Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity File Number | 001-37368 | |
Entity Registrant Name | ADAPTIMMUNE THERAPEUTICS PLC | |
Entity Incorporation, State or Country Code | X0 | |
Entity Address, Address Line One | 60 Jubilee Avenue, Milton Park | |
Entity Address, City or Town | Abingdon, Oxfordshire | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | OX14 4RX | |
City Area Code | 44 | |
Entity Tax Identification Number | 00-0000000 | |
Title of 12(b) Security | American Depositary Shares, each representing 6 Ordinary Shares, par value £0.001 per share | |
Local Phone Number | 1235 430000 | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Trading Symbol | ADAP | |
Entity Common Stock, Shares Outstanding | 994,213,968 | |
Entity Central Index Key | 0001621227 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 119,866,000 | $ 108,033,000 |
Marketable securities - available-for-sale debt securities | 45,688,000 | 96,572,000 |
Accounts receivable, net of allowance for expected credit losses of $0 and $0 | 1,715,000 | 7,435,000 |
Other current assets and prepaid expenses | 46,479,000 | 43,330,000 |
Total current assets | 213,748,000 | 255,370,000 |
Restricted cash | 1,578,000 | 1,569,000 |
Operating lease right-of-use assets, net of accumulated amortization of $10,296 and $9,470 | 17,947,000 | 18,019,000 |
Property, plant and equipment, net of accumulated depreciation of $38,534 and $38,588 | 54,365,000 | 53,516,000 |
Intangible assets, net of accumulated amortization of $4,904 and $4,676 | 443,000 | 442,000 |
Total assets | 288,081,000 | 328,916,000 |
Current liabilities | ||
Accounts payable | 5,187,000 | 4,753,000 |
Operating lease liabilities, current | 2,842,000 | 2,728,000 |
Accrued expenses and other current liabilities | 33,210,000 | 31,215,000 |
Restructuring provision | 88,000 | 2,285,000 |
Deferred revenue, current | 22,304,000 | 23,520,000 |
Total current liabilities | 63,631,000 | 64,501,000 |
Operating lease liabilities, non-current | 19,991,000 | 20,349,000 |
Deferred revenue, non-current | 119,251,000 | 160,892,000 |
Other liabilities, non-current | 1,332,000 | 1,296,000 |
Total liabilities | 204,205,000 | 247,038,000 |
Stockholders' equity | ||
Common stock - Ordinary shares par value £0.001, 1,282,773,750 authorized and 993,699,960 issued and outstanding (2022: 1,282,773,750 authorized and 987,109,890 issued and outstanding) | 1,407,000 | 1,399,000 |
Additional paid in capital | 992,520,000 | 990,656,000 |
Accumulated other comprehensive loss | (1,785,000) | (875,000) |
Accumulated deficit | (908,266,000) | (909,302,000) |
Total stockholders' equity | 83,876,000 | 81,878,000 |
Total liabilities and stockholders' equity | $ 288,081,000 | $ 328,916,000 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Mar. 31, 2023 £ / shares | Dec. 31, 2022 £ / shares | |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
Allowance for expected credit losses | $ 0 | $ 0 | ||
Property, plant and equipment, accumulated depreciation | 38,534 | 38,588 | ||
Intangibles, accumulated amortization | 4,904 | 4,676 | ||
Operating lease right-of-use assets, accumulated amortization | $ 10,296 | $ 9,470 | ||
Common stock, par value | £ / shares | £ 0.001 | £ 0.001 | ||
Common stock, shares authorized | shares | 1,282,773,750 | 1,282,773,750 | ||
Common stock, shares issued | shares | 993,699,960 | 987,109,890 | ||
Common stock, shares outstanding | shares | 993,699,960 | 987,109,890 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenue | $ 47,601 | $ 3,575 |
Operating expenses | ||
Research and development | (25,548) | (36,752) |
General and administrative | (20,397) | (16,804) |
Total operating expenses | (45,945) | (53,556) |
Operating profit/(loss) | 1,656 | (49,981) |
Interest income | 676 | 338 |
Other (expense) income, net | (671) | 12 |
Profit/(loss) before income tax expense | 1,661 | (49,631) |
Income tax expense | (625) | (634) |
Net profit/(loss) attributable to ordinary shareholders | $ 1,036 | $ (50,265) |
Net profit/(loss) per ordinary share | ||
Basic (in dollars per share) | $ 0 | $ (0.05) |
Diluted (in dollars per share) | $ 0 | $ (0.05) |
Weighted average shares outstanding: | ||
Basic (in shares) | 991,330,402 | 940,029,247 |
Diluted (in shares) | 1,000,276,615 | 940,029,247 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS | ||
Net profit/(loss) | $ 1,036 | $ (50,265) |
Other comprehensive (loss) income, net of tax | ||
Foreign currency translation adjustments, net of tax of $0 and $0 | (16,908) | 16,792 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, net of tax of $0 and $0 | 15,526 | (13,808) |
Unrealized holding gains (losses) on available-for-sale debt securities, net of tax of $0 and $0 | 472 | (1,155) |
Total comprehensive profit/(loss) for the period | $ 126 | $ (48,436) |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS | ||
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, tax | 0 | 0 |
Unrealized holding gains (losses) on available-for-sale debt securities, tax | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN EQUITY - USD ($) $ in Thousands | Common stock | Additional paid in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total |
Balance at the beginning of the period, shares at Dec. 31, 2021 | 937,547,934 | ||||
Balance at the beginning of the period at Dec. 31, 2021 | $ 1,337 | $ 959,611 | $ (11,142) | $ (743,846) | $ 205,960 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 5 | 30 | 35 | ||
Issuance of shares upon exercise of stock options (in shares) | 3,318,072 | ||||
Other comprehensive loss | 1,829 | 1,829 | |||
Share-based compensation expense | 5,586 | 5,586 | |||
Net profit/(loss) | (50,265) | (50,265) | |||
Balance at the end of the period at Mar. 31, 2022 | $ 1,342 | 965,227 | (9,313) | (794,111) | $ 163,145 |
Balance at the end of the period, shares at Mar. 31, 2022 | 940,866,006 | ||||
Balance at the beginning of the period, shares at Dec. 31, 2022 | 987,109,890 | 987,109,890 | |||
Balance at the beginning of the period at Dec. 31, 2022 | $ 1,399 | 990,656 | (875) | (909,302) | $ 81,878 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 7 | 1 | 8 | ||
Issuance of shares upon exercise of stock options (in shares) | 6,035,574 | ||||
Issuance of shares upon completion of public offering, net of issuance costs | $ 1 | 187 | 188 | ||
Issuance of shares upon completion of public offering, net of issuance costs (in shares) | 554,496 | ||||
Other comprehensive loss | (910) | (910) | |||
Share-based compensation expense | 1,676 | 1,676 | |||
Net profit/(loss) | 1,036 | 1,036 | |||
Balance at the end of the period at Mar. 31, 2023 | $ 1,407 | $ 992,520 | $ (1,785) | $ (908,266) | $ 83,876 |
Balance at the end of the period, shares at Mar. 31, 2023 | 993,699,960 | 993,699,960 |
UNAUDITED CONDENSED CONSOLIDA_7
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net profit/(loss) | $ 1,036 | $ (50,265) |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||
Depreciation | 1,659 | 1,386 |
Amortization | 186 | 209 |
Share-based compensation expense | 1,676 | 5,586 |
Unrealized foreign exchange losses/(gains) | 563 | (244) |
Amortization on available-for-sale debt securities | 112 | 999 |
Other | 134 | 220 |
Changes in operating assets and liabilities: | ||
Decrease/(increase) in receivables and other operating assets | 3,683 | (10,759) |
Increase in payables and other current liabilities | 21 | 964 |
Decrease in deferred revenue | (46,353) | (2,497) |
Net cash used in operating activities | (37,283) | (54,401) |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (2,349) | (7,114) |
Acquisition of intangibles assets | (173) | |
Maturity or redemption of marketable securities | 50,863 | 44,536 |
Investment in marketable securities | (42,197) | |
Net cash provided by/(used in) investing activities | 48,341 | (4,775) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock from offerings, net of commissions and issuance costs | 188 | |
Proceeds from exercise of stock options | 8 | 35 |
Net cash provided by financing activities | 196 | 35 |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 588 | (1,270) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 11,842 | (60,411) |
Cash, cash equivalents and restricted cash at start of period | 109,602 | 151,666 |
Cash, cash equivalents and restricted cash at end of period | $ 121,444 | $ 91,255 |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
General | |
