aibioAdaptimmune gets Nasdaq panel exception until December 1, 2025, to fix bid price
Tickers ADAPY
A Nasdaq Hearings Panel gave Adaptimmune until December 1, 2025 to meet the $1.00 minimum bid price, or its American Depositary Shares will be delisted. The 8-K gives no share price and no count of days below the floor.
Key facts
- Company
- Adaptimmune Therapeutics plc (OTC: ADAPY)
- News type
- Listings
- Primary source
- Adaptimmune Therapeutics plc 8-K (2025-09-26)
The exception
Adaptimmune Therapeutics plc said it received a written notice from the Nasdaq Hearings Panel on September 22, 2025. The notice confirms that the company has been granted an exception period to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The company disclosed it in a Form 8-K dated September 26, 2025, filed under Item 3.01, the section companies use to report a failure to meet a continued listing rule.
The company has until December 1, 2025 to regain compliance. The 8-K says that failing to do so "will result in the delisting" of its American Depositary Shares from The Nasdaq Capital Market. The cover page lists the ADSs under the symbol ADAP, and says each ADS represents 6 ordinary shares.
What the panel decides
The bid price rule applies when a company's shares trade below the floor for too long. The hearings panel is the Nasdaq body that decides whether a company in breach can keep its listing while it works to fix the problem. Here, the panel has set the deadline, and the 8-K does not say what the company has promised to do in the meantime.
The filing gives no ADS closing price, no date the shares first fell below $1.00 and no count of days under the floor. It also does not say whether the company has asked for a reverse ADS ratio change, or what steps it has taken to raise the price.
The company
Adaptimmune is a company incorporated in England and Wales, with its principal offices at Milton Park in Abingdon, Oxfordshire. Its 10-K for 2024, filed March 24, 2025, calls it a commercial-stage biopharmaceutical company that develops cell therapies for solid tumor cancers.
Its lead product, TECELRA, was approved by the FDA on August 1, 2024 as the first engineered T-cell therapy for a solid tumor cancer approved in the United States. The approval is an accelerated one, based on overall response rate, and continued approval may depend on a confirmatory trial. As of March 18, 2025, 20 authorized treatment centers were available and ten patients had been apheresed. The company expected about 30 centers by the end of 2025.
The second product, lete-cel, received breakthrough therapy designation in January 2025, and the company planned a launch in 2026. The 10-K estimates up to $400 million a year in peak combined U.S. sales of TECELRA and lete-cel. That is the company's own estimate; the 8-K gives no sales figure for either product.
The money
The company reported a 2024 net loss of $70.8 million, down from $113.9 million in 2023. Cash used in operations was $73.2 million in 2024, against $140.9 million the year before. Revenue was $178.0 million in 2024, against $60.3 million in 2023. The 8-K does not split that revenue between product sales and collaboration income.
The company reported cash and cash equivalents of $26.1 million at June 30, 2025, with no short-term investments, according to its 10-Q, after it used $73.2 million in operations in 2024. The 10-K also describes a headcount reduction of about 29% and a cut in operating expenses of about 25% from 2024 levels, and it says the company is evaluating all strategic options to maximize shareholder value.
What comes next
The next dated event is the December 1, 2025 deadline. The 8-K does not describe a further hearing date, the company's share price, its cash position after June 30 or its plan to regain compliance.