Adaptimmune Therapeutics PLC

CIK:0001621227|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Total revenue	$ 13,677	$ 128,231	$ 20,962	$ 133,909
Operating expenses:
Cost of goods sold	(2,501)		(3,380)	0
Research and development	(22,979)	(40,448)	(51,836)	(75,655)
Selling, general and administrative	(18,485)	(19,083)	(41,767)	(38,815)
Total operating expenses	(43,965)	(59,531)	(96,983)	(114,470)
(Loss)/profit from operations	(30,288)	68,700	(76,021)	19,439
Interest income	233	1,376	1,143	2,721
Interest expense	(962)	(526)	(2,843)	(526)
Other income (expense), net	1,289	497	984	436
(Loss)/profit before income tax expense	(29,728)	70,047	(76,737)	22,070
Income tax expense	(612)	(526)	(1,187)	(1,052)
Net (loss)/profit attributable to ordinary shareholders	$ (30,340)	$ 69,521	$ (77,924)	$ 21,018
Net (loss)/profit per ordinary share
Basic net loss per share (in dollars per share)	$ (0.02)	$ 0.05	$ (0.05)	$ 0.01
Diluted net loss per share (in dollars per share)	$ (0.02)	$ 0.04	$ (0.05)	$ 0.01
Weighted average shares outstanding:
Weighted average shares outstanding, Basic	1,584,522,868	1,533,531,837	1,563,458,270	1,492,386,749
Weighted average shares outstanding, Diluted	1,584,522,868	1,559,183,774	1,563,458,270	1,519,004,675
Product revenue, net
Total revenue	$ 11,078		$ 15,126
Development revenue
Total revenue	$ 2,599	$ 128,231	$ 5,836	$ 133,909

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net (loss)/profit	$ (77,924,000)	$ 21,018,000
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4,620,000	5,457,000
Amortization	355,000	115,000
Share-based compensation expense	1,990,000	6,160,000
Unrealized foreign exchange gains	(888,000)	(266,000)
Accretion of available-for-sale debt securities	(509,000)	(42,000)
Other	56,000	2,000
Changes in operating assets and liabilities:
(Increase)/decrease in receivables and other operating assets	(9,158,000)	20,788,000
Increase in inventories	(4,041,000)
(Decrease)/increase in payables and other current liabilities	(11,407,000)	1,012,000
Decrease in noncurrent assets	562,000
Increase in borrowings and other non-current liabilities	784,000	454,000
Decrease in deferred revenue	(5,812,000)	(39,249,000)
Net cash (used in)/provided by operating activities	(101,372,000)	15,449,000
Cash flows from investing activities
Acquisition of property, plant and equipment	(1,278,000)	(524,000)
Acquisition of intangible assets		(588,000)
Maturity, redemption or sale of marketable securities	76,950,000
Investment in marketable securities	(16,090,000)
Other	62,000	11,000
Net cash provided by/(used in) investing activities	59,644,000	(1,101,000)
Cash flows from financing activities
Proceeds from issuance of borrowings, net of discount		24,500,000
Repayment of borrowings	(25,451,000)
Proceeds from issuance of common stock from offerings, net of commissions and issuance costs	1,775,000	29,171,000
Proceeds from exercise of stock options	10,000	76,000
Net cash (used in)/provided by financing activities	(23,666,000)	53,747,000
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash	(34,000)	(436,000)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(65,428,000)	67,659,000
Cash, cash equivalents and restricted cash at start of period	93,206,000	147,017,000
Cash, cash equivalents and restricted cash at end of period	$ 27,778,000	$ 214,676,000

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 26,061,000	$ 91,139,000
Marketable securities - available-for-sale debt securities (amortized cost of $0 and $60,451) net of allowance for expected credit losses of $0 and $0	0	60,466,000
Accounts receivable, net of allowance for expected credit losses of $0 and $0	9,313,000	1,454,000
Inventory, net	11,411,000	7,320,000
Other current assets and prepaid expenses	31,330,000	27,790,000
Total current assets	78,115,000	188,169,000
Restricted cash	1,717,000	2,067,000
Other non-current assets	94,000	629,000
Operating lease right-of-use assets, net of accumulated amortization of $20,721 and $17,750	18,748,000	19,909,000
Property, plant and equipment, net of accumulated depreciation of $75,028 and $51,893	28,152,000	31,309,000
Intangible assets, net of accumulated amortization of $6,141 and $5,567	3,807,000	3,880,000
Total assets	130,633,000	245,963,000
Current liabilities
Accounts payable	9,418,000	8,692,000
Operating lease liabilities, current	4,514,000	4,709,000
Accrued expenses and other current liabilities	24,526,000	32,919,000
Restructuring provision	2,355,000	5,911,000
Deferred revenue, current	10,700,000	12,296,000
Total current liabilities	51,513,000	64,527,000
Operating lease liabilities, non-current	18,491,000	19,263,000
Deferred revenue, non-current	101,419,000	95,815,000
Borrowings, non-current	25,675,000	50,237,000
Other liabilities, non-current	4,493,000	4,272,000
Total liabilities	201,591,000	234,114,000
Stockholders' equity
Common stock - Ordinary shares par value £0.001, 2,108,130,546 authorized and 1,590,309,546 issued and outstanding (2024: 2,039,252,874 authorized and 1,535,653,620 issued and outstanding)	2,156,000	2,085,000
Additional paid in capital	1,109,409,000	1,105,653,000
Accumulated other comprehensive loss	(10,612,000)	(1,902,000)
Accumulated deficit	(1,171,911,000)	(1,093,987,000)
Total stockholders' equity	(70,958,000)	11,849,000
Total liabilities and stockholders' equity	$ 130,633,000	$ 245,963,000