General | Note 1 — General Adaptimmune Therapeutics plc is registered in England and Wales. Its registered office is 60 Jubilee Avenue, Milton Park, Abingdon, Oxfordshire, OX14 4RX, United Kingdom. Adaptimmune Therapeutics plc and its subsidiaries (collectively “Adaptimmune” or the “Company”) is a clinical-stage biopharmaceutical company primarily focused on providing novel cell therapies to people with cancer. We are a leader in the development of T-cell therapies for solid tumors. The Company’s proprietary platform enables it to identify cancer targets, find and develop cell therapy candidates active against those targets and produce therapeutic candidates for administration to patients. The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage of clinical development including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical programs or clinical programs, the need to obtain marketing approval for its cell therapies, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of its cell therapies, the need to develop a reliable commercial manufacturing process, the need to commercialize any cell therapies that may be approved for marketing, and protection of proprietary technology. If the Company does not successfully commercialize any of its cell therapies, it will be unable to generate product revenue or achieve profitability. The Company had an accumulated deficit of $908,266,000 as of March 31, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies (a) Basis of presentation The condensed consolidated financial statements of Adaptimmune Therapeutics plc and its subsidiaries and other financial information included in this Quarterly Report are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2023 (the “Annual Report”). The balance sheet as of December 31, 2022 was derived from audited consolidated financial statements included in the Company’s Annual Report but does not include all disclosures required by U.S. GAAP. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. The interim results are not necessarily indicative of results to be expected for the full year. (b) Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with U.S. GAAP and SEC regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are made in various areas, including in relation to valuation allowances relating to deferred tax assets, revenue recognition, and estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. (c) Fair value measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The hierarchy defines three levels of valuation inputs: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The fair value of marketable securities, which are measured at fair value on a recurring basis is detailed in Note 6, Fair value measurements. (d ) Significant concentrations of credit risk The Company held cash and cash equivalents of $119,866,000, marketable securities of $45,688,000 and restricted cash of $1,578,000 as of March 31, 2023. The cash and cash equivalents and restricted cash are held with multiple banks and the Company monitors the credit rating of those banks. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation in the United States and the U.K. Government Financial Services Compensation Scheme in the United Kingdom. The Company’s investment policy limits investments to certain types of instruments, such as money market instruments, corporate debt securities and commercial paper, places restrictions on maturities and concentration by type and issuer and specifies the minimum credit ratings for all investments and the average credit quality of the portfolio. The Company had two customers during the three months ended March 31, 2023, which are Genentech and Astellas. There were accounts receivable of $1,715,000 as of March 31, 2023 and $7,435,000 as of December 31, 2022. The Company has been transacting with Genentech since 2021 and Astellas since 2020, during which time no credit losses have been recognized. As of March 31, 2023, no allowance for expected credit losses is recognised on the basis that the possibility of credit losses arising on its receivables as of March 31, 2023 is considered to be remote. As of March 31, 2023 there are no receivables, either accrued or billed, due from Astellas that are no longer recoverable following the termination of the Astellas Collaboration Agreement. Management analyses current and past due accounts and determines if an allowance for credit losses is required based on collection experience, credit worthiness of customers and other relevant information. The process of estimating the uncollectible accounts involves assumptions and judgments and the ultimate amounts of uncollectible accounts receivable could be in excess of the amounts provided. The Company does not hold cash deposits or securities with Silicon Valley Bank. (e) New accounting pronouncements Adopted in the current period Measurement of credit losses on financial instruments In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted the guidance in the fiscal year beginning January 1, 2023. The guidance must be adopted using a modified-retrospective approach and a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. There was no material impact from the adoption of the guidance on the Company’s Consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | |
Revenue | Note 3 — Revenue The Company had two revenue-generating contracts with customers in the three months ended March 31, 2023, compared to three in the three months ended March 31, 2022: a collaboration agreement with Astellas that was terminated as of March 6, 2023 and a strategic collaboration and license agreement with Genentech. A further collaboration and license agreement with GSK was terminated in 2022. Revenue comprises the following categories (in thousands): Three months ended March 31, 2023 2022 Development revenue $ 47,601 $ 3,575 $ 47,601 $ 3,575 Deferred revenue decreased by $42,857,000 from $184,412,000 at December 31, 2022 to $141,555,000 at March 31, 2023 primarily due to revenue recognized during the quarter but was partially offset by a $3,368,000 increase caused by the change in the exchange rate between pound sterling and the U.S. dollar from £1.00 to $1.21 at December 31, 2022 to £1.00 to $1.24 at March 31, 2023. As of December 31, 2022, there was deferred revenue of $184,412,000 of which $46,784,000 was recognized as revenue in the three months ended March 31, 2023 The aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements as of March 31, 2023 was $283,005,000. The Genentech Collaboration and License Agreement The amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the Genentech agreement as of March 31, 2023 was $283,005,000. Of this amount $174,008,000 is allocated to the research services and rights granted for the initial ‘off-the-shelf’ collaboration targets, $89,843,000 is allocated to the research services and rights granted for the personalized therapies, $12,929,000 is allocated to the material rights to designate the additional ‘off-the-shelf’ collaboration targets, $4,980,000 is allocated to the material right for the first option to extend the research term and $1,245,000 is allocated to the material right for the option to extend the research term a second time. The Company expects to satisfy the performance obligations relating to the initial ‘off-the-shelf’ collaboration targets and the personalized therapies as development progresses and recognizes revenue based on an estimate of the percentage of completion of the project determined based on the costs incurred on the project as a percentage of the total expected costs. The Company expects to satisfy the performance obligations relating to the material rights to designate additional ‘off-the-shelf’ collaboration targets from the point that the options are exercised and then as development progresses, in line with the initial ‘off-the-shelf’ collaboration targets, or at the point in time that the rights expire. The Company expects to satisfy the performance obligations relating to the material rights to extend the research term from the point that the options are exercised and then over the period of the extension, or at the point in time that the rights expire. The Astellas Collaboration Agreement The Company and Universal Cells mutually agreed to terminate the Astellas Collaboration Agreement as of March 6, 2023 (the “Termination Date”). In connection with the termination, all licenses and sublicenses granted to either party pursuant to the Collaboration Agreement