ADAP - Adaptimmune Therapeutics: T-Cell Therapy Pioneer Boasts A Deep Pipeline ESMO Approaches

• Shares have fallen significantly from peak achieved in Q3 2020. It appears that the TCR space could be ready to come of age, and there's room for multiple winners here.
• I found presentations by management to be refreshing (straightforward, continually improving product profile, focusing on indications where they achieve substantial clinical benefit).
• They compare MAGE-A4 to prominent oncology targets like EGFR and KRAS, noting it's highly expressed in 100k patients who die from their cancers each year in US and EU.
• Needle-moving catalysts are coming up in form of ESMO and ILCA presentations (September). Clinical momentum could accelerate as responses in additional solid tumor indications are observed.
• Key risks include substantial cash burn leading to need for additional financing, disappointing data, setbacks in the clinic including pandemic-related delays and competition.

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