Adicet Announces Q2 2024 Financial Results and Business Updates

Adicet Bio, Inc., a biotech firm specializing in allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, released its financial results and operational updates for the second quarter of 2024. The company is optimistic about the potential of ADI-001 in treating autoimmune diseases, with plans to expand its clinical development to include conditions such as systemic lupus erythematosus (SLE), systemic sclerosis (SSc), and anti-neutrophil cytoplasmic autoantibody-associated vasculitis (AAV).

Chen Schor, President and CEO of Adicet Bio, expressed enthusiasm about the future of ADI-001, particularly its potential to address lupus nephritis (LN). The company is preparing to enroll patients in a Phase 1 clinical trial for LN in the third quarter of 2024, with initial clinical data anticipated in the first half of 2025, pending site initiation and patient enrollment. Additionally, Adicet has received clearance for an investigational new drug (IND) application to study ADI-001 in SLE, SSc, and AAV, with patient enrollment expected to begin in the latter half of 2024. Preliminary clinical data for these indications are also slated for the first half of 2025.

In the oncology sector, Adicet has made significant strides with ADI-270, a treatment for renal cell carcinoma (RCC). The company received IND clearance and Fast Track Designation from the FDA for ADI-270, which targets patients with metastatic or advanced clear cell RCC who have undergone treatment with immune checkpoint inhibitors and vascular endothelial growth factor inhibitors. The Phase 1 clinical trial for RCC patients is projected to start in the fourth quarter of 2024, with preliminary data expected in the first half of 2025.

Adicet also showcased preclinical data for ADI-270 at the 2024 European Hematology Association Hybrid Congress, highlighting its promising anti-tumor activity. Concurrently, the company continues to enroll mantle cell lymphoma (MCL) patients in the Phase 1 GLEAN study of ADI-001 for relapsed or refractory non-Hodgkin’s Lymphoma, with an update expected by the end of 2024.

Financially, Adicet reported a decrease in research and development (R&D) expenses, from $28.4 million in Q2 2023 to $25.9 million in Q2 2024. This reduction was primarily due to lower costs associated with contract development, manufacturing, and personnel expenses resulting from a decrease in headcount. General and administrative (G&A) expenses increased slightly from $6.5 million to $6.9 million, mainly due to higher stock-based compensation, partially offset by reduced recruiting and consultant fees.

The net loss for the three months ended June 30, 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 the same period of 2023. The company's cash and cash equivalents rose to $224.1 million as of June 30, 2024, up from $159.7 million at the end of 2023. Adicet expects its current cash reserves to fund operations into the second half of 2026.

In summary, Adicet Bio, Inc. is making significant progress in the development of its gamma delta T cell therapies for both autoimmune diseases and cancer. With multiple clinical trials underway and substantial financial backing, the company is well-positioned to advance its innovative treatments and potentially bring new therapies to market in the coming years.

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