Adicet Bio (ACET) , a clinical-stage company, develops “off-the-shelf” gamma delta T cell therapies with novel mechanisms of action for patients with cancer and autoimmune diseases.The company’s lead product candidate, ADI-001, is an investigational allogeneic gamma delta CAR T cell therapy targeting CD20. It is currently being evaluated in a phase I study for the treatment of relapsed or refractory aggressive B-cell non-Hodgkin’s lymphoma.Over the past month, shares of Adicet have skyrocketed 130.4% compar ...

For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Adicet Bio, Inc. (ACET) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.Adicet Bio, Inc. is a member of the Medical sector. This group includes 1077 ind ...

REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)--Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and autoimmune diseases, today provided corporate updates and highlighted upcoming priorities for its pipeline programs in 2024. “In 2024, we aim to make significant strides across our pipeline of differentiated gamma delta T cell therapies through our strategic and disciplined approach,” said Chen Schor, Pres ...

Core Viewpoint - Adicet Bio, Inc. is set to provide an update on its clinical pipeline and corporate outlook during a conference call and webcast on January 4, 2024 [1] Group 1: Company Overview - Adicet Bio, Inc. is a clinical stage biotechnology company focused on discovering and developing allogeneic gamma delta T cell therapies for cancer [3] - The company is advancing a pipeline of "off-the-shelf" gamma delta T cells, which are engineered with chimeric antigen receptors (CARs) to enhance selective tumor targeting and facilitate both innate and adaptive immune responses for durable activity in patients [3] Group 2: Event Details - The conference call and webcast will take place on January 4, 2024, at 8:00 am ET [1] - Participants can access the live webcast by registering on the company's website, and a confirmation email with a unique passcode will be sent to all registrants [2] - For those wishing to participate via telephone, a domestic number (888-788-0099) and an international number (312-626-6799) are provided, along with a conference ID [2] - An archived replay of the presentation will be available for 30 days following the event [2]

Core Insights - Adicet Bio, Inc. has granted an inducement award to a new employee, which includes stock options for 84,000 shares at an exercise price of $1.89 per share, reflecting the closing price on December 29, 2023 [2] - The stock options will vest over a four-year period, with one-fourth vesting on the one-year anniversary and the remaining shares vesting in equal monthly installments [2] - The award was granted outside of the company's stockholder-approved equity incentive plans, under the 2022 Inducement Plan, and was authorized by the compensation committee of the board of directors [3] Company Overview - Adicet Bio, Inc. is a clinical stage biotechnology company focused on developing allogeneic gamma delta T cell therapies for cancer [4] - The company is advancing a pipeline of engineered gamma delta T cells with chimeric antigen receptors (CARs) aimed at enhancing tumor targeting and promoting anti-tumor immune responses [4]

Financial Performance - The company recorded a net loss of $49.9 million for the three months ended September 30, 2023, compared to a net loss of $22.0 million in the same period in 2022, representing a 127% increase in loss [122]. - The company recognized no revenue for the nine months ended September 30, 2023, a decrease of $25.0 million, or 100%, compared to the same period in 2022 due to the completion of obligations under the Regeneron Agreement [128]. - The company recorded a net loss of $49.9 million for the three months ended September 30, 2023, with an accumulated deficit of $351.3 million as of the same date [142]. - Total operating expenses rose by $29.3 million, or 127%, to $52.3 million for the three months ended September 30, 2023, compared to $23.0 million in the same period in 2022 [122]. - Research and development expenses increased by $35.0 million, or 76%, to $81.3 million for the nine months ended September 30, 2023, compared to $46.2 million in the same period in 2022 [129]. - Net cash used in operating activities was $70.2 million for the nine months ended September 30, 2023, compared to $25.9 million for the same period in 2022 [151][152]. - Net cash provided by financing activities was $0.2 million for the nine months ended September 30, 2023, significantly lower than $41.2 million for the same period in 2022 [155]. Research and Development - The lead product candidate, ADI-001, is in an ongoing Phase 1 study for relapsed or refractory aggressive B-cell non-Hodgkin's lymphoma, with an expansion cohort initiated in November 2023 [102]. - The company plans to transition the ADI-001 program into a potentially pivotal single-arm Phase 2 study