Adicet Announces Q1 2024 Financial Results and Business Updates

Adicet Bio, Inc., a clinical-stage biotechnology firm with operations in Redwood City, California and Boston, revealed its financial results and key operational highlights for the first quarter ending March 31, 2024. Specializing in allogeneic gamma delta T cell therapies for treating autoimmune conditions and cancer, Adicet Bio is advancing its innovative platform with notable progress reported in several areas.

Chen Schor, President and CEO of Adicet Bio, emphasized that 2024 is poised to be transformative for the company as it progresses its gamma delta T cell platform in autoimmune diseases. Highlighting the company's plans, Schor mentioned the upcoming Phase 1 clinical trial for their lead candidate, ADI-001, in lupus nephritis, set to begin in the second quarter of 2024. Additionally, the company showcased promising preclinical data for ADI-270 at the ASGCT annual meeting, underscoring its potential anti-tumor efficacy in CD70+ cancers.

Quarterly and Recent Operational Highlights

Autoimmune Diseases:
Adicet Bio is on track to initiate a Phase 1 study of ADI-001 in lupus nephritis in the second quarter of 2024, following FDA clearance of their IND application in December 2023. Preliminary data from this study are expected by the fourth quarter of 2024 or early 2025. The company also aims to expand the clinical applications of ADI-001 to other autoimmune diseases, with preliminary data anticipated in a similar timeframe, contingent on regulatory clearances and successful patient enrollment.

Hematologic Malignancies and Solid Tumor Indications:
In May 2024, Adicet presented encouraging preclinical data for ADI-270 at the ASGCT annual meeting. The data highlighted ADI-270's robust anti-tumor activity in multiple CD70+ solid and hematological cancers. Based on these promising results, the company plans to submit an IND for ADI-270 in renal cell carcinoma in the second quarter of 2024, with clinical data from a Phase 1 study expected in the first half of 2025.

Additionally, Adicet continues to enroll patients in the Phase 1 GLEAN study, which evaluates ADI-001 for relapsed or refractory non-Hodgkin’s lymphoma (NHL), specifically mantle cell lymphoma (MCL). The company anticipates providing a clinical update on this study, including safety and efficacy data, in the second half of 2024.

Financial Performance for Q1 2024:
Adicet's R&D expenses amounted to $23.9 million for the first quarter of 2024, down from $26.8 million in the same period of 2023. This decrease was attributed mainly to reduced expenses related to contract development manufacturing organizations and other external R&D costs.

General and administrative expenses rose slightly to $7.0 million from $6.6 million in the first quarter of 2023, driven primarily by personnel cost increases. This was partially offset by reduced contractor and professional fees.

The net loss for the quarter stood at $28.0 million, translating to a net loss of $0.35 per basic and diluted share. This compares favorably to the net loss of $30.9 million, or $0.72 per share, during the same quarter of the previous year. The net loss included non-cash stock-based compensation expenses of $5.7 million.

As of March 31, 2024, Adicet reported cash and cash equivalents of $247.6 million, up from $231.6 million a year earlier. The company projects that its existing cash reserves will sustain its operations through the second half of 2026.

About Adicet Bio, Inc.
Adicet Bio, Inc. is dedicated to discovering and developing allogeneic gamma delta T cell therapies aimed at treating autoimmune diseases and cancer. The company is progressing a pipeline of gamma delta T cells engineered with chimeric antigen receptors (CARs) to ensure durable therapeutic effects in patients.

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