ceased as of the Termination Date. There were no termination penalties in connection with the termination, however the Company is still entitled to receive reimbursement for research and development work performed up to and including a period of 30 days after the Termination Date. The Company originally satisfied the performance obligations relating to the three co-development targets as development progresses and recognized revenue based on an estimate of the percentage of completion of the project determined based on the costs incurred on the project as a percentage of the total expected costs. The Company originally determined that the performance obligations relating to the two independent Astellas targets would be recognized at a point-in-time, upon commencement of the licenses in the event of nomination of the target, since they were right-to-use licenses. The termination was accounted for as a contract modification on a cumulative catch-up basis. No performance obligations were identified as a result of the modification as there were no further goods or services to be provided by the Company and the modification resulted in the remaining unsatisfied and partially satisfied performance obligations under the collaboration becoming fully satisfied. The aggregate transaction price of the contract modification was $42,365,000 which included the remaining deferred income that had not been recognized as revenue as of the date of the modification and variable consideration from the remaining reimbursement income to be billed under the collaboration at the end of the 30 day period after the Effective Date. The transaction price of the modification was recognized in full in March 2023 and there is no remaining transaction price allocated to performance obligations that are unsatisfied or partially satisfied under, and no remaining deferred income relating to, the agreement as of March 31, 2023. The GSK Collaboration and License Agreement The GSK Collaboration and License Agreement consisted of multiple performance obligations, including the development of a third target, which was the only performance obligation for which revenue was recognised in 2022. The collaboration was terminated by GSK in October 2022 (effective December 23, 2022). A further amendment to the collaboration agreement was entered into on December 19, 2022 for the deletion of certain provisions relating to GSK’s post termination manufacturing and supply obligations and payment of A further Termination and Transfer Agreement was entered into on April 6, 2023. As this occurred after March 31, 2023, there was no impact on the Consolidated financial statements in the three months ended March 31, 2023, see Note 15 for further details. |
Profit_(Loss) per share
Profit/(Loss) per share | 3 Months Ended |
Mar. 31, 2023 | |
Profit/(Loss) per share | |
Profit/(Loss) per share | Note 4 — Profit / Loss per share The following tables reconcile the numerator and denominator in the basic and diluted profit/(loss) per share computation (in thousands): Three months ended March 31, 2023 2022 Numerator for basic and diluted profit/(loss) per share Net profit/(loss) attributable to ordinary shareholders $ 1,036 $ (50,265) Net profit/(loss) attributable to ordinary shareholders used for basic and diluted profit/(loss) per share $ 1,036 $ (50,265) Three months ended March 31, 2023 2022 Denominator for basic profit/(loss) per share - Weighted average shares outstanding 991,330,402 940,029,247 Effect of dilutive securities: Employee stock options 8,946,213 — Denominator for diluted profit/(loss) per share 1,000,276,615 940,029,247 The dilutive effect of 128,614,053 and 150,064,226 stock options outstanding as of March 31, 2023 and 2022 respectively have been excluded from the diluted profit/(loss) per share calculation for the three months ended March 31, 2023 and 2022 because they would have an antidilutive effect on the profit/(loss) per share for the period. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated other comprehensive loss. | |
Accumulated other comprehensive loss | Note 5 — Accumulated other comprehensive loss The Company reports foreign currency translation adjustments and the foreign exchange gain or losses arising on the revaluation of intercompany loans of a long-term investment nature within Other comprehensive (loss) income. Unrealized gains and losses on available-for-sale debt securities are also reported within Other comprehensive (loss) income until a gain or loss is realized, at which point they are reclassified to Other (expense) income, net in the Condensed Consolidated Statement of Operations. The following tables show the changes in Accumulated other comprehensive (loss) income (in thousands): Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2023 $ 55 $ (930) $ (875) Foreign currency translation adjustments (16,908) — (16,908) Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 15,526 — 15,526 Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — 472 472 Balance at March 31, 2023 $ (1,327) $ (458) (1,785) Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2022 $ (10,785) $ (357) (11,142) Foreign currency translation adjustments 16,792 — 16,792 Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 (13,808) — (13,808) Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (1,155) (1,155) Balance at March 31, 2022 $ (7,801) $ (1,512) (9,313) |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair value measurements | |
Fair value measurements | Note 6 — Fair value measurements Assets and liabilities measured at fair value on a recurring basis based on Level 1, Level 2, and Level 3 fair value measurement criteria as of March 31, 2023 are as follows (in thousands): Fair value measurements using March 31, Level 1 Level 2 Level 3 2023 Assets classified as cash equivalents: U.S. Treasury securities $ 3,992 $ — $ 3,992 $ — Assets classified as available-for-sale debt securities: Corporate debt securities $ 40,791 $ 40,791 $ — $ — Agency bonds 4,897 — 4,897 — $ 45,688 $ 40,791 $ 4,897 $ — The Company estimates the fair value of available-for-sale debt securities with the aid of a third party valuation service, which uses actual trade and indicative prices sourced from third-party providers on a daily basis to estimate the fair value. If observed market prices are not available (for example securities with short maturities and infrequent secondary market trades), the securities are priced using a valuation model maximizing observable inputs, including market interest rates. |
Marketable securities - availab
Marketable securities - available-for-sale debt securities | 3 Months Ended |
Mar. 31, 2023 | |
Marketable securities - available-for-sale debt securities | |
Marketable securities - available-for-sale debt securities | Note 7 — Marketable securities – available-for-sale debt securities As of March 31, 2023, the Company has the following investments in marketable securities (in thousands): Gross Gross Aggregate Remaining Amortized unrealized unrealized estimated contractual maturity cost gains losses fair value Available-for-sale debt securities: Corporate debt securities Less than 3 months $ 25,527 $ — $ (131) $ 25,396 Agency bonds 3 months to 1 year 5,000 — (103) 4,897 Corporate debt securities 3 months to 1 year 15,619 — (224) 15,395 $ 46,146 $ — $ (458) $ 45,688 The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 December 31, 2022 Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Marketable securities in a continuous loss position for 12 months or longer: Corporate debt securities $ 40,791 9 $ (355) $ 74,481 16 $ (679) Agency bond 4,897 1 (103) 4,854 1 (154) Marketable securities in a continuous loss position for less than 12 months: Corporate debt securities $ — — $ — $ 11,283 2 $ (97) $ 45,688 10 $ (458) $ 90,618 19 $ (930) As of March 31, 2023, no allowance for expected credit losses has been recognized in relation to securities in an unrealized loss position. This is because the impairments are not severe, do not represent a significant proportion of the total fair market value of the investments and all securities have an investment-grade credit rating. Furthermore, the Company does not intend to sell the debt securities in an unrealized loss position, believes that it has the ability to hold the debt securities to maturity, and it is currently unlikely that the Company will be required to sell these securities before the recovery of the amortized cost. |
