Adicet Bio Reports $28.2 Million Net Loss in Q1 2025, Seeks Additional Financing

Adicet Bio, Inc. reported a net loss of $28.2 million for the first quarter of 2025, a slight increase from the $28.0 million loss recorded in the same period of 2024. The company's total operating expenses decreased by 3% to $29.9 million, down from $30.9 million year-over-year. Research and development expenses fell by 5% to $22.8 million, primarily due to reduced costs associated with contract development and manufacturing organizations (CDMOs) and other externally conducted research. General and administrative expenses remained relatively stable, increasing slightly to $7.1 million from $7.0 million.

In terms of financial position, Adicet's cash and cash equivalents, along with short-term investments, totaled $150.4 million as of March 31, 2025, a decrease from $180.1 million at the end of 2024. The company has an accumulated deficit of $526.1 million, reflecting its ongoing investment in product development without any revenue from product sales, as none of its candidates have yet received regulatory approval. The company anticipates continued operating losses as it advances its clinical programs.

Adicet is focused on developing its lead product candidates, ADI-001 and ADI-270, both of which are in clinical trials. ADI-001, targeting autoimmune diseases, received FDA clearance for its IND application in lupus nephritis in December 2023 and has since expanded its clinical program to include additional autoimmune conditions. ADI-270, aimed at treating renal cell carcinoma, also received FDA clearance for its IND application in June 2024. The company plans to report preliminary clinical data for both candidates in the second half of 2025.

Operationally, Adicet has made strategic moves to enhance its capabilities, including the establishment of a wholly-owned subsidiary in Shanghai, China, to support its research and development activities. The company is also navigating challenges related to its collaboration with Regeneron Pharmaceuticals, which is critical for its financial health. As of March 31, 2025, Adicet had not generated significant revenue from its collaboration with Regeneron, which has raised concerns about its ability to sustain operations without additional financing.

Looking ahead, Adicet Bio expects to continue incurring significant losses as it develops its product candidates and seeks regulatory approvals. The company has indicated that it will require substantial additional financing to support its operations and development plans. It is currently exploring various funding options, including equity and debt financing, to ensure it can meet its operational needs in the coming months. The company is also under scrutiny from Nasdaq for failing to meet the minimum bid price requirement for its common stock, which could impact its listing status if not resolved by October 2025.