Adaptimmune Therapeutics (ADAP) 12 May 232023 Q1 Earnings call transcript

Hello. Welcome to Adaptimmune's First Quarter Call and Business Update. I would now like to turn the call over to Juli Miller. Juli, please go ahead.

Good morning, and welcome to Adaptimmune's conference call to discuss our first quarter 2023 financial results and business updates. to this full morning's you forward-looking of ask from statements press would review text the our I release.

those to We call, anticipate factors, due the and this our including several actual results filings making could differ SEC. projections with outlined in during latest materially

portion management our prepared team available Q&A. Executive will for Chief Other call. Rawcliffe, is here be the Adrian me members with Officer, the of of our for

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

call. thanks to Thank today everyone to My you, the we directly comments be joining go and questions. and brief, Juli, will for can

We to remaining Adaptimmune. whilst started of and in XXXX strong We and at a allogeneic of for with afami-cel costs BLA, pace, cutting of the pipeline solid focused and CDX on program a cancers, head restructuring tumors. it change and platform, QX, be our neck promises wide a in our completed priorities prioritization the therapies and cell for ovarian, range PRAME year bladder

we entered announced Adding to that strategic that into combination TCRX. we strength, with a

We entire tumors histories with have value-creating advanced with near-term focused spent clinical significant strong our have experienced teams, solid catalyst. with on that two companies pipelines,

XXXX. clear toolbox a Add compatibility an taken next-generation technology runway therapy of company and cell preeminent that tumors. it's And into a solid platforms, to innovative together, this combination cash create including our the that, will treat to

companies this we Both QX once of and to course, further transaction month. at very for subject, end close XXXX, closed. We the expect transaction of in update to the shareholder approval actively will the is integration, are planning

X treatment a the Part in have engineered the progress completion that announced mid-XXXX. market afami-cel, track solid which Part We the tumor. for is BLA QX, commercial completed be of a We a on product on product and in of are also for T-cell in submission X first to have we would

young and are her all meeting. need had Hearing further personal innovative and And new woman, population. incredibly privilege of of an account with this is how drug. Recently, a for we treatments and important hosting internal for for exciting therapies pleased surviving at synovial the here sarcoma, highlights sarcoma synovial us harsh marketed treatment compelling. for an the misdiagnosis, who afami-cel new is is Afami-cel for patient of inspiration

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therapy our supported CDX and SURPASS-X we in franchise the become developing more remain end, designation To our to initiating has combination MAGE-AX on afami-cel, with for registrational FDA. next-gen by nivolumab market. Beyond progressing to potential trial ovarian the cancer. Phase that trial II platinum-resistant RMAT This with are and products is with we focused the

in in the trial with treat in for to pembrolizumab cohorts earlier-line Phase additional initiating I patients neck also and are We cancer. urothelial head SURPASS and settings combination

for back GSK, across and solid believe we is PRAME from we powerful another with Last industry. we announced the this year, have validation target increasing tumors,

and year IND-ready next to PRAME be We by end year. plan trials to progressing initiate the are of this

MRCLS accordingly. to process this we'll later And we of GSK ongoing the we in in year. the announced sarcoma also and relation anticipate the $XX approximately this QX lete-cel in of are million We clinical synovial transition back, opportunity evaluate trial. receive in We lete-cel that will from data transitioning and

first BLA change has will closing, undoubtedly a of to product. towards prove marketed and as year us In for and be our this first quarter significant we been a move

Behind that, we'll forward reporting thoughtful, cell an fashion. prioritize to in unparalleled out a to solid I and we data-driven of therapies for continue have development look of tumors, pipeline progress. future

And call with I'll to over that, Q&A. turn Operator? the

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

questions for on congrats progress. Thanks the in BLA. of made you update X the and taking of my the Part being Adrian,

Part that and now points there the X On all question of And data a gather Or you it everything there, you is that in-house? need packaging do to need still portion? have it? a lot of for appropriately it's you submitting

of I'll There's Dennis, the on to BLA further. on a going who's ask bit work lot that to complete comment still time. leading a program,

we're activities related I continue down as method preparation, have of to hi. of but of dossier excited we're the with validation Yes, mean, thirds already towards said, to our and two Yes, forward goal. the some look FDA. to in stages final the And other application Adrian the the we

in pipeline, And program, forward helpful. should the year? of That's half maybe data Okay. just we CDX MAGE-AX the then maybe be looking on just second the presentations the to any

we cohort an that on the in will said on at appropriate combination dosed late-line provide an later that congress year. with this monotherapy patients the and nivolumab We've patients in update we've

Okay, great. Thanks.

