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• Revenue Guidance: Full-year Tecelra sales projected between $35 million and $45 million.

• Net Sales for Q1 2025: $4 million from Tecelra treatments.

• Tecelra Treatments Invoiced: 14 treatments in 2025 to date, with 6 in Q1.

• Authorized Treatment Centers: 28 centers currently accepting referrals, with a target of approximately 30 by the end of 2025.

• Manufacturing Success Rate: 100% success from the US Tecelra manufacturing center.

• Average Turnaround Time: 27 days from apheresis to release, beating the target of 30 days.

• Peak Sales Projection: $400 million from combined Tecelra and Lete-cel sarcoma franchise.

• Warning! GuruFocus has detected 4 Warning Signs with ADAP.

Release Date: May 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Adaptimmune Therapeutics PLC (NASDAQ:ADAP) reported strong momentum with the launch of Tecelra, achieving $4 million in net sales for Q1 2025.

• The company has successfully apheresed 21 patients in 2025, with 13 in Q1 and 8 in early Q2, supporting their revenue guidance of $35 million to $45 million for the year.

• Adaptimmune has established 28 authorized treatment centers (ATCs) for Tecelra, with plans to reach 30 by the end of 2025, a year ahead of schedule.

• The manufacturing success rate for Tecelra has been 100%, with no capacity issues and an average turnaround time of 27 days, beating the target of 30 days.

• There have been no patient denials for Tecelra, indicating effective patient access and a positive payer environment.

Negative Points

• Adaptimmune Therapeutics PLC (NASDAQ:ADAP) has a going concern warning, indicating less than 12 months of cash runway, which raises concerns about financial sustainability.

• The company has not provided detailed cash runway guidance due to various impacting factors, including the success of Tecelra's launch and ongoing cost reduction actions.

• The cost of goods sold (COGS) is expected to be higher in the initial quarters, affecting margins, although they are projected to normalize over time.

• There is uncertainty regarding the impact of potential regulatory changes on the business, although the company has not seen any negative indications from the FDA.

• The company is still exploring strategic options with Cowen, which could imply potential changes or uncertainties in their strategic direction.

Q & A Highlights

Q: Can you clarify if the apheresed patients in Q1 have already been treated and invoiced? A: Cintia Piccina, Chief Commercial Officer, explained that of the 21 apheresed patients year-to-date, at least six have been invoiced, with the majority expected to be invoiced in the coming months.