Adaptimmune Therapeutics plc and TCR2 Therapeutics Inc. announced entry into a definitive agreement under which Adaptimmune will combine with TCR2 in an all-stock transaction to create a preeminent cell therapy company focused on treating solid tumors. The combination provides extensive benefits for clinical development and product delivery supported by complementary technology platforms. As a result, and following the closing of the transaction, it is anticipated that the combined company's cash runway will extend into 2026. The lead clinical franchises for the combined company utilize engineered T-cell therapies targeting MAGE-A4 and mesothelin.

These targets are expressed on a broad range of solid tumors and are supported by compelling early- and late-stage clinical data. The combined company also has a preclinical pipeline of additional target opportunities with development initially focused on PRAME and CD70. The combinedcompany will possess two clinically validated and complementary platforms in SPEAR and TRuC T-cells enabling engagement of both intracellular targets (with SPEAR) and extracellular targets (with TRuC), thus broadening the potential number of addressable cancers.

Adaptimmune's proprietary SPEAR T-cell technology is based on the affinity enhancement and engineering of T-cell receptors (TCRs) to target solid tumor-specific peptide: HLA complexes. TCR2's proprietary TRuC T-cell technology uses an antibody-based binding domain fused to TCR subunits to reprogram an intact TCR complex to recognize tumor surface antigens. Both technologies can be further leveraged in the combinedcompany's allogeneic platform.

The novelty, complexity, and rapid growth of the cell therapy field has highlighted the need for companies to develop specialized capabilities with a goal of delivering treatments that are both curative and mainstream. To this end, over the last decade, the teams at Adaptimmune and TCR2 have been responsible for successfully advancing multiple programs from preclinical concept to late-stage products. The combinedcompany, located in key innovation hubs, will have a deep bench of cell therapy professionals, infrastructure, and end-to-end capabilities.

ADP-A2M4CD8 (next-generation product) Expected full data readout from the monotherapy portion of the Phase 1 SURPASS trial in heavily pre-treated patients across a broad range of solid tumors. Initiation of the Phase 2 SURPASS-3 trial in combination with nivolumab for platinum resistant ovarian cancer. This trial has the potential to become registrational.

Initiation of additional cohorts in the Phase 1 SURPASS trial in combination with pembrolizumab to treat patients in the first-line treatment setting for head & neck cancer and second-line setting for urothelial cancer. ADP-A2M4CD8 has demonstrated a 52% response rate in the focus indications of ovarian, urothelial, and head & neck cancers, which improves to a 75% response rate in patients who received 3 or few prior lines of therapy. Gavo-cel; First readout from the Phase 2 portion of the gavo-cel clinical trial in platinum resistant or refractory ovarian cancer.

Anticipated year-end. Interim update, including key translational data, in patients with mesothelioma treated with gavo-cel in the Phase 2 clinical trial before the focus was narrowed to ovarian cancer. Anticipated mid-year.

Tumor regression has been observed in 93% of patients in the Phase 1 trial. The response rate was 29% in patients with ovarian cancer with a progression free survival of 5.8 months and overall survival of 8.1 months. The response rate in mesothelioma was 21% with a progression free survival of 5.9 months and overall survival of 11.2 months.

Afami-cel; Potential PDUFA/FDA approval; would be the first marketed engineered TCR T-cell therapy for a solid tumor indication, if approved (synovial sarcoma). ADP-A2M4CD8 (next-generation product); First readout from SURPASS-3 trial in ovarian cancer. First readout for head and neck cancer cohort in the Phase 1 SURPASS trial.

First readout for urothelial cancer cohort in the Phase 1 SURPASS trial. Gavo-cel and TC-510; Readout from gavo-cel Phase 2 trial in platinum resistant ovarian cancer. Readout from TC-510 Phase 1 trial and selection of dose to carry forward into additional late-phase trials.

Preclinical; CD70 program (TC-520) to be IND ready.