Adaptimmune Therapeutics plc (NASDAQ:ADAP) Q3 2024 Earnings Conference Call November 13, 2024 4:30 PM ET

Company Participants

Dan Od-Cohen - IR
Adrian Rawcliffe - CEO
Gavin Wood - CFO
Dennis Williams - SVP, Late Stage Development

Conference Call Participants

Marc Frahm - TD Cowen
Tony Butler - Rodman & Renshaw
Paul Jeng - Guggenheim
Yen-Der Li - Leerink Partners
Graig Suvannavejh - Mizuho Securities
Arthur He - H.C. Wainwright
George Farmer - Scotiabank
Michael Kim - Zacks Small Cap Research
Peter Lawson - Barclays

Operator

Hello and welcome to the Adaptimmune Therapeutics Third Quarter 2024 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

I will now turn the call over to Dan Od-Cohen, Investor Relations for Adaptimmune. Dan, please go ahead.

Dan Od-Cohen

Thank you, operator. Good afternoon everyone and welcome to Adaptimmune's conference call, to discuss our third quarter 2024 financial results and business updates. I would ask you to review the full text of our forward-looking statements from this morning's press release. 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 and other members of our leadership team will be available for Q&A.

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

Adrian Rawcliffe

Thanks Dan, and thank you everyone for joining us today.

So I'd like to start by addressing the announcement we made in today's press release, regarding our new strategic business plan. This plan has three main objectives, one to streamline operations to focus on our commercial sarcoma franchise, two to prioritize the R&D programs that have the best return on capital, and the best opportunities for transformational medicines for patients. And three, to set the company on a course operating breakeven during 2027.

The plan was a result of a thorough review of the entire company, and investments across the organization, and it follows the successes we've had in the initial stages of the Tecelra launch, which is progressing very well against our objectives and, which I'll discuss later.

It also follows the successful primary analysis data, from the pivotal IGNYTE-ESO trial with lete-cel that we announced earlier today. The positive results from this pivotal trial, which has met its primary endpoint, demonstrated even better outcomes than the interim results we announced back in June, and it will form the basis of the BLA submission for lete-cel starting next year.