Other current assets
Other current assets | 3 Months Ended |
Mar. 31, 2023 | |
Other current assets | |
Other current assets | Note 8 — Other current assets Other current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Research and development credits receivable $ 36,363 $ 30,162 Prepayments 6,787 9,472 Clinical materials 1,310 1,279 VAT receivable 355 490 Other current assets 1,664 1,927 $ 46,479 $ 43,330 |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2023 | |
Operating leases | |
Operating leases | Note 9 — Operating leases The Company has operating leases in relation to property for office, manufacturing and research facilities . On March 21, 2023, the Company entered into an agreement to extend a manufacturing facility agreement that contains an embedded lease that was accounted for under ASC 842 Leases. The following table shows the weighted-average remaining lease term and the weighted-average discount rate as at March 31, 2023 and 2022: March 31, 2023 2022 Weighted-average remaining lease term - operating leases 6.7 years 7.6 years Weighted-average discount rate - operating leases 6.8% 6.8% The maturities of operating lease liabilities as of March 31, 2023 are as follows (in thousands): Operating leases 2023 $ 3,267 2024 4,003 2025 4,051 2026 4,104 2027 5,521 after 2027 7,504 Total lease payments 28,450 Less: Imputed interest (5,617) Present value of lease liability $ 22,833 The maximum lease term without activation of termination options is to 2041. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | Note 10 — Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued clinical and development expenditure $ 17,811 $ 16,749 Accrued employee expenses 4,780 8,232 Other accrued expenditure 7,850 4,079 Other 2,769 2,155 $ 33,210 $ 31,215 |
Contingencies and commitments
Contingencies and commitments | 3 Months Ended |
Mar. 31, 2023 | |
Contingencies and commitments | |
Contingencies and commitments | Note 11 — Contingencies and commitments Universal Cells Research, Collaboration and License Agreement and Co-development and Co-commercialization agreement On November 25, 2015, the Company entered into a Research, Collaboration and License Agreement relating to gene editing and Human Leukocyte Antigen (“HLA”) engineering technology with Universal Cells, Inc. (“Universal Cells”). The Company paid an upfront license and start-up fee of $2,500,000 to Universal Cells in November 2015, a milestone payment of $3,000,000 in February 2016 and further milestone payments of $200,000 and $900,000 were made in the years ended December 31, 2018 and 2017, respectively. The agreement was amended and re-stated as of January 13, 2020, primarily to reflect changes to the development plan agreed between the parties. The agreement was further amended as of July 22, 2022, primarily to make certain changes to development milestones and to agree on the status thereof, as agreed between the parties. Following the amendment, milestone payments of $500,000, $600,000 and $400,000 were made in the year ended December 31, 2022. A further milestone of $1,800,000 has been accrued but not paid as of March 31, 2023. The upfront license and start-up fee and milestone payments were expensed to Research and development when incurred. This Agreement was terminated by notice on January 27, 2023, effective 30 days following receipt of notice of termination. As a result of termination, all licenses between the parties to the Agreement will cease and each party is required to return all confidential information of the other party. Astellas Collaboration Agreement Under the Astellas Collaboration Agreement, described further in Note 3, if Adaptimmune had unilaterally developed a product with technology contributed by Astellas, Astellas could have been eligible to receive milestones and royalties relating to future commercialization and sales. As a result of the termination of the collaboration, Astellas no longer has the right to receive these milestones or royalties in future. MD Anderson Strategic Alliance On September 26, 2016, the Company announced that it had entered into a multi-year strategic alliance with The University of Texas MD Anderson Cancer Center (“MD Anderson”) designed to expedite the development of T-cell therapies for multiple types of cancer. The Company and MD Anderson are collaborating on a number of studies including clinical and preclinical development of the Company’s SPEAR T-cell therapies and will collaborate on future clinical stage first and second generation SPEAR T-cell therapies across a number of cancers. Under the terms of the agreement, the Company committed at least $19,644,000 to fund studies. Payment of this funding is contingent on mutual agreement to study orders in order for any study to be included under the alliance and the performance of set milestones by MD Anderson. The Company made an upfront payment of $3,412,000 to MD Anderson in the year ended December 31, 2017 and milestone payments of $2,326,000, $3,549,000, $454,000 and $2,326,000 in the years ended December 31, 2018, 2020, 2021, and 2022, respectively. The Company is obligated to make further payments to MD Anderson as certain milestones are achieved. These costs are expensed to research and development as MD Anderson renders the services under the strategic alliance. The agreement may be terminated by either party for material breach by the other party. Individual studies may be terminated for, amongst other things, material breach, health and safety concerns or where the institutional review board, the review board at the clinical site with oversight of the clinical study, requests termination of any study. Where any legal or regulatory authorization is finally withdrawn or terminated, the relevant study will also terminate automatically. |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-based compensation | |
Share-based compensation | Note 12 — Share-based compensation The share-based compensation expense decrease is driven largely by additional forefeitures of $1,796,500 in the quarter as a result of the recent restructuring. The following table shows the total share-based compensation expense included in the unaudited consolidated statements of operations (in thousands): Three months ended March 31, 2023 2022 Research and development $ 116 $ 2,523 General and administrative 1,560 3,063 $ 1,676 $ 5,586 The following table shows information about share options and options which have a nominal exercise price (similar to restricted stock units (RSUs)) granted: Three months ended March 31, 2023 2022 Number of options over ordinary shares granted 21,755,328 22,876,464 Weighted average fair value of ordinary shares options $ 0.25 $ 0.43 Number of additional options with a nominal exercise price granted 19,866,912 17,688,432 Weighted average fair value of options with a nominal exercise price $ 0.32 $ 0.59 |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' equity | |
Stockholders' equity | Note 13 — Stockholders’ equity On August 10, 2020 the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) (the “Sales Agreement”) under which we may from time to time issue and sell American Depositary Shares (“ADSs”) representing our ordinary shares through Cowen in at-the-market (“ATM”) offerings for an aggregate offering price of up to $200 million. As of March 31, 2023, $197,360,000 remained available for sale under the Sales Agreement. On April 8, 2022 the Company entered into a new sales agreement with Cowen (the “2022 Sales Agreement”) under which we may from time to time issue and sell ADSs representing our ordinary shares through Cowen in ATM offerings for an aggregate offering price of up to $200 million. In the three months ended March 31, 2023, the Company sold 92,416 ADSs under the agreement representing 554,496 ordinary shares resulting in net proceeds to the Company of $173,430 after deducting commissions payable under the 2022 Sales Agreement and estimated issuance costs. As of March 31, 2023, approximately $186,513,100 remained available for sale under the 2022 Sales Agreement. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring | |
Restructuring | Note 14 – Restructuring On November 8, 2022, the Company announced that in order to extend the Company’s cash runway from early 2024 into early 2025, it was re-focusing the business on core programs and deprioritizing non-core programs and undertaking a restructuring of the Company including a headcount reduction to be completed in the first quarter of 2023. The redundancy process was completed in the first quarter of 2023 with a reduction of approximately 25% of global headcount. The redundancy packages to be paid to departing staff comprise a combination of contractual termination benefits, relating to payments that arise from terms of employment contracts and statutory redundancy pay, and one-time employee termination benefits that were provided or enhanced specifically for this redundancy process. Due to the structure of the redundancy scheme and the different employment regulations affecting the Company’s U.K. and U.S. employees, some of the expense associated with the one-time employee termination benefits were recognized over the remaining period of employee service to be rendered. Contractual termination benefits and other one-time employee termination benefits were expensed and recognized in the year ended December 31, 2022. All expenses have been recognized in General and administrative expenses in the Statement of Operations. The amounts incurred in relation to the redundancy programme are as follows: One-time Contractual employee Total termination termination restructuring benefits benefits costs Cumulative amount incurred to December 31, 2022 $ 1,171 $ 1,114 $ 2,285 Amount incurred in the three months ended March 31, 2023 778 925 1,703 Total amount expected to be incurred and cumulative amount incurred to March 31, 2023 $ 1,949 $ 2,039 $ 3,988 The table below is a summary of the changes in the restructuring provision in the consolidated balance sheets in the three months ended March 31, 2023: One-time Contractual employee Total termination termination restructuring benefits benefits provision Provision at January 1, 2023 $ 1,171 $ 1,114 $ 2,285 Costs incurred and charged to General and administrative expenses 670 947 1,617 Costs paid during the period (1,955) (1,953) (3,908) Adjustments to the liability 108 (22) 86 Effect of foreign exchange rates 6 2 8 Provision at March 31, 2023 $ — $ 88 $ 88 The costs incurred during the period includes the element of one-time employee termination benefits that was recognized over the remaining period of employee service. The costs incurred during the period also include an addition to the provision for costs incurred relating to termination benefits paid to the former Chief Commercial Officer, who left employment with the Company in the first quarter of 2023. No impairment losses were recognised as a result of the restructuring. |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent events | |
Subsequent events | Note 15 – Subsequent events GSK Termination and Transfer Agreement On April 11, 2023, the Company announced the entry of the Company and GSK into a Termination and Transfer Agreement (the “Termination and Transfer Agreement” as per Note 3) regarding the return of rights and materials comprised within the PRAME and NY-ESO cell therapy programs. The parties will work collaboratively to ensure continuity for patients in ongoing lete-cel clinical trials forming part of the NY-ESO cell therapy program. In addition, under the Termination and Transfer Agreement, Adaptimmune will receive an upfront amount and milestone payments totaling £30 million in relation to the transfer of the clinical trials for the NY-ESO cell therapy program. TCR 2 Therapeutics Inc. Merger Agreement On March 6, 2023 the Company announced entry into a definitive agreement under which it will combine with TCR² Therapeutics Inc. (TCR²) in an all-stock transaction to create a preeminent cell therapy company focused on treating solid tumors. The transaction is expected to close in Q2 2023, subject to the receipt of approvals by Adaptimmune shareholders and TCR 2 stockholders and satisfaction or waiver of other closing conditions. Following the closing of the transaction we currently estimate that the cash runway of the combined company will extend into early 2026. In the event that the transaction does not close we currently estimate that our cash runway would extend into early 2025. As the transaction is not expected to close until Q2 2023, an estimate of the other financial effects of this event on the Company cannot yet be made. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of presentation | (a) Basis of presentation The condensed consolidated financial statements of Adaptimmune Therapeutics plc and its subsidiaries and other financial information included in this Quarterly Report are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2023 (the “Annual Report”). The balance sheet as of December 31, 2022 was derived from audited consolidated financial statements included in the Company’s Annual Report but does not include all disclosures required by U.S. GAAP. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. The interim results are not necessarily indicative of results to be expected for the full year. |
Use of estimates in interim financial statements | (b) Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with U.S. GAAP and SEC regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are made in various areas, including in relation to valuation allowances relating to deferred tax assets, revenue recognition, and estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. |
Fair value measurements | (c) Fair value measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The hierarchy defines three levels of valuation inputs: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The fair value of marketable securities, which are measured at fair value on a recurring basis is detailed in Note 6, Fair value measurements. |
Significant concentrations of credit risk | (d ) Significant concentrations of credit risk The Company held cash and cash equivalents of $119,866,000, marketable securities of $45,688,000 and restricted cash of $1,578,000 as of March 31, 2023. The cash and cash equivalents and restricted cash are held with multiple banks and the Company monitors the credit rating of those banks. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation in the United States and the U.K. Government Financial Services Compensation Scheme in the United Kingdom. The Company’s investment policy limits investments to certain types of instruments, such as money market instruments, corporate debt securities and commercial paper, places restrictions on maturities and concentration by type and issuer and specifies the minimum credit ratings for all investments and the average credit quality of the portfolio. The Company had two customers during the three months ended March 31, 2023, which are Genentech and Astellas. There were accounts receivable of $1,715,000 as of March 31, 2023 and $7,435,000 as of December 31, 2022. The Company has been transacting with Genentech since 2021 and Astellas since 2020, during which time no credit losses have been recognized. As of March 31, 2023, no allowance for expected credit losses is recognised on the basis that the possibility of credit losses arising on its receivables as of March 31, 2023 is considered to be remote. As of March 31, 2023 there are no receivables, either accrued or billed, due from Astellas that are no longer recoverable following the termination of the Astellas Collaboration Agreement. Management analyses current and past due accounts and determines if an allowance for credit losses is required based on collection experience, credit worthiness of customers and other relevant information. The process of estimating the uncollectible accounts involves assumptions and judgments and the ultimate amounts of uncollectible accounts receivable could be in excess of the amounts provided. The Company does not hold cash deposits or securities with Silicon Valley Bank. |
New accounting pronouncements | (e) New accounting pronouncements Adopted in the current period Measurement of credit losses on financial instruments In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted the guidance in the fiscal year beginning January 1, 2023. The guidance must be adopted using a modified-retrospective approach and a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. There was no material impact from the adoption of the guidance on the Company’s Consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | |
Summary of revenue categories | Revenue comprises the following categories (in thousands): Three months ended March 31, 2023 2022 Development revenue $ 47,601 $ 3,575 $ 47,601 $ 3,575 |
