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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.
Adicet Bio
Adicet Bio
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.
- The initiation of ADI-270 Phase 1 clinical trial is contingent upon study initiation progress.
- Preliminary clinical data from the ADI-270 study is subject to site initiation and patient enrollment.
- Future results are subject to risks and uncertainties, including regulatory approvals, clinical study outcomes, and market conditions.