Adaptimmune Therapeutics plc (ADAP): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story on Adaptimmune Therapeutics plc, and honestly, the company you knew a year ago is gone. The strategic sale of their commercial sarcoma asset (TECELRA) to US WorldMeds for a $55 million upfront payment fundamentally changes the investment thesis: they've traded near-term product revenue-which was guided to be between $35 million and $45 million for 2025-for a longer cash runway, plus targeting $300 million in aggregate cost savings. This pivot makes Adaptimmune a leaner, pure-play R&D bet, meaning your focus needs to shift entirely to the clinical success of their next-gen PRAME and CD70 programs; that's where the defintely big upside is now locked up, but it also carries the immediate risk of a binary clinical outcome.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Key Partnerships

The company has strategically streamlined its partnerships, focusing on core Research & Development (R&D) and monetizing its commercial and late-stage assets through a third party. This is a critical pivot, shifting the financial burden and commercialization risk to partners while securing immediate capital.

You need to understand that Adaptimmune is now a leaner, pre-clinical/early-clinical focused entity. The key partnerships are no longer about building a commercial infrastructure, but about funding the next generation of therapies like PRAME and CD70, and advancing the uza-cel program through a collaboration that uses a decentralized manufacturing model.

US WorldMeds: Divestiture of Commercial and Late-Stage Assets

The sale of the commercial sarcoma franchise (TECELRA) and other late-stage assets to US WorldMeds, announced in July 2025, was a decisive move to stabilize the balance sheet. Honestly, it was a necessary step given the cash burn and the capital-intensive nature of a commercial launch.

The deal immediately provided Adaptimmune with $55 million in cash upfront. Plus, there is an upside potential of up to $30 million tied to future regulatory and commercial milestones. This transaction effectively transfers the responsibility for the commercial supply of TECELRA (afamitresgene autoleucel), the first FDA-approved engineered T-cell therapy for a solid tumor, and the continued development of pipeline candidates like lete-cel (lete-cel) and uza-cel (uzatresgene autoleucel).

Here's the quick math on the near-term capital from this divestiture:

Galapagos: Clinical Collaboration and Decentralized Manufacturing

The collaboration with Galapagos, signed in May 2024, is a smart play on manufacturing innovation. It allows Adaptimmune to advance uza-cel in head and neck cancer using Galapagos' innovative decentralized manufacturing platform, which aims for a faster turnaround time-a crucial factor in cell therapy. This partnership is a key component of the R&D value stream now that the asset has been sold to US WorldMeds, who will continue to collaborate on its development.

The financial structure of this collaboration is substantial, providing a significant non-product revenue stream in 2025. Adaptimmune received an upfront exclusivity payment of $70 million and $15 million in R&D funding at signing. An additional $15 million in R&D funding is due upon the start of dosing in the proof-of-concept trial, which was planned for 2025. The total potential value, including option exercise fees and development/sales milestones, could reach up to $665 million (biobucks) plus tiered royalties on net sales.

For the first six months of the 2025 fiscal year, this agreement contributed $5.836 million in development revenue. That's real money funding your core science.

Authorized Treatment Centers (ATCs) and Academic/Clinical Institutions

The network of Authorized Treatment Centers (ATCs) is the critical channel for patient access. While the commercial rights are now with US WorldMeds, the health of this network is still a key performance indicator for the asset's value, and Adaptimmune's reputation. As of May 13, 2025, the network had 28 ATCs available to initiate treatment. The goal for the end of 2025 was to have the full network of approximately 30 ATCs active, which is expected to cover an estimated 80% of patients treated in sarcoma centers of excellence.

This network is where the rubber meets the road. For the six months ended June 30, 2025, TECELRA product revenue was derived from 9 ATCs, totaling $15.126 million in net sales. This shows the initial commercial traction before the sale. Academic and Clinical Institutions remain essential partners for running the clinical trials for the retained pipeline, like the PRAME and CD70 programs, ensuring patient enrollment and generating the clinical data needed for future regulatory filings.

• US WorldMeds: Commercialization, supply, and continued development of divested assets.
• Galapagos: Decentralized manufacturing platform and clinical trial execution for uza-cel in head and neck cancer.
• ATCs (Approx. 30 Centers): Patient access and delivery of cell therapies.
• Academic/Clinical Institutions: Clinical trial sites, patient enrollment, and data generation.

The next step for you is to model the impact of the $55 million upfront payment on the Q3 and Q4 2025 cash balance. Finance: confirm the final closing date of the US WorldMeds transaction and the projected R&D funding recognition from Galapagos for the second half of 2025.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Key Activities

You're looking at Adaptimmune Therapeutics plc's (ADAP) key activities, and the core takeaway is a dramatic pivot: the company has shifted from a commercial-stage biotech to a pure-play, focused R&D engine. This move, finalized with the sale of their commercial assets, is all about survival and maximizing value from their remaining proprietary platform.

The company's focus has shifted away from commercial operations toward pure discovery and clinical development for their remaining pipeline. The sale of TECELRA, lete-cel, afami-cel, and uza-cel to US WorldMeds in July 2025 for an upfront payment of $55 million, plus up to $30 million in future milestones, cemented this new, leaner strategy. This transaction allowed them to immediately repay debt and concentrate on their core technology.

Proprietary SPEAR T-cell Platform R&D: Engineering T-cell Receptors (TCRs)

The primary activity is now the deep research and development (R&D) of their proprietary Specific Peptide Enhanced Affinity Receptor (SPEAR) T-cell platform, focusing on next-generation T-cell receptors for solid tumors. This is where the long-term value creation lies. The restructuring has significantly lowered the burn rate, but R&D remains the largest expense.

For the six months ended June 30, 2025, R&D expenses totaled $51.8 million, a substantial decrease from $75.7 million in the same period in 2024, reflecting the initial impact of the restructuring. This reduction of $23.9 million in six months shows their commitment to efficiency. They are still actively investing in their allogeneic (off-the-shelf) T-cell platform, which is a defintely a high-risk, high-reward bet.

Clinical Development: Strategic Reprioritization and Collaboration

The clinical development activity is highly selective, focusing on a single, high-potential collaboration while pausing internal preclinical work to conserve cash. Honestly, this is a smart move when the cash runway is tight.

The key clinical activity remaining in 2025 is the collaboration with Galapagos. This involves filing a clinical trial authorization (CTA) during 2025 to start a Phase 1 trial for uza-cel (ADP-5701) in patients with head and neck cancer, utilizing Galapagos' decentralized manufacturing platform.

Here's the quick math on the pipeline focus:

• Active Clinical: Galapagos collaboration (uza-cel/ADP-5701) in Head and Neck Cancer.
• Paused Preclinical: PRAME (ADP-600) and CD70 (ADP-520) T-cell programs. Spending on these has been paused to realize savings.
• Sold Programs: TECELRA, lete-cel, afami-cel, and uza-cel (Adaptimmune's platform).

Manufacturing: Maintaining Operational Excellence

Even after selling the commercial products, maintaining a world-class manufacturing process is a non-negotiable key activity, as it's a critical differentiator for cell therapy. You can't afford a single failure in personalized medicine.

The company has maintained a 100% commercial manufacturing success rate through the end of Q2 2025. This level of precision is crucial for any future development or partnership. The average turnaround time from patient apheresis (cell collection) to product release was 27 days, which is faster than their 30-day target. This demonstrated capability is a key resource for their remaining pipeline and future collaborators.

Cost Restructuring: Implementing a Significant Reduction Plan

A massive, company-wide cost restructuring is a central activity, designed to extend the cash runway and bridge the gap to potential profitability in 2027.

The plan targets approximately $300 million in aggregate cost savings starting in 2025 and continuing through 2028. For the 2025 fiscal year, they expect to realize roughly $50 million of these savings across R&D and General & Administrative (G&A) expenses. This includes headcount reductions and a reduced facility footprint. The financial impact is already visible:

What this estimate hides is the one-time restructuring charges that temporarily inflate G&A, but the core activity is successfully cutting the long-term R&D run-rate. The ultimate goal is to operate with enough capital to reach key clinical milestones and secure a more favorable financial future.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Key Resources

Adaptimmune's value is locked up in its intellectual property and the specialized infrastructure required to execute cell therapy, but this resource base is undergoing a strategic, cost-saving contraction in 2025.

You need to see the core assets as a concentrated bet on the sarcoma franchise and the underlying technology platform. The company is actively shedding non-core programs and the associated costs, so the current resource allocation is leaner and hyper-focused.

