Biotech in Philly<\/p>\n
Inside the Philadelphia Navy Yard, Adaptimmune opened its new U.S. headquarters in 2017. At the time, the company had 91 employees and expected to grow to 120 by the end of that year.\n<\/p>\n
\u201cThe opening of this new building, which was designed to house both our US headquarters and our future state-of-the-art manufacturing facility, underscores our continued commitment to Philadelphia and the region, as well as our unwavering focus on delivering important cell therapy products to cancer patients,\u201d said James Noble, CEO of Adaptimmune, at the time in a news release.\n<\/p>\n
Noble retired as CEO in 2019<\/a>.\n<\/p>\n By late July 2025, Adaptimmune announced it would be selling off several of its cell therapy divisions for $55 million<\/a> after its board of directors decided on that direction after a strategic review.\n <\/p>\n The cell therapy divisions are being sold to US WorldMeds, which includes intellectual property rights. In addition to the $55 million in cash, Adaptimmune stands to earn $30 million \u201cupon achievement of certain milestones.\u201d US WorldMeds will be able to exclusively manufacture the cell therapies<\/a> sold by Adaptimmune.\n<\/p>\n U.S. employees of Adaptimmune working on cell therapies acquired by WorldMeds will be offered jobs by the company, but it\u2019s unclear whether those jobs would be in Philadelphia.\n<\/p>\n In December 2024, Adaptimmune had 506 employees worldwide, 384 of which were in research and development.\n<\/p>\n Adaptimmune did not respond to repeated requests for a news interview for this story.\n<\/p>\n \u201cAdaptimmune has been at the forefront of solid tumor cell therapy and delivering groundbreaking treatments to patients for more than a decade. We were the first company to obtain a marketing authorization for an engineered TCR T-cell therapy, TECELRA, and we have a second cell therapy, lete-cel, with approval anticipated in 2026,\u201d said Adrian Rawcliffe, CEO of Adaptimmune, in a press release. \u201cHowever, given the financial situation of the Company, it is clear that securing the right strategic option was critical to maximize value for all of our stakeholders and importantly ensure our patients continue to receive TECELRA. After an extensive review of all strategic alternatives available to Adaptimmune we are convinced that this transaction represents the best path forward for Adaptimmune, our patients and stakeholders.\u201d\n<\/p>\n Adaptimmune has been losing money, operating a net loss of $47 million during the first quarter of the year as of March, down from $48 million in 2024. Its revenue was $7.2 million compared to $5.6 million during the first quarter.\n<\/p>\n As of July 11, Century Therapeutics, which has executive offices in University City, has laid off 72 workers, 54 of whom are Pennsylvania residents.\n<\/p>\n As of December 2024, the company had 140 full-time employees and 10 part-time workers \u2014 131 of which worked in research and development.\n<\/p>\n In July, Century Therapeutics\u2019 board of directors approved the company to lay off about 51% of its employees. According to the company\u2019s filings with the U.S. Securities and Exchange Commission, the layoffs cost an estimated $3.7 million, which the company attributed to \u201ccash expenditures related to severance payments,\u201d including some paid to executives.\n<\/p>\n The layoffs are expected to wrap up by Sept. 30, records show.\n<\/p>\n Century Therapeutics has also been losing money overall, but its finances have improved compared to last year, records show. The company reported net income of $76 million for the first quarter this year, ending in March, compared to an operating loss of $28 million for the year prior during the same quarter. Its revenue, defined as collaboration revenue as part of a deal with Bristol Myers Squibb<\/a>, was $109 million during the first quarter, compared to $855,000 during the first quarter in 2024.\n<\/p>\n Century Therapeutics declined an interview for this news story and submitted a statement through a third-party spokesperson.\n<\/p>\n \u201cWe made a difficult but necessary decision to reduce our headcount by 50% including the departure of two executives. These changes are part of a broader effort to right-size the organization to focus on the programs with the highest potential for transformational value,\u201d wrote Danielle Brown, at JPA Health on behalf of the company. \u201cWe are deeply grateful for the dedication and contributions of all affected employees and departing executives. We did not make these decisions lightly, and we are committed to supporting our team members through this transition.\u201d\n<\/p>\n The company\u2019s chief financial officer, Morgan Conn, and chief development officer, Adrienne Farid, both left their posts in July. They have employment agreements that are separate from the rank-and-file workforce.\n<\/p>\n In October 2024, Conn was hired as the company\u2019s chief financial officer and earned a base salary of $470,000<\/a>, in addition to a $100,000 sign-on bonus and the opportunity to hit an annual bonus plus stock options.\n<\/p>\n