Adaptimmune Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Marketable securities - available-for-sale debt securities

Marketable securities - available-for-sale debt securities

3 Months Ended

Mar. 31, 2023

Marketable securities - available-for-sale debt securities

Marketable securities - available-for-sale debt securities

Note 7 — Marketable securities – available-for-sale debt securities

As of March 31, 2023, the Company has the following investments in marketable securities (in thousands):


				Gross		Gross		Aggregate
	Remaining	Amortized		unrealized		unrealized		estimated
	contractual maturity	cost		gains		losses		fair value
Available-for-sale debt securities:
Corporate debt securities	Less than 3 months	$	25,527	$	—	$	(131)	$	25,396
Agency bonds	3 months to 1 year		5,000		—		(103)		4,897
Corporate debt securities	3 months to 1 year		15,619		—		(224)		15,395
		$	46,146	$	—	$	(458)	$	45,688

The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of March 31, 2023 and December 31, 2022 are as follows:



	March 31, 2023						December 31, 2022
	Fair market value of investments in an unrealized loss position		Number of investments in an unrealized loss position		Unrealized losses		Fair market value of investments in an unrealized loss position		Number of investments in an unrealized loss position		Unrealized losses
Marketable securities in a continuous loss position for 12 months or longer:
Corporate debt securities	$	40,791		9	$	(355)	$	74,481		16	$	(679)
Agency bond		4,897		1		(103)		4,854		1		(154)

Marketable securities in a continuous loss position for less than 12 months:
Corporate debt securities	$	—		—	$	—	$	11,283		2	$	(97)
	$	45,688		10	$	(458)	$	90,618		19	$	(930)

As of March 31, 2023, no allowance for expected credit losses has been recognized in relation to securities in an unrealized loss position. This is because the impairments are not severe, do not represent a significant proportion of the total fair market value of the investments and all securities have an investment-grade credit rating. Furthermore, the Company does not intend to sell the debt securities in an unrealized loss position, believes that it has the ability to hold the debt securities to maturity, and it is currently unlikely that the Company will be required to sell these securities before the recovery of the amortized cost.