Adaptimmune Therapeutics (ADAP) 6 Mar 232022 Q4 Earnings call transcript

Welcome to Adaptimmune and TCR2 joint webcast to discuss their strategic combination announced earlier this morning.

I will turn the call over to Juli Miller, VP of Investor Relations and Corporate Affairs at Adaptimmune. Juli?

Thank you, operator. Hello. morning. Good joint for TCRX our the a into announcing two release agreement an strategic press issued Therapeutics, with entry companies. We combination of and business second XXXX the press we our In release, financial updates. QX and provided full-year I the statements. of full forward-looking you would to ask the text review ended materially in well We making year our filed for with SEC, as differ latest our be this several XX-K factors, the actual results webcast, filings which anticipate to and including as later filing during could projections will due XXXX, those outlined the today. slides we will our this note, also Of are website. available Relations the share of during tab webcast, presentations which on Investor

Adrian Chief portion as well the and Officer, Executive call, of President Q&A. Officer Rawcliffe, are me Chief and prepared Therapeutics here Executive the Garry as Menzel, our with TCRX for

I'll Rawcliffe. over turn call the that, to Ad? With Adrian

This company treat which anticipated runway Juli. and will own stock-for-stock XX% closing. webcast own XX% delighted later. therapy two which this slide. creates of Thanks, will extend a of a on and This to of the by enabling set into combined catalysts, of XXXX, the series to next Adaptimmune following for to out company a on Therapeutics discuss to tumors. welcome the to shareholders cell our to strategic the combined combination the transaction companies, we solid come is We're preeminent are transaction, TCRX shareholders will is The closing details which you the company

We transaction close subject, to we be strong That's including have shareholder both are XXXX, and a Board the of the with we to Garry. from will approval. continuing Adaptimmune will QX course, what I members TCRX, doing. in and CEO, anticipate

right why about this therapy, compelling combination, evolution call is the cell purpose we thing of the combination excited And at here it. of you strategic the while five reasons are particularly this why this to However, in we do. are are time tell is to doing today's the

unaddressed cell have on companies for opportunity their have history the that two we spent entire therapy. focused First, largest solid tumors,

clinical highly of has catalysts, indication. therapy significant been each we first filing on solid approval for potential engineered value have and a strong a and Second, T-cell MAGE-AX pipeline have and creating the near-term including mesothelin that the focused tumor

medium-term focused We pipeline also PRAME have CDXX. preclinical and on

Third, toolbox, to the together, the in we of products tumor and aim have we to microenvironment curative an as innovative therapies cell designed next-generation enhance develop are our both mainstream. that functionality

and therapies end-to-end both dedicated been have both we knowledgeable into capabilities who have late-stage discovering, successfully these advanced and because have companies experienced entirely delivering and to Fourth, teams T-cell have developing trials. therapies

the years X this extended following operational Finally slides. We're continue pipeline the into cash us development an of and of cover greater to on these five going now critically, each to runway to points in combination advantages. XXXX strong focused of due enables with detail significant approximately the

these I, our that collective XX believe therapies share and the the cancer. comparable on will about with to are an that landscape of therapeutics impact along cell the ago. years and of Garry therapy conviction to treatment antibodies gene monoclonal have transform management We teams

solid clearly because realized have in But from nearly sales of opportunity out the $X malignancies, in have to space. do they CAR-T tumor which significantly and that, narrow to XXXX, hematological nonetheless the in is larger billion confines move the

TCRX. in have work cell have tumors, therapies already programs to life's this complete with the providing the multiple of transformation landscape, And in These rates Adaptimmune T-cell therapy we clinical hope employees response people and the clinic the Treating therapies robust we will cancer tumors solid enable has and cell indications. for in others cancer. behind of living seen coming to where development leading are amongst the exceptional solid at been the

ultimate the At pipeline and for creation why runway sense. of opportunity a macro breadth thesis is combination our a companies a makes why value cell therapies of this and this level, with exist treating solid accessing This depth tumors is industry. is with this

hematological microenvironment, this by advantages and we on largely have deaths, to these majority cancer solid untapped all is And of of the tumor are that Although cell of as are cell focused tumors, therapies and distinct medicines respond tumors. the solid able CAR-Ts are treat US approved diseases. deaths XX% to space cancer therapies. living assert to and therapies malignancies this only from XX% cell

Garry talk its that which believe in leadership our strong company this technology going due combined position growing have complementary now. will to about I field a to rapidly is platforms, evolving and

Ad. Thanks,

from said, protein for we time of As us will Together, on many therapies. therapy patients focused tumors exciting address Ad treatments this T-cell have benefiting cancer in extracellular targets a already that trials. platforms allow universe is cell and complementary TRuC both truly clinical and our to solid broad SPEAR intracellular with an with

on is or enhancement and receptors peptide expressed based technology engineering to target of T-cell proprietary are specifically complexes TCRs, that solid HLA T-cell affinity Adaptimmune's tumors. the uniquely SPEAR on

binding TCR we an tumor opportunity uses Ad? TCRX's Both to technologies antigens. surface T-cells subunits therapy. an T-cell access to reprogram be can complex platform. increase allogeneic have patient With SPEAR an and TRuC cell the proprietary TRuC leveraged company's truck to domain to fused TCR to combined further recognize antibody-based T-cells, in technology intact

