On may 6, 2019 Adaptimmune Therapeutics plc (Nasdaq:ADAP), a leader in T-cell therapy to treat cancer, reported financial results for the first quarter ended March 31, 2019 (Press release, Adaptimmune, MAY 6, 2019, View Source [SID1234535735]). Adaptimmune shared a clinical update in a separate release (https://bit.ly/2IJpltR).
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Financial Results for the three-month period ended March 31, 2019
·Cash / liquidity position: As of March 31, 2019, Adaptimmune had cash and cash equivalents of $49.9 million and Total Liquidity(1) of $168.2 million.
·Revenue: Revenue for the three-month period ended March 31, 2019 was nil, compared to $8.2 million for the same period in 2018. No revenue has been recognised for the three months ended March 31, 2019 as the NY-ESO SPEAR T-cell transition program and the PRAME pre-clinical development program were completed in 2018, and work has not commenced on the third target nominated by GSK under the Collaboration and License Agreement.
·Research and development ("R&D") expenses: R&D expenses for the three-month period ended March 31, 2019 were $22.0 million, compared to $25.7 million for the same period of 2018; this decrease being primarily due to a reduction in expenditure associated with NY-ESO, which was transferred to GSK on July 23, 2018.
· General and administrative ("G&A") expenses: G&A expenses for the three-month period ended March 31, 2019 were $11.8 million, compared to $11.2 million for the same period of 2018.
· Other income, net: Other income for the three-month period ended March 31, 2019 was $5.4 million, compared to $7.1 million for the same period of 2018. Other income primarily comprises unrealized foreign exchange gains, which fluctuate depending on exchange rate movements and the amount of foreign currency assets and liabilities.
· Net loss: Net loss attributable to holders of the Company’s ordinary shares for the three-month period ended March 31, 2019 was a loss of $27.4 million, ($(0.04) per ordinary share) compared to a loss of $21.1 million ($(0.04) per ordinary share) in the same period of 2018.
Financial guidance
The Company believes that its existing cash, cash equivalents and marketable securities will fund the Company’s current operations into the third quarter of 2020.
(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.