Autolus Therapeutics plc 2026 財年第一季（截至 2026 年 3 月 31 日）10-Q 摘要

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark One)

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026 

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________ 

Commission File Number 001-38547

AUTOLUS THERAPEUTICS PLC 
(Exact name of registrant as specified in its charter)
England and Wales
Not applicable

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

The Mediaworks

191 Wood Lane

LondonW12 7FPUnited Kingdom
(Address of principal executive offices)

(44) 203829 6230

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, par value $0.000042 per share
AUTLThe Nasdaq Global Select Market
Ordinary shares, nominal value $0.000042 per share**The Nasdaq Stock Market LLC*

*
Not for trading, but only in connection with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes ☒ No ☐
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Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “an emerging growth company” in Rule 12b-2 of the Exchange Act: 

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Yes ☐ No ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 13, 2026, the registrant had 266,155,786 ordinary shares (including shares in form of American Depositary Shares (“ADSs”)), par value $0.000042 per share, outstanding.

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EXPLANATORY NOTE

Autolus Therapeutics plc (the “Company”) qualifies as a “Foreign Private Issuer,” as defined in Rule 3b-4 under the Securities Exchange Act of 1934 (the “Exchange Act”) and is exempt from filing quarterly reports on Form 10-Q by virtue of Rules 13a-13 and 15d-13 under the Exchange Act. The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Accordingly, as a foreign private issuer, the Company remains exempt from the U.S. federal proxy rules pursuant to Section 14 of the Exchange Act and Regulations 14A and 14C thereunder, Regulation FD, and its officers, directors, and principal shareholders are not subject to the short-swing profit disclosure and recovery provisions contained in Section 16 of the Exchange Act.

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Part I – Financial Information
6

Item 1. Financial Statements (Unaudited)
6

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
6

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025 
7

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025
8

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025
9

Notes to the Condensed Consolidated Interim Financial Statements
11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
30