Garry. Thanks,

targets more them tumor platforms, range we wide that that cell prioritizing can therapies are validated complementary tumors, of year. and on people [Technical T-cell XXX,XXX our targets for address on a focusing Targeting key and in space. we a know we kill these than cancer the targets With between that in Difficulty] with therapy are expressed solid

mainstream a the We against pipeline focused technologies through make these And for targets. enabled types. a multiple our pipeline opportunity people our against option targets cell therapy with these have to across have cancer cancer deep

clinic, will MAGE-AX PRAME will target preclinical programs CDXX. our and mesothelin lead on the and Our focus development in and

data it that we in As great detail value. and into for clinical go is website, going available Juli to focus described, to catalysts this are want mid-term and won't on so because the the pipeline create believe near I on the you I

track We synovial would have XXXX, lead in for approval a compelling complete from sarcoma solid first tumor. we're for BLA been afami-cel, possible which of to on our our engineered With mid-XXXX, submission in the TCR therapy a treatment clinical efficacy two the T-cell franchises.

improving cell range neck therapy ADP-AXMXCDX cancer, therapy. lines targeting who still rate an And a head have ovarian, rate Our is finding delivering of our next-generation solid MAGE-AX, of patients to received fewer and bladder in trial signal and these overall further tumor prior XX%, with a see in XX% response three in or we response tumors. types I Phase across XX% of SURPASS of

new become neck and pembrolizumab, bladder cancer. which a is second-line are in also broad ovarian in for initiating with platinum-resistant forward, in II the range cohorts of target therapy, intend expressed to cancers. mesothelin, cancer which and Going Phase head first-line Gavo-cel and we patients registrational SURPASS-X, we the TC-XXX trial and with combination next-generation

the XX%. dose-finding tumor cancer, was and in response In patient regression And rate patients almost an heavily response was with I trial, Phase ovarian every of there overall in nearly pre-treated the XX%. rate

is of improve which operational MAGE-AX have And ovarian combination. type mesothelin, rate. Going cancer, potential strategic this both and the forward, distinct screen joint patients advantages screening this one the success development significantly of to would with the of we

with gavo-cel I persistence. targeting TC-XXX, response to a potency. The rates and Phase designed across trial checkpoint range of is currently is a tumors. includes potentially switch inhibitors PD-X dose II which mesothelin and options in The with ongoing for next-generation product and CDXX to The is Phase enhance combination increase incorporates multiple escalation doses trial

are which reversible more benefit manageable Whilst using programs. combined our with mainly are levels, at approaches. we across Overall, with CRS administration profile consistent speaking, cell typically lymphodepletion generally materials, safety the existing events on that in and adverse and various specifics acceptable. of has Touching associated to been the date is the risk those available therapies, see

[ph] the On have company closing transaction, front this into ending would combined XXXX. anticipated

value-creating these We programs within deliver catalysts expect that from window. financed multiple to

Here's what XX a over list months. next can long you of expect the

Of on and that of a those making data-driven value. decisions combined focusing items. number greater I'm allocation deliver optimize these going the resource portfolio, course, continue will touch to on we programs will to

it's submission all approval. the potential and afami-cel, For for about BLA

For next. readouts year the initiated trials CDX with this next-generation the or and we have ongoing program, potential for

then in patients and Firstly, cancer from bladder for and cancer. neck second-line late-line the inhibitor cohorts readouts head front-line with in and checkpoint a combination

of For year, we this trial combination in gavo-cel, in portion the cancer or ovarian later the platinum-resistant anticipate refractory II first from the nivolumab. Phase readout with

translational midyear impact data in We speaking have to key the mesothelioma will which readout focus narrowed was patients ovarian, the to inhibitors. also include will before checkpoint of a enrolled who

be In we'll along and the And with for of have trial expect trial gavo-cel and dose then we of version as can in TCXXX, be previously and 'XX dose-escalating efficacy and moving ready to additional companies which CDXX, the XXXX. gavo-cel. XXXX, next-generation we in The IND in 'XX anticipate initial safety PRAME readouts is potential these finding both outlined. target results TC-XXX,

Now, like which turn to our explain use some Garry already it over to of some trials. are to enhancements, our of in next-gen clinical I'd in

into treat we only best have enhance toolbox and have programs, data clinical to T-cell compelling to do they solid factors tumor persistence tumor, microenvironment several are therapy, solid our killing effectiveness trafficking the tumors there. come a think Thanks, preclinical how Ad. we to therapies. T-cell about in also our Not once play; the a and of exciting further we When hostile with T-cells

therapies. have already into the made PD-X as and technologies Our CDX clinic autologous switch it next-generation

antigens. have as can IL-XX our And others ability exciting such that the of be is platforms aspects many and the target also multiple most one into CCLXX We technology of thrown fight. the IL-X, to complementary

