Adicet Bio Reports Financial Results, Net Loss Decrease, and Shift in Focus to ADI-001 for Autoimmune Diseases

Adicet Bio, Inc., a clinical-stage biotechnology company focused on developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had 82,400,960 shares of common stock outstanding, with a par value of $0.0001 per share.

As of September 30, 2024, Adicet's cash and cash equivalents totaled $105.5 million, a decrease from $159.7 million at the end of 2023. Total current assets increased to $206.3 million from $162.3 million, while total assets rose to $246.0 million from $207.3 million. The company’s additional paid-in capital increased significantly to $680.6 million from $550.9 million, contributing to total stockholders’ equity of $211.5 million, up from $170.2 million.

For the three months ended September 30, 2024, Adicet reported total operating expenses of $33.2 million, a notable decrease of 37% from $52.3 million in the same period of 2023. The loss from operations was $33.2 million, down from $52.3 million year-over-year. The net loss for the quarter was $30.5 million, a reduction from $49.9 million in the prior year, resulting in a net loss per share of $(0.34), compared to $(1.16) in 2023. For the nine months ended September 30, 2024, the net loss was $88.4 million, down from $113.2 million in the same period of 2023.

The company has not generated any revenue from product sales, relying instead on a collaboration agreement with Regeneron Pharmaceuticals, which has provided a total of $45 million in upfront and research funding payments. Adicet anticipates continued significant losses as it develops its product candidates, including ADI-001 and ADI-270, both of which are in various stages of clinical trials.

In terms of financing, Adicet raised approximately $19.3 million through the JonesTrading ATM Program in January 2024, and completed an underwritten public offering in January 2024, netting approximately $91.7 million. The company expects its current cash resources to be sufficient to fund operations into the second half of 2026.

Strategically, Adicet has shifted its focus to developing ADI-001 for autoimmune diseases, closing patient enrollment for its Phase 1 trial in mantle cell lymphoma. The company has also initiated research and development activities in China through its subsidiary, Adicet Shanghai, which was formed in May 2024.

Overall, Adicet Bio continues to navigate the challenges of early-stage biotechnology development while managing its financial resources and operational strategies to support its clinical programs.