$ADAP
Adaptimmune Therapeutics PLC

2020 Q2 Form 10-Q Financial Statement

#000155837020006569 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $502.0K $761.0K $0.00
YoY Change 219.75% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.30M $9.260M $11.77M
YoY Change 1.48% -21.33% 5.09%
% of Gross Profit
Research & Development $20.46M $21.26M $22.02M
YoY Change -19.8% -3.43% -13.28%
% of Gross Profit
Depreciation & Amortization $2.150M $1.711M $1.828M
YoY Change 9.14% -6.4% -2.77%
% of Gross Profit
Operating Expenses $20.46M $21.26M $22.02M
YoY Change -19.8% -3.43% -39.84%
Operating Profit -$30.25M -$29.76M -$33.79M
YoY Change -14.79% -11.92%
Interest Expense $970.0K $1.820M $6.340M
YoY Change -117.54% -71.29% -19.85%
% of Operating Profit
Other Income/Expense, Net -$749.0K $937.0K $5.430M
YoY Change -88.07% -82.74% -4625.0%
Pretax Income -$29.86M -$28.10M -$27.41M
YoY Change -27.22% 2.51% 32.99%
Income Tax $25.00K $70.00K $2.000K
% Of Pretax Income
Net Earnings -$29.88M -$28.17M -$27.41M
YoY Change -27.28% 2.75% 32.18%
Net Earnings / Revenue -5952.19% -3701.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$36.32K -$38.08K -$43.65K
COMMON SHARES
Basic Shares Outstanding 780.6M 780.5M 627.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $419.0M $196.4M $168.2M
YoY Change 214.07% 16.78% 3.96%
Cash & Equivalents $122.4M $86.43M $54.39M
Short-Term Investments $296.6M $110.0M $118.2M
Other Short-Term Assets $2.929M $908.0K $9.700M
YoY Change 388.98% -90.64% -66.32%
Inventory
Prepaid Expenses $7.903M $6.468M
Receivables $0.00
Other Receivables $22.50M
Total Short-Term Assets $458.1M $227.8M $200.3M
YoY Change 161.57% 13.71% 2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $27.02M $28.67M $60.20M
YoY Change -19.87% -52.37% 46.12%
Goodwill
YoY Change
Intangibles $2.134M $2.366M
YoY Change 3.29%
Long-Term Investments
YoY Change
Other Assets $6.100M $6.900M $8.400M
YoY Change -14.08% -17.86% -5.62%
Total Long-Term Assets $54.11M $57.48M $70.10M
YoY Change -15.96% -18.0% 36.38%
TOTAL ASSETS
Total Short-Term Assets $458.1M $227.8M $200.3M
Total Long-Term Assets $54.11M $57.48M $70.10M
Total Assets $512.2M $285.2M $270.4M
YoY Change 113.84% 5.49% 9.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.766M $7.066M $5.400M
YoY Change 101.8% 30.85% 5.88%
Accrued Expenses $23.84M $18.50M $17.70M
YoY Change 28.18% 4.53% -7.81%
Deferred Revenue $3.464M $1.658M
YoY Change 14.85%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.56M $29.82M $23.40M
YoY Change 36.28% 27.42% -54.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $592.0K $585.0K $27.40M
YoY Change 3.68% -97.86% 602.56%
Total Long-Term Liabilities $592.0K $585.0K $27.40M
YoY Change 3.68% -97.86% 602.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.56M $29.82M $23.40M
Total Long-Term Liabilities $592.0K $585.0K $27.40M
Total Liabilities $104.6M $99.20M $50.80M
YoY Change 99.15% 95.28% -8.96%
SHAREHOLDERS EQUITY
Retained Earnings -$513.7M -$483.8M
YoY Change 32.74%
Common Stock $1.324M $1.139M
YoY Change 40.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $407.6M $186.0M $219.7M
YoY Change
Total Liabilities & Shareholders Equity $512.2M $285.2M $270.4M
YoY Change 113.84% 5.49% 9.43%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$29.88M -$28.17M -$27.41M
YoY Change -27.28% 2.75% 32.18%
Depreciation, Depletion And Amortization $2.150M $1.711M $1.828M
YoY Change 9.14% -6.4% -2.77%
Cash From Operating Activities -$24.92M $16.86M -$36.20M
YoY Change -27.07% -146.56% -23.43%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K $192.0K $904.0K
YoY Change -47.52% -78.76% -147.33%
Acquisitions
YoY Change
Other Investing Activities -$186.5M -$71.60M $18.77M
YoY Change -1052.94% -481.46% 20.71%
Cash From Investing Activities -$187.0M -$71.95M $17.66M
YoY Change -1107.54% -507.49% 29.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $90.55M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 248.0M 91.44M 36.00K
YoY Change 75057.58% 253911.11% -97.65%
NET CHANGE
Cash From Operating Activities -24.92M 16.86M -36.20M
Cash From Investing Activities -187.0M -71.95M 17.66M
Cash From Financing Activities 248.0M 91.44M 36.00K
Net Change In Cash 36.10M 35.85M -18.09M
YoY Change -336.26% -298.23% -43.67%
FREE CASH FLOW
Cash From Operating Activities -$24.92M $16.86M -$36.20M
Capital Expenditures -$530.0K $192.0K $904.0K
Free Cash Flow -$24.39M $16.67M -$37.11M
YoY Change -26.45% -144.91% -18.21%