Item 3. Quantitative and Qualitative Disclosures About Market Risk
40

Item 4. Controls and Procedures
40

Part II – Other Information
40

Item 1. Legal Proceedings
40

Item 1A. Risk Factors
40

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
41

Item 3. Defaults Upon Senior Securities
41

Item 4. Mine Safety Disclosures
41

Item 5. Other Information
41

Item 6. Exhibits
41

Signatures
42

GENERAL INFORMATION
Unless context otherwise requires, all references in this Quarterly Report on Form 10-Q to “Autolus,” the “Group,” the “company,” “we,” “us” and “our” refer to Autolus Therapeutics plc and its consolidated subsidiaries, except where the context otherwise requires.
Autolus, AUCATZYL® and our other trademarks or service marks appearing in this Quarterly Report on Form 10-Q are our property. Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q are referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. Products or service names of other companies mentioned in this Quarterly Report on Form 10-Q may be trademarks, trade names or service marks of their respective owners. 
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, research and development costs, plans and objectives of management, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “positioned,” “potential,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain.
The forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about:
•the therapeutic potential and expected clinical benefits of AUCATZYL/obe-cel (obecabtagene autoleucel) for adult patients with relapsed or refractory B-cell precursor acute lymphoblastic leukemia (“r/r B-ALL”);
•our ability to generate revenues from AUCATZYL, which is dependent upon maintaining significant market acceptance among physicians, patients and healthcare payors;
•our ability to maintain regulatory approval of AUCATZYL in the US, European Union (“EU”) and United Kingdom (“U.K.”), to obtain and maintain regulatory approval for obe-cel for adult r/r B-ALL in additional territories and the timing thereof, and to obtain and maintain regulatory approval of our other product candidates in the indications for which we plan to develop them, and any related restrictions, limitations or warnings in the label of an approved drug or therapy;
•our expectations regarding the commercialization and marketing of AUCATZYL for adult r/r B-ALL, including expanding into additional territories and the related timing of reaching patients in such territories;
•the development of our commercial product and product candidates, including statements regarding the initiation, timing, progress and the results of clinical studies or trials and related preparatory work, the period during which the results of the trials will become available and our research and development programs;
•our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;
•our commercialization, marketing and manufacturing capabilities and strategy for AUCATZYL, including our ability to successfully recruit and retain sales and marketing personnel and to successfully build the market for AUCATZYL; 
•our expectations about the willingness of healthcare providers to recommend AUCATZYL to people with adult r/r B-ALL;
•the impacts of public health crises and their effects on our operations and business, including interruption of key clinical trial activities, such as clinical trial site monitoring, access to capital, and potential disruption in the operations and business of third-party manufacturers, clinical sites, contract research organizations (“CROs”), other service providers and collaborators with whom we conduct business;
•our expectations regarding our ability to obtain and maintain intellectual property protection and our ability to license additional intellectual property relating to our product candidates from third parties and to comply with our existing license agreements;
•our plans to research, develop, manufacture and commercialize our product candidates;
•the potential benefits of our commercial product and product candidates;
•the timing or likelihood of regulatory filings and approvals for our product candidates, along with regulatory developments in the US, EU, U.K. and other foreign countries;
•the size and growth potential of the markets for our commercial product and product candidates, if approved, and the rate and degree of market acceptance of our commercial product and product candidates, including reimbursement that may be received from payors;
•our need for and ability to obtain additional funding, on favorable terms or at all;
•our plans to collaborate, or statements regarding our current collaborations with BioNTech SE (“BioNTech”) and others; 
•our license and option agreement with BioNTech (the “BioNTech License and Option Agreement”), including our potential to receive milestone payments and royalties under the agreement;
•our ability to attract collaborators with development, regulatory and commercialization expertise;
•our ability to identify, recruit and retain qualified employees and key personnel;
•our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;
•the scalability and commercial viability of our manufacturing methods and processes;
•the success of competing therapies that are or may become available;
•whether we are classified as a Passive Foreign Investment Company (“PFIC”), for current and future periods;
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•additional costs and expenses related to our decision to voluntarily comply with certain U.S. domestic issuer reporting obligations before we are required to do so; and
•any other factors which may impact our financial results or future trading prices of our ADSs, and the impact of securities analysts’ reports on these prices. 
Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, and involve known and unknown risks, uncertainties and other factors including, without limitation, risks, uncertainties and assumptions regarding the impact of macroeconomic events, including inflation, changes in interest rates, tariffs, changes in trade policies, political changes, general market conditions and the impacts of the war in Ukraine, conflicts in the Middle East and Europe, and global geopolitical tensions, on our business, operations, strategy, goals and anticipated timelines, our ongoing and planned preclinical activities, our ability to initiate, enroll, conduct or complete ongoing and planned clinical trials, our timelines for regulatory submissions and our financial position that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results in this Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Except as required by law, we do not intend, and undertake no obligation, to update any forward-looking information to reflect events or circumstances.
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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

AUTOLUS THERAPEUTICS PLC
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)

NoteMarch 31,
2026December 31,
2025
Assets

Current assets:

Cash and cash equivalents$130,925 $104,132 
Marketable securities - Available-for-sale debt securities7
98,509 196,578 
Restricted cash1,493 1,503 
Accounts receivable, net
3
27,663 24,024 
Inventories, net8
33,233 33,209 
Prepaid expenses and other current assets9
77,012 76,469 
Total current assets
368,835 435,915 
Non-current assets:

Property and equipment, net10
61,908 63,563 
Intangible assets, net11
18,976 19,809 
Prepaid expenses and other non-current assets194 249 
Operating lease right-of-use assets, net72,563 64,940 
Long-term deposits1,014 1,032 
Deferred tax asset3,575 3,560 
Total assets
$527,065 $589,068 
Liabilities and shareholders’ equity

Current liabilities:

Accounts payable
$1,872 $3,083 
Accrued expenses and other liabilities
12
46,766 55,792 

Operating lease liabilities, current163,061 4,565 
Liabilities related to future royalties and milestones, net - current
15
11,900 10,000 
Total current liabilities
63,599 73,440 
Non-current liabilities:

Operating lease liabilities, non-current1676,895 66,822 
Liabilities related to future royalties and milestones, net - non-current
15
277,268 270,200 
Other long-term payables477 477 
Total liabilities
418,239 410,939 

Commitments and contingencies 17

Shareholders’ equity:

Ordinary shares, $0.000042 par value; 490,909,783 and 490,909,783 shares authorized as of March 31, 2026 and as of December 31, 2025, respectively; 266,143,286 and 266,143,286, shares issued at March 31, 2026 and December 31, 2025, respectively; 266,155,786 and 266,143,286, shares outstanding at March 31, 2026 and December 31, 2025, respectively
12 12 
Deferred shares, £0.00001 par value; 34,425 shares authorized, issued and outstanding at March 31, 2026 and December 31, 2025
— — 
Deferred B shares, £0.00099 par value; 88,893,548 shares authorized, issued and outstanding at March 31, 2026 and December 31, 2025
118 118 
Deferred C shares, £0.000008 par value; 1 share authorized, issued and outstanding at March 31, 2026 and December 31, 2025
— — 
Additional paid-in capital
1,573,673 1,570,107 
Accumulated other comprehensive loss
(6,627)(5,356)
Accumulated deficit
(1,458,350)(1,386,752)
Total shareholders’ equity
108,826 178,129 
Total liabilities and shareholders’ equity
$527,065 $589,068 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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AUTOLUS THERAPEUTICS PLC
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended March 31,
Note20262025
Revenue:

Product revenue, net
3$26,218 $8,982 

Total revenue, net26,218 8,982 
Cost and operating expenses:

Cost of sales
(24,568)(17,951)
Research and development expenses, net
(21,210)(26,734)
Selling, general and administrative expenses
(39,953)(29,537)

Loss from operations
(59,513)(65,240)
Other income (expense):
Other income, net
100 129 
Foreign exchange (losses) gains, net
(2,667)1,181 
Interest income2,469 6,137 
Interest expense, net
4(11,124)(10,143)
Total other (expenses) income, net(11,222)(2,696)
Net loss before income tax(70,735)(67,936)
Income tax expense(863)(2,225)
Net loss
(71,598)(70,161)
Other comprehensive (loss) income:

Foreign currency exchange translation adjustment(1,130)10,668 
Unrealized holding (losses) gains on available-for-sale debt securities, net of tax of $0 and $0, respectively
(141)400 

Total other comprehensive (loss) income, net of tax
(1,271)11,068 
Total comprehensive loss$(72,869)$(59,093)

Basic and diluted net loss per ordinary share5$(0.27)$(0.26)
Weighted-average basic and diluted ordinary shares5266,143,425 266,126,548 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

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AUTOLUS THERAPEUTICS PLC 
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited, in thousands, except share amounts)

Ordinary SharesDeferred SharesDeferred B SharesDeferred C SharesAdditional Paid in CapitalAccumulated other comprehensive lossAccumulated deficitTotal Shareholders' Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2025266,143,286 $12 34,425 $— 88,893,548 $118 1 $— $1,570,107 $(5,356)$(1,386,752)$178,129 

Share-based compensation expense— — — — — — — — 3,566 — — 3,566 

Other comprehensive loss— — — — — — — — — (1,271)— (1,271)
Net loss— — — — — — — — — — (71,598)(71,598)
Balance at March 31, 2026266,143,286 $12 34,425 $— 88,893,548 $118 1 $— $1,573,673 $(6,627)$(1,458,350)$108,826 