based on data from the ongoing trials [102]. - The company has paused preclinical development of ADI-925 to prioritize resources on ADI-270, targeting CD70+ cancers [101]. - The company expects to provide a clinical update from the Phase 1 study in NHL patients in the second half of 2024 [102]. - Research and development expenses consist primarily of employee-related costs, consultant agreements, lab materials, and facility-related costs [112]. Cash and Funding - The company had cash and cash equivalents of $183.3 million as of September 30, 2023, expected to fund operations for at least the next twelve months [136]. - As of September 30, 2023, the company had $12.7 million available under the Term Loan and was in compliance with covenants [141]. - The company anticipates needing to raise substantial additional capital to fund operations and product development, influenced by various factors including clinical trials and regulatory approvals [144]. Expenses and Financial Commitments - General and administrative expenses are expected to increase due to costs associated with operating as a public company, including personnel costs and compliance expenses [116]. - Goodwill impairment charges increased by $19.5 million, or 100%, during the three months ended September 30, 2023, representing the entire balance of goodwill [124]. - The company has ongoing lease agreements with significant financial commitments, including an annual base rent of $1.3 million for the Redwood City Lease [157]. Market and Economic Factors - The company is subject to risks related to the development of new product candidates, which may lead to unforeseen expenses and delays [143]. - The company may need to enter collaborations to supplement funds, which could limit its ability to develop and commercialize its product candidates [147]. - The company's assets are primarily monetary, consisting of cash and cash equivalents, which are not directly affected by inflation [167]. - Incremental inflation related to replacement costs of equipment and office improvements is not expected to materially affect operations [167]. - Inflation generally increases costs related to labor, clinical trials, and manufacturing [167]. - The company does not believe inflation had a material effect on its business, financial condition, or results of operations during Q3 2023 [167]. Revenue and Payments - The company received a non-refundable upfront payment of $25.0 million from Regeneron and an additional $20.0 million for research funding as of September 30, 2023 [109]. - As of September 30, 2023, no shares have been sold under the new prospectus for the ATM program, which allows for the sale of up to $100.0 million in common stock [105].

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 June 30, 2023 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: 001-38359 Adicet Bio, Inc. (Exact name of registrant as specified in its charter) Delaware 81-3305277 (State or other jurisdiction o ...

Financial Performance - Revenue decreased by $25.0 million, or 100%, for the three months ended March 31, 2023, due to no revenue recognized under the Regeneron Agreement[119] - Net loss recorded was $30.9 million for the three months ended March 31, 2023, with an accumulated deficit of $269.0 million as of the same date[131] - General and administrative expenses decreased by $0.2 million, or 3%, during the three months ended March 31, 2023, mainly due to lower facility costs and stock-based compensation[121] - Total operating expenses increased by $13.0 million, or 64%, during the three months ended March 31, 2023, compared to the same period in 2022[118] - Interest income increased by $2.6 million, or 8,231%, during the three months ended March 31, 2023, attributed to higher interest rates[122] Research and Development - The ongoing Phase 1 study for the lead product candidate ADI-001 may enroll up to 80 late-stage NHL patients across multiple cancer centers in the U.S.[100] - The FDA granted Fast Track Designation for ADI-001 for NHL in April 2022, with interim results presented at the ASH annual meeting in December 2022[100] - The company plans to initiate a pivotal study for ADI-001 in post-CAR T large B-cell lymphoma patients in Q4 2023[100] - Research and development expenses consist primarily of employee-related costs, consultant agreements, lab materials, and facility-related costs[110] - Research and development expenses increased by $13.3 million, or 98%, during the three months ended March 31, 2023, primarily due to increases in CDMO expenses and payroll[120] Cash and Capital Management - Cash and cash equivalents as of March 31, 2023, were $231.6 million, expected to be sufficient for at least the next twelve months[125] - The company anticipates needing to raise substantial additional capital to fund operations and product development in the foreseeable future[133] - Net cash used in operating activities was $24.1 million for the