allogeneic to Importantly, takes technology set take all of our Not unique of cell work. therapies make platforms toolbox, only these used well. approaches it capabilities be in a as also can does it a

over I to And Ad. it with turn that, back

Garry. Thanks,

patients both to that highly actual a that in tightly particular unique ways are products that complex of capabilities One medicines class that need set realizations convert to therapies had are a truly that of integrated requires and therapy. cell the have benefit of be is technologies specialized to companies cell into

since for has companies wholly the focused combined tumors cell on beginning. Our therapy been solid

a taken this five the teams T-cell will are ongoing, of proven track experienced therapy submitted and clinic, Between seven those into we've programs engineered who us. BLA record have TCR in for first the year field. We an by have this us, be

are by in right this the of are bring will capabilities the infrastructure, advantages cell as therapy not teams have And optional. ground solid outlined together complementary side companies. UK to slide deliberately and The the These facilities US on transform by aim capabilities there operational our the significant built we we there tumors. the They hand as we for we've are and technologies, from that not each be chance. up of landscape

investing on have I catalysts on combined into maximum balance earlier. the in us finance manner transaction value will cash this continue to slide portfolio. we Now focus XXXX. The when the to you from create closes, our will enable to will This showed sheet data-driven the a company

I'd tumors like that focus in cell key for shared attractive. solid the solid backed pipeline CDXX, largest clinical specialized expert clinical pipeline, the focused existing the strategic to on decade make far by up return a the extended and our opportunity capabilities differentiators progress runway. with compelling to and therapy, and possible by tumors data combination PRAME a A our in our initially by making all deep preclinical end-to-end cash made teams, on

ultimate have to transformative catalysts and our cancer. against medicines the goal with for We people our of opportunity making deliver against

with open Operator? questions. for up And that, I'll

Instructions] from Frahm of [Operator Our you. Thank go ahead. Cowen. comes Please Marc question first

This for is Ernie questions. our morning. you Marc. for Rodriguez good Hi, Thank taking

the on cash you if you that you the balance, the for went have what's are the One, assumptions can Like provide would cash what assumptions us. And for cash have, that how - color much runway catalysts closes. you think once I extension more cash the guess? two transaction that the all that what over, about extension? Just have

the And afami-cel is BLA. the about question second

for be order are to by Just right to wondering able be What mid-'XX? gating the what you guys needs Thank you. now? complete to it factors done in

Ernie. Thanks,

Okay.

just flow this companies starting And out to on in two, case not QX And One, put the on just not the two results, cash obviously done cash is that's this. back runway runway, is integration have we of b So planning obviously give guidance. both cash pattern only but so. things. TCRX our compounded detailed guidance, but

forecasts on but So information it's a you detailed utilization, bit can anticipate due be early giving in cash course. more to

that of course, XXXX confident the obviously screen into jointly confident as of on those is obvious I the you capabilities the runway associated products key range could - putting with be such think catalysts. terms with things come the we cash discussion, has about in portion thing due for are ability as deliver created, And extended the establishment are of -we the can both in that and the that potential scripted operational we talked obviously, that as over about and can the manufacturing during it's such advantages advantages the has that a I've from multiple think for to synergies Adaptimmune to ovarian the market time costs. on cancer, look

policies, We now D&O go the have think close have just won't for between and two going the need forward. I to we integration of planning still the we example, simplistically which But transaction. through

Secondly, was on submit to piece work anticipated initially, rolling that. in the complete the is the December, the laid the in we shortly. to module, that now which afami-cel and the the will remind And final with agency which item have be that we've gating BLA. which preclinical those mid-XXXX. we just And module the pathway And was going then the out to the between the in you, elements the getting CMC BLA, of submitted agreed clinical module, anticipate

the that information we're with CMC as the agency. pieces to finalizing work agreed piece we for So, the and that compiling submit for required the speak, same will all the doing with and we the the information be clinical we

very helpful. Thank you. That's

Thanks.

comes question Goldstein Mara from of Please go Mizuho. next Our ahead.

for taking Hey. so much Thanks question. the

TCRX to? So, with I'm a for TCRX those guided for or that perhaps deal as bit together, confirm previously the you pipeline expectations consistent can pipeline for year maybe be just hoping the review that the this and even that that will what comes has us

a once a I where the two in is together the let's companies about, this you from say, is and bear TCRX's perspective, what at point greater TC-XXX bring have synergy I'm put then And you scale, you think to and just time there? curious I you Phase where program, with secondarily, which can guess, advantage,

take that speaking. guess is I I'll This Yes. Garry one.

the similar of year to all, the particular provided readout is same. cohort. have we that for the think the in what end I we case a So ovarian first at where the of guidance before cancer, XXX, On of

guidance ovarian The that the today new in II intend provided the the in we is difference, year, I we mesothelioma trial think, showcase narrowed is that patients the we before Phase middle the to of cancer. in treated to the focus

translational impact intend mesothelioma release we people if of and in you manufacturing data, recall, we we patients, that was capacity, the there including to of clinical that of it some any If the checkpoint speaks did let excess know the devote now to inhibitors would to that data key middle year.

So that's in terms of guidance.

a where overlapping there are going think because synergies In companies. several terms are between of forward, I sites have there two clinical we number the

We between two. the some also clinical unique sites have

who their co-screen of We us. us makes cancer focused get they'll with ability work for an have MAGE-AX more treatment a therapy both us ovarian which cell if attractive are mesothelin, they on to little physicians that a since to for know and patients

along a And move things into which go year, I faster. us so little we synergies see as may there, next help

of XXX it's escalating. Remember, dose is design. more the constrained because

You fashion move screening. as up you move have each in cohort-by-cohort steady a to

think already. we can faster than along doing So, move don't much I that we're

so Thanks much. Okay.

Thanks.

go Our of Tony next from question EF comes Please Butler ahead. Hutton.

That's patients Adrian, first One and much. patients. in is on these were cancers I bladder, CDX to Are that while very in neck ovarian treated? questions. later cancer the line - wanted question program Thanks be in and head they cancer. the - just will of other second-line and two ovarian one.

in And created, just the not is And component of relates I Navy some to expanding manufacturing. about vis-à-vis few you of clean a for if was more necessarily Yard provide a the cetera, what afami-cell question even room required would that CMC I is there assume complete two, to that could the be though expansion et wondered words statements space you. it to Thank allow components, rationale. on afami-cell. as the

Thanks, Tony.

So we earlier we to care in towards trial monotherapy be us historic are on that neck cohorts the has designed correct, population cancer want SURPASS against initiating with in first the you the second in is roughly the that sort head patients believe we that SURPASS-X conjunction develop standard the I the in are - two cancer where pembrolizumab, and whilst And to registration it, can both pembrolizumab, cells alone with and in of with line, independently are two trial platinum-resistant bladder potentially again, just touch and both of of combination controls, lines and to goal setting. a arms in on designed shots giving and there.

on of principle out - we that is account sarcoma in treatment and have setting. this of the time in because of a that's technology important in indications, we're transitioning in sense taking been doing we're based products I And the and from is makes that's those developing for indications, paradigms now this think from and proof actually some specific what into why ovarian

So that's SURPASS. the ovarian study for and the future

respect out built expenditures the Yard, Hence, repeated that - that capital to year. be the That currently expanded of the patients we've the and going since necessarily of correct, did gives in the capacity the With last afami-cel, fairly over year development all to the manufacturing, course in our suites us ability open Navy manufactured to where last launching we incidentally, you're facility we won't the really we SPEARHEAD-X and for will affect we the more It afami-cel manufacture be forward. where many doesn't have the that from. products. heavy

afami-cel. a to clinical and likely cope as trials commercial Those with needs suites for with able are the capacity the associated product continued to be of afami-cel

So populations that associated it's becomes larger SURPASS, SURPASS. get methods manufacturing more space in more the with with that, useful into that as patient we

Okay, good.

Thanks, Tony.

ahead. go Schmidt Our from of next Please comes Guggenheim. question Michael

Good Thanks questions. for morning. guys. Hey, my taking

cost perhaps. year? this And How should think as we later then some following the reductions earlier the merger additional year. had question, cost obviously question a announce did I potential about other [ph] for this synergies Just well. modeling TCSX

a comment shape So on that you don't to that for the with just we Garry, And why TCRX I specifically extent level. the start if high obviously at want can. then, to

So, have XXXX have burn actually gone I the is modeling are think from cash larger companies guys to a you XXXX. that in smaller cash one this going that both much to challenges in a of burn

you'll Adaptimmune burn burn cash see Talking net. cash last year, $XXX side, our the approaching - was from that million, $XXX million net

the substantially signal we that's which so to focus of to and got come on reduce also pipeline a course of key strong that we've the took, the really the down of And but over company, the on the and product opportunities, few to the both months. shape assets on basis where size we last executed the decisions

to which - I similar, difficult why that announced that's run-up at into the done what know the combination TCRX that we've XXXX. work us of have and look in to And XXXX in to forward. numbers some order done that's makes runway forward the And to enable that team it project project the today we the partially

and continue work to And integration able to add as integration that to the work, close integration say the and we planning be of close deal the course. now of with we'll in due between anything obviously, ultimately, this and between deal, this the now Garry, more about that?

only is think point got I right. it I an an that position. X-K, updated you to, we cash you thing think filed No, in Michael, I'd The

that. that in some other So, made impact There course, beginning transaction. were of of bit parts. at not reflected the in the the changes a of is of there's the we And layer moving year in there, little of are then, this reality you the all information but

begin to our be give not you going as But able sorry we more integration we're numbers. able that we'll say So, perhaps planning, precise to forward.