Ordinary SharesDeferred SharesDeferred B SharesDeferred C SharesAdditional Paid in CapitalAccumulated other comprehensive lossAccumulated deficitTotal Shareholders' Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2024266,121,689 $12 34,425 $— 88,893,548 $118 1 $— $1,555,593 $(29,174)$(1,099,224)$427,325 

Share-based compensation expense— — — — — — — — 2,876 — — 2,876 

Vesting of restricted stock unit awards net of shares withheld to cover tax withholding3,648 — — — — — — — — — — — 

Other comprehensive income
— — — — — — — — — 11,068 — 11,068 
Net loss— — — — — — — — — — (70,161)(70,161)
Balance at March 31, 2025266,125,337 $12 34,425 $— 88,893,548 $118 1 $— $1,558,469 $(18,106)$(1,169,385)$371,108 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

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AUTOLUS THERAPEUTICS PLC
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

Three Months Ended March 31,
20262025
Cash flows from operating activities:

 Net loss
$(71,598)$(70,161)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation on property and equipment2,209 1,992 
Amortization of intangible assets490 285 
Inventory reserves and write-offs2,046 — 
Loss on disposal of property and equipment2 3 
Share-based compensation net of amounts capitalized3,565 2,867 
Interest expense accrued on liabilities related to future royalties and milestones, net11,030 10,137 
Accretion of available-for-sale securities(935)(2,639)
Foreign exchange differences3,511 (1,896)
Non-cash operating lease expense883 1,059 

Deferred income tax(16)487 

Changes in operating assets and liabilities:

(Increase) decrease in prepaid expenses and other current assets(1,894)610 
Decrease in prepaid expenses and other non-current assets
52 116 
Increase in inventories, net(2,541)(10,099)
Increase in accounts receivable, net(3,632)(14,335)

(Decrease) increase in accounts payable
(1,173)1,862 
Increase in deferred revenue— 4,725 
(Decrease) increase in accrued expenses and other liabilities
(7,510)3,248 
Increase (decrease) in operating lease liability194 (3,826)

Net cash used in operating activities
(65,317)(75,565)
Cash flows from investing activities:

Acquisition of property and equipment(2,688)(8,243)

Purchases of marketable securities: available-for-sale debt securities(14,721)(71,304)
Proceeds from maturities and redemptions of marketable securities: available-for-sale debt securities113,560 20,000 
Net cash provided by (used in) investing activities
96,151 (59,547)
Cash flows from financing activities:

Payments of liabilities related to future royalties and milestones, net 
(2,062)— 
Net cash (used in) provided by financing activities
(2,062)— 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,989)3,558 
Net increase (decrease) in cash, cash equivalents and restricted cash
26,783 (131,554)
Cash, cash equivalents and restricted cash, beginning of period
105,635 228,805 
Cash, cash equivalents and restricted cash, end of period
$132,418$97,251 

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AUTOLUS THERAPEUTICS PLC
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended March 31,

20262025

Unaudited supplemental cash flow information

Cash paid for income taxes
$209 $9 

Unaudited supplemental non-cash flow information

Property and equipment purchases included in accounts payable or accrued expenses$145 $2,279 

Leased assets obtained in exchange for operating lease liabilities$9,123 $71 
Capitalized share-based compensation, net of forfeitures$1 $9 
Capitalized implementation costs included in accounts payable and accrued expenses
$137 $289 

Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:
Cash and cash equivalents$130,925 $95,799 
Restricted cash1,493 1,452 
Total cash, cash equivalents and restricted cash
$132,418 $97,251 

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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AUTOLUS THERAPEUTICS PLC
Notes to the Unaudited Condensed Consolidated Interim Financial Statements 
(Unaudited)