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

want Thanks wanted I is Adaptimmune the of to for just checkpoint point make one. ones Adrian, some to much. That's the trials checkpoint discuss the with very inhibitors. paying sure of some - inhibitor? I that

through to of you. Thank clear, you when how combination? you two Phase that a to And doing you move trial? separate the is, least absence study mean, here do combinations I control simply, think actually exploring I the the do But were arm, involve the notion you're in be a let's will, - number may or combinations the a activity. total that's if at the you regulatory a if guess is that II two greater How study

the focused the is that of SURPASS-X II we And towards on short answer for the answer we think So a paying who's registration. is trials trial are the on inhibitors, of since paying one - inhibitors. is Phase particularly the question the on trial that the design, the that checkpoint I Adaptimmune the progressing the currently checkpoint question then for that's

that I'll trial on platinum-resistant comment we cancer. ask how in ovarian consider and Dennis to that design

Sure.

it's a randomized platinum-resistant So arm compared in - are there's arms that another arm monotherapy there's a against Both for and then response historical with non-platinum-based in in chemotherapy nivolumab. combination disease. SURPASS-X, rates trial,

is well combination in But point in is Your as in efficacy very platinum-resistant the checkpoint the both chemotherapy taken. with and inhibitor well space, disease, described. monotherapy

allow very some and against greater if So durability. us, to compare it shows depth inferences combination will see that the that for will the to perhaps it monotherapy be make something, arm we arm us that obvious

solely we know, checkpoint will checkpoint don't alone as able due that But determine we have to because, the be that's certainly to activity in alone appreciable that not disease.

quite very So we interpretable. that be - trial confident feel that able of we'll will results be the

in at tumors that a least I least I that number you just is, the may follow-up, was, in combination, of could And less, a rates it very you. therapies better with checkpoint limit think, also, inhibitor? balance Dennis, I'm how ask at undergo this commentary. Thank on previous because you in or do number topic. much when for of that Thank you for two the if were a just one So the other may But part the patient seems it response curious, monotherapy?

Yes.

we the the basket how of treatment. number have therapies of therapy, trial. those of notably, that's which among the presented has. Phase of limit across prior patient And of in they them depending course, For to being of we SURPASS-X, prior SURPASS data number response, of prior characteristics do on relate that experience about I lines lines we some lines the and differs The cancer baseline

quite effective they to We In platinum have II resistant. we prior that. the platinum was do receive to would is otherwise unable if in would indicated. until intend the more But therapy and patients resistance number population prior unless to homogenous they that And bevacizumab limit platinum-based PARP have received do expect receive also among that of expect a of treatments. to were Phase number this trial. patients space, allow since We lines to a we become a prior

Thanks very much.

Thanks, Tony.

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

payment for question. the first. our Thank TCR's that the Adaptimmune's or on Is on you Mara. that the is to you ones Two be says release million Supawat are vote there GSK? it are vote? is small $XX This XXth. from that for going get will that taking When And

on will comment subject, transaction I shortly So payments received the Helen? both to will comment to the GSK. Adaptimmune ask course, we of plan the thereafter. the day. from very votes The the And on payment - to TCRX the Helen the that votes, vote, XXth same and I are close happened on vote, and the on

will amount, of the which will transition, that of transition income course the Tayton-Martin. but it anticipated, come Thanks for In relation the will is [ph] the and to in being line the anticipated basically, XXXX. be [ph] which but be the we haven't with the is majority during program, come This our stages, sold will into small disclosed which this it. runway is the from programs, Helen during in of the protection. lete-cel majority GSK It and it hence in There is question. some of money, year the Yes. very XXXX,

just any helpful. discussion? pricing can you would then regarding be was color Got is And share the follow-up launch. it. that on a you. payer afami-cel's if going? wondering on And the How strategy I Thank

going are discussions well at the this point think I time. payers in with

or year launch, so to and have say approval. strategy we a away more as are from We on approach we obviously will pricing

much. Thank Got you so it.

