Adicet Reports Third Quarter 2021 Financial Results and Provides Business Updates
Menlo Park, CA and Boston, MA - November 10, 2021 - Adicet Bio, Inc. (Nasdaq: ACET), a biotechnology company discovering and developing first-in-class allogeneic gamma delta T cell therapies for cancer and other diseases, today reported operational highlights and financial results for the third quarter ended September 30, 2021.
"Over the third quarter, Adicet has made steady progress in advancing the first-in-human Phase 1 trial of our lead asset, ADI-001, in NHL, and we look forward to sharing preliminary data from this trial by the end of the year," said Chen Schor, President and Chief Executive Officer of Adicet Bio. "In addition to this key upcoming milestone, we're also excited about our collaboration with Twist Bioscience that is focused on further expanding our internal pipeline of next-generation off-the-shelf, CAR-T therapies for the treatment of cancer and other diseases."
Third Quarter & Recent Business Updates:
Financial Results for Third Quarter 2021:
About Adicet Bio, Inc.
Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. Adicet is advancing a pipeline of "off-the-shelf" gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like targeting moieties to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients. For more information, please visit our website at http://www.adicetbio.com.
Forward-Looking Statements
This press release contains "forward-looking statements" of Adicet within the meaning of the Private Securities Litigation Reform Act of 1995 relating to business and operations of Adicet including, but not limited to, express or implied statements regarding preclinical and clinical development of Adicet's product candidates, including future plans, timing or expectations for ADI-001 and ADI-002 and potential therapeutic effects of ADI-001 and ADI-002; the potential benefits resulting from the collaboration with
Twist to our business or strategy, including our ability to rapidly identify and optimize unique antibodies and related target-engagement technologies to facilitate our CAR pipeline; planned presentations and publication of preclinical and clinical data; Adicet's growth as a company and its expectations regarding its uses of capital, expenses, future accumulated deficit; and other 2021 financial results. Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including without limitation, the effect of COVID-19 on Adicet's business and financial results, including with respect to disruptions to its supply chain, clinical trials, business operations, and ability to raise additional capital; Adicet's ability to execute on its strategy; that positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; future clinical studies may fail to demonstrate adequate safety and efficacy of our 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; regulatory developments in the United States and foreign countries; Adicet's estimates regarding expenses, future revenue, and capital requirements; as well as those risks and uncertainties set forth in Adicet's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC). For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Adicet's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Adicet's most recent annual report on Form 10-K and our periodic reports on Form 10-Q and Form 8-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Adicet's other filings with the SEC. All information in this press release is as of the date of the release, and Adicet undertakes no duty to update this information unless required by law.
Adicet Bio, Inc.
Investor and Media Contacts
Anne Bowdidge
abowdidge@adicetbio.com
Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200
janhavi.mohite@sternir.com
ADICET BIO, INC.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Revenue-related party | $ | 3,429 | $ | 3,028 | $ | 4,262 | $ | 12,493 | ||||
Operating expenses: | ||||||||||||
Research and development | 11,926 | 8,942 | 34,285 | 24,651 | ||||||||
General and administrative | 5,213 | 7,741 | 15,868 | 17,684 | ||||||||
Total operating expenses | 17,139 | 16,683 | 50,153 | 42,335 | ||||||||
Loss from operations | (13,710 | ) | (13,655 | ) | (45,891 | ) | (29,842 | ) | ||||
Interest income | 4 | 153 | 54 | 704 | ||||||||
Interest expense | (50 | ) | (50 | ) | (151 | ) | (84 | ) | ||||
Other income (expense), net | (246 | ) | (1,224 | ) | (312 | ) | (1,174 | ) | ||||
Loss before income tax expense (benefit) | (14,002 | ) | (14,776 | ) | (46,300 | ) | (30,396 | ) | ||||
Income tax expense (benefit) | 11 | 3 | (114 | ) | (2,676 | ) | ||||||
Net loss | $ | (14,013 | ) | $ | (14,779 | ) | $ | (46,186 | ) | $ | (27,720 | ) |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.44 | ) | $ | (2.84 | ) | $ | (1.54 | ) | $ | (8.69 | ) |
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted | 31,876,016 | 5,208,887 | 29,954,616 | 3,190,557 |
Adicet Bio, Inc.
Balance Sheet Data
(in thousands)
(unaudited)
September 30, |
December 31, | |||||
Cash, cash equivalents, and marketable debt securities | $ | 192,226 | $ | 94,614 | ||
Working capital | $ | 178,993 | $ | 77,857 | ||
Total assets | $ | 257,195 | $ | 153,835 | ||
Contract liabilities - related party | $ | 10,088 | $ | 13,980 | ||
Accumulated deficit | $ | (152,511 | ) | $ | (106,325 | ) |
Total stockholders' equity | $ | 217,224 | $ | 109,827 |
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Adicet Bio Inc. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 21:32:29 UTC.