Adaptimmune Therapeutics plc (ADAP) Q1 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call summary indicates strong financial performance with TECELRA's successful launch, efficient operations, and promising sales projections. The Q&A session reveals management's confidence in hitting sales targets and expanding treatment centers. While some details were vague, the overall sentiment remains positive, bolstered by strategic cost reductions and a commitment to shareholder interests. Despite no new partnerships or explicit guidance changes, the positive trajectory in sales and operational metrics suggests a favorable stock price movement over the next two weeks.
Key Financial Performance
TECELRA Sales $4 million in Q1 2025, with a year-over-year change not specified. The increase is attributed to the successful launch and effective patient access with no denials.
Number of TECELRA Treatments Invoiced 14 treatments invoiced in 2025 to date, with 6 in Q1. Year-over-year change not specified. The increase is due to the momentum from the TECELRA launch.
Average Turnaround Time from Apheresis to Lot Release 27 days in Q1 2025, beating the target of 30 days. Year-over-year change not specified. The improvement is due to efficient manufacturing processes.
Peak Sales Projection for TECELRA and lete-cel Franchise Projected $400 million in peak sales. Year-over-year change not specified. The projection is based on the anticipated success of the TECELRA launch and the upcoming lete-cel approval.
Number of Authorized Treatment Centers (ATCs) 28 ATCs currently accepting referrals, with a target of approximately 30 by the end of 2025. Year-over-year change not specified. The increase is due to faster-than-expected establishment of treatment centers.
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Operating Highlights
TECELRA Sales Guidance: Revenue guidance for TECELRA sales is projected between $35 million and $45 million for the full year, based on patient treatment cycles and authorized treatment centers.
TECELRA Treatments Invoiced: 14 TECELRA treatments have been invoiced in 2025 to date, with 6 in Q1, resulting in net sales of $4 million.
Manufacturing Success Rate: 100% manufacturing success from the U.S. TECELRA manufacturing center, with all doses meeting specifications.
Average Turnaround Time: Average turnaround time from apheresis to lot release was 27 days, beating the target of 30 days.
Lete-cel Launch Readiness: Lete-cel launch readiness activities are underway, with BLA initiation expected before the end of the year.
Authorized Treatment Centers (ATCs): 28 centers are currently accepting referrals for TECELRA, with a target of approximately 30 ATCs operational by the end of 2025.
Patient Access: Effective patient access to TECELRA with no patient denials reported to date.
Market Expansion Potential: Lete-cel has the potential to more than double the addressable patients in the sarcoma franchise.
Manufacturing Capacity: No capacity issues or constraints reported in the manufacturing of TECELRA.
Strategic Review: The company is reviewing strategic options with Cowen as advisors to explore options that benefit patients and shareholders.
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Risk or Challenges
Revenue Guidance Risks: The company anticipates revenue guidance for TECELRA sales between $35 million and $45 million, which could be impacted by the number of patients treated and the operational efficiency of treatment centers.
Manufacturing Risks: While the manufacturing success rate is currently 100%, any future capacity issues or constraints could affect the supply of TECELRA.
Regulatory Risks: The anticipated approval of lete-cel in 2026 carries regulatory risks that could delay or impact the launch and sales projections.
Market Competition Risks: The company faces competitive pressures in the sarcoma treatment market, which could affect market share and sales performance.
Patient Access Risks: Although there have been no patient denials to date, any changes in payer policies or patient access could impact sales.
Strategic Options Risks: The ongoing review of strategic options with Cowen may present risks if the outcomes do not align with shareholder interests.
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Guidance & Outlook
TECELRA Sales Guidance: Revenue guidance for the full year of between $35 million and $45 million in TECELRA sales.
ATC Network Expansion: Total of 28 centers accepting referrals for TECELRA, with a target of approximately 30 ATCs operational by the end of 2025.
Lete-cel Launch Readiness: Lete-cel launch readiness activities are underway, with BLA initiation expected before the end of the year.
Peak Sales Projection: Projected peak sales of $400 million from combined TECELRA and lete-cel sarcoma franchise.
Manufacturing Success: 100% manufacturing success from the U.S. TECELRA manufacturing center, with no capacity issues.
Q1 2025 Net Sales: Net sales for Q1 of $4 million from TECELRA.
Patient Treatments Invoiced: 14 TECELRA treatments invoiced in 2025 to date, with 6 in Q1.
Average Turnaround Time: Average turnaround time from apheresis to lot release was 27 days, beating the target of 30 days.
Patient Access: Effective patient access to TECELRA with no patient denials to date.
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Shareholder Return Plan
Shareholder Return Plan: We continue to review strategic options with Cowen as our advisors and are committed to explore all options that benefit patients and shareholders.
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Key Q&A
Q:On the apheresis patients, in the quarter so far, I know it's difficult for them to have been treated, but it's theoretically possible for some of them to have already been treated and invoiced. Those are all -- those 8, none of those are the 8 patients who have been invoiced in the quarter as well, right? Is that correct?
