Adaptimmune Therapeutics PLC reported significant financial improvements in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $40.9 million for the three months ended September 30, 2024, a substantial increase from $7.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $174.8 million, compared to $60.1 million in the prior year. This revenue growth is primarily attributed to the termination of the Genentech Collaboration Agreement in April 2024, which resulted in the recognition of $101.3 million in deferred revenue.

Despite the revenue surge, Adaptimmune reported an operating loss of $14.7 million for the third quarter of 2024, an improvement from a loss of $46.6 million in the same quarter of 2023. For the nine-month period, the company recorded an operating profit of $4.8 million, a significant turnaround from an operating loss of $89.9 million in the previous year. The net loss attributable to ordinary shareholders for the third quarter was $17.6 million, down from $45.6 million in 2023, while the nine-month net profit was $3.4 million, compared to a loss of $66.0 million in the same period last year.

As of September 30, 2024, total current assets increased to $244.2 million from $207.6 million at the end of 2023, while total assets rose to $317.4 million from $282.6 million. Total liabilities decreased to $237.4 million from $243.1 million, and total stockholders' equity saw a significant increase to $80.0 million from $39.5 million.

The company also announced a restructuring plan on November 13, 2024, which includes a planned workforce reduction of approximately 33% to focus on its commercial sarcoma franchise and certain R&D programs. The estimated pre-tax costs for this workforce reduction are projected to be between $9 million and $11 million, primarily incurred in the first quarter of 2025.

Adaptimmune's cash and cash equivalents stood at $116.7 million as of September 30, 2024, with total liquidity amounting to $186.1 million. The company has raised a total of $900.2 million through various financing activities, including share issuances and collaborative arrangements. The financial results reflect a strategic shift following the FDA approval of its engineered cell therapy, Tecelra®, for treating solid tumor cancers, which is expected to enhance its market position moving forward.