three months ended March 31, 2023, with non-cash adjustments totaling $6.6 million[140] - Net cash used in investing activities was $1.9 million for the three months ended March 31, 2023, primarily related to the construction of the GMP cell processing suite[142] - Net cash used in financing activities was less than $0.1 million for the three months ended March 31, 2023, related to cash paid for taxes withheld on equity awards[143] Company Operations - The company has no products approved for commercial sale and does not expect to generate revenue from product sales for several years[107] - The company received a non-refundable upfront payment of $25.0 million from Regeneron and an additional $20.0 million for research funding as of March 31, 2023[107] - The company entered into a Capital On Demand™ Sales Agreement, resulting in net proceeds of $43.4 million from the sale of 2,611,723 shares at $17.23 per share[101] - The company increased its tenant improvement allowance by an additional $3.0 million for office and laboratory space buildout[103] - The company wired $187.2 million from its ICS accounts to Pacific Western Asset Management for investment in money market funds[104] Lease Agreements - The initial annual base rent for the Boston Lease was $0.6 million, increasing 2% annually, with an expiration date of July 31, 2026[144] - The initial annual base rent for the Redwood City Lease is $1.3 million, increasing 3% annually, with an expiration date of February 28, 2030[145] Economic Factors - The company does not believe that foreign currency exchange rate fluctuations have had a significant impact on its results of operations for any periods presented[154] - The company does not believe that inflation had a material effect on its business, financial condition, or results of operations during the three months ended March 31, 2023[155] Company Status - The company remains an emerging growth company and smaller reporting company, with annual revenue less than $100 million and market value of stock held by non-affiliates less than $700 million[151] - The company has elected to use the extended transition period for new or revised accounting standards while remaining an emerging growth company[150]

Leaders in Developing Allogeneic CAR and CAd γδ Cell Therapies to Fight Cancer Forward-Looking Statements This presentation contains "forward-looking statements" of Adicet Bio, Inc. (Adicet) within the meaning of the Private Securities Litigation Reform Act of 1995 relating to business and operations of Adicet. These forward-looking statements include, but are not limited to, express or implied statements regarding the potential safety, durability, tolerability and efficacy of ADI-001; the expected progress ...

Part I [Business](index=7&type=section&id=Item%201.%20Business) Adicet Bio is a clinical-stage biotech developing allogeneic gamma delta T cell therapies for cancer, with lead candidate ADI-001 [Overview and Pipeline](index=7&type=section&id=Overview%20and%20Pipeline) Adicet Bio's pipeline includes lead candidate ADI-001 in Phase 1 for NHL, preclinical ADI-925, and licensed ADI-002 - The company is a clinical-stage biotechnology firm focused on developing "off-the-shelf" allogeneic gamma delta T cell therapies for cancer[16](index=16&type=chunk) - Lead product candidate ADI-001 is a first-in-class allogeneic gamma delta T cell therapy targeting CD20, currently in a Phase 1 study for relapsed or refractory B-cell non-Hodgkin's lymphoma (NHL)[18](index=18&type=chunk)[19](index=19&type=chunk) - The pipeline includes ADI-925, a novel engineered CAd gamma delta T cell product candidate, with an IND application planned for the second half of **2023**[23](index=23&type=chunk) - Regeneron has exercised its option to license the exclusive worldwide rights to ADI-002, a gamma delta CAR T-cell therapy for solid tumors. Regeneron is now responsible for all development, manufacturing, and commercialization[23](index=23&type=chunk)[70](index=70&type=chunk) [Strategy and Technology](index=9&type=section&id=Strategy%20and%20Technology) Strategy focuses on advancing ADI-001 and leveraging its Vδ1 gamma delta T cell platform for 'off-the-shelf' therapies - Key strategic elements include advancing ADI-001, innovating the gamma delta T cell platform, exploring outpatient administration, and expanding intellectual property[25](index=25&type=chunk) - The company's Vδ1 gamma delta T cell platform is designed to overcome limitations of autologous alpha beta T cell therapies, such as treatment delays, manufacturing variability, and high costs[33](index=33&type=chunk)[37](index=37&type=chunk) - Key advantages of gamma delta T cells include lack of GvHD, MHC-independent tumor recognition, inherent tumor localization, and potential for re-dosing, making them suitable for an allogeneic, "off-the-shelf" approach[36](index=36&type=chunk) - The company's proprietary manufacturing process involves isolating peripheral