Adaptimmune Therapeutics PLC
ADAPY Healthcare Biotechnology
Adaptimmune Therapeutics PLC’s revenue for fiscal 2025 (year ended December 2025) was $5.9 million, down 96.7% from fiscal 2024. In the quarter to June 2025, revenue fell 89.3%, EPS fell 140.7% and free cash flow fell 174.7%, each against the same quarter a year earlier.
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Adaptimmune Therapeutics PLC (ADAPY) Altman Z-score
Adaptimmune Therapeutics PLC's Altman Z-score for fiscal 2025 is −23.33, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −23.33 | (17.21) |
| FY2024 | −6.11 | (0.59) |
| FY2023 | −5.52 | (1.36) |
| FY2022 | −4.16 | (3.05) |
| FY2021 | −1.11 | (3.48) |
| FY2020 | 2.36 | 6.54 |
| FY2019 | −4.17 | (13.95) |
| FY2018 | 9.77 | 6.56 |
| FY2017 | 3.21 | 1.81 |
| FY2016 | 1.40 | (13.71) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.36 | — | 0.44 | |
| Retained earnings / total assets | (14.43) | — | −20.21 | |
| EBIT / total assets | (1.15) | — | −3.78 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | Distress zone | −23.33 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −51.29 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TVRD Tvardi Therapeutics, Inc. compare | −5.1× |
| LPCN Lipocine Inc. compare | −7.7× |
| DARE Dare Bioscience, Inc. compare | −8.9× |
| ADAPY Adaptimmune Therapeutics PLC | −23.3× |
| CNSY Cerenome, Inc. compare | −44.9× |
| BCDA BioCardia, Inc. compare | −74.8× |
| GTBP GT Biopharma, Inc. compare | −5,138× |
| RVLP RVL Pharmaceuticals PLC compare | — |
| CLVSQ Clovis Oncology, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets