Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q3 2022 Earnings Conference Call November 8, 2022 8:00 AM ET
Company Participants
Juli Miller - Head-Investor Relations
Adrian Rawcliffe - Chief Executive Officer
Elliot Norry - Chief Medical Officer
Gavin Wood - Chief Financial Officer
Dennis Williams - Senior Vice President, Late Stage Development
Jo Brewer - Chief Scientific Officer
Helen Tayton-Martin - Chief Business and Strategy Officer
Conference Call Participants
Marc Frahm - Cowen & Company
Tony Butler - Roth Capital Partners
Mara Goldstein - Mizuho
Jonathan Chang - SVP Securities
Peter Lawson - Barclays
Soumit Roy - Jones Trading
Operator
Hello and welcome to Adaptimmune’s Third Quarter Call and Business Update. I would now turn the call over to Juli Miller. Juli, please go ahead.
Juli Miller
Good morning and welcome to Adaptimmune’s conference call to discuss our third quarter 2022 financial results and business update. I would ask you to review the full text of our forward-looking statement from this morning’s press releases. We anticipate making projections during this call, and actual results could differ materially due to several factors, including those outlined in our latest filings with the SEC. Adrian Rawcliffe, our Chief Executive Officer is here with me for the prepared portion of the call. Other members of our management team will be available for Q&A.
With that, I’ll turn the call over to Adrian Rawcliffe. Adrian?
Adrian Rawcliffe
Thank you, Juli, and thank you for joining us today. As evident in the separate data press release we issued this morning, the SURPASS trial with our next generation SPEAR T-cell targeting MAGE-A4 continues to produce compelling response data across ovarian, bladder, and head and neck cancers with increasing durability and a new complete response in bladder cancer.
In addition, the recent pre-BLA meeting and the updated data from the SPEARHEAD-1 trial that we will be presented at CTOS continue to demonstrate the value of afami-cel, our first-generation MAGE-A4 cell therapy as a product for people with synovial sarcoma.
Earlier this month, we announced we'll have full control of our PRAME program going forward. And with ownership of affinity-enhanced SPEAR T-cells against MAGE-A4 and PRAME, we are well placed to deliver high value products with two of the most broadly expressed, well characterized, and validated TCR T-Cell targets in the solid tumor field.
These developments whilst positive come during challenging economic times and it's evident that we need to focus on three key priorities on advancing the MAGE A4 franchise, on the PRAME program and on progressing the allogeneic platform, since these represent the highest value creation opportunities. We've taken decisive action to pause, stop, deprioritize, and limit resources for non-core programs to concentrate our resources on these key priorities. And we've also made the difficult and painful decision to restructure the company.