Adaptimmune is a commercial-stage biopharmaceutical company focused on engineered T-cell therapies for solid tumor cancers. Its lead product, TECELRA (afami-cel), received FDA approval in August 2024 as the first engineered T-cell therapy approved for a solid tumor — specifically, advanced synovial sarcoma in adults. TECELRA works by extracting a patient's own T-cells, engineering them to recognize the MAGE-A4 antigen on cancer cells, and infusing them back. It is a one-time, personalized treatment. Adaptimmune sells TECELRA exclusively through a network of Authorized Treatment Centers — specialized sarcoma centers trained to manage the complex cell therapy process. Adaptimmune manufactures TECELRA in-house at its Philadelphia facility. Revenue is recognized when the manufactured product is delivered to the treatment center, roughly 30 days after T-cell collection. The pipeline centers on a second product, lete-cel, which targets the NY-ESO antigen and covers both synovial sarcoma and myxoid liposarcoma, with a BLA filing expected in late 2025 and a U.S. launch targeted for 2027. Together, management estimates these two products can reach combined U.S. peak sales of roughly $400M. Adaptimmune also has a collaboration with Galapagos to develop uza-cel for head and neck cancer, from which Adaptimmune received an $85M upfront payment. Management targets cash flow breakeven in 2027, though the company has acknowledged it will need additional financing to get there.