• Cash Equivalents and Marketable Securities: $588 million at year-end 2024, up from $239 million at December 31, 2023.
• Loss from Operations: $241.4 million for the year ending December 31, 2024, compared to $179.7 million in 2023.
• Cost of Sales: $11.4 million following BLA approval for obe-cel.
• Research and Development Expenses: $138.4 million for the year ending December 31, 2024, up from $130.5 million in 2023.
• Selling, General and Administrative Expenses: $101.1 million for the year, up from $46.7 million in 2023.
• Net Loss: $220.7 million for the year ending December 31, 2024, compared to $208.4 million in 2023.
• Milestone Payments: $30 million received from Blackstone; GBP10 million regulatory milestone payment made under UCLB license agreement.

• Warning! GuruFocus has detected 1 Warning Sign with AUTL.

Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Autolus Therapeutics PLC (NASDAQ:AUTL) successfully launched AUCATZYL in the US, achieving FDA approval ahead of schedule without requiring a REMS program.
• The company added $600 million to its balance sheet through a collaboration with BioNTech and public financing, strengthening its financial position.
• Clinical results for obe-cel were published in the New England Journal of Medicine, and the product was included in the NCCN guidelines, supporting its credibility and adoption.
• Autolus Therapeutics PLC (NASDAQ:AUTL) has authorized 33 centers to deliver AUCATZYL, covering approximately 60% of the target patient population in the US.
• The company is progressing with regulatory steps in the UK and Europe, expecting decisions in the second half of 2025, and is preparing for an R&D event to outline future growth opportunities.

Negative Points

• Loss from operations increased to $241.4 million in 2024 from $179.7 million in 2023, indicating rising operational costs.
• Research and development expenses rose to $138.4 million, driven by increased salaries and manufacturing costs, impacting profitability.
• Selling, general, and administrative expenses more than doubled to $101.1 million, reflecting higher costs associated with commercialization activities.
• Net loss for 2024 was $220.7 million, up from $208.4 million in 2023, highlighting ongoing financial challenges.
• The company has not provided sales guidance for AUCATZYL, creating uncertainty about future revenue projections.

Q & A Highlights

Q: Can you provide any color on the initial demand or the book of orders for AUCATZYL thus far? Also, is outpatient use happening or planned? A: Christian Itin, CEO: We've seen a very encouraging dynamic around the activation of centers, driven by patient needs and interest from centers. Regarding outpatient use, there is potential due to the safety profile, but it's too early to provide guidance. Physicians have shown interest, and we'll see how this evolves over time.

Q: How should we expect the ramp-up to 60 authorized centers by the end of the year? Will it be linear or in blocks? Also, how might tariffs impact manufacturing in the UK? A: Christian Itin, CEO: The ramp-up has been steady, driven by individual centers' onboarding processes. We expect a continuous flow throughout the year. Regarding tariffs, it's too early to speculate, but historically, pharmaceutical products have been minimally impacted.

Q: Among the centers that have treated patients with CAR T-cell, what is the time spread from site activation to treating the first patient? A: Christian Itin, CEO: The time varies significantly, often depending on patient suitability and center readiness. Some centers have a short period between activation and treatment, while others may experience delays due to patient availability or other factors.

Q: What is the sentiment among prescribers regarding the need for subsequent therapy after CAR T-cell treatment? A: Christian Itin, CEO: In our trial, only 18% of patients moved to subsequent stem cell transplants. Many patients are not eligible for transplants due to prior treatments or comorbidities. Initial experiences suggest limited use of transplants, but it's too early to draw definitive conclusions.

Q: Can you comment on the manufacturing success rate or turnaround time for the commercial launch? Has BioNTech made any decisions on AUTO6NG? A: Christian Itin, CEO: The manufacturing process is consistent with our clinical experience, and BioNTech's option on AUTO6NG remains open. The option will likely be exercised before moving into a pivotal study, pending current clinical study results.

Q: What kind of data can we expect from the SLE cohort at the upcoming R&D day? Where are most resources being invested for the launch? A: Christian Itin, CEO: We'll present data on product properties, safety, and B-cell depletion. Resources are focused on delivering services and support to centers, rather than traditional sales and marketing efforts.

Q: Have the top 10 centers for BALL patient volume been onboarded? Will you provide sales guidance for AUCATZYL? A: Christian Itin, CEO: Many top centers are already active, covering a substantial portion of the patient population. We will not provide sales guidance this year due to multiple evolving factors, but will report on patients dosed and revenue recognized.

Q: What is the expected timeline for NICE's decision on CAR T-cell in the UK? How much follow-up will there be for the CARLYSLE study's interim analysis? A: Christian Itin, CEO: The NICE assessment is ongoing, and timelines are not entirely under our control. For the CARLYSLE study, follow-up ranges from one to six months across the initial six patients.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.