Okay.

this we Phase Phase just learn And year. in Phase know what else else study learn good. that the ADP-AXMX XXXX? But next I II readout I you. program, the year? Thanks. then Sounds we'll I on the will from cohorts ongoing anything do Thank on

Yes. Thanks, Michael.

of heavily obviously. SURPASS across are reasonable which were basket lines itself So, of patients the whom CDX in MAGE-AX was having program prior expression recruiting that, tumors of pre-treated I think of the a for multiple or not original types, all the Phase I and - cohort therapy, high of for late-stage SURPASS-trial

we'll study two in arm. that we've where parts monotherapy we completing the rate XX reported two response reading has last given XXXX. parts guidance to That year, - and arm that anticipate piece is XX% The out has to monotherapy that have ultimately patients XX patients that in we and it. XX in that And it

anticipate in that patients And as XX other again - also arm recruiting give this a of combination intend We later in out, using precursor that we're read parallel further anticipate year. experience also nivolumab. late-stage will year that for to to with And in range combination in XX all also that ourselves types between the those to enroll tumor in a we this or work we with checkpoints - again us we're combination doing patients downstream. on in

sure And separate and -- albeit from in original. SURPASS you that's of want just I so populations. can cohorts different expect also in trial, like understands first-line that and patient what that they're bladder those everyone that make are first-line the head cohorts to the neck two part

you. Thank Great.

Thanks, Michael.

comes question Please of Chang Jonathan ahead. next Securities. Our SVB go from

Good questions. morning. taking for guys. Thanks Hi, my

gavo-cel? by for question, ovarian are the year-end in strategic would you need you following in And about the development to of see cancer? the to First combination, cancer? for data continue the priorities Is more still how program focus ovarian the specifically thinking what

for be the question, the model more us And up guess, combined Thank I following just we just expenses give forward? on trying then of company to on thinking questions, granular you. you prior make about second color can should We're moving the emphasis, work. how

Okay.

good a So looks to on back maybe come And to then in cost the view start I'll and there. comment focus. signal with a focus gavo-cel discussion. cancer then And Garry ask perhaps I'll I'll sort ovarian maybe on the like strategic of what

find becoming you two world is significant of things through have very a the companies have terms already have in. you of gone for of their in fit-for-purpose part who we So one portfolio that rationalization ourselves strategic that the focus, as

to down for talked narrowing afami-cel for that just focus stages, at indications as CDX our we was synovial and us, three the about sarcoma MAGE-AX clinically on for different focusing for and so MAGE-AX. to And

in short focusing us And with was and forward that term IND down preclinical, PRAME in that. on then the really to moving heavily

the -- in the TCRX, in programs is Again, dose-escalating then for focus mesothelin, gavo-cel drive. ovarian, target specifically one on other and first in on each clinic side. For essentially second-generation for on focus TC-XXX the and

So, that's narrowing then CDXX the XXX, focus of the the for and preclinical. in TC-XXX obviously, behind of

So, pipeline, targets I think within preclinical clinical the focused got targets, focused you've nicely a very X on indications. targets out clinical X

we company data-driven Nonetheless, that as combined focused to this just a over decisions develop the we And entire for company course opportunity can immediately, the to go will resources look are patients. as portfolio. most well, create value focus we rational a combined of to you products feel on we the to those we the make have not about as how financing as forward anticipate going the real of but company, where areas on window

that's that. So

specifically and there? little want a you signals focus gavo-cel talk about bit do Garry, to

what able more, overall the that's anything since feeds durability demonstrate and a else. get question, or what good into to hear in Phase It's have durability? can than Good What's recall, showed to advised was the response Basically, that if around rate maintain which, objective is a XX% gavo-cel, It's been I, is outcome. Yes. basically voice. we X we more with last patient cares that we Jonathan. responses and about you if survival positive that months being your then ultimately that

the middle therapy. with re-dosing data well employing will from I checkpoint moving to order earlier of in There strategies, as translational as be the some lines that inhibitors the presented and obviously year. We're Phase in of to help

we'll showcase the end to goal, And middle year. at of to we're durability. We inhibitors us the helping looking the checkpoint the the for that's that haven't I decided exactly year. which with said, able is as in that but at the the present indeed of readout be are But conference,

this And in granularity And question, cash increased your previously. on the then point for give thanks, we can't The then last short time, request answer as to - Garry. flow. I the to increased at is, granularity referred on

think I useful maybe a of couple However, that say about things you modeling. be might could the as

fairly think have first downsizing. I is both companies the significant executed that a

That's both spend looks first So spend the point. for XXXX XXXX companies. the the nothing like

Second is anticipate the Adaptimmune point, the financing in profile we've historically, future, being financing and as for lumpy. we about before, quite of talked specifically, - the

And is burn both Specifically, to and cash payments the burn first typically majority credits of second that is then of the half then partners year. of spend -- receive we that from year. offset our by in tax the in part the tend the net we the

that And so the the of quite the cash flow spiking. year combination through makes

put levels efficiency that when this that reasonable assumptions and with So we this into make all we the combined previously. together forward, outlined the we financed of of are XXXX about going believe delivering we have portfolio, catalysts

it. Got you. Thank

next Our comes from Truist of ahead. question Asthika Goonewardene go Securities. Please

what's Hey, here. guys. Thanks for going know taking I my question. All it. right. I on get

quicks. few a Just

over cell secret to therapy, The isn't is take it? [ph] first profitability

Absolutely.

