ADAP - Adaptimmune GAAP EPS of -$0.03 beats by $0.20 revenue of $11.03M beats by $5.95M

2023-03-06 06:44:44 ET

• Adaptimmune press release ( NASDAQ: ADAP ): Q4 GAAP EPS of -$0.03 beats by $0.20 .
• Revenue of $11.03M (+687.9% Y/Y) beats by $5.95M .

• As of December 31, 2022, Adaptimmune had cash and cash equivalents of $108.0 million and Total Liquidity ¹ of $204.6 million, compared to $149.9 million and $369.6 million, respectively, as of December 31, 2021.

• Guidance:

• The Company believes that its existing cash, cash equivalents and marketable securities, together with the additional payments under the Strategic Collaboration and License Agreement with Genentech and reductions in the Company's operating costs as a result of the restructuring of the Company that is expected to be completed in the first quarter of 2023, will fund the Company's current operations into early 2025, as further detailed in the Company's Quarterly Report on Form 10-K for the fourth quarter and year ended December 31, 2022, to be filed with the Securities and Exchange Commission following this earnings release.

  On March 6, 2023 the Company announced entry into a merger agreement under which the Company will combine with TCR² Therapeutics Inc in an all-stock transaction. Following the closing of the transaction, we currently estimate that the cash runway of the combined company will extend into early 2026.

• Shares -15% PM.

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