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Jun 30, 2024
Adicet Bio Q2 2024 Earnings Report
Reported financial results and provided business updates for the second quarter ended June 30, 2024.
Key Takeaways
Adicet Bio reported a net loss of $29.9 million for the second quarter of 2024, with cash and cash equivalents totaling $224.1 million as of June 30, 2024. The company is advancing its pipeline of allogeneic gamma delta T cell therapies, including ADI-001 for autoimmune diseases and ADI-270 for renal cell carcinoma.
Expanded ADI-001 clinical development beyond lupus nephritis to include systemic lupus erythematosus, systemic sclerosis and ANCA associated vasculitis, following recent FDA IND clearances.
Received IND clearance for ADI-270 for the treatment of patients with relapsed/refractory renal cell carcinoma.
FDA granted Fast Track Designation for two product candidates.
Maintained a strong balance sheet with $224.1 million in cash and cash equivalents as of June 30, 2024.
Forward Guidance
Adicet Bio anticipates several key milestones in the near future, including commencing enrollment in its Phase 1 clinical trial of ADI-001 in lupus nephritis in Q3 2024 and initiating the Phase 1 trial of ADI-270 in patients with RCC in Q4 2024.
Positive Outlook
- Initiating Phase 1 clinical trial of ADI-001 in lupus nephritis in Q3 2024.
- Preliminary clinical data from ADI-001 Phase 1 study expected in the first half of 2025.
- Enrollment of SLE, SSc and AAV patients expected to commence in the second half of 2024.
- Initiating Phase 1 clinical trial of ADI-270 in RCC patients in Q4 2024.
- Preliminary clinical data from ADI-270 study expected in the first half of 2025.
Challenges Ahead
- Clinical data from ADI-001 in lupus nephritis is subject to site initiation and patient enrollment.
- Clinical data from ADI-001 in SLE, SSc and AAV patients are anticipated during the first half of 2025, subject to site initiation and patient enrollment expectations.
Historical Earnings Impact
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