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Dec 31, 2023
Adicet Bio Q4 2023 Earnings Report
Adicet Bio reported financial results for Q4 2023 and full year, highlighting progress in clinical pipeline expansion into autoimmune diseases and advancements in ADI-001 and ADI-270 development.
Key Takeaways
Adicet Bio reported a net loss of $29.5 million for the fourth quarter of 2023, with R&D expenses at $24.8 million and G&A expenses at $6.8 million. The company highlighted the FDA clearance for ADI-001 in lupus nephritis and progress in advancing ADI-270 preclinical development. They extended their projected cash runway into 2H 2026.
FDA cleared IND application for ADI-001 in lupus nephritis, with Phase 1 study initiation expected in 2Q 2024.
Advanced ADI-270 preclinical development in solid tumors, remaining on track to file IND in renal cell carcinoma in 2Q 2024.
Presented persistence and pharmacodynamic data from ADI-001 Phase 1 study at ASH Annual Meeting.
Extended projected cash runway into the second half of 2026 following a successful capital raise and ATM program.
Forward Guidance
Adicet Bio anticipates several milestones, including initiating a Phase 1 study for ADI-001 in lupus nephritis in 2Q 2024 and filing an IND for ADI-270 in renal cell carcinoma in 2Q 2024. Preliminary clinical data for ADI-001 in lupus nephritis is expected in Q4 2024 or Q1 2025.
Positive Outlook
- Initiate Phase 1 study of ADI-001 in lupus nephritis in 2Q 2024.
- File IND for ADI-270 in renal cell carcinoma in 2Q 2024.
- Provide clinical update on ADI-001 in MCL patients in the second half of 2024.
- Provide clinical data from Phase 1 study of ADI-270 in the first half of 2025.
- Expand ADI-001 development into additional autoimmune indications.
Challenges Ahead
- Clinical data timelines are subject to study site activation progression and patient enrollment.
- IND clearance in additional autoimmune indications is required.
- Regulatory clearance is needed for ADI-270 Phase 1 study.
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