$ADAP
Adaptimmune Therapeutics PLC

2023 Q2 Form 10-Q Financial Statement

#000155837023009595 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $5.130M $47.60M
YoY Change -7.37% 1231.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.07M $18.69M
YoY Change 37.96% 11.25%
% of Gross Profit
Research & Development $29.97M $25.55M
YoY Change -13.74% -30.49%
% of Gross Profit
Depreciation & Amortization $2.232M $1.659M
YoY Change 43.81% 19.7%
% of Gross Profit
Operating Expenses $29.97M $25.55M
YoY Change -13.74% -30.49%
Operating Profit -$44.91M $1.656M
YoY Change 2.64% -103.31%
Interest Expense $1.543M $676.0K
YoY Change 332.21% 100.0%
% of Operating Profit 40.82%
Other Income/Expense, Net $501.0K -$671.0K
YoY Change -176.49% -5691.67%
Pretax Income -$20.71M $1.661M
YoY Change -52.99% -103.35%
Income Tax $680.0K $625.0K
% Of Pretax Income 37.63%
Net Earnings -$21.39M $1.036M
YoY Change -51.96% -102.06%
Net Earnings / Revenue -416.94% 2.18%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 994.2M 991.8M
Diluted Shares Outstanding 1.108B 1.000B

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.7M $165.6M
YoY Change -20.68% -45.58%
Cash & Equivalents $76.97M $119.9M
Short-Term Investments $127.7M $45.69M
Other Short-Term Assets $1.765M $1.664M
YoY Change -5.82% -20.87%
Inventory
Prepaid Expenses $13.04M $6.787M
Receivables $2.970M $1.715M
Other Receivables $37.96M $36.72M
Total Short-Term Assets $261.8M $213.7M
YoY Change -18.49% -40.54%
LONG-TERM ASSETS
Property, Plant & Equipment $55.49M $54.37M
YoY Change 22.23% 48.18%
Goodwill
YoY Change
Intangibles $463.0K $443.0K
YoY Change -24.35% -43.78%
Long-Term Investments
YoY Change
Other Assets $3.231M $1.578M
YoY Change 88.62% -8.04%
Total Long-Term Assets $81.21M $74.33M
YoY Change 21.02% 23.19%
TOTAL ASSETS
Total Short-Term Assets $261.8M $213.7M
Total Long-Term Assets $81.21M $74.33M
Total Assets $343.0M $288.1M
YoY Change -11.66% -31.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.71M $5.187M
YoY Change -7.99% -26.08%
Accrued Expenses $25.24M $33.21M
YoY Change -22.61% 5.01%
Deferred Revenue $31.42M $22.30M
YoY Change 39.83% -9.96%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $76.13M $63.63M
YoY Change 3.39% -3.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.361M $1.332M
YoY Change 109.71% 98.81%
Total Long-Term Liabilities $1.361M $1.332M
YoY Change 109.71% 98.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.13M $63.63M
Total Long-Term Liabilities $1.361M $1.332M
Total Liabilities $216.3M $204.2M
YoY Change -12.19% -20.44%
SHAREHOLDERS EQUITY
Retained Earnings -$929.7M -$908.3M
YoY Change 10.85% 14.38%
Common Stock $1.851M $1.407M
YoY Change 33.45% 4.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.7M $83.88M
YoY Change
Total Liabilities & Shareholders Equity $343.0M $288.1M
YoY Change -11.66% -31.38%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$21.39M $1.036M
YoY Change -51.96% -102.06%
Depreciation, Depletion And Amortization $2.232M $1.659M
YoY Change 43.81% 19.7%
Cash From Operating Activities -$43.76M -$37.28M
YoY Change 6.09% -31.47%
INVESTING ACTIVITIES
Capital Expenditures $1.242M $2.349M
YoY Change -113.86% -66.98%
Acquisitions
YoY Change
Other Investing Activities $3.936M $50.86M
YoY Change -92.58% 2074.56%
Cash From Investing Activities $2.694M $48.34M
YoY Change -93.89% -1112.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.00K 196.0K
YoY Change -99.86% 460.0%
NET CHANGE
Cash From Operating Activities -43.76M -37.28M
Cash From Investing Activities 2.694M 48.34M
Cash From Financing Activities 14.00K 196.0K
Net Change In Cash -41.05M 11.84M
YoY Change -419.86% -119.6%
FREE CASH FLOW
Cash From Operating Activities -$43.76M -$37.28M
Capital Expenditures $1.242M $2.349M
Free Cash Flow -$45.00M -$39.63M
YoY Change 39.37% -35.57%

