Adicet Bio(ACET) - 2025 Q2 - Quarterly Results

Adicet Bio Second Quarter 2025 Business Updates Autoimmune Diseases Program (ADI-001) Adicet is actively enrolling patients in its Phase 1 trial for ADI-001 across multiple autoimmune diseases, with preliminary data anticipated in H2 2025 - Actively enrolling patients in a Phase 1 trial for ADI-001 in lupus nephritis (LN), systemic lupus erythematosus (SLE), and systemic sclerosis (SSc)[1] - The first patient with systemic sclerosis (SSc) was dosed in July 2025[3] - Enrollment has been expanded to include patients with idiopathic inflammatory myopathy (IIM), stiff person syndrome (SPS), and anti-neutrophil cytoplasmic autoantibody associated vasculitis (AAV)[1][3] - Preliminary clinical data from the Phase 1 trial, with at least 6 patients having at least 3 months' follow-up, is on track to be reported in the second half of 2025[1][2] Solid Tumor Indications Program (ADI-212) Adicet prioritizes preclinical development of ADI-212 for prostate cancer, targeting a Q1 2026 regulatory filing and H2 2026 initial clinical data - Prioritizing development of ADI-212, a next-generation gene-edited candidate targeting prostate specific membrane antigen (PSMA) for solid tumors[4] - Preclinical studies of ADI-212 have shown enhanced activity, suggesting potential for improved potency and tumor-cell killing capacity[4] - A regulatory filing for ADI-212 for the treatment of metastatic castration-resistant prostate cancer (mCRPC) is expected in Q1 2026[4] - Initial clinical data from the ADI-212 program is anticipated in the second half of 2026, subject to regulatory clearance[4] Corporate Updates Adicet discontinued the ADI-270 program and reduced its workforce by 30%, extending its cash runway into Q4 2026 - Discontinued the development of ADI-270 for patients with metastatic/advanced clear renal cell carcinoma (ccRCC) and closed enrollment in its Phase 1 trial[5] - Reduced its workforce by approximately 30% in connection with the strategic pipeline prioritization[5] - The workforce reduction and other expense reductions are expected to extend the Company's cash runway into the fourth quarter of 2026[5] Financial Results for Second Quarter 2025 Q2 2025 Financial Performance Summary Adicet reported a Q2 2025 net loss of $31.2 million, with R&D expenses increasing to $28.4 million and G&A decreasing to $4.0 million, ending with $125.0 million in cash Q2 2025 Financial Performance Summary | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | R&D Expenses | $28.4 million | $25.9 million | | G&A Expenses | $4.0 million | $6.9 million | | Net Loss | $31.2 million | $29.9 million | | Net Loss per Share | $0.34 | $0.33 | | Cash, Cash Equivalents & Short-term Investments | $125.0 million | N/A | - The increase in R&D expenses was primarily driven by a $1.4 million increase in costs related to contract development and manufacturing organizations and a $1.6 million increase in facility-related expenses[6] - The decrease in G&A expenses was mainly due to a $1.8 million decrease in payroll and personnel expenses and a $1.1 million decrease in facility-related expenses[10] - The company's cash, cash equivalents, and short-term investments of $125.0 million as of June 30, 2025, are expected to be sufficient to fund operating expenses into the fourth quarter of 2026[10] Consolidated Financial Statements Consolidated Statements of Operations Adicet reported Q2 2025 total operating expenses of $32.4 million and a net loss of $31.2 million, or $0.34 per share, compared to Q2 2024's $32.8 million operating expenses and $29.9 million net loss Consolidated Statements of Operations | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Research and development | $28,424 | $25,901 | | General and administrative | $3,968 | $6,948 | | Total operating expenses | $32,392 | $32,849 | | Loss from operations | $(32,392) | $(32,849) | | Interest income | $1,398 | $2,999 | | Net loss | $(31,217) | $(29,901) | | Net loss per share, basic and diluted | $(0.34) | $(0.33) | Consolidated Balance Sheets Information As of June 30, 2025, Adicet reported $125.0 million in cash, equivalents, and short-term investments, $163.0 million in total assets, and $133.4 million in total stockholders' equity Consolidated Balance Sheets Information | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents, and short term investments | $124,963 | $176,303 | | Working Capital | $110,661 | $160,744 | | Total assets | $162,972 | $220,219 | | Total stockholders' equity | $133,372 | $186,609 |