Profit_(Loss) per share (Tables
Profit/(Loss) per share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Profit/(Loss) per share | |
Schedule of numerator and denominator in the basic and diluted loss per share computation | The following tables reconcile the numerator and denominator in the basic and diluted profit/(loss) per share computation (in thousands): Three months ended March 31, 2023 2022 Numerator for basic and diluted profit/(loss) per share Net profit/(loss) attributable to ordinary shareholders $ 1,036 $ (50,265) Net profit/(loss) attributable to ordinary shareholders used for basic and diluted profit/(loss) per share $ 1,036 $ (50,265) Three months ended March 31, 2023 2022 Denominator for basic profit/(loss) per share - Weighted average shares outstanding 991,330,402 940,029,247 Effect of dilutive securities: Employee stock options 8,946,213 — Denominator for diluted profit/(loss) per share 1,000,276,615 940,029,247 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated other comprehensive loss. | |
Schedule of changes in Accumulated other comprehensive (loss) income | The following tables show the changes in Accumulated other comprehensive (loss) income (in thousands): Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2023 $ 55 $ (930) $ (875) Foreign currency translation adjustments (16,908) — (16,908) Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 15,526 — 15,526 Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — 472 472 Balance at March 31, 2023 $ (1,327) $ (458) (1,785) Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2022 $ (10,785) $ (357) (11,142) Foreign currency translation adjustments 16,792 — 16,792 Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 (13,808) — (13,808) Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (1,155) (1,155) Balance at March 31, 2022 $ (7,801) $ (1,512) (9,313) |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair value measurements | |
Summary of fair value of assets and liabilities on a recurring basis based on fair value measurement criteria | Assets and liabilities measured at fair value on a recurring basis based on Level 1, Level 2, and Level 3 fair value measurement criteria as of March 31, 2023 are as follows (in thousands): Fair value measurements using March 31, Level 1 Level 2 Level 3 2023 Assets classified as cash equivalents: U.S. Treasury securities $ 3,992 $ — $ 3,992 $ — Assets classified as available-for-sale debt securities: Corporate debt securities $ 40,791 $ 40,791 $ — $ — Agency bonds 4,897 — 4,897 — $ 45,688 $ 40,791 $ 4,897 $ — |
Marketable securities - avail_2
Marketable securities - available-for-sale debt securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Marketable securities - available-for-sale debt securities | |
Schedule of marketable securities | As of March 31, 2023, the Company has the following investments in marketable securities (in thousands): Gross Gross Aggregate Remaining Amortized unrealized unrealized estimated contractual maturity cost gains losses fair value Available-for-sale debt securities: Corporate debt securities Less than 3 months $ 25,527 $ — $ (131) $ 25,396 Agency bonds 3 months to 1 year 5,000 — (103) 4,897 Corporate debt securities 3 months to 1 year 15,619 — (224) 15,395 $ 46,146 $ — $ (458) $ 45,688 |
Schedule of aggregate fair value and number of securities held by the Company in an unrealized loss position | The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 December 31, 2022 Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Marketable securities in a continuous loss position for 12 months or longer: Corporate debt securities $ 40,791 9 $ (355) $ 74,481 16 $ (679) Agency bond 4,897 1 (103) 4,854 1 (154) Marketable securities in a continuous loss position for less than 12 months: Corporate debt securities $ — — $ — $ 11,283 2 $ (97) $ 45,688 10 $ (458) $ 90,618 19 $ (930) |
Other current assets (Tables)
Other current assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other current assets | |
Summary of other current assets | Other current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Research and development credits receivable $ 36,363 $ 30,162 Prepayments 6,787 9,472 Clinical materials 1,310 1,279 VAT receivable 355 490 Other current assets 1,664 1,927 $ 46,479 $ 43,330 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operating leases | |
Schedule of weighted-average remaining lease term and the weighted-average discount rate | The following table shows the weighted-average remaining lease term and the weighted-average discount rate as at March 31, 2023 and 2022: March 31, 2023 2022 Weighted-average remaining lease term - operating leases 6.7 years 7.6 years Weighted-average discount rate - operating leases 6.8% 6.8% |
Schedule of maturities of operating lease liabilities | The maturities of operating lease liabilities as of March 31, 2023 are as follows (in thousands): Operating leases 2023 $ 3,267 2024 4,003 2025 4,051 2026 4,104 2027 5,521 after 2027 7,504 Total lease payments 28,450 Less: Imputed interest (5,617) Present value of lease liability $ 22,833 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued clinical and development expenditure $ 17,811 $ 16,749 Accrued employee expenses 4,780 8,232 Other accrued expenditure 7,850 4,079 Other 2,769 2,155 $ 33,210 $ 31,215 |
Share-based compensation (Table
Share-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-based compensation | |
Summary of share-based compensation expense included in the consolidated statements of operations | The share-based compensation expense decrease is driven largely by additional forefeitures of $1,796,500 in the quarter as a result of the recent restructuring. The following table shows the total share-based compensation expense included in the unaudited consolidated statements of operations (in thousands): Three months ended March 31, 2023 2022 Research and development $ 116 $ 2,523 General and administrative 1,560 3,063 $ 1,676 $ 5,586 |
Summary of all stock option activity | The following table shows information about share options and options which have a nominal exercise price (similar to restricted stock units (RSUs)) granted: Three months ended March 31, 2023 2022 Number of options over ordinary shares granted 21,755,328 22,876,464 Weighted average fair value of ordinary shares options $ 0.25 $ 0.43 Number of additional options with a nominal exercise price granted 19,866,912 17,688,432 Weighted average fair value of options with a nominal exercise price $ 0.32 $ 0.59 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring | |
Schedule of amounts incurred in relation to the redundancy programme | The amounts incurred in relation to the redundancy programme are as follows: One-time Contractual employee Total termination termination restructuring benefits benefits costs Cumulative amount incurred to December 31, 2022 $ 1,171 $ 1,114 $ 2,285 Amount incurred in the three months ended March 31, 2023 778 925 1,703 Total amount expected to be incurred and cumulative amount incurred to March 31, 2023 $ 1,949 $ 2,039 $ 3,988 |
Schedule of changes in the restructuring provision | The table below is a summary of the changes in the restructuring provision in the consolidated balance sheets in the three months ended March 31, 2023: One-time Contractual employee Total termination termination restructuring benefits benefits provision Provision at January 1, 2023 $ 1,171 $ 1,114 $ 2,285 Costs incurred and charged to General and administrative expenses 670 947 1,617 Costs paid during the period (1,955) (1,953) (3,908) Adjustments to the liability 108 (22) 86 Effect of foreign exchange rates 6 2 8 Provision at March 31, 2023 $ — $ 88 $ 88 |
General (Details)
General (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
General | ||
Accumulated deficit | $ 908,266 | $ 909,302 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Cash, cash equivalents and restricted cash (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Significant Accounting Policies | ||
Cash and cash equivalents | $ 119,866,000 | $ 108,033,000 |
Marketable securities - available-for-sale debt securities | 45,688,000 | 96,572,000 |
Restricted cash | $ 1,578,000 | $ 1,569,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Accounts receivable (Details) | Mar. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) |
Accounts receivable | ||
Accounts receivable | $ 1,715,000 | $ 7,435,000 |
Astellas Pharma Inc. | ||
Accounts receivable | ||
