Adicet Reports First Quarter 2024 Financial Results and Provides Business Updates
On track to initiate Phase 1 clinical trial evaluating ADI-001 in lupus nephritis in 2Q 2024
Presented promising preclinical data on ADI-270 at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting; on track to file investigational new drug (IND) in renal cell carcinoma in 2Q 2024
Strong balance sheet with $247.6 million in cash and cash equivalents as of March 31, 2024
REDWOOD CITY, Calif. & BOSTON – May 14, 2024 – Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today reported financial results and operational highlights for the first quarter ended March 31, 2024.
“We are poised for a transformational year in 2024 as we advance our gamma delta T cell platform in autoimmune diseases and prepare to initiate a Phase 1 study evaluating our lead candidate ADI-001 in lupus nephritis in the second quarter of this year,” said Chen Schor, President and Chief Executive Officer at Adicet Bio. “We recently shared encouraging preclinical data on ADI-270 at the ASGCT annual meeting highlighting its highly differentiated profile and illustrating ADI-270’s robust anti-tumor activity in multiple CD70+ solid and hematological cancer indications and supporting ADI-270’s clinical development. In parallel, we are continuing to enroll mantle cell lymphoma patients in our ongoing Phase 1 study of ADI-001 in relapsed or refractory non-Hodgkin’s lymphoma and expect to share a clinical update in the second half of this year.”
First Quarter 2024 and Recent Operational Highlights:
Autoimmune diseases
Hematologic malignancies and solid tumor indications
Financial Results for First Quarter 2024:
About Adicet Bio, Inc.
Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs), to facilitate durable activity in patients. For more information, please visit our website at https://www.adicetbio.com.
Forward-Looking Statements
This press release contains "forward-looking statements" of Adicet within the meaning of the Private Securities Litigation Reform Act of 1995 relating to the business and operations of Adicet. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: preclinical and clinical development of Adicet’s product candidates, including future plans or expectations for ADI-001 and ADI-270, including the potential submission or timing of clearance of INDs, and the potential safety, durability, tolerability and efficacy of these product candidates as well as their potential promising profiles; the progress, timing and success of the Company’s ongoing and planned Phase 1 clinical trials of ADI-001 in autoimmune diseases and cancer, including expectations for site activation, enrollment and data readouts; the Company’s plan to expand into other autoimmune indications in the future; the Company’s expectations regarding regulatory filings and clearances, including the submission of an IND for ADI-270 in renal cell carcinoma in the second quarter of 2024; and expectations regarding the Company’s uses of capital, expenses and financial results, including the expected cash runway.
Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including without limitation, the effect of global economic conditions and public health emergencies on Adicet’s business and financial results, including with respect to disruptions to our preclinical and clinical studies, business operations, employee hiring and retention, and
ability to raise additional capital; Adicet’s ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all; that positive results, including interim results, from a preclinical or clinical study may not necessarily be predictive of the results of future or ongoing studies; clinical studies may fail to demonstrate adequate safety and efficacy of Adicet’s product candidates, which would prevent, delay, or limit the scope of regulatory approval and commercialization; and regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time-consuming, and inherently unpredictable; and Adicet’s ability to meet production and product release expectations. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Adicet’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Adicet’s most recent annual report on Form 10-K and our periodic reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), as well as discussions of potential risks, uncertainties, and other important factors in Adicet’s other filings with the SEC. All information in this press release is as of the date of the release, and Adicet undertakes no duty to update this information unless required by law.
Adicet Bio, Inc.
Investor and Media Contacts
Anne Bowdidge
abowdidge@adicetbio.com
Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200
janhavi.mohite@sternir.com
ADICET BIO, INC.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
|
|
Three Months Ended March 31, |
|||||
|
|
2024 |
|
|
2023 |
||
Operating expenses: |
|
|
|
|
|
||
Research and development |
|
|
23,897 |
|
|
|
26,756 |
General and administrative |
|
|
6,974 |
|
|
|
6,566 |
Total operating expenses |
|
|
30,871 |
|
|
|
33,322 |
Loss from operations |
|
|
(30,871 |
) |
|
|
(33,322) |
Interest income |
|
|
2,918 |
|
|
|
2,666 |
Interest expense |
|
|
(2 |
) |
|
|
(19) |
Other expense, net |
|
|
(61 |
) |
|
|
(206) |
Loss before income tax provision |
|
|
(28,016 |
) |
|
|
(30,881) |
Income tax provision |
|
|
— |
|
|
|
— |
Net loss |
|
$ |
(28,016 |
) |
|
$ |
(30,881) |
Net loss per share, basic and diluted |
|
$ |
(0.35 |
) |
|
$ |
(0.72) |
Weighted-average common shares used in computing net loss per share, basic and diluted |
|
|
79,071,652 |
|
|
|
42,955,688 |
ADICET BIO, INC.
Consolidated Balance Sheets
(in thousands)
(Unaudited)
|
|
March 31, |
December 31, |
|
||||
|
|
2024 |
|
|
2023 |
|
||
Cash and cash equivalents |
|
$ |
247,589 |
|
|
$ |
159,711 |
|
Working capital |
|
|
232,889 |
|
|
|
142,985 |
|
Total assets |
|
|
293,095 |
|
|
|
207,295 |
|
Accumulated deficit |
|
|
(408,788 |
) |
|
|
(380,772 |
) |
Total stockholders’ equity |
|
|
258,804 |
|
|
|
170,175 |
|