Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q4 2022 Earnings Conference Call March 6, 2023 8:00 AM ET

Company Participants

Juli Miller - Head-Investor Relations

Adrian Rawcliffe - Chief Executive Officer

Garry Menzel - President and Chief Executive Officer, TCR2 Therapeutics

Conference Call Participants

Ernie Rodriguez - Cowen

Mara Goldstein - Mizuho

Tony Butler - EF Hutton

Michael Schmidt - Guggenheim

Jonathan Chang - SVB Securities

Asthika Goonewardene - Truist Securities

Kelly Shi - Jefferies

Soumit Roy - Jones Research

Yanan Zhu - Wells Fargo Securities

Peter Lawson - Barclays

Operator

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?

Juli Miller

Thank you, operator. Hello. Good morning. We issued a joint press release with TCR2 Therapeutics, announcing entry into an agreement for the strategic combination of our two companies. In the second press release, we provided our Q4 and full-year 2022 financial and business updates. I would ask you to review the full text of the forward-looking statements. We anticipate making projections during this webcast, and actual results could differ materially due to several factors, including those outlined in our latest filings with the SEC, as well as our 10-K filing for the year ended 2022, which will be filed later today. Of note, we will share slides during this webcast, which are also available on the presentations tab of our Investor Relations website.

Adrian Rawcliffe, our Chief Executive Officer, and Garry Menzel, TCR2 Therapeutics President and Chief Executive Officer are here with me for the prepared portion of the call, as well as Q&A.

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

Adrian Rawcliffe

Thanks, Juli. We're delighted to welcome you to this webcast to discuss the strategic combination of our two companies, which creates a preeminent cell therapy company to treat solid tumors. The details of the transaction are set out on the next slide. This is a stock-for-stock transaction, by which Adaptimmune shareholders will own 75% and TCR2 Therapeutics shareholders will own 25% of the combined company on closing. This is anticipated to extend the runway for the combined company into 2026, following closing and enabling a series of catalysts, which we will come to later.

I will be the continuing CEO, and we will have a strong Board with members from both Adaptimmune and TCR2, including Garry. We anticipate the transaction to close in Q2 2023, subject, of course, to shareholder approval. That's what we are doing.