A:I don't have that, but I would doubt it. I think most of those are the patients from the prior quarter, although there could be one or so.
Q:Should we be thinking of kind of mid-teens total number of patients apheresis in Q2, or is there a reason based on maybe ATC startups and stuff like that to think about acceleration of the apheresis throughout the quarter?
A:We're very comfortable with the sales, range of guidance that we've provided for 2025, and we're not giving detail breakdown by quarter of apheresis, invoice double positive or anything else.
Q:Is there anything you can tell us now about how the pace of patient referrals and screening has been trending in the most recent weeks?
A:We do expect this growth quarter-over-quarter, and we're not currently anticipating specific seasonalization.
Q:For the 24 patients who have been apheresed to date, anything you can tell us about the average time between when they were confirmed double positive and when they received apheresis?
A:It varies a lot and we have still very few number of patients if you think about it. The main driver of the difference between when the patient is identified double positive and the patient is apheresed is actually the patient schedule.
Q:How are you thinking about potential impact from regulatory changes on your business?
A:We like many are constantly watching the environment of the FDA and obviously there's a lot of change going.
Q:What would you say are the key learnings from the early launch to date? What is tracked better in line or worse than your initial expectations?
A:The main upside we talked about how fast we have been able to onboard the treatment centers, so that has happened even faster than what we were anticipating.
Q:Could you give us more color on current status of that metrics?
A:We had the most number of patients invoiced so far from the ones that were activated earlier.
Q:Is that still remain like almost nearly 100% for this case?
A:We don't have the line of sight to all the patients that have been identified as double positives.
Q:Could you comment on COGS and how it is tracking to your expectation?
A:COGS of the first few quarters are going to be a little bit higher than we think they're going to normalize to.
Q:Could you talk about the annual incidence rate for the eligible patient population, any change compared with when you were planning the launch?
A:It is pretty in line to our expectations and to the literature and the information that we have used for our forecasting.
Q:Do you feel if this -- is there any element of warehoused patients or are these reflecting the incidence rate up to this point?
A:We didn't see really that bolus of patients that was seen in other therapies.
Q:Review of Unclear Management Responses
A:Management avoided giving a direct answer regarding the specific breakdown of apheresis patients and their invoicing, stating they are comfortable with the overall sales guidance but not providing detailed metrics. Additionally, there was a lack of clarity on the exact percentage of patients who get an infusion relative to those that get apheresed, with management stating it has been 100% so far but not providing further context.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Adaptimmune Update
Adrian Rawcliffe
Arthur HC
Chang SVB
Chief Commercial
Cintia Piccina
Commercial Officer
Conference ET
Cowen Jonathan
Dennis Williams
ET Adaptimmune
Fargo Securities
Frahm TD
HC Wainwright
Instructions Miller
Jonathan Chang
Leerink Arthur
Manufacturing Marc
Marc Frahm
Miller Investor
Officer Cintia
Officer Dennis
QA Adrian
Rawcliffe Ad
Rawcliffe Chief
Relations Adrian
SEC Adrian
SVB Leerink
Securities Conference
TD Cowen
Wainwright Yanan
Yanan Zhu
Zhu Wells
ADAP Transcript
Adaptimmune Therapeutics plc (ADAP) Q1 2025 Earnings Call Transcript
Positive5-13
The earnings call summary indicates strong financial performance with TECELRA's successful launch, efficient operations, and promising sales projections. The Q&A session reveals management's confidence in hitting sales targets and expanding treatment centers. While some details were vague, the overall sentiment remains positive, bolstered by strategic cost reductions and a commitment to shareholder interests. Despite no new partnerships or explicit guidance changes, the positive trajectory in sales and operational metrics suggests a favorable stock price movement over the next two weeks.
Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q4 2024 Earnings Call Transcript
Positive3-26
The company shows strong product performance with TECELRA and Lete-cel, evident in high coverage and response rates. Despite financial and operational risks, cost-saving measures and a focus on cash flow breakeven by 2027 are positive. The Q&A indicates increasing patient numbers and sufficient cash reserves. However, management's reluctance to provide specific guidance may concern investors, but the overall sentiment is positive due to strong sales projections and strategic cost reductions.
Adaptimmune Therapeutics plc (ADAP) Q4 2024 Earnings Call Transcript
Positive3-20
The earnings call highlights strong product revenue growth, successful cost reductions, and optimistic sales forecasts. The Q&A section reassures the market with increased apheresis pace and cash sufficiency for profitability by 2027. Although management avoided specific profitability metrics, the overall sentiment is positive, bolstered by strategic cost management and partnership exploration. The lack of market cap data limits precise prediction, but positive indicators suggest a 2% to 8% stock price increase.
Adaptimmune Therapeutics plc (ADAP) Q4 2024 Earnings Call Transcript
Neutral3-20
ADAP Report
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