Accounts receivable | $ 0 | |
Customer Concentration Risk | ||
Accounts receivable | ||
Number of customers | customer | 2 | |
Accounts receivable | $ 1,715,000 | $ 7,435,000 |
Revenue - Revenue from contract
Revenue - Revenue from contracts with customers (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) contract | Mar. 31, 2022 USD ($) contract | Dec. 31, 2022 USD ($) | |
Revenue | |||
Revenue | $ 47,601,000 | $ 3,575,000 | |
Number of contracts with customers | contract | 2 | 3 | |
Deferred revenue decrease | $ 42,857,000 | ||
Deferred revenue | $ 141,555,000 | $ 184,412,000 | |
Amount of decrease in deferred income caused by the change in the exchange rate | $ 3,368,000 | ||
Exchange rate | 1.24 | 1.21 | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 283,005,000 | ||
Revenue recognized in the period | 46,784,000 | ||
Development revenue | |||
Revenue | |||
Revenue | $ 47,601,000 | $ 3,575,000 |
Revenue - Collaboration Agreeme
Revenue - Collaboration Agreement - The Genentech Collaboration and License Agreement (Details) | Mar. 31, 2023 USD ($) |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 283,005,000 |
Strategic Collaboration and License Agreement | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 283,005,000 |
Strategic Collaboration and License Agreement | Material Right to Designate the Additional Off the Shelf Collaboration Target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 12,929,000 |
Strategic Collaboration and License Agreement | Research Service Rights Granted for Initial Off the Shelf Collaboration Targets | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 174,008,000 |
Strategic Collaboration and License Agreement | Research Service Rights Granted for Personalized Therapies | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 89,843,000 |
Strategic Collaboration and License Agreement | Material Right for First Option Extend the Research Term | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 4,980,000 |
Strategic Collaboration and License Agreement | Material Right for Second Option Extend the Research Term | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 1,245,000 |
Revenue - Collaboration Agree_2
Revenue - Collaboration Agreement - The Astellas Collaboration Agreement (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) item | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 283,005,000 |
Astellas Collaboration Agreement. | |
Revenue | |
Number Of Co Development Target | item | 3 |
Number of independent targets | item | 2 |
Aggregate transaction price of the contract modification | $ 42,365,000 |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 0 |
Revenue - Collaboration Agree_3
Revenue - Collaboration Agreement - The GSK Collaboration and License Agreement (Details) | Mar. 31, 2023 USD ($) | Dec. 19, 2022 USD ($) | Dec. 19, 2022 GBP (£) |
Revenue | |||
Amount of remaining deferred income under the collaboration that had not been recognized as revenue | $ 283,005,000 | ||
GSK Collaboration And License Agreement | |||
Revenue | |||
Payment by GSK due to termination of collaboration | £ | £ 5,000,000 | ||
Aggregate transaction price of the contract modification | $ 6,500,000 | ||
Amount of remaining deferred income under the collaboration that had not been recognized as revenue | $ 0 |
Profit_(Loss) per share - Basic
Profit/(Loss) per share - Basic and diluted income (loss) per share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator for basic and diluted profit/(loss) per share | ||
Net profit/(loss) attributable to ordinary shareholders | $ 1,036 | $ (50,265) |
Net profit/(loss) attributable to ordinary shareholders used for basic profit/(loss) per share | 1,036 | (50,265) |
Net profit/(loss) attributable to ordinary shareholders used for diluted profit/(loss) per share | $ 1,036 | $ (50,265) |
Denominator for basic and diluted profit/(loss) per share | ||
Denominator for basic profit/(loss) per share - Weighted average shares outstanding | 991,330,402 | 940,029,247 |
Denominator for diluted profit/(loss) per share | 1,000,276,615 | 940,029,247 |
Effect of dilutive securities: | ||
Employee stock options (in shares) | 8,946,213 |
Profit_(loss) per share - Antid
Profit/(loss) per share - Antidilutive shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share options | ||
Antidilutive securities | ||
Potentially dilutive equity instruments excluded from the diluted profit/(loss) per share (in shares) | 128,614,053 | 150,064,226 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated other comprehensive loss | ||
Balance beginning of period | $ (875) | |
Foreign currency translation adjustments | (16,908) | $ 16,792 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, net of tax of $0 | 15,526 | (13,808) |
Unrealized holding gain (losses) on available-for-sale debt securities, net of tax of $0 | 472 | (1,155) |
Balance end of period | (1,785) | |
Accumulated other comprehensive loss (paranthetical) | ||
Foreign currency gain on intercompany loan of a long-term investment nature, tax | 0 | 0 |
Unrealized holding gains on available-for-sale debt securities, tax | 0 | 0 |
Accumulated foreign currency translation adjustments | ||
Accumulated other comprehensive loss | ||
Balance beginning of period | 55 | (10,785) |
Foreign currency translation adjustments | (16,908) | 16,792 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, net of tax of $0 | 15,526 | (13,808) |
Balance end of period | (1,327) | (7,801) |
Accumulated unrealized gains (losses) on available-for-sale debt securities | ||
Accumulated other comprehensive loss | ||
Balance beginning of period | (930) | (357) |
Unrealized holding gain (losses) on available-for-sale debt securities, net of tax of $0 | 472 | (1,155) |
Balance end of period | (458) | (1,512) |
Accumulated other comprehensive (loss) income | ||
Accumulated other comprehensive loss | ||
Balance beginning of period | (875) | (11,142) |
Foreign currency translation adjustments | (16,908) | 16,792 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, net of tax of $0 | 15,526 | (13,808) |
Unrealized holding gain (losses) on available-for-sale debt securities, net of tax of $0 | 472 | (1,155) |
Balance end of period | $ (1,785) | $ (9,313) |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | $ 45,688,000 | $ 96,572,000 |
Recurring basis | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 45,688,000 | |
Recurring basis | Corporate debt securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 40,791,000 | |
Recurring basis | U.S. Treasury securities | ||
Cash equivalents: | ||
Total Cash Equivalents | 3,992,000 | |
Recurring basis | Agency bonds | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 4,897,000 | |
Recurring basis | Level 1 | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 40,791,000 | |
Recurring basis | Level 1 | Corporate debt securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 40,791,000 | |
Recurring basis | Level 2 | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 4,897,000 | |
Recurring basis | Level 2 | U.S. Treasury securities | ||
Cash equivalents: | ||
Total Cash Equivalents | 3,992,000 | |
Recurring basis | Level 2 | Agency bonds | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | $ 4,897,000 |
Marketable securities - Avail_3
Marketable securities - Available-for-sale debt securities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Securities | |
Marketable securities | |
Amortized cost | $ 46,146 |
Gross unrealized losses | (458) |
Aggregate estimated fair value | 45,688 |
Corporate Debt Securities Maturity Period Less Than Three Months | Debt Securities | |
Marketable securities | |
Amortized cost | 25,527 |
Gross unrealized losses | (131) |
Aggregate estimated fair value | 25,396 |
Corporate Debt Securities Maturity Period Three Months To One Year | Debt Securities | |
Marketable securities | |
Amortized cost | 15,619 |
Gross unrealized losses | (224) |
Aggregate estimated fair value | 15,395 |
Agency Bond Maturity Period Three Months To One Year | |
Marketable securities | |
Amortized cost | 5,000 |
Gross unrealized losses | (103) |
Aggregate estimated fair value | $ 4,897 |
