Based upon our analysis of prior and peer data sets, we are previewing two upcoming 2H21 potential catalysts for ADAP and SWTX: 1) For Adaptimmune –  ahead of the ESMO (Sep 17-21) solid tumor data we are previewing near-term liver data at ILCA 2021 (presentation on Sep 5th, but conference runs Sep 2- 5), we expect to see a readout from Cohort 3 and expansion phase of the Phase 1 trial of ADP-A2AFP in liver cancer – we believe a 20% ORR, 5+ months duration and manageable safety could be positive for the stock; and 2) For SpringWorks — in 2H21, we expect to see top-line data from the Phase 3 study of nirogacestat (gamma secretase inhibitor) monotherapy in desmoid tumors that show an ORR of 30-40% and better safety than standard of care with sorafenib.