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

signal-finding look future currently Phase first for expression Michael. certain This one potentially is for for My versus our thresholds on Paul broader PRAME of PRAME are a you taking sort I. towards enriching a tumors for questions. on thinking is about How as and Thanks approach? you

particular in maybe melanoma updates of landscape, to mostly have across types then like the ovarian. recent the seems just And been through PRAME tumor it the in some from responses read the

gives you're any so the opportunity? focus there towards as for confidence moving IND, broader sort the in what particular you? you are and indications of And And

on we Jo and regards will expression, our that PRAME Brewer are indications considering. TCR thinking comment I ask So our as and to what

Ad. Thanks,

I So it's a PRAME will a our very think and are about the excited opportunity it's in us. really we having target, we're excited great give hands question. because fantastic that back And this about

more So we'll you're at one indication. than look likely right,

deciding will We are strategy making at where the exactly still about we go. decisions moment. informed clinical We're our

- profiles ovarian in in as other with types we're for PRAME in there synergies are people the is these obviously great are other that opportunity area, looking trials with but our well. as large And working There tumor a right us. expression

I we from obviously, phase preclinical the our will here, working Most - use will with look see IND. And learnings And the well. ready now. still that we getting sites at definitely, in discussing MAGE-AX. we think know those some we're of So we'll - right we're for

there, out target. There's Matix recently obviously PRAME [ph] of terms from in that. mindful it's a we're think great I data But and been very some well-validated of

TCR as expect. is we engineered Our would

So been and we binding for have TCR we've optimizing a TCR, higher-affinity engineered function. the where

that this also so based across quite PRAME our work on is And to going as looking opportunities an that we've we're to We're MAGE-AX, with confident next-gen at that we're well, our products. edge transferring PRAME with give with the PRAME. done

And so we And be the products. forward. coming can it's be the forward looking PRAME hopefully days best a most great early make we some as doing to bringing to of the there and we still products I PRAME will intend space, think for and with in target

then follow-up And a maybe on just lete-cel. Great.

quarter you. program a that And hoping see for this data get rate transfer that views updated response there perhaps on later And to impact to wanted how support year, your your to to third OpEx? a particular commercialization then expect potential you Thank program. in that you're is the decision? Just threshold might

in think we're return has potential correct to question implicit lete-cel's as what be a your a I've option before, given product, support, at [indiscernible] registration. the free that trial touched designed is, view that your which was is part, late-stage I making, to So on - quite in consideration we essentially on as the the least

data rigorous the will in data XX%. much be getting it rate a space standard And activity tail decisions. will - has end afami-cel year. to those approaching very of forward look in-house. by for back And driven we we the this I been [ph] with think set this And make So response

we're space, But the think at think space, historically if what look in said percent this development. be if about XX-odd I required it response will challenging think in at we've we rates I I think not to about still the

that benchmark historic point for future our been a that's at too. So being particular ends this that time up in probably asset, benchmark

so much. Great. Thanks

Thank you.

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

my taking Drakes Dylan for Thanks This for Jonathan. guys. question. Hey, on

guys populations? to you you are to [ph] First how of overlapping about just ask, merger, thinking particularly approach all, you patient strategic address mesothelin following about any your plan when your ovarian cancer want for to programs think I pipeline MAGE-AX and how priorities for inn the

best say the moment, are that. at say continuing Adaptimmune say, that And thinking focused because a we companies. - limited through what So the we can CDX, as the went complete for about Obviously, let we're to me company, And please at yet a of focus have way priorities the our about is moment allogeneic which TCRX we're PRAME independent little as and and our our platform. on afami-cel Adaptimmune transaction. BLA, I in

both ovarian, overlap of need ovarian the and there's to to also fashion. about we we in terms to benefits to you we pipeline how And develop and this clearly, - assets - address synergistic - programs a efficient angles. a deal see experience synergistic we However, that do will the antigen long these the execution together, there's considerations like would in have the with. need And in two in is think execution as pros space. One we to fact that bring clinical between fashion, how

driven data-driven go are we And to year. [indiscernible] All decisions through accumulated forward entire into we to looking making forward think the next of been this I with that on has the And data by and we look is portfolio combination data. by year as nivolumab. that TCRX

order need and at with the develop industry across therapy and base assets targets about point So range that in time. best we of portfolio to the are in broadest thoughtful is of very pipeline deepest this we medical the prioritization best to clear the in what out the be will the cell rigorous of the

about Follow-up future? pipeline suppose, guys and the on do do that, allogeneic the autologous see in prioritizing progressing? the And think both I how how allogeneic programs you you