Minimum | Corporate Debt Securities Maturity Period Three Months To One Year | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Minimum | Agency Bond Maturity Period Three Months To One Year | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Maximum | Corporate Debt Securities Maturity Period Less Than Three Months | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Maximum | Corporate Debt Securities Maturity Period Three Months To One Year | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Maximum | Agency Bond Maturity Period Three Months To One Year | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Marketable securities - Avail_4
Marketable securities - Available-for-sale debt securities - Unrealized loss position (Details) $ in Thousands | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Marketable securities | ||
Fair market value of investments in an unrealized loss position | $ 45,688 | $ 90,618 |
Number of investments in an unrealized loss position | security | 10 | 19 |
Unrealized losses | $ (458) | $ (930) |
Corporate debt securities | ||
Marketable securities | ||
Fair market value of investments in an unrealized loss position, 12 months or longer | $ 40,791 | 74,481 |
Fair market value of investments in an unrealized loss position, less than 12 months | $ 11,283 | |
Number of available-for-sale securities in an unrealized loss position, 12 months or longer | security | 9 | 16 |
Number of available-for-sale securities in an unrealized loss position, less than 12 months | security | 2 | |
Unrealized losses, 12 months or longer | $ (355) | $ (679) |
Unrealized losses, less than 12 months | (97) | |
Agency bonds | ||
Marketable securities | ||
Fair market value of investments in an unrealized loss position, 12 months or longer | $ 4,897 | $ 4,854 |
Number of available-for-sale securities in an unrealized loss position, 12 months or longer | security | 1 | 1 |
Unrealized losses, 12 months or longer | $ (103) | $ (154) |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other current assets | ||
Research and development credits receivable | $ 36,363 | $ 30,162 |
Prepayments | 6,787 | 9,472 |
Clinical materials | 1,310 | 1,279 |
VAT receivable | 355 | 490 |
Other current assets | 1,664 | 1,927 |
Total | $ 46,479 | $ 43,330 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | Mar. 21, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Operating leases | |||
Amount of increase (decrease) in obligation and right-of-use asset for operating lease following lease modification | $ 349 | ||
Weighted-average remaining lease term - operating leases | 6 years 8 months 12 days | 7 years 7 months 6 days | |
Weighted-average discount rate - operating leases | 6.80% | 6.80% |
Operating Leases - Maturities (
Operating Leases - Maturities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Maturities of operating lease liabilities | |
2023 | $ 3,267 |
2024 | 4,003 |
2025 | 4,051 |
2026 | 4,104 |
2027 | 5,521 |
after 2027 | 7,504 |
Total lease payments | 28,450 |
Less: Imputed interest | (5,617) |
Present value of lease liability | $ 22,833 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued expenses and other current liabilities | ||
Accrued clinical and development expenditure | $ 17,811 | $ 16,749 |
Accrued employee expenses | 4,780 | 8,232 |
Other accrued expenditure | 7,850 | 4,079 |
Other | 2,769 | 2,155 |
Total | $ 33,210 | $ 31,215 |
Contingencies and commitments -
Contingencies and commitments - Universal Cells Research, Collaboration and License Agreement and Co-development and Co-commercialization agreement (Details) - Collaboration and license agreement - Universal Cells, Inc. - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2016 | Nov. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | |
Contingencies and commitments | ||||||
Upfront license and start-up fees | $ 2,500,000 | |||||
Milestone payments | $ 3,000,000 | $ 200,000 | $ 900,000 | |||
First milestone payment | $ 500,000 | |||||
Second milestone payment | 600,000 | |||||
Third milestone payment | $ 400,000 | |||||
Milestone payment accrued but not yet paid | $ 1,800,000 |
Contingencies and commitments_2
Contingencies and commitments - MD Anderson Strategic Alliance (Details) - MD Anderson Strategic Alliance - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 26, 2016 | |
Contingencies and commitments | ||||||
Upfront payment | $ 3,412,000 | |||||
Milestone Payments | $ 2,326,000 | $ 454,000 | $ 3,549,000 | $ 2,326,000 | ||
Minimum | ||||||
Contingencies and commitments | ||||||
Potential milestone payments | $ 19,644,000 |
Share-based compensation - Shar
Share-based compensation - Share-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total share-based compensation expense included in the consolidated statements of operations | ||
Shares forfeited | $ 1,796,500 | |
Total share-based compensation expense | 1,676,000 | $ 5,586,000 |
Research and development | ||
Total share-based compensation expense included in the consolidated statements of operations | ||
Total share-based compensation expense | 116,000 | 2,523,000 |
General and administrative | ||
Total share-based compensation expense included in the consolidated statements of operations | ||
Total share-based compensation expense | $ 1,560,000 | $ 3,063,000 |
Share-based compensation - Opti
Share-based compensation - Options (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based compensation | ||
Number of options over ordinary shares granted (in shares) | 21,755,328 | 22,876,464 |
Weighted average fair value of ordinary shares options (in dollars per share) | $ 0.25 | $ 0.43 |
Number of additional options with a nominal exercise price granted | 19,866,912 | 17,688,432 |
Weighted average fair value of options with a nominal exercise price | $ 0.32 | $ 0.59 |
Stockholders equity - Offerings
Stockholders equity - Offerings (Details) - USD ($) | 3 Months Ended | ||
Apr. 08, 2022 | Aug. 10, 2020 | Mar. 31, 2023 | |
Sales Agreement | |||
Shareholders' equity | |||
Remaining amount under the Sales Agreement | $ 197,360,000 | ||
Sales Agreement | Maximum | |||
Shareholders' equity | |||
Aggregate offering price of ADS shares under At The Market sales agreement | $ 200,000,000 | ||
2022 Sales Agreement | |||
Shareholders' equity | |||
Remaining amount under the Sales Agreement | $ 186,513,100 | ||
Issuance of shares upon completion of public offering, net of issuance costs (in shares) | 554,496 | ||
Sold shares represented by American Depositary Shares (in shares) | 92,416 | ||
Net proceeds | $ 173,430 | ||
2022 Sales Agreement | Maximum | |||
Shareholders' equity | |||
Aggregate offering price of ADS shares under At The Market sales agreement | $ 200,000,000 | ||
Common stock | |||
Shareholders' equity | |||
Issuance of shares upon completion of public offering, net of issuance costs (in shares) | 554,496 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Restructuring programme | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 1,703 | $ 2,285 |
Total amount expected to be incurred | $ 3,988 | |
Percent of headcount reduction | 25% | |
Contractual termination benefits | ||
Restructuring programme | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 778 | 1,171 |
Total amount expected to be incurred | 1,949 | |
One-time employee termination benefits | ||
Restructuring programme | ||
Restructuring and Related Cost, Cost Incurred to Date | 925 | $ 1,114 |
Total amount expected to be incurred | $ 2,039 |
Restructuring - Movements in Pr
Restructuring - Movements in Provision (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring programme | |
Balance at the beginning | $ 2,285 |
Costs incurred and charged to General and administrative expenses | 1,617 |
Costs paid during the period | (3,908) |
Adjustments to the liability | 86 |
Effect of foreign exchange rates | 8 |
Balance at the end | 88 |
Impairment loss | 0 |
Contractual termination benefits | |
Restructuring programme | |
Balance at the beginning | 1,171 |
Costs incurred and charged to General and administrative expenses | 670 |
Costs paid during the period | (1,955) |
Adjustments to the liability | 108 |
Effect of foreign exchange rates | 6 |
One-time employee termination benefits | |
Restructuring programme | |
Balance at the beginning | 1,114 |
Costs incurred and charged to General and administrative expenses | 947 |
Costs paid during the period | (1,953) |
Adjustments to the liability | (22) |
Effect of foreign exchange rates | 2 |
Balance at the end | $ 88 |
Subsequent events (Details)
Subsequent events (Details) £ in Millions | Apr. 11, 2023 GBP (£) |
Termination and Transfer Agreement | Subsequent events. | GlaxoSmithKline Intellectual Property Development Ltd (GSK) | |
Upfront and milestone payment receivable | £ 30 |