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Jun 30, 2023
Adicet Bio Q2 2023 Earnings Report
Reported financial results and operational highlights for the second quarter ended June 30, 2023.
Key Takeaways
Adicet Bio reported a net loss of $32.4 million for the second quarter of 2023, with research and development expenses increasing to $28.4 million. The company's cash and cash equivalents totaled $205.5 million as of June 30, 2023, expected to fund operations into the first half of 2025. Clinical development continues with ADI-001, ADI-925 and ADI-270.
Announced encouraging safety and efficacy data from the Phase 1 study of ADI-001 for relapsed or refractory B-cell non-Hodgkin’s lymphoma (NHL).
On track to report a clinical update for ADI-001 in the second half of 2024.
Plan to file Investigational New Drug Application (IND) for ADI-925 in H2 2023 and ADI-270 in H1 2024.
Strong balance sheet with $205.5 million in cash and cash equivalents as of June 30, 2023.
Adicet Bio
Adicet Bio
Forward Guidance
Adicet Bio is focused on advancing its pipeline of allogeneic gamma delta T cell therapies for cancer. The company anticipates several milestones, including clinical updates and IND submissions, while maintaining a sufficient cash position to fund operations into the first half of 2025.
Positive Outlook
- Clinical update for ADI-001 is expected in the second half of 2024.
- IND for ADI-925 is planned for submission in H2 2023.
- IND for ADI-270 is planned for submission in H1 2024.
- ADI-001 program is planned to transition into a potentially pivotal Phase 2 study in 2024.
- Cash and cash equivalents are expected to fund operating expenses into the first half of 2025.
Challenges Ahead
- The effect of global economic conditions and public health emergencies on Adicet’s business and financial results.
- Positive results from a preclinical or clinical study may not be predictive of the results of future 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.
- Regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time-consuming, and inherently unpredictable.
- Adicet’s ability to meet production and product release expectations.