Ad a and note, okay. serious On Garry, Okay.

like in you a independently you of both cell. that So I'd companies a are interested technologies scientific putting into are a is being single both answer your question brought together from what from to standpoint, for most

capacity second lung opportunistically used? earlier outlined with cancer on if lung ala, treat quarter you'll slots how cancer no get manufacturing question allow on the And capacity? approach more you do - merger TCRX sorry, when rather - you drug then Adaptimmune's to the than the patients you the to once use patient to build when capacity, to gets the And enclosing cancer to the related a being manufacturing that, there's treat using ovarian it in gavo-cel does used a

Okay.

going same. So think do X I'm stab -- on things the most going I go from And I'm this really from actually the with a Garry, take to a excited I'm to think going are technical I'm a why you at don't about what could tech -- interesting perspective. first. I from focus I focus on to platform really, that perspective.

fundamental of actually platforms the is the is really combination interesting. First

the the We have robust I entire who mesothelin-targeting target efficacy a between of are, to potential surface access with TCRX of point targeted cover for one. the the will cell we signal And two that believe, a company therapy. is platform then And I I the -- think target us, of only have And out universe, universe. then indicative cell entire will that the antigens. TRuC point

I existing the clinic to of given operates Secondly, with personally, the PD-X I'm has associated approaches. it. lot combination the particularly development -- think differently clinical of in most our next-generation -- CDXX switch a approaches that the interested in next-generation leverage

this I border that am term be also to of think, take is And I to see platform opportunity then, key a really Adaptimmune onto and that to really and put over longer pipeline it benefit matures, I the this. the And combination. would is applicability lastly, this - the Garry? think allogeneic long-term think interesting of as obviously the

to tell you since I'm to... Ad Asthika, of managed grab innovations the about So going them, has basically all and

membrane Garry. balance, obviously, got Still

That tumor cell you important could within most this tell is consolidation excited of guess to in perhaps that that side. I'm the a throw therapy the there. first is beginning I But softer one true. the space what, I issue. really about in respects That's gets on about comment it very I'll a solid some your almost

new one over the technologies have the that teams leadership and in -- that scientific is entity. what company that the into the And together they conversations begun the each companies [ph] these what future, on I've might excited from will about combined side two riffing do of the been its of observed in is emerge combination ideas

of lot a space going out feel be that. do a continued is innovation really need do And we where that there's innovation. comes of this I to that

Ad, beyond going fully really teams which together items excited that will forward. the what So mentioned I about the endorse, by were I'm create

and was play interesting time. out on that of manufacturing there's and that And to think like and we'll access need then next to sort the that I question things for manufacturing balance and -- capacity capability your over an

So one about really developing things of is cell I that pragmatic comes it our the to very am when are excited therapies. both companies of

I and teaches teaches think therapies cell developing you humility pragmatism. it you

internally, the other these that Prodigy X largely, are on the largely, and And of Miltenyi a platforms the to we is to platform. of that pragmatic TCRX choices ones so going we are different about got. on platforms CDX. developed need And development make on afami-cel for And existing we've we've basis

Miltenyi that, opportunity the move Having over the over processes time. either as to common into our capacity, the our obviously evolve, there platform manufacturing and/or is said capabilities to Prodigy pipelines bring time,

companies. that's And something point that's just an to obvious interesting so I about want out synergy. these really And

both As encourage - two you two I about think on of TCR-cell solid companies transduction platforms. you same therapies. we the both the of tumor, fit genetic are just approaches. a the think both both one, put the We as the would and together, cell. these lentiviral putting number insert common about the And because to into engineered material platforms We're to you the pick use vector

We have for some of this.

have we combine areas over where can, then synergies. And and time, other bring we

synergy So, at of tumors. engineered the time, therapies the extracellular because associated us great different act intellectual same with the But of there's engineering focused allows on developing deal a do things solid for T-cell proteins. TCRX to is

and that. we've targeting on focused peptide and MHC intracellular on complex entirely almost And been proteins a expression the

combination to a platform where capability it able space. the unique address But the very intellectual so time, we're things advantages. it's in there build company the same expands universe a the really of is at and has heft of that a that tumor And solid lot

Thanks.

Thanks, Asthika.

ahead. Please Shi comes Kelly go next Our of Jefferies. question from

to Thank Hi. do commercial the been supply all this combined I'm future companies? And the taking to if business we and you. unit of questions. savings curious for cost manufacturing to apologize for without this you Should on cost has synergy front I asked. expect you clinical Thank how demand? my [ph] see

to want have said? addition that a just in on what you do to Garry, go I

think from Yes. excites one of is them. about the things Manufacturing are side, excite of I Kelly, this many I me our me that deal. what mean

agencies up this relying We And manufacturing. of on external point our order point. to do that's policy in a us to well this up have very to adopted worked for

to exist Now, we capabilities those build internal as Adaptimmune. already don't because need

that. And your happy be delivery greater to I'm able gives that chain, we'll so and about out great you It's control patient that. over roll supply

the of of the one me, for major this combination. is advantages So

you. Thank

Our question from ahead. comes Research. go next Jones Please Roy of Soumit

they question going on exclusively or and mutually Or gavo-cel neck ovarian is Trying head competing different morning, Or in to any in the the there and of MAGE-AX are exclusively patient or mesothelin? developed be this they on the going and understand address are all to ovarian products be or progress. the the congrats the side overlap be Good or any everyone it other in populations, expressed population? and if One on of is the expression to MAGE-AX indications? are. patient

