Adicet Bio(ACET) - 2025 Q4 - Annual Results

Financial Performance - Net loss for Q4 2025 was $30.5 million, or $2.94 per share, compared to a net loss of $28.7 million, or $5.06 per share in Q4 2024[10]. - Total operating expenses for the year ended December 31, 2025, were $122.1 million, down from $127.6 million in 2024[14]. - General and administrative expenses for Q4 2025 were $6.9 million, down from $7.5 million in Q4 2024[10]. - Accumulated deficit improved from $186.60 million in 2024 to $159.64 million in 2025, showing a reduction of about 14.5%[16]. - Total stockholders' equity increased from $139.82 million in 2024 to $158.53 million in 2025, marking an increase of approximately 13.4%[16]. Research and Development - R&D expenses for Q4 2025 were $25.0 million, up from $23.3 million in Q4 2024, primarily due to a $6.1 million increase in expenses related to CROs and CDMOs[6]. - Prula-cel Phase 1 trial shows strong enrollment momentum, with the next clinical update expected in 1H 2026[3]. - The next clinical update for prula-cel in autoimmune diseases is anticipated in the first half of 2026[2]. - FDA alignment allows outpatient dosing for lupus nephritis and systemic lupus erythematosus patients in ongoing and future studies[7]. - Regulatory filing for ADI-212 in metastatic castration-resistant prostate cancer is planned for Q3 2026, with enrollment expected to begin in Q4 2026[1]. Cash and Investments - Cash, cash equivalents, and short-term investments were $158.5 million as of December 31, 2025, compared to $176.3 million as of December 31, 2024[10]. - Cash, cash equivalents, and short-term investments decreased from $176.303 million in 2024 to $158.530 million in 2025, representing a decline of approximately 10%[16]. - Working capital decreased from $220.21 million in 2024 to $192.35 million in 2025, indicating a reduction of about 12.7%[16]. - Total assets increased from $497.89 million in 2024 to $614.26 million in 2025, reflecting a growth of approximately 23.4%[16]. Fundraising - The company raised $74.8 million in net proceeds through an equity offering in October 2025[10].