Adaptimmune Undergoes Major Leadership Restructuring Following Nasdaq Delisting and Asset Divestiture
Key Insights
Christopher Hill has been appointed as both CEO and CFO of Adaptimmune, succeeding Adrian Rawcliffe who departed as part of the company's restructuring efforts.
The company's board has been significantly reduced to three members following the resignation of six directors, with Lawrence Alleva taking over as Chairman from David Mott.
Adaptimmune voluntarily delisted from Nasdaq in October 2025 and is now trading on the OTC Pink market, with deregistration expected to become effective around January 26, 2026.
Adaptimmune Therapeutics has announced sweeping changes to its executive leadership and board of directors, effective November 14, 2025, as the cell therapy company continues its restructuring following the divestiture of its flagship assets and voluntary delisting from Nasdaq.
Christopher Hill, who has served as Chief Financial Officer since September 2025, has been appointed as Chief Executive Officer while retaining his CFO responsibilities. Hill succeeds Adrian Rawcliffe, who departed the company as part of the restructuring. William Bertrand, the former Chief Operating Officer, has also left the organization.
Board Composition Dramatically Reduced
The company's board has undergone significant downsizing, with six directors resigning their positions. Lawrence Alleva, a current board member, has been appointed Chairman, replacing David Mott who served as a director since 2014 and Chairman since 2017. The departing board members include Andrew Allen, Ali Behbahani, John Furey, Priti Hegde, and Kristen Hege.
Following these changes, Adaptimmune's board now comprises just three members: Lawrence Alleva as Chairman, Garry Menzel, and Christopher Hill, who serves in the dual role of CEO and CFO.
Strategic Transition Following Asset Divestiture
The leadership changes come after Adaptimmune's strategic divestiture of its key cell therapy assets to US WorldMeds in July 2025. The transaction included TECELRA (afamitresgene autoleucel), the first FDA-approved engineered T-cell therapy for solid tumor cancer (search) treatment, along with letetresgene autoleucel (lete-cel (search)) for synovial sarcoma (search) and myxoid liposarcoma (search), and uza-cel.
"The transaction with USWM CT, LLC, a subsidiary of US WorldMeds Partners, LLC meant that TECELRA could continue to be made available to patients, and since closing on July 31, 2025, work has been ongoing to ensure a smooth transition of activities associated with TECELRA, lete-cel (search) and uza-cel," Hill stated.
Focus on Remaining Pipeline Assets
With its major commercial and late-stage assets now under US WorldMeds' control, Adaptimmune is concentrating on maximizing value from its remaining preclinical programs. These include a PRAME (search)-directed T-cell therapy and a CD70 (search)-directed TRuC therapy, for which the company is exploring strategic options.
Hill emphasized the company's continued collaboration with US WorldMeds: "We will continue to support US WorldMeds as we work together with a goal to achieve approval for lete-cel (search) in the hope that it will benefit patients in the future."
Nasdaq Delisting and Cost Reduction Strategy
The restructuring follows Adaptimmune's voluntary delisting from Nasdaq on October 28, 2025. The company's American Depositary Shares now trade on the OTC Pink Limited Market under the symbol ADAPY. Adaptimmune has initiated deregistration proceedings under the Securities Exchange Act, with the process expected to become effective around January 26, 2026.
"The delisting from Nasdaq and deregistration should reduce our costs as a public company and further support our goal to maximize value going forward," Hill noted.
New CEO's Background and Experience
Hill brings over a decade of experience in chief financial officer and chief operating officer roles across public and private life science companies. Most recently, he served as CFO and COO of Istesso Limited (search) from September 2021 through September 2025, a private drug development company with preclinical to phase IIb assets in autoimmune and fibrotic diseases.
His previous roles include part-time CFO of cell therapy company Ixaka Limited and Finance Director of OxSonics Therapeutics Limited (search), which developed drug delivery solutions for solid tumor cancers. Hill also served as CFO and board member of Oxford Pharmascience Group Plc (search), an AIM-listed company focused on gastro-safe NSAIDs.
A chartered accountant with a B.A. in Economics and Public Policy from Leeds Metropolitan University, Hill currently serves as director of private companies Connexin Therapeutics Group Limited and CJH Financial Limited.