So, I think we have most insight into probably the ovarian space.

about how guide think to I think maybe that. can as just to and about So that

really in these opportunity the parallel. excited developing actually for about we're So,

to population. to completely the although mesothelium, some MAGE-AX is overlap nor in expressed who there a these and enormous the subset is ovarian expressed it don't are because both are populations, - likely I think of I'm unlikely that sure both they're be in given patients of separate the that think we be parallel

that is we that increase trials. how both and the the onto One So, screen screen there's at real obvious reduce to it's to success opportunity a to to a portion look patients particular is ovarian patients. at larger the couple having a probably a you sequence we trials of cancer -- do first of site, think capture things. And fantastic screen one of could the rate, failure that a would if rate the opportunity be ongoing by in

even give patient patients either response? population in happens into it obviously, piece population then can and a as that Then well, then enable there who in explore, offer products the overlapping you second broader -- the to other think, And to to both, Is deeper commercial I those have for opportunity term, do therapy what expression? longer of is, sort commercial both have well. of the broader or is, will sequence us enable that piece the cell scientifically, together to a where

significant PRAME it add I majority it's that, is the ovarian of patients, has significant And expression also population. in will to -- the that not cancer -- in the

term, you to the larger multi-antigen cell able platform that gavo-cel get patients of patients and the and better MAGE-AX, Long about and expressed the cancer well minority of in population treatment think allo a long the patients ovarian and outcomes about there's to actually, there. be to antigens all multi-antigen opportunity ovarian cancer course, together, So a patients. PRAME, think a all as with offer strategies, multiple opportunities the on therapy of to to think you opportunity of for at with can term, strategies. But whether about to look to

that just optimize how that hope be for real a Phase in with think very is the there's So, a to and with a gavo-cel to to we MAGE-AX think opportunity there. year, II the could think we've combination term. product a CDX term, to short us trial become a registrational SURPASS-X, we this in I or In focused over I this. however, that's the become long And need got checkpoint in inhibitors in what trial where short about readout term pragmatically

And side, see it. commercialization the on we Piccina Got leaving. Cintia is

there commercial from there? how TCRX is on team? the synergy the probably reduction up seem this the a combine than side completely additive It ways different going the their going Is R&D team a products? adding to and how is reshuffling that on own with on, rather companies team? like So these with own in XX% everything going be And specialized -- to be are also two clinical you their seems having expense they is to because

Yes.

we're think I planning. just integration starting So,

So about particular it's specifically us talk areas. not appropriate for to

decision with an us will the for we But to Officer, for reductions as that Chief built think a strategy commercial has Cintia, afami-cel Cintia with a Cintia great planning organization as the course. that has and built associated continue I However, Commercial year. leaving great was enable last team. in That due team announced

in continue strategy that particular, addition, with as program. will associated In consultant Cintia commercial for on a us,

last So, made to had year. relates discussions we the the we've previous that decisions that and

have preserve say to And realize that more the course. obvious With that Clearly, skill in need balance on able are that unique we respect the pipeline. will at of sets to to ambitions two companies. establishment our are due et between in costs, leverage are synergies, that the both order to is like we're that on just there it's starting there duplicated things and to cetera, this this integration planning, and same be we'll for sides time,

for year a you. be to And Thank going luck good busy guys. XXXX. you It's in

is. certainly It

question comes next Zhu Our Please go of Wells Yanan from ahead. Securities. Fargo

and the just MAGE-AX quick taking for from Maybe ovarian a on cancer for respective Thank for of of Thanks one response see product question. I of of Hi. companies. both the also data to timeline that candidates durability durability have response? we comment a on response, IO the combo, we could you when have the if durability might expansion when potential you. sense might the

Okay.

I think right. you are

the the on because we've in MAGE-AX moment. at on specifically gavo-cel So because I answered the that's that progress side think

to that So in and potential trial actually, independent an program reason with respect did the that because monotherapy program. the combination be to way that. with registrational the assess SURPASS-X That's we is CDX the we as MAGE-AX, the we for we want did a arm monotherapy to actually designed why

in that a that pretty durability is enable designed have the that registration to it's the way. sufficient from think there. that end that, we trial wouldn't we there's reasonable So Otherwise, obvious chance

potentially typically efficacy the checkpoint responders just setting. drive that not durability on in have out that pointing of ovarian However, And inhibitors add-on signal worth and number it's do them. and with PD-X significant cancer, is in to depth a

the a synergy with cells. real So associated for opportunity it's

because that trial of is not In SURPASS-X, that sort tail registration-oriented terms we that that anticipate cohort. of that trial, registration-oriented until we've do fully data and And end from when happen have that releasing from trial, won't fully that of timeline, we a trial. enrolled enrolled XXXX until