invite that is to So just to allogeneic Jo I'm as going work. touch to briefly, comment then and she very the on platform I'm going leading

this that of that's things definitely long incredibly think and it's I the interest off-the-shelf the in as one cell why a to autologous clear a industry, therapy is product attractive. that there's time is for been of is think allogeneic space, there, us - an I the clear the in become resurgence the of idea in fact, is promise

decade think think tumor solid that think quite long is, away. I way cell CAR-T decade the see in of the therapies. space is the particularly solid autologous becoming an a I you can And also next industry people in It's perspective. in that the And this space, the I investments are making

space. solid i.e, Now, a quite a it's I T-cells. there's that develop have going challenges in the products, bridge quite think, Autologous And the not is new be, different as gap. simply arisen will modality, to to tumor unfortunate particularly behind of be There is that try the that autologous some to allogeneic. the products a I inevitable be will products. way of allogeneic because allogeneic means now a you think, That that

such, pipeline developing have to products, medium-term on patients autologous of cancers. is platform the evolution think thousands the then And who near-term potential our which two I and have potential, then focus deadly And of near our benefit allogeneic as things. will determine of

We're course. to to camps between there both complementarity particular, the with direct our which these Genentech. platforms we allogeneic have which with in overlap in that One, very is or extent foot the there in partner, the due a is platform extent a and pleased

in there's there, that? see you'd out anything the own. we a allogeneic business any solid that to autologous very, in before Jo, add including solid tumors to like very space But significant players

well. think you covered pretty I that

amount made to And around a been of changing still one really making be to a we there. and are we ever very are allogeneic There are that team said, platform, unknown landscape time to those committed these and It's up working we working on for through I new the in as comes the us need we've of what the solved. hard [indiscernible] challenges have progress to has to now, But progress. programs. this As due huge react well. long

becoming So in at the allogeneic business enough better on also autologous. autologous autologous hard terms ability be getting that for as and supplying the patients bar harder products much making we're treating well. model the - to patients regulatory try allogeneic bar is have programs allogeneic - improvements with It's products the different supply for of to very means which program And progressing and is products, way that bar the to to that are that.

future, that, mind. long-term convinced the in completely all is that still We're of and keeping we're that

of because to we're for amount that as a play the long-term platform at we're very is our and putting play see ourselves Genentech view that's good do huge way the future, a who in end it. So similar partnered and it that into a allogeneic be to happy effort still with our we of for gains why this long-term

And carrying making not and talking because now, and But the about now, that committed space, to it within to [ph] important time, We're autologous well it's data on, with as so - All important data been right we're as it's treating just will and recently a we're transformative much products bring that I think we've great. autologous in we forward. business well. be patients. valid done but in work can for in there's strong come with

I you. that. appreciate Thank Great.

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

you Good Alex for is morning. Peter. our This taking questions. on Thank for

here? program. if of that's a Just clarify then, And IND, to would be I you wondering another timing the study was a could when position in mid-'XX? PRAME Phase you on if the question just I start the

or the are to synergies that for being program? your kind in of able leverage footprint manufacturing related manufacturing you. in how program, processes Thank PRAME there for any current of for manufacturing terms know then And of terms

comment the I'll and will I Chief Lunger, ask on Supply So program. PRAME to manufacturing comment approach Patient briefly, John then the for Officer,

be trial And you the to confusing with IND-ready discussion on XXXX, PRAME, about thereafter. of manufacturing we I BLA clinic PRAME the talk mid-XXXX in would timing with where clinical would XXXX. our think in you we've be John, with PRAME? being had shortly might the for like follow we said to that in anticipate we the

have. that of integrated Yes, absolutely capabilities definitely built our the leveraging we capabilities we're It's one in of manufacturing. that Thanks. the advantages we've building

come as at - as to to we began So PRAME network. soon we our back, look started

lentiviral need in to capacity that the that's facility we Navy We make the for in U.K., our the we have would the the vector and ability have drug in Yard. product

So that, leverage enabled that's that. is we'll the flexibility to fantastic, react and certainly

turn concludes to question-and-answer closing session. conference This the Rawcliffe back like Adrian would over for to any the I remarks.

time been to pleased the our you, meantime, later any with for everyone, We've very Thanks, progress with questions. you XXXX we updating out feel reach Bye. for to on In free your our today. in your we forward please look and have time. with after to concluded TCRX. Thank transaction share again

concludes today's conference call. This

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