Adaptimmune Therapeutics plc (ADAP)

Adaptimmune Therapeutics plc (ADAP) — VMCI valuation read

Adaptimmune Therapeutics plc sits at VMCI 40/100, with the Healthcare sector median at 50. That 10-point spread is the first thing to note on ADAP: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on ADAP are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on ADAP: ADAP trades at 22.0x earnings, 22% above the Healthcare median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 12.0% sits 2.0pp above the Healthcare median (10.0%). The Risk read: net debt to EBITDA of -0.3x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

ADAP rose 1.4% over the trailing 7 days, with a -2.6% read on a 30-day basis.