-cell therapy compared to that reported with CD19 CAR-T therapy; data describing robust clinical responses including a 50 percent response rate (60 percent at the target dose) in synovial sarcoma, and a 91 percent response rate in multiple myeloma; and that Adaptimmune’s extensive preclinical safety package is capable of preclinically validating TCRs with enhanced affinity for target proteins; and
- Expanded synovial sarcoma trials to sites outside of
the United Stateswith submissions made to the Medicines and Healthcare Products Regulatory Agency(MHRA) in the United Kingdom, and to Health Canadawhich has now approved the clinical trial application.
“The last six months were a period of strong progress for Adaptimmune on a number of fronts,” commented
Mr. Noble continued, “Still, this period has not been without its challenges. As we previously announced, the
Financial Results for the three-month period ended
- Cash / liquidity position: As of
June 30, 2016, Adaptimmune had $150.9 million of cash and cash equivalents and $55.0 millionof short-term deposits representing a total liquidity position1 of $205.9 million. For the three months ended June 30, 2016, the decrease in cash and cash equivalents was $12.9 millionand the decrease in short-term deposits was $7.3 million, representing a decrease in total liquidity position of $20.2 million.
- Revenue: For the three months ended
June 30, 2016, revenue was $0.3 millioncompared to $2.8 millionfor the three months ended June 30, 2015. This decrease was primarily due to a change in the estimate of the period over which the revenue relating to the GSK Collaboration and License Agreement is being recognized.
- Research and development (“R&D”) expenses: R&D expenses increased to
$16.2 millionfor the three months ended June 30, 2016from $8.4 millionfor the three months ended June 30, 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
$6.8 millionfor the three months ended June 30, 2016compared to $5.5 millionfor the three months ended June 30, 2015. The increase was primarily due to increased personnel costs, increased property costs and other costs associated with being a public company, partially offset by a decrease in share-based compensation expenses.
- Net loss: Net loss attributable to holders of the Company’s ordinary shares was
$22.1 millionfor the three months ended June 30, 2016. This equates to $(0.05)per ordinary share or $(0.31)per American Depositary Share.
1 Total liquidity position is a non GAAP financial measure, which is explained and reconciled to the most directly comparable financial measures prepared in accordance with GAAP below.
Adaptimmune is reiterating its guidance. For the full year 2016, the Company expects its decrease in total liquidity position to be between
Adaptimmune is providing an update below on each cohort of its clinical pipeline and the timing of anticipated milestones.
NY-ESO SPEAR T-cell Therapy
Cohort 1 (high NY-ESO expression, cyclophosphamide + fludarabine) is complete, and was initially reported at the 2015
The Company submitted to the IND its proposed pivotal study in myxoid round cell liposarcoma and received a partial clinical hold notice from the
The 25-patient study with autologous stem cell transplant is complete and has been published (Rapoport; Nat Med, 2015). The Company expects to agree terms for a combination study with a PD-1 receptor inhibitor using cyclophosphamide and fludarabine conditioning in 2016, with initiation of the study occurring in 1H 2017.
The Company reported data from this six-patient study at the 2016
The Company reported data at the 2016
Non-small cell lung cancer:
A study is open and actively screening patients; data are anticipated in 2017. The chemotherapy conditioning for this trial is being modified in an amendment to consist of cyclophosphamide and fludarabine instead of cyclophosphamide alone.
MAGE-A10 SPEAR T-cell Therapy
Non-small cell lung cancer:
A study is open and actively screening patients; data are anticipated in 2017. Chemotherapy conditioning for this trial is being modified in an amendment to consist of cyclophosphamide and fludarabine instead of cyclophosphamide alone.
Bladder, melanoma, and ovarian cancer:
The Company is on track to initiate this study, including a preconditioning regimen of cyclophosphamide and fludarabine, in 2016 with data anticipated in 2017.
AFP SPEAR T-cell Therapy
The investigational new drug application (IND) is open, and the Company anticipates that enrollment will begin in 1H 2017.
MAGE-A4 SPEAR T-cell Therapy
Multiple tumor types:
The Company is on track for an IND submission in 1Q 2017.
Generation 2 TCRs
Multiple tumor types:
The Company is on track to submit INDs from 2017 onwards.