Note 1. Nature of the Business
Autolus Therapeutics plc (with its subsidiaries, collectively, “Autolus” or the “Company”) is a commercial-stage biopharmaceutical company developing next-generation programmed T cell therapies for the treatment of cancer and autoimmune diseases. Using its broad suite of proprietary and modular T cell programming technologies, the Company is engineering precisely targeted, controlled and highly active T cell therapies that are designed to better recognize target cells, break down their defense mechanisms and attack and kill these cells. The Company believes its programmed T cell therapies have the potential to be best-in- class and to offer patients substantial benefits over the existing standard of care, including the potential for cure in some patients. 
On November 8, 2024 Autolus was notified by the United States Food and Drug Administration (the “FDA”) that its biologics license application (“BLA”) was approved, allowing for the marketing of AUCATZYL (obecabtagene autoleucel, also known as obe-cel) in the United States for the treatment of adult patients (18 years and older) with r/r B-ALL. The first sale of AUCATZYL in the United States occurred in January 2025.
The United Kingdom Medicines and Healthcare products Regulatory Agency granted AUCATZYL conditional marketing authorization in April 2025. In November 2025, the National Institute for Health and Care Excellence recommended AUCATZYL for use in the National Health Service (“NHS”) in England and Wales as a treatment option for adult patients (age 26 and older) with r/r B-ALL. We launched AUCATZYL in the United Kingdom in January 2026, and it is available through routine commissioning by the NHS.
In July 2025, the European Commission granted marketing authorization for AUCATZYL in adult patients (age 26 and older) with r/r B-ALL. Evaluation of potential pricing and feasibility of market entry opportunities in certain EU countries is ongoing. At this time, the EU launch, including launch in Germany, is on hold. The Company did not generate any EU product revenue of AUCATZYL in 2025 and does not anticipate any EU product revenue in 2026.
Autolus is registered in England and Wales. Its registered office is The MediaWorks, 191 Wood Lane, London, W12 7FP, United Kingdom.
The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. The Company’s product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. The Company also expects to incur significant additional costs as it expands its commercialization efforts for AUCATZYL. These efforts will require significant amounts of capital, as well as additional personnel, infrastructure, and compliance capabilities. Even if the Company’s product development efforts for obe-cel and its other product candidates are successful, it is uncertain when, if ever, the Company will become profitable.
The Company is a public limited company incorporated under the laws of England and Wales, and qualifies as a “foreign private issuer,” as such term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), and Rule 3b-4 under the Exchange Act, and, therefore, is not subject to the same requirements that are imposed upon United States domestic issuers by the Securities and Exchange Commission (the “SEC”). The Company has decided to voluntarily file periodic reports, such as annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K on United States domestic issuer forms, which are more detailed and extensive in certain respects, and which must be filed more promptly than the forms currently required for foreign private issuers. Although the Company has voluntarily chosen to file periodic reports and current reports on United States domestic issuer forms, the Company has maintained its status as a foreign private issuer and is not subject to certain other requirements imposed on United States domestic issuers.
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AUTOLUS THERAPEUTICS PLC
Notes to the Unaudited Condensed Consolidated Interim Financial Statements - Continued

Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, and are presented in US dollars. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. 
The condensed consolidated balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
The significant accounting policies used in the preparation of these unaudited condensed consolidated interim financial statements are consistent with those discussed in Note 2, “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 27, 2026 (the “Annual Report”). The information included in these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in the Annual Report. 
These unaudited condensed consolidated interim financial statements include all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary to fairly state the Company’s financial position as of March 31, 2026, and the results of its operation for the three-month period ended March 31, 2026, and cash flows for the three-month period ended March 31, 2026. The interim results and cash flows are not necessarily indicative of results and cash flows that may be expected for the year ending December 31, 2026.
Going Concern
In accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Going Concern, the Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.
The Company has incurred recurring losses since its inception, including net losses of $71.6 million and $70.2 million for the three months ended March 31, 2026 and 2025, respectively. The Company had an accumulated deficit of $1,458.4 million and $1,386.8 million as of March 31, 2026 and December 31, 2025, respectively. 
Notwithstanding these conditions, based on its cash and cash equivalents and marketable securities of $130.9 million and $98.5 million, respectively, as of March 31, 2026, together with its forecasted operating plan, the Company expects that its existing financial resources will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. Accordingly, management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.
In performing this assessment, the Company prepared cash flow forecasts for the one-year period from the date of issuance, which reflect management’s current operating plan and expectations. These forecasts include assumptions regarding increases in product revenues and gross margin, cost reductions resulting from the restructuring actions announced in April 2026, and expected timing of cash inflows from R&D tax credits, including the R&D tax credit claimed by the Company in its corporate tax return for the accounting period to December 2023 that is subject to ongoing discussions with the United Kingdom tax authority. These assumptions are subject to uncertainty due to numerous factors, including the Company’s limited sales history following its recent product launches in the U.S. and U.K., it’s ability to obtain cost reductions, and other factors outside the Company’s control. While management believes these assumptions are reasonable, actual results may differ, and the Company may use its cash resources sooner than currently expected.
The Company has historically funded its operations primarily through the issuance of equity securities, licensing and collaboration arrangements, and other strategic financing transactions. The Company expects to continue to incur losses for the foreseeable future as it advances the development, approval, and commercialization of its product candidates. While the Company may require additional capital to support its operating plans and achieve profitability, such funding is not expected to be required to meet its obligations as they become due within one year from the date these condensed consolidated financial statements are issued.

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AUTOLUS THERAPEUTICS PLC
Notes to the Unaudited Condensed Consolidated Interim Financial Statements - Continued

Use of Estimates
The preparation of condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated interim financial statements include, but are not limited to, the accrual for research and development expenses, income taxes and present value of liabilities related to future royalties and milestones, net including the related interest expense and cumulative catch-up adjustment, incremental borrowing rates related to the Company’s leased properties, and the estimated expected rebate and chargeback percentage for revenue deductions related to product revenue, net. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.
Segment Information
The Company’s Executive Committee, which includes its Chief Executive Officer, is its chief operating decision maker (the “CODM”). The CODM manages the Company’s operations on an integrated basis for the purpose of appropriately allocating resources. When evaluating the Company’s financial performance, the CODM reviews total revenue, total expenses and expenses by function and makes decisions using this information on a global basis. The Company and the CODM view the Company’s operations and manage its business as a single operating and reportable segment, which is the business of developing and commercializing CAR T therapies. 
Product revenue, net
Product revenue
During the three-month period ended March 31, 2025, the Company’s product revenue, net was solely comprised of sales of AUCATZYL in the U.S. The Company uses Cardinal Health 105, LLC (“Cardinal Health”) as an agent to deliver the Company’s product, AUCATZYL, to Authorized Treatment Centers (“ATC”). The ATCs are responsible for the treatment of the patient including infusion of the product which occurs in two separate doses. Cardinal Health is obligated to pay the Company for the product upon the delivery and acceptance of the product at the ATC within standard payment terms. The ATC is obligated to pay Cardinal Health for the product upon receipt and acceptance of the product and is entitled to a credit in certain circumstances, including when the patient is not administered one or both doses.
During the three-months ended March 31, 2026, the Company launched AUCATZYL in the U.K. Consequently, the Company's product revenue, net now includes sales of AUCATZYL in the U.S. and U.K. AUCATZYL is available through the National Health Service (“NHS”) and private treatment centers.
The Company accounts for product revenues pursuant to the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.
The Company has determined that the patient is the customer in the arrangement pursuant to ASC 606. The Company has identified a single performance obligation, which is satisfied when the patient has received its second (final) dose of the product, and it records an accounts receivable on the balance sheet when product sales are invoiced and the final dose of the product has been administered to the patient. 
Gross-to-net deductions
Product revenue, net of gross-to-net deductions, is recognized only to the extent that a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with gross-to-net deductions is subsequently resolved. In the United States, product revenue is recognized net of estimated rebates and chargebacks, patient travel assistance and patient co-pay assistance deductions. Thes