patients. durability that nivolumab. in -- relatively the patient being think I probably year And we'll so will different that be we recruit study, related population from been tail small I And of be we will to next or data we to anticipate to end this before would with in into recruit have Phase patients slightly have number that data in so cancer be or a able the year of of modest a combination able combination ovarian in number early

provide a just the will translational durability And to data, the gavo-cel that middle cancer, hopefully you'll back at to to what pathway is in of data see present. clinical intent clinical again, some see year. think you'll then reaffirm In data That's the year. at the the I year, which end of end ovarian our of the on

related also, question. have of I And Great. another kind

Adaptimmune, the on potentially studies the be side was strategy I side urothelial company? combined the and exploring I potential mesothelin of neck also would cancer a line the and setting. Thanks. earlier the combined obviously, think for head -- is that advancing line from wondering earlier if in company,

side So, I touch maybe, therapy. lines think on mesothelin - then could I'll your on and in you principle, from talk in Garry, earlier on thinking maybe of

to into advantages principle, therapies. in that we line substantial earlier there are cell moving So think for

says advantages pre-treatment less addition advanced know pristine a from cells assaults patients, there's earlier is tumor, we that development that cells that a you chemotherapy that other a repeated you less from which can patient, those or In to get everything fewer damaged piece critical self-therapy really in the normal more of and therapeutic the healthier by are, levels the the less get, oncology regimens.

who do ultimate The T-cells. patients to patients -- cells starting is work and grow better when earlier or likely perform. produce better point are T-cells, engineered is you can go, those typically the donors, cells better we donor the the cancer this -- And healthy have in healthy that patients

be suggests So for that cell will in better therapies. earlier getting everything

rates And neck the and in that Garry? replicated, response cancer that improved in there's in to line the in, we earlier settings and seeing opportunity and believe very this head these those patients, potentially late-stage go with setting. transform that's in bladder early why we're potentially spaces

just I in earlier the parse the escalations would better patients. that don't re-dosing you studies a in therapy lines or our data is many dose inhibitors be therapy of we out oncology I shot just treating have shown, other think, principle or of strategies, at give that's been in endorse checkpoint but of use lines to to own And that patients set, enough versus or able other

other hospice, just If before incredibly we to I, and it X, were were lines treating you had X, makes of sick, think Phase lot comorbidities very therapy going in patients them, who just X or either of who difficult. of X, gavo-cel it in a

studies. benefit. that likely just patients are you to better to that and data clinical who more tolerate logically, the would don't own robust, can therapies hope to more our prove healthier yet that, having cells would We out whose be So lead from have

you. Very it. Thank helpful. Got

next Please Lawson Peter Our go from Barclays. comes ahead. of question

Thanks Great. taking the for question.

back going guidance. to Just cash the

if curious Adaptimmune and that commercial both from TCRX? includes products Just

timeframe sarcoma. for the launching include product products, treatment the only revenue those that be afami-cel be synovial It So would of that within no. would doesn't from

that additive no we've product, through answer the that. will comment get be that. more And we from our registration. simple as to So is that plans to said we That would on commercial

we might do inherently it's with conservative So to a what approach afami-cel.

Perfect. And And this then there is this competitive Garry, whether take? did I any a this? long guess a question how process, for breakup was fees for

breakup you fees, question So a are Ad of you'll that until first an be have is there What can that Yes, each fees. wait then breakup couple last other now, would all, standard for and the of to I first. I S-X of for because details full out there have decades. dialogue. say, I known will will coming tell that provide

had years dialogue specialized we of in So ongoing of course, forefront both not thoughts of had number and, an for cell we just deals, a the preeminent even in surprisingly we've in [ph] of being with therapy, our ongoing terms at the were cell before now, dialogue field. our therapy

a was and in field. other But that. always in to terms In of the this have people earnest last a to we're fall of we of was discussions this in and lot began year you'll process, process, particular of the when talking see more words, thoughtful

think all say we point. So, at can I this that's

filings? you. do we Got have the the to fees? for disclose wait you Can breakup Or

to for have the You'll filings. wait

you potentially to that thing? rationalization as then Does just pipeline going it combined wait Or Is of something a we XQ? have back go that Is to the foresee further is that something the of that runway pipeline? at until Or doing? And the data-driven kind guidance. include cash forward? just Okay. should you look

make will the assets. it's Yes, we've catalysts decisions we'll above. there outlined for when make on data-driven. points pipeline we And that be that development we've The put the to you, data-driven pathways be pipeline combined data the to thing. of the able all of out is and those think forma I the pro based a companies, So, those will about

Adrian will the back over session. for remarks. closing This now question-and-answer Rawcliffe to turn concludes any call I the

close So, company due at why you by and conversations cell capabilities back the future. the look will I'd is of this to them for a companies just make a you runway, pipeline time; achievable many extended catch between for course. very transaction tumor focus, to the forward the I point with five Thank compelling like have up the the in think solid end-to-end in therapy deep and catalysts referring the to much, that in you within this this the combination rationales both shown compelling innovative that

conference today's This concludes call.

You for Thank your have lines. a and pleasant may participating, you disconnect day.+