Adaptimmune Therapeutics plc (NASDAQ:ADAP) has reported its Q3 ended September 30, 2020, financial results offered a corporate update.
Adaptimmune boosts Q3 revenue from collaborations
The company reported revenue of $1.2 million in the quarter and $2.5 million for the nine months ended September compared to last year’s revenue of $0.2 million and 0.4 million for respective periods. The increase in revenue was because of the commencement of activity under the Collaboration Agreement with Astellas. Increased activity under the Collaboration and Licence Agreement with GSK also boosted revenue. The company ended the quarter with $78.5 million in cash and cash equivalents, which is enough to fund operations through 2022.
The company’s CEO, Adrian Rawcliffe, said that at the company’s Investor Day later this month, they will layout a broader strategy, including opportunities they are witnessing in their late-stage pipeline. Adpatimmune plans to present data from the dose-escalation cohorts in the SURPASS study, confirming that ADP-A2M4CD8 is an active agent across different tumors at the SITC. The company will also present data about responses durability in synovial sarcoma, supporting the goal of marketing ADP-A2M4 in 2022 at the CTOS. Rawcliffe confirmed that enrollment in the company’s clinical trials has been recovering steadily after the first wave of coronavirus, and predicated patient numbers look good going into 2021.
Key milestones in Q4
In Q4, the company plans to present four posters at this year’s virtual SITC meeting. The first poster is titled “Initial safety, efficacy, and product attributes from the SURPASS trial with ADP‑A2M4CD8, a SPEAR T-cell therapy incorporating an affinity optimized TCR targeting MAGE-A4 and a CD8α co-receptor,” which will include updates on dose escalation cohorts. The other poster is titled, “Inhibition of AKT signalling during expansion of TCR-Engineered T-Cells from patient leukocyte material generates SPEAR T-Cells with enhanced functional potential in vitro.” It will include data showing that AKT inhibition during Spear T-cells manufacture can result in a consistent expansion and phenotype for the final product. The other two posters will be on the previously terminated ADP-12M10 Phase 1 program.