Intellectual Property (IP) and SPEAR T-cell Platform

The company's most valuable resource is its proprietary Specific Peptide Enhanced Affinity Receptor T-cells (SPEAR T-cell) platform, which enables the engineering of T-cell receptors (TCRs) to target solid tumors. This is the foundation for their commercial product, TECELRA, and their pipeline candidates.

The IP portfolio is structured around key patent families, but you should note the near-term expiration risk on some core assets. For instance, the engineered NY-ESO TCR therapeutics patents are expected to expire worldwide in 2025 (excluding possible patent term extensions), which is a critical factor for the NY-ESO franchise. Conversely, newer platform technologies offer longer protection.

• Core Technology: SPEAR T-cell Platform, which uses high-affinity engineered TCRs to overcome the low affinity of natural TCRs for tumor antigens.
• Long-Term Protection: The TRuC-T cell platform, a next-generation technology, has patent families expected to expire in 2036 (worldwide, excluding extensions).
• Pipeline IP: A PCT application has been filed covering the composition of matter for the PRAME TCR T-cell therapy family.

Specialized Manufacturing Facilities

Cell therapy requires a specialized, vertically integrated manufacturing capability-you can't just outsource this entirely. Adaptimmune is one of the few cell therapy companies that built its own in-house facilities for greater control and faster innovation cycles.

The core manufacturing footprint is transatlantic, primarily located in the U.S. and the U.K.. This physical resource is performing well, with a 100% commercial manufacturing success rate reported through the second quarter of 2025. This is a clean one-liner: Manufacturing success is a perfect 100%. The capacity at the U.S. Navy Yard facility is substantial, providing a clear runway for the commercial sarcoma franchise.

Expert Talent and Financial Capital

The real engine of a biotech company is its human capital-the specialized R&D and clinical teams. However, the company executed a significant restructuring in late 2024/early 2025 to align its cost structure with its focused sarcoma strategy.

The R&D investment remains high, but the headcount is shrinking. Here's the quick math: R&D expenses for the first six months of 2025 were $51.8 million, a decrease from the prior year due to a lower average number of R&D employees. This reduction is part of a broader plan to cut the total workforce by approximately 29% to achieve a leaner structure. As of a recent profile, the company has 506 total employees.

Financial capital, while not a physical asset, is a critical resource for a company running a net loss of $77.9 million in the first half of 2025. The cash position is tight, with cash and cash equivalents at $26.1 million as of June 30, 2025, which underscores the urgency for commercial success from TECELRA.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Value Propositions

The core value proposition for Adaptimmune Therapeutics plc has shifted in late 2025, but it remains rooted in a single, powerful idea: offering a functional cure or significant life extension where few options exist, specifically targeting solid tumors with engineered T-cell receptor (TCR) therapy. The near-term value was created by the commercial sarcoma franchise, which was sold to US WorldMeds for an upfront payment of $55 million in July 2025, but the long-term value now rests on the retained, next-generation preclinical pipeline.

Targeting Difficult Solid Tumors

The primary value is a new treatment for cancers historically resistant to cell therapy. TECELRA (afami-cel) is the first engineered T-cell therapy approved by the FDA for a solid tumor. This is a massive technical hurdle overcome. The initial target, synovial sarcoma, is a rare, aggressive cancer with a poor prognosis, where the historical median overall survival (mOS) for advanced disease is typically less than 12 months. TECELRA's value is providing a one-time infusion that offers a new mechanism of action for this unmet need.

Commercialized Treatment: TECELRA (afami-cel)

TECELRA's value proposition is its clinical efficacy and first-to-market status in a high-unmet-need population. The therapy, approved in August 2024, is priced at a list price of $727,000 per dose, reflecting its high clinical value. The commercial launch in 2025 demonstrated initial traction, though the eligible U.S. patient population is small, estimated at approximately 100 to 400 patients. The financial performance in 2025, before the sale, showed momentum, which US WorldMeds now inherits. Honestly, solo launches for cell therapies are tough, so the sale ensures continued patient access.