Conference Call Information
The Company will host a live teleconference and webcast to provide an overview of its financial results and a business update at 8:00 AM ET (
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. These include SPEAR T-cell therapies targeting the MAGE-A10 and AFP cancer antigens, which both have open INDs, and a further SPEAR T-cell therapy targeting the MAGE-A4 cancer antigen that is in pre-clinical phase with IND acceptance targeted for 2017. 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 250 employees and is located in
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 Quarterly Report on Form 10-Q filed with the
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.
|(in thousands)||June 30,
|Cash and cash equivalents....................................................................................................................||$||150,894||$||194,263|
|Total Liquidity Position..........................................................................................................................||$||205,925||$||248,883|
The Company believes that the presentation of total liquidity position provides useful information to investors because management reviews total liquidity position as part of its management of overall liquidity, financial flexibility, capital structure and leverage.
|Condensed Consolidated Statement of Operations||Three months ended June 30,||Six months ended June 30,|
|(unaudited, in thousands, except per share data)||2016||2015||2016||2015|
|Research and development||(16,219||)||(8,404||)||(30,107||)||(14,380||)|
|General and administrative||(6,809||)||(5,486||)||(12,664||)||(7,845||)|
|Total operating expenses||(23,028||)||(13,890||)||(42,771||)||(22,225||)|
|Other income (expenses), net||607||(3,502||)||1,656||101|
|Loss before income taxes||(21,802||)||(14,421||)||(37,319||)||(16,315||)|
|Deemed dividend on convertible preferred shares||-||(2,229||)||-||(8,663||)|
|Net loss available to ordinary shareholders||$||(22,095||)||$||(16,797||)||$||(37,671||)||$||(25,176||)|
|Net loss per ordinary share, basic and diluted (2)||$||(0.05||)||$||(0.05||)||$||(0.09||)||$||(0.10||)|
|Weighted average ordinary shares outstanding,|
|Basic and diluted||424,711,900||316,559,989||424,711,900||248,222,243|
|(2) The dilutive effect of the following potentially dilutive equity instruments have been excluded from the diluted loss per share calculation because they would have an antidilutive effect on the loss per share for the period|
|Three months ended June 30,||Six months ended June 30,|
|Condensed Consolidated Balance Sheets||June 30,||December 31,|
|(unaudited, in thousands)||2016||2015|
|Cash and cash equivalents||$||150,894||$||194,263|
|Accounts receivable, net of allowance for doubtful accounts of $- and $-||-||744|
|Other current assets and prepaid expenses (including current portion of clinical materials)||12,257||13,420|
|Total current assets||$||218,182||$||263,047|
|Property, plant & equipment, net||13,444||13,225|
|Liabilities and stockholders’ equity|
|Accrued expenses and other accrued liabilities||7,723||7,518|
|Total current liabilities||20,137||27,889|
|Deferred revenue, less current portion||22,432||22,939|
|Common stock - Ordinary shares par value
£0.001, 574,711,900 authorized and
424,711,900 issued and outstanding (2015:
574,711,900 authorized and 424,711,900
issued and outstanding)
|Additional paid in capital||336,904||332,363|
|Accumulated other comprehensive loss||(13,011||)||(8,139||)|
|Accumulated deficit||(127,584||)||(89, 913||)|
|Total liabilities and stockholders’ equity||$||239,560||$||285,821|
|Condensed Consolidated Cash Flow Statement||Six months ended June 30,|
|(unaudited, in thousands)||2016||2015|
|Cash flows from operating activities|
|Share-based compensation expense||4,541||6,292|
|Unrealized foreign exchange (gains) losses||(2,004||)||2,234|
|Changes in operating assets and liabilities:|
|Decrease/(increase) in receivables and other operating assets||601||(4,989||)|
|Decrease in non-current operating assets||2,041||-|
|Decrease in payables and deferred revenue||(4,274||)||(934||)|
|Net cash used in operating activities||(35,172||)||(13,545||)|
|Cash flows from investing activities|
|Acquisition of property, plant & equipment||(2,910||)||(3,117||)|
|Acquisition of intangibles||(861||)||-|
|Proceeds from sale of property, plant & equipment||-||122|
|Maturity of short-term deposits||41,661||-|
|Investment in short-term deposits||(42,837||)||(28,594||)|
|Net cash used in investing activities||(4,947||)||(31,589||)|
|Cash flows from financing activities|
|Proceeds from issuance of common stock upon initial public offering||-||175,989|
|Net cash used in financing activities||-||175,989|
|Effect of currency exchange rate changes on cash and cash equivalents||(3,205||)||(3,473||)|
|Net decrease in cash and cash equivalents||(43,369||)||127,382|
|Cash and cash equivalents at start of period||194,263||101,664|
|Cash and cash equivalents at end of period||$||150,984||$||229,046|
Will RobertsVice President, Investor Relations T: (215) 825-9306 E: firstname.lastname@example.org Margaret HenryHead of PR T: +44 (0)1235 430036 Mobile: +44 (0)7710 304249 E: email@example.com