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CY2023Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 platform enables it to identify cancer targets, find and develop cell therapy candidates active against those targets and produce therapeutic candidates for administration to patients. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 cell therapies, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of its cell therapies, the need to develop a reliable commercial manufacturing process, the need to commercialize any cell therapies that may be approved for marketing, and protection of proprietary technology. If the Company does not successfully commercialize any of its cell therapies, it will be unable to generate product revenue or achieve profitability. The Company had an accumulated deficit of $908,266,000 as of March 31, 2023.</p>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(b)          Use of estimates in interim financial statements</b></p><p style="font-family:'Times New Roman','Times','serif';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 made in various areas, including in relation to valuation allowances relating to deferred tax assets, revenue recognition, and estimation of the incremental borrowing rate for operating leases. 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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(d</b><b style="font-weight:bold;">)          Significant concentrations of credit risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company held cash and cash equivalents of $119,866,000, marketable securities of $45,688,000 and restricted cash of $1,578,000 as of March 31, 2023. The cash and cash equivalents and restricted cash are held with multiple banks and the Company monitors the credit rating of those banks. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation in the United States and the U.K. Government Financial Services Compensation Scheme in the United Kingdom. The Company’s investment policy limits investments to certain types of instruments, such as money market instruments, corporate debt securities and commercial paper, places restrictions on maturities and concentration by type and issuer and specifies the minimum credit ratings for all investments and the average credit quality of the portfolio.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company had two customers during the three months ended March 31, 2023, which are Genentech and Astellas. There were accounts receivable of $1,715,000 as of March 31, 2023 and $7,435,000 as of December 31, 2022. The Company has been transacting with Genentech since 2021 and Astellas since 2020, during which time no credit losses have been recognized. As of March 31, 2023, no allowance for expected credit losses is recognised on the basis that the possibility of credit losses arising on its receivables as of March 31, 2023 is considered to be remote. As of March 31, 2023 there are no receivables, either accrued or billed, due from Astellas that are no longer recoverable following the termination of the Astellas Collaboration Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Management analyses current and past due accounts and determines if an allowance for credit losses is required based on collection experience, credit worthiness of customers and other relevant information. The process of estimating the uncollectible accounts involves assumptions and judgments and the ultimate amounts of uncollectible accounts receivable could be in excess of the amounts provided.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company does not hold cash deposits or securities with Silicon Valley Bank.</p>
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CY2023Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
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PrepaidExpenseCurrent
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PrepaidExpenseCurrent
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ClinicalMaterialsCurrent
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ClinicalMaterialsCurrent
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CY2023Q1 us-gaap Value Added Tax Receivable Current
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q1 adap Prepaid Expense And Other Assets Current Including Acounts Receivable
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CY2023Q1 adap Amount Of Increase Decrease In Obligation And Right Of Use Asset For Operating Lease Following Lease Modification
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2023Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options With Nominal Exercise Price Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWithNominalExercisePriceGrantsInPeriodGross
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CY2022Q1 adap Share Based Compensation Arrangement By Share Based Payment Award Options With Nominal Exercise Price Grants In Period Gross
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CY2023Q1 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
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CY2022Q1 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
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CY2023Q1 adap Restructure Headcount Reduction Percentage
RestructureHeadcountReductionPercentage
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CY2022Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
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CY2023Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
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CY2023Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
3988000
CY2022Q4 us-gaap Restructuring Reserve
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2285000
CY2023Q1 us-gaap Restructuring Charges
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CY2023Q1 us-gaap Restructuring Reserve
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88000
CY2023Q1 adap Impairment Loss On Restructuring
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