Here's the quick math on the initial commercial value:

High-Precision Personalized Medicine

The value here lies in the precision of the technology: engineered T-cell receptor (TCR) therapy. TECELRA is an autologous (using the patient's own) T-cell therapy that is genetically modified to target the MAGE-A4 cancer antigen only in patients with specific HLA-A02 types. This high-precision approach is designed to increase efficacy while minimizing off-target toxicity, a critical value-driver in oncology. The manufacturing process maintained a 100% commercial manufacturing success rate through the end of Q2 2025, which is a defintely strong operational value.

Pipeline Potential: Next-Generation Targets

The future value proposition for the re-focused Adaptimmune is the retained preclinical pipeline, which targets a broader range of solid tumors. This is where the company is now concentrating its resources after the sale. The key assets are:

• ADP-600 (PRAME): Targets PRAME, an antigen highly expressed across a wide variety of common solid tumors, including breast, non-small cell lung cancer (NSCLC), melanoma, and ovarian cancers. This offers a much larger potential market than the sarcoma franchise.
• ADP-520 (CD70): Targets CD70, which is expressed in hematological malignancies like acute myeloid leukemia (AML) and lymphoma, as well as solid tumors like renal cell carcinoma.

The value of this pipeline is the potential to apply the proven TCR T-cell platform to multi-billion dollar markets, moving beyond the niche sarcoma indication. Adaptimmune plans to file its first allogeneic (off-the-shelf) Investigational New Drug (IND) application in 2025, which would drastically simplify the logistics and expand the market further. The company is actively seeking partners for both ADP-600 and ADP-520 to maximize their value.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Customer Relationships

For a specialized autologous T-cell therapy like TECELRA (afami-cel), the customer relationship is not a transactional sale; it's a high-touch, direct partnership with the specialized medical centers and a deeply supported journey for the patient.

The entire commercial model is built around managing the complexity of a vein-to-vein process (the patient's cells are collected, sent for manufacturing, and then infused back) and ensuring patient access. This necessitates a dedicated, expert-driven relationship with the healthcare ecosystem, not the end-user patient directly.

Personalized Treatment Support: Managing the complex vein-to-vein process for autologous cell therapy

The core of the customer relationship is managing the intricate logistics of an autologous cell therapy (using the patient's own cells). This requires a highly coordinated, personalized support system to ensure the product is delivered reliably and on time.

The manufacturing process itself is a critical customer touchpoint. Adaptimmune Therapeutics plc has maintained a 100% commercial manufacturing success rate through Q2 2025, which is a crucial metric for physician confidence. The manufacturing turnaround time-a key part of the vein-to-vein process-is approximately 6 weeks for TECELRA. Any delay in this process directly impacts the patient and the treating physician, so the relationship is fundamentally one of operational excellence.

Here's the quick math on patient treatment flow for 2025:

• Patients Apheresed (Q1 2025): 13
• Patients Apheresed (early Q2 2025): 8
• Patients Invoiced (Q2 2025): 16 (representing a >150% growth over Q1)
• Projected Patients Treated (Full Year 2025 Guidance): Approximately 50 to 70 patients

Direct Sales/Medical Affairs: Engaged relationship with specialized oncologists and ATCs

The relationship is concentrated on a small, highly specialized group of institutions: Authorized Treatment Centers (ATCs). These centers are the only point of access for the therapy, making them the primary customer.

Adaptimmune Therapeutics plc's strategy for 2025 focused on rapidly expanding this network to maximize patient reach. The company accelerated its ATC network completion by a year, now expecting the full network of approximately 30 ATCs to be active by the end of 2025. This network is strategically designed to cover an estimated 80% of patients treated in sarcoma centers of excellence in the US. The Medical Affairs team maintains a direct, high-frequency engagement model with the oncologists, sarcoma specialists, and clinical staff at these 30 centers to ensure proper patient identification (MAGE-A4 positive, HLA-A02 positive) and treatment protocol adherence.

Patient Support Programs: Navigating access and reimbursement for an ultra-specialized therapy

For ultra-specialized therapies, patient support is a critical component of the customer relationship, even though the primary customer is the ATC. The company must remove financial and logistical friction for the patient to enable the ATC to treat them. This is done through a dedicated program, AdaptimmuneAssist.

This program helps patients and ATCs navigate the complex access and reimbursement landscape for a high-cost cell therapy. A key success metric for 2025 was the achievement of successful reimbursement with no denials to date reported as of March 2025, which defintely helps the ATCs streamline the process. What this estimate hides, however, is the significant, ongoing administrative work required by the support team to secure that 100% success rate.