blood cells from unrelated donors, activating Vδ1 gamma delta T cells, transducing them with CAR or CAd constructs, and expanding them over **6,000**-fold at clinical scale[49](index=49&type=chunk)[51](index=51&type=chunk) [ADI-001 Clinical Program](index=14&type=section&id=ADI-001%20Clinical%20Program) ADI-001, an allogeneic anti-CD20 CAR gamma delta T cell therapy, showed promising Phase 1 efficacy and safety in NHL ADI-001 Phase 1 Interim Efficacy Results (as of Dec 5, 2022) | Metric | Result | | :--- | :--- | | Overall Response Rate (ORR) | **75% overall response rate (ORR)** (across all dose levels) | | Complete Response (CR) Rate | **69% complete response (CR) rate** (across all dose levels) | | ORR & CR in post-CAR T LBCL patients | **100% (5/5)** | | CR Rate in LBCL patients (DL3 and above) | **86% (6/7)** | - ADI-001 has been generally well-tolerated, with no occurrences of dose-limiting toxicities, Graft versus Host Disease (GvHD), or Grade **3** or higher Cytokine Release Syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS)[64](index=64&type=chunk) - The company plans to discuss a potential pivotal study path with the FDA in Q**2** **2023** and intends to initiate a study in post-CAR T large B-cell lymphoma (LBCL) patients in the second half of **2023**[19](index=19&type=chunk) [Manufacturing, IP, and Competition](index=18&type=section&id=Manufacturing%2C%20IP%2C%20and%20Competition) The company is developing internal GMP manufacturing, holds IP, and faces intense competition in cell therapy - The company relies on third-party CDMOs for manufacturing but is also establishing internal GMP cell processing and vector manufacturing operations at its Redwood City, CA facility[88](index=88&type=chunk)[89](index=89&type=chunk) - The patent portfolio for ADI-001 includes applications which, if issued, would expire in **2039**, with additional methods of treatment applications potentially extending to **2042**[77](index=77&type=chunk) - The patent portfolio for ADI-925 includes applications which, if issued, would expire between **2042** and **2043**[77](index=77&type=chunk) - The company faces competition from numerous companies in the allogeneic T-cell therapy space (e.g., Allogene, Caribou, Fate) and autologous T-cell therapy space (e.g., Gilead, Bristol-Myers Squibb, Novartis)[94](index=94&type=chunk) [Government Regulation](index=22&type=section&id=Government%20Regulation) The company's biologics are subject to extensive FDA and international regulations, including BLA and healthcare laws - The company's cell therapy products are regulated as biologics and require submission and approval of a Biologics License Application (BLA) from the FDA before marketing[101](index=101&type=chunk) - The FDA provides expedited development programs for serious conditions, including Fast Track, Priority Review, Accelerated Approval, and Regenerative Medicine Advanced Therapy (RMAT) designation, which the company may pursue[126](index=126&type=chunk)[131](index=131&type=chunk) - The company's operations are subject to various U.S. healthcare laws, including the federal Anti-Kickback Statute, the False Claims Act, HIPAA, and the Physician Payments Sunshine Act[144](index=144&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[154](index=154&type=chunk) - Recent healthcare reform, such as the Inflation Reduction Act of **2022** (IRA), may impact the business through provisions allowing government price negotiation for Medicare drugs and imposing rebates for price increases faster than inflation[165](index=165&type=chunk)[166](index=166&type=chunk) - International operations are subject to foreign regulations, including the EU's Clinical Trials Regulation and the General Data Protection Regulation (GDPR), which imposes stringent requirements for processing personal data[180](index=180&type=chunk)[186](index=186&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from limited operating history, net losses, ADI-001 dependency, and regulatory challenges - The business is highly dependent on the success of its lead product candidate, ADI-001. Any failure or delay in its development or commercialization would significantly harm the company[209](index=209&type=chunk)[211](index=211&type=chunk) - The company's gamma delta T cell candidates represent a novel approach, making it difficult to predict development time, cost, and the likelihood of regulatory approval[212](index=212&type=chunk)[215](index=215&type=chunk) - The company has a history of net losses (**$69.8 million** in **2022**) and expects to incur substantial losses in the future, which could raise doubts about its ability to continue as a going concern without additional financing[204](index=204&type=chunk)[207](index=207&type=chunk) - Reliance on third-party suppliers and manufacturers increases the risk of not having sufficient quantities of product candidates at an acceptable cost, which could impair development and commercialization[250](index=250&type=chunk) - Termination of or material breach by Regeneron of the collaboration agreement would materially harm the company's business, prospects, and financial condition[313](index=313&type=chunk) - Unstable market and economic conditions, including rising inflation and interest rates, could adversely affect the company's business, financial condition, and ability to raise capital[433](index=433&type=chunk)[437](index=437&type=chunk) [Unresolved Staff Comments](index=92&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not applicable[465](index=465&type=chunk) [Properties](index=92&type=section&id=Item%202.