Adicet Bio(ACET) - 2024 Q2 - Quarterly Results

Clinical Development - ADI-001 clinical development expanded to include systemic lupus erythematosus (SLE), systemic sclerosis (SSc), and ANCA-associated vasculitis (AAV) following FDA IND clearances[1] - ADI-270 received IND clearance for relapsed/refractory renal cell carcinoma (RCC) and FDA Fast Track Designation[1] - Enrollment in the Phase 1 clinical trial of ADI-001 for lupus nephritis is expected to begin in Q3 2024, with preliminary data anticipated in the first half of 2025[3] - The Phase 1 trial of ADI-270 in RCC patients is expected to initiate in Q4 2024, with preliminary clinical data also expected in the first half of 2025[4] Financial Performance - R&D expenses decreased to $25.9 million in Q2 2024 from$28.4 million in Q2 2023, a reduction of approximately 8.5%[5] - G&A expenses increased to $6.9 million in Q2 2024 from$6.5 million in Q2 2023, reflecting a rise of about 6.1%[6] - Net loss for Q2 2024 was $29.9 million, or$0.33 per share, compared to a net loss of $32.4 million, or$0.75 per share in Q2 2023[6] - Total operating expenses for Q2 2024 were $32.8 million, down from$34.9 million in Q2 2023, a decrease of approximately 5.9%[13] Cash Position - Cash and cash equivalents stood at $224.1 million as of June 30, 2024, up from$159.7 million as of December 31, 2023[7] - The company expects its current cash position to fund operations into the second half of 2026[7]