Still, a major near-term shift is the sale of the TECELRA franchise to US WorldMeds in August 2025. This transaction transfers the commercial infrastructure and the direct customer relationship management for TECELRA to the new owner, creating a transition risk that ATCs must manage, but it also provides $55 million upfront to Adaptimmune Therapeutics plc for restructuring and focusing on its remaining pipeline.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Channels

For a complex autologous T-cell receptor (TCR) therapy like Tecelra (afamitresgene autoleucel), your distribution channels must be highly controlled, centralized, and deeply integrated with the healthcare provider. This is not a product you sell off a shelf; it's a specialized, high-touch treatment journey. The key near-term channel shift is the sale of the commercial and late-stage assets to US WorldMeds in July 2025, which fundamentally changes the owner of the commercial sales channel but keeps the physical treatment network in place.

Authorized Treatment Centers (ATCs): Direct Delivery and Administration Channel in the U.S.

The primary channel for delivering Tecelra to patients is the Authorized Treatment Center (ATC) network. These are specialized hospitals and cancer centers equipped to handle the unique logistics of cell therapy-from patient apheresis (collecting the patient's T-cells) to lymphodepletion and final infusion. Your commercial success is directly tied to the speed and depth of this network's activation.

The ATC network expanded rapidly in 2025. You started the year with nine centers, and by the end of the second quarter, the full network of 30 ATCs was close to completion and accepting referrals. This expansion is critical because it targets sarcoma centers of excellence, ensuring a focused approach to reaching the eligible patient population for synovial sarcoma. This is a classic, high-cost, low-volume distribution model. The physical channel is the bottleneck, so you must remove friction there.

Here's the quick math on the commercial channel's early traction in 2025:

Specialized Sales Force: Direct Engagement with Sarcoma and Solid Tumor Specialists

The sales channel, now managed by US WorldMeds following the July 2025 transaction, focuses on direct, specialized engagement. This is not about mass marketing; it's about educating and enabling key opinion leaders (KOLs) and sarcoma specialists to identify eligible patients and refer them to the ATCs. The sales team's job is to drive referrals into the ATC network, not to sell to a distributor.

The channel activities are concentrated on:

• Driving MAGE-A4 biomarker testing to find eligible patients.
• Facilitating the complex logistics of the vein-to-vein process (from apheresis to infusion).
• Managing payer access and reimbursement, a critical part of the channel for a high-cost cell therapy.

The strategic sale means Adaptimmune Therapeutics plc has essentially outsourced this commercial channel's execution, receiving a $55 million upfront payment and up to $30 million in future milestones, allowing them to focus their remaining internal resources on earlier-stage research and development. This is defintely a smart move to de-risk commercialization while retaining a financial upside.

Clinical Trial Sites: Channels for Pipeline Product Development and Data Generation

Your pipeline products, like letetresgene autoleucel (lete-cel) for synovial sarcoma and myxoid/round cell liposarcoma (MRCLS), still rely on clinical trial sites as their primary channel. These sites serve as the crucial channel for generating the pivotal data needed for regulatory approval and future commercial launch. The trial sites are the pre-commercial channel.

Key pipeline channel activities in late 2025 include:

• Initiating a rolling Biologics License Application (BLA) submission for lete-cel to the FDA by the end of 2025.
• Continuing the SPEARHEAD-3 pediatric study for afami-cel in tumors like neuroblastoma and osteosarcoma.
• Advancing the collaboration with Galapagos for uza-cel (ADP-A2M4CD8) in head and neck cancer.

The clinical channel is the lifeblood of your future revenue streams. You must ensure these sites are fully supported, or your 2026/2027 commercial launches will stall. The success of the IGNYTE-ESO trial, which showed a 42% overall response rate for lete-cel, validates the effectiveness of this development channel.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Customer Segments

You're looking at a deeply specialized business model, and the first thing to grasp is that Adaptimmune Therapeutics plc operates in an ultra-niche market. Their customer base is not measured in millions, but in hundreds of patients with specific, life-threatening cancers who have defintely run out of standard treatment options.