%20Properties) The company leases executive offices in Boston and significant office/lab space, including GMP facilities, in Redwood City - The company leases office and laboratory space in Boston, MA (lease expires July **2023**) and Redwood City, CA (leases expire Feb **2030** and June **2025**)[465](index=465&type=chunk) [Legal Proceedings](index=92&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[466](index=466&type=chunk) [Mine Safety Disclosures](index=92&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[466](index=466&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=93&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'ACET' and does not anticipate paying cash dividends - The company's common stock trades on The Nasdaq Global Market under the symbol "ACET"[468](index=468&type=chunk) - The company has never declared or paid cash dividends and does not anticipate doing so in the foreseeable future[469](index=469&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=94&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's **2022** financials show increased revenue, higher expenses, a net loss, and cash for operations into H**1** **2025** [Results of Operations](index=99&type=section&id=Results%20of%20Operations) In **2022**, revenue surged from a Regeneron payment, while R&D and G&A expenses increased, leading to a wider net loss Comparison of Operations (Years Ended Dec 31) | Financial Metric | 2022 ($) | 2021 ($) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | **$24.99M** | **$9.73M** | **157%** | | Research & Development | **$71.25M** | **$48.94M** | **46%** | | General & Administrative | **$26.30M** | **$22.22M** | **18%** | | Total Operating Expenses | **$97.54M** | **$71.16M** | **37%** | | Net Loss | **($69.79M)** | **($62.00M)** | **13%** | - The **$15.3 million** increase in revenue was primarily due to the **$20.0 million** payment received from Regeneron for the exercise of its option related to ADI-002[497](index=497&type=chunk) - R&D expenses increased by **$22.3 million**, mainly from a **$9.9 million** increase in payroll due to higher headcount, a **$4.4 million** increase in CDMO/CRO costs for ADI-001, and a **$4.2 million** increase in facility expenses[499](index=499&type=chunk) [Liquidity and Capital Resources](index=100&type=section&id=Liquidity%20and%20Capital%20Resources) As of December **31**, **2022**, the company held **$257.7 million** in cash, expected to fund operations into H**1** **2025** - As of December **31**, **2022**, the company had cash and cash equivalents of **$257.7 million**[508](index=508&type=chunk) - Management expects current cash and cash equivalents to be sufficient to fund operations into the first half of **2025**[261](index=261&type=chunk)[508](index=508&type=chunk) - In August **2022**, the company sold **2,611,723** shares of common stock through its ATM program, resulting in net proceeds of approximately **$43.4 million**[507](index=507&type=chunk) Summary Statement of Cash Flows (Years Ended Dec 31) | Cash Flow Activity | 2022 ($) | 2021 ($) | | :--- | :--- | :--- | | Net cash used in Operating | **($44.77M)** | **($51.05M)** | | Net cash used in Investing | **($16.78M)** | **($2.80M)** | | Net cash provided by Financing | **$41.51M** | **$242.69M** | [Quantitative and Qualitative Disclosures About Market Risk](index=105&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on cash, but a **10%** change is not expected to be material - The company's primary market risk is interest rate risk on its **$257.7 million** of cash and cash equivalents, but an immediate **10%** change in rates is not expected to have a material impact[538](index=538&type=chunk) - Foreign currency exchange risk and inflation risk were not considered to have a material effect on the business during **2022** and **2021**[539](index=539&type=chunk)[540](index=540&type=chunk) [Financial Statements and Supplementary Data](index=105&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the company's consolidated financial statements and supplementary data from Part IV - All required financial statements and supplementary data are filed under Item **15**(a) of the Annual Report on Form **10**-K[541](index=541&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=105&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[541](index=541&type=chunk) [Controls