Adaptimmune Therapeutics provided a Q4 and Full Year 2024 business update, reporting accelerating momentum for its TECELRA launch. As of March 20, 2025, 20 Authorized Treatment Centers (ATCs) were accepting referrals, with the company on track to have approximately 30 ATCs open by the end of 2025. In Q4 2024, three patients were apheresed and two were invoiced, generating $1.2 million in product revenue. For Q1 2025, ten patients had been apheresed to date, with three more scheduled, anticipating a total of 13 apheresed patients for the quarter.
The company anticipates invoicing approximately six to eight patients in Q1 2025. Adaptimmune reported a 100% manufacturing success rate for TECELRA with no capacity constraints and an average turnaround time of less than 30 days. Payer reimbursement has been successful, with over 70% of commercial and Medicare lives covered and no denials to date. Lete-cel remains on track to initiate a rolling Biologics License Application (BLA) submission in late 2025, with approval anticipated in 2026.
Adaptimmune completed its corporate restructure in February 2025, including a 29% headcount reduction in Q1 2025. Additional cost reductions for PRAME and CD70 programs are expected to generate $75 million to $100 million in aggregate cost savings over the next four years, supplementing the previously announced $300 million. The company engaged TD Cowen to evaluate all strategic options, including potential partnerships and financial transactions, to maximize shareholder value and achieve operating profitability during 2027. Adaptimmune's 2024 Annual Report on Form 10-K, to be filed on March 24, will disclose substantial doubt about its ability to continue as a going concern, with Total Liquidity at $152 million at the end of 2024.
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