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NetCashProvidedByUsedInFinancingActivities
91444000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36000
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-502000
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
425000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
90760000
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1 </b><b style="font-weight:bold;">—</b><b style="font-weight:bold;"> General</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">Adaptimmune Therapeutics plc is registered in England and Wales. Its registered office is 60 Jubilee Avenue, Milton Park, Abingdon, Oxfordshire, OX14 4RX, United Kingdom. Adaptimmune Therapeutics plc and its subsidiaries (collectively “Adaptimmune” or the “Company”) is a clinical-stage biopharmaceutical company primarily focused on providing novel cell therapies to people with cancer. We are a leader in the development of T-cell therapies for solid tumors. The Company’s proprietary SPEAR (Specific Peptide Enhanced Affinity Receptor) T-cell platform enables it to identify cancer targets, find and genetically engineer T-cell receptors (“TCRs”) against those targets, and produce therapeutic candidates (“SPEAR T-cells”) for administration to patients.</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage of clinical development including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical programs or clinical programs, the need to obtain marketing approval for its SPEAR T-cells, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s SPEAR T-cells, the need to develop a reliable commercial manufacturing process, the need to commercialize any T-cell therapies that may be approved for marketing, and protection of proprietary technology. If the Company does not successfully commercialize any of its SPEAR T-cells, it will be unable to generate product revenue or achieve profitability. The Company had an accumulated deficit of </span>$483.8 million as of March 31, 2020.</p>
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-483800000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
48632000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(c)          Use of estimates in interim financial statements</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of interim financial statements, in conformity with U.S. GAAP and SEC regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuation of share options, valuation allowances relating to deferred tax assets, revenue recognition, assessment of the utility of clinical materials, estimation of the incremental borrowing rate for operating leases, estimating clinical trial expenses and estimating R&amp;D tax and expenditure credits. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.</p>
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
761000
CY2020Q1 adap Contract With Customer Liability Amounts Invoiced In Period
ContractWithCustomerLiabilityAmountsInvoicedInPeriod
50000000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
761000
CY2020Q1 adap Contract With Customer Liability Foreign Exchange On Consolidation
ContractWithCustomerLiabilityForeignExchangeOnConsolidation
-2735000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2128000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1089000
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5390000
CY2020Q1 adap Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
-152000
CY2019Q1 adap Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
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CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
937000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5430000
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
90900000
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
2000000.0
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
36
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
1
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2020Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
23004000
CY2019Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
19284000
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6468000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8395000
CY2020Q1 adap Clinical Materials Current
ClinicalMaterialsCurrent
952000
CY2019Q4 adap Clinical Materials Current
ClinicalMaterialsCurrent
1459000
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
908000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1809000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
31332000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
30947000
CY2020Q1 adap Accrued Liabilities For Purchases Current
AccruedLiabilitiesForPurchasesCurrent
9491000
CY2019Q4 adap Accrued Liabilities For Purchases Current
AccruedLiabilitiesForPurchasesCurrent
8782000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3814000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6863000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2562000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2662000
CY2020Q1 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
2500000
CY2019Q4 us-gaap Recorded Unconditional Purchase Obligation
RecordedUnconditionalPurchaseObligation
5000000
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
135000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
56000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18502000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23363000
CY2020Q1 adap Period Of Recorded Purchase Obligation
PeriodOfRecordedPurchaseObligation
P5Y
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1448000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3479000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.51
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.55
CY2020Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options With Nominal Exercise Price Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWithNominalExercisePriceGrantsInPeriodGross
6060696
CY2019Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options With Nominal Exercise Price Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWithNominalExercisePriceGrantsInPeriodGross
6498126
CY2020Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value With Nominal Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueWithNominalExercisePrice
0.74
CY2019Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value With Nominal Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueWithNominalExercisePrice
0.94
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10229280
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10807200

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