and Procedures](index=105&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December **31**, **2022** - Management concluded that the company's disclosure controls and procedures were effective as of December **31**, **2022**[542](index=542&type=chunk) - Management assessed internal control over financial reporting and concluded it was effective as of December **31**, **2022**, based on the COSO framework[546](index=546&type=chunk) - No material changes in internal control over financial reporting occurred during the year ended December **31**, **2022**[548](index=548&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=107&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the **2023** Proxy Statement - The required information for this item is incorporated by reference from the company's **2023** Proxy Statement[551](index=551&type=chunk) [Executive Compensation](index=107&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the **2023** Proxy Statement - The required information for this item is incorporated by reference from the company's **2023** Proxy Statement[553](index=553&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=107&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the **2023** Proxy Statement - The required information for this item is incorporated by reference from the company's **2023** Proxy Statement[553](index=553&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=107&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the **2023** Proxy Statement - The required information for this item is incorporated by reference from the company's **2023** Proxy Statement[554](index=554&type=chunk) [Principal Accountant Fees and Services](index=107&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the **2023** Proxy Statement - The company's independent public accounting firm is KPMG LLP. Information on fees and services is incorporated by reference from the **2023** Proxy Statement[555](index=555&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=108&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section includes consolidated financial statements, the independent auditor's report, and an index of all filed exhibits - This section includes the Report of Independent Registered Public Accounting Firm and the Consolidated Financial Statements for the years ended December **31**, **2022** and **2021**[557](index=557&type=chunk) - An index of all exhibits filed as part of the Annual Report is provided[558](index=558&type=chunk) Financial Statements [Consolidated Financial Statements](index=111&type=section&id=Consolidated%20Financial%20Statements) In **2022**, Adicet Bio reported **$330.7M** total assets, **$25.0M** revenue, **$69.8M** net loss, and **$257.7M** cash Consolidated Balance Sheet Data (as of Dec 31) | Account | 2022 ($) | 2021 ($) | | :--- | :--- | :--- | | Cash and cash equivalents | **$257.7M** | **$277.5M** | | Total Assets | **$330.7M** | **$338.9M** | | Total Liabilities | **$38.4M** | **$35.8M** | | Total Stockholders' Equity | **$292.3M** | **$303.1M** | Consolidated Statement of Operations Data (Year Ended Dec 31) | Account | 2022 ($) | 2021 ($) | | :--- | :--- | :--- | | Revenue | **$25.0M** | **$9.7M** | | Total Operating Expenses | **$97.5M** | **$71.2M** | | Loss from Operations | **($72.6M)** | **($61.4M)** | | Net Loss | **($69.8M)** | **($62.0M)** | | Net Loss Per Share | **($1.70)** | **($2.00)** | Consolidated Statement of Cash Flows Data (Year Ended Dec 31) | Activity | 2022 ($) | 2021 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | **($44.8M)** | **($51.1M)** | | Net cash used in investing activities | **($16.8M)** | **($2.8M)** | | Net cash provided by financing activities | **$41.5M** | **$242.7M** | [Notes to Consolidated Financial Statements](index=115&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, liquidity, Regeneron revenue, operating leases, stock compensation, and federal net operating loss carryforwards - The company has an accumulated deficit of **$238.1 million** as of December **31**, **2022**, but expects its cash and cash equivalents to be sufficient to fund operations for at least the next twelve months[582](index=582&type=chunk)[586](index=586&type=chunk) - All revenue for **2022** and **2021** was generated from the License and Collaboration Agreement with Regeneron. The company's performance obligations under this agreement were completed in the first quarter of **2022**[607](index=607&type=chunk)[649](index=649&type=chunk) - As of December **31**, **2022**, the company had federal net operating loss carryforwards of approximately **$271.2 million**, of which **$263.6 million** can be carried forward indefinitely[709](index=709&type=chunk) - In August **2022**, the company sold **2,611,723** shares of common stock under its ATM offering, raising net proceeds of **$43.4 million**[585](index=585&type=chunk)[715](index=715&type=chunk)