The core customer segment is the patient, but the key decision-makers-the true commercial customers-are the specialized physicians and the handful of elite cancer centers authorized to deliver this complex cell therapy. This dual-focus strategy is essential for a high-cost, high-touch product like a T-cell receptor (TCR) therapy.

Synovial Sarcoma Patients: TECELRA (afami-cel)

This is the currently commercialized segment, representing patients with an aggressive, rare soft tissue sarcoma. TECELRA (afamitresgene autoleucel) is the first engineered cell therapy approved for a solid tumor, but eligibility is highly restrictive. You need the right tumor, the right prior treatment, and the right genetics.

The estimated number of new soft tissue sarcoma cases in the U.S. each year is about 13,400. Synovial sarcoma makes up roughly 5% to 10% of those cases. Crucially, the target population must be both HLA-A02 positive and have a tumor that expresses the MAGE-A4 antigen.

Here's the quick math on the current market: Synovial sarcoma has an estimated 650 to 1,300 new U.S. cases per year. Since approximately 70% of these tumors express the MAGE-A4 antigen, the total estimated eligible U.S. patient population for TECELRA is around 400 patients per year. For 2025, the company is guiding for full-year TECELRA sales between $35 million and $45 million, translating to approximately 50 to 70 patients treated.

Myxoid/Round Cell Liposarcoma (MRCLS) Patients: Lete-cel

This segment represents the near-term growth opportunity, expanding the sarcoma franchise. Letetresgene autoleucel (lete-cel) targets a different tumor antigen, NY-ESO-1, and will be used for both Synovial Sarcoma and MRCLS. The rolling Biologics License Application (BLA) is on track to initiate in late 2025, with anticipated approval in 2026.

This second product is expected to add an incremental estimated 600 eligible U.S. patients per year, bringing the total addressable market for the combined sarcoma franchise (TECELRA and lete-cel) to approximately 1,000 patients annually. The patient profile here is similar: unresectable or metastatic disease, prior anthracycline-based chemotherapy, and positive for the NY-ESO-1 antigen.

Oncologists and Sarcoma Specialists

This is the B2B customer segment, which drives patient access and treatment volume. Success hinges on a highly concentrated network of expert centers, not broad market penetration. The company has focused on building an exclusive network of specialized hospitals.

As of late 2025, the company is on track to have its full network of approximately 30 Authorized Treatment Centers (ATCs) up and running. This network is strategically designed to cover an estimated 80% of the patients treated in sarcoma centers of excellence across the U.S., which is a highly efficient model for a rare disease therapy. You must win over these 30 centers to capture the market.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Cost Structure

The cost structure for Adaptimmune Therapeutics plc in the first half of 2025 was still heavily weighted toward Research and Development, but a significant shift is underway following the Q1 2025 restructuring and the subsequent July 2025 asset sale. You need to understand that the H1 2025 numbers reflect the company's prior, more expansive model.

The total operating expenses for the six months ended June 30, 2025, were substantial, but the company is actively cutting costs, targeting a 25% reduction in total operating expenses compared to 2024. This is a clinical-stage biotech, so the burn rate is high, but the recent strategic moves-like the approximately 29% global headcount reduction-are defintely aimed at extending the cash runway.

Research and Development (R&D)

R&D remains the largest non-manufacturing expense, but it is shrinking as the company focuses its pipeline. For the six months ended June 30, 2025, R&D expenses were $51.8 million, a sharp decrease from the $75.7 million recorded in the same period in 2024. This reduction of nearly $24 million reflects the strategic prioritization of the PRAME and CD70 programs, which are now the core focus after the sale of the commercial sarcoma franchise.

Manufacturing Costs (Cost of Goods Sold)

Manufacturing costs, or Cost of Goods Sold (COGS), were a major expense in the first half of 2025, reflecting the production of the commercial product, TECELRA (afami-cel), prior to its sale. For the six months ended June 30, 2025, COGS was $97.0 million (or $96,983 thousand). This figure is temporarily high due to the nature of cell therapy production and the ramp-up of commercial supply before the July 31, 2025, transaction. Going forward, this cost will largely disappear from Adaptimmune's books, as the manufacturing responsibility for the sold assets transfers to US WorldMeds.

