ADAP - Finally Returning To Adaptimmune Therapeutics Ahead Of Anticipated BLA

• Adaptimmune Therapeutics is a cell therapy company using their TCR-engineered T cells to take on various tumor types.
• Their leading program is MAGE-A4 which contains afami-cel, a TCR-engineered T cell that targets the MAGE-A4 CTA and is being tried in multiple tumors types.
• Adaptimmune had ~$304.2M in cash, cash equivalents, and short-term investments and has ~$26M in debt. Currently, ADAP has a $239.79M market cap, so its enterprise value is -$39.5M.
• I have had previous success with the ADAP under similar circumstances. However, I believe Adaptimmune is in a stronger position both clinically and fundamentally. As a result, I am taking a different approach to accumulating and managing my position this time around.
• afami-cel's pivotal trial hit its primary endpoint for efficacy and a favorable benefit-to-risk profile. The company expects to submit the BLA before year-end.

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