Key 2Q24 takeaways include: 1) recent FDA approval of Tecelra (afami-cel) triggers immediate onboarding of Authorized Treatment Centers (ATCs), with related sales revenue to start in 4Q24 and accelerate in 2025 and beyond 2) ADAP maintains a diversified pipeline of late-stage programs beyond Tecelra, as well as a deep preclinical pipeline across multiple autologous and allogeneic cell therapies and 3) we expect current liquidity, Tecelra revenue, and funds related to recent loan/collaboration agreements to fund operations through the launch of lete-cel in 2026, thereby removing a lingering concern for some investors. The recent FDA approval of Tecelra translates into a real-time step up in related sales/economics, and paves the way for further commercialization opportunities. We believe the stock's current price provides investors with an attractive entry point, particularly given the company's enhanced long-term earnings power.