Selling, General, and Administrative (SG&A)

SG&A expenses were $41.8 million for the six months ended June 30, 2025. This represents a slight increase from the $38.8 million in the comparable 2024 period, which is counterintuitive given the headcount cuts. The increase is primarily due to the inclusion of restructuring charges and higher accounting, legal, and professional fees related to the business development work that culminated in the asset sale. This is a classic example of a near-term cost spike from a long-term cost-saving action.

Restructuring Charges and Strategic Realignment

The restructuring costs are a critical, one-time component of the 2025 cost structure, even if they are embedded within SG&A. The plan, announced in November 2024, resulted in an approximate 29% reduction in global headcount, with the majority of departures occurring in Q1 2025. This move was designed to focus resources on the most promising R&D assets. The total pre-tax costs for the workforce reduction were initially estimated in the $9-11 million range.

Here's the quick math on the key operating expenses for the first half of 2025:

What this estimate hides is the massive change coming in H2 2025. The sale of the commercial assets means future COGS will plummet, and R&D will be highly concentrated on the remaining pipeline, primarily PRAME and CD70.

The strategic actions taken in 2025 have fundamentally changed the cost base:

• Reduced R&D spend by over $23 million in H1 2025 year-over-year.
• Incurred one-time costs in SG&A to execute the 29% headcount reduction.
• Eliminated the high COGS and associated commercial infrastructure for TECELRA, effective July 31, 2025.

Finance: The cost structure is now much leaner and focused on early-stage clinical development. Your next step is to draft a 13-week cash view that fully excludes the COGS and SG&A related to the sold commercial assets.

Adaptimmune Therapeutics plc (ADAP) - Canvas Business Model: Revenue Streams

The revenue profile for Adaptimmune Therapeutics plc is fundamentally shifting in late 2025, moving away from product sales to focus almost entirely on non-dilutive income streams like collaboration payments and asset sale proceeds.

You need to understand that the company's near-term cash flow is now dominated by a one-time cash infusion from the sarcoma franchise sale, plus the steady recognition of deferred collaboration revenue. This is a strategic pivot to conserve capital for the remaining preclinical assets, PRAME and CD70.

Product Revenue (TECELRA)

Product revenue from TECELRA (afamitresgene autoleucel) was the primary commercial stream until the sale of the sarcoma franchise. The launch was accelerating ahead of the late July 2025 sale to US WorldMeds, which included TECELRA and other late-stage assets.

Here's the quick math for the first half of 2025, before the sale:

• Q1 2025 Net Sales: $4.0 million.
• Q2 2025 Net Sales: $11.1 million (from 16 patients invoiced).
• Total Product Revenue (H1 2025): $15.126 million.

The original full-year 2025 guidance for TECELRA sales, before the transaction was announced, was a range between $35 million and $45 million. This product revenue stream ceased for Adaptimmune upon the closing of the deal on July 31, 2025. This is a clean break from commercial-stage risk.

Upfront and Milestone Payments from Asset Sale

The sale of the commercial and late-stage assets to US WorldMeds in July 2025 fundamentally restructured the company's revenue outlook, providing a crucial liquidity injection.

The transaction provided an immediate, non-dilutive cash payment, plus a clear path to future contingent revenue:

• Upfront Cash Payment: $55 million, received at the closing of the deal in July 2025.
• Potential Future Milestone Payments: Up to an additional $30 million.

To be fair, the future $30 million is contingent, but it's tied to clear regulatory and commercial achievements by US WorldMeds.

The specific milestone structure is detailed below:

Collaboration Revenue (Galapagos)

The Galapagos clinical collaboration agreement remains a significant source of non-product revenue, primarily recognized over time as development work is performed. This revenue reflects the value of Adaptimmune's TCR T-cell platform and expertise.

The agreement, signed in May 2024, is structured to provide substantial initial and potential future funding:

• Total Initial Payments: $100 million.
• Upfront Exclusivity Payment: $70 million.
• R&D Funding: $30 million ($15 million at signing, $15 million upon first patient infusion in the Proof-of-Concept Trial).
• Development Revenue (H1 2025): $5.836 million recognized.

The aggregate transaction price allocated to performance obligations that are unsatisfied or partially satisfied under all agreements, including Galapagos, was approximately $121.973 million as of March 31, 2025. Also, Adaptimmune is eligible for additional development and sales milestone payments of up to a maximum of $465 million, plus tiered royalties, if Galapagos exercises its option to license uza-cel.